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GBP/USD wavers around 1.5200






FXStreet (Córdoba) - GBP/USD has had a quiet day considering the turbulence in FX markets triggered by Swiss National Bank decision to abandon the franc cap.


Cable fell to a low of 1.5156 as immediate reaction, but it managed to erase intraday losses and climbed to fresh daily highs at the 1.5265 area. GBP/USD has steadied a few pips above 1.5200, where it trades little changed on the day, despite GBP/CHF strong slump toward the 1.2740 zone, level last seen in 2011.


GBP/USD technical outlook


“The 1 hour chart shows price below its 20 SMA as indicators head lower around their midlines, while in the 4 hours chart the price holds above a bullish 20 SMA whilst indicators continue to aim higher after bouncing from their midlines, keeping the downside limited for now”, said Valeria Bednarik, chief analyst at FXStreet.


Bednarik locates immediate resistance levels at 1.5220, 1.5275 and 1.5320, while she sees supports at 1.5180, 1.5145 and 1.5100.










Jan 15,2015

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Dukascopy announces that it is secure after yesterday's CHF volatility
FXStreet (London) - Swiss brokerage Dukascopy Group has announced that it remains on firm footing after yesterday’s CHF volatility.
Dukascopy had previously warned clients of the risk of an end to the EUR/CHF peg in October 2014. "Due to the possibility of a break of the 1.2000 floor in EUR/CHF which may see significant price gaps and cause negative equity on client accounts, Dukascopy Bank is forced to implement a maximum leverage for EURCHF exposures of 1:10 as of 12 October 2014".
The statement from Dukascopy comes after brokers Alpari and Excel Markets were forced to shutter as a result of substantial client losses.
Jan 16,2015
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EUR/USD drops to 1.1540
FXStreet (Edinburgh) - EUR/USD accelerated its downside following further US data releases on Friday, meandering around multi-year lows near 1.1540.
EUR/USD looking for direction
The pair quickly left behind the post-SNB lows in the 1.1570 region, unable to pick up pace despite both the Industrial Production and Capacity Utilization in the US economy came in below consensus. Industrial Production contracted 0.1% inter-month in December while the Capacity Utilization decreased to 79.7% during the same period, vs. 80% expected and previous. The Reuters/Michigan index is due next, with surveys expecting an improvement to 94.1 for the present month, up from 93.6.
EUR/USD key levels
At the moment the pair is losing 0.64% at 1.1544 and a breach of 1.1505 (low Nov.12 2003) would expose 1.1445 (low Nov.11 2003). On the flip side, the initial barrier lines up at 1.1647 (hourly high Jan.16) followed by 1.1792 (high Jan.15) and finally 1.1805 (200-h MA).
Jan 16,2015
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Reuters/Michigan consumer sentiment index jumps to 98.2
FXStreet (Córdoba) - Reuters/Michigan consumer sentiment index rose to 98.2 in January, according to preliminary estimates, recording its highest level in more than 10 years.
The index rose 4.6 from a final December reading of 93.6, also beating market’s consensus of 94.1.
Jan 16,2015
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USD/JPY downside looks to 115.50 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, highlighted the relevance of the support level in the mid-115.00s for USD/JPY.
Key Quotes
“Loss of 115.50 would introduce scope for a retracement towards 113.50/111.55, but currently the Elliott wave count is suggesting that this will hold”.
“Initial resistance is offered by the 55 day ma at 118.15, tougher resistance is the 120.09 short term downtrend and directly above the market lies the 122.58/123.40 major resistance, this is the location of the 14 year downtrend and the long term Fibonacci retracement”.
Jan 19,2015
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USD/JPY downside looks to 115.50 – Commerzbank
FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, highlighted the relevance of the support level in the mid-115.00s for USD/JPY.
Key Quotes
“Loss of 115.50 would introduce scope for a retracement towards 113.50/111.55, but currently the Elliott wave count is suggesting that this will hold”.
“Initial resistance is offered by the 55 day ma at 118.15, tougher resistance is the 120.09 short term downtrend and directly above the market lies the 122.58/123.40 major resistance, this is the location of the 14 year downtrend and the long term Fibonacci retracement”.
Jan 19,2015
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Brent trades below USD 50/barrel
FXStreet (Mumbai) - Brent Crude prices fell below USD 50/barrel today after Iraq announced record oil production, thereby increasing concerns of supply glut.
The march futures traded 1.64% lower at USD 49.35/barrel at the time of writing, compared to the previous session’s close at USD 50.17/barrel. Prices fell from the session high of USD 50.34 on concerns of increased supply from Iraq. Iraqi Oil Minister Adel Abdel Mehdi said on Sunday Iraq pumped 4 million barrels per day (bpd) of oil in December, its highest ever.
Meanwhile, Brent was also hit by expectations of a weak Q4 GDP print in China, due for release tomorrow. The country is expected to report GDP at 7.2% year-on-year, its weakest since the 2008 crisis.
Brent Technical Levels
The immediate support is seen on the hourly charts at 49.27, under which losses could be extended to 48.73 levels. Meanwhile, resistance is seen at 50.02 and 50.34 levels.
Jan 19,2015
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EUR/USD could test 1.10 in 12-month view – Rabobank
FXStreet (Edinburgh) - Jane Foley, Senior Currency Strategist at Rabobank, suggests the value of the European pair could slip to 1.10 in a 12-month horizon.
Key Quotes
“By whipping the markets into a frenzy of anticipation ahead of Thursday’s policy-meeting, ECB President Draghi has succeeded in squeezing out a huge amount of market impact from the promise of QE and the currency markets are taking the strain”.
“There is the danger of a ‘sell on the fact’ reaction which could push the EUR a little higher”.
“However, Draghi has proved himself in the past to be masterful in directing markets”.
“The EUR may not be a policy tool of the ECB, but the policy decisions taken since June last year suggest that the central bank is bent on weakening it”.
“We have revised lower our 12 mth EUR/USD forecast to 1.10”.
Jan 20,2015
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Germany repatriated 120 tonnes of gold in 2014 - Deutsche Bundesbank
FXStreet (Mumbai) - Deutsche Bundesbank said on Monday it had accelerated its bullion repatriation scheme last year, bringing back German gold from Paris and New York.
The German central bank said it “stepped up” its bullion transfers during 2014, bringing 35 tonnes of its gold from Paris and another 85 tonnes from New York. The repatriation scheme is the country’s effort to bring 674 tonnes, or half of Germany’s total stocks, back to Frankfurt by the end of the decade.
“Implementation of our new gold storage plan is proceeding smoothly. Operations are running very much according to schedule," Carl-Ludwig Thiele, member of the Executive Board of the Deutsche Bundesbank said in a statement.
Jan 20,2015
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依旧倾向逢高沽英镑——华侨银行
FXStreet-华侨银行策略师Ng称,依旧倾向逢高沽英镑,下行势能犹存。
尽管欧元/美元反弹有限,但英镑依旧设法走强。
焦点在于明天英央行会议纪要,特别关注通胀描述。
期间,继续建议逢高沽英镑,目标指向1.5035。
Jan 20,2015
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GBP/USD eases from daily highs
FXStreet (Córdoba) - GBP/USD staged a decent comeback from daily lows and recovered more than 100 pips, although it faced resistance at the 100-hour SMA and retreated somewhat.
GBP/USD managed to climb to the 1.5165 zone, posting a daily high during the European session, but lost momentum and pulled back a few pips. At time of writing, the pair is trading around 1.5150, up 0.28% on the day, having bounced from a low of 1.5056.
Cable has had a volatile day despite the absence of economic data, as investors gear up for tomorrow's UK jobs and earnings data and the latest BoE’s meeting minutes.
GBP/USD technical perspective
“Some follow through above 1.5180 should favor more intraday gains towards 1.5220/30 area, whilst if this last gives up, 1.5270 area comes next”, said Valeria Bednarik, chief analyst at FXStreet. “To the downside, 1.5110 is the immediate support and a break below it once again will likely lead to a retest of 1.5030/50 price zone”.
Jan 20,2015
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GBP/AUD inches closer to 100-DMA
FXStreet (Mumbai) - The GBP/AUD pair rose sharply today as the gains in the UK Gilt yields pushed the Pound higher across the board, while the Aussie weakened on concerns of a slowdown in China.
The pair currently trades 0.71% higher at 1.8536, after having recovered from a low of 1.8344 hit earlier today. The AUD/USD pair declined 0.19%, after the Chinese full year 2014 GDP came-in at 7.4%, the slowest in 24 years. Meanwhile, the gains in the UK Gilt yields at the short-end as well as the long-end of the yield curve helped GBP/USD to recovery early losses to trade 0.53% higher at 1.5192 levels. Thus, the GBP/AUD pair is now within a touching distance from the 100-DMA located at 1.8552 levels.
GBP/AUD Technical Levels
The immediate resistance is seen at 1.8552 (100-DMA), above which gains could be extended to 1.8590 levels. Meanwhile, support is seen at 1.8527 (hourly 200-SMA) and 1.8489 (hourly 100-SMA) levels.
Jan 20,2015
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AUD/JPY drops to 96.20
FXStreet (Córdoba) - AUD/JPY weakened after the Bank of Japan meeting and bottomed during the European session at 96.19, reaching a 2-day low. From 96.20 the pair rebounded and currently is trading slightly above 96.50, almost 50 pips below the price it closed yesterday.
Despite moving off session lows, today’s trend continues to point to the downside. Earlier the pair broke a short term ascendant trendline removing bullish momentum.
To the downside below daily lows, the next support level could be located at 96.00, 95.60 (January 7) and 95.20. To the upside, resistance might lie at 96.70, 96.95 and 97.35/40 (January 20 high).
Jan 21,2015
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USD/CAD testing lows around 1.2070
FXStreet (Edinburgh) - The US dollar is losing the grip vs. its main competitors on Wednesday, sending USD/CAD to challenge intraday lows registered overnight in the vicinity of 1.2070.
USD/CAD focus on BoC
In the current context of USD-weakness, CAD traders will look for the result from the Wholesale Sales during November (-0.1% exp.) ahead of the key BoC monetary policy meeting and subsequent press conference by Governor S.Poloz. Market participants will scrutinize the BoC statement in light of the ongoing decline in crude oil prices, as well as the growth and inflation prospects in the domestic economy in a scenario of US solid economic recovery.
Strategists at TD Securities commented, “If the BoC does disappoint very dovish expectations, we look for USDCAD to dip briefly but the underlying message of economic softness will help underpin the broader bull trend in funds; look to fade short-term weakness is USDCAD; we expect the market to press on towards 1.22+ near term”.
USD/CAD levels to consider
At the moment the pair is losing 0.28% at 1.2071 with the immediate support at 1.1985 (high Jan.19) followed by 1.1959 (Tenkan Sen) and then 1.1940 (low Jan.20). On the upside, a surpass of 1.2115 (high Jan.20) would clear the way towards 1.2200 (psychological level) and finally 1.2265 (high Apr.28 2009).
Jan 21,2015
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Gold steadies around USD 1300
FXStreet (Mumbai) - Gold prices have consolidated around USD 1300 levels as we head into the US session with the second tier US housing data due for release.
The yellow metal currently trades 0.67% higher for the day at USD 1302.50/Oz levels, compared to the previous session’s close at USD 1294.20/Oz levels. The metal climbed above USD 1300 mark for the first time since August 2014 as the European Central Bank (ECB) is widely expected to announce a balance sheet expansion program in the form of sovereign QE. Meanwhile, the uncertainty surrounding the Greek vote also supports Gold. An additional support came in the form of Bank of England minutes, which showed two dissenters of the ZIRP switching sides in favor of holding interest rates at a record low.
The metal may extend gains if the US stock markets turn risk averse. Moreover, the major index futures are pointing to a weak opening on Wall Street.
Gold Technical Levels
The immediate resistance is seen at 1309.06 (100-WMA), above which gains could be extended to 1323.2 levels. Meanwhile, support is seen at 1300.00 and 1292.1 levels.
Jan 21,2015
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EUR quiet, consolidating ahead of Thursday’s ECB meeting – Scotiabank




FXStreet (Barcelona) - Eric Theoret, CFA, CMT, Currency Strategist, at Scotiabank, shares that EUR is quiet and consolidating today as markets keenly await ECB’s meeting tomorrow, with the focus remaining on the recent low near 1.1450 levels.


Key quotes


“EUR is up a modest 0.2% vs the USD, underperforming most of its peers within the context of broad-based USD weakness ahead of the NA session. The absence of data will leave EUR trading on the broader market tone, with an intensified risk of headline-driven movement ahead of Thursday’s ECB meeting.”


“EURUSD short-term technicals: bearish—all signals are bearish and hint to further downside as we note the confirmation provided by momentum indicators amid recent declines in spot.”


“Focus remains on the recent low just above 1.1450, below which we look to 1.1213 as the next key long term technical level that represents the 61.8% Fibonacci retracement level of the rally from 2000.”









Jan 21,2015

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Draghi has plenty of scope for surprises – BBH




FXStreet (Barcelona) - The Research Team at Brown Brothers Harriman note that the recent speculation regarding the size of the ECB QE program has failed to provide any information on the duration and other key elements of the program, and hence Draghi has plenty of scope to surprise the markets in his speech later today.


Key Quotes


“Today is all about the ECB. The press claims to have access to people or documents that have the ECB buying 50 bln euros of bonds a month. The duration of the program is not clear. There was a conflict in the media. Some claimed that the program would last a year. Others claimed it would last until the end of 2016.“


“Aside from duration, other key elements of the program were apparently not leaked. These include the pooling of risk. Specifically, are the bonds kept on the ECB's balance sheet or the national central banks. Creditors and debtors are aligned on different sides of the issues. Also, what instruments can be bought? Should bonds with a negative yield be purchased? What about bonds below investment grade? What are the maturity guidelines? The point is that there are many moving parts, and there is plenty of scope for surprises.”


“There is some speculation that the ECB could push its deposit rate more into negative territory and/or cut the 30 bp emergency lending rate. The focus has been almost exclusively on sovereign bonds, but what of the EU and EIB bonds? We had suggested foreign bonds (US Treasuries), but Draghi dismissed this as too much like intervention.”










Jan 22,2015

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Gold rises sharply in EUR terms on ECB’s balance sheet expansion efforts
FXStreet (Mumbai) - Gold prices rose sharply in EUR terms after the European Central Bank (ECB) announced fresh program to purchase public and private debt as a part of its balance sheet expansion effort.
The XAU/EUR pair or Gold in EUR terms traded 1.5% higher at EUR 1130.39/Oz levels, after having recovered from the low of EUR 1100.15 levels seen earlier today. Under the expanded asset purchase program, the ECB, along with the national central banks, shall begin purchasing public and private debt worth EUR 60 billion per month across the Eurozone nations. The unprecedented program shall continue till September 2016 and shall include purchases of debt with maturities 2-20 years. The EUR/USD pair fell to 1.14669 levels; down 1.21% trade for the day. Meanwhile, yields in Germany declined while the 10-yr yields in Italy and Spain hit record lows.
Gold (EUR) Technical Levels
The immediate resistance is seen at 1136, above which gains could be extended to 1150 levels. Meanwhile, support is seen at 1127.05 and 1105.95 levels.
Jan 22,2015
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ECB meeting: Euro to move lower after a short term squeeze higher – Investec
FXStreet (Barcelona) - Jonathan Pryor, head of FX dealing at Investec Corporate and Institutional Treasury, expects euro to move lower and weaken further, supported by the ECB pumping Euro 1trn into the market over the next one and half years.
Key Quotes
"In the short term we risk a squeeze higher in the Euro now all policy is announced and there is no additional stimulus for the market to price in or pre-empty - what traders call ‘buy the rumour, sell the fact’. Once the dust has settled, we expect the Euro to move lower from here as the continued effect of negative deposit rates, combined with the flooding of over Euro 1 trillion extra into the market over the next year and a half, should continue to weaken the single currency."
Jan 22,2015
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EUR/DKK hits 3-week high after DNB cuts rates for second time this week
FXStreet (Córdoba) - EUR/DKK rose to fresh 3-week high after the Danish Nationalbank cut its deposit rate to -0.35% from -0.2%, the second cut in 4 days, in response to ECB expanded asset purchase programme. The Danish Central Bank had lowered its deposit rate to -0.2% from -0.05% on Monday.
EUR/DKK climbed to a recovery high of 7.4470 after the ECB and the DNB moves. At time of writing, the pair is trading at the 7.4420 area.
The Danish decision came 90 minutes after the ECB announcement as the DNB fights to prevent the krone to appreciate.
EUR/DKK fell to a low of 7.4283 on Jan 15 in the aftermath of the SNB decision to remove the EUR/CHF floor. Increasing pressure on the euro has supposedly force the Danish Bank to intervene in the FX market and to conduct its second rate cut this week.
Jan 22,2015
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US Session Recap: Greenback profits taken off table
FXStreet (Guatemala) - Since the ECB made the deaccession to launch its sovereign QE programme, and with the SNB recent chopping the EUR/CHF floor, investors are liking the US more and more.
The greenback is maintaining the top spot, despite profit taking, although it is losing the competitive edge when it comes to the currency wars, strengthening further vs the euro and subsequently across the board and analysts are now citing parity in 2016/17 - not good for US exporting business. Anyway, Stocks performed well as diversification of cash flows continues to favour the US assets. Stocks were posting scores on the board close to January's highs earlier on in the session. There were a handful of data events at the start of the shift, but thereafter, the session was down to traders to determine ebbs and flows of the currency tides for themselves.
EUR/USD took back some ground lost from down on the lows at 1.1114 and managed a close back on to the 1.12 handle, albeit down from the highs of the recovery drift at 1.1289 down to 1.1207.
GBP/USD is essentially following in the tracks of the EUR and this move from the ECB is dangerous for committed and stubborn Sterling bulls, as where the euro goes the pound will likely follow. Bears stamped on attempts through 1.5020 resistance drowning the pound back below the 1.50 handle to 1.4985, although finishing up on the day close to half a cent.
USD/JPY stuck to a tighter range on the session of a choppy week, and settled into a sideways pattern around 117.80 resistance/support level post an early session recovery from 117.53.
USD/CAD was trading better bid with good retails sales figures and the Bank of Canada Consumer Price Index Core (MoM) (Dec) coming in higher than expected. We went form 1.2377 to 1.2438 in the session.
EUR/CHF was a choppy affair recovering from 0.9791 to 99.11 before dropping back to 0.9843, spiking again to 99.10 and chopping its way down through a drift to 98.50 and recovering for a close at 0.9870.
USD/CHF was volatile with large swings, more so than EUR/CHF but with a load up on dips strategy with a low of 0.8707 for a high of 0.8811.
Key Events:
Bank of Canada Consumer Price Index Core (MoM) (Dec) bullish -0.3 vs -0.4 expected
Canadian Consumer Price Index (MoM) (Dec) bearish -0.7% vs -0.6% exp
Canadian Retail Sales (MoM) (Nov) bullish 0.4% vs -0.2% exp
US Markit Manufacturing PMI (Jan) bearish 53.7 vs 54.0 exp
US CB Leading Indicator (MoM) (Dec) bullish 0.5% vs 0.4% exp
Existing Home Sales Change (MoM) (Dec) neutral 2.4%
Jan 24,2015
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US Session Recap: Greenback profits taken off table
FXStreet (Guatemala) - Since the ECB made the deaccession to launch its sovereign QE programme, and with the SNB recent chopping the EUR/CHF floor, investors are liking the US more and more.
The greenback is maintaining the top spot, despite profit taking, although it is losing the competitive edge when it comes to the currency wars, strengthening further vs the euro and subsequently across the board and analysts are now citing parity in 2016/17 - not good for US exporting business. Anyway, Stocks performed well as diversification of cash flows continues to favour the US assets. Stocks were posting scores on the board close to January's highs earlier on in the session. There were a handful of data events at the start of the shift, but thereafter, the session was down to traders to determine ebbs and flows of the currency tides for themselves.
EUR/USD took back some ground lost from down on the lows at 1.1114 and managed a close back on to the 1.12 handle, albeit down from the highs of the recovery drift at 1.1289 down to 1.1207.
GBP/USD is essentially following in the tracks of the EUR and this move from the ECB is dangerous for committed and stubborn Sterling bulls, as where the euro goes the pound will likely follow. Bears stamped on attempts through 1.5020 resistance drowning the pound back below the 1.50 handle to 1.4985, although finishing up on the day close to half a cent.
USD/JPY stuck to a tighter range on the session of a choppy week, and settled into a sideways pattern around 117.80 resistance/support level post an early session recovery from 117.53.
USD/CAD was trading better bid with good retails sales figures and the Bank of Canada Consumer Price Index Core (MoM) (Dec) coming in higher than expected. We went form 1.2377 to 1.2438 in the session.
EUR/CHF was a choppy affair recovering from 0.9791 to 99.11 before dropping back to 0.9843, spiking again to 99.10 and chopping its way down through a drift to 98.50 and recovering for a close at 0.9870.
USD/CHF was volatile with large swings, more so than EUR/CHF but with a load up on dips strategy with a low of 0.8707 for a high of 0.8811.
Key Events:
Bank of Canada Consumer Price Index Core (MoM) (Dec) bullish -0.3 vs -0.4 expected
Canadian Consumer Price Index (MoM) (Dec) bearish -0.7% vs -0.6% exp
Canadian Retail Sales (MoM) (Nov) bullish 0.4% vs -0.2% exp
US Markit Manufacturing PMI (Jan) bearish 53.7 vs 54.0 exp
US CB Leading Indicator (MoM) (Dec) bullish 0.5% vs 0.4% exp
Existing Home Sales Change (MoM) (Dec) neutral 2.4%
Jan 24,2015
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EUR/SEK hits highs near 9.3500
FXStreet (Edinburgh) - The euro is appreciating vs. the Swedish krona on Monday, lifting EUR/SEK to test session highs around 9.3500.
EUR/SEK supported by 100-d MA
The Nordic cross seems to have found decent support around the 100-day moving average in the 9.3000 area, correcting lower from December’s tops near 9.7400. In the meantime, disinflationary pressures in the Swedish economy remain the main concern for the Riksbank ahead of its February meeting, and with the recent announcement by the ECB likely to increase further inflows to the krona.
Analysts at TD Securities suggest, “we expect to see the rate cut come at the February meeting, as in December it said that it was was preparing further measures that “could be presented with effect from the next monetary policy meeting”.
EUR/SEK levels to consider
The pair is up 0.05% at 9.3498 with the next resistance at 9.4735 (high Jan.19) ahead of 9.4855 (high Jan.16) and then 9.6012 (high Jan.15). On the downside, a break below 9.3015 (low Jan.23) would target 9.2914 (100-d MA) en route to 9.2410 (low Dec.1).
Jan 26,2015
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Data ahead: Eurozone CPI expected to fall – BBH
FXStreet (Barcelona) - The Brown Brothers Harriman Team previews the Eurozone CPI data to be released later this week, anticipating it to register a negative print at -0.5%.
Key Quotes
“The January flash CPI report will give a taste of the challenge of the ECB's efforts to put prices back on track to reach its target of near, but below 2% on the headline rate. By simply deciding that its target is really the core rate, some pressure would be alleviated. Egos and inertia, more than economic rationality, lies behind the reluctance. Deflation is likely to have intensified.”
“January CPI is expected to have fallen to -0.5% from -0.2% in December. The core rate is expected to be unchanged at 0.7%; low but not deflation. The ECB model projects its asset purchases will push CPI up by 0.4% this year and 0.3% next.”
Jan 24,2015
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SEB: EUR/GBP sees some support at the long-term trendline – eFXnews
FXStreet (Barcelona) - The eFXnews Team shares SEB’s intraday outlook for the EUR/GBP pair, noting that the pair stands supported by the long-term descending trendline.
Key Quotes
“A descending 2010-2012 trendline ought to inspire some profit-taking when conditions are so short-term stretches as they currently are. But the bounce may become both short & shallow with daily and weekly mid-body points at 0.7525/55 providing presumed resistance.”
Jan 26,2015
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EUR might see heightened volatility when Greek negotiations start – MP
FXStreet (Barcelona) - Dean Popplewell, Director of Currency Analysis at MarketPulse, comments that at the moment markets should be pricing a fair value EUR QE vs. an expected high margin win for Syriza, and that the high volatility for the single currency will arrive at a later stage when the external negotiations begin for Greece.
Key Quotes
“The markets initial reaction was to further penalize the EUR, pushing it briefly to a new 11-year low (€1.098) in Asia as the Greeks radical leftist vowed to tear up term’s of the country’s bailout. However, the EUR weakness has been short lived, with the single unit riding higher outright (€1.1246) and against the yen during European trading (€133.00).”
“The market seems a tad more confident that last week’s QE support by the ECB leaves the markets less vulnerable to break up fears. Many are viewing Draghi’s backstops have “effectively firewalled Greek developments and should limit contagion’.”
“In translation, investors will have to gage the EUR’s natural price weakness that is supported by QE and not by euro-zone periphery fears.”
“Many will interpret the larger than expected victory by Syriza could be leaving the EUR vulnerable for further short selling in the short term. The fact that the single unit is down 14-big figures since December, with little or no retracement, consolidation and some profit taking could be a risk factor to some of the weaker EUR short positions.”
“The Greek results gives Tsipras a strong mandate to push through major national changes, however, the external negotiations will be more of a market risk factor, and are sure to heighten volatility over the coming months. But, that is a “tomorrow” problem; for now the market should be pricing fair value EUR QE vs. an expected Greek result with a wider margin win.”
Jan 26,2015
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Foreign investors sell Japanese bonds for the fourth consecutive week – BBH
FXStreet (Barcelona) - The Brown Brothers Harriman Team shares last week’s MOF data, noting that foreign investors sold Japanese bonds for the fourth consecutive week, and also trimmed holdings in Japanese shares.
Key Quotes
“Last week's MOF data showed Japanese investors bought a record amount of foreign shares. There was a spike up in JGB bond yields. The combination of the two may reflect the ongoing diversification of Japanese pension funds and the reform of GPIF.”
“For their part, foreign investors have sold Japanese bonds for four consecutive weeks, a streak not seen in a year. Foreign investors have also pared their holdings of Japanese shares for the fourth week in the past five.”
Jan 26,2015
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EUR/USD bounce may hinge on Fed – TDS
FXStreet (Barcelona) - According to Shaun Osborne, Chief FX Strategist, at TD Securities, looking at the one sided positioning and the recent drop in lower, the EUR/USD pair risks an upside bounce in the short run, which may hinge on the FOMC meeting this week.
Key Quotes
“We remain bearish on the outlook for the EUR overall but we remain cognizant of the risk that positioning (IMM data released at the end of last week highlight just how one-sided—even before the bulk of the latest drop—the market has become positioned), plus the scale of the move lower in spot over the past three months or so might limit scope for an immediate or significant extension of last week’s slide.”
“Indeed, these issues could actually point to the risk of a trading bounce in the single currency in the short run. That may hinge on the FOMC meeting this week; if the Fed stays on positive message, and ignores the USD—which we think it can—EURUSD is likely to remain heavy.”
“US Treasury Sec. Lew, who is entitled to have a beef with the USD if he feels like it, suggested that USD strength was fundamentally justified when speaking in Davos Friday. No push back there. But a cautious-sounding Fed could check the USD’s advance and prompt a modest bounce in the EUR potentially.”
“From a technical point of view, that fact that the EUR has steadied around major, long-term support (1.1214 is the 61.8% retracement support of the 0.83/1.60 rally) warrants attention. Holding this level last week gives some legitimacy to the idea that the EUR sell off may stop or reverse, if only briefly; a weekly close below opens the door to par.”
Jan 26,2015
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GBP/USD rises further after US durable goods orders
FXStreet (Córdoba) - GBP/USD shrugged off below-expectations UK GDP data and pushed above 1.5100 toward fresh daily highs following negative durable goods orders figures.
Cable managed to climb back above 1.5100 and stretched to a fresh daily peak of 1.5165, its highest level since Friday, as the dollar continues to weaken across the board and remains as one of the worst performers of the day.
US durable goods orders fell 3.4% in December versus an increase of 0.4% expected, while excluding transportation orders dropped 0.8% against a 0.6% rise of consensus. Next on tap, US data includes, consumer confidence, new home sales and Markit services PMI.
At time of writing, GBP/USD is trading at 1.5160, recording a 0.54% gain on Tuesday, with immediate resistances seen at 1.5185 (20-day SMA) and 1.5200 (psychological level). On the other hand, supports could be found at 1.5058 (daily low) and 1.5033 (Jan 8 low) ahead of 1.5000 (psychological level).
Jan 27,2015
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Fed’s forward guidance unlikely to change – BBH
FXStreet (Barcelona) - The Brown Brothers Harriman Team previews the FOMC meeting, expecting Fed’s forward guidance in terms of “patience” to remain intact.
Key Quotes
““The Federal Reserve’s two-day meeting concludes Wednesday. To the extent the FOMC meeting is ever routine, this should be it. Its forward guidance evolved at the end of last year. The “considerable time” between the end of the asset purchase program (which it never called quantitative easing) and the first hike has been replaced with “patience”.”
“At Yellen’s first press conference last year, she abandoned the Fed’s purposeful strategic ambiguity, and suggested “considerable time” was around six months. She again yielded to temptation in December to define “patience” as a couple of meetings.”
“The January meeting is covered by that forward guidance. It is unlikely to change. The next meeting in March is a different story. If the Fed wants to prepare the market for a potential rate hike in the middle of the year, the March meeting, which will see updated macro-economic forecasts and a press conference, is more important. Patience at the March meeting would seem to preclude a June hike.”
“The decline in yields at the short-end of the curve, including the Fed funds and Eurodollar futures, suggest that the consensus expectations for a June hike may be fraying.”
Jan 27,2015
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NZD/USD to move towards 0.68 in the longer term – Rabobank
FXStreet (Barcelona) - According to Jane Foley, Senior Currency Strategist at Rabobank, the RBNZ may be required to extend its dovish tone to maintain the pressure on NZD, further expecting NZD/USD to move towards 0.68 and AUD/USD to see 0.70 levels in the longer term.
Key Quotes
“In our view the risks to growth justify the more dovish tone of the RBA. However, with RBNZ rates at 3.5% the carry trade still has the ability to thwart a broad based decline in the value of the NZD and the RBNZ may have to extent its dovish tone further if it wants to keep the currency under pressure.“
“Earlier this month the AUD/NZD hit a new low in the 1.0355 area sparking a round of talk that the exchange rate was heading to parity.”
“Speculation that the RBA could be cutting rates again in the coming weeks heightens the risk that the RBNZ could also be forced to cut rates and so protect New Zealand’s competitive position in the region.”
“In view of the change in the RBNZ tone last night and the Fed’s apparent lack of concern about the value of the USD, we have extended our bearish NZD/USD view and look for a move towards 0.68 on a 12 mth view.”
“We have also extended our bearish AUD/USD forecast to 0.70 on a 12 mth view.”
Jan 29,2015
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NZD/USD to move towards 0.68 in the longer term – Rabobank
FXStreet (Barcelona) - According to Jane Foley, Senior Currency Strategist at Rabobank, the RBNZ may be required to extend its dovish tone to maintain the pressure on NZD, further expecting NZD/USD to move towards 0.68 and AUD/USD to see 0.70 levels in the longer term.
Key Quotes
“In our view the risks to growth justify the more dovish tone of the RBA. However, with RBNZ rates at 3.5% the carry trade still has the ability to thwart a broad based decline in the value of the NZD and the RBNZ may have to extent its dovish tone further if it wants to keep the currency under pressure.“
“Earlier this month the AUD/NZD hit a new low in the 1.0355 area sparking a round of talk that the exchange rate was heading to parity.”
“Speculation that the RBA could be cutting rates again in the coming weeks heightens the risk that the RBNZ could also be forced to cut rates and so protect New Zealand’s competitive position in the region.”
“In view of the change in the RBNZ tone last night and the Fed’s apparent lack of concern about the value of the USD, we have extended our bearish NZD/USD view and look for a move towards 0.68 on a 12 mth view.”
“We have also extended our bearish AUD/USD forecast to 0.70 on a 12 mth view.”
Jan 29,2015
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USD/CAD jumps to 1.2800
FXStreet (Edinburgh) - The Canadian dollar accelerates its decline vs. its neighbor on Friday, once again pushing USD/CAD to fresh multi-year highs around 1.2800.
USD/CAD in March 2009 levels
The pair continues to push higher, this time via further CAD weakness after the Canadian economy contracted 0.2% during November vs. a forecasted flat reading. Data in the US economy showed the GDP grew 2.6% during Q4 2014, missing prior surveys for a 3.6% advance; Employment Cost Index gained 0.6%, matching estimates and down from 0.7% previous.
Next on tap will be the Chicago PMI and the Reuters/Michigan index.
USD/CAD significant levels
At the moment the pair is advancing 1.29% at 1.2776 with the initial barrier at 1.2900 (psychological level). On the downside, a breach of 1.2608 (low Jan.30) would aim for 1.2512 (low Jan.29) and finally 1.2390 (low Jan.28).
Jan 30,2015
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Gold struggles to extend gains
FXStreet (Mumbai) - Gold prices struggled to extend gains despite of a weaker-than-expected preliminary US Q4 GDP data released now.
Resilient USD
The yellow metal has not been able to extend gains despite weak US GDP as the US dollar failed to weaken. In fact the USD Index is back above 95.00 levels. Most of the major currencies continue to stay weak against the USD except the Japanese Yen.
Hence, the yellow metal could not extend gains as the strong USD continued to weigh on prices. The metal did clock a high of USD 1266.66, although the gains could not be sustained.
Gold Technical Levels
The metal currently trades largely unchanged post the data at USD 1263.10/Oz; up 0.575 for the day. The immediate resistance is seen at 1265.8, above which gains could be extended to 1272.08 (hourly 50-SMA). On the flip side, the support is seen at 1261.6 and 1256 levels.
Jan 30,2015
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Gold struggles to extend gains
FXStreet (Mumbai) - Gold prices struggled to extend gains despite of a weaker-than-expected preliminary US Q4 GDP data released now.
Resilient USD
The yellow metal has not been able to extend gains despite weak US GDP as the US dollar failed to weaken. In fact the USD Index is back above 95.00 levels. Most of the major currencies continue to stay weak against the USD except the Japanese Yen.
Hence, the yellow metal could not extend gains as the strong USD continued to weigh on prices. The metal did clock a high of USD 1266.66, although the gains could not be sustained.
Gold Technical Levels
The metal currently trades largely unchanged post the data at USD 1263.10/Oz; up 0.575 for the day. The immediate resistance is seen at 1265.8, above which gains could be extended to 1272.08 (hourly 50-SMA). On the flip side, the support is seen at 1261.6 and 1256 levels.
Jan 30,2015
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EUR/USD shows no reaction after US data – FXStreet



FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, shares the technical outlook for EUR/USD, with the pair showing no major reaction post the US and EZ releases.


Key Quotes


“The EUR/USD pair can’t find a way this Friday, trading around its daily opening and despite key macroeconomic data has been released for both economies.”


“Earlier on the day, EZ inflation turned out negative, a confirmation of the ongoing deflation in the area. In the US, GDP figures showed the economy expanded at a slower pace than forecasted in the QE, printing 2.6% against an expected 3.3% grow.”


“The EUR/USD however, continues to trade in the lows 1.13’ with the 1 hour chart showing price moving back and forth around 20 and 100 SMAs, both flat in a 10 pip range, while indicators hold in neutral territory.”


“In the 4 hours chart indicators turn slightly lower but also around their midlines, lacking directional strength at the time being.”


“Selling interest has surged again earlier on the day near the 50% retracement of the latest bearish run at 1.1365, becoming the critical resistance to break to confirm an upward extension.”


“The main support on the other hand, stands at 1.1250 a static support as per several intraday lows posted around it during these last few days.”







Jan 30,2015

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Canadian dollar and cross in a technical snapshot - TDS



FXStreet (Guatemala) - Analysts at TD Securities gave a snapshot technical analyses in the Canadian dollar.


Key Quotes:


"USD/CAD> drops back from early highs but we look for firm support on dips to the upper 1.26s area."


"EUR/CAD tests a major resistance zone around 1.45; we continue to favour range trading here."


"AUD/CAD chops around resistance in the low 0.99 area."


"GBP/CAD reaches our s/t bull target – higher levels are still on the cards."


"CAD/JPY extends below support in the high 92s – look for more weakness towards 90.50. "








Jan 30,2015

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It’s so good to have a system that does the work for you as mostly we get in trouble with no time yet wish to work and that leads to just total mess and bad results. I have tried almost all the possible system, signal service and lastly paid analysis but all with losses and empty hands.

Finally I am glad that I started with using this OctaFX broker’s service of analysis. Actually first time I got attention here because of been free but when a broker provides such quality analysis to all for free just imagine how great the facilities would be if I trade with them and that’s exactly what I did and I am proud of my decision!

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WTI set to surge further – BAML
FXStreet (Barcelona) - The Research Team at Bank of America-Merrill Lynch, expects WTI Crude’s gains to continue towards $54.33 levels.
Key Quotes
“Evidence suggests that Friday's surge higher in WTI has further to run. The recent surge in Open Interest, rising approximately 134k contracts since Jan-16, indicates vulnerable short positions (open interest rises when the seller is a new short and the buyer is a new long) which are now at risk of being covered.”
“With the break of 2m trend line resistance (and weekly hold of 16yr trend line support) gains should continue in the sessions ahead towards the Dec-16 low at 54.33 before renewed stalling.”
Feb 03,2015
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GBP/USD posts highs around 1.5080
FXStreet (Edinburgh) - The pound continues to trade on a positive mood on Tuesday, now pushing GBP/USD to test intraday highs in the 1.5080 neighbourhood.
GBP/USD boosted by risk, data
Spot keeps extending its bounce off session troughs in sub-1.5000 levels, reclaiming the 1.5070/80 zone and challenging weekly highs at the same time. The auspicious result from the UK Construction PMI during January is collaborating with the upside as well, all against the backdrop of favouring context for the risk-associated universe.
Next of relevance for GBP traders will be the Services PMI due tomorrow (56.3 exp.) followed by the BoE MPC meeting to be held on Thursday.
GBP/USD key levels
The pair is now gaining 0.35% at 1.5076 and a breakout of 1.5100 (psychological level) would aim for 1.5115 (21-d MA) and then 1.5161 (high Jan.29). On the downside, the initial support lies at 1.4972 (low Jan.26) ahead of 1.4952 (low Jan.23) and finally 1.4900 (psychological handle).
Feb 03,2015
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SEB: USD/JPY hanging bearishly below resistance – eFXnews
FXStreet (Barcelona) - The eFXnews Team shares SEB’s technical outlook for USD/JPY.
Key Quotes
“The market likes it better below than above dynamic resistance coming with the (Fibo-adjusted) 21day 'Kijun-Sen' and this threatens the low end of the 55day exponentially weighted moving average band (116.64)."
“Further down low points at 115.85 & 115.57 are of interest.”
“A loss of support at those should lower sights to the lower end of the Fibo-adjusted 'Cloud', now at 114.30.”
“A move back over 118.87 is needed to defuse downside risks.”
This content has been provided under specific arrangement with eFXnews.
Feb 03,2015
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USD/JPY upside limited – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, shares the technical setup for USD/JPY, noting that the pair’s upside might remain limited in the short-term.
Key Quotes
“The USD/JPY trades around its daily opening, having however reached a lower low daily basis at 116.87.”
“The positive sentiment that sent dollar lower against high yielders, is also affecting safe-haven yen that anyway remains subdued.”
“The 1 hour chart for the pair shows that indicators aim higher above their midlines, although 100 SMA offers immediate short term resistance around current levels.”
“In the 4 hours chart indicators turned higher but remain below their midlines, whilst the price remains below its moving average, all of which should keep the upside limited in the short term.”
“Support levels: 117.30 117.00 116.60"
“Resistance levels: 118.10 118.40 118.80”
Feb 03,2015
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There is lot of momentum in the US economy – Fed’s Bullard
FXStreet (Mumbai) - St. Louis Fed President James Bullard said today that there is a lot of momentum in the US economy, while stating low oil prices and long term rates as tailwinds for the US economy.
The policymaker also said that the yield on the US 10-year Treasury yield under 2% is astonishingly low. The yield currently trades at 1.752%. On the European Central Bank’s QE (ECB) he said that the effects are already in financial markets.
Feb 03,2015
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There is lot of momentum in the US economy – Fed’s Bullard
FXStreet (Mumbai) - St. Louis Fed President James Bullard said today that there is a lot of momentum in the US economy, while stating low oil prices and long term rates as tailwinds for the US economy.
The policymaker also said that the yield on the US 10-year Treasury yield under 2% is astonishingly low. The yield currently trades at 1.752%. On the European Central Bank’s QE (ECB) he said that the effects are already in financial markets.
Feb 03,2015
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Rising inventories keep Copper in red
FXStreet (Mumbai) - Copper prices on Comex trades slightly lower today, extending losses from the previous session, however was set for its biggest weekly gain in more than two years ahead of US NFP data.
LME stocks at 13-year High
The red metal trades at 2.588 levels, having previously posted day’s low at 2.582 and day’s high at 2.615 levels. Copper prices remains pressured as the metal’s inventories rose yet another day, adding to signs of a glut in a market that continues to grip the copper markets.
Inventories at LME warehouse jumped 34500 metric tons, or 13%, to 284,600 tons yesterday, the highest in almost a year and sits at 13-year high.
Copper prices are expected to continue its downtrend as less demand from China, the world's biggest user of copper, is leading to excess supplies as economic activity cools-off across the all the sectors. Moreover, manufacturers and other buyers often slow purchases of the metal this time of year before the Lunar New Year holidays.
Copper Technical Levels
Copper prices have an immediate resistance located at 2.60, above which gains could be extended to 2.618 levels. Meanwhile, support is seen at 2.52 levels, below which it can extend losses to 2.50 levels.
Feb 06,2015
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AUD/USD steady above 0.7800
FXStreet (Córdoba) - AUD/USD rose during the Asian session and peaked at 0.7858, reaching the highest price since January 29 and then pulled back modestly. During the last hours it has remained steady trading around 0.7830, on a quiet session as traders await the US employment report.
The aussie is headed toward a weekly gain of around a hundred pips against the US dollar, as it recovers from multi-year lows that reached on Tuesday at 0.7625.
RBA and politics
During the Asian session the Reserve Bank of Australia downgraded its growth and inflation forecast in its monetary policy statement. Political uncertainty jumped in Australia after Luke Simpkins, announced that he would be moving a motion to have the leadership declared open, that could removed from office the current prime minister Tony Abbott, as early as next week.
Feb 06,2015
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NZD/USD clings on to 0.74 handle ahead of US NFP
FXStreet (Mumbai) - NZD/USD shaved-off Aussie backed gains and traded flat as traders now eagerly await US labour market report due for release in the US session.
Struggles above 0.7400
Currently, the NZD/USD traded flat at 0.7405, wiping out previous gains on the back of solid gains in the Aussie. The kiwi lost ground as the US dollar strengthened versus the major currencies before the release of robust US jobs data.
The US dollar index, measuring the relative strength of the greenback versus six major currencies advanced close to fresh daily highs at 93.92 levels, recording a 0.21% gain on the day.
NZD/USD Technical Levels
To the upside, the next resistance is located at 0.7439 and above which it could extend gains to 0.7454 levels. To the downside, immediate support might be located at 0.7340 levels and below that at 0.7300 levels
Feb 06,2015
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EUR/AUD falls to fresh lows, fast approaching 200-DMA
FXStreet (Mumbai) - The shared currency erased previous gains and edged lower versus the Australian dollar as the Euro trades volatile amid escalating Greece worries, while the Aussie rebounds from China data back slump.
Hovers above 1.4480 levels
Currently, the EUR/AUD cross trades at 1.4487 levels, losing -0.18% on the day, close to fresh daily highs posted at 1.4480 levels few minutes ago. The cross traded lower largely on Aussie strength which continues its recovery after a slump in Chinese imports dragged the pair lower in the Asian session. The cross remains pressured as market participants await this week's Euro group meeting and the European Union summit that may ease the Greek situation
At the moment, the AUD/USD pair trades at 0.7809, up 0.13% on the day. While EUR/USD trades flat at 1.1312 levels.
EUR/AUD Technical Levels
The pair has an immediate resistance at 1.4550 levels, above which gains could be extended to 1.4610 levels. On the flip side, support is seen at 1.4470 levels, from here it to 1.4420 levels.
Feb 09,2015
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More easing expected in China, growth to tick lover – Deutsche Bank
FXStreet (Edinburgh) - Economists at the German lender Deutsche Bank expect the Chinese growth to slow its pace in H1 and the PBoC to ease further in the upcoming periods.
Key Quotes
“The RRR cut is broadly in line with our expectation, though it happened one month earlier than we expected”.
“We reiterate our view that the economic growth will surprise on the downside in H1. We cut our GDP forecast for Q1 to 6.8% on January 5 (consensus 7.2%), as the economy faces a "double whammy" due to property slowdown and a fiscal slide”.
“We expect more easing measures to come. We continue to expect another RRR cut of 50bp in Q2. We also continue to expect two interest rate cuts, but we revise our call on timing, and expect the two cuts to happen in March and Q2, instead of Q2 and Q3”.
“The RRR cut likely releases liquidity of RMB640bn into the bank sector. We think the impact on the real economy is positive but it is not enough to stabilize the economy, as it helps to raise loan supply but loan demand may remain weak”.
“We expect the fiscal stance to loosen in coming months, with central government fiscal spending picking up and quasi-fiscal spending through policy banks rising. If such fiscal policy loosening does not materialize, we see downside risks to our GDP forecast of 7% for 2015”.
Feb 09,2015
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OPEC cuts non-OPEC oil supply forecast
FXStreet (Mumbai) - The Organization of Petroleum Exporting Countries (OPEC) lowered its estimate for non-OPEC supply growth in 2015 as US drillers are expected to pump less oil after the collapse in oil price.
The group lowered its estimate for non-OPEC supply growth by about 400,000 barrels a day, led by a reduction of 130,000 a day in the US. Supply estimates for Colombia, Canada and Yemen were also trimmed. “The main factors for the lower growth prediction in 2015 are price expectations, a declining number of active rigs in North America, a decrease in drilling permits in the US and a reduction in the 2015 spending plans of international oil companies,” OPEC’s Vienna-based research department said in its monthly market report.
US supply estimates
The supply from the US will increase 820,000 barrels a day in 2015 to 13.64 million a day, which is the half of the gain recorded in 2014. The estimate for total non-OPEC supply growth in 2015 was cut by 420,000 to 850,000 a day.
The group expects the Global oil demand will increase by 1.17 million barrels a day, or 1.3%, in 2015 to 92.32 million barrels a day
Feb 09,2015
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AUD/USD shrugs off Chinese data
FXStreet (Córdoba) - The Australian dollar shrugged off Chinese trade data and managed to recover from lows during the last hours, climbing back above the 0.7800 level against the greenback and filling the weekly opening gap.
AUD/USD bounced off a low of 0.7747 and rose more than 70 pips through the 0.78 mark, to hit a daily high of 0.7821 in recent dealings. At time of writing, the pair is trading at 0.7810, 0.64% above its opening price.
AUD/USD levels to watch
As for technical levels, if AUD/USD breaks above 0.7820, next resistances are seen at 0.7850 (Feb 3 high) and 0.7875 (Feb 6 high). On the flip side, supports could be found at 0.7747 (daily low) and 0.7733 (Feb 5 low).
Feb 09,2015
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AUD/USD shrugs off Chinese data
FXStreet (Córdoba) - The Australian dollar shrugged off Chinese trade data and managed to recover from lows during the last hours, climbing back above the 0.7800 level against the greenback and filling the weekly opening gap.
AUD/USD bounced off a low of 0.7747 and rose more than 70 pips through the 0.78 mark, to hit a daily high of 0.7821 in recent dealings. At time of writing, the pair is trading at 0.7810, 0.64% above its opening price.
AUD/USD levels to watch
As for technical levels, if AUD/USD breaks above 0.7820, next resistances are seen at 0.7850 (Feb 3 high) and 0.7875 (Feb 6 high). On the flip side, supports could be found at 0.7747 (daily low) and 0.7733 (Feb 5 low).
Feb 09,2015
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Technical outlook for treasuries – RBS
FXStreet (Barcelona) - Analysts at RBS comment on the bond market and give the technical outlook for 2s, 5s and 10s treasuries.
Key Quotes
“Treasuries have rebounded along with Bunds overnight as Greek exit fears persist along with worries about China (trade data was weaker than expected) and Ukraine developments.”
“Greek 3yrs yield ~21.5% this morning, up 340bp on the day."
“Our overnight US rates flows saw better buying on balance with overseas real$ accounts buying 5's through 10's against selling in 30yrs.”
“Overnight inter-dealer Treasury volume (4pm to 6am) was 160% of the 10-day average volume for the overnight session.”
“2s (0.624%)– Next major support doesn't emerge until ~0.80% where we found buyers back in the spring of 2011. Resistance seen at 0.40% where we'd close a gap left behind in late October. Daily momentum is bearish.”
“5s (1.44%)– Next major support comes in at 1.80% and just above. Nearby resistance lines up at ~1.155%. Daily momentum is bearish.”
“10s (1.90%)–Next major resistance comes in at ~1.60%, the May 2013 'lows'. Next support comes in ~2.40% with major support at 2.66% after that. Daily momentum is bearish.”
Feb 09,2015
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GBP/USD: faltering at 55 DMA - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted the technical conditions surrounding GBP/USD.
Key Quotes:
"GBP/USD’s break of 7 month downtrend was not sustained and the market appears to be faltering at the 55 day ma at 1.5391."
"We note the Elliott wave count on the daily is suggesting that this is already the end of the correction higher."
"Loss of the 20 day ma at 1.5144 should trigger a slide back to the 1.4953 recent low and the 1.4813 2013 low."
Feb 10,2015
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GBP/USD retreats from highs
FXStreet (Edinburgh) - After climbing as high as the vicinity of 1.5270, GBP/USD is now running out of steam and returning to the id-1.5200s.
GBP/USD focus on BoE
The pair has picked up pace following a softer tone from the greenback, lifting the sentiment around the risk-associated universe. The sterling keeps consolidating above the 1.5200 handle ahead of the critical BoE Quarterly Inflation Report due tomorrow, followed by a speech by Governor M.Carney.
Spot managed to leave behind mixed results from the Industrial and Manufacturing Production in the UK economy during December, managing to bounce off the area of 1.5210.
GBP/USD significant levels
At the moment the pair is up 0.17% at 1.5243 with the next up barrier at 1.5282 (40-d MA) followed by 1.5353 (high Feb.6) and then 1.5355 (high Jan.5). On the other hand, a breach of 1.5170 (low Feb.5) would aim for 1.5162 (200-h MA) and finally 1.5149 (21-d MA).
Feb 10,2015
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  • Dennis#MD changed the title to Financial News And Analysis by Octafx.com

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