Wednesday, December 7, 2016

EUR/USD--which last trades up 0.21% at $1.0741

 EUR/USD--which last trades up 0.21% at $1.0741--to hover around $1.07 heading into Thursday's European Central Bank policy decision and press conference by President Mario Draghi. ING's expectation for a two-quarter extension to quantitative easing, with no signal of any intention to taper monetary accommodation, "should be EUR neutral as it would partly keep concerns about Italy at bay." ING's forecast is in line with most other analysts' forecasts.

Tuesday, December 6, 2016

USD/CHF

Summary :
Target Level : 1.0183
Target Period : 2 days

Analysis :
Channel Down identified at 06-Dec-04:00 2016 GMT. This pattern is still in the process of forming. Possible bullish price movement towards the resistance 1.0183 within the next 2 days.

Resistance Levels :
( B ) 1.0183Last resistance turning point of Channel Down.

Support Levels
( A ) 1.0051Last support turning point of Channel Down.


Chart date range :
28-Nov-22:00 GMT-> 06-Dec-06:00 GMT
Data interval : 30 Minutes
RSI:34 Candles
MA:34 Candles

Monday, December 5, 2016

Canadian dollar has posted gains on Monday

The Canadian dollar has posted gains on Monday, continuing the upward movement which marked the Friday session. In North American trade, USD/CAD is trading at the 1.3270 level. On the release front, today’s key event is US ISM Non-manufacturing PMI. The index is expected to improve to 55.3 points. There are no Canadian releases on the schedule.
Employment numbers were on center stage on Friday, as both Canada and the US released key employment indicators. In the US, the numbers were a mix.  readings were mixed. Nonfarm Payrolls improved to 178 thousand, edging above the forecast of 177 thousand. This marked a 4-month high. However, Average Hourly Earnings, which measures wage growth, surprised with a decline of 0.1%, short of the estimate of 0.2%. This was the first decline in wage growth since March. The unemployment rate dropped to just 4.6%, well below the forecast of 4.9%. The strong labor market has been a key factor in the strong US economy, which saw GDP grow at a clip of 3.2% in the third quarter. Canadian employment indicators were solid, as Employment Change gained 10.7 thousand, much better than the estimate of -16.5 thousand. As well, the unemployment rate dropped to 6.8%, below the forecast of 7.0%. The Canadian dollar responded with gains, as USD/CAD dropped to 1.3254, its lowest level since mid-October.
  • USD/CAD showed limited movement in the Asian and European sessions. The pair has recorded considerable losses early in North American trade
  • 1.3253 has weakened in support following losses by USD/CAD
  • 1.3371 is the next resistance line
  • Further levels in both directions:
    • Below: 1.3253, 1.3120 and 1.3026
    • Above: 1.3371, 1.3457, 1.3551 and 1.3648
    • Current range: 1.3253 to 1.3371
    • USD/CAD ratio is unchanged in the Monday session. Currently, short and long positions are almost evenly split , indicative of a lack of trader bias as to what direction USD/CAD will take next.

    USD/JPY has posted gains in the Asian and European sessions

    •USD/JPY has posted gains in the Asian and European sessions
    •113.86 has switched to a support role following gains by USD/JPY
    •114.83 is the next line of resistance
    •Current range: 113.86 to 114.83
    Further levels in both directions:
    •Below: 113.86, 112.48, 111.45 and 110.24
    • Above: 114.13, 115.45 and 116.88
    USD/JPY ratio is almost unchanged in the Monday session. Currently, short positions have a strong majority (58%), indicative of trader bias towards USD/JPY continuing to move lower.
    USD/JPY has started the week with strong gains. Currently, the pair is trading at 114.30. On the release front, Japanese Consumer Confidence dropped to 40.3 points, missing expectations. In the US, today’s key event is ISM Non-manufacturing PMI. The index is expected to improve to 55.3 points.

    Thursday, December 1, 2016

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    EUR/USD

    Summary :
    Target Level : 1.0565
    Target Period : 12 hours

    Analysis :
    Pennant identified at 30-Nov-17:00 2016 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 1.0565 within the next 12 hours.

    Supporting Indicators :
    Downward sloping Moving Average

    Resistance Levels :
    ( B ) 1.0667Last resistance turning point of Pennant.

    Support Levels
    ( A ) 1.0565Last support turning point of Pennant.



    Chart date range :
    17-Nov-09:00 GMT-> 01-Dec-09:00 GMT
    Data interval : 4 hour
    RSI:34 Candles
    MA:34 Candles

    Monday, November 21, 2016

    GBP/USD has started the trading week with strong gains

    GBP/USD has started the trading week with strong gains. In the North American session, the pair is trading at the 1.25 line. On the release front, there are no indicators out of the UK or the US. On Tuesday, the UK will release Public Sector Net Borrowing and CBI Industrial Expectations.
    It’s a very quiet start to the week, so the markets will have some time to focus on the Autumn Forecast Statement, which serves as a preview to the annual UK budget. This report will be closely watched, as it will detail the government’s forecast for the economy ahead of the Brexit negotiations. Analysts are bracing for a pessimistic report which will point to lower growth, higher inflation and a ballooning deficit. Since the Brexit vote, the economy has managed quite well, consistently putting up numbers which have beaten expectations. However, if the Autumn Forecast Statement points to serious trouble ahead as Britain prepares to leave the EU, the pound could weaken.
    •GBP/USD was flat in the Asian and European sessions. The pair has  posted strong gains in North American session
    •1.2351 is providing strong support
    •1.2479 was tested earlier in resistance and is a weak line
    Further levels in both directions:
    •Below: 1.2351, 1.2272 and 1.2120
    •Above: 1.2479, 1.2620 and 1.2778
    •Current range: 1.2351 to 1.2479
    In the Monday session, GBP/USD ratio is showing long positions with a majority (58%), This is indicative of trader bias towards GBP/USD continuing to move upwards.