Category Archives: Forex Technical Analysis

Gold Edges Lower on Profit Taking After Recent Gains

Gold prices ended Thursday’s session down $2.14, weighed down by the dollar’s bounce on better-than-expected U.S. economic data. XAU/USD tested the support at $1251 after the Commerce Department said retail sales rose 0.8% last month. A separate report from the Labor Department showed that the number of people filing new claims for unemployment benefits dropped by 11K to 225K. The market is trading above the Ichimoku clouds on the H1 chart and we have a positive Tenkan-sen (nine-period moving average, red line) – Kijun-sen (twenty six-period moving […]

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Daily Currency Outlook: GPB/JPY And EUR/JPY : December 15,2017

Daily Outlook Daily Pivots: (S1) 150.45; (P) 151.12; (R1) 151.63; Intraday bias in GBP/JPY remains neutral. As long as 149.74 support holds, outlook remains bullish in the cross. Break of 153.39 will resume the medium term up trend and target 61.8% projection of 139.29 to 152.82 from 146.96 at 155.32. However, break of 149.74 will dampen our bullish view and turn bias back to the downside for 146.96 key support instead. In the bigger picture, current development suggests that medium term rise from 122.36 is resuming. Sustained […]

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SNB Left Interest Rate On Hold At -0.75%, Lifted Its Inflation Forecast

For the 24 hours to 23:00 GMT, the USD rose 0.34% against the CHF and closed at 0.9896. Yesterday, the Swiss National Bank (SNB) retained the benchmark interest rate at -0.75% and projected that inflation in Switzerland would exceed its target in three years. However, the central bank reiterated its commitment to “intervene in the foreign exchange market as necessary”. The central bank upgraded its inflation forecast to 0.5% for 2017, up from 0.4% predicted earlier and to 0.7% for next year, from 0.4%. The central bank […]

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Japan’s Tankan Big Manufacturers’ Mood Improved To An 11-year High Level

For the 24 hours to 23:00 GMT, the USD declined 0.28% against the JPY and closed at 112.38. In the Asian session, at GMT0400, the pair is trading at 112.27, with the USD trading 0.1% lower against the JPY from yesterday’s close. Overnight data revealed that Japan’s Tankan large manufacturing index rose more-than-expected to a level of 25.0 in 4Q 2017, surging to an 11-year high level. Market participants had anticipated for a rise to a level of 24.0, compared to a reading of 22.0 in the […]

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Canada’s New Housing Price Index Climbed In October

For the 24 hours to 23:00 GMT, the USD declined 0.14% against the CAD and closed at 1.2803. On the data front, Canada’s new housing price index advanced 0.1% MoM in October, compared to a rise of 0.2% in the prior month, while markets had anticipated for a gain of 0.2%. In the Asian session, at GMT0400, the pair is trading at 1.2780, with the USD trading 0.18% lower against the CAD from yesterday’s close. The pair is expected to find support at 1.2707, and a fall […]

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Still Some Early Swings Before A Follow-Through

We have seen a range of reactions within the 6 pairs. The and have completed an expanded flat. The Aussie has only just got to that point and a mild dip while EUR/USD has managed a bearish foundation. has done enough to pull itself out of its decline and has dithered, had a little turn and seems to be in a tizzy. However, it may have managed to develop a bearish foundation wave also. As for USD/JPY… well, I reckon it hasn’t yet met its final downside. […]

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Pound Steady As BoE Stays On The Sidelines

The British pound is showing little movement in the Thursday session. In North American trade, is trading at 1.3429, up 0.10% on the day. On the release front, jumped 1.1%, crushing the estimate of 0.4%. As expected, the maintained the benchmark rate at 0.50%. In the US, climbed, as and Retail Sales improved in November, with readings of 1.0% and 0.8%, respectively. Both indicators beat expectations. There was positive news on the employment front, as fell to 225 thousand, well below the forecast of 237 thousand. On […]

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Euro Shrugs Off ECB, USD Falls Despite Strong Data

By Kathy Lien, Managing Director of FX Strategy for BK Asset Management. Despite strong U.S. , there was very little consistency in the performance of Thursday’s . The greenback traded lower against the , , and but moved higher against the , and dollars. Not only did retail sales rise two times more than expected but demand in October was also revised higher. There was absolutely nothing negative about the report, which showed that rising sparked solid demand going into the holiday shopping season. , retail sales […]

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Gold Jumps as Dollar Slips After Fed Decision

Gold prices rose $11.51 on Wednesday, moving away from a four-and-a-half-month low reached earlier this week, as the U.S. dollar fell after core inflation data missed expectations and the Federal Reserve left the outlook on interest rates unchanged. Fed officials increased their projections for economic growth over the last couple of years but said inflation remains surprisingly tame, leading some to think that the U.S. central bank may not be able to hike rate rates as quickly as it would like. The near-term charts turned slightly bullish […]

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Dollar Drifts On Dovish Fed Hike

Thursday December 14: Five things the markets are talking about Global equities continue to drift as investors await the outcome of the last of the year (07:45 am EDT). Ahead of the U.S open, the ‘mighty’ has temporary halted its decline sparked by the Fed’s unchanged outlook yesterday for rate increases in 2018. Note: The (SNB) and left rates unchanged as expected (see below), however, Norway seems to have brought forward its first planned rate hike. Turkey’s central bank said it will keep monetary policy tight until […]

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