Category Archives: Forex Technical Analysis

Gold Rallies After Dovish FOMC Statement, Eyes On U.S. Data

After tension has eased between North Korea and the U.S sending gold to 1267.80 low yesterday, gold was on a date with a dovish FOMC statement with a split decision, as a result, the buck collapsed 93.36 low pushing higher at 1283.90. Today, the precious metal extended gains and added almost +$8.00 at 1290.20 high, but retreated a bit a minor downward correction at 1285 now still trading above 10-EMA at 1276. Fundamentally, awaits U.S Data today with in focus with expectations for high volatility for the […]

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BTC/USD Ready For Another Terrifying Pullback?

It has been exactly a month since fell to $1830 on July 16th. Just as panic was starting to settle in, the bulls returned with fury. A few days ago, the biggest cryptocurrency hit a new all-time high of $4400. The hard fork is behind us already, is doing pretty good as well and July’s scary dip is nothing but a distant memory now. However, Bitcoin is notorious for its volatility, which could wipe out entire accounts in a nanosecond. Should we expect another sharp pullback, similar […]

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Daily Currency Outlook: GPB/JPY And EUR/JPY : August 17,2017

Daily Outlook Daily Pivots: (S1) 141.47; (P) 142.28; (R1) 142.85; Intraday bias in GBP/JPY remains neutral for the moment as it’s bounded in consolidation above 141.24 temporary low. With 144.01 support turned resistance intact, near term outlook stays mildly bearish for deeper decline. Break of 141.24 will extend the fall from 147.76 to 138.65 support and below. As GBP/JPY is seen as staying in consolidation pattern from 148.42, we’d expect strong support from 135.58 to contain downside. On the upside, break of 144.01 will indicate completion of […]

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EUR/USD Recovers After Disappointing FOMC Statement

managed to make a short term recovery yesterday with a 1.1778 high after dropping to 1.1681 low, and closed at 1.1766 at 10-EMA after receiving a positive injection boosted by dovish FOMC yesterday resulted on collapse to 93.36 low after a peek to 94.04 high. Currently the pair is trading 1.1760 intraday. Looking at daily candle pattern for EUR/USD, we can notice that the pair is on constant correction phases with lower highs but dips are strong fighting support 1.1680 which to be considered the trend reversal […]

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Australia’s Jobless Rate Fell In July

For the 24 hours to 23:00 GMT, the AUD rose 1.33% against the USD and closed at 0.7925. LME prices rose 0.8% or $51.0/MT to $6433.0/MT. Aluminium prices rose 0.9% or $19.0/MT to $2075.0/MT. In the Asian session, at GMT0300, the pair is trading at 0.7932, with the AUD trading 0.09% higher against the USD from yesterday’s close, on the back of robust Australian jobs data. Early morning data showed that Australia’s seasonally adjusted unemployment rate fell to 5.6% in July, in line with market expectations, as […]

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Elliott Wave Analysis: USD/CAD Making A Drop Lower

Good morning traders! Today’s focus will be on and its overnight development. USD/CAD found sellers yesterday and this occurred exactly from 1.2766 swing and 38.2% Fib. level. We see sharp turning point to the downside, so we assume that wave 4) is finished and that price is headed lower into wave 5). If we are correct then you know that full recovery since July low should be fully retraced. USD/CAD, 4H Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. […]

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iFOREX Daily Analysis : August 17,2017

The dollar traded lower against most major currencies on Wednesday following a departure of many members from U.S. President Donald Trump’s manufacturing council and strategic policy forum and its later disbanding. Trump announced the end of his manufacturing council after chief executives of 3M, Campbell Soup and others announced they would leave it over his comments about a violent weekend rally and death of one person in Charlottesville, Virginia. Federal Reserve policymakers appeared increasingly cautious about recent weak inflation figures and some called for a stop to […]

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Greenback Weakens On The Back Of FOMC Meeting Minutes

The gave up some of the gains on Wednesday following the release of the FOMC meeting minutes. The showed that Fed officials were divided on the course of . They also raised concerns about the underlying with some members expecting inflation to remain below the Fed’s 2% target rate. On the other side, some hawkish members argued that there would be risks from the tightening conditions in the US labor markets. On the economic front, data yesterday saw the UK’s falling to historic lows. Beating estimates,the unemployment […]

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Gold prices rose sharply in afternoon – Gold Market Update

By: DailyForex Gold prices rose sharply in afternoon U.S. trading on Wednesday as the dollar came under fresh pressure after the minutes from the Federal Reserve’s July gathering showed officials split over the timing of future rate increases. XAU/USD is currently trading at $1283.75, higher than the opening price of $1271.12. This reaction pushed prices above the Ichimoku cloud on the hourly chart and forced shorts to cover their positions. If the market can stay above the 1282/0 area, prices may visit the next barrier sitting in […]

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Gold Lower on Upbeat U.S. Data

By: DailyForex.com Gold prices ended Tuesday’s session down $10.19 as the dollar strengthened after retail sales recorded their biggest jump in seven months. A separate report released by the Federal Reserve Bank of New York showed that manufacturing activity in the region climbed to 25.2 from 9.8 a month earlier. XAU/USD traded as low as $1267.19 an ounce but managed to close just above the $1271 level. The medium-term charts are still bullish, with the market trading above the weekly and the daily Ichimoku clouds. However, despite […]

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