Updated May 20, 2013 9:35:00 AM
Written by Eric Viloria, CMT
AUD/USD has experienced a sharp decline since breaking below its long-term horizontal channel and daily oscillators are indicating that the selloff may be reaching exhaustion as the RSI and stochastics indicators are in oversold territory. While oscillators oversold readings may persist for some time during a downward trend, a look at shorter term charts suggest a rebound. Hourly candlestick charts show the pair trading in a well-defined bearish channel since the beginning of May and [...] Continue Reading ...
Updated May 20, 2013 8:30:00 AM
Written by Kathleen Brooks
It’s been pretty slow-going today as economic data has been thin on the ground. Ranges in FX are fairly tight and stock markets are flat to fairly neutral. Currently US futures are pointing to a slightly lower open. But there are some important fundamental events this week that could impact the medium-term direction of markets. Japan voice concerns over yen decline Firstly, Japan’s Economy Minister said today that the yen’s decline could have gone [...] Continue Reading ...
Updated May 20, 2013 7:00:00 AM
Written by Kathleen Brooks
The silver price has been hammered today, spot silver has fallen more than 3% bringing it to a 2.5 year low. But what does this mean for the price of the grey metal? • The sharp fall in the silver price may have been due to reports of large liquidations of silver contracts in Japan. This could explain the sharp decline in price at the Tokyo open. • If the price decline was [...] Continue Reading ...
Updated May 20, 2013 5:00:00 AM
Written by Kathleen Brooks
The dollar ended last week with a bang. The dollar index (a broad-based measure of dollar strength) rose nearly 2%, and the USD is the best performing currency in the G10 for the past month. So where are the opportunities for short term traders? Fundamental: Economic data is thin on the ground today. There is nothing of note out in the European session and the US session dishes up the Chicago Fed National Activity [...] Continue Reading ...
Updated May 20, 2013 12:12:11 AM
Written by Chris Tedder
AUDUSD’s break of the trading range which kept it hostage since August 2012 was quick but not painless. A market wide flood to the USD sent long aussie investors scrambling for cover, with AUDUSD smashing support levels with ease. The pair took out support at the bottom of its prior trading range, before annihilating parity. In fact, since the sell-off began AUDUSD has not been able to close in the green over a one-day period, [...] Continue Reading ...
Updated May 19, 2013 6:02:31 PM
Written by Chris Tedder
EURUSD may be in the midst of a bearish ascending triangle formation in the short-term. This suggests we may see some downside price in action in this pair in coming sessions. However, if price action breaks above the top of this triangle formation it may invalidate this scenario. In the long-term, the pair’s 50day SMA has broken below it 200day SMA – the golden cross - and price action recently broke through the bottom [...] Continue Reading ...
Updated May 17, 2013 3:15:00 PM
Written by Chris Tevere, CMT
The Kiwi has continued to decline over the past few days, largely following in the footsteps of the Aussie, and further downside could still be on the horizon. That said, this move may be attributed to not only USD strength, but also NZD weakness as the market has slowly been coming around to the notion we highlighted on Monday, “the implementation of such (macro-prudential) measures essentially takes the possibility of future rake hikes off the [...] Continue Reading ...
Updated May 17, 2013 5:30:00 AM
Written by Kathleen Brooks
On Thursday we mentioned that USDCAD was approaching 1.0230 – a key resistance level. This key level, so where can it go now? Fundamental perspective: This dollar continues to recover on the back of some hawkish commentary from Fed members. San Francisco Fed President John Williams waded into the debate last night and said that the Fed may start to buy bonds in the next few months. Williams’ comments come after Fed member Charles [...] Continue Reading ...
Updated May 17, 2013 12:12:26 AM
Written by Chris Tedder
Yesterday’s surprisingly good GDP and better than expected machine orders figures today beg the question, is Abenomics working? Japan’s economy grew at the fastest pace among all G7 countries in Q1. GDP increased 0.9% during the first quarter of this year, compared to an expected 0.7% rise and a revised 0.3% in the prior quarter. Also, machine orders increased 14.2% in March, beating an estimated gain of 3.5%. At face value it certainly looks like [...] Continue Reading ...
Updated May 16, 2013 6:47:48 PM
Written by Chris Tedder
NZDCAD has been selling off hard since late April due to a broader flood out of the kiwi, which overshadowed a push higher in USDCAD. Whilst the main driving force behind recent weakness in NZDUSD and strength in USDCAD was a surge towards the US dollar, the NZ dollar was also hit by news that the RBNZ had intervened in the currency market to devalue the kiwi and may do so again. Furthermore, NZDCAD broke [...] Continue Reading ...
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