Updated May 15, 2013 1:10:00 AM
By Chris Tedder
The Nikkei 225 was propelled higher today by a positive lead from US markets and a depreciation of the yen overnight, with the index breaking 15,000 for the first time since January 2008. It seems every time the yen breaches a key level the Nikkei rallies, which is understandable as a weaker yen boosts company profits, especially manufacturers and exporters. USDJPY breached 102.00 overnight and continued on to a session high around 102.45. If [...] Continue Reading
Updated May 14, 2013 7:54:55 PM
By Chris Tedder
As we have previously stated AUDJPY is testing a key support level, a break of which would be bearish. AUDNZD is in a similar situation, albeit the possible conclusions were drawn using different technical indicators. For a fundamental perspective, the aussie is ripe for a sell-off at any time but that doesn’t rule out a push higher in the interim. AUDNZD has formed a pennant formation which is an indication that the pair’s prior [...] Continue Reading
Updated May 14, 2013 6:13:48 PM
By Chris Tedder
This pair has been consolidating in a triangle formation since mid-April, after the pair pushed back from its highest level since November 2007. Recently, however, it has been a case of which currency was weaker, resulting in some sideways movement. With AUDUSD below parity and USJPY above 102.00, and both pairs with the ability to push lower and higher respectively, what becomes of AUDJPY? AUDJPY is at key juncture as it approaches a very important [...] Continue Reading
Updated May 14, 2013 5:35:00 PM
By Chris Tevere, CMT
The technical landscape for the Swiss Franc over the past month has been decidedly bearish – not only versus the US dollar, but also relative to the Euro. While some of the recent move may be attributed to rumors about the SNB raising the EURCHF floor from 1.20 to 1.25, the CHF weakness has been in the works for much of 2013 – See TECHNICAL UPDATE. Interestingly enough, EURCHF touched 1.2500 earlier today for [...] Continue Reading
Updated May 14, 2013 2:40:00 PM
By Eric Viloria, CMT
USD/CHF tested above the 200-week simple moving average (SMA) for the first time since early 2010 as the pair rose to its highest level this year. The move comes on the back of USD strength amid better than expected economic data and increased expectations of a reduction in the pace of Fed asset purchases. The pair has been grinding higher over the longer term and weekly technical indicators suggest that the move may continue. The [...] Continue Reading
Updated May 14, 2013 12:00:00 PM
By Kathleen Brooks
The fundamental highlight for GBP on Wednesday is the Bank of England’s second Inflation Report for 2013, which is scheduled to be presented at 1030 BST/ 0530 ET. This Report is released four times a year and includes the BOE’s latest forecasts for growth and inflation. Below includes details of what we are looking for in this report, and also why it may matter for sterling. What to watch out for: • A reduction [...] Continue Reading
Updated May 14, 2013 12:00:00 PM
By Eric Viloria, CMT
EUR/GBP has been trading within a wedge pattern for most of 2013 and the range has been narrowing. Trendline resistance currently converges with the 55-day simple moving average (SMA) around the 0.8535/40 area while the base is just below the 38.2% Fibonacci retracement of the rally from July lows to February highs. The daily RSI indicator recently broke above the top of its downward trendline resistance and this suggests that prices may soon follow. As [...] Continue Reading
Updated May 14, 2013 10:45:00 AM
By Chris Tevere, CMT
GBPUSD continues to unwind after breaking below channel support around 1.5350 last week. With the 13-day sma recently turning lower, combined with Cable’s break below the 55-day sma at 1.5245, this potentially opens the door to further declines. Accordingly, it may prove beneficial to keep an eye on daily RSI which is presently testing the key 40/45 zone, as a break below would be indicative of a continuation of the downtrend. Tomorrow will be a [...] Continue Reading
Updated May 14, 2013 8:50:00 AM
By Eric Viloria, CMT
Last week, USD/CAD tested long term trendline support and the pair rebounded ahead of parity. It is consolidating within a triangle pattern and is currently testing the 50% Fibonacci retracement level of the move from the most recent test of the triangle top to the most recent test of the triangle base. This 50% level also coincides with the 21-day simple moving average (SMA) which is around 1.0150. A break above this area is likely [...] Continue Reading
Updated May 14, 2013 8:00:00 AM
By Kathleen Brooks
After a slow start in financial markets this week a couple of themes are emerging: the yen is rebounding and the euro is getting hit from comments coming out of the Eurozone finance ministers meeting in Brussels. Could the Japanese authorities’ enormous stimulus plan be about to bite the government? 5-year government bond yields have surged to their highest level in 2 years this morning. While the nominal level of the 5-year yield is [...] Continue Reading
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