Cable goes from higher to lower and now back higher again ForexLive Cable’s bounce after testing the 12 March support and bids around the 1.3000 handle overnight met a stumbling block earlier as the dollar gained on risk aversion in markets. That of course came after Germany’s dismal manufacturing PMI print which sent equities and
Cable slump continues It’s getting ugly in the pound. Cable is down 177 pips to a fresh low at 1.3022. The drop broke the 55-day moving average. That was a key level because it supported teh drop earlier this month. The next three levels to watch: 1.3000 200-dma at 1.2979 March low of 1.2949 It’s
Comments by SNB chief, Thomas Jordan Says that trade war, Brexit and Italy pose risks Says international interest rate levels are to stay low for the time being ForexLive Nothing that really stands out from his comments here. And there isn’t much anyway to really take away from the SNB’s monetary policy statement earlier either.
GBP/USD falls to a low of 1.3134 on the day, lowest since 13 March ForexLive Price is looking to now sail past the overnight low of 1.3147 with light bids around 1.3120-25 seen next in line for the pair. Beyond that, further support is only seen around the 1.3100 handle. With price falling below the
Underside of the trend line stalls the rise The EURUSD raced higher like a freight train (see earlier post), and reached the underside of a broken trend line at the 1.1446 level (see red circles in the chart below). It is hard to stop a freight train, but that is what the trend line ended
Taking out March lows The USDJPY is trading to new fresh lows and in the process took out March lows. The low for March was at 110.71. The low has reached 110.529. The next targets are the end of February lows at 110.34-419. The 50% of the move up from the January 31 low comes
EUR/USD continues to trade in a narrow range this week ForexLive The pair continues to hold above the 100-hour MA (red line) in trading this week but there isn’t much on the euro side of the equation to really drive a break higher. Since the ECB meeting earlier this month, any potential factors that look
Canada budget to be released at 2000 GMT The Canada budget will be released at 2000 GMT. Adam has posted a review of it HERE. Technically, the USDCAD moved sharply lower earlier in the day and in the process fell below the 100 day MA at 1.3288. The low stalled around the 61.8% and corrected
Down -$0.06 or -0.10% The price of crude oil futures is settling at $58.97, down -$0.03. or 0.1%. The high for the day moved up to $59.57. The low was at $58.62. Technically, for the 3rd day in a row, the low for the day stalled just ahead of the 100 hour MA (blue line).
EUR/USD trades close to yesterday’s high ForexLive Price is back to trading above the 1.1350 handle and is looking to contest the 76.4 retracement level @ 1.1362 but there is also the 100-day MA lurking nearby @ 1.1367. Of note, the near-term bias and momentum continues to side with buyers and that is helping to
Amongst all the Brexit baloney GS cuts through with some TA. Elliot wave, which is not my cup of tea but for those using it: Like most of G10 FX, GBPUSD has been in a broad corrective process since August There really hasn’t been any evidence of anything impulsive up to now. The next level
The 200 hour MA at $1297 remains a key target level below The price of gold moved up to test the 38.2% of the move down from the Feb 20 high at the $1306.24 level. Near that level is the high from Friday at $1306.48 (the high today reached $1306.80). The inability to break the
Cable touches a low of 1.3246 as MV3 is eyed ForexLive Despite buyers staying in near-term control, the 1.3300 handle remains a key resistance level at this point as Brexit developments go silent today with the government talking with the DUP to convince them to vote for May’s deal in a potential third meaningful vote
The GBP runs away with the strongest. The JPY and USD are the weakest As the week comes to a close, it’s time to rank the strongest and weakest currencies. The run away strongest was the GBP. That currency benefitted from the squeeze into all the votes, the blocking of the no-deal and I guess
Nasdaq up over 1% on the day now The US stocks are looking good as the week moves toward the end (knock on wood). The Nasdaq is up by over 1% now at 7708.43 (above 7700 level). The S&P index is making a break away from the 2817 area ceiling that has put a lid
The 1.3286 has been a ceiling over the last 24 plus hours (and a swing level in the past) The GBPUSD is trading above the 1.3286 level which has been a ceiling since yesterday NY trading and has also been a swing area going back in time too. The move above should give sellers cause
200 hour MA support held. Break above the 100 hour MA but stalls at a dual resistance target at $1306.29-81 area Yesterday, the price of Gold fell but stalled the fall at the 200 hour MA, not once but twice. Today, the low for the day also stalled against that MA. Three times was the
USD only higher vs the CAD now The USD has moved lower in the NY session. It is now only up vs the CAD. The catalyst have been some weaker manufacturing data early on. More recently the JOLTs and Michigan consumer confidence were better but so far the dollar fall is not detered. It is
Its Friday…. Blame it on Friday. Blame it on the weaker data out of the US so far (shrug) The EURUSD cracked below a trend line on the hourly that should have swung bias a lower for the day. However, the 1.1300 level stalled the fall (low ticked to 1.12994) and the price started to
The 200 hour MA stalled fall yesterday and today The USDJPY is going against the USDs move against other currencies (CAD, AUD, NZD, EUR). The IP and Capacity utilzation just came out weaker which is contributing to some additional weakness. The fall has the pair looking to test the 200 hour MA again. Yesterday, that
The pair is also testing the 38.2% of the move down from last week’s high The USDCAD is testing the 100 hour MA at the 1.33516 and the 38.2% of the move down from last weeks high. That comes in a few pips higher at 1.33552. PS the price also moved above a trend
Some critical comments from ECB governing council member, Olli Rehn Unconventional tools have failed to have their desired effect Interdependence of growth and inflation seem to have weakened That has eroded ECB’s impact on prices via demand Says trust in central banks’ ability to influence inflation rate may have eroded ForexLive In other words, he’s
Buyers stalling near the low neutral extreme now. The chart remains the same and at sometime, there should be a break (one way or the other), but the price action remains in between what I have called the Neutral area through the latest Brexit votes. Traders who stuck a toe in the water at the
Yellow area is Neutral. Below are my neutral, more bullish and more bearish levels as the next series of votes are taken. Stay in the yellow area between 1.3213-86 is neutral. Move above the 1.3286 and then 1.3348 and 1.3379 are progressively more bullish. Move below 1.32137 and then 1.31696 and 1.31405 (100 and 200
Japanese bond yields fall to their lowest levels since late 2016 ForexLive The yields story is back in FX market as that is helping to contribute to the dollar demand seen so far to start the day. USD/JPY continues to inch higher as price now reaches 111.60 levels, moving past the key daily moving averages.
Federal Reserve Chairman Jerome Powell appeared on the US TV show ’60 Minutes’ on Sunday Adam had the coverage here at ForexLive But … if you are after the full transcript of his interview, its here. SCOTT PELLEY: Have you stopped raising rates? FED CHAIR JEROME POWELL: Well, that’s a good question. We see the
S&P ceiling at 2813.50 to 2817 is being tested The S&P is up testing/breaking(?) a ceiling at the 2813.50 to 2816.94 ceiling. There have been 5 swing highs in that range going back to October. A move above would be more bullish (stay above). We are currently trading at 2817.22 above the level. Key moment/level.
The pound rises on fresh demand in the European morning ForexLive And that has seen cable buyers attempt another test of the 200-hour MA (blue line), an area which was rejected in overnight trading following May’s loss in the meaningful vote. Move above that level and near-term bias turns more bullish instead. As it stands,
What a mess… The GBPUSD moved higher after the vote. Was it short covering? Was it hope for extending Article 50 and then figuring a new deal, or having a new referendum or new election, then a new deal? Who knows, but the EU came out and poured some cold water on a easy extension.
The 1.1300 level should solicit some pause The EURUSD has extended to new session highs, moving above the highs for the day and the swing area at the 1.12848-89. The break is the next step after holding the 100 hour MA earlier in the day (blue line) and moved above the 38.2% of the move