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AUD/USD soars, reaches pass 0.9760
FXstreet.com (Buenos Aires) – Aussie extended its advance to a fresh 2-week high above 0.9760, having been positive since early weekly opening, favored by positive Chinese data released past Saturday. Having been grinding higher for most of the European session, US disappointing data and the promise of a lively future for QE, gave the pair a reason to recover ground, after being steadily bearish for over the past 3 weeks.
While short term technical readings suggest now an upward continuation, the pair has not yet filled the weekly opening gap around 0.9570. Immediate resistance comes at 0.9777, May 23rd daily high, followed by 0.9820 price zone, 20 DMA. Supports are at 0.9710, May 17th daily low, followed by strong static 0.9660 level.
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Jun 3, 2013
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AUD/USD soars, reaches pass 0.9760
FXstreet.com (Buenos Aires) – Aussie extended its advance to a fresh 2-week high above 0.9760, having been positive since early weekly opening, favored by positive Chinese data released past Saturday. Having been grinding higher for most of the European session, US disappointing data and the promise of a lively future for QE, gave the pair a reason to recover ground, after being steadily bearish for over the past 3 weeks.
While short term technical readings suggest now an upward continuation, the pair has not yet filled the weekly opening gap around 0.9570. Immediate resistance comes at 0.9777, May 23rd daily high, followed by 0.9820 price zone, 20 DMA. Supports are at 0.9710, May 17th daily low, followed by strong static 0.9660 level.
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Jun 3, 2013
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EUR/CHF muted at 1.2400
FXstreet.com (London) - Surprisingly, the EUR/CHF has remained onto the 1.2400 handle since the release of EMU Producer Price Index (YoY) that arrived in at -0.2% in April, vs. expectations of +0.3%.
Analysts teams at ANZ said that the “…bias since late-2012 has been for an eventual break through 1.2650 (38.2% of the fall from 2007’s 1.6830 high) for a range flip towards the next retracement and so a target zone of 1.3260-1.3450. However, failure to breach 1.2650 and sliding back into the 1.2350-1.2450 area is unwinding upside potential. A sharp move above 1.2550 is needed to avoid a return to dull range trading”.
Support is seen at 1.2380 ahead of 1.2350 with the ECB on Thursday as the main event in focus for the pair this week. USD/CHF continues to be offered weighing on the cross. In the opinion of Commerzbank, the USD/CHF’s correction lower has extended lower towards the 200 day ma at 0.9358, the intraday charts have turned more negative and at this stage they are unable to rule out further weakness to the 0.9324 2013 uptrend, which they look to ideally hold.
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Jun 4, 2013
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Flash: UK Construction PMI offered upside surprise – Brown Brothers Harriam
FXstreet.com (London) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman explained that the UK construction PMI offered an upside surprise, following yesterday's better than expected manufacturing PMI.
“We are struck by the rebound that has been recorded since the 46.8 reading in February (to 50.8 in May). On top of that the BRC sales figures (1.8% in May vs. consensus of 1.3%) suggest that perhaps the CBI distributive trades survey was too pessimistic. Sterling is trading with a heavier bias, straddling the $1.53 level through the London morning”.
He went onto say that the 5-day moving average is crossing above the 20-day average for the first time since mid-May, a constructive technical development and provided the $.5240 area holds, sterling can retest the $1.5400 area.
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Jun 4, 2013
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NZD/USD dips further, around 0.7945/50
FXstreet.com (Barcelona) - The kiwi dollar is giving back its weekly gains so far, now hovering over the mid 079s after hitting highs above 0.8060 overnight.
According to I.Spivak, Currency Strategist at DailyFX, “Prices put in a Bullish Engulfing candlestick patter above major support at a rising trend line set from June 2009, hinting a move higher is ahead. Initial resistance is at 0.8112, the 23.6% Fibonacci retracement. A break above that targets the 38.2% level at 0.8219. Trend line support is now at 0.7893”.
The NZD/USD is now retreating 0.90% at 0.7946 facing the immediate support at 0.7937 (low May 31) ahead of 0.7922 (61.8% of 0.7456-0.8670) and finally 0.7915 (low Sep.5 2012). On the flip side, a surpass of 0.8061 (high Jun.5) would open the door to 0.8072 (MA10d) en route to 0.8111 (23.6% of 0.8676-0.7937).
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Jun 5, 2013
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USD/CHF hits 1-month low
FXstreet.com (Córdoba) - The US dollar fell to a fresh 1-month low versus the Swiss franc following mixed economic data for the US.
USD/CHF initially found support at the 0.9420 area but recently broke below that level and stretched to its lowest since May 9 at 0.9410. However, the pair has managed to bounce from lows and it is currently trading around 0.9435, still down 0.3% on the day.
In terms of technical levels, immediate supports could be faced at 0.9410 (daily low) and 0.9390 (100-day SMA), while resistances are now seen at 0.9490/95 (daily highs) and 0.9520 (100-hour SMA).
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Jun 5, 2013
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EUR/GBP falls back below 0.8500
FXstreet.com (San Francisco) - After bouncing at 0.8495, the EUR/GBP's recovery was capped at 0.8525 with the pair trading back to previous lows. Currently the pair is trading at 0.8500.
The EUR/GBP is 0.48% negative on the day right now. Short term perspective is strongly bearish according to the FXstreet.com trend index in the 15-minute chart. Indicators such as MACD, CCI and Momentum are pointing to the south while the Stochastic is bullish.
As for technical levels, immediate resistances are seen at 0.8525 (intraday level) and 0.8545 (daily high), while supports could be found at 0.8495 (daily low) and 0.8475 (May 14 low).
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Jun 5, 2013
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USD/CAD recovers the level of 1.0324/30
FXstreet.com (Barcelona) - The USD/CAD exchange rate recovered the mark of 1.0324/30 after the release of US data Thursday.
In the United States, Initial Jobless Claims (June 1) came in at 346K, against expectations of 345K. In addition, Continuing Jobless Claims (May 25) yielded a figure of 2.952M, relative to estimates calling for 2.975M.
After the recent recovery, the USD/CAD is still trading negatively at -0.15%. According to Gareth Berry, a Research Analyst at UBS, “Resistance for the USD/CAD pair is at 1.0388, a break above which would open the way to 1.0451 and then 1.0524 – support is at 1.0328 ahead of 1.0262, indicating a bullish intraday bias.”
“Based on the charts, the USD/CAD’s slide below short-term support just under 1.0300 at the start of the week has yielded naught, so far. Instead, the quick snap higher again through mid-week makes the downside move look like a false break and the bigger picture look still relatively constructive. We think 1.0295/1.03 is firm short-term support now. Short-term price signals suggest the intraday low may be in already. We look for gains to 1.0375/85.” recommends the TD Securities Team.
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Jun 6, 2013
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Commodities Brief: NFP’s see dollar strength and metals offered
FXstreet.com (London) - The commodities, specifically precious metals, are offered and reacting to the dollar
Brent Crude
The Brent has been bid since the decline of the dollar and indeed was stabilised ahead of what printed as a relatively benign NFP’s differential between expectations and actual readings. The commodity traded above $104.00 this morning GMT. With the release of the numbers, 175k against expectations of 170k, the price in Brent has maintained a support line of above $104 and is likely to be reactive and attractive to investors and speculators driving prices higher in the back drop of a weaker dollar. For the time being the dollar has remained within relatively tight ranges since the numbers.
Metals offered
The precious metals have shed some of its gains correlated to the price actin in the currency markets and the dollar. The dollar has grasped onto territory as the ef="">NFP’s offered a better print than which was expect by traders today. The numbers were slightly better, but good enough to see the dollar strengthen across the board, albeit only marginally in comparison to yesterdays slide. Gold is trading much lower though to the $1,387, near enough pairing the gains made yesterday after the dollar onslaught. Silver is trading 22.45 and below the support line for the year at lowest levels since 2010.
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Jun 7, 2013
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