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The Euro left long bearish candle yesterday, after bears from fresh 1.1712 high, accelerated and probed below psychological 1.13 support. The pair also broke and closed few ticks below 200SMA, currently at 1.1322 that gives another negative signal.
EUR/USD Current rebound after the precise test of 1.1295 support is corrective in nature, preceding another leg downwards, to 1.1220. Initial resistance lies at the dynamic projection around 1.1430.
USDJPY reached 120.50 after a big spike down preceded by PBOC decision to reduce its interest rate and ease bank reserve requirements. Technically a huge drop which we see on USDJPY chart is actually a BEARISH PENNANT and short to mid term the pair could bounce from 120.50.
The price of oil has risen for the third consecutive day. Since hitting a low of $42.20 on Monday, Brent has risen by $2.80 to a high so for of $45.00. In percentage terms, it has gained a good 6.5%.
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EURUSD EUR declined sharply on Wednesday and was seen weakening further during Thursday trading today. This development leaves the pair targeting its key support located at the 1.1128 level. Immediate support lies at the 1.1200 level where a violation will aim at the 1.1150 level.
The EURUSD continued its bearish momentum yesterday bottomed at 1.1201. As you can see on my H1 chart below, price broke below the EMA 200 suggests a bearish outlook, which consistent with a false breakout bearish scenario after the failure to make a clear break above the daily EMA 200.
GBPJPY GBPJPY has halted its weakness to close higher on Thursday, leaving eyes on further upside. On the downside, support comes in at the 186.00 level where a violation will aim at the 185.00 level. A break below here will target the 184.00 level followed by the 183.00 level.
We saw the correction back to the 1.5505-25 area where it capped and saw losses as expected…but much deeper than I had anticipated… reaching 1.5369. This means we have to correct the decline from 1.5719 to yesterday's 1.5369 low.
Euro (1.1263) and Pound (1.5428) have slightly recovered after falling sharply against the Dollar. We may expect a movement in the 1.14-1.10 and 1.53-1.57 respectively in the near term.
USD holding onto bulk of recent gains despite commentary from NY Fed's Dudley that a Sept rate hike was looking less likely. Euro hampered by recent comments from ECB member Praet after he said that disinflation risks were increasing.
European shares advanced on Thursday, tracking gains in the U.S. and Asia after Fed official lowered the chances of seeing an interest rate hike in September. 'The decision to begin the normalization process at the September FOMC meeting seems less compelling to me than it was a few weeks ago
Market participants are upbeat today, Asian equity markets closed in positive territory after record losses with Shanghai up 5.34%, Shenzhen 3.33% and Hong Kong 3.60%. European equities follow the lead and are up 2.5% in average while US futures point to a higher open in New York.
Overall we expect the ECB to sound dovish and slightly worried at its upcoming meeting on 3 September. The lower oil price together with the stronger effective EUR are challenging the ECB's outlook for a sustained adjustment in the inflation path and, looking at the 5Y5Y inflation-linked swap rate
After a very volatile and worrying start to the week for the markets, they finally appear to be finding their feet thanks in large part to the stimulus efforts from the People's Bank of China and dovish comments from the Federal Reserve's William Dudley.
President of New York Federal Reserve, William Dudley, came to the rescue yesterday as his hawkish tone renewed some bullish sentiment within the Dollar. In the trading weeks of August, the major currency has been exposed to extended periods of weakness due to concerns.
The second estimate of second-quarter 2015 US GDP growth was revised upward to a 3.7% annualized increase from the 2.3% gain reported in the advance estimate. Market expectations had been for a smaller upward revision to 3.2% in the quarter.
I remember that we were panicking about something to start the week? Something about a Black Monday? Oh well never mind, looks like we're all good now with US equity markets bouncing back to actually head into Friday UP on the week! Yes that's right, overnight the S&P 500 Index
The stock market volatility has been a dominant theme this week. After that vicious sell-off on Monday, the markets have bounced back strongly thanks in part to the PBOC's decision to further loosen monetary policy.
The white-knuckle roller coaster ride that is this week's markets continues today. Equities rallied across the board, with European indices rising 3+% and US bourses tracking about 1% higher as of writing.
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