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After retesting 50-day SMA immediate resistance in the previous week, the pair resumed to drift lower and is now hovering around 1.4300 round figure mark. Repeated failure to decisively conquer 50-day SMA seems to suggest continuation of the descending trend in the near-term. Hence, should the pair drop-back below 1.4300
Last week, we featured a developing USDCAD Double Top pattern at 1.0985, suggesting that the pair may fall further after breaking the pattern's point of reference at 1.0900 (see below for more). Though the pair did briefly tick down to 1.0860, the bears could not overcome the broad-based US dollar
With the widely-followed EURUSD hitting a new 11-month low under 1.3250 yesterday, it's not surprising that sentiment is particularly dour toward the single currency. Taken from a broader perspective, however, the euro has actually been outperforming some of its major rivals, including in the EURGBP and the subject of today's
CADJPY has hit a key resistance zone ahead of some important economic data out of Canada. A break here could renew the bulls' faith in the pair, while a failure to push through may result in some short-term weakness. On the whole, we think fundamental strength in the pair may
GOLD With continued downside pressure seen, GOLD extended its weakness during Thursday trading session. Support lies at the 1,257.68 level where a break will aim at the 1,230.00 level. A break will target the 1,200.00 level with a violation turning attention to the 1,180.00 level. Below here will expose
GBP/NZD is expected to fall to the target level 1.9654 in the next 2 days. Autochartist set the stop-level for this forecast at 1.9864 (point B). This forecast continues the earlier sharp downward impulse from the resistance zone between the round resistance level 2.0000, the upper daily Bollinger Band and
The Australian 200 Index has finally been able to surge higher to a new six year high around 5650 a couple of days ago before easing off in the last 24 hours and consolidating just below this level. It has enjoyed a solid move higher over the last week bouncing
After threatening to break through the support level at 0.93 for the last couple of days, the Australian dollar finally slid lower to below this level and moved towards the previous key level at 0.9220. In the last 12 hours or so however, it has rallied well to return to
Dollar-Yen (103.81) is consolidating near the minor resistance at 104.10-20 as expected with the uptrend fully intact. Interestingly, Euro-Yen (137.87) is hitting the upper end of the 3-week range of 135.75-138. A successful break above 138 would signal a rally towards 139.00-25, even 140.
The EURUSD didn't make significant movement yesterday but overall still able to maintain its bearish bias. The bias remains bearish in nearest term testing 1.3200 – 1.3170. Immediate resistance remains around 1.3295. A clear break above that area could lead price to neutral zone in nearest term testing 1.3330 but
Gold prices are lower on Wednesday, as the metal has slipped to two-month lows. The spot price stands at $1281.34 per ounce in the European session. On the release front, it's a busy day in the US, led by two key events Unemployment Claims and the Philly Fed Manufacturing
The US dollar continues to gain ground against the Japanese yen, as USD/JPY flirts with the 104 range early in the North American session. On the release front, Japanese Manufacturing PMI improved to 52.4 points, beating the estimate. US Unemployment Claims beat the estimate, coming in at 298 thousand. Later
AUD/USD is stable on Thursday, as the pair trades slightly below the 0.93 line in the North American session. In economic news, Australian CB Leading Index gained 0.4% in July, a six-month high. In the US, Unemployment Claims beat the estimate, coming in at 298 thousand. Later in the day,
US initial claims fell by 14,000 to 298,000 in the week ending August 16, 2014 following a revised 312,000 reading (was 311,000) in the previous week. The latest reading was slightly lower than market expectations for claims to fall to 303,000 in the week. The four-week moving average of initial claims,
Existing home sales in the US unexpectedly rose by 2.4% in July to 5.15 million annualized units from the revised 5.03 million units in June (initially reported as 5.04 million). The improvement in the level of sales in July built on three consecutive months of gains and was well above
I have the theme to the Lego Movie running through my head this morning, Everything is awesome, or that seems to be the way that traders in stock markets want to play it given the S&P 500 made a fresh all-time high in overnight trade – its 28th for the
The Canadian dollar took advantage of solid US numbers on Thursday, as the pair trades in the mid-1.09 range in the North American session. On the release front, US data was solid. Unemployment Claims dropped below the 300 thousand level, beating the estimate. The Philly Fed Manufacturing Index posted a
The pound has been unable to find its footing, as the currency continues to lose ground on Thursday. GBP/USD is trading just below the 1.66 line and finds itself at lows not seen since early April. On the release front, British Retail Sales remained unchanged at 0.1%, short of expectations.
August surveys showed that business growth in Europe and China slowed, adding more concerns about the future of global recovery. The global economy may need further stimulus measures to be introduced in order to lift demand levels and push business activity forward.
Asian shares picked up in the last trading session this week, after reports from the U.S. showed improvements in manufacturing activity and the housing sector. The MSCI Asia Pacific Index climbed 0.2% to record 148.74 as of 9:30 AM in Hong Kong.
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