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US crude oil has been unable to build on its gains from yesterday and at around $45 a barrel it remains near the lower end of its recent consolidative range, therefore in danger of breaking further lower. WTI has come under renewed selling pressure on concerns that the supply glut
Despite the lack of market moving economic releases being revealed this morning, it is still a buzzy morning in North American trade. The reason why spirits are high is due to the Federal Reserve making their monetary policy decision later this afternoon followed closely by the Reserve Bank of New
It has been a horrible start to the year for NZDJPY, even worse than NZDUSD's 500+ pip sell-off over the same period. NZDJPY has lost over 700 pips (approximately 7.8%) since the beginning of the year. The only other currencies in the G10 basket (the 10 currencies that are generally
USDCHF The pair continues to hold on to its upside pressure but now faces price hesitation. On the downside, support lies at the 0.8950 level with a break targeting the 1.8900 level and then the 0.8850 level. Further down, support comes in at the 0.9000 level. On the upside,
The last week has seen the Australian dollar fall very sharply and break lower from the trading range that had been established roughly between 0.8050 and 0.8200. This has resulted in a new multi-year low near 0.7850 in the last couple of days, which is currently being threaten again as
In the last week or so the Australian 200 index has done well and surged higher to move back above the key 5400 level to a two month high just above the resistance level at 5500. In the last day or so the resistance at 5500 has stood tall and
Early in the day I see the 0.7863-83 area as supportive for a correction back to the 0.7940 area. Allow for 0.7970-75. Watch for bearish reversal indications to suggest losses that will break below the 0.7860 area to reach 0.7829 at least. Take care there in case price extends to
Euro (1.1283) is retesting the supports and lows at 1.220 and 1.11. The trend remains to the downside and the short term resistance is at 1.1400. Pound-Dollar's (1.5145) has held its 100MA on hourly charts at 1.5130. We may see a push up to 1.5350 if it holds. The trend would turn negative if it drops below 1.5070.
The EURUSD failed to continue its bullish correction yesterday fell below 1.1300. As you can see on my hourly chart below the hourly EMA 200 and 50% – 61.8% Fibonacci retracement area (1.1650 – 1.1096)provided a good resistance, keeping the major bearish scenario remains alive and kicking. The bias is
THE EURO closed lower on Wednesday. The lowrange close sets the stage for a steady to lower opening when Thursday's night session begins trading. Stochastics and the RSI are neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends this summer's decline, monthly support crossing
Gold is steady on Wednesday, following gains a day earlier. In the European session, the metal is trading at a spot price of $1292.10. In the US, the markets are keeping a close eye on the FOMC Statement, which will be released later in the day. The only other event
The Monetary Authority of Singapore (MAS) bit the bullet and joined a wave of other major global central banks by loosening monetary policy today. The MAS, who use the Singapore dollar as its main currency tool, has reduced the pace of appreciation for the SGD for the rest of this
AUD/USD continues to have a quiet week, as the pair trades in the mid-0.79 range on Wednesday. On the release front, Australian CPI slipped to 0.2%, but Trimmed Mean CPI improved to 0.7%. In the US, the Federal Reserve will issue its monthly policy statement. The other event on the
The Canadian dollar is steady on Wednesday, as USD/CAD trades in the mid-1.24 range. In the US, the Federal Reserve will issue its monthly policy statement. Crude Oil Inventories slipped to 8.9 million, but easily beat expectations. There are no Canadian releases until Friday.
The pound has shown limited movement on Wednesday, as GBP/USD is trading in the mid-1.51 range. On the release front, BOE Governor Mark Carney will deliver remarks at an event in Dublin. In the US, all eyes are on the Federal Reserve, the Federal Reserve will issue its monthly policy
Today, the Federal Open Market Committee (FOMC) made no change to the fed funds target range of 0.00% to 0.25% and removed the reference to the fed funds rate being held in the current range "for a considerable time following the end of its asset purchase program" as expected by
The FOMC statement had small tweaks to the language but the most important sentence- that the FOMC can be patient in beginning to normalize the stance of monetary policy was repeated. This in effect means that rate hikes are off the table at the March and April meeting. The
The market did not get significant news from the January FOMC meeting. The committee said in its statement 'it can be patient in the beginning to normalize the stance of the monetary policy'. U.S. seems to be the only advanced economy that has potential for interest rate hike within 2015.
Many of the expectations heading in to the Reserve Bank of New Zealand's Monetary Policy Statement and Interest Rate Decision was that they would step away from their hawkish stance and lean a little more toward the doves. The genesis of that line of thought is largely due to the
Earlier today, we noted that any traders expecting a meaningful change in monetary policy from the Fed was probably barking up the wrong tree. This morning's note forecast that, 'the Fed's statement should reiterate that the central bank can 'be patient in beginning to normalize the stance of monetary policy'
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