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Following a sluggish start, the FTSE has turned higher along with the other European markets. Sentiment has been boosted, above all, by the surprisingly good economic data from China and Europe and as corporate earnings from the US continues to surprise to the upside with Facebook posting strong quarterly numbers
Continuing with its strong momentum the index recovered from day's low on Wednesday and on Thursday the index future is quoting above 2014 closing high of 17114. On daily chart, however, the index seems to form a bearish chart pattern, Rising Wedge, with the upper trend-line resistance near 17200 levels.
The market has been enamored with this week's price action in EURUSD, which unexpectedly peeked down to a new 2014 low under the key 1.3475-1.3500 support zone on Tuesday. However, as we roll into today's North American session, the pair is fighting its way back toward 1.3500 on the back
Just like the past few days, gold is once again weighed down by the deadly combination of stronger dollar and US equities. The greenback's strength is bizarre given the big disappointment we had in terms of housing market data as new home sales plunged in June from an already low
In the days before ubiquitous computers, floor traders needed a simple way to calculate intraday levels of SUPPORT AND RESISTANCE. Enter pivot points. Pivot points use the high, low, and closing price of the previous day to project support and resistance levels for the current day. For instance, the central
CHF/JPY continues to rise after the recent reversal from the lower support trendline of the 4-hour Down Channel. CHF/JPY is expected to rise to the target level 113.99 in the next 5 days. Autochartist set the stop-level for this forecast at 112.20 (point A). This point formed when the pair
The Australia 200 Index will be looking to see if it can maintain the break above 5550 after reaching a six year high in the last 48 hours. In recent weeks it has discovered a new key level to deal with after running into a short term resistance level at
The Australian dollar is trading in a small range just below the key 0.9425 level after reaching a three week high just shy of 0.9480 in the last 24 hours. During the last couple of days, it has enjoyed a solid period which saw it surge higher through the resistance
Euro (1.3466) has already tested the selling pressure at the higher levels and looks ready for a journey to 1.33 or 1.31 in the next few days. Any attempt to bounce will face supply from 1.3475-1.3500 and 1.3550-60.
THE EURO closed higher on Thursday as it consolidates some of the decline off this month's high. The highrange close sets the stage for a steady opening when Friday's night session begins TRADING. Stochastics and the RSI remain neutral to bearish signalling that sideways to higher prices are possible nearterm.
Gold has dipped under the key level of $1300, as the spot price stands at $1298.67 per ounce late the European session. The metal has now slipped about 2% in little over a week. In the US, Unemployment Claims looked excellent, dropping to its lowest level in over eight years.
USD/JPY has posted modest gains, as the pair continues to move in an upward direction this week. Late in the European session, the pair is trading at the 101.70 line. On the release front, Japanese Trade Balance softened in June but managed to meet expectations. Later in the day, we'll
AUD/USD has posted slight losses on Thursday, as the pair trades in the low-0.94 range early in the North American session. Looking at today's releases, US Unemployment Claims sparkled, dropping to their lowest level in over eight years. However, New Home Sales dropped sharply in June, well shy of the
US initial claims fell by 19,000 to 284,000 in the week ending July 19, 2014 following a revised 303,000 reading (was 302,000) in the previous week. The latest reading was well below market expectations for claims to rise to 307,000 in the week. The four-week moving average of initial claims, which
Sales of new single-family homes in the US declined by 8.1% in June 2014 to an annualized pace of 406,000 units. This was well below market expectations for a 475,000 reading as new home sales in May were revised downward sharply to 442,000 (initially reported as an 18.6% jump to
The Canadian dollar has been listless this week, and the trend continued on Thursday, as the pair trades in the mid-1.07 range in the North American session. On the release front, Looking at today's releases, US Unemployment Claims sparkled, dropping to their lowest level in over eight years. However, New
Consumer prices in Japan rose 3.6% in June from a year earlier, beating an expected 3.5% increase but slower than the prior month's 3.7% jump. Surging food and utility prices distorted the headline figure, thus it's useful to look at inflation when these prices are taken out. Excluding food prices,
GBP/USD continues to lose ground on Thursday. The pair has dropped under the 1.70 line for the first time since late June. On the release front, British Retail Sales improved in June, posting a weak gain of 0.1%. Looking at today's releases, US Unemployment Claims sparkled, dropping to their lowest
Inflation in Japan slowed during June, after it gained in the last period, which is pressuring the Bank of Japan to add more stimulus in an attempt to realize the targeted inflation of 2%. Japan's National consumer price index came in at 3.6% in June compared with a previous 3.7%,
The Japanese yen dropped against dollar and other major currencies in early trades, after data released showing inflation slowed as expected by the Bank of Japan. Governor Haruhiko Kuroda said earlier that inflation will ease in the coming period, before it accelerate again towards the central bank`s target of 2%
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