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On Wednesday, the EUR/USD experienced notable changes during the trading session, especially following hawkish news from the Fed on future interest rates. The currency pair momentarily dropped down to the monthly S1 at 1.2339, while on Thursday's morning a decline continued and the Euro is already trading below 1.23 versus
The EURUSD's strong fall yesterday could indicate the reemergence of the downtrend but at the moment the most likely wave count is still a wave X (blue) as an expansion of the bigger wave 4 (green) correction.
Following the formation of multiple-tops at 2014 high levels, near 1.1300 region, the pair on Wednesday, initially dropped to hit fresh 2014 low. The pair, however, managed to recover from lows, confirming the possibility of a strong support near 1.0500-1.0480 zone. From current levels the pair might continue with the
Failure to sustain 1.4430 1.4440 resistance zone again pulled back the EURCAD towards 23.6% Fibonacci Retracement of its March November decline, coupled with the 100-day SMA and descending trend-line, near 1.4260 level. Should the pair plunges below the 1.4260 1.4250 support zone, it is more likely to
Even with the benefit of a full night's rest, traders are still struggling to digest the Fed's latest missive. Indeed, the only clear takeaway is that the central bank's action will, as ever, be entirely dependent on incoming economic data. For equity traders, that was clearly enough, as US equities
As we wind down another thrilling year, there are no shortage of clear trends in the forex market, but one of our favorites is in GBPAUD. Though economic data has out of the UK has been mixed lately, the Australian dollar has been persistently battered by disappointing news out of
The 1.5540-42 lows remained intact and price rallied into the middle of the 1.5640-60 and 1.5698-05 area. Thus, while allowing for 1.5698-05 the major risk does look bearish but we shall have to ensure that the decline is sustained below 1.5600 and back to the 1.5540 low. I note that
The last few days has seen the Australia 200 Index rally well off support around 5150 back up to a one week high just shy of 5300. Over the last week or so the Australia 200 Index has fallen steadily lower down towards support around 5150 and two month lows
In the last 24 hours the Australian dollar has rallied strongly back up only to run into strong resistance at the 0.82 level, which is presently offering strong supply. The day before saw it fall even further down to another new multi-year low near 0.8100. The Australian dollar has a experienced a
SNB's negative official bank rates are the first such move by major central bank. SNB's Euro-peg has been supporting Euro by bidding it. With the bids, gone Euro plummeted. This move also highlights the near certainty of ECB's QE (and sovereign asset purchases) starting soon.
There was always an upside chance for Sterling bulls to receive a boost from Thursday's UK retail sales, and a boost they received. After commencing the European session agonizingly close to its current yearly low of 1.5548, the Cable has since charged around 80 pips higher following monthly UK Retail
EUR/USD is steady on Thursday, following the euro's sharp losses following the Federal Reserve statement on Wednesday. In the European session, the pair is trading slightly above the 1.23 line. On the release front, German Ifo Business Climate rose to 105.5 points. Later in the day, the US will release
Gold is showing little movement on Thursday, as the pair continues to trade close to the $1200 line. In the European session, the spot price stands at $1205.12. Later in the day, the US will release Unemployment Claims and the Philly Fed Manufacturing Index. If either of these key indicators
In a surprise move, on Thursday the SNB announced that it was cutting interest rates into negative territory. The SNB's 3-month libor target rate (basically, the interest rate) was cut to -0.25% from 0%, effective from 22nd Jan. This is a radical move, and no other major central banks have
US initial claims fell by 6,000 to 289,000 in the week ending December 13, 2014, thereby marking the third consecutive weekly decline, which has cumulatively retraced the unexpected 22,000 increase seen in mid-November. The latest reading was below market expectations for claims to remain roughly unchanged at 295,000.
AUD/USD has posted moderate gains on Thursday, recovering much of the losses sustained a day earlier. The pair is trading in the high-0.81 range early in the North American session. In the US, Unemployment Claims dropped to 289 thousand, beating expectations. The Philly Fed Manufacturing Index fell to 24.5 points
It's become a bit of a tradition for investment banks and trading houses to give their "outrageous" predictions for the year ahead. Around about this time of year you see plenty of predictions that no one really expect to come true. This year I have seen everything from chocolate becoming
The Forex market was quite peaceful yesterday after the FOMC statement confirmed Fed will raise interest rate in 2015. Sterling and commodity currencies rebounded against Dollar, while Euro and Yen remained weak. Swiss Central Bank surprisingly cut the interest rate to -0.25% to make Swiss Franc less attractive in the
The Canadian dollar has shown some movement on Thursday but is largely unchanged on the day, as USD/CAD trades in the low-1.16 range. In the US, Unemployment Claims dropped to 289 thousand, beating expectations. The Philly Fed Manufacturing Index fell to 24.5 points in December, short of the estimate. There
GBP/USD has posted strong gains on Thursday, partially recovering from huge losses a day earlier. In the North American session, the pair is trading in the mid-1.56 range. On the release front, British Retail Sales was unexpectedly strong in November, climbing 1.6%. Over in the US, key releases were mixed.
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