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After testing a 15-month low during early Sept., the pair has rebounded sharply to move closer to 100-day SMA resistance area near 1.4440 region also marking monthly high tested in Aug. 2014. Decisive strength above this resistance area seems to further boost the pair towards 1.4580 resistance area, representing 38.2%
The Swiss National Bank today decided to maintain the ceiling on the franc at 1.20 per euro and its interest-rate target range at 0 to 0.25 per cent. This was in line with the expectations. However, hopes that the SNB would impose negative deposit rates (like the ECB) were not
Just yesterday, we asked whether a 'Fed-Fueled Fire' could drive USDJPY to a new 6-year high above 107.40 (see below for more). As it turns out, the Fed dumped a proverbial gallon of lighter fluid on the fire, and the ensuing bullish inferno has propelled USDJPY more than 150 pips
US stocks are up for a fourth day, extending their run after the Federal Reserve last night decided to keep the 'considerable time' pledge until the first rate hike in the FOMC statement. This boosted stocks, sending the Dow and today the S&P to fresh record highs. Today's mostly weaker
Turning our attention to the 4hr chart reveals a clear technical pattern. After the recent rally stalled out at 1.1100 on this week's open, rates have dropped back to previous support near 1.0930. The price action over the last two weeks has created a clear Head-and-Shoulders pattern with the neckline
EURUSD With EUR turning higher following a halt in its weakness on Thursday, we think a follow through should occur. Support lies at the 1.2800 level where a break will expose the 1.2750 level. Below here will pave the way for a move lower towards the 1.2700 level. If
EURJPY With the cross reversing its one-day correction, further upside is now expected. On the upside, resistance resides at the 140.50 level where a break if seen will threaten further upside towards the 141.00. Further out, resistance resides at the 141.50 level where a break will aim at the
For the last couple of weeks the Australia 200 Index has declined strongly from its multi-year high after running into resistance around 5650 back to enter its previously established trading range between 5400 and 5500. However in the last couple of days the 5400 level has been called upon to
In the last couple of days the Australian dollar has found some much needed support at 0.8950 and rallied back up to just shy of the key 0.90 level. The Australian dollar has seen its sharpest fall in over 12 months as it fell down to a six month low
The Dollar pullback discussed yesterday is really taking place as Dollar Index (84.26) came down from 84.75 and the Majors are bouncing back sharply, especially Sterling. This Dollar weakness can keep the Rupee strong for the day if the EM currencies manage to stand on their legs for the day.
The Japanese yen has fallen sharply, as USD/JPY has given up close to 200 points in the past two days. The pair is close to the 109 line, as the yen trades at its lowest levels in six years. On the release front, US inflation numbers remain weak, as Core
Privately owned housing starts in the US plunged by 14.4% to 956,000 annualized units in August 2014, although the decline only partially retraced an outsized 22.9% acceleration in July at 1,117,000 units (initially reported as 1,093,000) that saw starts reach their highest level since November 2007. The slowing in new
The Australian dollar has steadied on Thursday, after sustaining sharp losses a day earlier against the surging US dollar. AUD/USD is trading in the high-0.89 range in the North American session. In the US, Unemployment Claims improved to 280 thousand, but Building Permits softened last month. The Philly Fed Manufacturing
The Canadian dollar has posted gains on Thursday and dropped back below the 1.10 level, as USD/CAD trades in the mid-1.09 range in the North American session. On the release front, US Unemployment Claims dropped to 280 thousand, but Building Permits softened last month. The Philly Fed Manufacturing Index fell
The Pound Sterling is ripping higher today after traders decided overnight that they think that the Scottish referendum will vote no to separation from the rest of the UK. The buying has been so strong that GBP has moved up and through a two month down trend line but so
The pound has climbed to a 2 week high and with only a few hours of voting for the Scottish referendum left the market seems happy to price in a victory for the No camp. We should find out in the early hours whether or not the market is right
The polling stations in Scotland closed at 2200BST and there appears to have been a massive turnout. Reports coming from the North suggest that 90% of voters turned up, with 97% of the Scottish electorate registered to vote. This could be good for either side. The No camp is banking
Household assets in Japan picked up in the first six months of this year, adding a positive sign for Premier Shinzo Abe's government, after a series shocks seen recently. According to the Bank of Japan's quarterly report, household assets recorded 1,645 trillion yen ($15 trillion) by the end of June
The pound has posted sharp gains on Thursday, as GBP/USD trades in the mid-1.63 range in the North American session. The currency received a boost on hopes that Scottish voters in today's referendum will decide to keep Scotland in the United Kingdom. Overshadowed by the focus on the Scottish referendum,
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