EUR bounced yesterday from support at 1.3050 and reached the resistance area around 1.3175-85 where the upside move stopped. Currently we are in a flag formation and upside is going to continue to 1.3265 but a retracement to 1.3120 is possible. So my advice is to go long with a tight stop and if SL is hit to reenter at lower support level. It is quite possible the market to cosume the good news from mr.Draghi in advance and at the end of the week to have a big drop. And if not this then next…Continue
The day has started with big Chinese event with its manufacturing sector (PMI) showing weaker growth. This does not bode well for the global economy, as European economic data continues to show signs of weakness, jobs condition is alarming, domestic sector is struggling and exports are suffering and this why inflation is low that provides space to ECB for a rate cut.
More importantly today's FED decision on its interest rate policy is the biggest event of the day. As I said in my…
Added by asad rizvi on May 1, 2013 at 3:56am — No Comments
Yesterday EUR/USD close with a Daily white body has formed. For the past 10 Daily candlestick bars there are 5 white candles and 5 black candles.
For the past 50 Daily candlestick bars there are 25 white candles and 25 black candles.
Three Daily white candles has formed during the last three Daily bars. Although these candles were not big enough to create three Daily white soldiers, the steady upward pattern is bullish.
Added by Martin Kay on May 1, 2013 at 3:45am — No Comments
Added by Lior Cohen on April 30, 2013 at 5:35pm — No Comments
ING Bank - "The April preliminary Conference Board measure of consumer confidence has come in well ahead of expectations at 68.1, up from an upwardly revised 61.9 (consensus 61.0). This leaves the index at its highest level since last November. The index has been rather choppy since the start of the year, which likely reflects uncertainty and worry over the degree of spending sequestration and tax rises. Nonetheless, fears over the impact on household finances seem to be easing with consumer…Continue
Added by Francesc Riverola on April 30, 2013 at 2:21pm — No Comments
Societé Generale - "Ive spent the morning pondering the ECB and I've run out of coffee so here is as far as I've got! At the last count, 12 of 39 economists surveyed by Bloomberg expect a 25bp cut. Far more expect 'something'. At least one person on twitter has suggested a 50bp move. Market rates have fallen sharply, peripheral spreads have tightened, credit spreads ditto. The market is bulled-up and hoping for something, then! the risk of disappointment is severe, but (always an 'on the…Continue
Added by Francesc Riverola on April 30, 2013 at 1:16pm — No Comments
Currently we are at 1.0106 and testing a break of the bottom. A break here would target the S4 and Support @ 1.0050 area. We are could get a bounce and retracement to the S3 @ 1.0152 then a continuation down. We are bearish. The current average daily trading range (ATR) is 53 pips.…Continue
Added by Scott Barkley on April 30, 2013 at 1:05pm — No Comments
Wells Fargo - "The United Kingdom experienced a sharp depreciation of its currency during the GFC. Between its high in July 2007 and its low in March 2009, Britain’s real effective exchange rate fell more than 25 percent (Figure 7).4 Not only did sterling weaken significantly against the U.S. dollar during the GFC as investors moved into the safe-haven of the greenback, but the British pound also depreciated vis-à-vis the euro.5 This real exchange depreciation undoubtedly played a role in…Continue
Added by Francesc Riverola on April 30, 2013 at 12:06pm — No Comments
I am writing to you all in connection with very interesting level we on now for the past few weeks on eurusd.
The market has been very rangebound with no clear direction of where it is going, In general if a market is in such rangebound condition for so long, it is normally before a large break-out,
A break-out like this can be a few thousand pips, even 2000 pips in the direction of the break out, If the market go upwards we can see brand new levels in the…Continue
HSBC - "The fixation on RORO since the financial crisis took hold has, at times, been frustrating given the tendency of the market to flip from risk on to risk off on the latest headline. Nonetheless, it provided a framework for how markets and in particular FX should behave. We knew which currencies to buy when the market was risk on, and which ones to sell. The skill in forecasting or investing was to decide which side of the risk spectrum would dominate, and position…Continue
Royal Bank of Scotland - "The most recent activity indicators in the UK have improved against down-trodden expectations. It avoided the triple dip recession feared last week. With activity indicators deteriorating faster recently in the US, Europe and China, the UK is looking relatively better. There is no BoE meeting this week. And if their was, they would still probably leave policy unchanged.
After GBP's slide in Q1, it has been consolidating recently, retracing over one-third of this…
Added by Francesc Riverola on April 30, 2013 at 10:02am — No Comments
Added by Carol Harmer on April 30, 2013 at 9:45am — No Comments
UBS - "USDCAD NEUTRAL The pair is held by the strong support area at 1.0084/71. A break here would be a bearish development. Resistance is at 1.0175 ahead of 1.0214.
EURCHF BULLISH There is scope for more upside as bullish trend persists. Resistance is at 1.2312 ahead of 1.2349. Support is at 1.2240 and 1.2214.
EURGBP BEARISH The cross is testing important support at 0.8410. A closing break below would be a strong bearish development; triggering deeper sell-off to 0.8285.…
Added by Francesc Riverola on April 30, 2013 at 9:30am — No Comments
D25: reflects the market demand tend to buy very large, although there are some buyers that release rates up to 40 points
Added by Carol Harmer on April 30, 2013 at 8:44am — No Comments
I was thinking into issuing a blog post to encourage members to blog here as we are experiencing a drop in the number of members blogging and making comments while overall traffic to the site is more or less in the same levels that were before February spike and afterwards spam attack.
I will do that post later on the day, but back to the story.... I was thinking in how to do that blog post while I saw a comment from our dear member Daologic.
USD weakened against major currencies ahead of busy week. USD pairs seem to be at critical levels, break out of current resistance/support levels will indicate pressure on USD on the contrary reversal from current zones will indicate USD strength. For Intraday traders , caution and
patience is recommended. Look for strong signals before taking any position.…
Added by Sardar Uddin on April 30, 2013 at 6:34am — No Comments
The EURUSD halted its short term weakness from the 13201 levels at 1.2954 the past week, the break of 1.3083 levels suggests further upside gains in the upcoming days, It will have to follow through higher in the risk of return to the 1.3201 levels ,a halt may be seen around or below this level, but If 1.3201 breaks , expect the pair to strengthen further towards the 1.3280/1.3318 levels where a breach will turn focus on the 1.3370/1.3433 levels.
On the downside ,to continue its…Continue
EUR progressed to the upside yesterday but the move stopped ahead of 1.3120 and the price returned below 1.3100 then entered in a stand-by mode. Currently the pair is vulnerable to a sudden drop to 1.3060 and to 1.3030-40 later today and this will be the expected false Ichimoku breakout about i have talked yesterday. Use any drop to 1.3030 to enter LONG at a better price, because in some 48-56 h from the time of writing i expect the upside to be renewed with target above 1.3200. Please note…Continue