OctaFX_Farid Posted December 3, 2013 Author Share Posted December 3, 2013 Session Recap: USD retreats across the board FXstreet.com (Córdoba) - The dollar trades lower versus most competitors Tuesday while the pound is outperforming underpinned by a solid UK construction PMI reading. The EUR/USD managed to advance but stalled at the 1.3575 zone, while the USD/JPY pulled back after hitting a fresh 6-month high of 103.37 amid profit taking. The GBP/USD was boosted to a high of 1.6436, a few pips shy of its last week's peak after the UK construction PMI reached a 6-year high. The AUD/USD managed to erase early losses after dipping to the 0.9055 area in the wake of the RBA decision to leave policy unchanged. The AUD/USD was last up 0.2% at the 0.9125 zone while the USD/CAD was little changed at 1.0638, having printed a high of 3-year high of 1.0663. During the New York session, watch for ISM New York index, Redbook, IBD/TIPP Economic Optimism index and total vehicle sales. Main Headlines in Europe: UK: PMI Construction grows to 62.6 in November EMU: Annual PPI drops 1.4% in October Flash: What’s the sentiment surrounding the EUR/USD today? – Commerzbank and OCBC Bank EU's Rehn: Recovery still fragile in some parts of Europe OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 03,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 3, 2013 Author Share Posted December 3, 2013 GBP/USD rejected near 1.6440 FXstreet.com (Edinburgh) - The sterling is rapidly picking up pace against the greenback on Tuesday, pushing the GBP/USD to the vicinity of 2013 peaks near 1.6440, although losing some vigour afterwards. GBP/USD buoyed by data Better results from Monday’s manufacturing PMI and today’s construction PMI have been supporting the GBP bullish momentum, ahead of the BoE MPC meeting and the Autumn Statement Forecast due later in the week. In the wake of the string construction PMI, analysts at BBH observed that “It is encouraging the market to increase the odds of a rate hike by early 2015 as reflected in the short-sterling futures contracts. It leaves tomorrow's services PMI to round out the trifecta that will point to an acceleration of the UK economy into the end of the year. GBP/USD levels to watch At the moment the pair is up 0.38% at 1.6417 facing the next hurdle at 1.6443 (2013 high Dec.2) followed by 1.6455 (high Aug.29 2011) and finally 1.6500 (psychological level). On the flip side, a break below 1.6315 (low Nov.29) would aim for 1.6277 (low Nov.28) and then 1.6260 (high Oct.1). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 03,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 3, 2013 Author Share Posted December 3, 2013 USD/CAD consolidates near 3-year high FXstreet.com (Córdoba) - The USD/CAD retreated a tad and turned flat for the day after hitting its highest level since August 2010 during the European session. The USD/CAD peaked at 1.0663 but lost momentum and retreated slightly to enter a consolidation phase contained by 1.0630 on the downside over the last hours. At time of writing, the USD/CAD is trading at the 1.0655 zone, still up 0.1% on the day and with only second-tier data scheduled for the NY session. USD/CAD technical levels In terms of technical levels, the USD/CAD could find immediate resistances at 1.0663 (daily high) and 1.0669 (Aug 31 2010 high) followed by 1.0678 (Jul 5 & 6 2010 highs) and 1.0700 (psychological level). On the flip side, supports are seen at 1.0630 (daily low) and 1.0600 (psychological level). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 03,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 4, 2013 Author Share Posted December 4, 2013 Japan’s GPIF can lower JGB weighting without selling bonds immediately FXstreet.com (Łódź) - Takahiro Mitani, the head of Japan's Government Pension Investment Fund admitted on Wednesday that the fund´s JGB holdings were too big but that their weighting could be reduced to the recommended 52% level by allowing the bonds to mature instead of byselling them. The projected 5.8 trillion yen in pension payouts in 2014 and 2015 would come from JGB redemptions and interest and would lower the domestic bonds' weighting. “If we know that this will happen, then why do we need to shake up the market now by selling?” Takahiro Mitani said. He also expressed interest in buying inflation-linked JGBs as an inflation hedge as well as foreign bonds. Japan's GPIF is the world's largest public pension fund and financial markets remain sensitive to its actions. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 04,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 4, 2013 Author Share Posted December 4, 2013 USD&JPY deflates below 102.50 FXstreet.com (Edinburgh) - The USD/JPY continues to retrace yesterday’s sharp ascent to the area of 103.40 amidst a context slightly biased towards the risk-off trade. USD/JPY back below 103.00 The pair lacked the vigour in its run up to 2013 highs beyond 103.70 on Tuesday, sparking a correction lower while market participants keep digesting the recently announced stimulus package and the pessimistic comments by T.Sato, emphasizing his doubts regarding the capacity of the Japanese economy to achieve the 2% inflation target. “over the short-term, it will bethe events in the US and the euro-zone that will determine the near-term direction of the yen. The best (and most likely) outcome for yen sellers is that the ECB remains cautious on further easing but equally leaves open the prospect in 2014 and an around consensus 180-200k print in NFP on Friday”, assessed Derek Halpenny, European Head of Global Markets Research. USD/JPY levels to watch At the moment the pair is advancing 0.05% at 102.48 and a surpass of 103.38 (high Dec.3) would target 103.57 (high May 23) en route to 103.74 (2013 high May 22). On the downside, the immediate support is at 102.24 (low Dec.4) ahead of 102.17 (Tenkan Sen line) and then102.04 (MA10d). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 04,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 4, 2013 Author Share Posted December 4, 2013 European Commission fines eight banks for fixing rates FXstreet.com (Łódź) - Following an investigation led since October 2011, the European Commission finally announced its decision on Wednesday to fine eight European and American financial institutions a total of €1.71B for “participating in cartels in the interest rate derivatives industry.” Deutsche Bank was hit the hardest with a fine of €725M. Société Générale was fined €446M, RBS €391M, JPMorgan and Citigroup between €70-80M, UK broker RP Martin €247K. Barclays has escaped penalty as it revealed the existence of the cartel to the EC. The EC led two separate investigations in the matter, one concerning interest rate derivatives denominated in the euro currency (in which four firms were involved). The other concerned interest rate derivatives denominated in Japanese yen (in which six firms were involved). EU's competition commissioner, Joaquin Almunia commented following the EC's announcement: “What is shocking about the LIBOR and EURIBOR scandals is not only the manipulation of benchmarks, which is being tackled by financial regulators worldwide, but also the collusion between banks who are supposed to be competing with each other.” “Today's decision sends a clear message that the Commission is determined to fight and sanction these cartels in the financial sector. Healthy competition and transparency are crucial for financial markets to work properly, at the service of the real economy rather than the interests of a few." Almunia added that the European Commision was still investigating companies which declined to settle and that it might look into the foreign exchange market as well. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 04,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 4, 2013 Author Share Posted December 4, 2013 Session Recap: USD firmer ahead of key data this week FXstreet.com (Córdoba) - The USD traded a touch firmer versus major competitors Wednesday ahead of key economic data later this week, including the US GDP and the Government employment report, which investors will be closely watching for clues about when the Fed will start scaling back its monetary stimulus. The EUR/USD traded little changed around 1.3585, while the USD/JPY was flat around 102.45 after peaking at 102.83. The GBP/USD fell to a weekly low of 1.6325 following disappointing UK services PMI. The AUD is among the worst performers across the board, losing 1.3% at 0.9020, weighed by weak Australian GDP figures and disappointing Chinese services PMI. During the NY session watch for US ADP jobs report, trade deficit, new home sales and ISM services PMI. Main Headlines in Europe: Switzerland: Annual Industrial Production drops 2.3% in Q3 Germany: PMI Services rises to 55.7 in November EMU: Services PMI slides to 51.2 in November UK: Services PMI dips to 60 in November EMU: Annual GDP falls 0.4% in Q3, as expected EMU: Annual Retail Sales drop 0.1% in October European Commission fines eight banks for fixing rates OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 04,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 4, 2013 Author Share Posted December 4, 2013 US: MBA Mortgage Applications fell 12.8% FXstreet.com (Edinburgh) - Applications for mortgages dropped 12.8% in the week ended on November 29, according to MBA, down from -0.3% from the previous week. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 04,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 4, 2013 Author Share Posted December 4, 2013 US ADP Employment Change increase to 215K in November Read more in Forex News OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 03,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 4, 2013 Author Share Posted December 4, 2013 USD/CAD leaves rates unchanged FXstreet.com (London) - USD/CAD has been at the highest levels since Oct 2011 and these levels have been underpinned by the BoC but Us data has disappointed. BoC is expected to deliver a Dovish bias and preserve the same tone as introduced in their last meeting. Meanwhile, ISM non-manufacturing did not extend its recent strong performance in Nov, coming in lower at 53.9 vs the 55.0 consensus. Oct new home sales to come in at 444K vs 432 consensus . Strategists at TD Securities sight further US data ahead and said, “Finally, we look for the Beige Book report to more closely reflect the Fed’s recent “glass half full tone””. USD/CAD Levels The 20 DMA is 1.0512, the 50 DMA is 1.0424 and the 200 DMA is 1.0331. RSI (14) reads 54.69. Supports are ascending from 1.0516, 1.0559, 1.0590 and 1.0631. Spot is 1.0687 with resistances at 1.0673, 1.0721, 1.0745 and 1.0781. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 04,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 5, 2013 Author Share Posted December 5, 2013 Spanish 3-year bond yield ticks up at auction FXstreet.com (Łódź) - The Spanish Tesoro Público held a debt auction on Thursday during which it sold 3- and 5-year bonds. 1,275 million euros of 3-year bonds were auctioned at an average yield of 2.182%, compared with 2.101% seen at the previous auction. 2,249 million euros worth of 5-year bonds, were sold at an average yield of 2.722% down from the previous 2.875%. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 05,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 5, 2013 Author Share Posted December 5, 2013 BoJ's Kuroda: Easy policy will remain until inflation target sustainably achieved FXstreet.com (Łódź) - BoJ Governor Haruhiko Kuroda, who spoke at an economic forum in Tokyo on Thursday, said that the central bank's 2% inflation target would be reached toward the fiscal year 2015. Until then the current easy monetary policy would be maintained, he assured. "Public inflation expectations will gradually heighten, and the economy will steadily proceed toward 2 percent inflation," Kuroda said. The BoJ governor added that the Japanese economy was on track, in line with forecasts. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 05,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 5, 2013 Author Share Posted December 5, 2013 AUD/USD settles at mid-range ahead of US data FXstreet.com (Córdoba) - The AUD/USD failed to extend its recovery beyond the 0.9055 area and pulled back instead, falling into the red during the European session. Disappointing Australian trade balance didn't help the Aussie, which has been under heavy pressure for over a month as the RBA has expressed its discomfort with a strong currency. The AUD/USD dipped below 0.9000 yesterday and hit a 3-month low of 0.8997 before bouncing. However, the recovery didn't last as the former support area at 0.9055 offered resistance. AUD/USD technical levels At time of writing, the AUD/USD is trading at the 0.9030 zone, virtually unchanged since opening ahead of the next string of US data, including the GDP revision. In terms of technical levels, if the AUD/USD breaks decisively below 0.9000/0.8997, next supports are seen at 0.8971 (Sep 3 low) and 0.8923 (Sep 2 low). On the flip side, resistances could be found at 0.9055 (daily high) and 0.9100 where the 10-day SMA reinforces the psychological level. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 05,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 5, 2013 Author Share Posted December 5, 2013 EUR/USD erases gains ahead of ECB FXstreet.com (Córdoba) - After hitting a fresh 1-month high Thursday, the EUR/USD came under pressure and completely erased intraday gains as investors gear up for the European Central Bank policy decision. EUR/USD dips below 1.3600 The EUR/USD found resistance at 1.3638 and slid all the way back to opening levels amid comments about delays to Greek next tranche of loans. At time of writing, the EUR/USD is trading at the 1.3590 zone, where it is virtually unchanged on the day ahead of the ECB decision and a raft of US data, including the 2nd estimate of Q3 GDP. "The Central Bank is expected to remain on hold today after cutting rates last month. Consensus suggests Mr. Draghi will likely maintain its dovish tone, and doors open for further stimulus if required", said Valeria Bednarik, chief analyst at FXstreet.com. EUR/USD technical levels "Technically, the EUR/USD holds a positive tone despite the range", says Bednarik. As for technical levels, the EUR/USD could find next resistances at 1.3640 (daily high) and 1.3700 (psychological level) ahead of 1.3739 (Oct 31 high). On the flip side, supports are seen at 1.3579 (daily low and 100-hour SMA) and 1.3524 (Dec 3 low). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 05,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 5, 2013 Author Share Posted December 5, 2013 GBP/USD steady as BoE stands pat FXstreet.com (Córdoba) - The GBP/USD remained little changed near daily lows after the Bank of England decided to keep its key rate and the size of the bond buying program unchanged in December. At today's meeting, the BoE decided to leave its key lending rate at 0.5% and the QE total at £375 billion. The GBP/USD showed little reaction as the decision was widely anticipated and continued to trade within today's range, not far from its daily trough of 1.6334. At time of writing, the GBP/USD is trading at the 1.6345 area, recording a 0.2% loss on the day. GBP/USD technical levels As for technical levels, the GBP/USD could find immediate supports at 1.6325 (Dec 4 low) and 1.6300 (psychological level). On the other hand, resistances are seen at 1.6400 (psychological level) and 1.6441 (2013 high Dec 3). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 05,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 5, 2013 Author Share Posted December 5, 2013 GBP/JPY holds below 167.00 after BoE FXstreet.com (Córdoba) - The GBP/JPY was barely affected by the BoE decision to keep its monetary unchanged with the main rate at 0.5% and the QE at £375 billion. GBP/JPY contained by 200-hour SMA The GBP/JPY continued to trade below 167.00 after the announcement near daily lows at the 166.80 zone, recording a 0.5% decline on the day, having hit a low of 166.61 earlier on the day where the 200-hour SMA helped to contain the drop. GBP/JPY technical levels In terms of technical levels, the GBP/JPY could found immediate supports at 166.61 (daily low) and 166.47 (10-day SMA) ahead of 166.00 (psychological level). On the flip side, resistances are seen at 167.00 (psychological level) and 167.75 (daily high). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 05,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 6, 2013 Author Share Posted December 6, 2013 UK: Consumer Inflation Expectations rise 3.6% FXstreet.com (Barcelona) - UK consumers expect the price of goods and services to grow by 3.6% during the next 12 months, compared with the previous forecast of +3.2%, the BoE informed on Friday. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 06,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 6, 2013 Author Share Posted December 6, 2013 EUR/USD range trading ahead of NFPs FXstreet.com (Barcelona) - EUR/USD has settled down from ECB led movement and is now range trading between 1.3674-50, and presently at 1.3672. EUR/USD settles down into range following ECB comments The ECB’s Nowotny and Coeure caused a stir in EUR/USD this morning, with Nowotny saying that Eurozone inflation expectations were stable, with no need for immediate action, and the recession is over, while Coeure added that there is no strong case for more fiscal centralization beyond banking supervision. However, movement was short lived, with spot losing momentum and settling into a range prior to today’s NFPs. What does EUR/USD sentiment look like? The hourly OB/OS Index is neutral while the FXstreet.com Trend Index is slightly bullish. The RSI reads 61 at the moment and the ADX is at 27. Presently the 200-period SMA is at 1.3588 and sloping higher while the exponential average closing price for the last 20 days is neutral at 1.3558. What are today’s key levels? Matt Bacon-Hall of FXBeat comments that resistance for the pair can be seen at “1.3770 Model buy stops commence, 1.3760 Prop offers, 1.3720 buy stops commence for prop accounts, & 1.3680-00 corporate offers”, and support below at “1.3590-00 Corporate bids, 1.3520-30 Macro bids, 1.3490 Sell stops commence, 1.3450-60 option bids. Today’s central pivot point is at 1.3630, with support below at 1.3582 (S1), 1.3495 (S2) and 1.3447 (S3) and resistance above at 1.3717 (R1), 1.3765 (R2) and 1.3852 (R3). The range between 1.3658-3692 is showing several technical levels as clustering there. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 06,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 6, 2013 Author Share Posted December 6, 2013 AUD/USD treads water ahead of NFP FXstreet.com (Córdoba) - The AUD/USD managed to recover ground and erased intraday losses in quiet trade ahead of the US NFP report. The AUD/USD bounced from daily lows and advanced toward the 0.9065 area during the European session although momentum was lacking as investors refrain from taking bug positions ahead of the US Government employment report. Expectations point for a 180K jobs gain in November following the 204K printed in October. The AUD/USD is staging a mild recovery from a 3-month low of 0.8997 scored Wednesday but it remains vulnerable as the RBA has expressed its discomfort with a strong currency. AUD/USD technical levels At time of writing, the AUD/USD is trading at the 0.9060 area, virtually unchanged since opening. As for technical levels, the AUD/USD could find immediate resistances at 0.9076 (Dec 5 high) and 0.9092 (200-hour SMA). On the other hand, supports are seen at 0.9035 (daily low) and the 0.9000/0.8997 area (psychological level/Dec 4 low). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 06,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 6, 2013 Author Share Posted December 6, 2013 Flash: GBP/USD near term uptrend eroded - Commerzbank FXstreet.com (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank notes that GBP/USD has eroded its near term trend line support at 1.6344, and downside risks are growing. Key Quotes “Key nearby support are the previous highs seen at 1.6255/59 and while above here we are unable to rule out scope for a move to 1.6634/1.6735. Currently intraday charts are giving conflicting signals but we continue to favour the downside.” “Key near term support is the 1.6259/55 previous highs from October, as failure here will cast attention back to the 5 month uptrend at 1.6064. A close below here will re-target the 1.5855 November low.” OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 06,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 6, 2013 Author Share Posted December 6, 2013 USD/JPY settles in a range FXstreet.com (Córdoba) - The USD/JPY entered in a consolidative phase during the European session as the 200-hour SMA halted the advance. As investors gear up for the US nonfarm payrolls with consensus pointing for a 180K gain, the USD/JPY settled in a tight range in the lower 102's, where it has spent the last hours. At time of writing, the USD/JPY is trading at the 102.10 area, recording a 0.3% gain on the day, having peaked at 102.21. USD/JPY technical outlook From a technical perspective, Stoyan Mihaylov, analyst at DeltaStock.com noted "The outlook is still bearish, for 100.50 major support. Only a violation of 102.82 high will signal a reversal of the slide from 103.36 peak". OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 06,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 9, 2013 Author Share Posted December 9, 2013 GBP/USD, consolidated 1.6370/90 and awaiting Carney FXstreet.com (London) - GBP/USD is holding onto territory in the higher end of the 1.63 handle after opening this weeks session with a gap on the charts towards 1.6400. GBP/USD is consolidated currently between 1.6370 and 1.6390 without there being any data releases. However, while the dollar is starting on a softer tone this week, the pair can take advantage of that while waiting for a speech to be made by BoE Governor Carney coming up later on today. This speech is particularly of interest because it this will be his first full speech since the BoE improved its growth outlook in the November inflation report. There are a number of Fed speakers today as well this afternoon so this may also have some effect on the dollar. GBP/USD Levels The 20 DMA is 1.6203, the 50 DMA is 1.6129 and the 200 DMA is 1.5570. RSI (14) reads 59.32. Supports are ascending from 1.6255, 1.6277, 1.6294, 1.6318, 1.6338. Spot is currently 1.6374 while resistances are 1.6403, 1.6443 and 1.6475. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 09,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 9, 2013 Author Share Posted December 9, 2013 Flash: EUR/USD, bullet proof bull trend – TDS FXstreet.com (Barcelona) - A strategist team at TD Securities noted that nothing seems to be able to dent the bull trend in EUR/USD at the moment. Key Quotes: “Friday’s strong US jobs number (improving the odds of an earlier QE taper), and this morning’s weak German industrial production number would normally weigh heavily on the pair, but it seems the end of year seasonal trend higher continues to be the dominating force”. “For the rest of the week, central bank speakers will be the fundamental focus for markets, and for EUR/USD in the near term Fed speakers today and Draghi tomorrow offer the biggest potential to inspire a decent move”. “EUR/USD is currently consolidating in the resistance zone near 1.3700/20 and a move above here would look to the October high of 1.3829. A pullback would likely look toward the bottom of the November bull channel in the mid to upper 1.35 area”. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 09,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 9, 2013 Author Share Posted December 9, 2013 EUR/USD steadies above 1.3700 FXstreet.com (Córdoba) - After printing a fresh 6-week high during the European session, the EUR/USD entered in a consolidative phase, with the negative German IP figures going virtually unnoticed. The EUR/USD broke above the 1.3700 mark Monday and climbed to its highest level since Oct 31 at 1.3728 during the European session. However, the pair lost momentum to extend gains and pulled back slightly, although it has managed to hold above the psychological level, now turned into support. EUR/USD technical levels At time of writing, the EUR/USD is trading at the 1.3720 zone, recording a 0.1% daily gain, its fifth in a row. As for technical levels, immediate resistances line up at 1.3728 (daily high) and 1.3739 (Oct 31 high) ahead of 1.3785 (Oct 30 high). On the downside, supports are seen at 1.3700 (psychological level) and 1.3615 (10-day SMA). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 09,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted December 10, 2013 Author Share Posted December 10, 2013 EUR/USD supported by 1.3740 FXstreet.com (Edinburgh) - The EUR/USD keeps the narrow range on Tuesday, meandering around 1.3740 and 1.3760 ahead of Draghi’s speech. EUR/USD focus on Draghi The pair remains buoyant in the mid 1.37s, bolstered by the prevailing risk-on trade on decent Chinese data while market participants wait for the speech by ECB’s Draghi due later in the European midday. Data from the euro area showed auspicious data from Italian Industrial Output, advancing beyond estimates 0.5% inter-month in October, while the GDP came in flat QoQ during the third quarter and contracted 1.8% YoY, matching the previous quarter readings. In the opinion of Analyst Paolo Pizzoli at ING, “Looking ahead, today’s industrial production data, which provide the first piece of hard evidence about 4Q13 developments, look like a good start. The pick-up in export order books and evidence of stock accumulation are useful ingredients for a positive GDP growth reading in 4Q13… All in all, we are inclined to confirm our forecast of a 0.2% growth for Italian GDP in Q4, which would mark the exit of Italy from its 8-quarter long recession”. EUR/USD levels to watch As of writing the pair is up 0.02% at 1.3744 with the next resistance at 1.3787 (high Oct.30) ahead of 1.3818 (high Oct.28) and finally 1.3833 (high Oct.25). On the flip side, a breakdown of 1.3695 (low Dec.9) would open the door to 1.3638 (daily cloud top) and then 1.3620 (low Dec.6). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page Dec 10,2013 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
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