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The AUD/USD tears apart the 0.9370

 

 

 

 

FXStreet (San Francisco) - The Aussie jumped above the 0.9370 following the latest set of upbeat economic data including housing and manufacturing index in the United States and the consumer confidence in the Eurozone. 

 

After rallying around 20 pips from 0.9355 in the latest few minutes, the AUD/USD broke above previous highs of 0.9370 and it has reached fresh daily highs at 0.9380. Currently, AUD/USD is trading at 0.9371, up 0.47% on the day.

 

AUD/USD levels

 

Above the 0.9380, the AUD/USD would face next resistances at 0.9390, 0.9425 and 0.9460. On the downside, supports are at 0.9320, 0.9310 and 0.9270.

 

 

 


 

 

Apr 22, 2014

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USD/CAD soars to 2-week highs

 

 

 

 

FXStreet (Córdoba) - The USD/CAD bounced to the upside from 1.1000, despite better-than-expected economic data from Canada and climbed to 1.1042, reaching the highest price since April 3. Currently trades at 1.1035/37, up 0.23% from today’s opening price. 

 

USD/CAD rebound sharply at 1.100

 

After the release of the wholesale sales report of February in Canada, that rose 1.1% above the 0.7% expected, the USD/CAD fell to 1.1000, the lowest price since last Friday. 

 

When it was ready to break the trading range and the 1.1000 mark, that limited the price since the beginning of the week, reversed sharply and jumped. Price broke above 1.1030, the upper limit of the range and rose quickly to 1.1042.

 

 

 


 

 

Apr 22, 2014

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USD/JPY remains bullish - UOB

 

 

 

 

FXStreet (Barcelona) - The Market Strategy Team at UOB Group keeps the bullish stance for the USD/JPY.

 

Key Quotes

 

"Despite the lack of follow through, we continue to maintain a marginally bullish view for further USD strength towards 103.40. Expect any pullback to hold above the key support at 102.00"

 

 


 

 

Apr 23, 2014

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USD/JPY remains bullish - UOB

 

 

 

 

FXStreet (Barcelona) - The Market Strategy Team at UOB Group keeps the bullish stance for the USD/JPY.

 

Key Quotes

 

"Despite the lack of follow through, we continue to maintain a marginally bullish view for further USD strength towards 103.40. Expect any pullback to hold above the key support at 102.00"

 

 


 

 

Apr 23, 2014

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EUR/USD jumps after US new home sales drop

 

 

 

 

FXStreet (Córdoba) - The EUR/USD bounced off session lows and resumed the upside as the dollar weakened after US new home sales fell to an 8-month low in March.

 

US new home sales dropped 14.5% last month, posting the biggest fall since July 2013. The EUR/USD received a lift and reached an hourly high of 1.3845 but lacked follow-through to retest highs at 1.3854. At the time of writing, the pair is trading at 1.3835, still up 0.22% on the day.

 

EUR/USD technical outlook 

 

"The EUR/USD holds above former resistance of 1.3825 with the hourly chart showing indicators losing upward potential in positive territory, and price developing well above a bullish 20 SMA", said Valeria Bednarik, chief analyst at FXStreet. "Last week's high of 1.3860 comes as immediate resistance level, as only above it the pair will be able to extend further".

 

Bednarik sees immediate resistance levels at 1.3860, 1.3890 and 1.3920, while the analyst locates supports at 1.3825, 1.3780 and 1.3750.

 

 


 

 

Apr 23, 2014

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Latin America EM Express: Colombia steps up dollar purchases

 

 

 

 

FXStreet (Łódź) - This week Colombia's Finance Minister Mauricio Cardenas announced that the country's central bank would increase its dollar purchases, following the considerable strengthening of the peso over the last month. 

 

The currency has been propped up by an increase in foreign investment in Colombia's financial markets. Today the peso was trading around 1,938 against the greenback, compared with around 2,040 one month ago. 

 

The central bank's dollar purchases in its daily spot market interventions, averaging 10 million dollars a day, have been boosted by 80%. 

 

The BBH Global Currency Strategy Team comment: “To be clear, the central bank is still working within the $1 bln purchase program for Q2 that it set at its March meeting but is just front-loading it and responding to increased inflows.”

 

“Fresh inflows are in part related to the increase in weighting of Colombia in the JPM local currency bond index. We think that 1900 is the line in the sand (for now). If the EM rally continues, they can slow the move but not stop it.”

 

Economic data

 

Mexico's annual 1st half-month Inflation, released on Thursday, slowed down to 3.53% in April from 3.76% in March, increasing expectations that the country's central bank will remain on hold for the rest of the year in order to prop up the economic recovery. 1st half-month Core Inflation jumped to 0.26%, from 0.11%. 

 

On Wednesday Banco Central do Brasil informed that the Brazilian Foreign Exchange Flows increased to 3.38B from 1.00B

 

Technicals

 

USD/MXN was up by 0.33% at 13.1072 at the moment of writing. On Wednesday the daily FXStreet Trend Index was slightly bullish, with the OB/OS Index neutral. RSI sat at 47 at the last close, and has risen to 74 so far today. Daily 2-StDev Volatility Bandwidth was shrinking at 318 pips, with ATR (14) shrinking at 726 pips. The 1D 200 SMA was at 13.0660, while the 1D 20 EMA was at 13.0740.

 

 


 

 

Apr 24, 2014

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USD/CHF retreats from 0.8850

 

 

 

 

FXStreet (Córdoba) - The USD/CHF rose after the release of US economic data to 0.8855 reaching a fresh daily high but quickly lost momentum and pulled back sharply, erasing gains in a few minutes. The US dollar weakened also gains the other European currencies. 

 

Currently the pair trades at 0.8818, down 0.18% for the day so far, after falling almost 50 pips since the beginning of the American session. 

 

USD/CHF and a strong barrier around 0.8850/60

 

Once again the area around 0.8855 capped the upside, just like it did in the previous three trading days. The USD/CHF was rejected again from those levels and so far it has been able to hold above Wednesday’s lows that lie at 0.8806.

 

 


 

 

Apr 24, 2014

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GBP/USD toying with 1.6800

 

 

 

 

FXStreet (Edinburgh) - After dipping to sub-1.6770 levels, the GBP/USD gathered pace and is now creeping back to the boundaries of 1.6800 the figure.

 

GBP/USD back to session highs

 

The pound is now challenging intraday peaks around the 1.6800 handle amidst a better tone in the risk-associated assets. Spot is recovering some ground lost after Wednesday’s deep sell-off, looking to regain recent highs in the mid-1.6800s. The next risk event for the sterling will be tomorrow’s UK retail sales, with the headline print expected to contract 0.4% in March. “The resistant at 1.6838/43 is turning out to be stronger than expected and unless there is a move above this level soon, the weakening upward momentum suggests an increasing risk that GBP is close to making an interim top. In other words, a break below the key support at 1.6720 would indicate that the recent high at 1.6843 is the extent of the current bullish phase and a deep pullback can be expected in the days ahead”, commented Quek Ser Leang at UOB Group.

 

GBP/USD levels to watch

 

At the moment the pair is up 0.10% at 1.6798 with the next resistance at 1.6836 (high Apr.23) ahead of 1.6842 (2014 high Apr.23) and then 1.6845 (high Nov.18 2009). On the downside, a break below 1.6762 (low Apr.23) would expose 1.6721 (low Apr.16) and finally 1.6716 (21-d MA).

 

 


 

 

Apr 24, 2014

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USD/JPY slowly trims daily losses

 

 

 

 

FXStreet (Córdoba) - The USD/JPY fell nearly half a cent and printed fresh daily lows as the pair came under pressure falling rejection from the 102.65 area during the NY session.

 

The USD/JPY spiked to daily highs following solid US durable goods orders data, but quickly turned south and fell all the way to 102.08. However, the pair seems to be unable to set a longer-term direction and continues to consolidate within familiar boundaries. At time of writing, the USD/JPY is trading at 102.35, recording a 0.18% loss on the day.

 

USD/JPY technical levels

 

In terms of technical levels, on the upside resistances line up at 102.71 (Apr 22 high), 102.88 (100-day SMA) and 103.00 (psychological level). Meanwhile, supports are seen at the 102.08/00 zone (Apr 24 low/psychological level) and 101.85 (Apr 17 low).

 

 


 

 

Apr 24, 2014

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EUR/JPY rebota en 141.00

 

 

 

 

FXStreet (Córdoba) - El EUR/JPY cayó luego de la apertura de Wall Street hasta 141.04, llegando a mínimos desde el 17 de abril.. Luego el cruce rebotó y subió hasta 141.58, pero no logró sostenerse por encima de 141.50 y actualmente opera en 141.40, lo que representa una caída del 0.17% con respecto al precio de apertura. 

 

Panorama para el EUR/JPY

 

El Euro va perdiendo momento lentamente luego de haber rebotado la semana pasada desde 140.00. En la jornada de ayer el precio se aproximó a 142.00 pero viró hacia la baja. 

 

El precio no logra alejarse de la zona de 141.50 y desde hace una semana que opera en torno a este nivel. En el camino alcista, la resistencia clave se ubica en 142.00 mientras que a la baja, el soporte a tener en cuenta en el corto plazo es 141.00.

 


 

 

Apr 24, 2014

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USD/JPY briefly fall below 102.00

 

 

 

 

FXStreet (San Francisco) - The US dollar extended its decline against the Japanese Yen in the latest few hours and after falling around 20 pips from 102.15, the USD/JPY made a brief trip to 1-week low of 101.95.

 

However, pair managed to recover the 102.00 area and currently it is trading at 102.07, down 0.24% on the day, having posted a daily high at 102.50 and low at 101.95.

 

The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish. 

 

USD/JPY levels

 

If the pair lost the 102.00 area, it would face next supports at 101.95, and 101.85. On the downside, resistance at 102.10, 102.25 and 102.50.

 

 


 

 

Apr 25, 2014

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Fitch Upgrades Spain to 'BBB+' as fiscal track record is strong

 

 

FXStreet (San Francisco) - Fitch Ratings decided to upgrade Spain sovereign rating to 'BBB+' from 'BBB' as the Kingdom's "risks to Spain's creditworthiness have decreased since the sovereign was downgraded" in June 2012. 

 

In addition, the agency affirmed the Spain's "fiscal track record over the past two years has been strong," as "its headline fiscal deficit (excluding bank support) declined by 2.5% of GDP in 2012-13, despite a 2.2% drop in nominal GDP over the same period." 

 

All about excluding bank support in official accounts and that Fitch doesn't expect that early parliamentary elections will not be called before 2015. Debt ratio to peak at 104% of GDP in 2016.

 

Key quotes:

 

We project that public debt will peak in 2016 at 104% and decline gradually thereafter, assuming an effective interest rate close to current levels.

 

The general government deficit remains large, which we forecast at 5.7% of GDP for 2014. Public debt/GDP has risen 11pp per year on average since 2008 and we expect the ratio to peak at 104% of GDP in 2016.

 

Medium-term forecasts assume some slippage relative to official public deficit targets. The agency maintains its potential growth assumption of 1.5% in the second half of the decade.

 

Banking sector risks have been adequately captured by the authorities in the context of the 2012-13 financial-sector reform programme (supported by the European Stability Mechanism, ESM) and that additional capital injections required from the Spanish sovereign will not be large.

 

We assume no official debt relief on Spain's existing EUR41.3bn loan from the ESM.

 

Spain and the eurozone as a whole will avoid long-lasting deflation, such as that experienced by Japan from the 1990s.

 

 

 


 

 

Apr 25, 2014

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EUR/USD consolidating around 1.3870

 

FXStreet (Edinburgh) - The shared currency is now attempting to consolidate in the upper band of today’s range, with the EUR/USD hovering over 1.3875/80.

 

EUR/USD bolstered by risk appetite

 

The better sentiment in the risk-associated assets allows the EUR to print 2-week highs, leaving the door open for a retest of recent highs at 1.3906 in early April. Ahead in the week, EMU’s flash CPI figures for the month of April will take centre stage in light of the ECB meeting. “It is our view that the ECB would rather use traditional policy tools before rolling out a programme of quantitative easing. But, whatever it decides it is quite possible that it will be little discernible success in undermining the EUR. In fact, we would argue that there is only one thing that will have a guaranteed effect on bring down the value of EUR/USD in the coming weeks and that would be a strengthening of the USD”, observed Jane Foley, Senior Currency Strategist at Rabobank.

 

EUR/USD levels to watch

 

As of writing the pair is advancing 0.19% at 1.3860 with the next resistance at 1.3906 (high Apr.11) ahead of 1.3935 (high Mar.19) and 1.3944 (high Mar.18). On the flip side, a breakdown of 1.3815 (low Apr.28) would aim for 1.3805 (21-d MA) and finally 1.3791 (low Apr.24).

 

 

 


 

 

Apr 28, 2014

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GBP/USD finds resistance post spike

 

 

 

FXStreet (London) - GBP/USD spiked this morning alongside the Euro, benefiting from rising risk sentiment and stop triggering, before finding resistance ahead of clustered sell orders.

 

With GBP/USD making a daily high and low at 1.6860 and 1.6777 respectively, spot is currently trading at 1.6845, up 0.27% on the day so far. The push higher saw cable take out the well-documented option barrier at 1.6850. Gerry Davies of FXBeat comments that he is “getting further reports of more barrier option interest at not only 1.6900 as one would expect, but also barrier option interest at 1.6875” and can see sell orders clustered around 1.6865/75.

 

GBP/USD Technicals bullish?

 

GBP/USD spot is in overbought territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish. Currently RSI is at 65.71, down from the last hourly print at 66.64, with ADX at 13.77, down from its previous close at 21.47. RSI is neutral at 61.77, according to the daily chart. On the hourly GBP/USD chart, the 200 SMA is climbing and currently at 1.6806, up from the previous hour close at 1.6800. Over the past 20 days, the exponential average closing price is 1.6740, and trending higher.

 

GBP/USD Volatility Shrinking?

 

On the hourly GBP/USD chart, ATR (14) is presently at 7 pips, while 2-Standard Deviation Volatility Bandwidth is expanding and currently 91 pips. Daily 2-Standard Deviation Volatility Bandwidth is at 319 pips and shrinking. The average movement for the current session over the previous four weeks has been 7 pips. Meanwhile, 13:00-14:00 GMT represents peak for volatility, with an average movement of 16 pips over the same period.

 

GBP/USD Levels

 

Resistance can be found ahead of spot at 1.6848 [Last Price], 1.6850 (Daily Classic R2), 1.6860 (Daily High), 1.6867 (Daily Classic R3), 1.6879 (Weekly Classic R2) and 1.6918 (Weekly Classic R3). To the downside we see next support at 1.6840 (Weekly Classic R1), 1.6833 (Yesterday's High), 1.6825 (Daily Classic R1), 1.6824 (Monthly High) and 1.6824 (Weekly High).

 

 

 

 


 

 

Apr 28, 2014

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Gold clings to USD1,300/oz level after support from Ukraine tensions

 

 

 

FXStreet (London) - Gold prices are clinging to the USD1,300/oz mark, after being supported by haven demand on concerns over the Ukraine.

 

The recent rally in the precious metal ended a four-week decline. Gold had climbed to a six-month high in March at USD1,380 on Russian military incursions into the Crimea. In the interim, gold prices declined by 9 percent on hopes that tensions would ease in the area.

 

Gold remains up 8.1 percent on the year-to-date, but follows a 28 percent decline in 2013, the biggest decline since 1981.

 

However, there are signs that the rally in gold may be short-lived.

 

Decline of indiscriminate Chinese demand

 

Data released overnight by the Hong Kong Census and Statistics Department showed that net gold inflows from Hong Kong into mainland China declined to 85.128 tonnes in March, down from 112.314 tonnes in February. The declines were driven by a weaker domestic Renminbi as well as discounted mainland gold prices reducing Hong Kong gold demand from Chinese banks. According to the World Gold Council, China consumed a record 1,066 tonnes of gold last year, overtaking India as the world’s largest gold consumer. The decline in Hong Kong gold demand suggests a slowing of indiscriminate appetite for gold from Chinese banks.

 

Relative US tightening

 

A further source of downside pressures comes from the Federal Reserve’s continuing support for the policy of QE tapering. The Fed has cut USD10bn from its asset purchase programme in successive meetings since its first round of tapering in December, with the programme currently standing at USD55bn-a-month. With a return to relatively-tighter monetary policy, investor appetite for gold as a store of value has tumbled.

 

Spot gold prices currently stand at USD1,299.60, clinging to support around the psychologically-important USD1,300 level.

 

 

 

 


 

 

Apr 28, 2014

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GBP/USD continues to seesaw following GDP miss

 

 

FXStreet (London) - Following this mornings GDP miss, GBP/USD has traded choppily within an approximate 50 pip range.

 

This morning saw UK GDP miss expectations at 3.1%/3.2%, but increase from previous at 2.7%. Following an overnight range, the pair climbed in the build up to post a high at 1.6848, before sharply falling to make the daily low at 1.6793 in the initial aftermath of the data. With the psychologically round 1.68 number holding, spot has since climbed to where it is presently trading at 1.6830, up 0.13%

 

GBP/USD Technicals

 

GBP/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish. Currently RSI is at 55.00, up from the last hourly print at 44.65, with ADX at 12.94, up from its previous close at 11.95. RSI is neutral at 62.41, according to the daily chart. On the hourly GBP/USD chart, the 200 SMA is climbing and currently at 1.6813, up from the previous hour close at 1.6805. Over the past 20 days, the exponential average closing price is 1.6747, and trending higher. 2-Standard Deviation Volatility Bandwidth is presently at 35 pips and shrinking on the hourly GBP/USD chart, while the ATR (14) is currently at 9 pips. 2-Standard Deviation Volatility Bandwidth is at 319 pips and shrinking on a daily chart.

 

GBP/USD Levels

 

Spot is presently trading at 1.6830, and next resistance can be seen at 1.6840 (Weekly Classic R1), 1.6848 (Daily High), 1.6852 (Daily Classic R1), 1.6860 (Yesterday's High) and 1.6879 (Weekly Classic R2). Next support to the downside can be found at 1.6824 (Monthly High), 1.6824 (Weekly High), 1.6824 (Annual High), 1.6824 (3 Year High) and1.6824 (YTD High).

 

 

 

 


 

 

Apr 29, 2014

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EUR/USD flirting with 1.3880

 

 

FXStreet (Edinburgh) - The single currency is now picking up pace as the selling pressure is hurting the greenback, taking the EUR/USD just pips away from 1.3880.

 

EUR/USD focus on the FOMC meeting

 

Higher consumer prices in Euroland during April combined with disappointing US GDP figures in the first quarter are bolstering the current EUR bull run to the boundaries of 1.3880. The next risk event will be the FOMC meeting, with consensus pointing to an extra $10 billion taper. “The important take away from the inflation reports is that speculation that the ECB may initiate a QE program in May seems reduced”, commented analysts at BBH Global Currency Strategy Team.

 

EUR/USD levels to watch

 

As of writing the pair is advancing 0.41% at 1.3868 with the next hurdle at 1.3880 (high Apr.29) ahead of 1.3906 (high Apr.11) and finally 1.3935 (high Mar.19). On the other hand, a break below 1.3771 (low Apr.30) would target 1.3738 (low Apr.8) en route to 1.3729 (100-d MA).

 

 

 

 


 

 

Apr 30, 2014

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GBP/USD reaches 1.6900, fresh multi-year high

 

 

FXStreet (Córdoba) - Cable rose further against the US dollar and reached the strongest levels since August 2009. The GBP/USD climbed to 1.6900 hitting a fresh daily high ahead of the FOMC statement as the US dollar plunged across the board. 

 

Greenback weakened after the Wall Street’s opening bell pushing the pair to the upside. Cable was able to break above 1.6855/60, where previous highs lie and soared to 1.6900 that capped the upside. 

 

Currently GBP/USD is pulling back slightly and trades at 1.6888, up 0.35% and rising for the third day in a row, headed toward the highest daily close since 2009.

 

 

 

 


 

 

Apr 30, 2014

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