OctaFX_Farid Posted July 8, 2014 Author Share Posted July 8, 2014 AUD/USD clinches to 0.9400 FXStreet (Edinburgh) - The bid tone around the Aussie dollar remains intact at the beginning of the week, now lifting the AUD/USD back above the 0.9400 key barrier. AUD/USD extend the correction higher Renewed buying interest is helping the AUD retrace part of last week’s deep sell-off to sub-0.9330 levels, pushing spot to advance for the second consecutive session so far. In the same direction, positive confidence gauges in Oz are also collaborating with the bullish sentiment. “While the recent softening in fears about the pace of growth in the Chinese economy is supportive for the AUD, we expect these concerns to resume in the months ahead and anticipate a weaker outlook for the AUD/USD medium-term. We see risk that AUD/USD could start pushing down towards the 0.80 level by the end of this year, dependent on the news from China”, assessed Jane Foley, Senior Currency Strategist at Rabobank. AUD/USD key levels As of writing the pair is advancing 0.37% at 0.9407 with the next resistance at 0.9443 (high Jul.3) followed by 0.9499 (high Jul.2) and finally 0.9505 (high Jul.1). On the flip side, a breakdown of 0.9344 (low Jul.4) would expose 0.9341 (50-d MA) and then 0.9327 (low Jul.3). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 08, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 8, 2014 Author Share Posted July 8, 2014 United Kingdom NIESR GDP Estimate (3M) remains unchanged at 0.9% in June Read more in Forex News OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 08, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 8, 2014 Author Share Posted July 8, 2014 GBP/USD steady above 1.7100 after GDP estimate FXStreet (Buenos Aires) - The GBP/USD holds steady near its session highs of 1.7125 after the release of the UK NIESR GDP Estimate in line with expectations at 0.9%. Having suffered from an early kneejerk down to 1.7084 early Europe as UK output data disappointed, Pound has proved once again it won’t give up easily to latest macroeconomic data: one swallow does not make a summer, and indeed one bad reading can’t take a good trend down. Most analyst still agree latest slide from the year high of 1.7179 post last week seems for now corrective, and that further downward pressure is required to confirm at least a decent correction: the 23.6% retracement of the 1.6698/1.7179 rally stands now at 1.7060 offering immediate short term support, followed then by the 38.2% retracement at 1.6996. To the upside, recent intraday highs offer resistance around 1.7145 followed then by the mentioned year high. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 08, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 8, 2014 Author Share Posted July 8, 2014 AUD/USD dipping below 0.94 handle and pressure mounts FXStreet (Guatemala) - AUD/USD is trading at 0.9396, up 0.26% on the day, having posted a daily high at 0.9416 and low at 0.9366. The AUD was encouraged overnight by a rise in Jun business confidence and has since managed the 0.94 handle. Analysts at Rabobank explained that the results of the data will take the edge of fears that low interest rates are failing to fuel anything other than house price inflation. “That said the employment component of this survey is weak and this implies that fears regarding slack investment growth following the end of the mining investment boom will remain. While the recent softening in fears about the pace of growth in the Chinese economy is supportive for the AUD, we expect these concerns to resume in the months ahead and anticipate a weaker outlook for the AUD/USD medium-term. We see risk that AUD/USD could start pushing down towards the 0.80 level by the end of this year, dependent on the news from China”. AUD/USD Levels Current price is 0.9397, with resistance ahead at 0.9401 (Weekly Classic PP), 0.9401 (Daily Classic R2), 0.9405 (Hourly 200 SMA), 0.9416 (Daily High) and 0.9425 (Daily Classic R3). Next support to the downside can be found at 0.9390 (Hourly 20 EMA), 0.9388 (Daily 20 SMA), 0.9387 (Daily Classic R1), 0.9379 (Hourly 100 SMA) and 0.9378 (Yesterday's High). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 08, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 9, 2014 Author Share Posted July 9, 2014 GBP/USD relaxing back onto support 1.7130 FXStreet (Guatemala) - GBP/USD is trading at 1.7130, down -0.01% on the day, having posted a daily high at 1.7148 and low at 1.7094. GBP/USD is relaxing back onto the support here ahead of the FOMC minutes. Then, tomorrow, we will get the BoE. However, this may not be much of an event and Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained,"We do not expect any surprises at tomorrow’s BoE meeting, with both interest rates and the asset purchase program on hold at 0.5% and £375bn respectively. Next week’s CPI release and slew of data is the next hurdle for GBP. We expect near‐term upside but an easing into year‐end; holding a Q414 target of 1.70." GBP/USD Levels Current price is 1.7131, with resistance ahead at 1.7134 (Daily Open), 1.7138 (Hourly 100 SMA), 1.7148 (Daily High), 1.7150 (Yesterday's High) and 1.7160 (Daily Classic R1). Next support to the downside can be found at 1.7127 (Weekly Low), 1.7122 (Hourly 20 EMA), (Daily Classic PP), 1.7120 (Hourly 200 SMA) and 1.7116 (Weekly Classic PP). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 09, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 9, 2014 Author Share Posted July 9, 2014 USD/JPY gaining on yesterday’s business FXStreet (Guatemala) - USD/JPY> is trading at 101.71, up 0.14% on the day, having posted a daily high at 101.75 and low at 101.45. USD/JPY is still trading within a multi‐month range and we now await the FOMC minutes. Analysts at TD Securities said, “We know the Fed and Yellen are nevertheless gaining confidence in moving toward both inflation and employment objectives. This will be reflected in the tone of these minutes. If past is prologue then the recent price action since Friday suggests Treasuries are vulnerable today. In each of the past 6 FOMC Minute releases the 10yr yield has moved higher, by an average of 4bps. 5yr yields have outperformed over these same dates, rising by an average of 2 bps”. USD/JPY Levels Current price is 101.71, with resistance ahead at 101.75 (Daily High), 101.82 (Daily 200 SMA), 101.83 (Daily Classic R1), 101.86 (Daily 20 SMA) and 101.87 (Weekly Classic PP). Next support to the downside can be found at 101.71 (Hourly 200 SMA), 101.66 (Hourly 20 EMA), (Daily Classic PP), 101.58 (Daily Open) and 101.58 (Weekly Low). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 09, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 9, 2014 Author Share Posted July 9, 2014 United States 10-Year Note Auction fell from previous 2.64% to 2.597% Read more in Forex News OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 09, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 9, 2014 Author Share Posted July 9, 2014 USD/JPY starting to become neutral looking - UOB Group FXStreet (Guatemala) - The Market Strategy Team at UOB Group are changing their view on USD/JPY. Key Quotes: "The break below 101.50 earlier this morning means our recent view for a move towards 102.45 is wrong. The outlook for USD appears to be neutral from here, expect 101.20/102.25 range for the next 1 to 1.5 weeks." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 09, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 9, 2014 Author Share Posted July 9, 2014 EUR/USD offered post FOMC minutes FXStreet (Guatemala) - EUR/USD is trading at 1.3615, up 0.02% on the day, having posted a daily high at 1.3644 and low at 1.3602. EUR/USD is however slightly offered here post the release of the FOMC minutes. The minutes essentially confirmed the markets expectations that the Fed will be leaning towards October as and end for their QE programme. EUR/USD Levels Spot is presently trading at 1.3615, and next resistance can be seen at 1.3617 (Hourly 20 EMA), 1.3619 (Yesterday's High), 1.3622 (Daily 20 SMA), 1.3626 (Daily Classic R1) and 1.3627 (Weekly Classic PP). Next support to the downside can be found at 1.3613 (Daily Open), 1.3606 (Daily Classic PP), 1.3604 (Hourly 100 SMA), 1.3602 (Daily Low) and 1.3595 (Weekly Low). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 09, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 10, 2014 Author Share Posted July 10, 2014 GBP/CHF supply with high volume on the market - ForexTrading.TV FXStreet (Łódź) - Petar Jacimovic, currency analyst at ForexTrading.TV, points out that there is GBP/CHF supply with high volume on the market. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 10, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 10, 2014 Author Share Posted July 10, 2014 United States EIA Natural Gas Storage change came in at 93B, above forecasts (92B) in July 4 Read more in Forex News OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 10, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 10, 2014 Author Share Posted July 10, 2014 GBP/USD resists above 1.7100 FXStreet (Córdoba) - The rejection of the GBP/USD from the 1.7165 area has contained at the beginning of the New York session just a few pips before hitting the 1.7100 psychological mark. The GBP/USD failed to sustain gains as investors seemed unwilling to buy the GBP before the BoE decision and the pair continued to fall after the bank offered no surprises. The Cable bottomed out at 1.7103 and with the subsequent bounce capped by the 1.7130, it was confined to a phase of consolidation. At time of writing, the GBP/USD is trading at 1.7110, 0.26% below its opening price. GBP/USD technical outlook “In the 4 hours chart the technical picture is mild bearish, with risk to the downside limited by 1.7060, 23.6% retracement of the latest bullish run”, said Valeria Bednarik, chief analyst at FXStreet. Bednarik locates next supports at 1.7095, 1.7060 and 1.7020, while she sees resistances at 1.7150, 1.7180 and 1.7220. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 10, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 10, 2014 Author Share Posted July 10, 2014 EUR/GBP turns to the downside from 1-week highs FXStreet (Córdoba) - The EUR/GBP hit a fresh daily low during the American session at 0.7935, extending the decline from 1-week highs. Before the Bank of England’s decision the pair climbed to 0.7968, the strongest level since July 3. Afterward the Euro lost momentum across the board and pushed the EUR/GBP to the downside. The pair lost more than 30 pips in a few hours and bottomed hitting 2-day lows. Currently trades at 0.7944, down 0.08% for the day. EUR/GBP still positive for the week Despite pulling back on Thursday the Euro is still headed toward a modest weekly gains, recovering from 22-month lows. The dominant trend on a wider perspective remains bearish. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 10, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 10, 2014 Author Share Posted July 10, 2014 AUD/USD bounces off lows and trades back at 0.9285 FXStreet (San Francisco) - After falling around 100 pips from yesterday's highs of 0.9455, the AUD/USD finally found support at 0.9360 in the European morning and it started to trade sideways around the 0.9375 area. However, the gold at highs is supporting the AUD/USD and now the pair jumped 15 pips to break above recent range and to trade at 0.9350. Currently, AUD/USD is trading at 0.9384, down 0.29% on the day, having posted a daily high at 0.9459 and low at 0.9361. AUD/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish. AUD/USD sentiment "AUD/USD holds around critical 0.9370, supported by gold momentum, trading at $1342/oz, levels not seen since past March," comments Valeria Bednarik from FXStreet. "Nevertheless, the hourly chart presents a mild bearish tone, with price below moving averages and indicators in negative territory, showing no actual momentum at the time being." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 10, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 10, 2014 Author Share Posted July 10, 2014 EUR/USD coming with a bearish bias - BTMU FXStreet (Guatemala) - FX Strategists at the Bank of Tokyo Mitsubishi UFJ notes the conditions surrounding the EUR/USD and key events that are to take place. Key Quotes "We had a bearish bias last week in respect to the strong US employment report and a low of 1.3576 was recorded before EUR/USD rebounded to today’s high of 1.3651. We are inclined to stick with the bearish bias again for the week ahead given spot today is already lower from today’s high in response to the news that an entity in Portugal’s Espirito Santo Financial Group missed some short-term debt repayments. The 10-year Portuguese government bond yield spread over Germany is 47bps higher this week and this could have further to play out as we move through the week ahead given the bank within this financial group is Portugal’s largest lender." "The key event outside of Europe next week will of course be the semi-annual testimony to Congress by Chair Yellen, starting in the House on 15th July at 1500. We are wary of claiming that next week is the week when Yellen turns hawkish – that’s unlikely, but at the same time it seems reasonable to assume that Yellen will be more forthcoming over labour market improvement and inflation starting to move higher. There are no major economic data releases from the euro-zone over the coming week but ECB President Draghi will give testimony to the Committee of Economic and Monetary Affairs of the European Parliament at 1800 BST on Monday." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 10, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 12, 2014 Author Share Posted July 12, 2014 Session Recap: Quiet day but the wild Canadian FXStreet (San Francisco) - Majors traded inside small ranges on Friday as investors were quiet in a summer Friday session. However, the Canadian Dollar fell strongly as unemployment rate in Canada rose to 7.1%. Germany and Netherlands ratings were affirmed including an upgrading in the Outlook of Holland. The USD/CAD jumped 100 pips from 1.0630 to peak to 1.0735, highest since June 25. The pair finally close at 1.0725. "A medium-term bottom has been established with today's close above 1.07," comments Jamie Coleman from FXBeat. "Jawboning from Stevens sent AUD to 0.9377 from 0.9400 before we stabilized near 0.9388 at the close." Main headlines in the American session Canada: Unemployment rate (Jun) up to 7.1% S&P affirms Germany’s sovereign rating with a stable outlook Fitch revises Netherlands outlook to stable; ratings affirmed at AAA US stocks closed Friday with gains but lower in the week OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 12, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 12, 2014 Author Share Posted July 12, 2014 EUR/JPY finishing on a bearish note FXStreet (Guatemala) - EUR/JPY is trading at 137.81, down -0.02% on the day, having posted a daily high at 138.08 and low at 137.68. EUR/JPY spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish into the close. We now await the BoJ next week and a speech from Draghi on Monday. Looking to a daily chart, we see that RSI is neutral at 37.53 with some room to the downside to go if traders be so inclined. EUR/JPY Levels With spot trading at 137.85, we can see next resistance ahead at 137.91 (Weekly Low), 137.91 (Daily Open), 138.04 (Daily Classic PP), 138.08 (Daily High) and 138.13 (Weekly Classic S1). Support below can be found at 137.84 (Hourly 20 EMA), 137.83 (Month OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 12, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 14, 2014 Author Share Posted July 14, 2014 EZ industrial outputs disappoint - BBH FXStreet (Guatemala) - Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman noted the disappointments from the EZ industrial outputs. Key Quotes "Four euro area countries reported industrial output figures and they all disappointed with some declines in excess of 1% in May. This prepared the market for today's news a 1.1% decline on the aggregate level. It more than offsets the 0.7% (was 0.8% before the revision) gain in April and is the second decline in three months." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 14, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 14, 2014 Author Share Posted July 14, 2014 EUR/USD ranges, bear are nervous - Scotiabank FXStreet (Guatemala) - Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained they expect EUR to be comfortable range trading between 1.35 and 1.37 until there is a catalyst to force it lower. Key Quotes: “This week, inflation, trade and ECB commentary by President Draghi, Coeure and Noyer will prove the highlights. The CFTC EUR position stabilized this week at a net short of ‐$10bn, the failure for it to build further is a warning signal that bears are once again growing nervous." "EUR/USD short‐term technicals: mixed—with most signals and spot suggesting EUR is range bound, likely between 1.35 and 1.37. Near term support lies at the recent 1.3576 low; while resistance comes in at the 200‐day MA at 1.3678." “We hold a year‐end forecast of 1.30." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 14, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 14, 2014 Author Share Posted July 14, 2014 EUR/USD steady on same old, same old Draghi FXStreet (Guatemala) - EUR/USD is trading at 1.3611, up 0.03% on the day, having posted a daily high at 1.3641 and low at 1.3598. EUR/USD has been consolidating the downside from 1.3641 and markets have been keeping an ear on Draghi who has been speaking. Much of what he has said has already been priced in from previous commentary at previous ECB press conferences, such as rates to stay at present or lower levels for extended period of time. The EUR/USD has thus remained steady throughout the speech. EUR/USD Levels Spot is presently trading at 1.3611, and next resistance can be seen at 1.3612 (Weekly Classic PP), 1.3615 (Hourly 100 SMA), 1.3616 (Hourly 20 EMA), 1.3617 (Hourly 200 SMA) and 1.3621 (Daily 20 SMA). Next support to the downside can be found at 1.3608 (Daily Classic PP), 1.3605 (Weekly Low), 1.3599 (Daily Open), 1.3598 (Daily Low) and 1.3592 (Yesterday's Low). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 14, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 14, 2014 Author Share Posted July 14, 2014 USD/JPY held up at 101.60 resistance FXStreet (Guatemala) - USD/JPY is trading at 101.54, up 0.31% on the day, having posted a daily high at 101.64 and low at 101.32. JPY is soft since Friday’s close and broke up from the sideways channel, scoring some 20 pips above the 101.40 channel resistance. Camilla Sutton, Chief FX Strategist at Scotiabank explained that Japans industrial production data (rising 0.7%m/m and 1.0% y/y) was more encouraging than last week’s slew of disappointing data. “However, leading into the BoJ meeting, concerns are rising that the central bank’s forecasts will be revised lower and the tone will provide a hint of dovishness." For now, the 101.64 is holding the pair up ahead of advances to 101.74 and the 20 SMA. USD/JPY Levels With spot trading at 101.58, we can see next resistance ahead at 101.64 (Daily High), 101.70 (Hourly 200 SMA), 101.74 (Daily 20 SMA), 101.86 (Weekly High) and 101.88 (Daily 200 SMA). Support below can be found at 101.56 (Daily Classic R3), 101.52 (Weekly Classic PP), 101.48 (Daily Classic R2), 101.47 (Hourly 100 SMA) and 101.47 (Hourly 20 EMA). OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 14, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 15, 2014 Author Share Posted July 15, 2014 Fed's Yellen: Rate hikes may start earlier if labor market recovery quickens FXStreet (Łódź) - Janet Yellen suggests that the Fed could start raising rates more quickly than currently expected if the US labor market improves more quickly than projected. • Slack in the labor market still lingers. • Yellen signals that rates should stay low for a long period post- QE, the end of which is planned for October. • Equity and real-estate appears to be normally valued, while high yield markets appear stretched. • FOMC's growth, unemployment and inflation forecasts are surrounded by "considerable uncertainty," Yellen says. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 15, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 15, 2014 Author Share Posted July 15, 2014 Yellen defends current Fed policy Fed head Janet Yellen, who testified on Tuesday before the US Senate Banking Committee, suggested that the US economic recovery was not complete yet, despite recent improvements, therefore a "high degree" of accommodation remained appropriate. Yellen pointed to the considerable slack still evident on the US labor market. "Too many Americans remain unemployed," she stressed adding that in the meantime inflation remained below the 2% target. She signaled that if the employment situation improved at a quicker pace than currently estimated, rate hikes could come earlier than projected by the FOMC at the moment, but still she saw rates remaining at low levels long after the withdrawal of QE. The Fed chief also expressed concern about the recovery on the US housing market, which had shown little progress this year. FOMC's growth, unemployment and inflation forecasts are surrounded by "considerable uncertainty," Yellen said. In the Q&A part of the testimony the Fed chief admitted that the recovery on the labor market, although slow, was evident and that many economic indicators were improving substantially. The decline in Q1 GDP was most probably due to transitory factors, she suggested. Nevertheless, she wouldn't be more specific about the timing of the first rate hike, as it depended on further progress. The US economy has to be seen on a solid trajectory before rates start rising, Yellen stressed. Jamie Coleman from FXBeat believes that this sums up Yellen's stance: "She would rather see the economy overheat a little than derail a rebound prematurely as the Fed has done twice since the financial crisis." The EUR/USD began to move lower amid jitters minutes before the testimony of Fed Chair Yellen before the US Congress, but bounced before hitting daily lows as the testimony gets underway. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 15, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 15, 2014 Author Share Posted July 15, 2014 USD/CAD manic conditions with BoC approaching - TD Securities FXStreet (Guatemala) - Despite the rally we have seen in funds on the back of Yellen today, it is still worth noting that Shaun Osbourne, Chief FX Strategist at TD Securities explained that Wednesday’s BoC policy announcement looms quite large over the market, there is even less incentive to push the CAD around independently of the big dollar's broader lead today. Key Quotes: “Note that the crude is one of the stronger drivers of the CAD potentially, according to our correlation matrix; weakness in WTI below USD100 may add incremental pressure on the CAD." "We expect no change in BoC policy but there is clearly some anticipation building up in the market that Governor Poloz can tilt the policy outlook a little more dovishly as the recent pick-up in inflation is likely to abate and last week’s Canadian employment data clearly highlighted the fact that the Canadian jobs market is under-performing." "We think the extended drop in funds since March essentially reflects a positioning overhang that had to be corrected after the CAD sell-off that developed through the early part of the year failed to extend. IMM data suggest that the CAD short-covering among speculative accounts is now largely complete." "Market positioning is more neutral now and we do not think there are strong incentives to build CAD long positions aggressively considering the domestic backdrop. The bounce in USD/CAD since Friday’s weak jobs report may signal the resumption of a broadly softer CAD trend." "Technically, there are strong signals in USD/CAD (and supporting evidence on some of the major CAD crosses) that the stronger CAD trend that has prevailed in the past few months is at a turning point finally. USD/CAD has turned at an important technical juncture—major trend and retracement support in the low/mid 1.06 area." "Price signals on the short and medium-term charts are bullish. We expect firm support on modest dips —high 1.06s— from here and for USD/CAD to push back to the low 1.08 area soon. Gains through here (40-day MA at 1.0825 currently) would be more obviously positive for the USD/CAD outlook." OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 15, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
OctaFX_Farid Posted July 15, 2014 Author Share Posted July 15, 2014 EUR/USD consolidates below 1.3580 FXStreet (Córdoba) - The EUR/USD is having on Tuesday the worst day in week and is headed toward the lowest daily close since June 18. A stronger US dollar pushed the pair to the downside. On American hours bottomed at 1.3560 then rebounded but the recovery was capped by 1.3580. Currently, near Wall Street closing bell the EUR/USD trades at 1.3565, 50 pips below the price it had at the beginning of the day. EUR/USD breaking range After moving during several days in a small trading range the EUR/USD broke a short term support around 1.3580 and lost momentum. Downside pressure is still seen in the pair. “In the 4 hours chart the pair presents a strong downward momentum which support some continued slide towards immediate short term support at 1.3535”, says Valeria Bednarik, Chief Analyst at FXStreet. OctaFX.Com - Please click here to see Financial News/Forex News on OctaFx official page July 15, 2014 OctaFX.Com News Updates Quote Link to comment Share on other sites More sharing options...
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