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A slower start to the week - major currencies gapped lower at the open but then mostly recovered. Canadian dollar retraced 50 pips of the last week's 260-pip rally. Technicals, trade concerns and falling oil prices should keep USD/CAD supported ahead of OPEC meetings and CPI / Retail Sales combo at the end of the week.
al_dcdemo's Blog
GBP/USD pauses ahead of 200 DMA and 1.35
GBP/USD fell more than 800 pips in three weeks, as U.S. dollar turns positive on the year. Weak economic data, dovish BOE and recent political developments are among the drivers on the U.K.'s side of equation. The pair is taking a pause ahead of the 200 DMA and 1.35 figure as we await on U.S. labour market report for April. Momentum suggests further losses but a potentially sharp correction is to be expected at some point.
Pound pulls back further after Carney's comments
GBP/USD fell sharply yesterday after some dovish comments by BOE governor Mark Carney. Selling accelerated after all three economic data reports (labour market, inflation, retail sales) came in weaker than expected. 1.40 - 1.4050 is the initial support. A break below would target 100 DMA. 1.4125 - 1.4150 is a resistance.
GBP/USD to the highest level since Brexit vote
GBP/USD rose to the highest level (1.4375) since Brexit vote yesterday before pulling back below 1.435, the 50.0% retracement of the 2014 - 2016 decline. 1.43 is the immediate support and the next one at 1.425. Plenty of economic data coming in from U.K. this week will keep traders involved.
Aussie pulling back after six days of gains
There was some Australian economic data released overnight. AIG Manufacturing Index, MI Inflation Gauge and ANZ Job Advertisements came in better than expected/previous while Building Approvals lagged. Caixin Manufacturing PMI from China ticked back to into expansion.
All this failed to lift the tone in the Aussie which appears to have entered a correction phase after six consecutive days of gains during which it traded to 2016 - 2017 trendline near 0.7725. June high at 0.7635 may prove to be th…
All this failed to lift the tone in the Aussie which appears to have entered a correction phase after six consecutive days of gains during which it traded to 2016 - 2017 trendline near 0.7725. June high at 0.7635 may prove to be th…
Cable stabilizes near 1.225
After falling from 1.275 through December, Cable stabilized near 1.225. Resignation of EU ambassador Rogers highlights hard Brexit concerns but better than expected economic data has kept the pair afloat.
1.22 is the initial support before October lows near 1.21 and then 1.20 big figure level. The pair has to overcome 50 DMA to challenge 1.25 and trendline, drawn off of September and December 2016 highs.
1.22 is the initial support before October lows near 1.21 and then 1.20 big figure level. The pair has to overcome 50 DMA to challenge 1.25 and trendline, drawn off of September and December 2016 highs.
Aussie settles near 0.75 level
0.75 is the equilibrium level for the Aussie as we await the FOMC meeting. Lacklustre Australian data overnight (HPI, NAB Business Confidence) but some better than expected Chinese data (Industrial Production, Retail Sales) were unable to move it.
The pair has been bumping against the level for the third week. 200 DMA and now 50 DMA are protecting the upside with 100 DMA not far away. Tomorrow is a big day and I think when the dust settles the pair will move through the level to retest longer-te…
The pair has been bumping against the level for the third week. 200 DMA and now 50 DMA are protecting the upside with 100 DMA not far away. Tomorrow is a big day and I think when the dust settles the pair will move through the level to retest longer-te…
EURo pauses ahead of major support
Euro's performance this week has been so far lacklustre. Weak economic data and expectations of further easing by the ECB next week have been weighing on it.
After five cent decline and closing in red in eleven out of last thirteen trading days, the pair stalled in the middle of 1.08 - 1.10 range which was hosting it in January and February. The pair needs to trade back above 1.10 to improve technical picture. 1.07 - 1.08 (long term trendline) is an essential support.
After five cent decline and closing in red in eleven out of last thirteen trading days, the pair stalled in the middle of 1.08 - 1.10 range which was hosting it in January and February. The pair needs to trade back above 1.10 to improve technical picture. 1.07 - 1.08 (long term trendline) is an essential support.
GBP/USD to continue to grind lower
Monthly chart
Medium term downtrend has broken longer term trendline that supported the pair in 2009, 2010 and 2013. The pair appears to have bottomed just above 1.4550 and the corrective rally that followed ran out of puff ahead of 1.60. Confluence of the broken trendline, 20 month SMA, 50 month SMA and 1.60 level remains the first obstacle to overcome on the way up ahead of 100 and 200 month SMA.
Weekly chart
Strength of the reversal from the April low is more apparent on the weekly chart. Th…
Medium term downtrend has broken longer term trendline that supported the pair in 2009, 2010 and 2013. The pair appears to have bottomed just above 1.4550 and the corrective rally that followed ran out of puff ahead of 1.60. Confluence of the broken trendline, 20 month SMA, 50 month SMA and 1.60 level remains the first obstacle to overcome on the way up ahead of 100 and 200 month SMA.
Weekly chart
Strength of the reversal from the April low is more apparent on the weekly chart. Th…
GBP/USD to stay well supported
Monthly chart
Medium term downtrend has broken longer term trendline that supported the pair in 2009, 2010 and 2013. The pair appears to have bottomed just above 1.4550 and the corrective rally ran out of puff ahead of 1.60. Confluence of the broken trendline, 50 week SMA, 20 week SMA and 1.60 level remains the first obstacle to overcome on the way up ahead of 100 and 200 day SMA.
Weekly chart
The strength of the reversal from the April low is more apparent on the weekly chart. The pair travele…
Medium term downtrend has broken longer term trendline that supported the pair in 2009, 2010 and 2013. The pair appears to have bottomed just above 1.4550 and the corrective rally ran out of puff ahead of 1.60. Confluence of the broken trendline, 50 week SMA, 20 week SMA and 1.60 level remains the first obstacle to overcome on the way up ahead of 100 and 200 day SMA.
Weekly chart
The strength of the reversal from the April low is more apparent on the weekly chart. The pair travele…