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Foreign Exchange News

Foreign Exchange News DAILY MARKET REPORT
December 12th 2016

EUR/USD Foreign Exchange News

Foreign Exchange News

The EUR/USD pair plummeted to 1.0530 last Friday, undermined by ECB’S decision to extend its facilities for nine months for €60billion per month, totaling extra €540 billion for 2017, against expectations of six months at €80 billion per month, which would have been €480 billion. Draghi’s dovish tone and limited perspectives of growth for the upcoming year, once again highlighted the imbalances between the US and the EU economies. Adding to dollar’s intraday strength, preliminary December US consumer confidence jumped to 98, the highest since January 2015, from 93.8 in November.

All eyes are now on the US Federal Reserve, which will meet this Wednesday, and is expected to raise  the Fed funds target range by 25bp to 0.50%-0.75% from the current 0.25%-0.50%. The market has largely anticipated such move, and while it will likely benefit the greenback, focus will be on Yellen’s speech, and any clue she may give on how fast the FED will move next year. Nevertheless, she will likely be cautious until Trump takes office and defines his administration’s policies next January 20th.

Technically, the pair is poised to extend its decline according to the daily chart, given that on Friday, the price fell after failing so regain ground above a bearish 20 SMA, currently at 1.0630, while the RSI indicator has accelerated its slide, heading south around 39. The Momentum indicator in the mentioned chart is stuck around its mid-line, but it has corrected the extreme oversold conditions reached late November, leaving room for further slides. Shorter term, the bearish momentum remains strong, as the pair is currently developing below all of its moving averages, with the 20 SMA gaining downward strength around 1.0675, whilst the Momentum indicator heads strongly lower near oversold readings, and the RSI indicator consolidates around 35.

Support levels: 1.0540 1.0500 1.0460

Resistance levels: 1.0590 1.0630 1.0675

Foreign Exchange News

Foreign Exchange News

 

USD/JPY Foreign Exchange News

After spending the week consolidating around 114.00, the USD/JPY pair broke higher and rallied up to 115.36, its highest since early February, ending the week a handful of pips below the level and eminently bullish according to technical readings. There was no certain catalyst beyond the move higher, but  a better-than-expected US Consumer Confidence Index for December fueled the advance in the last session of the day. Also, supporting the pair was renewed dollar’s demand after the ECB, and ahead the expected US rate hike next week. Japan will release some industrial data at the beginning of the week, but there’s a good chance that the pair will remain flat until Wednesday, as investors usually stay away from the pair ahead of a major US event. In the daily chart, the Momentum indicator diverges from price action, heading lower within positive territory, albeit with the RSI heading north around 74 and the price at its highs, chances of a downward correction seem limited. In the 4 hours chart, the upward momentum remains strong, although the RSI indicator has turned flat around 67, but given that the 100 and 200 SMAs continue heading higher below the current level, the risk is also towards the upside, eyeing and advance up to the 116.00 region for the upcoming sessions.

Support levels: 113.60 113.15 112.80

Resistance levels: 114.20 114.55 114.90

Foreign Exchange News

Foreign Exchange News

 

GBP/USD Foreign Exchange News

It was a tough week for the British Pound, as the Sterling gave back half of its previous weeks’ gains against the greenback, after rallying to a fresh 2-month high of 1.2774. Hopes for a softer Brexit, which implicates having access to the EU Single Market, lifted the currencies at the beginning of the month, but over the last few days, disappointing macroeconomic data arose doubts over the economic health of the kingdom. After months of resilient data, industrial and manufacturing production plunged in October, with overall industrial production down 1.3% in the month. Dollar’s demand triggered by ECB, did the rest, although the GBP/USD pair closed Friday flat around 1.2575, indicating that somehow, the market is not ready to resume Pound’s selling. Technically, the daily chart shows that the price holds above a steadily bullish 20 DMA, now around 1.2520, while technical indicators have corrected overbought readings, but lost downward strength and turned horizontal within positive territory. In the 4 hours chart, the price is below a bearish 20 SMA, currently around 1.2600, while technical indicators consolidate within bearish territory, maintaining the risk towards the downside. The 61.8% retracement of the latest bullish run stands around 1.2530, while a daily ascendant trend line coming from December 1st low offers a critical support around 1.2480 this Monday, the level to break to see a deeper downward move in the pair.

Support levels:  1.2525  1.2480 1.2440

Resistance levels: 1.26201.26601.2700

Foreign Exchange News

Foreign Exchange News

 

AUD/USD Foreign Exchange News

The AUD/USD pair closed flat around 0.7450 for a second consecutive week, unable to find direction. Opposing to a strong greenback were strong Chinese macroeconomic releases over these last few days that suggested that the world’s second largest economy has spooked away the ghost of recession. Chinese exports and imports rose in November by much more-than-expected, with exports up for the first time since March. Also, China’s CPI inflation continued to trend higher in November climbing up 2.3% on a year-on-year comparison, although monthly basis, it advanced just by 0.1% as expected. The Producer Price Index jumped to 3.3%, also in November and when compared to November 2015. As for the AUD/USD technical outlook, the pair has failed multiple times to advance beyond the 0.7500 figure these last two weeks, but also held above a daily ascendant trend line coming from November’s low of 0.7310 around 0.7410 for this Monday. In the daily chart, the price is above a bearish 20 SMA, the RSI indicator heads south around 45, and the Momentum indicator hovers within neutral territory, aiming modestly higher from its weekly low, overall neutral. In the shorter term, and according  to the 4 hours chart, the price is below a flat 20 SMA, while technical indicators head lower within bearish territory, maintaining the risk towards the downside.

Support: levels: 0.7410 0.7370 0.7330

Resistance levels: 0.7475 0.7510 0.7550

Foreign Exchange News

Foreign Exchange News

 

GBP/CAD Foreign Exchange News

The GBP/CAD cross continued to follow the lead of the Pound, falling down to 1.6533 last Friday, the 50% retracement of the 1.5937/1.7118 rally. Additionally, the Canadian dollar strengthened against is major counterparts  after the BOC decided to leave rates unchanged in its latest meeting as the Canadian economy is expected to shift to moderate growth in the fourth quarter, according to the Central Bank. In the daily chart, technical readings suggest that the cross may fall further this week, as the price has accelerated below its 20 DAM, while technical indicators continue to grind lower within negative territory. In the 4 hours chart, the 20 SMA has turned sharply lower, crossing below a now flat 200 EMA, while technical indicators have managed to bounce modestly from oversold territory, but remain well into negative territory, also favoring a downward extension, on a break below 1.6525, the immediate Fibonacci support.

Support levels: 1.6525 1.6460 1.6400

Resistance levels: 1.6610 1.6665 1.6710

Foreign Exchange News

Foreign Exchange News

 

Dow Jones Foreign Exchange News

The Dow Jones Industrial Average added 142 points to its latest rally last Friday and closed at 19,756.85, while the Nasdaq Composite settled at 5,444.50, 0.50% higher and the S&P at 2,259.53, up by 0.59% or 13 points. US stocks closed at record highs, although the bullish run triggered by Donald Trump’s victory is starting to look overdone, given the extreme overbought conditions reached by the Dow in its daily chart. Furthermore, US equities will have to deal with the FED this week, and a probable rate hike, the second in the last 10 years. Nevertheless, the DJIA is far from given signs of exhaustion, as in the mentioned chart, the upward momentum persists in technical indicators. In the shorter term, and according to the 4 hours chart, the rally is also overstretched, but with no signs of giving up, as the RSI indicator heads higher around 88, while the Momentum indicator keeps advancing within bullish territory.

Support levels: 19,730 19,682 19,629

Resistance levels: 19,800 19,845 19,890

Foreign Exchange News

Foreign Exchange News

 

FTSE Foreign Exchange News

London shares closed the week with gains, although the Footsie was unable to regain the key 7,000 mark. On Friday, the benchmark advanced 22 points and settled at 6,954.21, with gains backed by Sky, as the US media firm, 21st Century Fox, posted a takeover bid of £10.75 per share in cash. Sky closed the day 26.66% higher, followed by ITV, up by 5.51%. Among the worst performers were Anglo American, down 2.49% while Rio Tinto shed 2.14% as mining-related equities were under pressure amid dollar’s strength against base metals. The daily chart for the index shows that it has extended its rally above the 20 and 100 DMAs, with the shortest turning higher around 6,830, and with technical indicators holding within bullish territory, although with limited upward strength. In the 4 hours chart, the technical outlook is clearly bullish, with the RSI advancing, despite being at 73, the Momentum consolidating within bullish territory, and the 20 SMA having broke above the 100 SMA and maintaining a strong bullish slope.

Support levels: 6,927 6,896 6,838

Resistance levels: 6,998 7,044 7,096

Foreign Exchange News

Foreign Exchange News

 

Gold Foreign Exchange News

Spot gold extended its decline last Friday, falling down to $1,156.24 a troy ounce and settling below the 1,600 mark for the first time in ten months, undermined by dollar’s strength and as FED’s meeting looms. The bright metal crashed after the US election, as confidence returned to financial markets following Trump’s announcements of huge infrastructure investment and tax cuts. Despite the decline has decelerated weekly basis, as the commodity approaches to extraction cost, the bearish bias is still strong, as in the daily chart, the price is developing below a sharply bearish 20 SMA, while the RSI indicator has turned back south, and stands now around 26. The metal has been developing within a descendant channel, clear in the 4 hours chart, while on Friday, the price accelerated below its 20 SMA, while technical indicators resumed their declines within negative territory, supporting some further declines ahead.

Support levels: 1,155.00 1,146.80 1,137.90

Resistance levels: 1,165.70 1,175.95 1,188.00

Foreign Exchange News

Foreign Exchange News

 

 

Foreign Exchange News

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What Is Currency Trading

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Foreign Exchange News

 

 

Time v Income Reality Check

How much income do you earn per hour of work?
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