US markets suffered a dramatic sell-off to round out last week, as a raft of disappointing profit results weighed heavily on sentiment. Blue-chip giants, General Electric, Microsoft, and McDonald’s ignited the panic selling on Wall Street after all three reported earnings that missed analyst estimates. It was the worst one day drop on the Street [...]
Currency Trading Commentary: 17th October
October 17, 2012 By Leave a Comment
International markets extended their rally into a second session overnight as investors reacted positively to the latest economic data releases in the US. The Dow posted its biggest gain in a month after industrial production returned to growth in September, easing concerns over the state of the US manufacturing sector. The positive mood was helped [...]
Currency Trading Commentary: March 16
March 16, 2012 By Leave a Comment
The greenback was broadly weaker in the overnight session, with traders instead bidding up riskier assets following a set of positive US economic data. The Empire State manufacturing index rose from 19.53 to 20.21 in March – the highest since June 2010, whilst the Philadelphia Fed index rose from 10.2 to 12.5 in March [...]
Currency Trading Commentary: March 14
March 14, 2012 By Leave a Comment
There is the possibility that the high last month, around 1.3500, completed the recent recovery phase from the January lows. If the price action moves below 1.2970 then a retest of the January low, at 1.2620-30 will be a likely scenario. Above the current market price, resistance is noted initially at 1.3180-90. If the pressure [...]
Currency Trading Commentary: March 12
March 12, 2012 By Leave a Comment
Currency markets were mixed on Friday night, with the US dollar grinding higher against a number of its major rivals following another strong non-farm payrolls report. The Aussie dollar put in a mixed performance, rising against the yen as global stocks rallied after the US economy added a greater-than-expected 227,000 jobs in February. However the [...]
Currency Trading Commentary: Resistance Overhead
March 10, 2012 By Leave a Comment
The Aussie dollar is starting to turn bullish once more but there is significant resistance overhead. The area to watch over the next few sessions is noted in the 1.0670-730 region. This area has acted as a swing point amongst the recent chop and could cap any further advance. Below the current market price support [...]
Currency Trading Commentary: Breaking Down
March 2, 2012 By Leave a Comment
The bias for USDCAD is bearish. The shorter-term EMAs are crossed lower and diverging and the price action is below the longer-term EMA filter, which is negative. We note a series of lower peaks, highlighted by the downtrend resistance line we have drawn on the chart. Resistance is now noted at 1.0050 and the price [...]
Currency Trading Commentary: Currency Remains Strong
March 1, 2012 By Leave a Comment
The bias for the AUDUSD remains bullish. The rally over the previous few sessions should mean the completion of the recent pullback and support building phase. The pair is now in a position to retest the previous major high from last July, at 1.1080. Below the current market price, support is noted at 1.0790 and [...]
Currency Trading Commentary: Euro Strength Set To Continue
February 27, 2012 By Leave a Comment
The immediate bias for the EURUSD is bullish. Pressure is likely to remain to the topside and traders should be on the lookout for a move into the 1.3570 – 1.3630 region. Below the current market price, support is noted at 1.3350 initially, followed by 1.3270. If the bullish bias is to remain in [...]
Currency Trading Commentary: March 21
Amid slumping equity markets due to renewed concerns about growth prospects in China, the Aussie dollar fell sharply overnight. Australia’s dollar dropped for the first time in four days on speculation China’s economic growth will slow, damping demand for the South Pacific nation’s exports. The AUDSD shed 1.2% to settle below the US$1.05 handle at 1.0480 [...]