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European Session – Euro rises above $1.08 after PMIs, dollar struggles on jitters ahead of US healthcare vote

Posted on March 24, 2017 at 4:03 pm GMT

The main focus of the markets was the healthcare bill in the United States, where the House of Representatives is set to vote on repealing and replacing Obamacare. With a lot of political wrangling within the Republican party that resulted in delaying the vote, US President Donald Trump announced yesterday he just wants to get on with the vote and proceed to more important legislation on tax reform and stimulus spending. The dollar has been little changed on the day, [..]

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Technical Analysis – EURUSD turns neutral after rally loses steam

Posted on March 24, 2017 at 8:49 am GMT

EURUSD maintains a positive bias in the short term after rising from the key 1.0500 area to peak just above 1.0800. This proved to be a strong resistance area and the market failed to move higher after peaking at a one-month high of 1.0823 on Wednesday.  The RSI has levelled off, suggesting some consolidation in the near term. Key support for downside moves comes in at 1.0700, which is also the 38.2% Fibonacci retracement level of the upleg from 1.0493 [..]

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Asian Session – Dollar edges up above 111 yen ahead of healthcare vote in US House

Posted on March 24, 2017 at 8:06 am GMT

The dollar was slightly higher in Friday’s Asian session, halting a nine-day slide against the yen, as US Treasury yields rose. Markets received some clarity on the US House of Representatives vote on the new healthcare bill that would repeal and replace Obamacare. The vote that was due on Thursday was postponed for Friday. Earlier in the week, the dollar came under pressure and US stock markets tumbled over concerns that President Trump won’t be able to get the bill [..]

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European Session – Dollar drifts lower ahead of US healthcare vote but pound up on strong retail sales

Posted on March 23, 2017 at 3:40 pm GMT

There was no reprieve for the US dollar today as the greenback continued to face steep selling pressure on growing doubts about the Trump administration’s ability to push through key legislation in Congress ahead of today’s vote on repealing Obamacare. The dollar was once again testing 111 yen in European trading, while the pound had another strong session, reclaiming the 1.25 level against the dollar after stronger-than-expected UK retail sales data. The debate in the US House of Representatives on [..]

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Technical Analysis – AUDJPY turns bearish after fall below cloud

Posted on March 23, 2017 at 2:18 pm GMT

AUDJPY is bearish in the short term after falling below the Ichimoku cloud and breaking through the key 85.00 level. The pair was in a neutral phase after the long-term uptrend from September 2016 to February 2017 lost steam and prices peaked at a fresh 2017 high of 88.16. From there, the market reversed lower. RSI has fallen below 50 into bearish territory. It is trending down and suggests a further fall in prices is probable. Downside targets consist of [..]

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Technical Analysis – AUDUSD extends weekly losses; finds support at 50-DMA

Posted on March 23, 2017 at 12:06 pm GMT

AUDUSD reversed sharply lower after hitting a 4-month high of 0.7749 on Monday. It has since fallen by around 1.5% but managed to stabilize after finding support at the 50-day moving average earlier today. RSI is neutral at 50 but a drop into bearish territory is possible given that it is sloping down. If the downtrend continues and the pair breaches the 50-day moving average at 0.7623, the near-term bias would turn bearish. This would clear the way towards the 200-day [..]

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Forex News – Sterling jumps as UK February retail sales data show strong growth

Posted on March 23, 2017 at 12:01 pm GMT

UK retail sales rose in February by 1.4% month-on-month, beating expectations of a 0.4% increase, reversing January’s revised 0.5% drop. February’s rise comes after two straight months of declines in December and January. On a year-on-year basis, sales rose 3.7% in February, up from January’s 1.1% increase. Sterling jumped after the data to briefly hit a fresh one-month high against the dollar at $1.2526 as the February retail sales figure showed fairly strong growth. The pound’s gains were limited as [..]

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Technical Analysis – USDJPY maintains short-term bearish bias; challenging key 111.00 level

Posted on March 23, 2017 at 9:14 am GMT

USDJPY maintains a bearish bias in the short term. The pair is currently trading close to the key 111.00 level after falling from 115.00.  This is an important support level which was breached briefly on Wednesday before staging a recovery to 111.57 today. A daily close below 111.00 could bring further weakness, opening the way towards the 110.00 level. The RSI is currently near oversold territory at 30 so this could indicate that prices may stabilize. A bounce higher from [..]

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Asian Session – Dollar pauses slide against yen; focus turns to US House vote on healthcare

Posted on March 23, 2017 at 8:45 am GMT

The risk aversion in markets dissipated today and demand for safe havens eased. This helped the dollar make some recovery against the yen, while gold paused its six-day rally. The dollar moved off four-month lows hit against the yen yesterday at 110.72 on investor concerns over US President Trump’s ability to push through his policies on growth and tax reforms. The greenback last traded around 111.20 yen in late Asian session but focus will remain on the currency today as [..]

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Investment Theme – Dollar overbought but could rise again

Posted on March 22, 2017 at 4:43 pm GMT

Donald Trump’s election victory last November has had a profound effect on US equity markets, the dollar, US interest rates and inflation expectations. Trump’s presidential win and his pledge on tax cuts, deregulation and infrastructure spending last November spurred bullish bets on the dollar. The dollar index rose 5.6% from the election through to the end of 2016 to reach a 14-year high, while the S&P 500 benchmark equity index rallied to a record high, as fundamentals both in the [..]

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