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Technical Analysis – Gold neutral outlook, records two-week high during yesterday’s trading

Posted on March 21, 2017 at 8:11 am GMT

Gold’s recent rally from sub-1200 levels to a 2-week high of 1235 on Monday took a pause today. It’s experiencing a correction after upside momentum lost steam, as indicated by the RSI which turned back down. The RSI indicator is at 53, a level close to the 50 neutral threshold. It is currently trending towards 50. On the upside, yesterday’s high of 1235.38 could offer some resistance. If the price continues advancing, the current level of the 200-day moving average [..]

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European Session – Pound slips on announcement of date to trigger Article 50

Posted on March 20, 2017 at 3:57 pm GMT

The US dollar index made some recovery during the European session after dipping to a six-week low of 100.02 in the Asian session. The antipodeans outperformed the greenback while the loonie was weaker today due to lower oil prices in the wake of the Baker Hughes oil rig count. The pound fell sharply on news of the Article 50 trigger date. In a relatively quiet day in terms of economic data releases, the main news of the day was the [..]

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Technical Analysis – EURCAD bullish; Attempts a close above the 200-day moving average

Posted on March 20, 2017 at 11:13 am GMT

EURCAD has edged higher since the day’s open while it has crossed above the 200-day moving average (MA). The short-term bias as depicted by the RSI is bullish as the indicator is well above the 50 neutral mark at 66. This is reinforced by the stochastics as the %K line is bullish and it has crossed above the slow %D line. Should the price manage to close above the 200-day MA, then the March 13 four-month high of 1.4416 would [..]

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Asian Session – Dollar under pressure, near 3-week lows against yen; gold extends rally

Posted on March 20, 2017 at 8:43 am GMT

There was a quiet start to the week as closed markets in Japan led to lackluster trading during the Asian session. With not a lot on the economic calendar, investors digested news from the Group of 20 meeting that took place over the weekend, while currencies consolidated moves from last week. Slight risk aversion led to yen buying. The dollar was down again today. Finance ministers at the G-20 meeting in Germany over the weekend reiterated their stance against competitive [..]

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Technical Analysis – EURUSD bullish bias; Price approximately at 6-week high

Posted on March 20, 2017 at 8:00 am GMT

EURUSD is currently up for the day and roughly at the level of the six-week high of 1.0782 recorded on Thursday. The RSI indicator is pointing to a bullish short-term bias as it is well above the 50 neutral level at 61. The MACD histogram adds to the signal as it is positive and above the red line. The 1.08 handle could serve as a psychological barrier to up movements in price. If the price crosses above, the current level [..]

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European Session – Dollar lacks momentum; G20 meeting on investors’ radar

Posted on March 17, 2017 at 4:10 pm GMT

Today’s European session was relatively quiet in terms of economic data with a few figures out of the US, including industrial output and the University of Michigan’s consumer sentiment survey, gathering most attention. Market participants are now preparing themselves for the G20 meeting that is to follow over the weekend. The dollar index, a measure of the greenback’s strength relative to the currencies of major trading partners to the US, was last slightly up for the day after rebounding from [..]

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Week Ahead – RBNZ meeting eyed; Fed to remain under the spotlight as speakers lined-up

Posted on March 17, 2017 at 3:44 pm GMT

After an eventful week with central bank meetings and European elections, the next seven days will be relatively quieter. Inflation, retails sales and flash PMI estimates will be the dominant data theme, while central banks will continue to grab attention. The Reserve Bank of New Zealand will meet for its second policy meeting of the year and the Fed will find it hard to stay out of the headlines as key officials are scheduled to speak. UK retail sales to [..]

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Technical Analysis – EURGBP bullish phase threatened as prices challenge 0.8700

Posted on March 17, 2017 at 3:09 pm GMT

EURGBP rallied to a high of 0.8786 on March 13 but reversed lower as RSI reached overbought levels at 70. The pair has been consolidating just above the key 0.8700 level since then and is challenging this level today. The near-term bias remains neutral but a daily close below 0.8700 will shift the bias to bearish. This level coincides with the 23.6% Fibonacci retracement level of the recent uptrend from 0.8401 to 0.8786. A further decline would target the 0.8600 [..]

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Technical Analysis – USDJPY looking bearish in the short-term after yesterday’s 2-week low

Posted on March 17, 2017 at 8:08 am GMT

USDJPY posted a two-week low during yesterday’s trading. The pair is currently at a point where it covered a bit less than half of yesterday’s fall. The RSI is bearish at 45 with the stochastics also painting a bearish short-term picture. Specifically, the %K line is in negative territory and below the slow %D line. Note though that %K has hit oversold levels as it is currently below 20. The 50-day moving average (MA) at 113.70 comes into view as [..]

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Asian Session – Euro gets added boost on ECB official’s comments; dollar holds post-FOMC losses

Posted on March 17, 2017 at 8:00 am GMT

The euro was one of the top performing major currencies in the Asian session today after being lifted by comments from a European Central Bank official who hinted at a rate increase. The US dollar remained weak in the wake of the FOMC and is on track to end the week with sharp losses against the yen. The euro rose against the dollar in Asian trading and reached a more-than 5-week high of $1.0781 on hawkish comments from an ECB [..]

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