An important US Dollar pullback versus the Euro, Canadian Dollar, and New Zealand Dollar warns we may see continued USD weakness through upcoming trade. The Euro has found important support just above the $1.05 mark, and a clear spike in volume in the $1.0525-1.0550 zone highlights a clear short-term price floor. Comparable resistance starts near the $1.08 mark, but ultimately we don’t see a more significant price ceiling until clear congestion in the $1.1300-$1.1400 area. The British Pound continues to trade near important lows with no clear levels of market interest acting as support. Price congestion and a volume spike near $1.5150 acts as near-term resistance. The US Dollar has broken sharply below major support above C$1.2350, and the daily close below leaves our focus firmly to the downside. Support now turns to resistance, and only a break above negates our bias. The EUR/CAD sees little in the way of meaningful support as it breaks [...]
The US dollar is trading stronger against other major currencies counterpart as we have further declines in crude oil prices causing equity markets to push lower and supporting the USD. Early morning crude oil fell to a low of $48.46 a barrel, lowest levels since 2009. With mounting pressures of oil supply and Saudi Arabia slashing its monthly crude oil prices for Europeans region customers and US refiners. The Sterling Pound and USD also trading softer as more negative data release came in for the economy, the British Services PMI shrank more than market forecasted during December, the GBP has been quite softer for a few weeks and will likely to continue the same trend for the time being. The EURUSD still under pressures since the start of the year, as the weaker bias continues the ECB will announce a massive stimulus programs combined with the Greek election, even as Germany’s Market Service PMI did come in above market forecast was not enough [...]
We're coming off from an extended long weekend holiday a lot of the liquidity would have been drained on Friday due to much of the Western world out for the good Friday holiday, which took a lot of the markets offline and thus today is our first step back into full-scale liquidity. The US dollar took a big tumble on Friday, despite the lack of liquidity because of non-farm payrolls was put into an immediate situation would have to make a make or break situation with regards to its own support. Heavy weight 3 consecutive days down through Friday's close and once again traders thinking, is this the timeframe for the correction? Are we going to see a more substantive pullback now or is it another push forward into the future? It's also important to recognize where we are with the US Dollar, not just on a general index basis but more importantly where the key levels are on the majors. [...]
The Federal Open Market Committee (FOMC) meeting this past week certainly set off fireworks in the financial market. Yet, the outcome didn’t follow the simple path rate watchers would have expected. Now, with volatility further magnified; we find the Dollar wavering on its record-breaking, eight-month bull trend. Did the market overshoot on its speculative forecast for the Greenback before the central bank clarified its position – either pricing in a faster pace than was reasonable or perhaps pushing more premium than just the monetary policy differential would confer? Have the speculative ‘weak hands’ already been flushed from the system? And, will risk trends start to contribute to the currency's fundamental picture in the near future?Looking back at the Fed meet this past week, there weren’t many ‘surprises’. The headlines were focusing in particularly on whether the group would include or strike the term ‘patient’ in reference to their timing for [...]
This past week has be dominated by major market volatility, headlining with the Swiss National Central Bank unexpectedly removing the EURCHF cap of 1.2000 causing major market uproar and setting forex history with record lows for the pair descending to under parity. Meanwhile the USD increasing to 12-year high against the EUR, as markets expecting the ECB to inject fresh monetary easing this upcoming this week, China also set to release GDP, as Bank of Canada and the Bank of Japan will hold schedule monetary policy meetings. These significant events are shaping up to only just the begin of more volatility. As the news of the Swiss National Bank shock the EURCHF trading pair sending the pair under parity a record low, a number of large Forex brokerage firms where not spared in this casualty including USA largest forex currency brokerage, FXCM which needed 300 million cash bail out to keep the company a float courteous of Leucadio [...]
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