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Congestion area broken and traders exit in a hurry The congestion in the EURUSD at the 1.1113-20 level worked for a bounce to 1.1134, but then the support gave way and traders exited/sold into to break (get me OUT) The fall has now taken the price to - and through the 1...
Trading Systems
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Sherif Hasan, 5 July 2016, 19:34
Tests the September 1985 low. The GBPUSD has moved to new session lows and continues the fall to new multi decade lows. The pair is currently testing the September 1985 swing low at the 1.3045 level (the low comes in at 1.30413...
Trading Systems
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Sherif Hasan, 5 July 2016, 19:31
Lots of technical congestion ahead Like a major artery where different roads come together, the EURUSD has one such area being approached. The 100 and 200 hour MAs at 1.1113-20 and the low for the day at 1.1119 come together. Just north of that intersection is a trend line connecting lows (at 1...
Trading Systems
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Sherif Hasan, 5 July 2016, 19:27
Not to be confused with the BREXIT day low The USDJPY traded at a low of 101.38 on June 27th. That was the Monday after the BREXIT result on June 24th. That was the low from last week as well. The 50% of the move up from the low comes in at 101.20 area (I am using a low on Brexit day of 99...
Trading Systems
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Sherif Hasan, 5 July 2016, 19:26
The latest dairy auction from Fonterra Whole milk price index -1.6% Whole milk powder prices average $2062/MT Globaldairytrade auction average $2345/MT It's the second auction in a row of declining prices but that follows two very strong auctions...
Market News
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Sherif Hasan, 5 July 2016, 19:23
USD/CAD fell on July 1 and July 4 holidays USD/CAD is trading almost precisely where it closed the day on June 30. It's taken a 110 pip, one-way rally to get there but all that's happened is that the pair has unwound declines on July 1 (a holiday in Canada) and July 4 (a holiday in the USA...
Trading Systems
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Sherif Hasan, 5 July 2016, 19:21
The most recent Bank of Japan monetary policy meeting adjourned 15 June, just one week before the UK referendum vote. The question must be asked whether the BOJ considered any risk to the Japanese economy either before or after the vote...
Market News
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Sherif Hasan, 5 July 2016, 17:57
Carney tries to say that they are ready to do everything, but this comes on the background “risks materializing” in the few days after Brexit. So, should we be find comfort in Carney message for the future or listen to his dark assessment of the present...
Market News
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Sherif Hasan, 5 July 2016, 17:55
Was the services PMI survey conducted before the Brexit vote? At least according to the outcome, we don’t have a collapse which mimics the one in the construction sector. A score of 52.3 is slightly less than 52.7 originally expected, but certainly not a disaster...
Market News
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Sherif Hasan, 5 July 2016, 17:52
The Australian dollar enjoyed a post-Brexit recovery and managed to top the 0.75 level. While AUD/USD keeps holding on to this ground, the gains may have stopped for now...
Trading Systems
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Sherif Hasan, 5 July 2016, 17:50
The ISM Non-Manufacturing PMI (Purchasing Managers’ Index) is based on a survey of purchasing managers in the manufacturing sector. Respondents are surveyed for their view of the economy and business conditions in the US...
Trading Systems
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Sherif Hasan, 5 July 2016, 17:49
Signs that the Brexit is already taking its toll are accumulating. A mix of surveys, news reports and a political turmoil is taking over. GBP/USD is falling once again, over 100 pips and back to the 1.31 handle. The low so far is 1.3162, above the 1...
Trading Systems
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Sherif Hasan, 5 July 2016, 17:47
EURUSD Daily Analysis EURUSD (1.113): EURUSD is seen pulling back after edging higher yesterday. Having cleared 1.110, the current pullback could be limited to 1.110 to establish support. In such an event, EURUSD could potentially be forming a base at 1.110 for the eventual test to 1...
Trading Systems
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Sherif Hasan, 5 July 2016, 17:45 #xauusd, technical analysis
The fallout from Brexit is far from over. Bank of America Merrill Lynch sees further falls and explains: Here is their view, courtesy of eFXnews: Rarely in UK political history has there been a situation where there has been a concurrent leadership contest in the two largest parties in Parliament...
Trading Systems
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Sherif Hasan, 5 July 2016, 17:42
EUR/USD is struggling with Brexit and there is more potential to the downside. And that’s not the only reason. Here is their view, courtesy of eFXnews: We are lowering our 3m EURUSD forecast to 1.05 from 1...
Trading Systems
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Sherif Hasan, 5 July 2016, 17:41
UK Services PMI is based on a survey of purchasing managers in the services sector. Respondents are surveyed for their view of the economy and business conditions in the UK. A reading which is higher than the market forecast is bullish for the pound...
Trading Systems
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Sherif Hasan, 5 July 2016, 17:40
AUD has depreciated in recent years, as it adjusted to the lower terms-of-trade stemming from the decline in commodity prices. However, the currency has remained stronger than the level of commodity prices and the rates differential would suggest...
Analytics & Forecasts
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Vasilii Apostolidi, 5 July 2016, 16:53 #forex
Risk aversion rising US stock futures point to an 11 point decline in the S&P 500 as the market sours, once again, on the Brexit uncertainty. The main focus is on the breakdown in cable but the dollar has come under some independent pressure in the past 30 minutes. USD/JPY quickly fell to 101...
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Sherif Hasan, 5 July 2016, 15:39
Takes out lower trend line on hourly chart. Timber The GBPUSD just took out the lower trend line which held briefly at 1.3090 area, and we are seeing further selling as traders throw in the towel. With the price trading at lowest levels since 1985, there is not a whole lot to hang onto...
Trading Systems
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Sherif Hasan, 5 July 2016, 15:37
A majority of Conservatives support May YouGov polled Conservative members from July 1-4 and found that Theresa May begins the leadership race as an overwhelming favourite. T. May: 54% A. Leadsom: 20% M. Gove: 9...
Market News
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Sherif Hasan, 5 July 2016, 15:33