Australian Dollar Declines as Chinese Report Momentum Fizzles Out The Australian dollar declined in early morning trading in Sydney as its earlier momentum fuelled by favorable Chinese manufacturing...
The British Pound rebounded against the Japanese Yen after turning downward as expected but gains appear to be corrective. Resistance is marked by a trend line cluster in the 171.91-172.07 area, with a break above that on a daily closing basis exposing a triple top at 172.82.Near-term support is at 169.86, the 38.2%Fibonacci retracement. A push below that opens the door for a challenge of the 50% Fib at 168.71.
We sold GBPJPY at 172.26 and took profit on half of the positionat 171.27. The series of lower highs and lower lows – the definition of a down trend – initiated from the May 2 peak remains in place. As such, we will keep the remainder of the trade in play with a stop-loss set to the breakeven level (172.26).
It continues to tease traders near critical support at 1.3670 with the Hammer formation on the daily suggesting the bulls are not prepared to relinquish their grip on the pair just yet. However, before suggesting a potential bounce back to 1.3780, the reversal signal needs to see confirmation from a successive up-day. A daily close below 1.3670 would signal strong conviction amongst the bears and open up the next noteworthy level of support at 1.3480.
2014-05-22 01:45 GMT (or 03:45 MQ MT5 time) | [CNY - HSBC Manufacturing PMI] past data is 48.1, forecast data is 48.1, actual data is 49.7 according to the latest press release if actual > forecast =...
The Euro renewed its push downward against the British Pound, with prices sinking to the lowest level since January 2013. Support is seen at the bottom of a falling channel set from late April, now at 0.8087, with a break below that exposing the 100% Fibonacci expansion at 0.8056. Alternatively, a move back above the 76.4% level at 0.8104 aims for the 0.8124-33 area, marked by a falling trend line established from January and the 61.8% Fib.
Risk/reward considerations argue against taking a trade at present withprices wedged too closely between near-term up- and down-side technical barriers. We will continue to wait on the sidelines for the time being.
CRUDE OIL TECHNICAL ANALYSIS – Prices are pushing higher to set sights on resistance at 103.20, the intersection of a rising trend line set from mid-March and the 50% Fibonacci expansion. A break above this barrier initially exposes the 61.8% level at 103.37. Near-term support is at 102.74, the 38.2% Fib, with a move back below that eyeing the 23.6% expansion at 102.17.
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GOLD TECHNICAL ANALYSIS – Prices are consolidating below resistance in the 1305.69-15.60 area, marked by the top of a descending Triangle chart formation and the 38.2% Fibonacci retracement. A break above that on daily closing basis targets the 50% level at 1330.18. The descending Triangle argues in favor of bearish continuation however (though confirmation is absent for now). Near-term support is at 1277.00, the Triangle bottom.