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Chart Of The Day For November 25th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2360, 1.2213, 1.1974 Resistance:1.2549, 1.2599, 1.2770 The Euro may have resumed its longer-term decline against the US Dollar after prices completed a Flag continuation chart pattern last week. A daily close below the 14.6% Fibonacci expansionat 1.2360 exposes the 23.6% level at 1.2213. Alternatively, a reversal above falling trend line resistance at […]

USDCAD finds moving average support

The USDCAD pair finally broke below a major support level on Friday, yet with a major moving average now limiting further downside, it will be interesting to see how the pair reacts between these two key levels as a means to gauge the direction in coming weeks. The weekly chart below shows that the pair […]

Aussie and NZ Dollars Rise, Yen Drops as China Expands Stimulus

Talking Points: Aussie and Kiwi Dollars Rise, Yen Drops as China Expands Stimulus Effort Euro Unlikely to Find a Lasting Catalyst in German IFO Survey Outcome See Economic Releases Directly on Your Charts with the DailyFX News App The Australian and New Zealand Dollars outperformed in overnight trade after China expanded monetary stimulus efforts, cutting […]

Top Trade Idea For November 24th, 2014 – GBP/NZD

Since late September, GBP/NZD (‘the pound’ against the New Zealand dollar) has fallen 1400 pips. We feel that this trend will continue and will discuss a trade for expected move lower. The recent move higher provides an opportunity to trade it short. This eight-hour GBP/NZD chart starts at the early November 2014 high of 2.0812 […]

Chart Of The Day For November 24th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2334, 1.2272, 1.2194 Resistance:1.2397, 1.2494, 1.2559 The Euro looks to have resumed its decline against the US Dollar after prices recoiled from trend line resistance set from mid-October. Near-term support is at 1.2334, the 50% Fibonacci expansion, with a break below that on a daily closing basis exposing the 61.8% level at […]

Week in FX Europe – Draghi Hands Ammo to Euro Bear

Draghi’s Dovish Remarks Suffocate EUR Market expects ECB to announce new measures in December Greater Euro/U.S rate divergence needs to be priced The euro bear got a subtle hint yesterday to consider “not” booking any EUR profits just yet, all because the EUR bull happened to be blinded by flash purchasing mangers’ index (PMI) numbers. […]

Dovish Draghi and PBOC stimulus drive markets higher

Draghi’s dovish message gives markets a massive boost; PBOC surprise stimulus helps extend gains, while the aussie and commodities also rally; Quiet end to the week seen with no major announcements scheduled. What was initially looking like a quiet day for the financial markets due to the lack of scheduled economic events has become a […]

EUR/USD Breaks Channel from November Low, AUD/USD Skewed by PBoC

Talking Points: EURUSD slides after Draghi’s comments on a QE program. AUDUSD jumps after PBoC announces surprise rate cut. See the ‘high’ importance events on the DailyFX Economic Calendar. The People’s Bank of China’s decision today to cut its key interest rates in an effort to liberalize the exchange rate and boost consumption (their words, […]

Top Trade Idea For November 21st, 2014 – EUR/AUD

The Euro is forming a Gartley 222 pattern against the Aussie Dollar. The Gartley is a 3 part correction “A” to “B”; “B” to “C” and finally “C” up to “D”. The move being corrected is usually labelled XA In this case the CD swing has arrived at a 78.6% Fibonacci correction of XA  My […]

Chart Of The Day For November 21th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2482, 1.2397, 1.2334 Resistance:1.2559, 1.2621, 1.2684 The Euro advanced against the US Dollar as expected after prices put in a bullish Piercing Line candlestick pattern. A daily close above the intersection of a falling trend line and the 38.2% Fibonacci retracementat 1.2559 exposes the 50% level at 1.2621. Alternatively, a reversal below rising trend […]

EUR Bull Blinded by Flash Numbers

Fed reinforces “normalization” China flash manufacturing PMI dips to 6-month low Weak Flash numbers has EUR hobbling Federal Reserve announcements usually end up having the largest market impact, and yesterday’s release of the Federal Open Market Committee’s October meeting minutes were not to be the exception. However, the data ended up being a “non-event” as […]

EURAUD resistance likely to hold at 200 dSMA

The EURAUD pair has been trading within a range over the past month and a half. On a long term outlook, it looks like we could be within a head and shoulders formation, yet for the time being, it looks like we could get some downside following a move to the upper end of the […]

USDOLLAR Continuation as EUR/USD, GBP/USD Fail at Resistance

Talking Points: USDOLLAR continues broadly higher thanks to AUD, JPY. EUR/USD, GBP/USD channels/flags near breaking points. See the ‘high’ importance events on the DailyFX Economic Calendar. The FOMC minutes yesterday spurred the USDOLLAR Index’s push to fresh 2014 highs, but it will take more than words to keep the greenback’s bull trend going. One of […]

Chart Of The Day For November 20th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2471, 1.2397, 1.2334 Resistance:1.2582, 1.2621, 1.2684 The Euro moved higher against the US Dollar as expected after producing a bullish Piercing Line candlestick pattern. Near-term resistance is in the 1.2559-82, marked by a falling trend line and the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% […]

Top Trade Idea For November 20st, 2014 – EURGBP

This week I would like to take a look at the eurgbp pair as from my point of view there is still room to go to the upside and therefore would favor a move above 0.81, having 0.8104 and 0.8194 targets while 0.7900 would be the invalidation level. The thing is that the 0.800 level […]

Will FOMC Minutes Stray from the Beaten Path?

FOMC expected to make some noise “Old Lady” sets sterling alight BoJ attempting to save face In today’s economic climate, central banks are never too far away from the heart of any forex move, and again overnight has been no exception. Monetary policy guidance, economic reassessment, and policymakers’ outright voting results are influencing forex price […]

Attention turns to the Fed as BoE turns more hawkish

BoJ stands pat after last month’s surprise stimulus efforts; BoE minutes more hawkish than Carney comments last week; FOMC minutes to elaborate on hawkish statement a few weeks ago; Housing data also in focus in the US today; Oil prices remain under pressure ahead of next week’s OPEC meeting. The trading day is being dominated […]

US Dollar Gains as Foreign Demand Hits Record, FOMC Minutes on Tap

Talking Points: US Dollar Gains on FOMC Minutes Pre-Positioning, Supportive TICs Data Pound May Fall if BOE Minutes Reveal Hawks Abandoned Rate Hike Votes See Economic Releases Directly on Your Charts with the DailyFX News App The US Dollar outperformed in overnight trade, rising as much as 0.3 percent on average against its leading counterparts. […]

Top Trade Idea For November 19th, 2014 – NZD/USD

Yesterday, we outlined a big picture framework for thinking of the broad-based US dollar rally as a rising tide, led by the rotation of individual waves, or currencies (see “Blizzards, Beaches, and the Rising US Dollar Tide” for more). In that article, we highlighted the commodity dollars (CAD, AUD, and NZD) as the strongest candidates […]

Chart Of The Day For November 19th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2457, 1.2374, 1.2312 Resistance:1.2559, 1.2621, 1.2684 The Euro advanced against the US Dollar as expected after prices put in a bullish Piercing Line candlestick pattern. A daily close above the 38.2% Fibonacci retracementat 1.2559 exposes the 1.2594-1.2621 area marked by a falling trend line set from mid-October and the 50% level. Alternatively, a reversal […]

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