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Chart Of The Day For February 27th,2015 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.1185, 1.0970, 1.0796 Resistance:1.1318, 1.1533, 1.1659 The Euro moved sharply lower against the US Dollar, with prices attempting to clear path to the late-January low anew. Near-term support is at 1.1185, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the […]

Top Trade Idea For February 27th, 2015 – USD/CAD

Tuesday’s trend peak in Dollar: CAD confirmed the resistance line of a descending triangle formation. This looks to me like a situation that might provide a trade setup in either direction. The bullish scenario comes out of the Elliot wave playbook. The last major swing higher has the potential to be an impulsive 3rd wave […]

GBP and EUR Data Gets Little Market Reaction

Yellen gives nothing away Investors prefer to wade out the month German debt print record low yields Bring on ECB and NFP It appears that the global investor is showing little reaction to Fed Chair Yellen’s second day of testimony on the hill yesterday. She provided no new hints on the timing or pace of […]

US Dollar May Fall if Soft Core Inflation Data Cools Fed Rate Hike Bets

Talking Points: Euro, Pound Unlikely to Find Volatility in UK GDP and German Jobs Data US Dollar May Decline if Soft Core CPI Weighs on Fed Rate Hike Outlook Australian Dollar Down as Weak Capex Report Boosts RBA Rate Cut Bets The economic calendar is relatively quiet in European trading hours. A marginal improvement on […]

Chart Of The Day For February 26th,2015 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.1276, 1.1185, 1.0970 Resistance:1.1533, 1.1659, 1.1832 The Euro remains in digestion mode after bottoming as expected against the US Dollar following the appearance of a bullish Morning Star candle pattern. A daily close above the February 3 high at 1.1533 exposes the 38.2% Fibonacci retracement at 1.1659. […]

Top Trade Idea For February 26th, 2015 – EURGBP

Even though it looks really ugly, the above five waves structure is about to end, if not already ended with a falling wedge in the shape of an impulsive move. I know that the 2-4 trend line is not broken yet, but what really matters is the structure of all those waves of a lower […]

What a Surprise – No Firm Signals From Yellen

Yellen vague and ambiguous Fed upbeat on U.S job market Fed removed as market risk 28% chance of a June hike priced In Ms. Yellen’s testimony today she did not give the hawks what they were expecting, but on the other hand she was not overtly dovish either. Like any good Central Banker she was […]

Dollar Finds No Traction on Yellen’s Support for Hawkish Shift

Talking Points: Dollar Finds No Traction on Yellen’s Support for Hawkish Shift Euro Tuned into Greece Reform Review, Fear Fading Fast Australian Dollar Jerked Higher By Chinese Manufacturing Report Dollar Finds No Traction on Yellen’s Support for Hawkish Shift Fed Chairwoman Janet Yellen delivered her testimony before the Senate Banking Committee Tuesday and the content […]

Top Trade Idea For February 25th, 2015 – AUD/USD

In last Friday’s Week Ahead Preview report, we noted that AUDUSD “[had] held up extremely well despite a surprise RBA rate cut and weak jobs report, suggesting that sellers may be growing exhausted around the .7700 handle…” As a general rule, when price action and the fundamental “news” diverge, price is usually proven correct; therefore, […]

Chart Of The Day For February 25th,2015 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.1276, 1.1185, 1.0970 Resistance:1.1533, 1.1659, 1.1832 The Euro continues to stall having carved out a bottom against the US Dollar as expected after showing a bullish Morning Star candle pattern. Near-term resistance is at 1.1533, the February 3 high, with a break above that on a daily […]

Today the Dollar Depends on Yellen

Greek list a “valid starting point” Periphery bonds soar on Greece Market anticipates a “neutral” Yellen tone Do we wait for ECB’s QE for lower EUR? “Be seeing to be doing the right thing” something that Greece is delivering on this morning. A list of proposals submitted by the Greek government on how to overhaul […]

Pound May Rise as US Dollar Falls on Bank of England, Fed Testimony

Talking Points: British Pound May Rise as BOE Testimony Fuels Rate Hike Speculation US Dollar Disproportionately Vulnerable to Losses on Yellen Comments RBNZ Survey Puts Inflation Outlook at 15-Year Low, Sinks Kiwi Dollar Bank of England monetary policy expectations will be in focus in European trading hours as Governor Mark Carney, Deputy Governor Ben Broadbent […]

Top Trade Idea For February 24th, 2015 – USD/CAD

USDCAD has turned down three weeks back, when pair accomplished a sharp five wave move within an extended red wave 3). If that is the case then traders must be aware of more upside once a corrective wave 4) is complete. Usually wave 4) will retrace for 38.2% compared to wave 3), which in our […]

Chart Of The Day For February 24th,2015 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.1276, 1.1185, 1.0970 Resistance:1.1533, 1.1659, 1.1832 The Euro remains in digestion mode after bottoming as expected against the US Dollar following the appearance of a bullish Morning Star candle pattern. A daily close above the February 3 high at 1.1533 exposes the 38.2% Fibonacci retracement at 1.1659. […]

Market Looks to Yellen for Dollar Direction

Greek extension brings relief Market seeks Yellen guidance Inflation to dominate proceedings “Big Dollar” favored across the board The four-month extension of Greece’s support program agreed late last Friday has done nothing to change the probability of Greece potentially leaving the Eurozone. The market should remain realistic to the fact that the path towards a […]

Is USD Consolidation Ready to End? Charts for the Week

Talking Points: USDOLLAR Index breaches topside of recent range 11770/810. EURUSD triangle, GBPUSD wedge, USDCAD triangle in focus. See the DailyFX Economic Calendar for the week of February 22-27, 2015. Despite all the hoopla surrounding Greece’s late-week loan extension agreement, the reaction seen in the Euro complex wasn’t all that inspiring. In recently downtrodden pairs […]

Chart Of The Day For February 23th,2015 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.1276, 1.1185, 1.0970 Resistance:1.1533, 1.1659, 1.1832 The Euro continues to stall having carved out a bottom against the US Dollar as expected after showing a bullish Morning Star candle pattern. Near-term resistance is at 1.1533, the February 3 high, with a break above that on a daily […]

Markets Set Sights on Greece as Debt Standoff Enters Eleventh Hour

Talking Points: Traders Withhold Directional Conviction as Greece Debt Impasse Continues Euro Unlikely to Produce Strong Response to February Eurozone PMI Data See Economic Releases Directly on Your Charts with the DailyFX News App Currency markets were little-changed in the overnight session as traders withheld directional conviction pending an update on the stalemate between Greek […]

Top Trade Idea For February 20th, 2015 – AUD/NZD

Australians and New Zealanders share a special love/hate relationship, and at the moment there’s a lot of trans-Tasman Sea chat about the potential for a parity party. In Auckland and Wellington, they’re chilling the champagne in anticipation of Kiwi strength taking the pair to levels not seen since 1997. NZ’s high quality agricultural exports and […]

Chart Of The Day For February 20th,2015 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Flat Support: 1.1276, 1.1185, 1.0970 Resistance:1.1533, 1.1659, 1.1832 The Euro remains in digestion mode after bottoming as expected against the US Dollar following the appearance of a bullish Morning Star candle pattern. A daily close above the February 3 high at 1.1533 exposes the 38.2% Fibonacci retracement at 1.1659. […]

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