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Bitcoin Breaks Out, Closes Up $18 Dollars

Bitcoin’s range-bound trading has finally ended. Prices today broke out above the high of the range at $243 and spiked to $251 per coin before pulling back somewhat. The second push higher took BTC/USD to $252.19 before the bears took charge again and pushed the pair back below the $250 mark. We are currently trading […]

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 […]

West TX Oil Down Near $48 on Rising U.S. Inventories

Ample global supply and increasing U.S. commercial inventories weighed on U.S. crude prices on Thursday after expectations for better demand going forward lifted prices a day earlier, traders and analysts said. U.S. crude settled 5.5 percent lower, or $2.82, at $48.17 a barrel, following a more than 3 percent gain in the previous session. Brent […]

Gold – Rallies Well off Support at $1200

Gold for Friday, February 27, 2015 Gold has done well over the last few days to enjoy some support at $1200 and rally higher to a one week high at $1220 before easing in recent hours. It is presently trading in a narrow range right below $1210 after easing back from $1220. For the last […]

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 […]

Bitcoin Still at $230, BitStamp Lowers Fees

Bitcoin continues to trade flat for a 4th day in a row. Prices are again flip-flopping around $230 per coin. Today’s high stands at $232.14 and the low at $228.12. The daily range was only $4.04 dollars and the 20 day average has fallen further to $11.51. With the general lack of market moving news […]

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 […]

West TX Oil Steady Around $50

U.S. crude held steady just below $51 a barrel in early Asian trade on Thursday after rising back above $50 the previous session, while heating oil futures also held steady above $2.10 a gallon. U.S. crude for April delivery was at $50.88 a barrel at 0000 GMT. Heating oil futures were trading at $2.11 a […]

Gold – Support at $1200 Continues to Stand Tall

Gold for Thursday, February 26, 2015 For the last month now gold has drifted steadily lower down to a one month low near the key $1200 level before finding solid support at this key level over the last week. A few days ago saw gold move back and forth and tease the $1200 level a […]

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 […]

Bitcoin Flat for Third Day in a Row

Bitcoin is trading mostly unchanged again. This is the crypto’s third day in a row of trading flat. After opening at $232.09 BTC/USD rose slightly to $232.81 before falling back down to a low of $228.90. But the small losses didn’t last long and soon bitcoin was trading back above the $230 figure. We are […]

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 […]

West TX Oil Drops Below $49 on Libyan Oilfields

U.S. crude futures settled lower on Tuesday as expectations that this week’s reports on U.S. crude inventories would show another build countered supportive news of Libyan oilfields being shut by a power cut, traders said. U.S. crude settled down 17 cents, at $49.28 a barrel, after earlier reaching $50.33. Brent futures for April were down […]

Gold – Support at $1200 Doing its Fair Share

Gold for Wednesday, February 25, 2015 For the last month now gold has drifted steadily lower down to a one month low near the key $1200 level before finding solid support at this key level over the last week. In the last 48 hours it has moved back and forth and teased the level a […]

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 […]

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