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Chart Of The Day For April 17th, 2014 – EUR/USD

By Ilya Spivak,  EUR/USD Technical Strategy: Pending Short Support: 1.3835 (23.6% Fib exp.), 1.3793 (38.2% Fib exp.) Resistance: 1.3905 (Apr 11 high) The Euro is stalling at chart support just below the 1.38 figure against the US Dollar having found resistance near the 1.39 mark. A break below support at 1.3793 marked by the 38.2% Fibonacci expansion on a daily closing basis […]

Why the Euro Won’t Go Down

By Boris Schlossberg , Market Drivers April 17, 2014 Tankan up big in March despite sales tax pressure German PPI continues to deflate Nikkei 0.0% Europe -.22% Oil $103/bbl Gold $1298/oz. Europe and Asia: JPY Tankan 25 vs. 18 AUD NAB Business confidence 6 vs. 8 EUR GE PPI -0.3% vs 0.0% North America: USD Jobless […]

WTI Crude – Back Above 104.0 But Fundamental Support For Further Gains Remain Weak

WTI prices behaved as we expected yesterday. Prices tanked after peaking above 104.5 following a surprise bullish push during European session even though there was very little reasons to justify the push. Hence, a reversal was always expected and bears duly responded. The much higher build up in Crude Inventory reported by DOE (+10 million […]

Top Trade Idea For April 17th, 2014 – USDJPY

Time to take a look at the usdjpy pair as this resilience to break lower is leading us to a single possible scenario: running variation of a contracting triangle on the daily chart. This scenario is going to be invalidated only by a move below 100.75 level so this should be the stop loss for […]

Markets mixed as Ukraine conflict quells recent strength

Janet Yellen’s speech provides more of the same Heightened Ukraine conflict raises fears of Russian intervention Potential sanction from west likely to be weak as domestic impact is considered BoJ’s Kuroda maintains accomodative stance and Japan seeks 2% inflation. The European open looks set to be a mixed affair as global indices seem undecided as […]

Pound to Look Past Jobless Claims Data, Dollar Eyes Fed Beige Book

Talking Points: Pound Unlikely to Find Momentum in an On-Trend Jobless Claims Decline US Dollar Rebound May Continue to Pro-Taper Tone in Fed’s Beige Book NZ Dollar Weakens as Soft CPI Erodes RBNZ Bets, Yen Falls as Stocks Rise The March set of UK Jobless Claims figures headlines the economic calendar in European hours. Consensus […]

Bitcoin: BTC/USD Technical Analysis – 16th April 2014

    Bitcoin rises as high as 545 this morning, but has retreated to around 500. Let’s take a closer look at the current BTC/USD H4 chart below (click to expand):       I’ve performed the Fibonacci study from the low of the month at 382, until the high of the month at 545. […]

Dollar Steady After Yellen Comments and Chinese Data and Other Top Forex News.

The dollar was mostly higher on Wednesday, after Chinese first quarter growth data came in slightly above estimates, while the Canadian dollar suffered following a dovish rate statement from the Bank of Canada. This mornings data from China buoyed the market, with The Chinese Republic posting a 7.4% gain in gross domestic product for the […]

Bitcoin Slightly Up, MtGox Files for Liquidation

BTC is trading slightly up in a volatile trading session. The day opened at $500.60 on BTC-E. From here, prices rallied all the way up to $544.90. The highest high on BitStamp stands at $548. The move up didn’t last however and BTC/USD fell over $60 in less than two hours to hit a daily […]

Top Trade Idea For April 16th, 2014 – GBP/USD

The pound extended its gains this morning following the release of some cheerful jobs data out of the UK. The GBP/USD climbed to an initial high of almost 1.6820, which was the previous 2014 high, while the EUR/GBP nearly dropped to last week’s low of 0.8230. Both pairs then paused for a breather as investors […]

Chart Of The Day For April 16th, 2014 – EUR/USD

By Ilya Spivak, EUR/USD Technical Strategy: Pending Short Support: 1.3835 (23.6% Fib exp.), 1.3793 (38.2% Fib exp.) Resistance: 1.3905 (Apr 11 high) The Euro has turned lower anew against the US Dollar having found resistance just above the 1.39 figure. Prices are testing support at 1.3793, the 38.2% Fibonacci expansion, with a break below that targeting the 50% level at 1.3758. Near-term […]

UK Unemployment Drops Below 7% – Pound Blasts Above 1.6800

Market Drivers April 16, 2014 UK unemployment dips below 7% Chinese data mixed Nikkei 3.01% Europe .97% Oil $104/bbl Gold $1301/oz. Europe and Asia: CNY GDP 7.4% vs. 7.4% CNY IP 8.8% vs. 9.1% CNY Retail Sales 12.2% vs 11.9% GBP claimant count -30K vs. -30K GBP 6.9% vs. 7.1% GBP Average earnings 1.7% vs […]

WTI Crude Technicals – 104.0 Broken But Follow-Through Suspect

WTI Crude has been staying between 103.0 – 104.0 for most of the entire week, but prices suddenly shot up during early European session, pushing beyond the high of Monday and leading prices to the highest level since 6th March. This gain is certainly surprising given that latest inventory data from the American Petroleum Institute […]

Gold Technicals – 1,300 Broken As Bearish Momentum In Full Force

Gold prices tanked heavily after the bearish rejection of 1,330 resistance, breaking the 1,315 key level in the process which led to even stronger selling pressure. What is more surprising is the fact that prices managed to breach 1,300 round figure support, resulting in the strongest hourly decline seen since 7th March – when US […]

British Pound Bulls Fear Weaker Inflation Statistics

Talking Points: Dollar Bounces Along with Yields, CPI a Key Benchmark British Pound Bulls Fear Weaker Inflation Statistics Euro Takes Another Hit as ECB’s Threats Pick Up Intensity Dollar Bounces Along with Yields, CPI a Key Benchmark US equities may have put up a decent rebound to open the week, but that wouldn’t stop the […]

Dollar Mostly Higher Despite Inflation Data and Other Top Forex News.

The dollar was trading mostly higher against the other major currencies on Tuesday, despite this mornings inflation data coming in higher-than-expected. This mornings data showed that consumer price inflation rose 0.2% in March, exceeding expectations for a 0.1% gain, after a 0.1% uptick the previous month. With core consumer price inflation, which excludes food and […]

Bitcoin: BTC/USD Technical Analysis – 15th April 2014

  Bitcoin’s alignment of firm bullish technicals (as discussed yesterday), have proven strong enough to take the crypto-coin’s value soaring over the past 48 hours. In my analysis on BTC/USD yesterday, I performed the following Fibonacci study (click to expand): Where I mentioned, “how much strength do these bulls have? Well, due to the recent […]

Top Trade Idea For April 15th, 2014 – Gold

Gold – the most emotive of trades is on the slide. The base at $1180 formed at the latter part of last year following a fairly staggering 29% fall in a single year led to a fairly decent recovery in the first quarter of 2014. The failure to move through the $1330/oz level despite rising […]

Chart Of The Day For April 15th, 2014 – EUR/USD

By Ilya Spivak, EUR/USD Technical Strategy: Pending Short Support: 1.3835 (23.6% Fib exp.), 1.3793 (38.2% Fib exp.) Resistance: 1.3905 (Apr 11 high) The Euro may be carving out a top below 1.39 to the US Dollar after prices put in bearish Evening Star candlestick pattern. A break below support at 1.3835, the 23.6% Fibonacci expansion, initially exposes the 38.2% level at 1.3793. […]

Will Yellen Crush The Dollar?

By Boris Schlossberg, Market Drivers April 15, 2014 UK CPI in line EUR ZEW misses a bit on Ukraine worries Nikkei .62% Europe -.43% Oil $102/bbl Gold $1310/oz. Europe and Asia: GBP CPI 1.5% vs. 1.5% EUR ZEW 43.2 vs. 46.3 North America: USD CPI 8:30 AM USD Empire 8:30 AM Cable saw some early […]

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