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EUR/USD Breakdown, GBP/CAD, USD/CAD Breakouts Eyed this Week

Talking Points: EURUSD below July 2012-July 2013 TL, needs below 1.3475. GBPCAD and USDCAD still both point to breakouts higher. Reminder that July forex seasonals in QE era work against USD. It’s admittedly another quiet start to the trading week, with fewer than ten economic data releases (including central banker speeches) on the calendar for […]

Top Trade Idea For July 21st, 2014 – EUR/CAD

Since mid-March, the euro has lost about 7% of its value against the Canadian dollar. This trend seems likely to continue but has paused around the 1.4441 level. While it seems poised to move higher in a countertrend move possibly towards the 1.50 level, we recognize the price action of the countertrend and see a […]

Chart Of The Day For July 21st, 2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3502-12, 1.3454, 1.3396 Resistance:1.3583-607, 1.3650, 1.3689 The Euro declined against the US Dollar as expected after prices put in a bearish Evening Star candlestick pattern. A daily close below support in the 1.3502-12 area, marked by the 38.2% Fibonacci expansion and the June 5 low, initially exposes the 50% level at 1.3454. Alternatively, reversal […]

Week in FX Americas – Inflation Concerns Come to the Fore

US consumer sentiment declines Consumer has a balanced view on inflation Canucks take price rise on stride Despite the geopolitical event risk in play, a couple of North American economic releases on Friday gauged consumer sentiment and inflation concerns. In the U.S, the preliminary University of Michigan Consumer Sentiment Index for July declined to 81.3 […]

Chart Of The Day For July 18th, 2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3502-12, 1.3454, 1.3396 Resistance:1.3583-607, 1.3650, 1.3689 The Euro declined against the US Dollar as expected after prices put in a bearish Evening Star candlestick pattern. A daily close below support in the 1.3502-12 area, marked by the 38.2% Fibonacci expansion and the June 5 low, initially exposes the 50% level at 1.3454. Alternatively, reversal […]

No Yellin’ – EUR, GBP, JPY Ready to Breakout?

After many months of low forex volatility, one gets the distinct impression that the worst is probably behind us, and that there are a few signs emerging that would suggest that the main forex pairs are on the cusp of a major breakout. Dealers and investors require movement for opportunity and are just itching for […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3502-12, 1.3454, 1.3396 Resistance:1.3583-1.3603, 1.3650, 1.3689 The Euro fell as expected after prices produced a bearish Evening Star candlestick pattern, sinking to the lowest level in a monthagainst US Dollar. Sellers are set to test support in the 1.3502-12 area (38.2% Fibonacci expansion, June 5 low). A daily close below this boundary initially […]

EUR Heavy Handed While Loonie Bulls Stand Ready

On day one of her congressional testimony Janet Yellen said very little that was new to the Senate Banking Committee. The Federal Reserve chief cited ongoing slack in the U.S. jobs market as a concern and she put the emphasis back on the data ‘dots’ with one of her comments of +1% rates at the […]

British Pound Rallies on Inflation Report, Will Jobs Data Curb or Amplify?

Talking Points: Dollar Advances on Yellen Commentary but Checked by Risk Waver British Pound Rallies on Inflation Report, Will Jobs Data Curb or Amplify? Euro Eyes 1.3500 as Equities Slide, Bond Yields Slowly Gain Dollar Advances on Yellen Commentary but Checked by Risk Waver Technically speaking, the US Dollar is in the middle of an […]

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

The pound lost some ground this morning in reaction to the UK labour market data. As expected, the unemployment rate fell to 6.5% in May from 6.6% in April, while jobless claims dropped by 36,300 applications last month which was better than expected. However, earnings growth was again weaker, which remains one of the main […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3502-12, 1.3454, 1.3396 Resistance:1.3583-1.36, 1.3650, 1.3689 The Euro fell against the US Dollar as expected after producing a bearish Evening Star candlestick pattern. Sellers are now targeting the 1.3502-12 area (38.2% Fibonacci expansion, June 5 low), with a break below that on a daily closing basis exposing 1.3454 (50% Fib). Alternatively, a turn above […]

Forget Euro Sentiment, Yellen to Provide FX direction

A plethora of economic data releases coupled with central bank rhetoric is expected to have a meaningful impact on forex market volatility this week and it can’t come too soon. Overnight in Australasia, it was the Bank of Japan (BoJ) and the Reserve Bank of Australia (RBA) that got the ball rolling. However, both have […]

Top Trade Idea For July 15th, 2014 –AUD/USD

Today we will take a look at AUDUSD pair and discover a potential trading opportunity.  If you are following AUDUSD regularly then you will know that pair has been in uptrend since start of the year. Pair rallied almost 800 pips in seven months, but this trend can be changing now. Let’s take a look […]

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

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3583, 1.3502-12, 1.3454 Resistance:1.3689, 1.3747, 1.3805 The Euro declined as expected against the US Dollar after prices put in a bearish Evening Star candlestick pattern. A daily close below the 1.3583-96 area, marked by a rising trend line and the 23.6% Fibonacci expansion, exposes the 1.3502-12 region (June 5 low, 38.2% level).Alternatively, a turn […]

EUR and GBP Are Committed To CFTC Reports

The world has been spoiled by the beautiful game for the past four weeks, and with yesterday’s final, can the markets now get down to some business? All the various asset classes have suffered during the tourney; all robbed of sustainable volume and volatility over the past few weeks and the beginning of the summer […]

EUR/USD Pinned as EUR/JPY Pivots from June Swing; USD/CAD Emerges

Talking Points: EURJPY, EURUSD holding ground despite many negative events. GBPCHF remains a buy on dips, USDCAD breakout emerges. Reminder that July forex seasonals in QE era work against USD. If there was ever a week that could transpire a series of events flush in Euro negativity, last week failed to live up to the […]

Chart Of The Day For July 14th, 2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3583, 1.3502-12, 1.3454 Resistance:1.3674-89, 1.3747, 1.3805   The Euro fell against the US Dollar as expected after producing a bearish Evening Star candlestick pattern. A break below the 23.6% Fibonacci expansion at 1.3583 exposes the 1.3502-12 area, marked by the June 5 low and the 38.2% level.Alternatively, a move above the 1.3674-89 area, marked […]

Week in FX Europe: EUR Limps into next Week

EUR’s stability well contained Investors have confidence in the ECB Fed to maintain dovish strategy Restricted to a tight trading range against the U.S. dollar, the euro is holding steady against the greenback to end the week despite Thursday’s mini-capital markets meltdown thanks to Portugal’s highly publicized banking problems. The EUR’s stability suggests investors believe […]

Euro Looks to Draghi Testimony to Feed Stimulus Expansion Speculation

Talking Points: Euro Looks to Draghi Testimony for Clues About Stimulus Expansion NZ Dollar Narrowly Higher on Firming RBNZ Bets in Overnight Trade What Will Drive Forex Markets in the Days? See Our Weekly Outlook Testimony from ECB President Draghi is in focus in European trading hours. Traders will be most keen to learn any […]

Chart Of The Day For July 11th, 2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.3644 Support: 1.3583, 1.3502-12, 1.3454 Resistance:1.3668, 1.3689, 1.3747 The Euro declined as expected against the US Dollar after prices put in a bearish Evening Star candlestick pattern. Support is at 1.3583, the 23.6% Fibonacci expansion, with a daily close below that exposing the 1.3502-12 area marked by the June 5 low and the 38.2% level.A turn […]

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