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Bitcoin Closes Lower, $350 Eyed

After several days of uneventful trading, bitcoin volatility is on a slight uptick! After opening at $368.75 BTC/USD fell to a low of $357.11. But unlike previous days, prices didn’t recover this time and after a brief pause, a second down move took prices to a new low of $355 flat. We are currently quoted […]

Top Trade Idea For December 8th, 2014 – USD/NOK

Last week’s USD/NOK long trade idea succeeded (see http://www.forexnews.com/blog/2014/12/01/top-trade-idea-december-1st-2014-usdnok) making it the second time in a recent weeks we’d successfully traded USD/NOK (and as suggested last week, it would be quicker to complete than the first USD/NOK setup). The oil price fall remains the key topic of conversation so given its strong inverse correlation to […]

Chart Of The Day For December 8th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2279, 1.2213, 1.1974 Resistance:1.2455, 1.2529, 1.2683  The Euro may be preparing to rebound against the US Dollar as prices carve out a bullish Falling Wedge chart formation. A daily close above the 1.2360-86 area marked by the 14.6% Fibonacci expansion and the November 21 close exposes the wedge top at 1.2440. Alternatively, […]

Week in FX – U.S and Canada Moving in Opposite Directions

U.S on course for jobs record Dollar goes “walkabout” ahead of holiday’s Canada takes the wrong route Loonie at a loss on jobs report Friday delivered a nonfarm payrolls (NFP) report that blew away the critics, conspiracy theorists, and jittery investors in one fell swoop. U.S. employers ramped up hiring in November, continuing a stretch […]

Gold – Drops Back Below Key $1200 Level Again

Gold for Monday, December 8, 2014 Gold has had a fascination with the $1200 level over the last few weeks which has seen it trade either side of this level.  Over the last week gold traded in a narrow range under $1220 before falling sharply back below to close out last week.  In the few […]

US jobs report set to see the week out with a bang

The European session got off to a bright start on Friday as investors responded to reports that emerged after the close on Thursday that claimed the ECB is preparing a broad based quantitative easing package for January. These reports have yet to be confirmed and are unlikely to be given that ECB President Mario Draghi […]

Dollar, Yen Torn Between US Jobs Data and Year-End Capital Flows

Talking Points: US Dollar Needs Outsized Beat on Payrolls Print to Refuel Upward Drive Yen May Rise After Overnight Drop on Year-End Flows After NFP Report German Factory Orders, Eurozone GDP Revision Unlikely to Stir the Euro A relatively muted economic calendar in European trading hours puts the spotlight on US Employment figures. The report […]

Bitcoin’s Range Continues to Shrink Ahead of Auction Results

Bitcoin’s daily range continues to narrow. After yesterday’s $8.35 dollars, today the range dropped to a mere $5 dollars. After opening at $368.24, prices dropped to a daily low of $365.61. But the fall was quickly negated by a rally that took prices to $370.99 in the next few hours. For the rest of the […]

Bitcoin Daily Range Drops to $8 Dollars

Bitcoin is continuing to trade in a tight range. After opening the day at $370.87 prices fell to a daily low of $364 flat. As you can probably guess, the lows got bought up and in the next few hours BTC/USD was back above the $370 mark. We are currently quoted at $368.50 on BTC-E, […]

Bitcoin Slightly Up, Tim Draper Outbid On All But 2,000 BTC

Bitcoin is trading slightly up today. After opening the day at $364.50, BTC fell to a low of $360.44, only to rally back up in the late part of today’s session. We are currently trading right above the $370 mark on BTC-E. This compares to $376 on BitStamp and $378 on OKCoin. The chart below […]

Top Trade Idea For December 5th, 2014 – GBP/USD

Along with inflation, the US jobs number is the key driver of Fed monetary policy. This of course makes the jobs number a key driver for $US exchange rates. Heading into the number, a common technique for chart based traders is to look for situations that might trigger a trade setup if the jobs number […]

Chart Of The Day For December 5th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2279, 1.2213, 1.1974 Resistance:1.2455, 1.2529, 1.2683 The Euro may have established an interim bottom against the US Dollar after prices completed a bullish Piercing Line candlestick pattern. Near-term trend line resistance is at 1.2455, with a break above that on a daily closing basis exposing the 14.6% Fibonacci retracement at 1.2529. Alternatively, […]

Draghi and ECB Have A Minimum Requirement

BoE non-event risk in pipeline Draghi’s headaches persist What’s the ECB’s minimum requirement? EUR expectations if disappointed The threat of global central bank action is managing to keep the various assets classes moving. Whether it’s the Central Bank of Russia (tighter monetary policy next week?), the People’s Bank of China (easing of monetary policy?), the […]

Gold – Continues to Remain Steady Above Key $1200 Level

Gold for Friday, December 5, 2014 After finally making its way back to the key $1200 level, gold has spent the last few days trading in a narrow range under $1220.  In the last couple of weeks prior, gold made repeated runs at the resistance level at $1200 failing every time, which then resulted in […]

ECB may announce stimulus measures but QE unlikely

ECB may announce stimulus measures but QE unlikely; No change expected from the BoE; US jobless claims seen falling back below 300,000. The European Central Bank meets today and while the consensus view appears to be that no further stimulus will be announced, there is a growing expectation in the markets that the central bank […]

Trade Setups in EUR/USD, EUR/GBP Ahead of ECB

Talking Points: EURUSD holds lows ahead of last ECB meeting of 2014. EURGBP moves into lower half of symmetrical triangle. See the ‘high’ importance events on the DailyFX Economic Calendar. Due to incoming inflation data and persistently falling inflation expectations, policymakers have found it necessary to keep the door open for sovereign QE, despite the […]

Bitcoin Auction Attracts Less Bidders, Pantera Aims Below Market

Ten hours after the close of the second bitcoin auction, prices are trading more or less unchanged. This is despite two reports earlier in the session that indicate a negative auction outcome. After opening at $364.50 BTC fell to a low of $360.54. From here, we rallied $4 dollars back to the day’s open and […]

Bitcoin Trades Weaker as Second Auction Ends

Bitcoin is trading weaker on auction day. Prices opened at $370.62, from here we had a small move up to $373.98 but soon after BTC got sold and in the next few hours we hit a low of $362.56. We are currently trading just shy of the lows at $364 per coin on BTC-E. As […]

Chart Of The Day For December 4th,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2213, 1.1974, 1.1781 Resistance:1.2360, 1.2467, 1.2599 The Euro moved lower against the US Dollar as expected after putting in a Bearish Engulfing candlestick pattern. A daily close below the 23.6% Fibonacci expansion at 1.2213 exposes the 38.2% level at 1.1974. Alternatively, a reversal above the 14.6% Fib at 1.2360 opens the door for a […]

Top Trade Idea For December 4th, 2014 – AUDUSD

I want to trade the audusd to the upside this week as from my point of view we have a nice five waves structure for the pair and it seems that the falling wedge is completed, of if not completed, will complete around 0.8350 level. After an impulsive move with a third wave extension, there […]

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