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West TX Oil Sits Above $67 with Jobs Data in Focus

U.S. crude futures extended gains towards $68 a barrel on Thursday, buoyed by positive inventory data.  Investors are turning their focus to U.S. jobs data due on Thursday and Friday for clues on the strength of demand in the world’s largest economy and oil consumer. U.S. crude futures had risen 31 cents to $67.69 a […]

How Low Can The EUR Go?

Swiss the ‘only’ lovers of the EUR More rhetoric from Draghi and company Aussie negotiates a new record low CBR rumored to be trigger happy Who cares? Just as long as you are not ‘long’ any it seems — except perhaps against the CHF. The Swiss National Bank (SNB) appears to be the only entity […]

USDCHF reaches resistance & response key to outlook

The USDCHF pair has rebounded lower from a major resistance trendline which represents the upper level of an ascending wedge. The long term outlook for the pair is bullish, yet should we fail to see a break higher, then this may be a short term top to continue the consolidation seen in recent weeks. The […]

US Dollar May Look Past Conflicting Data, Rise on Fed Beige Book

Talking Points: Aussie, Kiwi Dollars Drop After Disappointing Australian 3Q GDP Report British Pound Looks to Composite PMI Data to Inform BOE Policy Outlook US Dollar May Rise as Upbeat Fed Beige Book Keeps Rate Hike Bets Alive The Australian Dollar underperformed in overnight trade, falling as much as 0.6 percent, following a disappointing GDP […]

Bitcoin Pushing on $370, Citi Expects Bearish Auction

Another uneventful day in bitcoinland. After opening at $371.56 prices rallied to $382.31 and again, like clockwork, the highs got sold and few hours later BTC/USD was trading at a daily low of $367.99. We are currently trading slightly below the $370 mark on BTC-E. Prices are higher on OKCoin at $378 and BitStamp at […]

Chart Of The Day For December 3rd,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2360, 1.2213, 1.1974 Resistance:1.2479, 1.2599, 1.2770 The Euro looks to be resuming its down trend against the US Dollar as expected after putting in a Bearish Engulfing candlestick pattern. Near-term support is at 1.2360, 14.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 23.6% level at 1.2213. Alternatively, […]

West TX Oil Steadies Around $68 as Crude Inventories Drop

U.S. crude futures gained more than one percent on Wednesday, rising close to $68 a barrel, after industry data showed a larger than expected drop in crude oil inventories in the United States. U.S. crude for January was at $67.76 a barrel by 2353 GMT, up 88 cents, after dropping more than $2 in the […]

Gold – Gravitates to $1200 Again

Gold for Wednesday, December 3, 2014 After making repeated runs at the resistance level at $1200 and failing every time, gold fell sharply away a few days ago before surging higher again in the last 48 hours to back above $1200 and reaching a new one month high above $1220 in the process.  Over the […]

USDCAD upside means resistance could be tested again

The USDCAD pair seems to have found support upon a near term fibonacci retracement, leading to some buying coming into the market today. However, with a major resistance trendline within reach, it means we could either see another bout of selling soon or else a highly notable upside breakout. On the weekly timeframe, there is […]

Australian Dollar Hit 4 Year Low on High Volume Before RBA

Talking Points: Dollar Drops as Commodities Rebound and Equities Slide Australian Dollar Hits 4 Year Low on High Volume Before RBA Swiss Franc: EURCHF Doesn’t Rally Far After ‘No’ Vote on Gold Dollar Drops as Commodities Rebound and Equities Slide In a day scarred by volatility, the Dollar notably ended the day in the red. […]

Bitcoin Continues to Trade in a Tight Range

Bitcoin is continuing to trade inside the tight range mentioned in our roundup yesterday. After opening the day at $377.64 on BTC-E, prices rallied $4 dollars to a daily high of $381.91. But in a predictable fashion, the highs got sold and few hours later BTC/USD was trading $9 dollars lower at $372.87. We are […]

Top Trade Idea For December 2nd, 2014 – AUD/JPY

Today, we will take a look at AUDJPY, which has been in nice and strong uptrend for the past few weeks. But what I spotted lately is a five wave decline from the high. This is always very significant, and important information as it tells me that something is changing. So even if trend has […]

Chart Of The Day For December 2nd,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2360, 1.2213, 1.1974 Resistance:1.2488, 1.2599, 1.2770  The Euro may be readying a resumption of its down trend against the US Dollar after prices produced a Bearish Engulfing candlestick pattern. A daily close below the 14.6% Fibonacci expansion at 1.2360 exposes the 23.6% level at 1.2213. Alternatively, a reversal above falling trend line […]

Week in FX Americas – BoC’s Poloz to Stay the Course

Central banks remain “front and centre” Loonie penalized by crude prices 25% fall in oil prices adds +0.3% to U.S GDP Demons of deflation persist Friday’s surprising +2.8% annualized Canadian gross domestic product (GDP) gain in the third quarter is unlikely to persuade Governor Stephen Poloz at the Bank of Canada (BoC) to change course […]

Gold – Drops Sharply Below $1150 with Eyes on $1130

Gold for Monday, December 1, 2014 After making repeated runs at the resistance level at $1200 and failing every time, gold has now fallen sharply away.  It is now eyeing off the previous support level around $1130 which may play a role and prop it up again.   It wouldn’t be surprising to see $1130 seriously […]

Chinese and eurozone figures disappoint ahead of US PMI

Disappointing Chinese and eurozone PMIs weigh on sentiment this morning; Central Bank decisions and US jobs report to come this week; Swiss vote against increasing Gold holding; US PMI readings in focus ahead of busy data week. The week has got off to a slightly negative start on Monday as some less than pleasing PMI […]

US Dollar, Pound May Weaken if Soft News-Flow Dents Rate Hike Bets

Talking Points: Aussie Dollar Sinks on Chinese Deposit Insurance Scheme, Soft PMI Report British Pound May Decline as Weak News-Flow Undermines BOE Outlook US Dollar Vulnerable if ISM Pullback Weighs on Fed Rate Hike Speculation The Australian Dollar underperformed in overnight trade, falling as much as 0.8 percent on average against its leading counterparts. The […]

Bitcoin in Another Range-Bound Trading Session

Bitcoin is trading in another range-bound session today. In a pattern we’ve been seeing a lot lately, the cryptocurrency first rallied $8 dollars to a daily high if $382.31 only to fall back down in the later part of the day. Prices closed at $377.32 on BTC-E, just $3 dollars higher compared to their open. […]

Top Trade Idea For December 1st, 2014 – USD/NOK

A few weeks ago, we wrote an article recommending a trade to buy USD/NOK (Norwegian Krone) soon after it had fallen from 6.93 to 6.71 (see http://www.forexnews.com/blog/2014/11/10/top-trade-idea-november-10th-2014-usdnok). At the time, USD/NOK was around 6.75 and our long trade targeted 6.96 (Friday’s close was above 7.00). We feel there’s a little more upside to USD/NOK and […]

Chart Of The Day For December 1st,2014 – EUR/USD

By Ilya Spivak EUR/USD Technical Strategy: Short at 1.2710 Support: 1.2360, 1.2213, 1.1974 Resistance:1.2501, 1.2599, 1.2770 The Euro may have resumed the down trend against the US Dollar following the appearance of a Bearish Engulfing candlestick pattern. Near-term resistance is at 1.2501, a falling trend line set from mid-October, with a break above that on a daily closing basis exposing the November […]

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