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West TX Oil Steadies Around $56 Despite Rising U.S. Rig Count

Oil prices dropped on Friday as a rising U.S. rig count stoked fears of oversupply and after Chinese regulators opened an investigation into suspected stock market manipulation. Front-month U.S. crude futures were trading at $56.72 per barrel at 0212 GMT, down 21 cents from their last settlement. That means that U.S. crude has fallen from […]

Gold – Rallies Against Medium Term Down Trend

Gold – Monday 6 July 2015 Throughout the last couple of weeks gold has steadily declined and fallen from above the key $1200 level back to below $1160 and a three month low. To close out last week and start this new week it has been able to rally against the medium term down trend […]

EUR Plummets After Greek Referendum

The first shock waves from Greek voters’ rejection of austerity were felt in the currency markets, with the euro falling against major peers and Australia’s dollar sliding to a six-year low. Analysts are tipping a flight to safety, with Treasuries and German bunds to benefit. The euro lost 1.1 percent to $1.0992 by 6:12 a.m. […]

Euro Faces Weekend Gap Risk with Greek Referendum Sunday

Talking Points: EURUSD holding near $1.1100 in thin trading conditions. EUR, CHF, GBP, and JPY carry significant gap risk over the weekend. See the DailyFX economic calendar for Friday, July 3, 2015. FX markets are likely to see higher volatility in the coming days. With US markets closed today in observance of Independence Day and […]

Bitcoin Retesting $270 Resistance

Bitcoin is retesting the $270 dollars resistance. On June 30th BTC/USD nearly hit this mark by trading as high as $269.30. The resulting bounce lower turned into a significant 7 percent retracement. But yesterday the losses ended as BTC hit important support at $250 dollars. Today we saw a resumption of the trend higher, with […]

Bitcoin Back Up, Higher by 6$ Dollars

Bitcoin is back up and currently over $6 dollars higher compared to the open. We opened at $253.62, then fell to retest the $250 dollars mark. After the bears were unable to push prices lower, bitcoin rallied. We closed the day at $255.80, only $2 dollars above the open. But in the first 2 hours […]

Bitcoin Trading Mixed as Losses Slow Down

Bitcoin is trading mixed on different exchanges as the losses slow down. Let’s start with BTC-E first. Two days ago we lost $3 dollars, yesterday $2.50 and today BTC/USD closed down by only $1.59. After opening at $255.21 bitcoin fell to a low of $252.50 by mid-day. But the lows were quickly bought up and […]

Oil Rises After NFP Disappointment

Oil prices edged higher on Thursday as the U.S. dollar slipped following weaker-than-expected U.S. non-farm payrolls data. Poll indications that Greek citizens were expected to back a cash-for-reforms deal in a referendum on Sunday added to the bullish momentum, traders said. Traders were also keeping a close eye on nuclear talks between Western powers and […]

Gold – Drops to Three Month Low Below $1160

Gold – Friday 3 July 2015 Throughout the last couple of weeks gold has steadily declined and fallen from above the key $1200 level back to below $1160 and a three month low. Earlier this week it surged higher to back above the key $1180 level before easing lower again. In the few days prior […]

Markets Temporarily Bulled up for NFP Headline

Market focus temporarily shifts from Greece to U.S. payrolls Investors expect strong NFP print after yesterday’s ADP Trading to be hampered by liquidity constraints Sweden’s Riksbank flatfoots market again This morning’s focus temporarily shifts from Greece to the U.S., where the granddaddy of economic indicators, the nonfarm payrolls (NFP) report, could give up a subtle […]

US Dollar May Rise on Jobs Data, NZ Dollar Drops on Dairy Slump

Talking Points: Upbeat Jobs Data May Boost US Dollar, Drive Broad-Based Risk Aversion NZ Dollar Down as Dairy Prices Slump, Fueling RBNZ Rate Cut Speculation See Economic Releases Directly on Your Charts with the DailyFX News App The New Zealand Dollar underperformed in overnight trade, falling as much as 0.5 percent on average against its […]

Bitcoin Down for a Second Day

Bitcoin is trading down for a second day. After yesterday’s 5 percent loss, today BTC/USD fell by $3 dollars or 1.1 percent. It was a relatively quiet day, at least when compared to the early part of this week. We opened at $257.50, rallied slightly to $259.94, before falling to a low of $253.50. Prices […]

West TX Oil Below $57 after Progress on Iran Nuclear Deal

Reports that foreign ministers will review draft text of an Iran nuclear deal are “very premature and not accurate,” a senior U.S. official told NBC News on Wednesday. Earlier, U.S. crude broke below its two-month trading band earlier on reports that an Iranian diplomat said technical experts from Iran and six world powers had finished […]

Gold – Drops to Near Three Week Low Below $1170

Gold – Thursday 2 July 2015 Throughout the last couple of weeks gold has steadily declined and fallen from above the key $1200 level back to below $1170 and a three week low. A few days ago it surged higher to back above the key $1180 level before easing lower again. In the few days […]

GBPUSD – Cable Seeking Bullish Confirmation

Cable is looking much more bullish since breaking though the 233-day simple moving average a couple of weeks ago and now it faces a key test of its bullishness, with the retest of that key SMA.When a big support or resistance level is broken, a key test of the quality of the break can be […]

USD/CAD on Cusp of Breakout as EUR/USD Retreats

Talking Points: EURUSD back down towards $1.1100 after Greek letter circus. USDCAD breaking through TL from March, June highs. See the DailyFX economic calendar for Wednesday, July 1, 2015. The USDOLLAR Index is looking on firmer ground after yesterday’s recent uptrend retest. We’re not just talking about the individual components of the index, in particular […]

Bitcoin Experiences 5 Percent Retracement

After hitting the $270 level yesterday, bitcoin experienced a significant retracement. Prices fell from a high of $269.30 to a low of $254.99 today. This is a fall of $14 dollars or just over 5 percent, in less then 24 hours. We are currently testing the June 17th high at $256.75 dollars. Earlier attempts to […]

OPEC Oil Output Hits 3 Year High in June

OPEC oil supply in June has climbed to a three-year high due to record or near-record output from Iraq and Saudi Arabia, a Reuters survey found, underlining the focus of the group’s top exporters on market share. The boost from the Organization of the Petroleum Exporting Countries puts output further above its target of 30 […]

Gold – Pressure Mounts on Key Support

Gold may have got a boost at the start of the week from the Greek turmoil, benefiting greatly from its safe haven status, but it continues to look heavy from a technical standpoint.There remains a couple of key support levels in this being $1,170 and $1,162.79. The former has been a solid support for some […]

Greece’s Tsipras and Month End Demand to Keep Traders Guessing

Asset prices still dominated by contagion and risk aversion Greek PM to tease markets until officially in arrears Month-end demand to play havoc with asset prices Yen the favorite in flight scenario For the remainder of this week, market moves are to be dominated by contagion and risk aversion, but most likely not to the […]

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