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OPEC May Spare Three Nations From Oil Cuts

OPEC is considering exemptions for three nations from any potential oil-production cuts, two people with knowledge of the proposal said. Saudi Arabia’s oil minister said he doesn’t anticipate a difficult meeting when the group meets on Nov. 27 to decide its response to slumping crude. Iraq, Iran and Libya wouldn’t have to reduce supplies should […]

Gold – Struggling at Resistance at $1200

Gold for Tuesday, November 25, 2014 Over several days last week Gold made repeated runs at the resistance level at $1200 and failed every time, before finishing the week breaking through ever so slightly, although it is now slightly below $1200 and experiencing resistance there.  In the last couple of weeks Gold has enjoyed a […]

USDCAD finds moving average support

The USDCAD pair finally broke below a major support level on Friday, yet with a major moving average now limiting further downside, it will be interesting to see how the pair reacts between these two key levels as a means to gauge the direction in coming weeks. The weekly chart below shows that the pair […]

Aussie and NZ Dollars Rise, Yen Drops as China Expands Stimulus

Talking Points: Aussie and Kiwi Dollars Rise, Yen Drops as China Expands Stimulus Effort Euro Unlikely to Find a Lasting Catalyst in German IFO Survey Outcome See Economic Releases Directly on Your Charts with the DailyFX News App The Australian and New Zealand Dollars outperformed in overnight trade after China expanded monetary stimulus efforts, cutting […]

Bitcoin Close to Reversing Auction Announcement Losses

The bullish bias cited in my roundup yesterday extended to a small rally today. The break of the $365-370 resistance lead to more gains toward $380 with prices hitting a high of $384.65 two hours ago. We are currently trading just below the highs at $381 per coin. As usual, prices are quoted slightly higher […]

Week in FX Europe – Draghi Hands Ammo to Euro Bear

Draghi’s Dovish Remarks Suffocate EUR Market expects ECB to announce new measures in December Greater Euro/U.S rate divergence needs to be priced The euro bear got a subtle hint yesterday to consider “not” booking any EUR profits just yet, all because the EUR bull happened to be blinded by flash purchasing mangers’ index (PMI) numbers. […]

Gold – Moves to Three Week High Above $1200

Gold for Monday, November 24, 2014 Over several days last week Gold made repeated runs at the resistance level at $1200 and failed every time, before finishing the week breaking through ever so slightly.  In the last couple of weeks Gold has enjoyed a strong resurgence back to the key $1200 level where it has […]

Dovish Draghi and PBOC stimulus drive markets higher

Draghi’s dovish message gives markets a massive boost; PBOC surprise stimulus helps extend gains, while the aussie and commodities also rally; Quiet end to the week seen with no major announcements scheduled. What was initially looking like a quiet day for the financial markets due to the lack of scheduled economic events has become a […]

EUR/USD Breaks Channel from November Low, AUD/USD Skewed by PBoC

Talking Points: EURUSD slides after Draghi’s comments on a QE program. AUDUSD jumps after PBoC announces surprise rate cut. See the ‘high’ importance events on the DailyFX Economic Calendar. The People’s Bank of China’s decision today to cut its key interest rates in an effort to liberalize the exchange rate and boost consumption (their words, […]

Bitcoin Range Continues as Auction Draws Near

Bitcoin’s range around $350 continues for another day, although the last 24 hours showed a bullish bias. After opening at $354.10 prices fell to $348.42 only to rise back above the $350 mark one hour later. The rally took BTC/USD to a daily high $360.99, just shy of yesterday’s high at $362.13. We are currently […]

Bitcoin Undecided as Price Swings Around $350

Bitcoin is still trading undecided as prices continue to swing around the $350 figure. After opening at $348.10 bitcoin fell to a low of $345.15. From here, BTC rallied to hit $362 per coin. But the move up soon fizzled out and prices came back down near the $350 mark. We are currently trading at […]

Bitcoin Barely Changed, Two Price Catalysts Next Week

Bitcoin is trading barely changed after a brief excursion earlier in the day pushed prices below the $350 mark. The move encountered little resistance by buyers and soon BTC/USD was quoted at $339.66. Bitcoin rebounded from the lows and we are currently trading at $352.22, just $2 dollars below the daily open on BTC-E. As […]

EUR Bull Blinded by Flash Numbers

Fed reinforces “normalization” China flash manufacturing PMI dips to 6-month low Weak Flash numbers has EUR hobbling Federal Reserve announcements usually end up having the largest market impact, and yesterday’s release of the Federal Open Market Committee’s October meeting minutes were not to be the exception. However, the data ended up being a “non-event” as […]

Gold – Makes Another Run at Resistance at $1200

Gold for Friday, November 21, 2014 In the last couple of days Gold has made repeated runs at the resistance level at $1200 and failed every time.  In recent hours it has traded above the $1190 level after failing yet again.  In the last week or so Gold has enjoyed a strong resurgence back to […]

EURAUD resistance likely to hold at 200 dSMA

The EURAUD pair has been trading within a range over the past month and a half. On a long term outlook, it looks like we could be within a head and shoulders formation, yet for the time being, it looks like we could get some downside following a move to the upper end of the […]

USDOLLAR Continuation as EUR/USD, GBP/USD Fail at Resistance

Talking Points: USDOLLAR continues broadly higher thanks to AUD, JPY. EUR/USD, GBP/USD channels/flags near breaking points. See the ‘high’ importance events on the DailyFX Economic Calendar. The FOMC minutes yesterday spurred the USDOLLAR Index’s push to fresh 2014 highs, but it will take more than words to keep the greenback’s bull trend going. One of […]

Bitcoin Nears Crucial Support at $350

Bitcoin is trading close to the crucial support area at $350 today. The break of $365 earlier in the day lead to quick losses to $353 per coin. We are currently quoted at $357.98 on BTC-E, compared to $360 on OKCoin and $361 on BitStamp. Here’s a 1 hour chart of the last few days […]

Will FOMC Minutes Stray from the Beaten Path?

FOMC expected to make some noise “Old Lady” sets sterling alight BoJ attempting to save face In today’s economic climate, central banks are never too far away from the heart of any forex move, and again overnight has been no exception. Monetary policy guidance, economic reassessment, and policymakers’ outright voting results are influencing forex price […]

Gold – Resistance at $1200 Stands Tall

Gold for Thursday, November 20, 2014 In the last few hours Gold has been easing back towards $1180 after making a couple of runs at the resistance level at $1200 and failing.  In the last week or so Gold has enjoyed a strong resurgence back to the key $1200 level where it has met stiff […]

Attention turns to the Fed as BoE turns more hawkish

BoJ stands pat after last month’s surprise stimulus efforts; BoE minutes more hawkish than Carney comments last week; FOMC minutes to elaborate on hawkish statement a few weeks ago; Housing data also in focus in the US today; Oil prices remain under pressure ahead of next week’s OPEC meeting. The trading day is being dominated […]

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