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  #81  
Old 17-10-2014, 11:54
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FOREX NEWS: MIXED MOVEMENT AHEAD OF YELLEN’S SPEECH AND CONSUMER CONFIDENCE SURVEY



EUR/USD
Forex News: Yesterday the pair still had a lot of volatility but not as high as the day before and we saw price fall below main support just to return above it soon after. US economic data came out slightly better than anticipated but we couldn’t see major impact at the time.


Technical Outlook
The support at 1.2750 was pierced but price soon returned above it and this makes the high at 1.2886 the next target for the pair. To the downside, the zone around 1.2750 will still offer some support but a clear close of a four hour candle below it will make 1.2660 the immediate target. We have two important US events today and these will probably determine the day’s bias.

Fundamental Outlook
Fed Chair Janet Yellen will speak today at 12:30 pm GMT at a Conference held at the Federal Reserve Bank of Boston. As always, her speeches can be a reason for sharp moves and caution is recommended. Later in the day, at 1:55 pm GMT, the University of Michigan will release the Consumer Sentiment survey which acts as a leading indicator of consumer spending because usually a person confident in the economic situation of the country will spend more. Today’s expected number is 84.3, a small decrease from last month’s 84.6 and lower numbers will have a negative impact on the greenback.

GBP/USD
The Pound tried one more time to break support but the bulls took control yesterday and the pair reached resistance once again, so it looks like the disappointing value of the US Retail Sales continues to have a bad influence on the US Dollar.


Technical Outlook
If the level at 1.6060 can be broken decisively today, we are likely to see a climb close to 1.6160 and the downtrend will be severely weakened. A break of 1.6060 would also mean that price is trading above the 50 period Exponential Moving Average which will then offer dynamic support and this would shift the balance on favor of the bulls. Throughout the day, keep an eye for any possible overbought condition signaled by the Relative Strength Index because this would increase the chances of bearish price action.

Fundamental Outlook
The Pound will not be affected by major news releases today so price direction will be influenced by technical factors and the US events.
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  #82  
Old 20-10-2014, 11:26
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FOREX NEWS: A RANGING BEGINNING OF THE WEEK?



EUR/USD
Forex News: A survey released Friday by the University of Michigan showed that confidence among American consumers has increased and this brought the pair lower in the second part of the day, on the back of US Dollar strength.


Technical Outlook
Currently the pair is trading close to the support at 1.2750, above the 50 period Exponential Moving Average; because no major news releases are scheduled today and Mondays are usually slow days, we believe that price will not break the two forms of support mentioned above. We expect ranging movement above and below 1.2750, capped to the downside by the Moving Average. Resistance is located in the zone around 1.2835 – 1.2845 but we don’t anticipate a move above the zone.

Fundamental Outlook
The German Bundesbank Monthly Report is released today at 10:00 am GMT and this will be the day’s only notable event. The report contains a detailed analysis of current and future economic conditions as seen by the German Central Bank and can strengthen the Euro if it is more hawkish than expected.


GBP/USD
After a brief dip below support, the pair ranged above 1.6060 and overall the day didn’t offer strong moves or important breaks of S/R levels.


Technical Outlook
Today we expect another encounter with 1.6060 support which in combination with the 50 period Exponential Moving Average will create a confluence zone. Since the fundamental scene is pretty calm today, we believe the pair will trade between 1.6060 support and 1.6160 resistance, but a break of any of these levels will most likely trigger an expended move in the direction of the break.

Fundamental Outlook
The United Kingdom didn’t schedule any news releases for the day, so the technical aspect will determine the day’s bias.
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  #83  
Old 21-10-2014, 15:37
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FOREX NEWS: BOUNCE-OR-BREAK SCENARIOS IN PLAY



EUR/USD
Forex News: The pair had a slow start of the week and price remained above support but movement was mostly ranging and a lot of indecision was present.


Technical Outlook
On a four hour chart we have a few candles with long wicks in both their upper and lower parts, a thing which suggests indecision regarding the next direction. The support at 1.2750 is holding for the moment and price bounced on the 50 period Exponential Moving Average, facts which indicate a potential climb into 1.2835 resistance. On the other hand, a break of 1.2750 would open the door for a move towards 1.2660.

Fundamental Outlook
At 2:00 pm GMT the US Existing Home Sales are released, with an anticipated change from the previous 5.05M to 5.11M. The indicator shows the annualized number of homes sold during the last month and an increase usually suggests economic expansion, hence a potentially stronger US Dollar.


GBP/USD
The pair also had a slow day yesterday, but movement was mostly bullish and price moved north, in close vicinity of resistance. No major news came out and the technical aspect held center stage.


Technical Outlook
As the pair is approaching 1.6160 resistance, a “bounce or break” scenario begins to develop: a bullish break would probably take the pair into 1.6250 resistance while a bounce lower would make 1.6060 the next target. The Relative Strength Index is not showing an overbought condition but it is moving close to the 70 level and this could make further bullish advances more difficult.

Fundamental Outlook
The British Office for National Statistics will announce at 8:30 am GMT the Public Sector Net Borrowing. A negative number indicates a surplus while a positive figure shows deficit so the Pound would strengthen if a lower number will be posted today. The forecast is 9.3B while last month’s value was 10.9B.
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  #84  
Old 22-10-2014, 14:22
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FOREX NEWS: AMERICAN INFLATION HOLDS CENTER STAGE



EUR/USD
Forex News: Yesterday the pair made a sharp reversal after an almost perfect bounce off of resistance and the rest of the day was controlled by the bears. Euro weakness was generated by speculation that the ECB may increase stimulus in order to boost the economy.


Technical Outlook
The Euro received another blow yesterday and dropped immediately after touching 1.2835 resistance; the support at 1.2750 was broken and price continued through the 50 period Exponential Moving Average. These facts combined with the strength and speed of yesterday’s move makes us believe that today the pair will travel close to the support located at 1.2660.

Fundamental Outlook
American inflation will hold center stage today as the CORE version of the Consumer Price Index is released. This is an important gauge of overall inflation and the Core version excludes automobiles from calculation as they sometimes distort the data because of big fluctuations in automobile sales. The expected change is 0.2% while last month the value was 0.0% and usually a higher than expected number strengthens the US Dollar.


GBP/USD
The Pound moved a lot slower than the Euro yesterday and a lackluster fundamental scene was probably the reason for the low volatility. Resistance couldn’t be broken and price traveled slowly to the downside.


Technical Outlook
We consider the inability of the bulls to break the resistance at 1.6160 a sign of weakness and a hint that bears will step in to take control of the pair. The Relative Strength Index touched the 70 level (which indicates overbought) and is now curving downwards, increasing the chances of a move into 1.6060 support. The 50 period Exponential Moving Average will provide the first form of support if price will indeed start to move south.

Fundamental Outlook
The Bank of England will announce the Official Rate Votes today at 8:30 am GMT. Last month, 2 of the 9 members voted to increase the interest rate and if this structure will remain unchanged we probably won’t see a lot of volatility. However, if more members voted for a rate increase, the Pound will most likely strengthen and the opposite is valid if fewer members voted for a rate hike. Inflation in the US will also affect the pair’s movement directly.
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  #85  
Old 23-10-2014, 08:07
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FOREX NEWS: US DOLLAR STRENGTH PUTS THE BEARS BACK IN CONTROL. RETRACEMENTS EXPECTED



EUR/USD
Forex News: The US Dollar gained against the Euro and most of its other counterparts as inflation in the United States increased unexpectedly. The pair had a bearish day yesterday and support was touched.


Technical Outlook
The support at 1.2660 was touched yesterday and price moved below the 50 period Exponential Moving Average, things which show that we are trading in a bearish market. A break of the current support zone would make 1.2500 the next target but before that can happen, price will most likely stall around 1.2660. The Relative Strength Index is approaching the 30 level which indicates an oversold market and this increases the chances of bullish moves.

Fundamental Outlook
At 7:00 am GMT France will release the Manufacturing Purchasing Managers’ Index, a survey which shows the level of optimism among purchasing managers regarding the current and future economic conditions in the manufacturing sector. The expected number is 48.6 and higher values will most likely strengthen the Euro. Half an hour later, at 7:30 am GMT, Germany will release the indicator with the same name; the forecast is 49.6 and the Euro will be positively affected by a higher number.


GBP/USD
The pair traveled south yesterday as the votes on the latest interest rate decision showed that Bank of England officials see risk for the growth of the UK economy. This dampened the appeal of the Pound and triggered and extended bearish move.


Technical Outlook
Although the support level at 1.6060 was pierced, we didn’t see a clear break. Price is trading below the 50 period Exponential Moving Average and this will be the first form of resistance if the pair will bounce higher. Today’s direction will be heavily influenced by the fundamental aspect, making the technical part somewhat secondary.

Fundamental Outlook
The British Retail Sales are released at 8:30 am GMT with an expected decrease from last month’s 0.4% to -0.1%. Since the retail sector is of crucial importance for overall economic activity, a decrease would negatively affect the Pound and would take the pair lower. Usually the Retail Sales release creates strong moves so we recommend caution if trading at the time.
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  #86  
Old 24-10-2014, 04:34
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FOREX NEWS: UNITED KINGDOM’S GDP AND AMERICAN HOUSING DATA, THE FINAL HEADLINES OF THE WEEK



EUR/USD
Forex News: Euro strength was seen yesterday once a German Manufacturing survey posted better than expected numbers. However, the pair failed to break resistance and price returned lower later in the day.


Technical Outlook
Yesterday’s trading session was not characterized by one sided price action and the pair reversed soon after crossing 1.2660 to the upside. There is still a lot of bearish pressure as shown by yesterday’s failed attempt to break 1.2660 resistance but we expect mostly ranging movement today. The first lower level of importance is located at 1.2610, while a move above 1.2660 and the 50 period Exponential Moving Average would put the bulls in control.

Fundamental Outlook
The US Dollar will be affected today by the New Home Sales release scheduled at 2:00 pm GMT. Usually people buy a new house in times of economic expansion and this triggers additional expenses (furniture, electronic appliances, etc.), thus higher numbers for today’s release will have a positive impact on the greenback. The forecast is 473K while last month’s number was 504K.


GBP/USD
British Retail Sales disappointed yesterday, triggering a bearish move below support. However, the sellers couldn’t maintain their control over the pair and price moved north later in the day.


Technical Outlook
The choppy price action seen yesterday paints an unclear picture with long wicked candles which suggest indecision. Resistance sits at 1.6060 while first major support is located at 1.5900 and the day’s direction will be dictated by the value of the British Gross Domestic Product which is the main gauge of an economy’s overall performance.

Fundamental Outlook
The release of United Kingdom’s GDP is scheduled at 8:30 am GMT and the expected value is 0.7%, a decrease from the previous 0.9%. This would be another blow to British economic recovery and would weaken the Pound, driving the pair lower. As always, the US events will have a direct impact on the pair’s direction.
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  #87  
Old 27-10-2014, 12:44
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FOREX NEWS: EUROPEAN BANKS STRESS TESTS RESULTS GENERATE CHOPPY PRICE ACTION



EUR/USD
Forex News: Friday’s price behavior was influenced by rumors regarding the European Banks stress tests and the bulls reversed an initial move below support. Although price action was choppy, the day and week ended above support.


Technical Outlook
The pair’s movement will be heavily affected by the European Banks stress tests released Sunday and some irregular volatility might be experienced throughout the day. The important levels are 1.2660 to the downside and 1.2695 (Friday’s high) to the upside. A break of either one would expose the resistance at 1.2750 or the support zone between 1.2620 and 1.2600 and could trigger an extended move in that direction.

Fundamental Outlook
The German IFO Business Climate survey is released today at 9:00 am GMT. The importance of this survey comes from its large sample of about 7,000 businesses but also from the fact that it acts as a leading indicator of optimism and economic health. The anticipated value is 104.6 and higher numbers usually have a positive impact on the Euro.
The US Pending Home Sales will be released at 2:00 pm GMT and expected to increase 1.1% from last month’s -1.0%, a fact which would strengthen the greenback.


GBP/USD
United Kingdom’s Preliminary Gross Domestic Product posted the anticipated value Friday but this was interpreted as bullish by most market participants and the Pound strengthened, finishing the week above 1.6060.


Technical Outlook
Although the pair climbed above resistance, the move doesn’t seem to be backed by strong fundamentals and could be easily reversed. If price moves below the 50 period Exponential Moving Average and below 1.6060, the first target will be represented by the minor support at 1.6000. If 1.6060 will be successfully tested from above and turns into support, price will head towards the next resistance which is located at 1.6180 but we don’t expect it to travel the entire distance unless surprising events take place.

Fundamental Outlook
The Confederation of British Industry (CBI) will announce today at 11:00 am GMT the Realized Sales. This index is a leading indicator of consumer spending because the sales made by wholesalers and retailers are directly influenced by consumers. Today’s anticipated value is 35 and numbers above it usually strengthen the Pound, suggesting increased economic activity.
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  #88  
Old 28-10-2014, 11:47
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FOREX NEWS: RESISTANCE AHEAD. US DATA DETERMINES THE DAY’S BIAS



EUR/USD
Forex News: Yesterday the pair’s behavior was mainly influenced by the fundamental aspect as we saw a weak Euro once a worse than anticipated value of the German IFO survey was posted, followed by US Dollar weakness when the Pending Home Sales failed to meet analysts’ expectations.


Technical Outlook
The latest momentum belongs to the Euro bulls on the back of a weak Dollar but on an hourly chart we can note the Relative Strength Index is approaching overbought territory and this may trigger some bearish price action. The 50 period Exponential Moving Average is now sitting below price and will offer support if touched from above; the first upper target is located at 1.2750 while support is represented by 1.2620 if the Moving Average is broken.

Fundamental Outlook
At 12:30 pm GMT the American Durable Goods Orders are announced, showing the change in orders for goods with a life expectancy of at least 3 years. Analysts expect a change of 0.4%, a huge difference from last month’s -18.4% and we believe that any value close to this expectation would strengthen the US Dollar.

Later in the day, at 2:00 pm GMT a US Consumer Confidence survey is released and expected to change from 86.0 to 87.4. A higher number would also benefit the US Dollar because confidence among consumers is often an indication of increased retail sales in the near future.


GBP/USD
The Pound continued to climb higher on the back of a better than anticipated value of the CBI Realized Sales and is now trading above a four-hour 50 period Exponential Moving Average. Overall yesterday the pair moved in one direction, without sharp reversals.


Technical Outlook
The peak at 1.6180 is considered the pair’s first target and also the first place where the bulls may encounter some resistance. If price will indeed reach this level and the Relative Strength Index will enter overbought territory, the chances of a bounce lower will be increased. To the downside the first support is offered by the 50 period Exponential Moving Average, followed by the level at 1.6060.

Fundamental Outlook
The United Kingdom didn’t schedule major news releases for today so price action will be affected by the technical aspect and by the US indicators mentioned earlier.
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  #89  
Old 29-10-2014, 13:02
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FOREX NEWS: US MONETARY POLICY IN THE SPOTLIGHT. VOLATILITY INCREASES



EUR/USD
Forex News: The Durable Goods Orders disappointed yesterday, posting a reading of -1.3% which weakened the US Dollar and allowed the pair to move straight up into major resistance. Later in the day, an optimistic value of the US Consumer Confidence survey erased some of the greenback’s losses.


Technical Outlook
On the hourly chart above, we can note the pair is having some difficulty breaking 1.2750 resistance and on top of that, the Relative Strength Index has reached overbought. Although the overbought condition is not an extreme one, we expect the pair to bounce lower, possibly for a touch of the 50 period Exponential Moving Average. If 1.2750 is broken, the next resistance is located at 1.2835.

Fundamental Outlook
The day’s main event is represented by the US interest rate announcement, together with the FOMC Rate Statement, both scheduled at 6:00 pm GMT. The rate is not expected to change from the current <0.25% but the biggest market mover will probably be the FOMC statement which will offer hints about future monetary policy and the reasons which stood behind the rate decision. A positive outlook contained by this Statement will most likely strengthen the US Dollar.


GBP/USD
Similar to the Euro, the Pound gained against the greenback and resistance was touched but a break didn’t occur. Overall we had a bullish day, with price controlled by the buyers.


Technical Outlook
Once price reached 1.6180 resistance, bullish momentum dampened and the action slowed down. Before this level can be broken, we expect small pullbacks lower and if a break will occur, the level needs to be tested from above for the pair to be considered a true one. To the downside, the first dynamic support is represented by the Exponential Moving Average while horizontal support sits at 1.6060.

Fundamental Outlook
At 9:30 am GMT the British Net Lending to Individuals value is announced; the indicator shows the sum of new credit issued to clients and higher numbers are considered bullish because they indicate a thriving economy where people are confident and willing to spend money. On the other hand, it also indicates that banks are comfortable issuing those loans. The expected value is 2.8B, a decrease from the previous 3.2B and higher than anticipated readings will most likely strengthen the Pound. Of course, the US events will have a direct impact on the pair’s movement.
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  #90  
Old 30-10-2014, 13:00
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FOREX NEWS: GERMAN INFLATION AND AMERICAN GDP HOLD CENTER STAGE



EUR/USD
Forex News: Before the US interest rate and FOMC Statement were released, the pair climbed above resistance after a shallow pullback but the Fed ended their bond buying program, indicating optimism and the US Dollar strengthened substantially against most of its peers.


Technical Outlook
The pair dropped more than 120 pips once the Fed decision was made public and we expect this bearish momentum to continue today. The first barrier which needs to be broken is represented by the support at 1.2620, followed by 1.2500. Although we believe the first support will be broken, we don’t expect the second one to be even touched; of course, depending on the important events scheduled for today, 1.2500 could be reached.

Fundamental Outlook
German inflation data is released today at 12:00 pm GMT (Preliminary CPI); analysts expect a negative change of -0.1% compared with last month’s 0.0% and this would weaken the Euro especially since lately the ECB tries without notable success to increase inflation in the Euro Zone.

The American Advance Gross Domestic Product will be released at 12:30 pm GMT, with an anticipated value of 3.1% compared with last month’s 4.6%. Since the GDP is an economy’s main gauge of performance, a lower than anticipated value signifies a contracting economy and could weaken the US Dollar. Half an hour later, at 1:00 pm GMT Fed Chair Janet Yellen will deliver a speech but we don’t expect it to be a major market mover; however, surprises can happen so we recommend caution nonetheless.


GBP/USD
Yesterday, prior to the US releases the pair bounced lower at resistance but massive US Dollar strength seen later in the day triggered a huge selloff, taking price below support.



Technical Outlook
The level at 1.6060 was broken decisively and the pair is trading close to 1.6000; we expect this level to be broken today and the pair to start heading towards the next support, located at 1.5900. However, the Relative Strength Index will soon reach oversold territory and this will probably trigger some bullish pullbacks but we don’t believe it will completely reverse price action.

Fundamental Outlook
The British fundamental scene is slow today and the pair’s direction will be almost completely determined by the US events and by the technical aspect.
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  #91  
Old 31-10-2014, 11:06
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FOREX NEWS: MIXED PRICE ACTION AHEAD OF EUROPEAN INFLATION DATA



EUR/USD
Forex News: German inflation dropped yesterday more than analysts anticipated and the US Gross Domestic Product increased 3.5% while the anticipated value was 3.1%. Al this generated another bearish push for the pair during the first part of the day but a pullback occurred in the second part.


Technical Outlook
The bullish move seen yesterday doesn’t seem to have a clear reason and we expect the sellers to continue their assault on support today. The pair is currently testing the level at 1.2620 from below and we favor a bounce lower which will take price in close vicinity of 1.2500 key support. The Relative Strength Index is close to oversold (probably this had something to do with yesterday’s rise) but we don’t consider the position of the RSI something that could fully reverse price direction. However, if 1.2620 is broken to the upside, the next target will be represented by the 50 period Exponential Moving Average.

Fundamental Outlook
The day’s main event is the release of the European Preliminary Consumer Price Index scheduled at 10:00 am GMT. European inflation is a major concern for the ECB as their desired target is just below 2.0% and the current value of 0.3% is considered too low. For today’s release, analysts expect a rise of 0.4% and probably if this value will not be reached, the Euro will weaken, allowing the pair to descend.


GBP/USD
Although the pair moved lower when the better than expected value of the American GDP was posted, it soon began to climb, breaking 1.6000 to the upside and overall yesterday price was controlled by the bulls.


Technical Outlook
Today we expect the bearish pressure to take the pair lower, probably below 1.6000 as the latest move north is considered just a correction. If price continues to move to the upside, the 50 period Exponential Moving Average combined with the level at 1.6060 will provide resistance and the chances of bearish movement will substantially increase if that confluence zone will be reached.

Fundamental Outlook
From a fundamental point of view the entire week has been slow for the United Kingdom and the same is valid for today as no major economic or financial indicators are released. Price direction will be mainly affected by the technical aspect.
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  #92  
Old 03-11-2014, 11:29
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FOREX NEWS: SUPPORT THREATENED AHEAD OF MANUFACTURING PMI RELEASES



EUR/USD
Forex News: Friday’s session was controlled by the bears and the pair remained below its resistance. This was mostly triggered by the fact that Euro Zone inflation didn’t show any clear sign of improvement, coupled with optimistic US economic data.


Technical Outlook
Once the pair touched 1.2500 support, it immediately bounced higher, showing signs of rejection; also, the Relative Strength Index is close to the 30 level which suggests a possible oversold condition. These factors make us believe that today we will see a retracement higher before the pair will make another attempt to break 1.2500 support, heading towards 1.2440.

Fundamental Outlook
At 3:00 pm GMT the US Manufacturing PMI is announced and expected to remain almost unchanged at 56.5 compared with last month’s 56.6. This is a survey of about 400 purchasing managers from the Manufacturing sector and acts as a leading indicator of optimism and economic health, thus higher numbers can strengthen the US Dollar, driving the pair lower.


GBP/USD
The pair showed choppy price action Friday as it failed to move away from the level at 1.6000. All moves were quickly reversed and neither side was in clear control.


Technical Outlook
Friday’s choppy action makes the picture unclear for today and the pair is range-bound below 1.6000. Once price moves away from this level, we can expect a touch of either 1.6060 resistance or 1.5900 support but the direction will be decided by the economic data scheduled for release.

Fundamental Outlook
The British Manufacturing PMI is released at 9:30 am GMT. As mentioned before, the PMI is a survey derived from the opinions of purchasing managers from the Manufacturing sector and indicates the levels of optimism. A value above the anticipated 51.5 has the potential to strengthen the Pound, taking the pair higher and the opposite is true for a value below expectations.
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  #93  
Old 04-11-2014, 12:10
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FOREX NEWS: BEARS MAINTAIN CONTROL AS LONG AS RESISTANCE REMAINS INTACT



EUR/USD
Forex News: The week opened with a downside gap and on top of that, US Dollar strength generated by a better than expected American Manufacturing PMI took the pair into the support at 1.2440. However, price remained close to 1.2500 for most of the day.


Technical Outlook
The Relative Strength Index on a four hour chart is hovering near the 30 level which indicates oversold and the pair bounced higher after touching the support at 1.2440. Although these are bullish signs, the pair is in a downtrend and the strength still belongs to the bears so further advances to the south are not out of the question but 1.2440 remains the first barrier. To the upside, the 50 period Exponential Moving Average can provide resistance, as well as the current level at 1.2500.

Fundamental Outlook
The most important event of the day is the US Trade Balance scheduled for release at 1:30 pm GMT. This indicator measures the difference between imported and exported goods and a negative number suggests that imports exceeded exports; a higher number than the anticipated -40.0B can have a positive impact on the greenback as it shows increased demand for American goods and services.


GBP/USD
The British Manufacturing PMI posted a value which exceeded analysts’ expectations but this strengthened the Pound only for a brief moment and the bulls failed to capitalize on the news.


Technical Outlook
The strength generated by the positive British news found resistance at 1.6000 and the pair started to move lower for the remainder of the day but overall neither bulls nor bears managed to gain a clear advantage. However, the pair remains below resistance, without being oversold so we consider the bias remains bearish as long as 1.6000 is not breached. The first support is located at 1.5900.

Fundamental Outlook
The British Construction PMI is announced today at 9:30 am GMT and is expected to decrease slightly from last month’s 64.2 to 63.5. The indicator is a survey of purchasing managers from the construction sector and tries to gauge their optimism regarding economic and business conditions, thus a higher value can strengthen the Pound, taking the pair higher.
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  #94  
Old 05-11-2014, 11:07
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FOREX NEWS: FIRST US EMPLOYMENT DATA OF THE WEEK COULD SHAKE THE MARKET



EUR/USD
Forex News: The bulls managed to break resistance yesterday as the Euro gained against a US Dollar weakened by a disappointing Trade Balance. Later in the evening rumors about turmoil within the ECB generated increased volatility and some strong movement.


Technical Outlook
The pair moved above the resistance at 1.2500 which has now turned into support and the short term bias is bullish. The Relative Strength Index is angled upwards, after being previously oversold and this indicates that further advances can be made, aiming towards 1.2620 resistance. The 50 period Exponential Moving Average is the first barrier in front of rising prices and a place where bullish movement can be reversed.

Fundamental Outlook
Today’s main event is the release of the ADP Non Farm Employment Change scheduled at 1:15 pm GMT. This report is put together by a privately owned company and tries to mimic the government employment data (NFP) which comes out Friday. A higher number than the expected 214K would strengthen the greenback because increased job creation suggests a thriving economy and acts as a leading indicator of consumer spending.


GBP/USD
Yesterday the pair had very slow and choppy price action, with its biggest move happening at the time of the British Construction data release. The worse than anticipated value weakened the Pound but this weakness didn’t last long and the pair continued slowly upwards.


Technical Outlook
Yesterday’s price action was inconclusive and does not offer a lot of hints regarding today’s probable direction. However, the Relative Strength Index is angled upwards, so we may see a touch of 1.6060 resistance if the bulls manage to keep price above 1.6000. The 50 period Exponential Moving Average is the first barrier and we may see a bounce lower once price touches it; if this happens, we believe 1.6000 will be broken to the downside.

Fundamental Outlook
The final British Purchasing Managers’ Index of the week is released today at 9:30 am GMT: the Services PMI. This survey acts as a leading indicator of economic health and higher numbers suggest optimism among purchasing managers from the services sector, thus the Pound tends to strengthen. The forecast is 58.5 while last month’s value was slightly higher at 58.7.
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  #95  
Old 06-11-2014, 14:07
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FOREX NEWS: ECB’S RATE DECISION AND PRESS CONFERENCE SET THE STAGE FOR SHARP MOVES



EUR/USD
Forex News: The US Dollar strengthened yesterday even before the ADP employment data was released and a better than anticipated value for this indicator added fuel to the downwards momentum. The day was controlled by the bears and today we expect further advances.


Technical Outlook
The level at 1.2500 was broken to the downside and price didn’t even pause before moving past it, showing that the latest move has momentum and that 1.2440 is the pair’s next target. If this support is breached, the next one is located at 1.2280 but probably more than one day will pass before the pair reaches it. Today’s price direction will be mostly influenced by the ECB Press Conference so the technical side will be secondary.

Fundamental Outlook
At 12:45 pm GMT the ECB will announce their interest rate decision, with no change expected from the current 0.05% but the more important event is the ECB Press Conference scheduled at 1:30 pm GMT. ECB President Mario Draghi will read a prepared statement and then will answer journalists’ questions; this second part of the press conference is usually the one that triggers strong and often irregular movement. Caution is recommended if trading during the Press Conference.


GBP/USD
The Pound suffered losses during the first part of yesterday after a worse than expected value of the Services PMI was posted, but most of these loses were erased in the second part of the day, even if the US Dollar strengthened against other currencies.


Technical Outlook
Yesterday price bounced between the resistance at 1.6000 and the support at 1.5900, traveling the entire distance down then climbing back up close to resistance. Whichever level is breached first today will probably determine an extended move in that direction but we consider resistance harder to break because the 50 period Exponential Moving Average is in close vicinity.

Fundamental Outlook
The British Manufacturing Production numbers come out at 9:30 am GMT, showing the change in the total value of goods produced by the manufacturing sector. Last month’s value was 0.1% and the forecast for today’s indicator is 0.3%; a higher value would be beneficial for the Pound, taking the pair higher. Later in the day, at 12:00 pm GMT the Bank of England will announce the Interest Rate but no change is anticipated from the current 0.50%. However, caution is recommended as the market can react strongly to speculation about a future rate change.
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  #96  
Old 07-11-2014, 13:01
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Default Re: Technical News | GDMFX Brokerage | Daily

FOREX NEWS: FINISHING THE WEEK WITH A BANG: THE US NON FARM EMPLOYMENT REPORT



EUR/USD
Forex News: Although the ECB kept rates unchanged at a record low, the Euro weakened yesterday against most of its peers and a sharp fall was seen in our pair when ECB President Mario Draghi commented that additional stimulus measures will be used if needed.


Technical Outlook
The support at 1.2440 was breached yesterday but price soon retraced for a re-test; if the pair will rebound here, the level will turn into resistance and further down swings are anticipated. The Relative Strength Index is not signaling an extreme oversold situation and momentum belongs to the bears but the US employment report released today will strongly affect the US Dollar and will probably determine the day’s bias.

Fundamental Outlook
The main event of the day is scheduled at 1:30 pm GMT in the form of the US Non Farm Employment Change, also known as Non Farm Payrolls. This is considered the most important jobs related data coming from the United States and a higher number can strengthen the greenback substantially as more jobs indicate that consumer spending is likely to increase in the near future. The expected number is 229K, a drop from last month’s 248K. Later in the day, at 3:15 pm GMT, Fed Chair Janet Yellen will speak at a Symposium in Paris; audience questions are expected and volatility can increase so caution is recommended.


GBP/USD
The Bank of England decided to keep rates unchanged as expected but the pair had similar behavior to the EUR/USD and price moved into support after bouncing at resistance.


Technical Outlook
The 50 period Exponential Moving Average combined with the level at 1.6000 offered enough resistance for price to bounce lower and to maintain that direction for almost the entire day. On the other hand, the level at 1.5900 couldn’t be broken and we saw the pair pause there so we can’t consider either side to be in clear control. On top of that, today’s technical aspect will be secondary as the US employment data will hold center stage.

Fundamental Outlook
The United Kingdom didn’t schedule major news releases today so price direction will be mainly affected by the US events.
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  #97  
Old 10-11-2014, 05:14
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Default Re: Technical News | GDMFX Brokerage | Daily

FOREX NEWS: BOUNCE AT SUPPORT: SIMPLE RETRACEMENT OR A REVERSAL IN THE MAKING?



EUR/USD
Forex News: The American Non Farm Payrolls showed a disappointing number for Friday’s release and the US Dollar weakened as a result, allowing the pair to climb above short term resistance. At the time of the release price action was choppy and some whipsaws could be seen on the lower time frames.


Technical Outlook
Although price crossed 1.2440 to the upside, the main picture still remains bearish as the pair is still below its 50 period Exponential Moving Average and below 1.2500 resistance. The first barrier the bears need to break is the current level at 1.2440 followed by 1.2360 but today we don’t expect major moves as the fundamental scene holds no special events.

Fundamental Outlook
The release of the Sentix Investor Confidence survey is the only thing that could affect the Euro today but overall we have a calm day. The survey is based on the opinions of about 2,800 investors and analysts regarding economic health, but usually it doesn’t create strong movement unless a big difference between forecast and actual number is posted. The scheduled time is 9:30 am GMT and the forecast is -6.9.


GBP/USD
Price direction was affected Friday by the US employment report and overall the pair moved similar to the EUR/USD, climbing due to a weak greenback.


Technical Outlook
Although the Dollar showed signs of weakness, the Pound bulls couldn’t break or even touch the resistance at 1.5900. From a strictly technical point of view, Friday’s climb can be attributed to bullish divergence present on a four-hour chart and can be considered a simple retracement in a downtrend. For today we expect a bounce at 1.5900, followed by a move lower but if this level will be breached, the 50 period Exponential Moving Average will be the next resistance; support sits at 1.5790, Friday’s low.

Fundamental Outlook
The United Kingdom didn’t schedule any news releases for the day so price action will be determined by the technical aspect.
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  #98  
Old 11-11-2014, 06:12
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FOREX NEWS: BANK HOLIDAYS MAY TRIGGER IRREGULAR VOLATILITY



EUR/USD
Forex News: The pair continued to move higher yesterday, on the back of a US Dollar weakened by Friday’s disappointing NFP result. However, resistance couldn’t be surpassed and a bounce lower was seen in the second part of the day.


Technical Outlook
The resistance located at 1.2500 combined with the 50 period Exponential Moving Average created a confluence zone which proved enough motive for the pair to start to move on a bearish path. Now 1.2440 has turned into support once again and a break would make 1.2360 the next target; we favor this scenario as the bears still have underlying strength and a downtrend is still in place.

Fundamental Outlook
American Banks will be closed today, celebrating Veterans Day and French Banks will be closed in celebration of Armistice Day. This means that no major indicators will be released and that price direction will be mainly influenced by the technical aspect.


GBP/USD
The pair spent a lot of time yesterday near the resistance at 1.5900 before finally dropping in the second part of the day as the bulls made several failed attempts to break the mentioned level.


Technical Outlook
On an hourly chart, price moved back below the 50 period Exponential Moving Average and the resistance at 1.5900 couldn’t be clearly broken although several candles pierced it. These are bearish signs which make us believe that today the sellers will be in control of the pair and will take it lower. The first potential support is located at 1.5790 but a break of this level is not anticipated although we expect price to move towards it. For the time being, the level at 1.5900 is still resistance.

Fundamental Outlook
The Pound will not be affected today by important news releases and the fact that American Banks are closed may generate irregular volatility.
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  #99  
Old 12-11-2014, 12:30
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Default Re: Technical News | GDMFX Brokerage | Daily

FOREX NEWS: BRITISH INFLATION REPORT AND CARNEY’S SPEECH TAKE CENTER STAGE



EUR/USD
Forex News: Yesterday the pair moved very slowly compared to the way it has moved during the last period and clear direction lacked. However, the bulls showed more strength and price traveled upwards for the most part of the day.


Technical Outlook
The latest move north is not very convincing and we anticipate that price will drop towards the support at 1.2360 if the resistance at 1.2440 is not broken soon. The 50 period Exponential Moving Average is above price, a fact which means that the picture remains bearish. On the other hand, a break of 1.2440 resistance would open the door for a move towards 1.2500 and would make the short term bias bullish.

Fundamental Outlook
Euro Zone’s Industrial Production is announced today at 10:00 am GMT and is expected to change 0.6% while last month’s value was -1.8%. The indicator measures the change in the value of output produced by manufacturers and a higher number suggests a thriving economy and usually strengthens the Euro.


GBP/USD
The pair had a slow day as well and probably a big role was played by the fact that yesterday US Banks were closed. For most of the day control did not clearly belong to either side but overall the bulls were more prominent.


Technical Outlook
The current direction is likely to remain unchanged until 1.5900 is touched and if that happens, we anticipate a bounce lower. On the other hand, a break of resistance followed by a successful re-test will most likely bring in more buyers and the bias will turn bullish.

Fundamental Outlook
The British Claimant Count Change is released today at 9:30 am GMT; the indicator shows how many people applied for social help due to unemployment compared with the previous month and lower numbers are beneficial for the currency. The anticipated change is -24.9K while the previous was -18.6.

At 10:30 am GMT the BoE will release the Inflation Report and Governor Mark Carney will hold a press conference discussing the report which contains an outlook for inflation for the next 2 years. Carney’s speech will probably be the day’s most important event and volatility is likely to increase at the time so caution is recommended.
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  #100  
Old 13-11-2014, 14:23
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Default Re: Technical News | GDMFX Brokerage | Daily

FOREX NEWS: EURO BREAKOUTS ANTICIPATED WHILE THE POUND STRUGGLES TO OVERCOME SUPPORT



EUR/USD
Forex News: Euro Zone’s Industrial Production came out as anticipated, with a change of 0.6% so the event didn’t generate substantial movement. For almost the entire day the pair bounced between support and resistance, without clear direction.


Technical Outlook
The support at 1.2440 and the resistance at 1.2500 proved to be strong barriers which rejected price yesterday. However, today we expect price to move outside the range created by the two levels and to continue in the direction of the initial break. We favor the short side given the fact that yesterday the Relative Strength Index reached its 70 level twice and another bullish move would probably create bearish divergence. First support will be located at 1.2360 if 1.2440 is broken while resistance sits at 1.2620 if 1.2500 is broken.

Fundamental Outlook
The day lacks major news releases but noteworthy is the German Final Consumer Price Index which is scheduled for release at 7:00 am GMT. The expected change is -0.3%, same as last month but the Final version doesn’t hold as much importance as the Preliminary; higher values would strengthen the Euro nonetheless.


GBP/USD
The Pound weakened substantially yesterday as the Claimant Count Change posted a value of -20.4K, worse than analysts expected. This took price back below 1.5900 and generated a day controlled by the bears.


Technical Outlook
The momentum belongs to the bears once again but the important support at 1.5790 sits in front of descending prices. If this barrier can be surpassed, the next level of importance is represented by 1.5750 but we must note the position of the Relative Strength Index which touched the 30 level twice yesterday on an hourly chart. This doesn’t mean necessarily that price will bounce higher at support but it is a bullish factor which must be taken into account.

Fundamental Outlook
There are no major news releases scheduled for today thus price direction will be mainly influenced by the technical aspect.
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  #101  
Old 14-11-2014, 12:03
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Default Re: Technical News | GDMFX Brokerage | Daily

FOREX NEWS: US RETAIL SALES DETERMINE THE TREND



EUR/USD
Forex News: Yesterday the pair remained confined inside the horizontal channel created by support and resistance and although price action was mostly bullish, the anticipated breakout didn’t occur.


Technical Outlook
A breakout is still anticipated as yesterday price failed to move out of the horizontal channel and now the pair has been moving mostly sideways for an extended period of time. Support is located at 1.2440 and resistance at 1.2500 and a break of either one will most likely generate a strong move in that direction. The fundamental scene is busy today and this adds to our belief that price will break the channel.

Fundamental Outlook
The German Preliminary Gross Domestic Product is scheduled for release at 7:00 am GMT and is expected to grow from last month’s -0.2% to 0.1%. This would be beneficial for the Euro as the GDP is an economy’s main gauge of overall health.

At 1:30 pm GMT the US Retail Sales are released, with an anticipated change of 0.2% compared with last month’s -0.3%. Because sales made at a retail level represent an important part of the entire economic activity, a higher value would suggest increased activity and thus a stronger greenback. The final important indicator of the week is the Consumer Sentiment survey released by the University of Michigan. The scheduled time is 2:55 pm GMT and the forecast is 87.3, a small increase from last month’s 86.9.


GBP/USD
The pair traveled south for almost the entire duration of yesterday’s trading session and support was clearly broken. The downtrend has a new low and the US Dollar is easily overpowering the Pound.


Technical Outlook
The important support at 1.5750 was broken yesterday but the Relative Strength Index is now showing a clear oversold condition, traveling below its 30 level on an hourly chart. The latest move seems a bit overextended and this creates the possibility of a bullish move which will re-test the broken level at 1.5750 before the downtrend can resume.

Fundamental Outlook
Although the United Kingdom doesn’t release any major news today, the American events will have a direct and important impact on the pair’s movement. Positive US data will most likely take the pair lower.
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  #102  
Old 17-11-2014, 11:23
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Default Re: Technical News | GDMFX Brokerage | Daily

FOREX NEWS: ALL EYES ON DRAGHI’S TESTIMONY ON MONETARY POLICY



EUR/USD
Forex News: A better than expected US Retail Sales reading initially took price lower Friday, creating US Dollar strength, but soon after the pair rebounded higher, breaking resistance.


Technical Outlook
The pair moved outside the horizontal channel by breaking the resistance located at 1.2500 and we expect the upside to prevail today but a test of the recently broken level is very probable. The Relative Strength Index is curving downwards in close vicinity of its 70 level, adding to our belief that price will touch 1.2500 before moving north. If price will not bounce higher and the level will not turn into support, we are likely to see a move towards 1.2400.

Fundamental Outlook
At 2:00 pm GMT, ECB President Mario Draghi will testify before the Committee on Economic and Monetary Affairs. The topic will be monetary policy and this makes the speech a very important one because traders around the globe will try to decipher his words in order to find clues about the next interest rate decision. Volatility is expected and caution is recommended.


GBP/USD
Friday’s trading session was characterized by mixed behavior as price dropped when the US Retail Sales came out but soon the Pound erased most of the losses and the pair moved north, finishing the week on a bullish note.


Technical Outlook
The Relative Strength Index on a four hour chart has started to move upwards and is trying to come out of oversold territory so for today’s trading session we expect price to rise, having 1.5750 as target. However, this resistance level could be a too distant target as Mondays are usually slow days if no major economic indicators are released. To the downside, potential support sits at 1.5590 and we don’t expect it to be broken.

Fundamental Outlook
The United Kingdom didn’t schedule any news releases for today but the pair will be influenced by the US Industrial Production numbers which come out at 2:15 pm GMT. The indicator tracks changes in the value of output produced by the Industrial sector and higher values than today’s anticipated 0.2% will most likely strengthen the greenback, taking the pair lower.
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  #103  
Old 18-11-2014, 14:23
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FOREX NEWS: BRITISH INFLATION IN THE FOCUS – POUND HIGHLY INFLUENCED BY THE CPI READING



EUR/USD
Forex News: Yesterday the sellers managed to reverse the initial bullish breakout and to bring the pair back inside the horizontal channel. ECB President Mario Draghi mentioned that added stimulus is needed to bring the economy back on the right track and this created further Euro weakness.


Technical Outlook
Although the channel created by 1.2500 resistance and 1.2400 support was broken, price returned inside, signaling that the pair might be headed towards 1.2400. The bias is slightly bearish but as long as price cannot exit the channel and remain outside, the ranging period is not over and we might see further choppy price action.

Fundamental Outlook
At 10:00 am GMT the German ZEW Economic Sentiment survey is released and expected to show a value of 0.9, an increase from last month’s -3.6. The survey tracks optimism among German professional analysts and investors and usually a higher than anticipated number strengthens the Euro.

The American Producer Price Index will be released at 1:30 pm GMT and expected to change -0.1%, same as last month. The indicator has inflationary implications because a higher price charged by producers will be eventually passed on to the retail consumer so higher values usually strengthen the US Dollar.


GBP/USD
The pair dropped yesterday after a bullish move which brought price in close vicinity of 1.5750 resistance. Almost the entire day was controlled by the bears but support was not threatened.


Technical Outlook
The outlook is once again bearish as the pair is still trading below the 50 period Exponential Moving Average after a failed attempt to move above it. The first support and potential target for the day is located at 1.5590, while resistance still sits at 1.5750 but the day’s bias will be determined by the British inflation numbers released in the morning.

Fundamental Outlook
The British Consumer Price Index is scheduled for release at 9:30 am GMT and the expected change is 1.2%, same as last month. Bank of England Governor Mark Carney recently expressed his concerns about downside risks for inflation and this could mean that a lower value of the CPI might be perceived more bearish than usual, generating Pound weakness.
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  #104  
Old 19-11-2014, 14:20
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FOREX NEWS: MIXED PRICE ACTION AHEAD OF THE FOMC MEETING MINUTES



EUR/USD
Forex News: Yesterday the ZEW Economic Sentiment survey showed increased levels of optimism among German analysts and professional investors, a fact that strengthened the Euro and took the pair back above short term resistance.


Technical Outlook
The period of indecision is still not over as shown by the pair’s movement lately: resistance has been broken but the bulls failed to push price higher and on the other hand, the bears couldn’t make any significant advances when price moved below 1.2500 again. Currently price is testing the level at 1.2500 which may turn into support but if it’s broken to the downside, support will be offered by the bullish trend line seen on the chart above. If price travels higher the first resistance is represented by the double top located at 1.2577.

Fundamental Outlook
The American Building Permits numbers are announced at 1:30 pm GMT and expected to increase to 1.04M from last month’s 1.02M (annualized number), a fact which would generate US Dollar strength. However, a more important event is the release of the FOMC Meeting Minutes scheduled at 7:00 pm GMT. The Minutes contain insights into the reasons which stood behind the latest interest rate decision and usually can offer hints about the bias of future monetary policy. We expect strong moves for the greenback at the time of the release and caution is recommended.


GBP/USD
The British Consumer Price Index surprised yesterday by showing an increase of 1.3% compared with analysts’ expectation of 1.2%. However, the market didn’t respond as anticipated and the Pound didn’t move strongly at the time of the release.


Technical Outlook
The 50 period Exponential Moving Average offered good resistance yesterday and pushed price lower but the picture remains mixed, with a slightly bearish bias, considering the strong downtrend. The first support is located at 1.5590 but if price can break through the Moving Average, we will probably see a climb close to 1.5750.

Fundamental Outlook
The Bank of England will make public today at 9:30 am GMT the breakdown of the latest interest rate votes. This is a good opportunity to see if more MPC members voted for a rate change or if some of them are starting to change their stance. Usually volatility is created only if some MPC members changed their view, but caution is recommended nonetheless.
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  #105  
Old 20-11-2014, 11:44
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FOREX NEWS: AMERICAN INFLATION NUMBERS AND BRITISH RETAIL SALES – THE DAY’S MARKET-MOVERS



EUR/USD
Forex News: The Euro bulls managed to keep the pair above 1.2500 yesterday before the FOMC Meeting Minutes and once the document was released, the US Dollar showed choppy behavior as concern about US inflation surfaced.


Technical Outlook
The pair pierced the resistance created by the double top formation at 1.2577 but rejection was seen and overall we had mixed price action at the time of the FOMC Minutes release. However, yesterday was mainly bullish and if price will move above 1.2577 we are likely to see a move towards 1.2620. To the downside, support is located at 1.2500 but to get there, the bears will first have to take price below the 50 period Exponential Moving Average and the bullish trend line.

Fundamental Outlook
The German Manufacturing PMI is released early at 8:30 am GMT and expected to change from last month’s 51.4 to 51.5. Since this is a leading indicator of economic health which shows optimism among purchasing managers from the Manufacturing sector, a higher than anticipated number will most likely take the pair higher.

Later in the day, at 1:30 pm GMT the American Consumer Price Index is released and expected to change -0.1% while last month’s change was 0.1%. The CPI is one of the main inflation gauges for the United States economy and any percentage above the forecast can lead to a stronger US Dollar.


GBP/USD
Bank of England’s Meeting Minutes showed that some of the members see inflationary risks in the near future and the Pound strengthened as a result but later in the day some of the gains were erased when the FOMC Minutes came out.


Technical Outlook
Yesterday the pair created a double bottom at 1.5590 and immediately after, price bounced higher, helped also by fundamental reasons. The 50 period Exponential Moving Average was successfully pierced to the upside and we expect this bullish behavior to continue today. However, the fundamental aspect for both the Pound and the US Dollar will have a strong impact and the technical aspect will be somewhat secondary.

Fundamental Outlook
The British Retail Sales are released at 9:30 am GMT and the event is usually a strong market mover as sales made at retail level represent a hefty part of the entire economy. A bigger change than the expected 0.4% (previous -0.3%) would benefit the Pound, taking the pair higher. Of course, the US inflation numbers will have a direct impact on the pair as well.
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  #106  
Old 21-11-2014, 13:18
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FOREX NEWS: FINAL DAY OF THE TRADING WEEK RULED BY TECHNICAL FACTORS



EUR/USD
Forex News: The German Manufacturing PMI disappointed yesterday and American inflation numbers came out slightly better than anticipated but the impact was not very strong and the pair showed very choppy price action throughout the day.


Technical Outlook
The pair touched 1.2577 again but failed to move above it and then the bullish trend line was tested but it offered good enough support. The picture is mixed and neither side is in control, a situation which will most likely continue until 1.2577 resistance or diagonal support is broken. Horizontal support sits at 1.2500 and will be the pair’s first destination if the trend line is breached.

Fundamental Outlook
The day is rather calm in terms of economic news releases but ECB President Mario Draghi will speak at the 24th European Banking Congress, in Frankfurt and this can be a reason for volatility depending on the matters discussed. The event is scheduled at 8:00 am GMT and caution is recommended although the speech is not expected to be a major market mover.


GBP/USD
British Retail Sales showed a change of 0.8%, much better than the anticipated 0.4% and the Pound strengthened as a result, generating a trading day with bullish price action.


Technical Outlook
The resistance at 1.5750 wasn’t threatened yesterday and the Relative Strength Index is close to the 70 level which shows a potentially overbought condition. If price will touch 1.5750 with the RSI being overbought, we favor a bounce lower, with the 50 period Exponential Moving Average being the first support. A break of this support would open the door for a move towards 1.5590.

Fundamental Outlook
The day ahead lacks major news releases for the Pound but the only noteworthy data is the Public Sector Net Borrowing scheduled at 9:00 am GMT and expected to decrease to 6.9B from the previous 11.1B. A lower figure than the anticipated one is considered beneficial for the Pound but the indicator usually has a medium impact.
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  #107  
Old 24-11-2014, 15:30
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FOREX NEWS: SCARCE ECONOMIC RELEASES TRANSLATE INTO A SLOW MONDAY



EUR/USD
Forex News: Last week’s strongest move occurred Friday on the back of Mario Draghi’s renewed commitment to add further stimulus in order to boost economic recovery and to raise inflation. This was perceived as bearish for the Euro and the pair moved strongly south.


Technical Outlook
The pair broke through the bullish trend line and the support at 1.2500 before stopping close to 1.2400 support. The momentum clearly belongs to the bears as the Euro is affected by inflation concerns and we expect the downside to prevail but before that can happen, some sort of retracement higher is likely to occur. The Relative Strength Index traveled below its 30 level, indicating oversold and increasing the chances of bullish pullbacks.

Fundamental Outlook
The release of the German IFO Business Climate survey is the only notable event of the day. This survey shows the optimism of about 7,000 German business owners regarding economic conditions and acts as a leading indicator of economic health. The scheduled time of the release is 9:00 am GMT and a higher number than the expected 103.0 usually has a beneficial impact on the Euro.


GBP/USD
Friday the US Dollar pushed the pair lower but the strength of the move was not convincing and a lot of the losses were erased later during the day. Overall we saw choppy price action, without substantial advances.


Technical Outlook
The pair has been moving mostly sideways lately, with single impulses which failed to be continued and were quickly reversed. The bias is slightly bearish but it is clear that momentum is not strong; however, price is trading below the 50 period Exponential Moving Average and the support at 1.5590 is likely to act as a magnet. Resistance is located at 1.5750 but we don’t expect it to be touched today.

Fundamental Outlook
There are no economic releases scheduled today for the Pound and the same is true for the US Dollar so we expect a slow day, with choppy price action.
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  #108  
Old 25-11-2014, 15:06
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FOREX NEWS: A BUSY DAY AHEAD: AMERICAN GDP AND BRITISH INFLATION HEARINGS IN THE FOCUS



EUR/USD
Forex News: The Euro climbed against the American Dollar yesterday as price direction was affected by a better than expected value of the German IFO Business Climate survey. Technical factors like the oversold condition of the pair also played an important role for the pair’s movement.


Technical Outlook
Although yesterday the pair climbed, the bears still have enough underlying strength to bring price down for another test of the support level at 1.2360. If the pair continues upwards, it will encounter resistance at the 50 period Exponential Moving Average but a bullish break will open the door for a touch of 1.2500 resistance. The fundamental aspect will have an important influence on today’s price action.

Fundamental Outlook
The first noteworthy event of the day is the release of the American Preliminary Gross Domestic Product scheduled at 1:30 pm GMT. A higher value than the expected 3.3% would generate US Dollar strength although this version of the GDP is less important than the Advance version.

The US Consumer Confidence is released at 3:00 pm GMT and expected to increase from the previous value of 94.5 to 95.9. A consumer that is confident in the economic situation of the country is likely to spend more and this helps the economy, thus a higher than anticipated value will add fuel to the US Dollar, driving the pair lower.


GBP/USD
The Pound also climbed yesterday although no major indicators were released. Overall we had a pretty slow day, with price action mainly influenced by the technical aspect.


Technical Outlook
The pair is moving mostly sideways lately and neither bulls nor bears are in clear control; price is sitting above the 50 period Exponential Moving Average but a clear slope of the line is not present, indicating the pair is in a ranging period. Until either 1.5750 resistance or 1.5590 support is broken, the ranging period is not over and direction changes can occur, especially if the Relative Strength Index will reach an extreme condition.

Fundamental Outlook
BOE Governor Mark Carney and other MPC members will testify on inflation today at 10:00 am GMT before the Parliament’s Treasury Committee. The hearings last for a few hours and during this time volatility and sharp moves may be experienced. Before the hearings start, at 9:30 am GMT the British Bankers’ Association will release the Mortgage Approval numbers; the forecast is 38.5K and a higher value is likely to strengthen the Pound but usually this indicator tends to have a mild impact on the market.
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  #109  
Old 26-11-2014, 14:11
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FOREX NEWS: THE DOWNTREND WAVERS. RESISTANCE THREATENED



EUR/USD
Forex News: The American Gross Domestic Product posted a better than expected reading but the pair failed to break 1.2400 and rebounded higher after a brief moment of bearishness.


Technical Outlook
Yesterday’s rise took price in close vicinity of the 50 period Exponential Moving Average on a four hour chart but resistance has not been broken so the picture is not strongly bullish for the moment. On the other hand, support pushed price higher and this makes 1.2500 the first target. However, if 1.2500 is touched and the Relative Strength Index is overbought at the time, we anticipate a bounce lower.

Fundamental Outlook
The US Durable Goods Orders are scheduled for release at 1:30 pm GMT and expected to change -0.4% while last month’s value was -1.1%. The indicator tracks changes in the value of goods with a life expectancy of at least three years and higher values usually strengthen the greenback.

The US New Home Sales numbers come out at 3:00 pm GMT with an anticipated value of 471K, slightly better than last month’s 467K. Same as for the other indicator, a higher value suggests economic expansion and usually strengthens the US Dollar.


GBP/USD
The Pound had a good day against the US Dollar despite the value of the American GDP which was better than anticipated. The Inflation Report hearings created mixed market reaction which did not result in strong movement.


Technical Outlook
The 50 period Exponential Moving Average was clearly broken yesterday and now will probably act as support. The immediate target is located at 1.5750 but the Relative Strength Index is approaching overbought territory and we expect a bounce lower if the level mentioned will be touched. If 1.5750 will be broken we expect further upside movement after a test from above.

Fundamental Outlook
Great Britain’s Second Estimate GDP is released at 9:30 GMT and being the main gauge of economic performance, better values than the expected 0.7% will most likely generate Pound strength. As always, the US events will have a direct impact on the pair’s movement.
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  #110  
Old 27-11-2014, 14:35
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FOREX NEWS: THANKSGIVING DAY GENERATES IRREGULAR PRICE ACTION



EUR/USD
Forex News: The data released yesterday by the United States was disappointing and generated US Dollar weakness, thus the pair had a bullish day and price broke through short term resistance.


Technical Outlook
Today the United States celebrate Thanksgiving Day and this will most likely trigger irregular movement and periods of alternating volume, especially during the American session. From a strictly technical point of view, we anticipate a re-test from above of the recently broken level at 1.2500; adding to this is the position of the Relative Strength Index on an hourly chart, but if the bulls can maintain price above the mentioned level, we expect further upside movement.


Fundamental Outlook
Since today is Thanksgiving Day, The United States will not release any economic data. However, an important indicator will affect price action: the German Preliminary Consumer Price Index which is the main gauge of inflation for the German economy. The event is scheduled at 1:00 pm GMT and the CPI is expected to increase to 0.0% from the previous -0.3%, a fact which would be beneficial for the Euro.


GBP/USD
The British Gross Domestic Product met analysts forecast but worse than expected US economic data generated greenback weakness and allowed the pair to climb above resistance.


Technical Outlook
The pair is trading above 1.5750 which was previously resistance but the Relative Strength Index on an hourly chart is showing clear overbought signs. This makes us believe that price will have another encounter with 1.5750; a bounce higher would suggest that 1.5750 is now support and that we will see further bullish price action.

Fundamental Outlook
The United Kingdom didn’t schedule important economic indicators for today thus price direction will be mainly affected by the technical aspect but keep in mind that irregular movement can occur due to Thanksgiving Day.
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  #111  
Old 28-11-2014, 13:13
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FOREX NEWS: EUROPEAN INFLATION IN THE FOCUS. US DOLLAR STILL AFFECTED BY HOLIDAYS



EUR/USD
Forex News: Although the German CPI met analysts’ expectations and came out better than last month, the pair dropped yesterday below short term support; however the bears couldn’t continue the initial impulse and volatility toned down.


Technical Outlook
The pair is trading below 1.2500 but the picture is mixed and we don’t expect a lot of action today considering that Thanksgiving will still affect the US Dollar. The bullish trend line seen on the chart above will be the first barrier in front of falling prices and the level at 1.2500 can hinder further bullish movement. A break of either one could trigger an extended move but low volume will be present probably and this can generate sharp turns.

Fundamental Outlook
The most important event of the day is the release of the European Consumer Price Index, scheduled at 10:00 am GMT and expected to decrease 0.3% compared with last month’s 0.4%. Lately inflation has been a major concern for the ECB and lower values than anticipated can have a negative impact on the Euro.


GBP/USD
Yesterday the pair returned to test the recently broken level at 1.5750 but resistance didn’t turn into support and the bears managed to take price lower. Overall we had a day controlled almost entirely by the sellers.


Technical Outlook
Before the drop below 1.5750 the Relative Strength Index was showing an overbought condition which had an important role in yesterday’s drop, especially because neither the Pound nor the US Dollar was affected by economic news. Now price is trading below the 50 period Exponential Moving Average and below 1.5750 so the picture is bearish but keep in mind that price is approaching oversold territory.

Fundamental Outlook
The Pound won’t be affected by any major economic news releases and the same is true for the US Dollar. We expect a day with irregular movement and volatility due to American holidays.
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  #112  
Old 01-12-2014, 14:12
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FOREX NEWS: OPENING THE WEEK WITH MANUFACTURING DATA IN THE SPOTLIGHT



EUR/USD
Friday the European Consumer Price Index, which is the main gauge of inflation, posted the expected change of 0.3% a fact that generated a bullish move but this couldn’t be continued and the initial impulse was quickly reversed.


Technical Outlook
The pair is trading again between support and resistance, without clear direction and with choppy price action, a behavior mainly generated by the American Thanksgiving Holidays. The latest short term momentum is bearish and we expect this direction to be continued throughout today’s trading session; the 50 period Exponential Moving Average is angled downwards and will probably offer resistance if price rises to touch it.

Fundamental Outlook
At 3:00 pm GMT the American Manufacturing PMI comes out, showing the level of optimism among purchasing managers from the manufacturing sector. The forecast is 57.9, a drop from last month’s 59.0 but a higher number has the potential to strengthen the US Dollar, driving the pair lower.


GBP/USD
For the entire duration of Friday’s trading session, the pair remained below resistance and below the Moving Average. The US Dollar showed clear strength against the Pound and the pair traveled towards support.


Technical Outlook
The support at 1.5590 is the immediate target for the pair but the Relative Strength Index has moved below the 30 level, a fact which shows an oversold condition. If support is touched and the RSI is below 30 at the time, we expect a bounce higher considering that we already have a double bottom at 1.5590, making this an important level. Bullish moves will most likely find resistance near the 50 period Exponential Moving Average.

Fundamental Outlook
The Pound will be affected today by the British Manufacturing PMI which comes out at 9:30 am GMT. The expected value is 53.1 and higher numbers usually strengthen the Pound, considering that the PMI is a leading indicator of economic health.
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  #113  
Old 03-12-2014, 15:24
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Default Re: Technical News | GDMFX Brokerage | Daily

FOREX NEWS: BEARS TAKE BACK CONTROL – SUPPORT THREATENED



EUR/USD
Forex News: Although Spain showed yesterday that unemployment levels are starting to drop and the economy is picking up, the pair moved lower for almost the entire day as a positive sentiment surrounded the US economy and the greenback.


Technical Outlook
The pair moved below the 50 period Exponential Moving Average and continued lower, until 1.2400 support was touched. The hourly Relative Strength Index traveled below 30, indicating an oversold condition and this makes us believe that a retracement higher will occur before 1.2400 can be clearly broken. This potential retracement can find resistance at the Moving Average and we expect the bearish movement to resume there, making another attempt to break 1.2400 and opening the door for the next support, located at 1.2360.

Fundamental Outlook
European Retail Sales numbers are released 10:00 am GMT and expected to change 0.6% from the previous -1.3%. Better values than forecast are beneficial for the Euro but the indicator tends to have a mild impact because the most important European countries usually release their retail sales numbers earlier.

Automatic Data Processing (ADP), a privately owned company will release today a version of the Non Farm Employment Report which is not as important as the Government data released Friday but it can still create a lot of volatility. The scheduled time is 1:15 pm GMT, the anticipated number is 223K while the previous was 230K and a higher number is usually beneficial for the US Dollar.


GBP/USD
The British Construction Purchasing Managers’ Index posted a disappointing reading yesterday and this allowed the pair to drop for the entire duration of yesterday’s trading session.


Technical Outlook
The resistance at 1.5750 remains an important level for short term price action and has enough strength to reject strong bullish impulses, as seen from yesterday’s movement. We expect the current move to extend into the support located at 1.5590 but we don’t exclude the possibility of bullish retracements considering the position of the Relative Strength Index which is approaching oversold.

Fundamental Outlook
The British Services Purchasing Managers’ Index is the last one in this week’s series of surveys focused on optimism regarding economic and business conditions; it will be released today at 9:30 am GMT, with an expected figure of 56.6, slightly better than last month’s 56.2. As always, keep an eye on the US events as those will have a direct impact on the pair’s movement.
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  #114  
Old 04-12-2014, 13:29
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FOREX NEWS: MIXED PRICE ACTION AHEAD OF INTEREST RATE DECISIONS



EUR/USD
The Euro continued to weaken yesterday on speculation that Europe’s economy will need further stimulus from the ECB. Support was broken and the bears maintained control for the entire day.


Technical Outlook
On an hourly chart the Relative Strength Index is showing an extreme condition, traveling well below the 30 level and it has even become oversold on a four hour chart. The support at 1.2360 was clearly broken and the pair is headed towards 1.2280, but before that level can be reached, we expect some sort of bullish retracement which will clear the oversold condition of the Relative Strength Index.

Fundamental Outlook
Today’s price action will be heavily influenced by the ECB Interest Rate decision, scheduled at 12:45 pm GMT and by the Press Conference that follows 45 minutes later. The rate is not expected to change from the current 0.05% and usually if there’s no rate change, the Press Conference is the day’s main market mover. Mario Draghi’s attitude and answers to journalists’ questions will most likely generate a lot of volatility and if he talks about increasing stimulus, we expect very strong movement.


GBP/USD
British Services Purchasing Managers’ Index posted a reading which surpassed analysts’ expectations and this allowed the Pound to strengthen against the US Dollar. A worse than expected number for the ADP Non Farm Employment Change also added to the climb.


Technical Outlook
The pair is having trouble choosing a clear direction as all moves are quickly reversed. Now price is sitting once again above the 50 period Exponential Moving Average and the latest impulse is bullish, a fact that makes us believe that 1.5750 resistance will be touched once again. Keep an eye on the Relative Strength Index which is approaching overbought territory so a reversal is not out of the question.

Fundamental Outlook
At 12:00 pm GMT the Bank of England will announce the Interest rate but no change is expected from the current 0.50%. If this forecast comes true, the Pound will probably show limited volatility but caution is recommended nonetheless.
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  #115  
Old 08-12-2014, 06:11
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Default Re: Technical News | GDMFX Brokerage | Daily

FOREX NEWS: BEARISH ADVANCEMENTS CONFIRMED BY A BREAK OF SUPPORT



EUR/USD
Friday the US Dollar strengthened as a result of a much better than anticipated value of the Non Farm Employment Change. Analysts’ forecast was 231K new jobs but the actual number was 321K and this took the pair back into support.


Technical Outlook
The bearish momentum generated by the Non Farm Payrolls is likely to continue today and we expect a move below 1.2280. However, last week price bounced strongly once the current level was touched, so we might see several attempts until the level is clearly broken. Even if the break occurs, we expect price to return to the level of a retest, especially if the Relative Strength Index shows an oversold condition during the day.

Fundamental Outlook
The Eurogroup Meetings take place today, attended by important figures from the European financial and political scene. The meetings are closed to the press but sometimes officials talk to journalists during the day and a statement is released once the meetings conclude. Volatility may be present throughout the day but unless surprise developments take place, we don’t expect strong moves.


GBP/USD
American employment affected the pair strongly and took price almost 130 pips lower on the back of greenback strength. This may mark the end of the ranging price action seen during the last period.


Technical Outlook
The support at 1.5590 was broken Friday but considering the importance of this level for short term price action, we expect a retest from below which will show if the bears can take the pair lower and if the break was a real one. The Relative Strength Index is bouncing close to the oversold level and this may generate some bullish movement and probably the retest mentioned before.

Fundamental Outlook
The United Kingdom didn’t schedule any financial indicator releases for today, so we expect a slow day, with price action driven by the technical aspect.
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  #116  
Old 10-12-2014, 14:47
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Default Re: Technical News | GDMFX Brokerage | Daily

FOREX NEWS: SHORT TERM PRICE ACTION FAVORS THE BULLS. MAIN TREND STILL DOWN



EUR/USD
Forex News: The Euro had a very good day against the US Dollar, strengthening for more than 150 pips and breaking several resistance levels. For the most part of yesterday’s trading session the pair moved straight north and the bulls were in complete control.


Technical Outlook
Two levels of interest were broken during yesterday’s rally: 1.2360 and 1.2400. Now price is sitting above the 50 period Exponential Moving Average and the momentum clearly belongs to the bulls. This makes us believe that the current impulse will extend towards 1.2500 but the Relative Strength Index is showing an overbought condition and the short term resistance at 1.2455 sits in front of rising prices. We expect some moves lower which will clear the overbought condition, followed by another climb but keep in mind that the main trend is bearish, thus stronger moves south are not out of the question.

Fundamental Outlook
The day ahead lacks major economic and financial news releases for both the Euro and the US Dollar, making the technical aspect the more important one.


GBP/USD
Yesterday’s price action was choppy and a clear direction wasn’t established until later in the day when the bulls managed to take price higher, above the 50 period Exponential Moving Average.


Technical Outlook
Although early in the week the pair moved below the support at 1.5590, the bears couldn’t maintain price below it and the break soon proved to be fake. The 50 period Exponential Moving Average was broken to the upside and this will most likely take the pair into the resistance at 1.5750. Even if this level will be broken to the upside, we don’t expect it to happen in the first attempt, considering that the Relative Strength Index might become overbought when price touches resistance.

Fundamental Outlook
The United Kingdom didn’t schedule major news releases for today so price direction will be mainly influenced by technical factors.
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  #117  
Old 11-12-2014, 10:56
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FOREX NEWS: ECB’S LONG TERM REFINANCING OPTION, A MAJOR MARKET MOVER



EUR/USD
Forex News: Yesterday the pair moved above 1.2400 resistance, reversing a previous retracement below this level. The day belonged to the bulls but the action was rather slow, compared with the previous move, probably because economic releases were scarce.


Technical Outlook
Price found support in close vicinity of the 50 period Exponential Moving Average and of 1.2360 support but 1.2455 short term resistance wasn’t touched although the bulls controlled the day’s price action. We expect a move above 1.2455 resistance but if this doesn’t happen today, we are likely to see a return below 1.2360 support. Keep an eye on the Relative Strength Index which is approaching overbought and could trigger reversals.

Fundamental Outlook
At 10:15 am GMT the ECB will announce the value of their Targeted LTRO (Long Term Refinancing Option). This is the total amount of money the ECB will create and loan to European commercial banks in order to boost liquidity. The current value is 82.6B and the forecast is 148.2B but the impact might be difficult to anticipate as market participants can interpret differently the actual value.

The US Retail Sales are announced at 1:30 pm GMT and expected to change 0.4% while last month’s change was 0.3%. Higher values will most likely benefit the greenback because sales made at a retail level represent a hefty part of consumer spending which in turn is a major part of the entire economic activity.


GBP/USD
The pair showed choppy price action for the entire duration of yesterday’s trading session and remained in a tight range. Neither bulls nor bears were in clear control but minor advances north were made.


Technical Outlook
The pair is still trading above the 50 period Exponential Moving Average but important resistance sits in front of rising prices: 1.5750. If this level cannot be breached today, we expect price to start moving towards the support at 1.5590. If this is the case, the Moving Average will be the first area of dynamic support.

Fundamental Outlook
The pair’s direction will be influenced today by the US Retail Sales as the United Kingdom didn’t schedule any major news releases. Keep an eye on the CORE version of this indicator, which excludes automobiles from calculation.
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  #118  
Old 12-12-2014, 12:10
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FOREX NEWS: UNITED STATES ECONOMIC INDICATORS – THE DECIDING FACTOR FOR FRIDAY’S PRICE ACTION



EUR/USD
Forex News: The US Dollar strengthened yesterday against the Euro as the American Retail Sales came out with a better than expected value, showing that economic activity in this sector is picking up. ECB’s Targeted LTRO came out with the value of 129.8B, less than the expected 148.2 but the event didn’t create strong moves.


Technical Outlook
After breaking 1.2455 to the upside, the pair became overbought as shown by the Relative Strength Index and this, coupled with the dollar strength generated by the US Retail Sales release, pushed the pair below 1.2400. Currently the pair is retesting the recently broken level from below and we believe this retest will result in another push lower. The first target is the support at 1.2360, followed by 1.2280.

Fundamental Outlook
All major indicators of the day come from the US with the first release being scheduled at 1:30 pm GMT in the form of the Producer Price Index. The indicator tracks changes in prices charged by producers and has inflationary implications because a higher price will be eventually passed on to the consumer. The forecast is -0.1% while the previous was 0.2% and higher values usually strengthen the greenback.

The University of Michigan will release their Consumer Sentiment survey at 2:55 pm GMT. Increased confidence among consumer is usually a leading signal of increased consumer spending and that’s the reason why a higher value than the expected 89.6 is perceived as beneficial for the US Dollar.

GBP/USD
The pair touched 1.5750 resistance yesterday but the bulls failed to take price above and this resulted in an almost picture-perfect bounce lower. The fact that US Retail Sales exceeded analysts’ expectations also played a big role in yesterday’s price action.


Technical Outlook
Although price bounced lower once 1.5750 resistance was touched, the pair couldn’t move below the 50 period Exponential Moving Average and instead it showed rejection once the line was tested. For the time being, the pair’s direction is still not decided and our bias is neutral until either 1.5750 resistance or the 50 period EMA is broken. Next resistance is located at 1.5825 while next support sits at 1.5590.

Fundamental Outlook
The Pound had a slow week in terms of economic releases and today is no exception, so the pair’s direction will be influenced by the technical aspect and by the US releases.
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  #119  
Old 15-12-2014, 14:25
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FOREX NEWS: SLOW MONDAY AHEAD, WITH US DOLLAR UNDER PRESSURE



EUR/USD
Forex News: Friday the Euro gained against the US Dollar as the US Producer Price Index disappointed analysts’ expectations, weakening the greenback. Later in the day, a better than expected value of a Consumer Confidence survey brought the pair slightly lower and triggered mild US Dollar strength.


Technical Outlook
The pair is likely to continue on its current course until 1.2500 resistance is touched but if this happens, the Relative Strength Index will probably become overbought and this might trigger bearish movement. The 50 period Exponential Moving Average will offer support if touched but we don’t expect strong moves today as the economic scene lacks major releases and Mondays are usually slow days.

Fundamental Outlook
At 2:15 pm GMT the US Industrial Production is released but this is considered an event with medium impact on the US Dollar unless surprising numbers are posted. The forecast is 0.8% while the previous was -0.1% and higher than expected values are usually beneficial for the greenback.


GBP/USD
The pair moved mostly sideways for the entire Friday trading session, no substantial advances were made by either bulls or bears and price remained confined between support and resistance.


Technical Outlook
The resistance at 1.5750 was barely touched Friday but the lack of strong momentum brought price back down, without volatility. We expect this slow, ranging movement to continue today and price to remain between 1.5750 and the four hour 50 period Exponential Moving Average. A break of either one would open the door for a move towards 1.5825 resistance or 1.5590 support but we don’t expect these levels to be touched today.

Fundamental Outlook
The day ahead lacks important releases for the Pound and the US event mentioned earlier is the only economic indicator that could generate strong movement.
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  #120  
Old 16-12-2014, 15:23
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FOREX NEWS: HEADS-UP FOR THE BOE BANK STRESS TESTS RESULTS AND EUROPEAN PMIS



EUR/USD
Forex News: The pair had a rather slow day yesterday, with the US Dollar gaining against the Euro; however the move wasn’t substantial and support was not threatened.


Technical Outlook
Price moved below the 50 period Exponential Moving Average but the bears weren’t able to continue the move and no significant advances were made. This type of movement is likely to continue today unless surprising numbers are showed by the European economic indicators. Resistance still sits at 1.2500 and support at 1.2360 and we believe resistance might be touched before the bears will make a run for support.

Fundamental Outlook
The French Manufacturing PMI is released at 8:00 am GMT with an anticipated value of 48.7. Since this is a leading indicator of economic health, focused on the manufacturing sector, higher numbers will have a positive impact on the Euro. Half an hour later, at 8:30 am GMT the German indicator with the same name will be released. The forecast is 50.4 and the release usually has a higher impact than the French Manufacturing PMI.

At 10:00 am GMT the German ZEW Economic Sentiment survey comes out with an anticipated increase to 19.8 from the previous 11.5. The survey is derived from the opinions of about 275 German investors and analysts and tries to gauge their optimism regarding economic outlook, thus better numbers usually strengthen the Euro.


GBP/USD
The Pound weakened severely versus the US Dollar yesterday and the pair dropped after another close encounter with 1.5750 resistance.


Technical Outlook
The momentum clearly belongs to the bears as shown by yesterday’s price action and strictly from a technical point of view, we expect the downside to prevail today. First support is located at 1.5590, a level which proved very strong in the past and might reject price higher again if it will be touched, but a break will most likely draw in more sellers; however, the technical aspect will be overshadowed by the fundamental today.

Fundamental Outlook
The Bank of England will make public at 7:00 am GMT the Bank Stress Test results; major UK banks are tested through simulated market conditions to see how they would hold up during a crisis. The market might have a mixed reaction to this stress test so we recommend caution. The Financial Stability Report will be released by the BoE at the same time (7:00 am GMT) and Governor Mark Carney will hold a Press Conference about the report at 9:00 am GMT. At 9:30 the British Consumer Price Index is released and expected to change 1.2% compared with the previous 1.3%, a thing which would further weaken the Pound.
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