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EURUSD Technical Analysis (based on dailyfx article)
- EUR/USD Technical Strategy: Pending Short
- Support: 1.3698 (Jan 14 high), 1.3613 (38.2% Fib exp.)
- Resistance: 1.3768 (trend line), 1.3800 (double top)
The Euro pulled back from resistance marked by a falling trend line set from the October 2013 swing high and double top to meet support at 1.3698, the January 14 high. A break below this barrier on a daily closing basis targets the 38.2% level at 1.3613. Alternatively, a move above the trend line, now at 1.3768, exposes the 1.38 figure.2013-02-25 15:00 GMT (or 16:00 MQ MT5 time) | [USD - Consumer Confidence]
if actual > forecast = good for currency (for USD in our case)
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U.S. Consumer Confidence Index Falls More Than Expected In February
With consumers expressing concerns about the short-term outlook for business conditions, jobs, and earnings, the Conference Board released a report on Tuesday showing that U.S. consumer confidence has deteriorated by more than expected in February.
The Conference Board said its consumer confidence index fell to 78.1 in February from a downwardly revised 79.4 in January. Economists had been expecting the index to edge down to 80.1 from the 80.7 originally reported for the previous month.
Gold Sees Slight Boost from Weaker U.S. Economic Data (based on kitco article)
Comex gold futures have pushed just above unchanged price levels on the day Tuesday, following some weaker-than-expected U.S. economic data released at mid-morning. The consumer confidence index and the Richmond Fed business survey both showed weaker-than-expected readings. And earlier-released U.S. housing index report also did not meet market expectations. That news pushed the U.S. dollar index lower and in turn helped to boost the gold market futures above the unchanged level. The recent spate of downbeat U.S. economic data is going to make it harder for the Federal Reserve to keep its "tapering" program in place. April gold was last trading up $2.00 at $1,340.00.
2013-02-26 07:00 GMT (or 08:00 MQ MT5 time) | [EUR - GfK German Consumer Survey]
if actual > forecast = good for currency (for EUR in our case)
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German GfK Consumer Sentiment To Improve In March
Germany's consumer confidence is set to improve in March, a closely watched survey from GfK showed Wednesday.
The consumer confidence index rose to 8.5 points from 8.3 points in February. The index was forecast to remain unchanged at February's originally estimated value of 8.2.
2013-02-26 09:30 GMT (or 10:30 MQ MT5 time) | [GBP - GDP]
if actual > forecast = good for currency (for GBP in our case)
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U.K. Economy Expands 0.7% As Estimated In Q4
The British economy grew as estimated in the fourth quarter, while the full year 2013 growth came in weaker than initial calculations, the Office for National Statistics showed Wednesday.
Gross domestic product expanded 0.7 percent from a quarter ago, in line with preliminary estimate published on January 28. The rate moderated from 0.8 percent increase logged in the third quarter.
On a yearly basis, the economy grew 2.7 percent, revised down from 2.8 percent. For whole year 2013, GDP growth was revised down marginally to 1.8 percent from 1.9 percent.
Is a Chinese Currency Devaluation on the Cards? (based on forexminute article)
The Shanghai Composite Index has finally ended its losing streak after posting 0.4% gains late in yesterday’s session to close higher for the first time in 3 days. This benchmark indicator of Chinese stocks had fallen consistently since the beginning of the week to record losses of 4.9% overall.
More notable however has been the reaction of the Chinese Renminbi, this currency has a long history of slow and steady strengthening, with the Peoples Bank of China (PBoC) keeping a very close peg to the US Dollar on the downside. The Chinese currency has however been allowed to depreciate, albeit very subtly, over the course of the last week. The PBoC appears to be yielding to market pressure and allowing a little more ‘give’ in this traditionally tightly supported currency.
Both the CNH (offshore) and CNY (onshore) are becoming increasingly correlated to other major Asian currencies as China’s economic prospects become increasingly tied to that of the APAC region as a whole.
ECB's Mersch: Chinese Yuan May Become Leading Reserve Currency
The internationalization of the Chinese yuan or renminbi, is still in the early stages and the currency may become the lead reserve currency in future, rivaling the U.S. dollar, the European Central Bank Executive Board member Yves Mersch said Wednesday.
Warren Buffett's Secret Sauce
Warren Buffett knows more about investing than a room full of celebrity chefs know about cooking. But he has secret sauce that has worked for him over the course of a half century that he's not entirely sharing.
Forum on trading, automated trading systems and testing trading strategies
Something Interesting in Financial Video October 2013
newdigital, 2013.10.15 12:12
Warren Buffett Interview on How to Read StocksA Quick review on how Warren Buffett pick and review stocks he buys.
Read more about here :
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The Warren Buffett Way by Robert Hagstrom
This book sheds insight into the ways and means of the Oracle of Omaha. Warren Buffett's thoughts are insightful and his methods may yield fruitful rewards for investors with enough patience to learn them, understand them and apply them correctly.
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Gold Due for Pullback Wave 2? (based on thetechnicaltraders article)
A pullback in Gold today to 1320’s from the 1348 high. We had been looking at about 1350 plus minus as an initial objective off the 1181 pivot lows for the truncated 5th wave of the bear cycle. We can see support at $1300 for spot Gold right now in the charts in terms of keeping it simple.
Now lets keep in mind we just rallied from 1181 to 1348, or about 167 points which is quite a rally. Indeed, February is often a short term cycle low for Gold and has been in years past.
A normal corrective wave 2 would be anywhere from 38% on the low end to 61% on the higher end as likely.
Using some basic math, 38% of 167 points is $64 an ounce, giving* a possible pivot target of $1284 plus minus a few.
So bottom line? We remain bullish long term, short term we may have a minor wave 2 pullback to work off some of this 167 dollar rally in Gold, and 1284 is a 38% fib pivot and 1300 is traditional support.
May just need to take a rest here for a bit… otherwise we maintain for now our $1550 target for 2014.
2013-02-27 00:30 GMT (or 01:30 MQ MT5 time) | [AUD - Private Capital Expenditure]
if actual > forecast = good for currency (for AUD in our case)
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Australia Private Capital Expenditure Falls 5.2% In Q4
Private capital expenditure in Australia was down a seasonally adjusted 5.2 percent in the fourth quarter of 2013 compared to the previous three months, the Australian Bureau of Statistics said on Thursday - coming in at A$38.291 billion.
That was well shy of forecasts for a decline of 1.3 percent following the downwardly revised 2.6 percent contraction in the third quarter (originally 3.6 percent).