Daily Market Analysis by FXNET - page 2
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Fxnet Technical Analysis On Major Currencies & Commodities
EUR/USD
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GBP/USD
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USD/JPY
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EUR/JPY
**Trading range expected today is between the key support at 136.00 and key resistance at 139.00[/TD]
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[TD="class: td5"]Recommendation [TD="class: td8, colspan: 5"]We remain neutral observing the pair around 138.00 resistance and 137.05 supportGOLD
http://www.fxnet.com/media/documents/gold-technical-analysis-26nov2013.png
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[TD="class: td1, colspan: 6"]Gold rebounded higher, as price failed to settle below the 78.6 retracement level and the descending support shown on chart, forming a strong bullish candle, settling back above 1252.00 previous swing low. Accordingly, we reverse our view from bearish to bullish over intraday basis.
** Short term Trend (Trends that last from two weeks to two months)
** Chart is based on GMT+2 timing
Notes:
*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.
*Support and Resistance levels should be treated as regions not precise numbers
**This analysis follows a discretionary approach(opposed to rule based), and thus outlook and views shall change regularly according to latest price input.[TR]
[TD="class: td5"]Support [TD="class: td6"]1252.00 [TD="class: td6"]1240.00 [TD="class: td6"]1235.00 [TD="class: td6"]1220.00 [TD="class: td7"]1210.00[TR]
[TD="class: td5"]Resistance [TD="class: td6"]1261.00 [TD="class: td6"]1270.00 [TD="class: td6"]1280.00 [TD="class: td6"]1290.00 [TD="class: td7"]1295.00[TR]
[TD="class: td5"]Recommendation [TD="class: td8, colspan: 5"]Long above 1246.00, targets at 1252.00,1261.00 and 1280.00. Stop loss below 1235.00SILVER
http://www.fxnet.com/media/documents/silver-technical-analysis-26nov2013.png
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[TD="class: td1, colspan: 6"]Silver formed a bullish engulfing candle stick formation yesterday, threatening for an upside rebound, however price remains below the key broken support at 20.50-20.60 area, and accordingly, the conflicting technical position forces us to move to the sidelines for now, awaiting a clearer signal.
** Short term Trend (Trends that last from two weeks to two months)
** Chart is based on GMT+2 timing
Notes:
*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.
*Support and Resistance levels should be treated as regions not precise numbers
**This analysis follows a discretionary approach(opposed to rule based), and thus outlook and views shall change regularly according to latest price input.[TR]
[TD="class: td5"]Support [TD="class: td9"]20.00 [TD="class: td6"]19.50 [TD="class: td6"]19.20 [TD="class: td7"]19.00 [TD="class: td7"]18.70[TR]
[TD="class: td5"]Resistance [TD="class: td9"]20.25 [TD="class: td6"]20.60 [TD="class: td6"]20.85 [TD="class: td7"]21.05 [TD="class: td7"]21.50[TR]
[TD="class: td5"]Recommendation [TD="class: td8, colspan: 5"]NeutralCrude OIL
http://www.fxnet.com/media/documents/crudeoil-technical-analysis-26nov2013.png
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[TD="class: td1, colspan: 6"]WTI Crude Oil failed to maintain the bearish bias, bounced higher yesterday and starts the trading session higher, settling at the middle of the sideways consolidation. Accordingly, we prefer to move to the sidelines this morning. A breakout of this consolidation phase will confirm the next potential move.
** Short term Trend (Trends that last from two weeks to two months)
** Chart is based on GMT+2 timing
Notes:
*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.
*Support and Resistance levels should be treated as regions not precise numbers
**This analysis follows a discretionary approach(opposed to rule based), and thus outlook and views shall change regularly according to latest price input.[TR]
[TD="class: td5"]Support [TD="class: td9"]94.50 [TD="class: td6"]94.15 [TD="class: td6"]93.65 [TD="class: td7"]93.30 [TD="class: td7"]93.00[TR]
[TD="class: td5"]Resistance [TD="class: td9"]94.70 [TD="class: td6"]95.00 [TD="class: td6"]95.50 [TD="class: td7"]96.00 [TD="class: td7"]96.65[TR]
[TD="class: td5"]Recommendation [TD="class: td8, colspan: 5"]NeutralFXNET Daily Market Analysis - Euro Hits One-Month High Against Dollar
The euro briefly made a one-month high versus the dollar early on Wednesday and briefly brushed the key $1.3600 level. The strength was partly due to positive news from Germany that German Chancellor Angela Merkel reached a deal with the Social Democratic party (SDP) after weeks of negotiations following the German federal elections in September.
The euro ended the Asian session at $1.3579 with a 0.05% gain. Against the yen, the euro made a new 4-year high of 138.15 and ended with a 0.3% gain at 137.86 yen.
The dollar fared a little better against the yen, and managed to bounce off 2-day lows of 101.13 and regained some losses, adding around 0.2 percent to 101.50 yen.
Yen is struggling against most major counterparts due to the Bank of Japan's monetary easing policies and its commitment to bond buying which weakens yen.
Meanwhile today BOJ board member Sayuri Shirai reiterated in a speech in Tokyo that the BOJ should not hesitate to ease monetary policy further if risks arise to the economy.
The Australian dollar remained weak around 3-month lows against the greenback. Weighing on the aussie is the threat of interest rate cuts by the RBA after comments from Governor Stevens that the AUD value is too high. The aussie hit a low of 0.9087 on Tuesday and traded at around $0.9124 in Asia today.
Fxnet Technical Analysis On Major Currencies & Commodities
EUR/USD
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GBP/USD
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USD/JPY - European Session:
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EUR/JPY
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[TD="class: td9, colspan: 6"]The pair is testing the ascending channel’s resistance around 138.00 and as we mentioned yesterday, a confirmed breach to the upside will extend gains initially towards 140.00. A breakout below 137.05 will pressure the pair lower towards the ascending channels support. WE will observe the next four-hour closing for the mentioned levels to confirm the next move.
**Trading range expected today is between the key support at 136.50 and key resistance at 139.50[TR]
[TD="class: td2"]Support [TD="class: td10"]137.05 [TD="class: td11"]136.45 [TD="class: td11"]135.50 [TD="class: td12"]134.80 [TD="class: td12"]134.10[TR]
[TD="class: td2"]Resistance [TD="class: td10"]138.00 [TD="class: td11"]138.65 [TD="class: td11"]139.00 [TD="class: td12"]139.50 [TD="class: td12"]140.00[TR]
[TD="class: td2"]Recommendation[TD="class: td13, colspan: 5"]Buy the pair above 138.00 targeting 140.00 and stop-loss at four-hour closing below 137.05
If the stop-loss was triggered, sell the pair below 137.05 targeting 136.00, 134.80 and stop-loss at four-hour closing above 138.00GOLD
http://www.fxnet.com/media/documents/fxnet-daily-technical-analysis_11.png
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[TD="class: td1, colspan: 6"]Gold moved slightly lower yesterday, however remains above the 78.6 retracement level at 1235.00, where the bullish rebound scenario after forming a bullish candle stick pattern remains valid. A break above the descending resistance for the latest bearish wave would further confirm this scenario.
** Short term Trend (Trends that last from two weeks to two months)
** Chart is based on GMT+2 timing
Notes:
*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.
*Support and Resistance levels should be treated as regions not precise numbers
**This analysis follows a discretionary approach(opposed to rule based), and thus outlook and views shall change regularly according to latest price input.[TR]
[TD="class: td2"]Support [TD="class: td4"]1240.00 [TD="class: td4"]1235.00 [TD="class: td4"]1220.00 [TD="class: td4"]1210.00 [TD="class: td5"]1200.00[TR]
[TD="class: td2"]Resistance [TD="class: td4"]1246.00 [TD="class: td4"]1252.00 [TD="class: td4"]1261.00 [TD="class: td4"]1270.00 [TD="class: td5"]1280.00[TR]
[TD="class: td2"]Recommendation [TD="class: td7, colspan: 5"]Long above 1240.00, targets at 1252.00,1261.00 and 1280.00. Stop loss below 1234.00SILVER
http://www.fxnet.com/media/documents/fxnet-daily-technical-analysis_12.png
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[TD="class: td1, colspan: 6"]Silver retreated yesterday, but remains above the low of the strong prior bullish engulfing candle, where a break below this low at 19.58 is necessary to reconsider shorting the metal and confirm further downside. The bullish candle suggests a potential rebound, and thus we look for a retest of 20.50 major broken support.
** Short term Trend (Trends that last from two weeks to two months)
** Chart is based on GMT+2 timing
Notes:
*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.
*Support and Resistance levels should be treated as regions not precise numbers
**This analysis follows a discretionary approach(opposed to rule based), and thus outlook and views shall change regularly according to latest price input.[TR]
[TD="class: td2"]Support [TD="class: td3"]19.75 [TD="class: td3"]19.50 [TD="class: td4"]19.20 [TD="class: td5"]19.00 [TD="class: td6"]18.70[TR]
[TD="class: td2"]Resistance [TD="class: td3"]20.00 [TD="class: td3"]20.25 [TD="class: td4"]20.60 [TD="class: td5"]20.85 [TD="class: td6"]21.05[TR]
[TD="class: td2"]Recommendation [TD="class: td7, colspan: 5"]Long above 19.75, targets at 20.25 and 20.55. Stop loss below 19.45.Aussie Powers Through & Dollar Hits New 6-Month High Against Yen - Analysis By FXNET
The best performing currency during Thursday’s Asian session was the Australian dollar which jumped against its US counterpart after strong Australian business spending data. Private Capital Expenditure increased by 3.6% quarter-on-quarter despite expectations for a decline by 1.1%.
AUDUSD rallied to a high of $0.9139 after the data from $0.9076 beforehand, and ended the session with a 0.5% gain at 0.9120.
The yen remained weak in the Asian session while the dollar consolidated gains.
Yen is under pressure due to the Bank of Japan’s monetary easing policies. On Wednesday, Bank of Japan board member Sayuri Shirai said the BOJ should consider expanding monetary stimulus even further.
The dollar on the other hand is stronger due to tapering expectations, especially after a strong of positive US data. On Wednesday the Chicago PMI data beat forecasts while the University of Michigan consumer sentiment index also showed an improvement in November.
The dollar hit a fresh six-month high against the yen today, touching 102.26 yen. The pair ended the session with a 0.06% gain at 102.21.
The euro had a quiet session ending in Asia at 1.3576, almost flat from the US session. Against the yen, the euro hovered near a four-year high, ending at 138.76, up 0.05%.
Upcoming European session data to watch for are German employment data and Eurozone reports on economic sentiment. The US is closed due to the Thanksgiving holiday.
Fxnet Technical Analysis On Major Currencies & Commodities
EUR/USD - European Session:
Despite the bearishness witnessed after touching above 1.36 levels yesterday, but the pair is still stable within the ascending channel that was confirmed by stabilizing above 1.3555 earlier. The upside move is still valid and a bullish wave might be seen today. Breaching 1.3625 and consolidating above it will support bullishness extension. Linear Regression Indicators are positive and Stochastic is crossing over positively supporting our expectations.
Support
1.3580
1.3555
1.3500
1.3470
1.3420
Resistance
1.3625
1.3660
1.3710
1.3765
1.3780
Recommendation
Based on the above, buy the pair above 1.3580 targeting 1.3625, 1.3710 then 1.3780 and stop-loss at four-hour closing below 1.3500
GBP/USD - European Session:
Consolidating above the resistance level that turned to support at 1.6260 pushed the pair out of the correctional range and enter a new bullish wave. Linear Regression Indicators are positive supporting our expectations that the sideways technical formation became a continuous upside one. If the pair breached 1.6370 at 127.2% Fibonacci, the upside move will extend towards Fibonacci level at 1.6515 represented in 161.8% correction.
Support
1.6305
1.6260
1.6205
1.6165
1.6100
Resistance
1.6340
1.6370
1.6420
1.6475
1.6515
Recommendation
Based on the above, buy the pair above 1.6305 targeting 1.6370, 1.6475 and 1.6515, stop-loss at four-hour closing below 1.6240
USD/JPY - European Session:
Consolidating above 127.2% correction represented in 101.65 indicates the possibility of extending the upside move reaching 161.8% correction at 103.10 and resistance level at 103.15. Trading above 101.50 is positive could extend bullishness.
Support
102.00
101.50
101.15
101.00
100.60
Resistance
102.50
102.80
103.10
103.50
103.95
Recommendation
Based on the above, buy the pair above 102.10 targeting 102.50, 102.80 then 103.10 and stop-loss at four-hour closing below 101.50
EUR/JPY - European Session:
The pair maintained stability above the ascending channel resistance –now support- at 138.10 supporting our upside expectations over intraday and short term basis, with our main target at 140.00. The negativity on momentum indicators might force a retest to the breached resistance before resuming bullishness that remains in favor with steady daily closing above 138.10 and most importantly 137.05.
**Trading range expected today is between the key support at 138.00 and key resistance at 140.00
Support
138.10
137.05
136.65
135.50
134.80
Resistance
138.65
139.00
139.50
140.00
140.55
Recommendation
Based on the above, buy the pair above 138.10 targeting139.50, 140.00 and stop-loss at four-hour closing below 137.05
GOLD - European Session:
http://www.fxnet.com/media/documents/gold-technical-analysis-28nov2013.png
Gold dropped yesterday but remained limited in areas above the support at 1234.00 and that supports the return of positivity. At the same time, we cannot rush into positive expectations before we have a breakout above the main intraday descending resistance and therefore we need a confirmed breach to 1252.00 to support positivity. We prefer to remain on the sidelines for now waiting confirmations.
Support
1235.00
1220.00
1210.00
1200.00
1180.00
Resistance
1240.00
1246.00
1252.00
1261.00
1270.00
Recommendation
N/A
SILVER - European Session:
http://www.fxnet.com/media/documents/silver-technical-analysis-28nov2013.png
Silver is trading within the descending channel shown on graph and limited below the MA 50. Nevertheless, the support level constructed around 19.50 makes us uncertain about the extension of the downside move within the channel and require a confirmed breakout below this level. We will wait for confirmation to support the extension of the downside move.
Support
19.65
19.50
19.20
19.00
18.70
Resistance
20.00
20.25
20.60
20.85
21.05
Recommendation
Based on the above, sell silver with the breakout below 19.50 targeting 19.20, 19.00 then 18.70 and stop-loss above 20.00
Crude OIL - U.S. Session:
http://www.fxnet.com/media/documents/crudeoil-technical-analysis-28nov2013.png
WTI Crude Oil extends the bearish move, breaking the bottom of the sideways consolidation, at 93.00, and thus indicates the bearish wave may continue further. The next downside target could be at the 78.6 retracement level near 91.50 potential support.
** Short term Trend (Trends that last from two weeks to two months)
** Chart is based on GMT+2 timing
Notes:
*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.
*Support and Resistance levels should be treated as regions not precise numbers
**This analysis follows a discretionary approach(opposed to rule based), and thus outlook and views shall change regularly according to latest price input.
Support
92.70
92.00
91.50
91.00
90.60
Resistance
93.00
93.30
93.65
94.25
94.70
Recommendation
Short below 93.00, targets at 92.10 and 91.50. Stop loss above 93.70
Technical Analysis On Major Currencies / Commodities By FXNET
EUR/USD - European Session:
The pair extended the positive trading, whereas it approached 61.8% correction at 1.3625 – 1.3630. The possibility of extending the upside move is valid today but the pair has to breach 1.3630 to trigger another bullish wave targeting 1.3705 and perhaps 1.3770 levels later. Anyhow, trading above 1.3500 is positive but consolidating above 1.3555 is required over intraday basis today to keep the bullish possibility.
Support: 1.3600, 1.3580, 1.3555, 1.3500, 1.3470
Resistance: 1.3630, 1.3660, 1.3705, 1.3745, 1.3770
Recommendation: Based on the above, buy the pair above 1.3605 targeting 1.3660, 1.3705 then 1.3770 and stop-loss at four-hour closing below 1.3555
GBP/USD - European Session:
The pair touched 127.2% Fibonacci level at 1.6370 then slightly dropped. But the current slight downside move is still limited above Linear Regression Indicators and the previous top at 1.6259 favoring the possibility of keeping the upside move valid, Trading above the referred to top is positive, but breaching 1.6370 could trigger a strong bullish rally today. We hold on to our positive expectations supported by the bullish technical classical formation showing on graph.
Support: 1.6325, 1.6305, 1.6260, 1.6205, 1.6165
Resistance: 1.6370, 1.6420, 1.6475, 1.6500, 1.6515
Recommendation: Based on the above, buy the pair above 1.6325 targeting 1.6370, 1.6475 and 1.6515, stop-loss at four-hour closing below 1.6240
USD/JPY - European Session:
The pair consolidated above Linear Regression Indicator 34 as it is gradually approaching the target at 103.10 represented in 161.8% correction as showing on graph. Despite that Stochastic is overbought, but we see negative signals showing keeping the bullish possibility valid. Breaking 101.65 could fail our expectations, otherwise the upside move remains intraday valid.
Support: 102.20, 102.00, 101.65, 101.15, 101.00
Resistance: 102.50, 102.80, 103.10, 103.50, 103.95
Recommendation: Based on the above, buy the pair around 102.25 targeting 102.50, 102.80 then 103.10 and stop-loss at four-hour closing below 101.60
EUR/JPY - European Session:
The pair settled above 139.00 supporting the suggested positive scenario in our recent reports. The pair was further supported with the breach of the ascending channel resistance shown on graph. We eye upside targets with the breach above 140.00 targeting 141.60 that require stability above 138.20.
**Trading range expected today is between the key support at 138.20 and key resistance at 141.60
Support: 138.65, 138.20, 137.50, 137.05, 136.65
Resistance: 139.50, 140.00, 140.55, 141.00, 141.65
Recommendation: Based on the above, buy the pair above 138.10 targeting139.50, 140.00 and stop-loss at four-hour closing below 137.05
GOLD - European Session:
http://www.fxnet.com/media/documents/gold-technical-analysis-29nov2013.png
Trading remained limited below 1252.00 yet above 78.6% correction at 1234.00 yesterday and still caught in the same range with the kick-start of trading Friday. This makes us prefer to remain on the sidelines as well today waiting for upside confirmation with a breach above 1252.00 resistance; while to the downside a breakout below 78.6% is required.
Support: 1240.00, 1234.00, 1220.00, 1200.00, 1180.00
Resistance: 1246.00, 1252.00, 1258.00, 1261.00, 1270.00
Recommendation: We prefer to remain on the sidelines waiting for more confirmations
SILVER - European Session:
http://www.fxnet.com/media/documents/silver-technical-analysis-29nov2013.png
Silver traded slightly higher yesterday and still seen with some gains today, but the upside move remains limited below the main resistance level of the descending wave that controlled trading this month. The MA 50 covers the movement from above and offering good resistance around 20.00 areas and accordingly we will depend on it to expect a downside move today.
Support: 19.70, 19.50, 19.20, 19.00, 18.70
Resistance: 19.80, 19.95, 20.10, 20.25, 20.60
Recommendation: Based on the above, sell silver with the breakout around 19.80 targeting 19.50, 19.00 then 18.70 and stop-loss above 20.10
Crude OIL - European Session:
http://www.fxnet.com/media/documents/crudeoil-technical-analysis-29nov2013.png
Thin trading control crude futures since yesterday, hovering around 92.10 where the overall intraday and short-term bearishness prevail. We still depend on the descending channel shown on graph with bearish targets initially at 89.00 and require stability below 95.95.
** Short term Trend (Trends that last from two weeks to two months)
** Chart is based on GMT+2 timing
Notes:
*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.
*Support and Resistance levels should be treated as regions not precise numbers
**This analysis follows a discretionary approach(opposed to rule based), and thus outlook and views shall change regularly according to latest price input.
Support: 92.00, 91.50, 91.00, 90.60, 89.95
Resistance: 92.70, 93.00, 93.30, 93.65, 94.25
Recommendation: Based on the above, sell oil futures below 93.00 targeting 92.10, 91.50 and stop-loss above 93.70
FXNET Daily Market Analysis - Australian Dollar Gains On Chinese Manufacturing Data
The Australian dollar was the main mover in Monday’s Asian session as a result of data from China, which is Australia’s main trading partner.
Manufacturing PMI data from the world’s second largest economy showed that expansion in the manufacturing sector was steady at an 18-month high and eased concerns of a slowdown there which could affect the rest of the global economy.
The official Manufacturing PMI data which was released on Sunday was as expected and the private report from HSBC today was above forecast, with both being in expansionary territory.
Since China is a major trading partner for Australia, the news was positive for the Australian dollar. Also data that showed Australia’s building approvals were not as bad as expected helped lift the Aussie, up 0.5% in the Asian session against the USD to $0.9150.
The main news to look forward to later today will be Euro zone PMI data. The euro gained 0.11% against the dollar in Asia to 1.3601, moving closer to a one-month high of 1.3620 hit on Friday. The euro rose 0.06% against the yen to 139.31.
The dollar was steady at 102.41 yen, down 0.10% in the Asian session after hitting a 6-month high of 102.60 yen on Friday.
The main driver for the USD will be Friday’s US nonfarm payrolls data. US jobs data are closely watched by the Federal Reserve, as the data will play a part in determining when it can begin tapering.
Fxnet Technical Analysis On Major Currencies & Commodities
EUR/USD - Weekly Report:
The pair traded in a tight range last week consolidating above 50% correction at 1.3560 levels. Stochastic is showing intraday overbought signals being the only indicator showing negativity, while the rest of the indicators tend to be positive. Trading within an upside move might extend over the week, as the suggested targets resides at 1.3715 and 1.3770. The bullish possibility remains valid by stabilizing above 38.2% correction at 1.3500.
Support: 1.3585, 1.3555, 1.3500, 1.3470, 1.3415
Resistance: 1.3625, 1.3660, 1.3715, 1.3770, 1.3830
Recommendation: Based on the above, buy the pair above 1.3585 targeting 1.3660, 1.3715 then 1.3770 and stop-loss at four-hour closing below 1.3500
GBP/USD - Weekly Report:
The pair moved sharply to the upside consolidating above 1.6370 with the beginning of the week, as stabilizing above the referred to level extends bullishness reaching 1.6510. Breaching 1.6510 represented in 161.8% correction is significant to gain the pair further bullish momentum this week and to cancel any overbought effect showing on momentum indicators.
Trading above 1.6260 is positive, because its capable of keeping the bullish continuous classic formation valid. Stabilizing above 1.6340 is more positive and could keep our expectations this week.
Support: 1.6370, 1.6340, 1.6300, 1.6260, 1.6225
Resistance: 1.6450, 1.6510, 1.6550, 1.6600, 1.6665
Recommendation: Based on the above, buy the pair above 1.6370 targeting 1.6450, 1.6510 and 1.6665, stop-loss at four-hour closing below 1.6270
USD/JPY - Weekly Report:
The pair extended the upside move benefiting from stabilizing above Linear Regression Indicators especially Linear Regression Indicator 34 which represents a support the pair remained above since 8 of November. Stability above 101.65 levels keeps the possibility of extending bullishness this week starting from 103.10 then the previous top 103.73 and perhaps 104.65. All these targets requires breaching 103.10 which represents our significant interval for this week.
Support: 102.10, 101.80, 101.60, 101.10, 100.60
Resistance: 102.50, 103.10, 103.75, 104.10, 104.65
Recommendation: Based on the above, buy the pair above 102.30 targeting 103.10, 103.75 then 104.65 and stop-loss at four-hour closing below 101.60
EUR/JPY - Weekly Report:
The pair is trading sideways since Friday, and we can notice the breakout of the Rising Wedge shown on graph that might push the pair lower targeting 137.70 and might extend towards 135.50. The MA 50 is attempting to protect the pair from extending bearishness and accordingly our weekly outlook is neutral for now to observe the pair at 138.95 support and 139.80 resistance.
**Trading range expected this week is between the key support at 136.45 and key resistance at 142.45
Support: 138.95, 138.20, 137.70, 137.05, 136.45
Resistance: 139.80, 140.55, 141.00, 141.65, 142.45
Recommendation: Our weekly outlook is neutral for now observing the pair at 138.95 support and 139.80 resistance for more confirmations
GOLD - Weekly Report:
Gold managed to break the descending resistance for the latest bearish wave, as price consolidated above the 78.6 retracement level for the wave from 1180.00 to 1433.00, a break above 1258.00 minor swing high should confirm a bullish rebound, while settling below 1234.000 with a daily closing may negate the rebound scenario, and hint potential further downside, towards 1210.00. For now, we believe that holding above 1234.00 favors the bullish rebound scenario.
** Short term Trend (Trends that last from two weeks to two months)
** Chart is based on GMT+2 timing
Notes:
*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.
*Support and Resistance levels should be treated as regions not precise numbers
**This analysis follows a discretionary approach(opposed to rule based), and thus outlook and views shall change regularly according to latest price input.
Support: 1246.00, 1240.00, 1235.00, 1225.00, 1220.00
Resistance: 1252.00, 1260.00, 1270.00, 1280.00, 1290.00
Recommendation: Long above 1240.00, targets at 1252.00,1261.00 and 1280.00. Stop loss below 1230.00
SILVER - Weekly Report:
Silver maintains the bearish note, within the overall bearish wave, however price has shown some consolidation bias recently, while RSI is showing a bullish divergence, and thus a bullish pullback towards the broken support around 20.50-20.60 remains possible, unless price settles below 19.50 level, that would suggest the extension of the bearish wave.
** Short term Trend (Trends that last from two weeks to two months)
** Chart is based on GMT+2 timing
Notes:
*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.
*Support and Resistance levels should be treated as regions not precise numbers
**This analysis follows a discretionary approach(opposed to rule based), and thus outlook and views shall change regularly according to latest price input.
Support: 19.75, 19.50, 19.20, 19.00, 18.70
Resistance: 20.00, 20.25, 20.60, 20.85, 21.05
Recommendation: Awaiting confirmation
Crude OIL - Weekly Report:
WTI Crude Oil bounced higher after testing areas near the 78.6 retracement level for the overall bull trend, where RSI is showing a strong bullish divergence as well, these are signs of a bullish pullback, however, confirmations remain necessary to suggest a bullish rebound, as price remains below key resistance levels.
** Short term Trend (Trends that last from two weeks to two months)
** Chart is based on GMT+2 timing
Notes:
*if price reaches within 20% from target before triggering entry, signal is canceled and not valid anymore.
*Support and Resistance levels should be treated as regions not precise numbers
**This analysis follows a discretionary approach(opposed to rule based), and thus outlook and views shall change regularly according to latest price input.
Support: 93.00, 92.60, 92.00, 91.50, 91.00
Resistance: 93.30, 93.65, 94.25, 94.70, 95.00
Recommendation: Awaiting Confirmation
Australian Dollar Falls After RBA Remarks That AUD Value Is Too High - FXNET Analysis
The main economic news during the Asian session was out of Australia, with various headlines and data giving the Aussie a roller-coaster ride.
Australian retail sales were better-than-forecast, lifting the AUDUSD to an early session high of $0.9133. Then the Reserve Bank of Australia knocked aussie lower. Even though rates were kept on hold as expected at 2.5%, the RBA statement that the currency value is ‘still uncomfortably high,’ caused a sell-off. After tumbling to $0.9056, aussie bounced to end the session at $0.9090.
USDJPY moved higher to a fresh 6-month high of 103.11 yen by the end of Asian session trading and continued higher as the European session came around. The Tokyo Nikkei was also slightly up by 0.6%, closing at 15,750 points. Again, the main cause of yen weakness continues to be loose Bank of Japan monetary policy.
The euro fell after it hit $1.36 on Monday and was unable to sustain such a high level, prompting profit-taking especially on the back of soft factory activity data for Spain and France. ECB decision on Thursday will be keenly watched. EURUSD ended in Asia at $1.3551.
AUD/USD slides to 3-month low after Australian GDP - FXNET Daily Market Analysis
The Australian dollar was the worst performer in the Asian session after dropping 1% against the US dollar on disappointing GDP data.
AUDUSD fell to a three-month low to $0.9045 after the data that showed the Australian economy grew less-than-expected in the third quarter at 0.6% versus 0.8% forecast.
The Aussie has been falling steadily since the October 23 high of $0.9756, triggered by comments from Reserve Bank of Australia Governor Glenn Stevens who said the value of the currency is too high.
Meanwhile, the soft GDP data suggests further monetary easing was not completely ruled out, meaning a possibility of a rate cut from the current 2.5% benchmark rate.
The US dollar managed to make a small recovery against the yen after a big slide yesterday. USD/JPY dropped to 101.97 yesterday as investors took the opportunity to rake in their recent profits when the dollar hit 103 yen, while being cautious ahead of key risk events.
There will be a string of US data coming out – ADP jobs data later today, US GDP tomorrow and the all-important US non-farm payrolls data on Friday.
The dollar ended the Asian session at 102.66 yen, with a gain of 0.17%.
The euro moved away from a one-month high against the dollar as focus turns to the European Central Bank policy meeting tomorrow. EURUSD slid to end the Asian session at $1.3579. However against the yen, the euro gained slightly to 139.41 yen.