Forex

The Gold futures pulled back sharply in 2.41 % move to $ 1575 per ounce

During the Asian trading session the EUR/USD pair tried to hold up the earned yesterday positions and traded around $1.275 area. All this was on the backdrop of news that the leaders of the Greek party were making preparations for coming in June elections, where will be decided the future of the country whether Athens will stay in Euro zone and get the next tranche of financial assistance or not.

The ECB has stopped cash transactions with some Greek banks.

The Euro reached its lowest level in four months falling slightly below the $ 1.2700 level on the background of announcement of the early elections in Greece, which will be held on June 17. The fact that the Greek politicians could not use the last chance to form a government made an early parliamentary election inevitable. The big intraday push down to the EUR/USD’s today’s lows at 1.2688 level occurred due to the information that the ECB has stopped cash transactions with some Greek banks.

Currency pairs technical review (May 17, 2012)

EURUSD: The pair is worked out Triple Top and declined to 1.26897. GBPUSD: The pair has broken 1.60322 and aiming to 1.58543. USDCHF: The pair is aiming to 0.95074. USDJPY: The pair is trading between two Moving Averages (100 and 200). AUDUSD: The pair has tested Fibonacci 23% 0.98733 and rolling back to 1.00067.

The situation in Greece is still in investors’ focus

The second day of meeting of finance ministers of Euro zone which held in Brussels for resolving the situation in region did not bring any result. The Euro continued trading near a four-month low against the dollar on the background on fears that the Greece will have to leave out the Euro union due to the fact that the new government could not be still formed. The EUR / USD pair was trading between $ 1.2814 -$ 1.2865 at the Asian session.

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Currency pairs technical review (May 16, 2012)

EURUSD: The pair is worked out Triple Top and declined to 1.26897. GBPUSD: The pair has broken 1.60322 and aiming to 1.58543. USDCHF: The pair is aiming to 0.95074. USDJPY: The pair is trading between two Moving Averages (100 and 200). AUDUSD: The pair is aiming to Fibonacci 23% 0.98733.

Currency market weekly review (May 07 - May 11, 2012)

The Euro was driven by the political news this week. On Monday, it fell steeply against major traded currencies on the results of elections in France. The France got a new president, Mr. Francois Hollande, a representative of the Socialist Party of France. Loss of the former president Mr. Nicolas Sarkozy French influenced negatively the Euro’s trading dynamics. The currency fell against the US dollar to the three months lows, the region of $1.2956, showing the biggest drop since September 2011. The report on industrial orders in Germany, which on the monthly basis in March was significantly better than expected provide some positive support for the currency.

The dollar rose on fears of aggravating the situation in Europe

The EUR / USD pair continued to update the monthly minimums. The couple fell by the end of the European session to new lows of 1.2826 areas, to its lowest level for the past three months. The investors had more and more concerns seeing a growing risk of new elections in Greece in June because the new government could not be still formed as well as a possible situation where the Greece would have to leave out the Euro zone union. The others factors were also pressured the euro today. The results of auctions on government bonds of Spain and Italy recorded a growth of profitability.

Currency pairs technical review (May 15, 2012)

EURUSD: The pair is working out Triple Top. GBPUSD: The pair stays below 1.62050, if the pair stays below this level the pair will decline to 1.60322. USDCHF: The pair has broken triangle’s upper line and broken Moving Average (500) at 0.92842, but left unclosed gap at 0.91835. USDJPY: The pair is trading between two Moving Averages (100 and 200). AUDUSD: The pair has declined to 0.99403 lower is a strong support at Fibonacci 23% 0.98733.

The Bank of England kept its interest rate unchanged

After the EUR / USD pair had corrected to the level of $1.2967 on the Asian session, the new sellers came in and pushed down the couple back to towards the lows of previous day bellow the $1.2930 area. The Euro is still under pressure due to the fact that the Greek authorities are not the able to form a coalition. The rest of the day the pair traded in a range of $ 1.2924- $1.2979.

The Euro fell on fears of a possible new round of the dept crisis in Europe

The Euro continued falling on fears of investors regarding the political situation in Greece where the political parties still could not manage how to form a new government. The fears also were based on increasing the probability that the country can reject the cost-saving measures or even leave the euro zone. The EUR / USD pair traded slightly higher at the Asian session, however, dropped steeply at the beginning of the European session to new lows of $ 1.2930 area

Currency pairs technical review (May 10, 2012)

EURUSD: The pair has reached neckline of Triple Top and if stays below 1.30277 the pair will workout the figure, the end maybe expected at 1.26897, after breaking 1.28630. GBPUSD: The pair stays below 1.62050, if the pair stays below this level the pair will decline to 1.60322. USDCHF: The pair has broken triangle’s upper line and reached Moving Average (500) at 0.92842, but left unclosed gap at 0.91835. USDJPY: The pair is aiming to break Moving Average (200) 79.707,this may lead pair to 79.070. AUDUSD: The pair has reached the median line at 1.00907.

A diverse parliament of Greece will not be able to reach a compromise in the formation of the government

The EUR/USD pair traded lower at the Asian and European sessions. It was on the way to test the lows of the previous day. All these were on the background of the background of news which came from Athens revealing the fact that the new government of Greece could not be still formed. Also after the French President Nicolas Sarkozy, a partner and supporter of German Chancellor Angela Merkel was defeated at the election by the socialist Francois Hollande the rumors came to the markets about the possible revising of economy measures in Europe. These rumors increased investors’ concerns about the worsening of the situation with the debt crisis in Euro zone. What was done is a very diverse parliament was formed, which will not be able to reach a compromise in the formation of the government. The only positive news that prevented currency from falling to new lows today was a report on industrial production in Germany, the results of which recorded a growth in March and were significantly higher than forecasts. The EUR/USD couple showed a low of the European session around $1.2982 level.

Currency pairs technical review (May 09, 2012)

EURUSD: The pair has reached neckline of Triple Top and if stays below 1.30277 the pair will workout the figure, the end maybe expected at 1.26897, after breaking 1.28630. GBPUSD: The pair stays below 1.62050, if the pair stays below this level the pair will decline to 1.60322. USDCHF: The pair has broken triangle’s upper line but left unclosed gap at 0.91835. USDJPY: The pair is trading between two Moving Averages (100 and 200) 80.438 and 79.707. AUDUSD: The pair has reached the median line at 1.00907.

The Euro was driven by the political news today

The Euro was driven by the political news today. It fell steeply on the early morning sessions below the $1.30.The currency fell today on the result of elections in France. Today France got a new president, Mr. Francois Hollande. The loss of previous president, Mr. Nicolas Sarkozy had negative impact for the Euro. The single currency fell against the US dollar to the three months lows, the region of $1.2956, showing the biggest drop since September 2011. During the European session, the euro compensated some of its losses against its main competitors strengthening against the dollar to the region of $1.3059. The report on industrial orders in Germany, which on the monthly basis in March was significantly better than expected provide positive support for the currency trading dynamics.

Currency pairs technical review (May 08, 2012)

EURUSD: The pair has reached neckline of Triple Top and if stays below this level may workout the figure, the end maybe expected at 1.26897, after breaking 1.28630. GBPUSD: The pair stays below 1.62050 trading below this level may bring pair to decline to 1.60322. USDCHF: The pair has broken triangle’s upper line but left unclosed gap at 0.91835. USDJPY: The pair is trading between two Moving Averages (100 and 200) 80.438 and 79.707.

Currency market weekly review (April 30 - May 04, 2012)

By the end of this week the EUR / USD lost around 1.3 %.The published reports on indices of business and industrial sectors’ activity in Germany, France, and the Euro zone as a whole, which were worse than expected, pressured the Euro currency during this week. The Euro fell steeply down against almost all major currencies also on the publication of the reports on the European production which showed a reduction and rising unemployment rate in Germany. The EUR / USD pair declined to the $ 1.3132 area. The Euro-Zone Unemployment Rate in March in monthly terms increased by 0.1 percentage points and reached a new record - 10.9 %.The decision of the ECB was keeping the interest rate at 1.00 % which matched analysts’ forecasts. The reaction of euro’s trading dynamics on this news was rising to a session’s high against the dollar, the region of $1.3175 area. However, on fact that the President of ECB, Mr. Draghi did not signal in his speech on a possible easing of monetary policy, the EUR / USD couple could not go higher than this level. The EUR / USD pair closed this week very negatively reaching the $ 1.3080 area, the lowest level of this week.

The ECB president, Mr. Mario Draghi: “The Euro Zone’s prospects became “increasingly uncertain "”.

The EUR / USD pair was trading between $ 1.3136 -$ 1.3158.during the Asian session. The Euro was still under pressure in anticipation of today's meeting of the European Central Bank, where the ECB president, Mr.Mario Draghi should have been talked of further measures to stimulate the economy and announced the decision of the Bank regarding the interest rate of Euro zone. The decision of the ECB was keeping the interest rate at 1.00 % which matched analysts’ forecasts. The reaction of euro’s trading dynamics on this news was rising to a session’s high against the dollar, the region of $1.3175 area. However, on fact that Mr. Draghi had not signaled on a possible easing of monetary policy in his speech, the EUR / USD couple did not go higher than this level.

The Euro-Zone Unemployment Rate in March reached a new record of 10.9 %

The EUR/USD couple traded in a range of $1.3209-$1.3241 at Asian trading session. The demand for the euro was limited ahead of the publication of PMI data today. Also, the market participants were expected that the outcome of tomorrow's meeting of the European Central Bank in Barcelona would be the keeping the benchmark interest rate at a record low 1 % level.

Currency pairs technical review (March 03, 2012)

EURUSD: If the pair stays below 1.31674 the pair will decline to 1.30277. GBPUSD: The pair has nearly touched 1.63316 and rolling back to 1.62050. USDCHF: The pair has drawn five lines inside the triangle. USDJPY: The pair is trading between two Moving Averages (100 and 200) 80.438 and 79.707. AUDUSD: The pair is trading in the range between Moving Averages (100 and 500) 1.04407 and 1.02558.

Currency pairs technical review (May 02, 2012)

EURUSD: The pair has risen to the Moving Average (100) at 1.32148. GBPUSD: The pair has nearly touched 1.63316 and rolling back to 1.62050. USDCHF: The pair has drawn five lines inside the triangle. USDJPY: The pair has reached the Moving Average (100) at 80.438. AUDUSD: The pair is trading in the range between Moving Averages (100 and 500) 1.04407 and 1.02558.

Currency pairs technical review (May 01, 2012)

EURUSD: The pair has risen to the Moving Average (100) at 1.32148. GBPUSD: The pair has nearly touched 1.63316 and rolling back to 1.62050. USDCHF: The pair has drawn five lines inside the triangle. USDJPY: The pair has declined to the Moving Average (200) at 79.707. AUDUSD: The pair is trading in the range between Moving Averages (100 and 500) 1.04407 and 1.02558.

The euro strengthened amid positive results of auctions of Italy, Spain, and Netherlands governments’ bonds.

During the Asian session the EUR / USD pair traded in a very narrow flat range between $ 1.3145 -$ 1.3158 levels ??. The couple grew at the beginning of the European session and showed the maxima at the $ 1.3183 area However, the Euro’s growth was limited by the block of economic statistics for the euro area, which did not match the forecasts. Also today, the published by Eurostat report on industrial production in the euro area in February recorded decline of the rate to 1.3% in monthly basis expectations of growth to 1.4 %.The EUR / USD pair dropped into the region of $ 1.3154 which, stepping back, provided the substantial support for the couple.

Currency pairs technical review (April 25, 2012)

EURUSD: The pair has drawn Double Top. If the pair breaks the figure’s neckline GBPUSD: The pair has broken 1.60322 and aiming to 1.62050. USDCHF: The pair is trading in the Triangle. Figure’s resistance is 0.92181, support is 0.90498. USDJPY: The pair has tested the Moving Average (500) at 81.399 and may roll back to 80.438. AUDUSD: The pair is trading in the range between Moving Averages (100 and 500) 1.04407 and 1.02558. If the pair breaks 1.02558 the pair will decline to 1.01744.

The US dollar became more expensive amid the upcoming meeting of the Federal Reserve

The Euro slightly declined against the dollar during the European session on the background of weak reports on of business activity in the industrial and service sectors in France, Germany and the Eurozone as a whole. All results of the reports except for the French index of business activity manufacturing sector did not meet the expectations of the analysts. In details, the German index of business activity in the service sector recorded the value of 52.1 in April versus forecasted 52.4, the index of business activity manufacturing sector of Eurozone showed 47.7 values versus forecasted 48.2.The EUR / USD pair accelerated its down towards the ebd of the session falling to the area of $1.3118.

Currency pairs technical review (April 24, 2012)

EURUSD: The pair has drawn Double Top. GBPUSD: The pair has broken 1.60322 and aiming to 1.62050. USDCHF: The pair is trading in the Triangle. USDJPY: The pair has tested the Moving Average (500) at 81.399 and rolling back to 80.438. AUDUSD: The pair is trading in the range between Moving Averages (100 and 500) 1.04407 and 1.02558.

Currency market weekly review (April 16 - April 20, 2012)

Euro: The Euro’s trading dynamics were depended on the results of auctions of the Spanish and German governments bonds on Monday. US Dollar: The dollar fell against major currencies on Monday. British Pound: The Pound grew on Tuesday today on positive result of the annual CPI index which showed that the UK inflation rose for the first time since September 2011. Japanese Yen: On Tuesday, the yen fell against all 16 most traded currencies amid rising demand for risky assets and recovering of Worlds Stock markets after their three day decline. Australian dollar: The Australian dollar suffered a sell off on Tuesday continuing its three-day decline against the U.S amid the statements of the Reserve Bank of Australia which mentioned a slowdown in inflation in the country.

A quite volatility day for the greenback due to the published reports

The EUR / USD pair traded in a narrow range between $1.3110 and $1.3130 levels during the Asian trading session. On the European session, the euro fell against of its competitors amid the information which revealed that the Greek government postponed the plan of recapitalization of the Greek Banks. The published forecasts that showed that the German’s economy would demonstrate an increase by 0.9% versus with previous 0.8% for this year could not prevent the Euro currency of falling down. The EUR / USD pair fell to the area of $1.3072.Today’s results of auctions had better than expected outcome; the Spain attracted 2,541 euros with the planned 1.5-2.5 billion euros, the France placed 7,973 billion euros versus 7-8 billion euros planned. However, these results had no positive impact on the currency’s trading dynamics, yet provided some support at the $1.3070 level for the EUR / USD couple.

The British economy statistical reports provided significant support for the British currency

The demand for the U.S. dollar was limited today amid published yesterday information which was provided by the International Monetary Fund that raised its forecast for global economic growth. The forecast was raised to 3.5 percent compared previous presented in January 2012 which predicted that the world economic growth in 2012 will be 3.3 percent. Also, the forecast of 2013 was raised from 4.0 to 4.1 percent.

Currency pairs technical review (April 19, 2012)

EURUSD: The pair has drawn Double Top. If the pair breaks the figure’s neckline 1.30277 the pair will decline first to 1.28630. GBPUSD: The pair has risen to 1.60322. USDCHF: The pair is aiming to 0.92026. USDJPY: The pair is testing the Moving Average (500) at 81.399. AUDUSD: The pair is trading in the range between Moving Averages (100 and 500) 1.04407 and 1.02558.

The positive Euro Zone’s macroeconomic data supported the Euro currency

At the Asian session the Euro recorded its daily low against the U.S. dollar by testing a pivot line at the region of $1.3090. The euro fell against most major currencies of the 16 amid the worries about the future situation of sovereign debt in Spain. The European session showed an opposite, positive trading dynamics of the Euro currency on the backdrop of the results of the auction of the Spanish government bonds and supportive macroeconomic data which came from reports on Euro zone economic issues . As a result of the auction, Spain attracted 3.18 billion euros with the targeted 2-3 billion euros.

Currency pairs technical review (April 18, 2012)

EURUSD: The pair has drawn Double Top. If the pair breaks the figure’s neckline 1.30277 the pair will decline first to 1.28630. GBPUSD: The pair is trading below Moving Average (500). If the pair stays below 1.58543 the pair will decline to 1.56722. USDCHF: The pair has reached 0.92026 and rolling back to 0.91079. USDJPY: The pair is testing the Moving Average (500) at 81.399. Once this level is broken the pair will rise to 82.219. AUDUSD: The pair is trading in the range between Moving Averages (100 and 500) 1.04407 and 1.02558.

The traders tested today the strength of level of 1.20 of EUR / CHF pair

Today’s Euro’s trading dynamics were depended on the results of auctions of the Spanish and German governments bonds. Against the background of rising concerns of possible further spread of the debt crisis in Europe, with the center in Spain, the 10-year Spanish government bonds’ yield exceeded 6.15% for the first time since December 2011. The EUR / USD pair traded lower at the Asian trading session continuing Friday's decline.

Currency pairs technical review (April 17, 2012)

EURUSD: The pair has drawn Double Top. GBPUSD: The pair is trading below Moving Average (500). USDCHF: The pair has reached 0.92026 and rolling back to 0.91079. USDJPY: The pair has reached support level at 80.438. AUDUSD: The pair is aiming to the Moving Average (500) at 1.02558.

Currency market weekly review (April 09 - April 13, 2012)

At the beginning of the week the Euro fell against almost all major currencies, amid growing fears of a new round of crisis in Europe on the background of growth of Spain and Italy governments bond’s yields. The ten-year bond yields of Italy, the third largest economy in Europe, rose by 23 basis points, reaching 5.69 percent, its highest level since February 17. This sharp rise in yields triggered market participants’ fears of thinking of new round of crisis in Europe. The EUR / USD got hammered and fell to the lows of $ 1.3060. On Wednesday The EUR / USD pair was able to recover rising to $ 1.3132 and then recorded its daily high near the resistance level of $1.3150 at the European session.

The Australian Employment Change report generated a positive bios and Australian currency rose against all major currencies.

The EUR / USD pair traded higher at the Asian session recovering from yesterday lows, waiting the positive result of today's Italian auction of government bonds. Italy planned to place bonds which mature in 2015, 2020 and 2023, respectively. The results of auction were positive and supported the Euro currency, which strengthened against its major competitors. Italy sold its securities for 4.88 billion Euros, which was very close to the maximum target of 5 billion Euros. For the growth of EUR / USD couple also contributed a weak dollar. The pair rose into the region of $ 1.3175 at the European session ??.

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A decrease in the yield of Spanish and Italian government bonds provided support for the Euro currency.

The EUR / USD pair traded near the support level of $1.3066 at the beginning of the Asian trading session. From this point the couples was able to recover and rose to $ 1.3132 and then recorded its daily high near the resistance level of $1.3150 at the European session. Yesterday, ten-year bond yields of Italy, the third largest economy in Europe, rose by 23 basis points, reaching 5.69 percent, its highest level since February 17. This sharp rise in yields triggered market participants’ fears of thinking of new round of crisis in Europe. However, today, support the single currency was provided by a decrease in the yield of Spanish and Italian government bonds.

Currency pairs technical review (April 12, 2012)

EURUSD: The pair has declined to 1.30277 and aiming to 1.31674. GBPUSD: The pair has risen to the Moving Average (500) at 1.59202. USDCHF: The pair has reached 0.92026 and rolling back to 0.91079. USDJPY: The pair is aiming to the support level at 80.438. AUDUSD: The pair tested the Moving Average (500) at 1.02558 and stayed above this level.

The Federal Reserve Chairman, Mr. Ben Bernanke said that the U.S. recovery was far from being complete

Euro fell against almost all major currencies during the first half of the European trading session, amid growing fears of a new round of crisis in Europe. The reason for these fears was a growth of government bond’s yields of Spain and Italy. The EUR / USD pair although went to test traded couple yesterday's highs at the $1.3141 level in the Asian session, got hammered from there later and rebounded to the lows of $ 1.3060.

Currency pairs technical review (April 11, 2012)

EURUSD: The pair is aiming to 1.31674. If this level is broken the pair will decline to 1.30277. GBPUSD: The pair has risen to resistance 1.60322 and rolling back to 1.58543. USDCHF: The pair is aiming to 0.91079. USDJPY: The pair may try to break 82.219 this will bring pair to 81.399. AUDUSD: The pair has declined to the Moving Average (500) at 1.02558.