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USD/JPY moves toward 124.00, makes fresh 8-year highs


 

 

 

FXStreet (Córdoba) - The dollar is extending gains into a fourth consecutive day versus the yen, having printed fresh 8-year highs on Wednesday following a steep rally the previous day.

 

USD/JPY resumed the rise after a brief dip to the 122.75 zone, and climbed to its highest level since June 25 2007 at 123.76 in recent dealings. At time of writing, the pair is trading at 123.70, recording a 0.49% gain on the day.

 

BOJ chief Kuroda said on Wednesday that is desirable that FX reflect economic fundamentals but refrained from making comments against weak JPY.

 

USD/JPY levels to watch

 

On the upside, next resistances are seen at 123.93 (Jun 25 2007 high) and 124.13 (Jun 22 2007 high). On the downside, supports could be found at 122.76 (daily low), 122.45 (intraday support May 26) and 122.00 (psychological level). 

 

 

 

 

May 27,2015

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GBP/USD plummets to 1.5340


 

 

 

FXStreet (Edinburgh) - The sterling is rapidly depreciating vs. the greenback on Wednesday, dragging GBP/USD to lows around the mid-1.5300s.

 

GBP/USD hurt by dollar momentum

 

The context around the deb talks between Greece and its EU creditors continues to deteriorate today, hurting the risk sentiment. The dollar managed to revert the initial negative tone, impacting on the risk-associated universe and forcing spot to retreat to 3-week lows around 1.5340/35.

 

In the UK economy, the next risk event will come with the release of the GDP preliminary figures for the first quarter, due tomorrow.

 

GBP/USD key levels

 

At the moment the pair is down 0.4% at 1.5346 with the next support at 1.5338 (low May 27) ahead of 1.5300 (psychological level) and then 1.5260 (76.4% of 1.5088-1.5815). On the upside, a breakout of 1.5439 (high May 27) would open the door to 1.5475 (high May 26) and finally 1.5478 (38.2% of 1.5700-1.5340). 

 

 

 

 

 

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WTI Crude falls below USD 58/barrel on strong US dollar


 

 

 

FXStreet (Mumbai) - WTI crude oil front month futures fell into losses to trade well below USD 58.00/barrel as the US dollar resumed its uptrend against the basket of currencies. 

 

Crude futures clocked a high of USD 58.92/barrel earlier today on expectations that US crude stocks fell for a fourth straight week in the last week. Crude inventories are expected to have fallen by 2 million barrels last week, a preliminary Reuters survey showed. 

 

The American Petroleum Institute (API) data is due for release today, while the US government shall release its own set of data tomorrow. 

 

Meanwhile, prices are also under pressure on widespread belief that the Organization of the Petroleum Exporting Countries shall keep production steady at its meeting on June 5. 

 

WTI Crude future Technical Levels

 

The futures currently trade at USD 57.55/barrel. immediate support is seen at 56.62 (50-SMA), followed by another support at 56.00. On the other hand, immediate resistance is seen at 57.71 (23.6% R of 42.02-62.54), followed by another hurdle at 59.18 (200-SMA).  

 

 

 

 

 

May 27,2015

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OctaFX has always been eye catching company with their unique and 100% guaranteed working offers and this is another massive thing for traders, it is just outstanding company to be working with, it’s not just getting analysis as there are many providers, but having this sort of accuracy is just incredible and that too been completely free is lovely and I believe that if we wish to get positive results then we must follow these analysis consistently without any major changes.

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Jobless claims reaction: AUD/USD down to 0.7630


 

 

 

FXStreet (Cocoa) - The AUD/USD is extending declines following US jobless claims. After falling 85 pips from 0.7715 in the day, the AUD/USD is trading at lows since April 15 at 0.7630.

 

The Australian Dollar is trading lower against the US Dollar as the pair is trading under pressure amid USD strength.

 

US added 282K initial jobless claims in the last week, above expectations. But data remains at multi-year lows and adds reasons to believe labor market is improving. The jobless claims chart shows that initial jobless claims remain below the 300K mark for the 12th week in a row.

 

AUD/USD after Initial Jobless claims

 

Currently, AUD/USD is trading at 0.7633, down 1.27% on the day, having posted a daily high at 0.7763 and low at 0.7630. The hourly FXStreet OB/OS Index is showing oversold conditions, alongside the FXStreet Trend Index which is slightly bearish.

 

AUD/USD levels

 

If the pair extends declines beyond 0.7630, it will find supports at 0.7600 and 0.7580. To the upside, resistances are at 0.7650, 0.7670 and 0.7715. 

 

 

 

 

 

 

May 28,2015

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NZDUSD after Jobless claims: Collapse extended to 4-year lows


 

 

 

FXStreet (Cocoa) - The New Zealand Dollar is adding losses against the US Dollar following the US initial jobless claims data. Now, the NZD/USD collects a 120 pips collapse from 0.7265 traded in the earlier European session to price at lows since May 2011 at 0.7140.

 

US added 282K initial jobless claims in the last week, above expectations. But data remains at multi-year lows and adds reasons to believe that the labor market is improving in the United States. The jobless claims chart shows that initial jobless claims remain below the 300K mark for the 12th week in a row.

 

NZD/USD after Initial Jobless claims

 

Currently, NZD/USD is trading at 0.7155, down 1.53% on the day, having posted a daily high at 0.7274 and low at 0.7144. NZD/USD spot is in oversold territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.

 

NZD/USD Forecast and Levels

 

According to Imre Speizer, analyst at Westpac Banking Corporation, the bank expects the "NZD/USD to continue its downward trend during the next few months, targeting 0.70."

 

As for the short term, if the pair manages to extend losses beyond 0.7140, next supports are at 0.7100 and 0.7080. To the upside, resistances are now at 0.7170, 0.7200 and 0.7210. 

 

 

 

 

 

 

May 28,2015

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Canadian GDP contracted 0.6% in the first quarter


 

 

 

FXStreet (Mumbai) - The data released by Statistics Canada on Friday showed the economy contracted 0.6% quarter-on-quarter, missing the expectations of a 0.3% gain. This was the first negative growth rate of real GDP since the second quarter of 2011. On a monthly basis, real GDP by industry fell 0.2% in March.

 

As per the official report, final domestic demand fell 0.4% after increasing 0.4% in the previous quarter, while Government final consumption expenditure was 0.2% lower. Exports of goods and services decreased 0.3%, following a 0.4% decline in the previous quarter. Exports of goods declined 0.5%, while services increased 0.8%. Imports of goods and services fell 0.4%. 

 

 

 

 

 

 

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Canadian GDP contracted 0.6% in the first quarter


 

 

 

FXStreet (Mumbai) - The data released by Statistics Canada on Friday showed the economy contracted 0.6% quarter-on-quarter, missing the expectations of a 0.3% gain. This was the first negative growth rate of real GDP since the second quarter of 2011. On a monthly basis, real GDP by industry fell 0.2% in March.

 

As per the official report, final domestic demand fell 0.4% after increasing 0.4% in the previous quarter, while Government final consumption expenditure was 0.2% lower. Exports of goods and services decreased 0.3%, following a 0.4% decline in the previous quarter. Exports of goods declined 0.5%, while services increased 0.8%. Imports of goods and services fell 0.4%. 

 

 

 

 

 

 

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GBP/USD recovers to 1.5280


 

 

 

FXStreet (Mumbai) - The US dollar is being sold ahead of the monthly closing, helping the GBP/USD pair recover to 1.5280 after the official data showed the US economy contracted at slower than expected rate in the first quarter. 

 

GBP/USD sees minor correction post US GDP

 

The pair fell to a low of 1.5236 immediately after the release of the US GDP report, before recovering to a post GDP high of 1.5280. The second estimate revised Q1 GDP lower to -0.7%, against the expectation of -0.9%. Still, the US dollar suffered minor losses, which may have been due to unwinding of long USD positions ahead of the weekend and month end. 

 

With US GDP out of the way, the investors now await Chicago PMI and final Michigan Confidence index for May. 

 

GBP/USD Technical Levels

 

The pair now trades at 1.5270, with the immediate support seen at 1.5230, followed by support at 1.52. On the other hand, resistance is seen at 1.53 and 1.5336.  

 

 

 

 

 

 

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AUD/USD edges down as commodity currencies underperform


 

 

 

FXStreet (Córdoba) - AUD/USD inched a tad lower on Friday and trades near its monthly lows scored the previous day, on track to post its sixth daily loss in a row.

 

The greenback ignored US GDP downward revision from +0.2% to -0.7% in the first quarter, and continued to move higher versus commodity currencies in a relatively quiet day mostly driven by cautious sentiment. 

 

AUD/USD is currently trading at the 0.7635 area, down 0.12% on the day, having scored a low of 0.7629 in recent dealings. On the downside, immediate support stands at 0.7617, 6-week low struck yesterday, followed by the 0.76 mark.

 

On the upside, immediate resistances are seen at 0.7629 (daily high), 0.7700 (psychological level) and 0.7760 (May 28 high).

 

The NZD and the CAD are also among the worst performers, weighed down by soft domestic data. 

 

 

 

 

 

 

 

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AUD/USD edges down as commodity currencies underperform


 

 

 

FXStreet (Córdoba) - AUD/USD inched a tad lower on Friday and trades near its monthly lows scored the previous day, on track to post its sixth daily loss in a row.

 

The greenback ignored US GDP downward revision from +0.2% to -0.7% in the first quarter, and continued to move higher versus commodity currencies in a relatively quiet day mostly driven by cautious sentiment. 

 

AUD/USD is currently trading at the 0.7635 area, down 0.12% on the day, having scored a low of 0.7629 in recent dealings. On the downside, immediate support stands at 0.7617, 6-week low struck yesterday, followed by the 0.76 mark.

 

On the upside, immediate resistances are seen at 0.7629 (daily high), 0.7700 (psychological level) and 0.7760 (May 28 high).

 

The NZD and the CAD are also among the worst performers, weighed down by soft domestic data. 

 

 

 

 

 

 

 

 

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EUR/USD tests 1.1000 resistance area


 

 

 

FXStreet (Córdoba) - After a muted reaction to GDP downward revision, the US dollar started to feel the pressure and fell to fresh daily lows against the euro.

 

EUR/USD climbed to a daily high of 1.1000, following a mixed bag of US data. While US GDP growth was revised to -0.7% in the Q1, May Chicago PMI dropped to 46.3, missing expectations of 53.0 and Reuters/Michigan consumer sentiment index came in at 90.7, above the 89.9 of consensus.

 

However, EUR/USD lacked momentum to decisively break above the 1.10 mark and pulled back slightly to currently trade at 1.0990, still up 0.45% on the day. 

 

The euro is on track to post its third daily gain in a row, extending a recovery from a 1-month low of 1.0818, although it will need to close above 1.1014 to completely erase weekly losses. 

 

 

 

 

 

 

 

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EUR/GBP: Bulls testing key level 0.7170/00


 

 

 

FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7187 with a high of 0.7200 and a low of 0.7139.

 

EUR/GBP has stalled at the psychological 0.72 handle, while the euro is performing with resilience to the upside across the board. Sterling has been on the offer and this is aiding the cross as well, while cable has continued on the downside since May highs as the greenback takes control again with interest rate differentials and the UK economy offering mixed results of late. There has been something of a minor recovery today in cable on the back of the PCE misses but the blow was softened by a slightly better GDP result.

 

Meanwhile and technically EUR/GBP is testing the key 0.7170/90 zone which is the accelerated downtrend and will make little impact on the chart while below the 0.7282 15th March high, as suggested by Karen Jones at Commerzbank this week.  

 

 

 

 

 

 

 

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EUR/GBP: Bulls testing key level 0.7170/00


 

 

 

FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7187 with a high of 0.7200 and a low of 0.7139.

 

EUR/GBP has stalled at the psychological 0.72 handle, while the euro is performing with resilience to the upside across the board. Sterling has been on the offer and this is aiding the cross as well, while cable has continued on the downside since May highs as the greenback takes control again with interest rate differentials and the UK economy offering mixed results of late. There has been something of a minor recovery today in cable on the back of the PCE misses but the blow was softened by a slightly better GDP result.

 

Meanwhile and technically EUR/GBP is testing the key 0.7170/90 zone which is the accelerated downtrend and will make little impact on the chart while below the 0.7282 15th March high, as suggested by Karen Jones at Commerzbank this week.  

 

 

 

 

 

 

 

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BoE Policy Meeting coming up - Rabobank


 

 

 

FXStreet (Guatemala) - Analysts at Rabobank noted the deflationary environment ahead of the BoE meeting coming up.

 

Key Quotes:

 

"The UK CPI inflation rate has dipped below zero (-0.1% y/y). While technically this means deflation has arrived, the Bank of England has announced it will be looking through the “impact of past falls in commodity prices” on the basis that it expects them to be short-lived. "

 

"That said, core inflation has weakened too, reflecting subdued growth in domestic costs, particularly wages. While there is no reason to suspect that a deflationary mindset is settling on the UK economy, the Bank will be wary of downside risks to inflation. "

 

"Given the possibility that political uncertainty associated with the forthcoming EU referendum could impact investment in the UK and the potential for the July budget to bring forward austerity, the Bank is unlikely to be a rush to tighten policy. We expect steady rates until May 2016." 

 

 

 

 

 

 

 

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USD/JPY hits fresh highs but remains limited


 

 

 

FXStreet (Córdoba) - USD/JPY rose and printed a fresh daily high at 124.20 but it was unable to rally further. The upside remains limited above 124.00. 

 

USD/JPY consolidating weekly gains

 

The dollar remains near multi-year lows, rising modestly on Friday after the release of US economic data. The first report was GDP growth that showed a decline of 0.7% in the first quarter versus a 0.2% increase previously estimated. Then the Michigan confidence indicator rose from 88.6 to 90.7 and the Chicago PMI dropped from 52.3 to 46.2 in May.

 

The mixed data had little impact on the US dollar in the forex market while stocks are falling in Wall Street. The Dow Jones was down 0.78% and the Nasdaq was losing 0.61%. 

 

From the levels it had a week ago, USD/JPY is up more than 200 pips, headed toward the highest weekly close since October 2002.  

 

 

 

 

 

 

 

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USD/JPY hits fresh highs but remains limited


 

 

 

FXStreet (Córdoba) - USD/JPY rose and printed a fresh daily high at 124.20 but it was unable to rally further. The upside remains limited above 124.00. 

 

USD/JPY consolidating weekly gains

 

The dollar remains near multi-year lows, rising modestly on Friday after the release of US economic data. The first report was GDP growth that showed a decline of 0.7% in the first quarter versus a 0.2% increase previously estimated. Then the Michigan confidence indicator rose from 88.6 to 90.7 and the Chicago PMI dropped from 52.3 to 46.2 in May.

 

The mixed data had little impact on the US dollar in the forex market while stocks are falling in Wall Street. The Dow Jones was down 0.78% and the Nasdaq was losing 0.61%. 

 

From the levels it had a week ago, USD/JPY is up more than 200 pips, headed toward the highest weekly close since October 2002.  

 

 

 

 

 

 

 

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USD/CAD fails to hold above 1.2500


 

 

 

FXStreet (Córdoba) - USD/CAD pulled back from daily highs and settled below the 1.2500 level, having spent the last hours in a slim range as the trading week drafts to an end.

 

USD/CAD spiked to a high of 1.2526, but stalled a few pips shy of its 6-week high of 1.2537 scored yesterday, following the release of US and Canadian GDP data. 

 

Data showed, US GDP shrank by 0.7% in Q1 versus an increase of 0.2% previously estimated, while Canadian GDP contracted by 0.6% versus 0.3% initially announced.

 

USD/CAD is currently trading at the 1.2485 area, recording a 0.42% gain on Friday and on track to record a 1.64% rise this week.

 

USD/CAD technical levels

 

Immediate resistances are seen at 1.2526 (daily high), 1.2537 (May 28 high) and 1.2569 (Apr 15 high). On the other hand, supports could be found at 1.2410 (daily low), 1.2384 (100-day SMA) and 1.2304 (May 26 low).   

 

 

 

 

 

 

 

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Gold advances around $1,190


 

 

 

FXStreet (Edinburgh) - The troy ounce of the yellow metal is trading in the upper bound of the daily range, climbing beyond the $1,190 level.

 

Gold firmer on poor US data

 

Gold prices found some support after the US economy contracted 0.7% on a yearly basis during the first quarter and the US consumer sentiment dropped to 6-month lows during May.

 

The precious metal is advancing for the third consecutive session, on its way to clinch the first month with gains since January, bolstered by a renewed weakness around the US dollar.

 

Gold key levels

 

Gold is now up 0.08% at $1,189.60 and a break above $1,225.76 (high May 19) would open the door to $1,228 (high May 14) and then $1,236.79. On the flip side, the next support lines up at $1,184 (low May 27) ahead of $1,177 (low May 4) and finally $1,168.50 (low Mar.20).    

 

 

 

 

 

 

 

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OPEC meeting could be a ‘non-event’ – TDS


 

 

 

FXStreet (Edinburgh) - Strategist Andrew Kelvin at TD Securities does not see major announcements in the OPEC meeting due on June 5th.

 

Key Quotes

 

“The OPEC meeting on Friday marks the first official meeting after the group broke with tradition and decided to not support the crude oil price environment by cutting production in November last year”.

 

“At current prices, there is little incentive for the group to cut quota, confirming global oversupply will endure”.

 

“We have a strong conviction (around 85%) that they leave the quota unchanged, and while that is generally the same conviction as in the market, should result in a modest bearish move as some longs get liquidated”.

 

“Any cut to quota would see a very bullish move in the market, while there also may be some focus on comments from Saudi Oil Minister al-Naimi or new Saudi Aramco Chairman al-Falihif they provide any forward price guidance, which we think they may try to anchor to around $70 bbl for year-end”.

 

“Overall, we look to sell any modest bounces in August-delivery Brent at $64 bbl with target at $59.50 bbl, stop at $65 bbl”. 

   

 

 

 

 

 

 

 

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EUR/JPY rises further above 136.00


 

 

 

FXStreet (Córdoba) - The euro kept rising against the yen and reached at 136.40 the strongest level since May 18. EUR/JPY remains above 136.00, consolidating a weekly gain of almost 300 pips. 

 

While the euro has been among the best performers across the board, the yen dropped sharply during the last four days as USD/JPY rallied above 122.00.

 

EUR/JPY technical levels 

 

Immediate resistance to the upside could be located at 136.40 (daily high) followed by 136.80 (May 15 high) and 137.00. On the opposite direction support might lie at 135.95, 135.40 (daily low) and 134.95. 

 

   

 

 

 

 

 

 

 

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USD/CAD fails to hold above 1.2500


 

 

 

FXStreet (Córdoba) - USD/CAD pulled back from daily highs and settled below the 1.2500 level, having spent the last hours in a slim range as the trading week drafts to an end.

 

USD/CAD spiked to a high of 1.2526, but stalled a few pips shy of its 6-week high of 1.2537 scored yesterday, following the release of US and Canadian GDP data. 

 

Data showed, US GDP shrank by 0.7% in Q1 versus an increase of 0.2% previously estimated, while Canadian GDP contracted by 0.6% versus 0.3% initially announced.

 

USD/CAD is currently trading at the 1.2485 area, recording a 0.42% gain on Friday and on track to record a 1.64% rise this week.

 

USD/CAD technical levels

 

Immediate resistances are seen at 1.2526 (daily high), 1.2537 (May 28 high) and 1.2569 (Apr 15 high). On the other hand, supports could be found at 1.2410 (daily low), 1.2384 (100-day SMA) and 1.2304 (May 26 low).   

 

 

 

 

 

 

 

May 29,2015

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DXY turns positive near 97.00


 

 

 

FXStreet (Edinburgh) - The US Dollar Index, which tracks the greenback vs. its main competitors is now back in the 97.00 neighbourhood after testing lows near 96.80.

 

DXY hurt by US data

 

Once again, poor results from the US calendar today have been weighing on the index, although it has quickly managed to revert the decline to daily troughs around 96.80. In fact, the second revision of the US GDP Annualized during Q1 showed a 0.7% contraction while the Reuters/Michigan index surprised to the downside, dropping to multi-month lows during May. Today’s results add to the higher than expected Initial Claims seen on Thursday.

 

A glance at next week’s US calendar shows the key ISM Manufacturing (Monday) and the ADP Employment Change (Wednesday) as the main events, ahead of the more significant Non-farm Payrolls on Friday.

 

DXY relevant levels

 

The index is now up just 0.03% at 96.99 and a breakout of 97.19 (high May 29) would aim for 97.77 (high May 27) and finally 98.13 (high Apr.22). On the other hand, the initial support aligns at 96.75 (low May 29) followed by 94.82 (low May 22) and finally 94.08 (low May 19). 

 

 

 

 

 

 

 

May 29,2015

OctaFX.Com News Updates

 

 

 


 

Trade with OctaFX - the Most Reliable Forex broker! 

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