Daily Forex News

Although the greenback has edged higher from 94.50 on renewed cross-selling in yen and gain to the Tenkan-Sen (now at 95.17) cannot be ruled out, if our view a top has been formed at 95.89 is correct, upside would be limited and this level should hold and bring another decline…

Despite retreating to an intra-day low of 1.4206 (our long entry at 1.4200 just missed by few ticks), the single currency found renewed buying interest there and finally broke above recent high at 1.4339 and hit a fresh 2009 high of 1.4355. Although further gain towards 1.4393 (61.8% projection of…

Little to add as prices continue to thrash around the ‘neckline’ of a potential ‘head-and-shoulders’ interim top where the ‘head’ marks the upper edge of this year’s broad trading band. Last week’s ‘doji’ candle denotes indecision and a market looking for direction. Hopefully the good-sized flat-topped weekly Ichimoku ‘cloud’ will…

While it’s widely anticipated the RBA will keep its policy rate unchanged at 3% in August, the market focus has been shifted to the central bank’s exit strategy from the unprecedentedly low interest rate and massive fiscal stimulus. At a conference last week, Governor Glenn Stevens delivered a signal that…

The key data releases and events this week are the monetary policy decisions by the BoE and ECB on Thursday and the US official employment report on Friday. Both the BoE and ECB are expected to keep interest rates on hold, but markets will be looking closely to see if…

Non-farm payrolls fell by 467k in June. This was worse than the May figure of -322k, due to the sharp drop in service sector jobs. 52k temporary government jobs had been cut, but this is unlikely to happen again. Given the deterioration in consumers’ labour market assessment, however, we predict…

EUR/GBP’s decline extends further today and reaches as low as 0.8489 so far. At this point, intraday bias remains on the downside as long as 0.8569 minor resistance holds. Recent development indicates that 0.8399 has completed after failing to sustain above 55 days EMA. Current fall should now continue for…

At this moment, intraday bias remains mildly on the downside with 1.5277 minor resistance intact. As discussed before, the sharp decline from 1.5344 suggests that correction from 1.5380 is possibly still in progress. Fall from 1.5344, which is viewed as the third leg of such correction might eventually extend to…

Intraday bias in EUR/JPY remains neutral for the moment as the crosses in still bounded in range below 136.08. While another fall cannot be ruled out as consolidation continues, downside should be contained by 132.08 support and bring rally resumption. Above 136.08 will target 136.87 first and then 139.21 high….

GBP/JPY’s rise from 146.75 is still in progress and intraday bias remains on the upside at this moment for 160.24 resistance next. Break there will confirm the bullish case that correction from 162.56 has completed with three waves down to 146.75 already and will pave the way for a new…