EUR/USD enjoys a very strong rally: it took advantage of the USD weakness and didn’t retreat when the greenback did make a comeback against other currencies. Can this continue? The team at BTMU provides three reasons why this is not sustainable: Here is their view, courtesy of eFXnews: 1- Even if crude oil prices were to advance … “3 reasons why the EUR/USD rally is set to peter”
Month: May 2015
EUR/USD Temporarily Breaking Out of a Trading Range
EUR/USD (daily chart as of May 6, 2015) has temporarily broken out of a trading range (two bold blue lines on chart) since April 29. The pair tested the key support level yesterday around 1.1060, which was the upper border of the prior trading range. Current price is above the resistance level around 1.1280, which … “EUR/USD Temporarily Breaking Out of a Trading Range”
US Dollar Continues to Struggle After Disappointing Trade Data
US dollar continues to struggle today, thanks to yesterday’s release of disappointing trade data. Economic reports are dampening hopes for an interest rate hike from the Federal Reserve, and that is weighing on the greenback in Forex trading. Even though the US dollar has been paring losses against the yen, it is still lower against that currency, and down against the pound and the euro as well. The dollar index is losing ground as the greenback … “US Dollar Continues to Struggle After Disappointing Trade Data”
Japanese Yen Mostly Weaker as Traders Await Data
Japanese yen is mostly lower today as traders await data. The currency has been gaining against the US dollar, but those gains are now a little bit limited, and things could be turning around for the USD/JPY pair. There isn’t a lot of data for the Japanese yen to use so far this week. There should be PMI data later in the week, but for now, there isn’t much for the yen … “Japanese Yen Mostly Weaker as Traders Await Data”
EURJPY: Weakens, Eyes Further Downside
EURJPY- Having triggered a corrective pullback, further weakness is envisaged. This is coming on the back of price pullbacks on the lower level charts on Friday and a long tailed candle formation. Resistance lies at the 134.50 level. Further out, resistance resides at the 135.00 level where a break if seen will threaten further upside … “EURJPY: Weakens, Eyes Further Downside”
AUD/USD: Trading the Australian jobs May 2015
Australian Employment Change, which is released monthly, provides a snapshot of the health of the Australian labor market. A reading which is higher than the market forecast is bullish for the Australian dollar. Here are the details and 5 possible outcomes for AUD/USD. Published on Thursday at 1:30 GMT. Indicator Background Job creation is one … “AUD/USD: Trading the Australian jobs May 2015”
CAD Ekes Out Gains as Oil Nears $60 a Barrel
Canadian dollar is heading a little bit higher today against some currencies, gaining ground as oil improves and as worries that the Bank of Canada will cut its rates further subside a little bit. Loonie is doing better today, and some analysts believe that the worst is behind it. The Canadian dollar has been struggling for quite some time, especially against the US dollar. With rates cuts … “CAD Ekes Out Gains as Oil Nears $60 a Barrel”
Euro Pulls Back Even With Good News
Even though the outlook for the eurozone is improving, the euro is mostly lower against its counterparts today. The 19-nation currency is pulling back in Forex trading, but there might be some strength there if economic improvement continues and if progress can be made with Greece. Eurozone growth is expected to grow at a faster pace than originally expected, according to officials. The forecast from three months … “Euro Pulls Back Even With Good News”
USDJPY: Retains Broader Upside Bias
USDJPY: Unless the pair retains below the 118.48/32 support zone, it continues to retain its broader upside bias in the medium term. On the upside, resistance resides at the 120.83 level with a turn above here aiming at the 122.00 level. A break will target the 122.50 level. Further out, resistance comes in at the … “USDJPY: Retains Broader Upside Bias”
USDJPY: Retains Broader Upside Bias
USDJPY: Unless the pair retains below the 118.48/32 support zone, it continues to retain its broader upside bias in the medium term. On the upside, resistance resides at the 120.83 level with a turn above here aiming at the 122.00 level. A break will target the 122.50 level. Further out, resistance comes in at the … “USDJPY: Retains Broader Upside Bias”