FOREXYARD: Forex News Blog | |
- Platinum Resistance at $1808 an Ounce
- EUR Minimum Bid Rate Tomorrow!
- BUY Signals on EUR/GBP
- GBP/AUD-Bearish Signal
- EUR Gains against CAD Likely in Near Future
- AUD/USD Buying opportunity
| Platinum Resistance at $1808 an Ounce Posted: 12 Jan 2011 06:25 AM PST
Typical of a sustained movement, similar to what platinum prices have been experiencing, there eventually arrives a decision point. Concerning the price of platinum, that point may have arrived. We've seen platinum prices climbing steadily these past few months as concerns over the Euro-Zone's sovereign debt crisis have pushed many investors out of currency safe-havens and into commodities such as platinum. What we see now in the charts is platinum prices hitting a potential breaking point. The $1808 price level appears to represent a strong resistance line for platinum prices. It is only natural then that our technical indicators, displayed below, are showing an impending downward correction. • The chart below is the platinum weekly chart by ForexYard. • The indicators used are the Stochastic (slow), and the Fibonacci Retracement lines were also drawn. • Point 2: There is an impending bearish cross on the Slow Stochastic which highlights a downward movement is going to occur in the near future. Platinum- Weekly Chart |
| EUR Minimum Bid Rate Tomorrow! Posted: 12 Jan 2011 03:42 AM PST
Tomorrow’s trading session promises to be a busy one, as a batch of news from both the euro-zone and US get set to inject heavy volatility in the marketplace. The two most significant of these news events appear to be the European Minimum Bid Rate, which is quickly followed up by the ECB Press Conference, scheduled for 12:45 and 13:30 GMT respectively, and this week’s US Unemployment Claims Figure, which is also set to be released at 13:30. While analysts are not forecasting a change to the European Minimum Bid Rate from its current level of 1.00%, the real volatility will likely occur during the ECB press conference. Investors will be watching out for any clues as to when euro-zone interest rates will be changed, as well as any news regarding Portugal’s current debt situation. Portugal is likely to be the next euro-zone country to suffer a debt crisis, and the manner in which the euro-zone deals with the issue will likely impact the currency for the foreseeable future. Turning to the US, this week’s Unemployment Claims figure is forecasted to come in around the 405K level. If true, it would mark a slight improvement over last week’s figure of 409K. Following last week’s mildly disappointing Non-Farm’s report, investors will be paying particular attention to this week’s employment statistics to gauge how the US economic recovery is going. The impact these news events will have on EUR and USD currency pairs is still unknown. On the one hand, negative news regarding Portugal will likely cause the euro to plummet in afternoon trading. On the other hand, should the ECB reveal a credible plan to help Portugal stave off a debt crisis, investors may flock to the 17-nation single currency. With regards to the dollar, the importance of tomorrow’s unemployment figure cannot be overstated. A better than expected result will likely give the greenback a considerable amount of momentum to close out the week. That being said, any figure above last week’s result of 409K will likely lead to significant doubt with regards to the US economic recovery. |
| Posted: 12 Jan 2011 03:07 AM PST
The EUR has dropped significantly versus the GBP in the last week, and it is currently traded around 0.8315. And now as evident in the data, the daily chart is giving bullish signals, indicating that EUR/GBP pair might go up. Forex traders can take advantage of this impending movement by having their Entry Orders in place to capture this reversal. • The next resistance levels are found at the 0.8345, 0.8375 and 0.8405 levels. EUR/GBP Daily Chart |
| Posted: 12 Jan 2011 03:00 AM PST
This pair’s sustained upward movement has finally pushed its price into the over-bought territory on the daily chart’s RSI. Not only that, but there actually appears to be a bearish cross on the Slow Stochastic pointing to an imminent downward correction. Forex traders have the opportunity to wait for the downward breach on the hourlies and go short in order to ride out the impending wave. • The next resistance levels are found at the 0.8345, 0.8375 and 0.8405 levels. GBP/AUD Daily Chart |
| EUR Gains against CAD Likely in Near Future Posted: 12 Jan 2011 12:05 AM PST
The euro has been stuck in a prolonged bearish trend against its Canadian rival for well over a week. Technical indicators are now showing that an impending bullish trend is on the horizon, providing traders with an excellent opportunity to open up long positions at a great entry price. We will be looking at the 8-hour EUR/CAD chart, provided by ForexYard. The Technical indicators being looked at are the Moving Average, Williams Percent Range and Relative Strength Index. 1. Currently, the currency pair is trading right along its moving average. Traders will want to pay careful attention to this indicator. Should it move above the Moving Average line, it would be a strong signal of impending bullish movement. 2. The Williams Percent Range is hovering around the -80 level. Typically when the indicator is at this level, it is a sign that the pair is in oversold territory and that an upward correction is likely to occur. 3. The Relative Strength Index has been trading well below the lower support line for some time now. This is a clear indication that the pair is oversold and that bullish movement is likely to occur in the near future. |
| Posted: 11 Jan 2011 11:33 PM PST
The Aussie dollar looks to muster support following a slide in the value of the AUD/USD due to the Queensland flooding. Portugal returns to the debt markets today looking to raise 1.25 Bn euros. Should Portugal fail to raise its set target, further confidence in Portugal's market credibility will be questioned and would be negative for the euro. Today's Market Events USD – Import Prices m/m 13:30 GMT USD – Beige Book 19:00 GMT Oil – Weekly Inventory Data AUD/USD – The pair has fallen sharply since the severe flooding of Queensland last week, down from an all-time high at 1.02055. The AUD/USD is currently testing both its rising trend line from June 2010 as well as the 100-day moving average. Traders may want to go long on the pair using a wider stop with a smaller sized position. Support is found at the mid-November lows at 0.9720 followed by the November 30th low at 0.9535. |
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