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Thread: GDMFX - Weekly News

  1. #51
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    FOREX TECHNICAL ANALYSIS: DOWNTREND REGAINS MOMENTUM. ECB MEETING IN THE SPOTLIGHT


    EUR/USD


    Forex Technical Analysis: Last week the bears took control of the pair and managed to take price almost 500 pips lower. Each day finished lower than it started and only brief bullish movement was seen.



    Technical Outlook

    The bullish trend line was broken decisively last week after a bounce at the 50 period Exponential Moving Average on a Daily chart and now the bears are in control of the pair. The oscillators don’t indicate oversold condition but we expect price to pause or even bounce higher if the important support at 1.0500 is reached. First potential resistance is located at 1.0720 but the bias remains bearish, with the possibility of bullish pullbacks.

    Fundamental Outlook

    Monday the fundamental scene is slow and no major news is released but Tuesday an important economic indicator will affect the US Dollar: the U.S. Retail Sales. The Fed is closely watching how the economy performs and an increase in sales made at a retail level could mean that we are one a step closer to a rate hike.

    Wednesday the ECB will announce the interest rate and President Mario Draghi will hold a press conference which will offer more details about future monetary policy. The press conference is almost always accompanied by strong reaction on euro related pairs so caution is recommended.

    Thursday keep an eye on the U.S. Building Permits and Friday the U.S. CPI will be the main market mover because this is one of the most important gauges of inflation.


    GBP/USD

    Dollar strength was seen against the Pound as well and the pair traveled south for the entire week, breaking the important support located at 1.4830. The Bank of England kept the interest rate unchanged at 0.50% and didn’t offer hints about the next increase.



    Technical Outlook

    After breaking 1.4830 decisively the pair traveled into the support located in the zone around 1.4635 but although the week finished below this level, the break cannot be considered valid yet. However, as long as price remains below 1.4830, the bias is negative and we expect the downtrend to continue. If this is the case, the next support is located around 1.4350, a level better seen on a Weekly chart.

    Fundamental Outlook

    British inflation data comes out Tuesday in the form of the Consumer Price Index and Friday we will get insights into the British unemployment situation once the Claimant Count Change is released. Other than that the Pound has a slow week in terms of news releases and center stage will be held by the U.S. announcements.
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  2. #52
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    FOREX TECHNICAL ANALYSIS: EUROGROUP MEETINGS AND GREEK DEBT HEADLINE THE WEEK AHEAD


    EUR/USD


    Forex Technical Analysis: Last week the bulls managed to take the pair higher after a move close to key support. The U.S. economic data released throughout the week didn’t match analysts’ expectations and this allowed the euro to edge higher.



    Technical Outlook

    The support zone around 1.0500 proved strong last week but the climb is not a trend changer. It is normal for price to make several attempts before breaking an important level so we still consider that a move below 1.0500 is possible. There is strong resistance in close vicinity of price, represented by the daily 50 period Exponential Moving Average and by a bearish trend line visible on the chart above. If this resistance zone is surpassed, the next place where bearish movement can resume is located at 1.1000.

    Fundamental Outlook

    The week ahead is headlined by the Eurogroup Meetings which take place Friday. The meetings carry extra weight this time because a solution must be reached for the Greek debt problem. There have been talks about a potential Greek separation from the European Union if progress in the debt issue is not made but so far an exit remains questionable.

    Before the Eurogroup Meetings take place the German ZEW Economic Sentiment Survey is announced Tuesday, showing the opinions of professional investors and analysts about the state of the German economy. Thursday the German and French Manufacturing PMIs are released and Friday we will take a look info U.S. Durable Goods Orders. This indicator focuses on changes in orders for goods with a life expectancy of at least 3 years. Because these goods are usually more expensive, an increase in demand shows that consumers are willing to spend money and this leads to increased economic activity.


    GBP/USD

    The week that just ended belonged almost entirely to the bulls and the pair traveled about 500 pips to the upside before retracing slightly lower. Resistance was pierced but the week finished below it, mostly due to profit taking on long positions.



    Technical Outlook

    The last daily candle has a long upper wick and is commonly known as a pin bar. This is a sign of rejection and shows that 1.5000 might be the place where bearish price action resumes. Price is sitting on the 50 period Exponential Moving Average and for now we cannot make any prediction about a break or bounce scenario but a move below this dynamic resistance would increase the chances of an extended drop. The levels to watch this week are 1.4830 as support and 1.5000 as resistance.

    Fundamental Outlook

    The Pound has a slow economic week ahead, with only two notable releases: Wednesday the Bank of England will reveal the votes on the latest rate decision and although no change in the structure is expected, it’s a good opportunity for traders to gauge the overall stance of the BoE regarding a rate hike. Thursday the British Retail Sales come out; the impact of this indicator is usually high because sales made on a retail level represent a major part of the economy.
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  3. #53
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    FOREX TECHNICAL ANALYSIS: BULLS TAKE A SWING AT RESISTANCE. EURO WEAKENED BY GREEK UNREST


    EUR/USD


    Forex Technical Analysis: Last week was characterized by mixed trading scenarios and ranging price action as European and American data failed to meet analysts’ expectations. The Eurogroup Meetings didn’t bring a solution to the Greek crisis and tension grew higher between Greek representatives and European Finance Ministers.



    Technical Outlook

    We saw an attempt to break 1.0720 to the downside, which resulted in a bullish bounce higher, and now price is attempting to move above the resistance zone created by the bearish trend line and the 50 period Exponential Moving Average. The Stochastic is crossed bullish and the lines are spread apart, indicating buyer momentum and the Relative Strength Index is also moving upwards without being overbought. These are bullish signs which suggest that we are likely to see a break of immediate resistance followed by a move into 1.1000 zone but turmoil in the Euro area might have a negative effect on the common currency and in this case the pair is likely to move below 1.0720.

    Fundamental Outlook

    The week starts slow, with no major releases occurring Monday. Tuesday an American Consumer Confidence survey is the main headline while Wednesday will be the busiest day of the week for the US Dollar as the Advance Gross Domestic Product is released, followed later in the day by the Federal Funds Rate decision and the FOMC statement. Although the rate is not expected to change, the Statement is likely to reveal hints about the next increase, which is rumored to happen in June or July.

    Thursday a Flash Estimate of the European Consumer Price Index comes out, offering insights into the always-important European inflation and the trading week closes Friday with the release of the U.S. Manufacturing Purchasing Managers’ Index which acts as a leading indicator of economic health.


    GBP/USD

    After a slow start of last week’s trading, the Pound rallied and the pair climbed above 1.5160 resistance. The U.S. economic data released throughout the week disappointed and this contributed to the pair’s rise.



    Technical Outlook

    Although the week finished above 1.5160 resistance, we cannot consider this a true break yet. The oscillators are approaching overbought and from a long term perspective the pair is still in a downtrend so we believe that bearish price action will take place this week. Keep in mind that bulls managed to break resistance levels last week so currently they have the upper hand.

    Fundamental Outlook

    The British Preliminary Gross Domestic Product is released Tuesday. The GDP is an economy’s main performance gauge and the Preliminary version is the most important out of the three (Preliminary, Second Estimate and Final) so we expect it to have a strong impact on the Pound. Friday the British Manufacturing PMI comes out, showing the opinions of purchasing managers about the state of the manufacturing sector. As always, the pair’s movement will be directly affected by the U.S. data that comes out throughout the week.
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  4. #54
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    FOREX TECHNICAL ANALYSIS: U.S. NON FARM PAYROLLS AND U.K PARLIAMENTARY ELECTIONS SET THE STAGE FOR A WILD WEEK


    EUR/USD


    Forex Technical Analysis: The euro showed clear signs of strength last week, compared to the US Dollar which weakened mostly due to the Fed’s neutral stance regarding an interest rate hike. The entire week was controlled by euro bulls and important resistance was broken.



    Technical Outlook

    Once the bearish trend line was broken the pair skyrocketed through 1.1000 and 1.1100 resistance, reaching a high of 1.1290 and making the medium term outlook bullish. The next key level is located at 1.1450 but before this is reached we expect price to retrace lower. The last daily candle of the week shows a long upper wick which is a sign of rejection and both the Relative Strength Index and Stochastic are overbought; these are hints that a retracement is due but the main bias is bullish. First resistance is located in the zone created between 1.1100 and 1.1000.

    Fundamental Outlook

    The dollar has an important week ahead considering that employment data is released. Tuesday the U.S. Trade Balance will show the difference between imported and exported goods and services while Wednesday, Automatic Data Processing Inc. will release their version of the Non Farm Payrolls. Although this report is not as important as the Government jobs data released two days later, its impact can be strong so caution is recommended. The same day Eurozone Retail Sales numbers come out.

    The most important event of the week is undoubtedly the U.S. Non Farm Employment Change (Non Farm Payrolls) released Friday. This is a report that shows how many new jobs were created during the previous month, excluding the farming industry and is widely considered the most important employment related indicator for the U.S. economy; its impact is almost always huge, with higher numbers strengthening the greenback.


    GBP/USD

    The Pound was severely hit by disappointing economic data and a substantial selloff started after an initial climb above resistance. The weekly candle is a huge bearish pin bar which shows rejection and potential downtrend resumption.



    Technical Outlook

    The resistance at 1.5550 was threatened last week but bears took over and the pair finished below 1.5160. This week we expect price to stall at this level before deciding the next direction; the 50 period Exponential Moving Average is in close vicinity and a touch of this dynamic support is very likely. Both oscillators are moving out of overbought with strong momentum, increasing the chances of further downside movement and making 1.5000 the next target. A bounce higher would open the door for another attempt to break 1.5550.

    Fundamental Outlook

    Monday UK banks are closed, celebrating May Day this no economic indicators are released. Tuesday the focus is on the Construction Purchasing Managers’ Index and Wednesday the Services PMI comes out. Thursday will probably be the most important day of the week as the British Parliamentary Elections take place. This event is likely to create turmoil on the markets so we recommend caution if trading Pound pairs during the day. The U.S. employment report will also have a direct and strong impact on the pair’s movement.
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  5. #55
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    FOREX TECHNICAL ANALYSIS: MAJOR RESISTANCE AHEAD. DOLLAR WEAKNESS STILL PRESENT


    EUR/USD


    Forex Technical Analysis: Last week the pair came close to the resistance at 1.1450 but the bulls ran out of steam before a touch could occur. The U.S. employment data was mixed (previous number revised lower) and this created choppy movement Friday.



    Technical Outlook

    Although 1.1450 wasn’t threatened last week, we saw an attempt to go below 1.1100 which failed and instead price bounced at this support after a Daily pin bar. The indecision created by the Non-Farm Payrolls is likely to wane off early this week and this means that either 1.1100 or 1.1450 will be broken. The 50 days Exponential Moving Average is moving upwards but both the Stochastic and the Relative Strength Index are starting to move down coming from overbought; these are mixed signals which might generate a ranging week.

    Fundamental Outlook

    The week starts with the Eurogroup Meetings held Monday and attended by finance ministers from the member states. The Greek debt issue will take center stage again and could generate strong movement if important conclusions are reached. Otherwise we will probably see more of choppy price action.

    Wednesday the Preliminary German Gross Domestic Product is released, offering insights into the state of the German economy which as we know is a pillar of the entire Eurozone. The same day the U.S Retail Sales are announced, showing the change in the volume of sales made at retail outlets.

    Thursday Swiss, French and German banks will be closed in observance of Ascension Day and this might have a negative impact on volatility, while the US Dollar will be affected by the Producer Price Index and Unemployment Claims release. Friday is a slow day with the US Consumer Sentiment being the only highlight.


    GBP/USD

    The British Parliamentary Elections were last week’s headline for the Pound-Dollar pair as they created huge Pound strength and generated a surge that threatened 1.5550 resistance.



    Technical Outlook

    The entire week was bullish and we expect this strength to perpetuate itself during the week ahead. The resistance at 1.5550 is the first barrier in front of rising price and a move above it would solidify the medium term control of the bulls. Currently price is sitting above the 50 period Exponential Moving Average and above 1.5160 support zone so our bias is bullish but a bounce at 1.5550 resistance combined with a turn of the moving average or the oscillators would suggest a bearish retracement.

    Fundamental Outlook

    Monday the Bank of England will announce their decision regarding the interest rate but no change is expected so the event might go mostly unnoticed. Tuesday the British Manufacturing Production numbers come out, followed by a NIESR Estimate of the Gross Domestic Product; although this is just an estimate, its impact is usually high due to its accuracy.

    Wednesday will be probably the most important day of the week for the Pound because the Claimant Count Change will offer important insights into the British jobs market and Bank of England Governor Mark Carney will hold a press conference with the Inflation Report (released at the same time) being the main topic. The rest of the week lacks major economic releases for the Pound but as always the U.S. events will have a direct impact on the pair’s movement.
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  6. #56
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    FOREX TECHNICAL ANALYSIS: US DOLLAR TAKES A BLOW AS ECONOMIC DATA DISAPPOINTS


    EUR/USD


    Forex Technical Analysis: The previous week was controlled by the bulls as the euro strengthened on advances made in the Greek bailout conundrum. American Retail Sales and consumer confidence indicators failed to meet analysts’ expectations, dealing a blow to the US Dollar.



    Technical Outlook

    The pair is supported by a bullish trend line but it’s currently testing 1.1450 resistance, with mixed Stochastic and Relative Strength Index (the oscillators are close to overbought but are not showing an extreme condition). A break of 1.1450 would bring in more buyers and generate another bullish week but a false move above the mentioned level would indicate a potential reversal and resumption of the long term downtrend making the bullish trend line the first target.

    Fundamental Outlook

    The German ZEW Economic Sentiment – released Tuesday – is the week’s first notable indicator, showing the opinion of about 275 German investors and analysts about the state of the economy. The same day the American Building Permits numbers come out, offering insights into the health of the U.S. construction sector.

    Wednesday’s main event is the release of the FOMC Meeting Minutes which show some of the reasons which stood behind the Fed’s latest interest rate decision and often offer hints about future monetary policy. Thursday we will get insights into the French and German manufacturing sector as their respective Purchasing Managers’ Indexes are released while Friday’s headline will be the U.S. Consumer Price Index which in one of the broadest measures of inflation.


    GBP/USD

    US Dollar weakness was seen against the Pound as well and the pair had another bullish week, with price moving above resistance.



    Technical Outlook

    Early last week the bulls took price through 1.5550 and continued higher for the rest of the period. However during the second part of the week, the advance slowed and we even saw a bearish day. This fact combined with 1.5830 resistance and the overbought condition of the Stochastic and Relative Strength Index shows that a deeper retracement has high chances of occurring. The first support is located at 1.5550 followed by the bullish trend line.

    Fundamental Outlook

    Wednesday the Bank of England will make public their votes on the interest rate but no change in the stance of the Monetary Policy Members is expected. Nonetheless the event is considered high-impact and should be watched carefully as it may trigger sharp moves.

    The other important event of the week is the release of the British Retail Sales scheduled Thursday. This type of sales represents one of the biggest parts of economic activity and usually affects the Pound strongly. Friday BoE Governor Mark Carney will participate in a discussion at the ECB Forum titled “Inflation and Unemployment in Europe”; his speech is likely to affect the Pound as well so caution is recommended.
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  7. #57
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    FOREX TECHNICAL ANALYSIS: US DOLLAR ASSAULTS SUPPORT LEVELS. BOUNCE-OR-BREAK SCENARIOS IN PLAY


    EUR/USD


    Forex Technical Analysis: The bears started last week strong and they maintained control over the pair for the entire period. The resistance at 1.1450 was too strong to break and a bounce generated a drop of more than 400 pips.



    Technical Outlook

    Important types of support were broken last week: the 50 period Exported Moving Average on a Daily chart, the bullish trend line and the horizontal level at 1.1100. This puts the control on the bears’ side but it’s important to note that currently price reached a support zone created between 1.1100 and 1.1000. If the pair travels below this zone, we are likely to see further downside movement, with 1.0720 being the first target. Both oscillators are well directed, suggesting that such a move is possible but a bounce back above the 50 EMA and 1.1100 may invalidate such scenario.

    Fundamental Outlook

    Monday most European banks are closed in observance of Whit Monday and US banks are closed due to Memorial Day so we expect a slow or irregular trading session. Tuesday the dollar will be affected by the release of the US Durable Goods Orders and later in the day by a Consumer Confidence survey while Wednesday the main event will be the G7 (Group of 7) Meetings which will probably have a strong impact on both the euro and the dollar. The meetings will continue Thursday and Friday; the rest of the events which will have an effect on the pair are the US Unemployment Claims released Thursday and the German Retail Sales scheduled Friday.


    GBP/USD

    Although last week was bearish, the Pound benefited from a better than expected value of the British Retail Sales which generated some strength. The climb was erased Friday when the US inflation data came out.



    Technical Outlook

    The bullish trend line on a Daily chart was broken but the Pound still has enough strength for another bullish push. However, as long as price remains under 1.5550, the picture is bearish and we expect a move south into the 50 days Exponential Moving Average. Both oscillators are coming out of overbought territory and show good momentum, increasing the chances of such a drop.

    Fundamental Outlook

    Monday British banks are closed celebrating Spring Bank Holiday so the fundamental scene is calm. In fact the entire week is slow, with the only notable release being the Second Estimate of the British Gross Domestic Product scheduled Thursday. The United Kingdom is part of the Group of 7 so the Pound will be affected by the G7 Meetings.
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  8. #58
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    FOREX TECHNICAL ANALYSIS: WILD WEEK AHEAD AS THE MARKETS BRACE FOR HUGE IMPACT


    EUR/USD


    Forex Technical Analysis: Last week finished with price at almost the same level it started as the bears controlled the first part and the bulls took over in the second part of the period. The euro was weakened by Greek crisis concerns while the US Dollar was hit by a disappointing GDP.



    Technical Outlook

    We saw an almost perfect bounce at 1.0820 support which generated a move into 1.1000 resistance. As mentioned before, we consider 1.1000 – 1.1100 a zone of resistance which may push price lower. The daily 50 period Exponential Moving Average is also present into the mentioned zone, giving it more strength, so we are dealing with strong resistance and a break would show that bulls are ready to resume the medium term uptrend. Otherwise, 1.0820 is the first destination, followed by 1.0720.

    Fundamental Outlook

    The first important release of the week comes Monday in the form of the German Consumer Price Index which is the main gauge of inflation; later in the day, U.S. Manufacturing data is released, offering insights into the health of the American economy. Tuesday European inflation takes center stage as the Euro Zone CPI comes out.

    Wednesday the ECB will announce the interest rate and ECB President Mario Draghi will hold a press conference which is usually a huge market mover so caution is recommended if trading at the time. The same day the ADP Non-Farm Employment Change is released, offering an early look at employment in the United States. However, this report which is released by a privately owned company doesn’t have such a huge impact as the government data released 2 days later.

    Thursday is a slow day in terms of economic announcements but Friday the U.S. Non-Farm Employment Change (Non-Farm Payrolls) is released. This report shows how many new jobs were created during the previous month and usually has a tremendous impact on the greenback.


    GBP/USD

    The Pound weakened throughout last week on lower than expected British Gross Domestic Product data and the pair descended steadily into the 50 period Exponential Moving Average.



    Technical Outlook

    Once the pair moved below the bullish trend line and below the support at 1.5500, more bears joined in and managed to take control. Currently price is testing the 50 period Exponential Moving Average on a Daily chart and this could be a major turning point for medium term price direction: a move below the EMA would open the door for a move into 1.5000 zone of support while a rejection would most likely take the pair back into 1.5500 resistance.

    Fundamental Outlook

    Three Purchasing Managers’ Indexes are released throughout the first three days of the week: the first one is the Manufacturing PMI, released Monday and followed Tuesday by the Construction PMI. The last survey is the Services PMI, released Wednesday. These are all leading indicators of economic health and higher numbers are usually beneficial for the Pound.

    Thursday the Bank of England will announce the interest rate but no change is anticipated so the event will most likely have just a mild impact.
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  9. #59
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    FOREX TECHNICAL ANALYSIS: CURRENCY WARS: TWO GIANTS COLLIDE


    EUR/USD


    Forex Technical Analysis: Last week’s price action was bullish on the back of an optimistic attitude shown by ECB President Mario Draghi and constructive talks regarding the Greek debt crisis. The NFP release brought US Dollar strength and took the pair lower for the end of the week.



    Technical Outlook

    The resistance zone created between 1.1000 and 1.1100 was breached during the week and the pair approached 1.1450 with good momentum but stopped before reaching this level. The greenback strengthened on better than expected jobs data and now price returned to test the 50 period Exponential Moving Average and the level at 1.1100 which may turn into support, generating a bounce higher. If the pair moves below these two types of support, we expect another move towards 1.0820.

    Fundamental Outlook

    Economic news releases will be scarce during the week ahead but here are the most important events: Monday the Group of Seven (G7) meetings will continue (first day of the meetings is Sunday), with the Greek debt problem being one of the main topics. This can have a strong impact on the euro but the direction will depend on the outcome of the talks. It is important to note that the week may open with a gap influenced by the Sunday talks.

    Tuesday and Wednesday are slow days for the euro and dollar so the technical side will take center stage. Thursday the greenback will be heavily affected by the U.S. Retail Sales which represent an important part of overall consumer spending, which in turn makes up for a large part of the entire economic activity. Keep an eye on the CORE version of the indicator (excludes automobile sales from calculation), released at the same time.

    Friday the U.S. Producer Price Index comes out, showing changes in the price charged by producers for their goods. This indicator has inflationary implications because a higher price charged by producers will be eventually passed on to the consumer. The same day, the University of Michigan will release their Consumer Sentiment survey which is a leading indicator of consumer spending.


    GBP/USD

    The pair moved without strong momentum last week as British economic data was mixed, generating choppy price action. The NFP release initially took the pair lower but most of the dollar gains were erased after the first impulse.



    Technical Outlook

    The pair moved above and below the 50 period Exponential Moving Average for almost the entire week, without clear direction. The last couple of daily candles also show indecision (long upper and lower wicks) and the EMA is flat. All this makes our bias neutral for the pair until a clear move is made in either direction. The Stochastic is coming out of oversold and this is a bullish sign but as we saw on numerous occasions, this indicator can spend a lot of time in oversold or overbought territory.

    Fundamental Outlook

    Representatives of the United Kingdom will attend the G7 meetings Monday so the Pound may be affected by the talks. Tuesday’s only notable British release is the Trade Balance (value difference between imported and exported goods) while Wednesday is the busiest day of the week for the Pound: the Manufacturing Production numbers are made public, an estimate of the British Gross Domestic Product is released and late in the day, Bank of England Governor Mark Carney will deliver a speech at the Annual Mansion House Dinner. No other major events are scheduled for the rest of the week.
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  10. #60
    Senior Member GDMFX's Avatar
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    FOREX TECHNICAL ANALYSIS: BRACING FOR IMPACT: FED INTEREST RATE AND CLUES ABOUT NEXT HIKE


    EUR/USD


    Last week the pair bounced above support but major resistance wasn’t threatened and price turned lower, affected by continued Greek debt concerns.



    Technical Outlook

    The level located at 1.1100 offered good support but the euro couldn’t sustain a climb into 1.1450 key resistance; however the pair is still trading above a bullish trend line and above the 50 period Exponential Moving Average so the outlook is positive at the moment, anticipating another attempt to touch 1.1450. Price direction for the week ahead will be heavily influenced by the Fed’s stance regarding the next rate hike and the U.S. currency is likely to strengthen substantially if clues are offered about a September rate change.

    Fundamental Outlook

    ECB President Mario Draghi will testify on monetary policy Monday, before the European Parliament. This will most likely be the day’s main event and the euro will probably react strongly, depending on Draghi’s attitude and answers. The German ZEW Economic Sentiment is Tuesday’s euro highlight, while the U.S. Building Permits will affect the US Dollar.

    Wednesday is the busiest day of the week for the US Dollar as the Fed will announce the interest rate and the FOMC will issue a Rate Statement, Economic Projections for the next two years and a Press Conference will follow. Fed Chair Janet Yellen will speak during the conference and will answer journalists’ questions, probably triggering sharp moves on US Dollar pairs.

    Thursday we will take a look at American inflation as the Consumer Price Index is released and the week ends Friday with the ECOFIN Meetings, attended by finance ministers from the European Union member states.


    GBP/USD

    The pair had a bullish week, breaking out of the range it was in and touching important resistance on the back of positive British economic data.



    Technical Outlook

    Price moved above at 1.5500 resistance, with the Stochastic being still bullish and with good support offered by the 50 period Exponential Moving Average. These factors suggest that we are dealing with a true break of 1.5500 and a potential move towards the zone around 1.5800. First confirmed support is represented by the moving average but a lot will depend on the important data released throughout the week for both the US Dollar and the Pound.

    Fundamental Outlook

    The first major Pound affecting event is the release of the British Consumer Price Index which is the main gauge of inflation. The indicator comes out Tuesday and is followed Wednesday by the Claimant Count Change (change in the number of people who applied for unemployment related benefits) and by the Official Bank Rate votes which will show if there are any changes regarding the interest rate in the stance of the members of the Monetary Policy Committee. The last release of the week comes out Thursday in the form of the British Retail Sales which can strongly move the Pound because sales made at retail levels represent a hefty part of overall economic activity. As always, the U.S. events will directly affect the pair.
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