gbp

Gold hovers around weekly 50-MA

FXStreet (Mumbai) - Gold is on the rise again, trading above the weekly 50-MA located at USD 1142/Oz levels despite the moderate uptick in the USD index and uptick in the Asian equity markets.

Will it break above weekly 50-MA?

Prices have failed to see a weekly closing at least on three occasions since mid-May 2015. The metal may see a bullish break this week if the US non-farm payrolls miss estimates by a big margin. Furthermore, the risk-off in equities could also help prices take out weekly 50-Ma on closing basis.

As for today, the metal could take cues from the action in the USD index and the equity markets sentiment.

Gold Technical Levels

The immediate resistance is seen at 1145.55 (previous day’s high), above which the prices could target 1157.22 (76.4% of Oct high-Dec low). On the other hand, a repeated failure to sustain above 1142 (weekly 50-MA) would open doors for a drop to 1136 (61.8% of Oct high – Dec low).

Gold is on the rise again, trading above the weekly 50-MA located at USD 1142/Oz levels despite the moderate uptick in the USD index and uptick in the Asian equity markets.

(Market News Provided by FXstreet) [...]

EUR/USD forecast: deflating from 1.11 – Commerzbank and Westpac

The single currency is returning to the 1.1070 area vs. the dollar after Wednesday’s abrupt up move continues to ebb.

“Tough to buy EUR/USD north of 1.10, especially now that the bulk of 2016 Fed hike risk has been removed and ahead of the ECB’s March meeting where another cut in their deposit rate is on the cards. EUR a very tempting short ahead of the March 10 ECB meeting if 1.12/1.13 prints”, noted strategists at Westpac.

Furthermore, Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “has eroded the 2014-2016 downtrend, the 55 week ma at 1.1040 and the 200 day ma at 1.1055. We are currently seeing a stab up towards 1.1187, where we would expect to see the move falter. Intraday dips lower are indicated to hold circa 1.10 and are implying scope to the 1.1495 October and the 1.1713 August highs.

The single currency is returning to the 1.1070 area vs. the dollar after Wednesday’s abrupt up move continues to ebb...

(Market News Provided by FXstreet) [...]

EUR/USD forecast: deflating from 1.11 – Commerzbank and Westpac

The single currency is returning to the 1.1070 area vs. the dollar after Wednesday’s abrupt up move continues to ebb.

“Tough to buy EUR/USD north of 1.10, especially now that the bulk of 2016 Fed hike risk has been removed and ahead of the ECB’s March meeting where another cut in their deposit rate is on the cards. EUR a very tempting short ahead of the March 10 ECB meeting if 1.12/1.13 prints”, noted strategists at Westpac.

Furthermore, Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued the pair “has eroded the 2014-2016 downtrend, the 55 week ma at 1.1040 and the 200 day ma at 1.1055. We are currently seeing a stab up towards 1.1187, where we would expect to see the move falter. Intraday dips lower are indicated to hold circa 1.10 and are implying scope to the 1.1495 October and the 1.1713 August highs.

The single currency is returning to the 1.1070 area vs. the dollar after Wednesday’s abrupt up move continues to ebb...

(Market News Provided by FXstreet) [...]

Technical analysis of Gold for February 04, 2016

Technical outlook and chart setups:Yesterday, gold rallied to measured extensions towards towards the levels of $1,136.00/40.00. The metal hit the level of $1,145.00 before pulling back lower again. Please note that the yellow metal is hitting resistan... [...]

Oil prices rose

West Texas Intermediate futures for March delivery is currently at $32.58 (+0.93%), while Brent crude is at $35.31 (+0.77%) amid a weaker dollar and fresh speculation of a meeting between producers. The Energy Information Administration reported on We... [...]

Murrey levels analysis – Correction

USDJPY - Down The four-hour chart of USD JPY . The pair has easily broke through the main support and resistance level (4/8), and now the price has stopped at the level of (3/8). There are preconditions for further price movement within the flat (3/8 ... [...]

EUR/USD side-lined below 1.1100, awaits ECB Draghi

FXStreet - The EUR/USD pair keeps losses and hovers in flat-lining below 1.11 handle heading into early Europe, as markets await fresh impetus from the ECB Chief Draghi’s speech due later this session.

EUR/USD struggling to extend beyond 1.1095, hourly 10-SMA

Currently, EUR/USD trades -0.16% lower at 1.1087, oscillating in a 20-pips tight range since mid-Asia. The main currency pair surrenders nearly 60 pips from multi-week peaks and consolidated below 1.11 barrier amid a broadly higher US dollar and optimistic sentiment on the Asian equities, given the overnight rebound in the commodities’ prices, especially oil.

However, the ongoing correction in the major looks to fade soon as the US dollar is likely to remain under pressure ahead of Friday’s US payrolls report, with markets already losing faith in the Fed prospects on the future rate hikes. In the meantime, markets look forward to ECB Draghi’s speech due at European open and the US unemployment claims as well as factory orders data for further cues on the USD moves.

Besides, oil prices action and the sentiment on the European stocks will continue to have some bearing on the major.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance is seen at 1.1145/50 (Feb 3 High/ round number). A break beyond the last, doors will open for a test of 1.1192/1.1200 (daily R1/ psychological levels). On the flip side, the immediate support is placed at 1.1036/27 (1h 20-SMA/ 200-DMA) below which 1.0987/77 (Jan 15 & 20 High) could be tested.

The EUR/USD pair keeps losses and hovers in flat-lining below 1.11 handle heading into early Europe, as markets await fresh impetus from the ECB Chief Draghi’s speech due later this session.

(Market News Provided by FXstreet) [...]