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Forex News from New Forex: Technical analysis of EUR/USD
In the trading on Tuesday, July 19, the pair EUR/USD trades in a narrow channel. As we see on today?s 5-minute chart it trades within the support at 1.1050 and resistance at 1.1080.
The US dollar weakened against European currencies and strengthened against the yen. Tonight the publication of data on the number of issued building permits in the United States is expected. This is the main indicator on the real estate market. Probably in June building permits in the U.S. increased compared with the data in may. These data can have a significant impact on the us dollar.
NewForex Analyst
Luigi Campo
Forex News from New Forex: Today data from UK and research ZEW in Germany were published
Today two important report data on inflation in Britain and the results of the ZEW research in Germany were published. The consumer price index in the UK rose in June, higher than expected and reached 0.5%.
Pound rises after the publication of this report. GBP/USD shows the price rise while the EUR/GBP shows a decrease.
ZEW data from Germany showed the size of the fall in German economic sentiment in July. It fell more than expected to −6,8.
NewForex Analyst
Sara Rosenstein
Forex News from New Forex: RBA data weaken the Australian dollar
Today the Reserve Bank of Australia report was published. The Aussie strengthened before the RBA report. But after publication of this data it weakened. The fact that the report mentions the possibility of lowering the key interest rates in August of this year influenced on the Australian dollar. Along with this while the RBA meeting in July, the interest rate did not change and remained at the level of 1.75%.
The report also talked about the British exit from the EU. The RBA believes that the current uncertainty with the process UK output only slightly affect the growth of the world economy.
NewForex Analyst
Sara Rosenstein
Forex News from New Forex: Pound sterling rises after the release of employment data
In the trading on Wednesday, July 20, the pound managed to climb after the release of the UK employment data. The level of unemployment dropped from 5.0% to 4.9% in the period from March to May. Average earnings including bonus jumped from 2.0% to 2.3% within the same period.
The pair pound/dollar added 0.59% to 1.3184. The immediate level of support is seen at 1.2968 (a low of July 12), the level of resistance stands at 1.3313 (a high of July 18). The pound surged versus the euro as well, the pair EUR/GBP shed 0.77% to 0.8339.
In spite of the positive dynamics, investors remain cautious after the decision of the International Monetary Fund to cut the forecast of the UK economic growth from 1.9% to 1.7% in 2016. The forecast for 2017 decreased from 2.2% to 1.3% due to the decision of the country to leave the European Union.
European markets look upbeat on Wednesday The pan-European index STOXX 600 advanced 0.91%. The UK?s FTSE edged up 0.32%, the German DAX rose 1.37%, the French CAC 40 added 1.14%.
NewForex Analyst
Sara Rosenstein
Forex News from New Forex: Dollar weights gold down
Gold prices decrease in the trading on Wednesday, a strong dollar exerts pressure on the precious metal. The greenback soars after the release of housing starts in the US. In June figures rose by 4.8% after a 1.7% fall in May. The dollar index picked up 0.13% to 97.19.
Gold with the delivery in August slid 1.05% to $1.318.30 a troy ounce. In the trading on Tuesday the yellow metal gained $3.00 or 0.23%. Gold has considerably surged in the first half of 2016 and now we might observe some decline but quite short. A high likelihood of the introduction of stimulus measures by central banks around the world to cope with Brexit consequences lend support to gold. At the moment spot gold stands at $1.318.20 losing 1.02%.
Spot silver tumbled 1.93% to $19.511. Silver futures with the delivery in September shed 1.76% to $19.655 a troy ounce.
NewForex Analyst
Sara Rosenstein
Forex News from NewForex: Technical analysis of EUR/USD
In the trading on Wednesday, July 20, the pair EUR/USD trades in mixed ways. The current pair price is 1.1014. As we see on today?s 5-minute chart the pair trades within the level of support at 1.0995 and resistance at 1.1020.
Yesterday a bearish sentiment prevailed in the pair as EUR/USD is under pressure amid downbeat ZEW report of the economic sentiment. Today indicators send contradictory signals as we see on histograms of MACD and oscillator Stochastic. We assume that we should see a further strengthening of the bearish sentiment.
NewForex Analyst
Sara Rosenstein
Forex News from NewForex: Asian markets closed with a decline
On Friday, July 22, Asian stocks lose ground after an 8-month high. The yen rises amid low possibilities of new stimulus measures in Japan. At the moment the pair dollar/yen stands at 105.98 (-0.17%). During the week the yen shed 0.8%. The MSCI Asia Pacific index tumbled 0.6%, the Topix slid 1.3%.
The Australian and the New Zealand dollar expanded their weekly decrease reaching a 1.3% fall this week. The Reserve Bank of New Zealand stated that the introduction of monetary stimulus measures is necessary for the inflation increase, in Australia the inflation is below the targeted level. The Aussie edged down to 0.15% versus the US dollar, the kiwi managed to pick up 0.23%.
The yuan advanced 0.06% against the greenback. The economy of the country has been gradually recovering and we expect that the currency rate will stay quite stable. The interest rate cut is unlikely at the moment which triggered the fall of indexes. The CSI300 slipped to 0.6%, the Shanghai Composite slid 0.7%. In Hong Kong the Hang Seng dropped by 0.5%.
NewForex Analyst
Luigi Campo
Forex News from NewForex: Pound tumbles after low PMI data
The pound sterling declines in the trading on Friday, July 22, after the release of fresh economic data from the UK. The pair pound/dollar stands at 1.3186 (-0.35%). The immediate level of support is seen at 1.3061 (a low of July 20), the level of resistance is at 1.3313 (a high of July 18).
Preliminary PMI data in the manufacturing sphere for July decreased from 52.1 to 49.1 with the forecast at 50.0. The service sector fell from 52.3 to 47.4 instead of expected 49.2. The latest data added more concern to the possible economic slowdown in the UK due to the decision of the country to leave the European Union. The pound slides against the euro losing 0.49%. The UK?s index FTSE shows a weak rise at 0.09%.
The Composite Eurozone PMI dropped from 53.1 in June to 52.9 in July outstripping the forecast at 52.5. Although the service sector declined from 52.8 to 52.7, it stays above the forecast as well. The pan-European index STOXX 600 shed 0.04%, the German DAX and the French CAC 40 demonstrate a slight rise at 0.03% and 0.27%, respectively.
NewForex Analyst
Luigi Campo
Forex News from NewForex: Technical analysis of EUR/USD
In the trading on Friday, July 22, the pair EUR/USD shows upbeat dynamics. Yesterday the ECB decided to keep the interest rate unchanged, the bank governor Mario Draghi did not mention any short-term plans of the bank in his speech.
As a result the pair was under pressure and the price declined up to 1,0978. However, later the pair rose and today on a 30-minute chart EUR/USD trades within the support at 1.1015 and resistance at 1.1035. NewForex analysts assume that the market will keep rising today.
NewForex Analyst
Michael Butnitsky
Forex News from NewForex: Oil prices decline amid growing data in the US
In the trading on Monday, July 25, oil keeps losing ground. Concerns over oil glut in the global market pull down black gold. Crude oil with the delivery in September dropped by 0.59% to $43.93 a barrel. On Friday oil slumped to $43.74, a low since May 10.
The number of drilling rigs in the US descended by 14 last week to 371 which is the fourth weekly decrease in a row. Gasoline inventories rose by 0.9 mln., while market participants expected a tumble by 0.8 mln. barrels. In total US oil inventories shed 2.3 mln. barrels last week. However, in spite of this 519.5 mln. barrels perform a historic high for this season.
In the Mercantile Exchange in London Brent with the delivery in September slid 0.61% to $45.41 a barrel. On Friday the raw material edged down to $45.17 hitting a 2-week low. Last week Brent slipped to $2.23 or 4.03%. High probability of export increase from Libya and Iraq triggers concerns as it might lead to the market glut and decrease in demand for oil among refiners.
NewForex Analyst
Sara Rosenstein
Forex News from NewForex: Euro gains against the main currencies
European markets advance after the release of upbeat data from Germany. Although the Business Climate of Germany slumped from 108.7 to 108.3 this month, it stands above the forecasts of economists. The pan-European index STOXX 600 surged 0.53%. The UK?s FTSE climbed 0.02%, the German DAX added 0.96%, the French CAC 40 rose 0.59%.
Global shares increase after the announcement of G20 Finance Chiefs about the readiness to implement necessary measures to boost the global economic growth.
In spite of the rise of the euro against the buck by 0.12%, the single currency remains at a 1-month low against the greenback. The immediate level of support is seen at 1.0908 (a low of June 24), the level of resistance stands at 1.1042 (a high of July 22). The pair euro/pound picked up 0.23% to 0.8376. The single currency jumped 0.24% against the yen to 116.58, against the Swiss franc it gained 0.14%.
NewForex Analyst
Sara Rosenstein
Forex News from New Forex: Technical analysis of EUR/USD
In the trading on Monday, July 25, the pair EUR/USD trades within the level of support at 1.0986 and resistance at 1.0950. The price went down on Friday after the news and on Monday morning it keeps declining to 1.0950 (a low of June). Now as we see on a 5-minute chart the market tries to climb.
The MACD-histogram and the oscillator Stochastic form contradictory signals. We consider that a race for the price will continue in the market today. Moreover, today was the release of IFO ? Business Climate in Germany which might influence on the further pair dynamics. As this indicator decreased less than expected and stands at 108,3, a considerable price change might be expected.
NewForex Analyst
Luigi Campo
Forex News from New Forex: Technical analysis of GBP/USD
In the trading on Monday, July 25, the pair GBP/USD trades in a side channel. As we remember all last week a bearish sentiment prevailed in the market. Downbeat data on PMI in the UK exerted strong pressure on the pound sterling.
As a result today on a 5-minute chart the pair GBP/USD trades within the support at 1.3075 and resistance at 1.3300. Indicators show contradictory signals. However, NewForex analysts consider that pressure on GBP might increase.
NewForex Analyst
Luigi Campo
Forex News from New Forex: Gold slightly rises amid Fed policy meeting
Gold trades warily in the trading on Tuesday, July 26. Starting the day with a decline the precious metal managed to change its direction and rises. Gold futures with the delivery in August surge 0.12% to $1.321.10 a troy ounce. Spot gold added 0.53% to 1.322.16. Silver futures with the delivery in September pick up 0.45% to $19.735.
Intentions to introduce extra monetary stimulus measures by central banks of Europe and Asia in order to mitigate consequences of Brexit lend support to metals.
Meanwhile, the market is in the anticipation of the results of a 2-day Fed policy meeting. Although market participants do not expect any interest rate hike this week, they are going to pay close attention to subtle hints about the nearest hike. Recent positive data from the US indicate that the rate hike might be earlier than by the end of the year.
At the moment the dollar index slid 0.34% to 96.94.
NewForex Analyst
David Fineberg
Forex News from New Forex: Greenback slips against the euro and the yen
In the trading on Tuesday, July 26, the US dollar edges down versus the main currencies, investors are in the anticipation of the Fed?s meeting today and its results tomorrow.
The currency instrument euro/dollar climbed 0.07% to 1.0998. The greenback shed 1.30% against the yen to 104.39, a low since July 14. The yen advanced after the information that the Japanese government is going to implement a direct fiscal stimulus in 6 trillion yen ($56 billion) in the coming years, while the market expected more considerable inflows in 10-20 trillion yen. The indexes Nikkei, JPX-Nikkei Index 400 and Topix dropped by 1.4%.
The Australian and the New Zealand dollar gain 0.75% and 0.96, respectively. The trade balance of New Zealand narrowed from $358 million in May to $127 million in June. Export climbed in the country to $4.26 billion in June, while import dropped to $4.13 billion.
European markets trade in mixed ways, investors fix their profit and wait for the decisions of central banks in Europe and Asia this week. The pan-European index STOXX 600 gained 0.02%. The UK?s FTSE surged 0.20%, the German DAX advanced 0.29%, the French CAC 40 shed 0.05%.
NewForex Analyst
David Fineberg
Forex News from New Forex: Technical analysis of GBP/USD
In the trading on Tuesday, July 26, the price movement of the pair GBP/USD remains in the side channel. As we see on a 5-minute chart the pair trades within the support at 1.3055 and resistance at 1.3145.
Yesterday news didn?t have any influence on the pound sterling, as a result trades were without any significant changes and closed in flat. Relying on signals of technical indicators we might assume that today we will observe a further downward trend of the pair with attempts to meet the target at 1.3200.
NewForex Analyst
Michael Butnitsky
Forex News from New Forex: Technical analysis of EUR/USD
In the trading on Tuesday, July 26, the pair EUR/USD shows positive dynamics. As we see on a 15-minute chart the market has an uptrend. The pair trades within the level of support at 1.0975 and the level of resistance at 1.1025.
Yesterday the euro advanced against the US dollar amid upbeat data from Germany, the trades closed with gains for the single currency. The index of business climate in Germany declined not so seriously as expected.
Currently judging by indicators the pair EUR/USD moves upwards. However, a two-day policy meeting of the Federal Reserve System the results of which will be announced tomorrow might have a considerable influence on the pair.
NewForex Analyst
Michael Butnitsky
Forex News from NewForex: Yen falls against the dollar and the euro
The Japanese Prime-Minister Shinzo Abe intends to allocate 28 trillion yen to support the country?s economy. The program includes 13 trillion as fiscal measures. Japanese economy faces pressure due to the demand contraction abroad. The growth of the yen in 2016 makes the goods produced in the country less attractive, which endangers export in Japan. Abe claimed that it is necessary to support domestic demand and make the economy steadier.
Investors are in the anticipation of the Bank of Japan meeting this Friday where it might be decided to cut the interest rate from −0.1% to −0.2%. The bank might also extend stimulus measures.
Today the currency instrument dollar/yen jumped 0.80% to 105.48. Euro/yen gains 0.90% to 116.01. Japanese indexes reacted with a rise after the speech of the Prime-Minister. The Nikkei picked up 1.7%, the Topix added 1.1%, the JPX-Nikkei Index 400 edged up 1.2%.
NewForex Analyst
Michael Butnitsky
Forex News from NewForex: Oil and gold decline
Oil loses ground in the trading on Wednesday, July 27, markets are in the anticipation of weekly oil stocks in the US. Crude oil WTI with the delivery in September shed 0.65% to $42.64 a barrel. On Tuesday black gold slumped to $42.36, a low since April 20. Brent oil descended by 1.23% to $44.32. Raw material slid around 15% since the start of June, high oil stocks push prices down. We assume that in the short term the decrease will continue due to oil glut.
Gold tumbles as well, the main reason is strengthening of the US dollar before the release of Fed?s policy meeting results over the interest rate. It is highly likely that the interest rate will remain unchanged till the end of summer. Spot gold trades with a slight rise at 1.320.29 (+0.03%). Stocks of the precious metal in the largest EFT-fund SPDR Gold Trust edged down to 0.45% to 954.24 tonnes. Spot silver trades flat at $19.614.
NewForex Analyst
Michael Butnitsky
Forex News from NewForex: Technical analysis of EUR/USD
In the trading on Wednesday, July 27, the pair EUR/USD trades in a side ascending channel within the level of support at 1.0978 and the level of resistance at 1.1003. As we see on a 5-minute chart, the single currency tries to advance against the US dollar. Yesterday the euro eased amid the release of upbeat data from the US.
Today the market movement will depend on the results of a 2-day Fed policy meeting and the decision over the interest rate. NewForex analysts consider that up to this moment the pair will keep gaining.
NewForex Analyst
David Fineberg
Forex News from NewForex: Technical analysis of GBP/USD
In the trading on Wednesday, July 27, the pair GBP/USD trades within a narrow range. On a 5-minute chart the instrument GBP/USD stands within the support at 1.3104 and resistance at 1.3163.
NewForex analytsts point out that the pound sterling is highly unsteady amid recent data. Market participants are concerned about the possible cutdown of the interest rate by the Bank of England at the beginning of August. Meanwhile, the US dollar gains ground amid positive economic data from the US. This situation can be used to open short trades. However, it?s better to wait for the Fed?s decision which will definitely influence on the US currency.
NewForex Analyst
David Fineberg
Forex News from NewForex: Aussie and kiwi surge after the Fed?s report
The Australian and the New Zealand dollar advance against the greenback after the Fed?s decision to keep its policy unchanged. The currency instrument AUD/USD added 0.69% to 0.7542. Kiwi/dollar picked up 0.42% to 7.7102. The Fed?s decision to hold the interest rate unchanged was quite predictable. It was mentioned in the report that economic risks have decreased in the country and the labour market got stronger. Thus, in the short-term we might expect the interest rate hike in September.
Commodity currencies gained amid the rise of oil prices, although oil glut keeps exerting pressure on black gold. WTI futures picked up 0.26% to $42.03 a barrel, Brent lost 0.25% to $43.36. The Canadian dollar edged up 0.36% versus the buck to 1.314. At the moment the dollar index slipped to 0.35% to 96.41, a low since July 15.
Japanese and Chinese markets decline. The Japanese Nikkei took a break after a rise amid strong positions of the yen. The index shed 1.1%. The Topix and the JPX-Nikkei Index 400 edged down to 1.1% too. In Hong Kong shares descend due to the fall of energy and financial shares. The Hang Seng slid 0.2%, the China Enterprises Index tumbled 0.4%.
NewForex Analyst
David Fineberg
Forex News from NewForex: Sentiment of the European market improves
The European market moves up and down after the Fed?s decision to keep the interest rate unchanged. Investors are in the anticipation of the Bank of Japan decision over the interest rate. The UK?s FTSE shed 0.19%, the German DAX added 0.01%, the French CAC 40 tumbled 0.12%. The pan-European STOXX 600 loses 0.3%.
The economic sentiment of Eurozone improved in July in spite of some negative forecasts of economists due to consequences of Brexit. The business climate rose from 0,22 to 0,39. The industrial confidence index advanced from −2,8 to −2.4. Consumer confidence index remained unchanged at −7.9. The sentiment in the service sector jumped from 10.9 to 11.1.
The UK economic sentiment dropped from 107.0 in June to 102.6 in July with losses in all leading sectors. The largest fall is seen in the consumer sector. The consumer confidence index fell from −1.2 in June to −9.2 this month.
The pair euro/dollar stands at 1.1084 (+0.26%). Euro/pound climbed 0.72% to 0.8423.
NewForex Analyst
David Fineberg
Forex News from NewForex: Technical analysis of GBP/USD
In the trading on Thursday, July 28, the pair GBP/USD jumped to 1.3253. As we see on a 15-minute chart the pair GBP/USD trades within the level of support at 1.3160 and resistance at 1.3250. Yesterday evening GBPUSD moved upwards after a long-term trading in a side channel. It happened due to easing of the greenback after the Fed did not announce its plans over the interest rate for September.
Currently indicator signals say about the further development of the ascending trend. Although taking into account the fact the pound sterling lost ground amid recent economic news, we might expect some correction and a downward trend of the pair.
NewForex Analyst
Luigi Campo
Forex News from NewForex: Technical analysis of EUR/USD
In the trading on Thursday, July 28, the pair EUR/USD demonstrates active upwards dynamics. As we see on a 15-minute chart the pair trades within the support at 1.1050 and resistance at 1.1111. Yesterday evening the price of the pair started to rise amid the news from the Fed. As a result the US dollar tumbled because the Fed did not say anything about the possible interest rate hike in September.
NewForex analysts consider that in the short time we might observe a further ascending trend of the pair.
NewForex Analyst
Luigi Campo
Forex News from NewForex: European indexes rise after fresh data on Eurozone
European markets display positive dynamics in the trading on Friday, July 29. However, the increase is quite moderate as investors estimate the decision of the Bank of Japan to keep the interest rate unchanged at −0.1%, while a lot of market participants expected a descend to −0.2%.
Today the pan-European index STOXX 600 advanced 0.57%. The UK?s FTSE picked up 0.03%, the German DAX added 0.62%, the French CAC 40 climbed 0.21%.
Latest data on economic situation in Eurozone lends support to the market. The GDP of Eurozone in the second quarter dropped from 0.6% to 0.3%, which complies with forecasts. The unemployment rate in June remained at the level 10.1%. The preliminary consumer price index for July rose year-on-year from 0.1% in June to 0.2% this month. The core CPI, which excludes food, energy, alcohol and tobacco prices, remained at 0.9%.
Currently the currency instrument euro/dollar edged up 0.22% to 1.1099. Euro/pound surged 0.19% to 0.8426.
NewForex Analyst
David Fineberg
Forex News from NewForex: Oil and gold prices tumble
On Friday, July 29, oil futures hit a 3-month low. Obviously oil glut contributes to the negative sentiment in the market. WTI futures with the delivery in September dropped by 0.95% to $40.75. Brent shed 1.5% to $42.06. It was reported this week that US oil inventories rose by 1.7 million barrels to 521.1 million barrels which presents a historic high for this summer.
Gold loses ground as well in spite of decisions of the Bank of Japan and the Fed to hold the interest rate unchanged. Today gold futures with the delivery in December slid 0.03% to $1.340.80 a troy ounce. The immediate level of support is seen at $1,330.10 (a low since July 28), the level of resistance stands at $1,356.90 (a high since July 12). Spot gold edged down to 0.1% to 1.334.16.
Silver futures with the delivery in September tumbled 0.55% to $20.085 a troy ounce whereas silver spot declined by 0.53% to $20.04.
NewForex Analyst
David Fineberg
Forex News from NewForex: Technical analysis of EUR/USD
In the trading on Friday, July 29, the pair EUR/USD trades in the ascending channel. On a 15-minute chart we see that the pair stands within the level of support at 1.1070 and resistance at 1.1103. Yesterday the single currency gained against the US dollar but did not manage to breach a strong resistance level and the euro started a day with the decline.
The MACD-histogram is seen above its signal line and keeps rising sending signals to buy. The oscillator Stochastic forms a similar signal. However, today market participants are in the expectation of GDP data from the USA which is likely to be upbeat. This fact might change placement of forces in the pair EUR/USD.
NewForex Analyst
Luigi Campo
Forex News from NewForex: Technical analysis of USD/JPY
In the trading on Friday, July 29, the pair USD/JPY showed a considerable decline after the decision of the Bank of Japan to keep its policy unchanged. The yen gains ground against the US dollar. On a 15-minute chart the pair trades within the support level at 102.65 and resistance at 05.70.
NewForex analysts advise not to rely on indicator signals today as they don?t confirm each other. It?s recommended to wait for important information from the US over the GDP rate, it might change the pair sentiment.
NewForex Analyst
Luigi Campo
Forex News from NewForex: Technical analysis AUD/USD
At the trading on Tuesday, August 23, the AUD/USD shows increase.
Today it trades within the resistance at 0.7647. When the pair hits this level, it is appropriate to buy at 0.7656. The reasonable target price is at the resistance level of 0.7709. It is preferable to limit the loss at the support level 0.7635.
NewForex Analyst
Joseph Schwartz
Forex News from NewForex: Technical analysis of GBP/USD
Today GBP/USD shows growth. Now the pair has reached the resistance level at 1.3165. When hitting this level, it is appropriate to buy from the level of 1.3197. The reasonable target price is at the resistance level of 1.3312. Loss should be restricted at the support level 1.3152.
NewForex Analyst
David Fineberg
Forex News from NewForex: Fundamental analysis of gold
This year gold rose almost 25%, having reached its highest level of $1.375.25 (since March, 2014) after Great Britain left the EU. The price tumbled amid the news that USA economy gains strength.
The positive analytics from the USA about employment shows good perspective for the world?s largest economy and may exert additional influence on the gold price.
More strong data on jobs in nonagricultural sector gives the Fed more freedom to raise interest rates what may decrease the gold price in the short term.
The price of gold slid $7 to 1341. Now it is not able to rise higher as traders still do not know what move the Fed will make. Some traders discuss a possible rate hike in September while others talk about its decline.
NewForex Analyst
Luigi Campo
Forex News from NewForex: Technical analysis of GBP/JPY
GBP/JPY shows growth this week, moving along the support line. Taking this fact, we can assume that this movement will continue. On this basis, the analysts of NewForex company suggest to buy from 132.95. The level of a target price is 136.35. It is preferable to limit the loss at 131.80.
NewForex Analyst
Aaron Kaufmann
Forex News from NewForex: Fundamental analysis of European currency
One of the main economic news on August 24, 2016 was the release of Germany GDP data. Following this information, the Euro slids versus all currencies as the negative sentiments spread.
Due to the unusual liquidity flow of EUR/USD, Common European Currency strengthened during the US session.
However, discarding the influence of the dollar, we can observe that the Euro is facing the negative impact of the fundamental factors.
The most significant event today is the updating of Germany GDP data for the second quarter. The expected record growth of 2.2% is confirmed.
However, the real problem refers to the future trends, not to the previous indexes.
As expected, export (8.2% of growth) and investment in construction (5.2%) played the key role in GDP growth.
NewForex Analyst
Joseph Schwartz