Daily Market Analysis from NewForex Broker

[Ankor]

Forex News from New Forex: Oil prices dubiously rise

On Thursday the WTI oil futures have gained but the oil price is still below $50 due to the concerns over oil oversupply in the global market. On the New York Mercantile Exchange oil with the delivery in September picked up 27 cents or 0.54% and it is traded at $49.45 a barrel in the European market. On Wednesday futures fell to $49.04 (a level of April 2) tumbling 3.28% or $1.67.

Yesterday’s oil losses are explained by unfavourable data of the USA oil inventories. Last week oil inventories have unexpectedly jumped by 2.5 mln. barrels to 463.9 mln.

On the ICE Futures Exchange in London Brent oil with the delivery in September advanced 7 cents or 0.13% to $56.21 a barrel after hitting an intraday low at $55.90 (a low of July 7). Yesterday Brent shed 91 cents or 1.6%. Spread between Brent and WTI is currently $6.76 a barrel.

Pressure on oil prices is caused by the return of Iranian oil to the global market. According to the Iranian side, around 30 mln. barrels of oil are waiting for shipping. Most experts assume that Iran will need several months to increase its oil volumes.

 

[Ankor]

Forex News from New Forex: A review of Asian markets

In the trading on Friday, July 24, Japanese shares are in the negative zone falling to a week low due to the weak manufacturing data from China.

The Nikkei closed trades 0.7% lower at 20,544.53, a low of closing since July 15. The broader Topix shed 0.5% and stopped at 1,655.86, the JPX-Nikkei index 400 slipped to 0.6% to 14,929.07. The main companies-exporters are in the red zone as the yen hit 123 against the US dollar. Honda Motors and Panasonic edged down to 0.7% and 0.5%, respectively.

In Hong Kong stock market shares reached the biggest intraday low during the last two weeks. The Hang Seng index slid 1.1% to 25,128.51, the China Enterprises index slumped to 1.3% to 11,679.02. During the week the Hang Seng lost 1.1%. Significant economy sectors have considerably lost ground, shares of financial and tech companies sustain losses. The Chinese index Shanghai Composite fell 1.3% breaking a series of wins.

 

[Ankor]

Forex News from New Forex: Technical analysis of EUR/USD

Trades have a slightly bullish tone today with the immediate support at 1.0953 and resistance at 1.1050. In the short run according to a 3-day moving average we can observe a further pullback to 1.0991 and then to 1.1087. If these levels are breached, the market might stream back to a strong resistance at 1.1203. In the mid- and long term the market will keep a bearish sentiment with the level of support at 1.0808, then at 1.0735 and 1.0659.

 

[Ankor]

Forex News from New Forex: Technical analysis of EUR/USD

After yesterday’s rally in the European trading session the currency pair has streamed back a bit and on Tuesday the level of support is seen at 1.1029, the level of resistance is at 1.1190. According to the moving average, the main trend is still descending, however, in the frames of the intraday trading there exists possibility of a pullback to resistance at 1.1217 and 1.1245. If the bearish scenario prevails, the latter can push the market to support at 1.1001 and probably lower to 1.0973.

 

[Ankor]

Forex News from New Forex: Technical analysis of USD/CHF

Efforts of the Swiss central bank to support the national producer slowly and permanently weaken the Swiss franc against the US dollar. On Tuesday trades have a mild bullish tone with support at 0.9566 and resistance at 0.9685. In the middle and long run the ascending trend will remain with systematic pullbacks during which the level of support will increase providing well balance for bulls. In the short run the market will test a strong resistance at 0.9648 (a high of July 20), in case of its breach we can observe the price at 0.9713 and further at 0.9862. When power goes temporarily to bears, a pullback to support at 0.9589 is possible. If the price goes lower, we might see it at 0.9566.

 

[Ankor]

Forex News from New Forex: Technical analysis of AUD/USD

A descending trend of the Australian dollar versus the US currency has slightly weakened, during the last trading session the Aussie got stronger bouncing off the support at 0.7267, now it tests the resistance at 0.7343. Similar tendencies have been seen several times, it is likely that we observe just another pullback keeping the basic trend. On a 4-hour timeframe we can notice signs of being overbought which is confirmed by the oscillator Stochastik. However, according to the same indicator on a week timeframe there are obvious signs of being oversold. Thus, in the long run there might be a change of the main trend which has been prevailing for quite a long time. Bulls have a chance to take control and change the market tendency. It may happen that the bottom is very near.

 

[Ankor]

Forex News from New Forex: Technical analysis of GBP/USD

On Wednesday during the Asian trading session the pound streamed back against the greenback after yesterday’s rally. The immediate support is at 1.5557 and resistance is at 1.5643. Trades have a mild bullish tone, however, according to the oscillator Stochastik, the pair is a bit overbought and it may happen that bears will dominate soon. In this case they will have to breach below 1.5510, which opens a wide path to the market to 1.5359. Otherwise, the market will have to go through 1.5643 and 1.5734, then we might observe a rally to 1.5879.

 

[Ankor]

Forex News from New Forex: Technical analysis of XAU/USD

After a short but intensive rally the price of gold consolidated in the narrow range between $1077 — $1110 per troy oz. If the price leaves this range and slides, short positions till 1044 will become profitable. If this level is breached successfully, it might go to 1026. It is very risky to enter the market with long positions today until the price rebounds to $1232 per troy oz.

 

[Ankor]

Forex News from New Forex: Technical analysis of USD/CAD

After a pullback during the US trading session the loonie gained support with the release of oil stockpiles data, although it later streamed back to earlier levels. On Thursday the pair trades with a mild bearish tone within the support at 1.2925 and resistance at 1.3036. The oscillator Stochastic is overbought in the 4-hour timeframe, it shows the potential for the bearish scenario. lf a bearish candle is formed below 1.2900, we can speak about a reversal aiming for 1.27-1.26.

 

[Ankor]

Forex News from New Forex: Technical analysis of EUR/USD

After an intense rise and fall on Friday today the currency pair is traded steadily within the support at 1.0940 and resistance at 1.1055. In a 4-hour timeframe it is seen that the market has a slight bullish tone, however, a general trend is clearly descending as the market drew a falling star on Friday which obviously implies a continuation of a bearish trend. Thus, it is preferable to enter the market with a strong resistance at 1.1112 aiming for 1.0893 and after its breach further to 1.0808.

Forex News from New Forex: Technical analysis of USD/CHF

In the trading on Monday there is a slight advance of bulls in spite of the attempts of bears trying to push the market below the level of support at 0.9564 but up to now with no success. The oscillator MACD has a downward trend, however, it’s above its central line which adds some intrigue to an eternal fight of bulls and bears. The Stochastic decreases, it will soon reach the level of overbought. Thus, none of them has a clear advantage, consequently we will not sell until the price fixes below the level of support at 0.9564, sells are more likely if the support bullish candle is above the resistance at 0.9683.

 

[krishnoparik]

Market Analysis from NewForex Broker

Forex market to survive if you do not have to comply with the Forex market, you never can not survive. Forex market, you have to be to survive many Himalayas. You have to work a lot. Who will be the temptation to control. Maneuverability you must accept the trade. Then you will be able to be successful in the Forex market.

 

[Anna Mon]

Forex News from New Forex: Technical analysis of EUR/USD

On Tuesday the trading instrument shows a downtrend. The market’s volatility is relatively high. It breached the nearest level of support at 1.1205 and tests the next at 1.1176.

In case of seller's consolidation, which is enough to breach the current level of support at 1.1176 and hold the price below it, we might observe the movement to 1.1130. Otherwise, the pair may rise to 1.1315 consolidating above 1.1230.

The MACD-histogram remains in the negative zone but is directed upwards, the RSI displays the weakness of buyers and considerable potential of sellers. Exponential moving averages are close to crossing and are directed downwards.

NewForex Analyst

David Fineberg

Forex News from New Forex: Technical analysis of USD/JPY

On Tuesday the currency pair trades with a slight downtrend within the level of support at 108.58 and resistance at 109.76. EMA20 and EMA55 slowed down and flatten out, the MACD-histogram slumped below its central line and moves downwards. The RSI and Stochastic demonstrate strengthening of the bullish market potential.

Thus, we might expect a pullback to resistance at 110. 31. In case of breaching it, the market might go to 111.50. If the support is breached, the price may decrease to 108.04.

NewForex Analyst

David Fineberg

Forex News from New Forex: The Aussie and the kiwi tumble against the US dollar

In the trading on Tuesday, May 24, the Australian and the New Zealand dollar plummet against the greenback in the anticipation of the interest rate hike in June. The currency pair AUD/USD stands at 0.7169 (-0.71%). An additional factor which influenced on the decrease of the Aussie was the comment of the RBA Governor Glenn Stevens who stated that the government of the country expects a long and complicated work with the budget. The pair kiwi/dollar shed 0.64% to 0.6713.

Commodity pairs keep staying under pressure, oil prices show negative dynamics and investors are concerned about the further supply glut. WTI futures with the delivery in July fell 0.77% to $47.71 a barrel, Brent shed 0.91% to $47.91 a barrel. The Canadian dollar edged down to 0.29% versus the buck to 1.3179.

Asian markets are sliding waiting for the news from the Fed. The Japanese index Nikkei slid 0.7% to 16,540.52, the Topix slipped to 0.6% to 1,330.20, the JPX-Nikkei Index 400 tumbled 0.7% to 12,007.56.

The dollar index stands at 95.28, which is close to a 3-week high.


NewForex Analyst

David Fineberg

 

[Anna Mon]

Forex News from New Forex: Technical analysis of EUR/USD

On Wednesday the pair trades with slight downward price movements within the support at 1.1089 and resistance at 1.1184. Signs of overbought are observed in the market. All display moving averages decline without any signs of slowdown.

The MACD-histogram remains in the negative zone and holds a signal to sell. The RSI stays below the central line and slides down, the oscillator Stochastic stands in the zone of oversold which implies a considerable potential of sellers.

NewForex Analyst

Sara Rosenstein

Forex News from New Forex: Technical analysis of GBP/USD

Making a firm bullish candlestick at the end of the trading session on Tuesday, today the currency pair demonstrates a slight price rise. The pair stands within the support at 1.4554 and resistance at 1.4725. Exponential moving averages EMA20 and EMA55 accelerated and increase.

The MACD-histogram entered the zone above its central line and move upwards. The oscillator Stochastic stays in the zone of overbought sending signals to sell.

NewForex Analyst

Sara Rosenstein

Forex News from New Forex: The greenback gains ground against the main currencies

On Wednesday the US dollar rose to a 2-month high against the main currencies. The currency instrument dollar/yen picked up 0.16% to 110.16, which is close to a 3-week high. The pair euro/dollar trades without considerable changes at 1.1141. The euro slightly declined (-0.02%) after the decision of creditors to unlock 10 billion euros for Greece in the bailout fund. In Germany the Business Climate Index climbed from 106.7 to 107.7.

The buck advanced against the pound sterling, the pair trades at 1.4614 (-0.14%), meanwhile the US currency slid 0.16% versus the Swiss franc.

The Australian and the New Zealand dollar added 0.35% and 0.24% respectively. The Canadian dollar edged up to 0.19%. The increase of oil prices lends firm support to commodity currencies. WTI with the delivery in July jumped 0.97% to $49.09 a barrel. Brent surged 0.93% to $49.06. US crude oil stocks dropped by 5.1 mln. barrels to 536.8 last week.


NewForex Analyst

Sara Rosenstein

Forex News from New Forex: Gold demonstrates negative dynamics

Gold futures decline in the trading on Wednesday, May 25. Investors forecast the rise of the interest rate in the USA.

On the New York Mercantile Exchange gold with the delivery next month hit an intraday low at $1,222.50 a troy ounce. Spot gold advanced 0.1% to $1,227.90. On Tuesday yellow metal shed 1.78% amidst positive new home sales data in the US. In April sales jumped 16.6% to 619,000 units, a high since January 2008.

In May gold futures slid around 5%. It is highly likely that the precious metal will drop to $1,200 in the nearest time due to the expectation of the interest rate hike in the US. Gold holdings in the largest EFT-fund SPDR Gold Trust tumbled 0.44% to 868.66 tonnes, the first decline this month. Silver futures with the delivery in July slid 0.6 cents or 0.04% to $16.26 a troy ounce.

The dollar index edged down to 0.06% to 95.54.


NewForex Analyst

Sara Rosenstein

 

[Anna Mon]

Forex News from New Forex: The Aussie advances, the kiwi tumbles

In the trading on Thursday, May 26, the Australian dollar climbs against the US dollars, whereas the

New Zealand kiwi falls due to the growing demand for the greenback. The pair AUD/USD added 0.18% to

0.7210, a rise is limited by the decrease of private capital expenditure in Australia by 5.2% in the

first quarter.

The currency instrument kiwi/dollar slid 0.36% to 0.6716, a low since March 28. The head of New

Zealand’s Treasury claimed that the Brexit might have a negative influence on the country’s economy.

Among other risks were mentioned an economic slowdown in China, geopolitical tension in the Middle

East, a risk of terror attacks in Europe.

The Japanese yen edged up 0.25% versus the US dollar to 109.90. The corporate service price index

remained on the same level at 0.2% as expected.

The dollar index slipped to 0.19% to 95.25.


NewForex Analyst

Michael Butnitsky

Forex News from New Forex: Brent hit a 7-month high

Oil prices soar in the trading on Thursday, May 26, boosting global markets. Brent reached $50 a

barrel for the first time in seven months. On the Mercantile Exchange in London Brent with the

delivery in July jumped to $50.06 a barrel, a high since November 4. Yesterday black gold surged

$1.13 or 2.32%. On the New York Mercantile Exchange WTI with the delivery in July added 33 cents or

0.67% to 49.86 a barrel, a high since October 12. On Wednesday, May 25, it gained 94 cents or 1.93%

after the report about the reduction of crude oil inventories in the USA. The stocks fell by 4.2 mln

barrels to 537.1 mln last week.

Brent futures climbed almost 85% since February in spite of the failure of talks in Doha in April

devoted to freezing of oil prices. On June 2 the next meeting of OPEC members is due to be held in

Vienna, market players forecast a further rise of oil prices.

European stocks stay in the green zone amidst the upsurge of oil prices. The UK’s index FTSE

advanced 0.08%, the German DAX picked up 0.33%, the French CAC 40 gained 0.17%.


NewForex Analyst

Michael Butnitsky

Forex News from New Forex: Technical analysis of EUR/USD

In the trading on Thursday the market remains within the support at 1.1143 and resistance at 1.1180. Exponential moving averages have slowed down considerably. The MACD-histogram stays in the negative zone but turned upwards. The RSI demonstrates some weakening of buyers with a possible shift of power to sellers, the oscillator Stochastic stands in the zone of overbought.

Bears might get a chance to push the market to 1.1010 if the price consolidates below the strong support level at 1.1100. Otherwise, when bulls fix above 1.1200, we might see the price at 1.1310.

NewForex Analyst

Michael Butnitsky

Forex News from New Forex: Technical analysis of USD/JPY

On Thursday the currency pair trades with a slight upward movement within the support at 110.02 and resistance at 110.63. EMA20 and EMA55 slowed down and are close to crossing. The MACD-histogram entered a positive zone and move upwards, the Stochastic sends signals to buyers. In case of their consolidation above the level of resistance, the market has a potential to rise to 111.50. However, if bears manage to hold the level below a strong support at 109.60, the success of buyers towards 108.50 will become more obvious.

NewForex Analyst

Michael Butnitsky

 

[Anna Mon]

Forex News from New Forex: Technical analysis of EUR/USD

On Friday all market participants are in the anticipation of the speech of Janet Yellen, Fed’s Chair. Consequently, the market does not show any swift movements and the situation is likely to remain unchanged till 17:15 GMT. What’t more, the G7 meeting is held in Japan at the moment, its participants are expected to make a speech by the end of it.

Thus, in spite of forming a firm bullish candlestick on the close of yesterday’s trading session, it’s early to speak about the further upsurge or decline. Today fundamental market factors decide everything.

At the moment trades are seen within the support at 1.1172 and resistance at 1.1240. In a day chart the MACD-histogram remains in the negative zone and declines. Exponential moving averages with the period 20 and 55 days slowed down and are close to being crossed. The RSI indicator demonstrates further easing of the bullish market sentiment sliding slightly below the central magnitude. The oscillator Stochastic is near to leaving the zone of oversold and sends signals to buy which might be fallacious if we take the above mentioned technical features into consideration.

NewForex Analyst

David Fineberg

Forex News from New Forex: Technical analysis of GBP/USD

On Friday trades show a slight sagging in comparison with the previous trading session within the support at 1.4640 and resistance at 1.4715. A classical pattern"Short Sqeeze" indicates the start of price correction in the short run.

The sterling settled above the immediate strong support at 1.4640, but a clear-cut market movement has not been formed yet. All market participants expect the results of G7 meeting in Japan and the speech of the Fed’s Chair Jannet Yellen.

EMA20 and EMA55 rise, the MACD-histogram stays above its central line but is close to reverse. The Stochastic confirms market uncertainty.

NewForex Analyst

David Fineberg

Forex News from New Forex: Gold keeps sliding

On Friday, May 27, gold prices reached a 3-month low, strong positions of the US dollar bring firm pressure on the precious metal. Another factor influencing on the sentiment around gold is the expectation of Jannet Yellen’s speech tonight.

Most market players hope to hear some subtle hints about the terms of the interest rate hike during the speech of the Fed’s Chair. Gold is particularly sensitive to changes of the interest rate. A powerful dollar decreases attractiveness of gold as an alternative asset and makes dollar-priced goods more expensive for other currency holders.

Today on the New York Mercantile Exchange gold futures with the delivery next month are seen at $1,221.05. The immediate level of support is at $1,211.00 (a 3-month low), the level of resistance stands at $1,232.60 (a high of May 26). At the moment spot gold shed 0.03% to $1.219.35. The yellow metal was showing negative dynamics this week and lost 2.4%, the largest slump in two months.

Currently silver futures with the delivery in July slid 0.39% to $16.280 a troy ounce.



NewForex Analyst

David Fineberg

 

[Anna Mon]

Forex News from New Forex: Technical analysis of EUR/USD

In the trading on Monday the pair trades with a slight downtrend and the price remains within the immediate support at 1.1067 and resistance at 1.1159. The MACD-histogram stays in the negative zone and looks down. Exponential moving averages with the period 20 and 55 keep declining, the oscillator Stochastic is close to leaving the zone of oversold but has not left it yet.

Thus, the technical structure indicates today that the market continues a downtrend within the descending corridor.

NewForex Analyst

Luigi Campo

Forex News from New Forex: Technical analysis of GBP/USD

On Monday the pair trades with some descend within the support at 1.4570 and resistance at 1.4656. EMA20 and EMA55 slowed down and flatten out. The MACD-histogram decreased and approached its central line looking downwards. The oscillator Stochastic stays in the zone of oversold.

If the market breaches the level at 1.4570 and consolidates below support, there might be a descending movement to 1.4350. If the market consolidates above resistance at 1.4656, we may see a rise to 1.4750.

NewForex Analyst

Luigi Campo

Forex News from New Forex: The US dollar rises against the Aussie and the kiwi

On Monday, May 30, the Australian and the New Zealand dollar decline against the greenback. The report of the Fed’s Chair Janet Yellen last Friday lent support to the US dollar, whereas falling oil prices keep bringing commodity currencies under pressure. On Friday Janet Yellen claimed that in the coming months the interest rate hike should go gradually and cautiously. The increase of the GDP boosted the US dollar, in the first quarter the figures rose by 0.8% instead of expected 0.5%.

The currency instrument AUD/USD slid 0.10% to 0.7173. If the Aussie goes below 0.7145, it will hit a 3-month low. Fresh economic data had a negative influence on the Aussie. The Company Gross Operating Profits dropped from −3.6% to −4.7%. According to the report of Housing Industry Association, new home sales tumbled in Australia from 8.9% in March to −4.7% in April. At the moment the pair kiwi/dollar shed 0.07% to 0.6686, a low since March 28.

As for oil prices, a negative dynamics is observed today. WTI futures slipped to 0.14% to $49.26 a barrel, Brent lost 0.32% to $49.16 a barrel.

The dollar index rises, in the morning tradings it climbed 0.11% to 95.84.



NewForex Analyst

Luigi Campo

Forex News from New Forex: The yen plummets against the US dollar

The greenback hit a month high against the yen in the trading on Monday, May 30. The Friday’s report of the Fed’s Chair Janet Yellen boosted forecasts of market participants regarding the interest rate hike. The pair dollar/yen picked up 0.81% to 111.03, a high since April 28.

The commentary of the Japanese Prime Minister Shinzo Abe about a possible delay of the sales tax increase played a negative role for the yen. The fall of the yen against the euro is even stronger today, the Japanese currency shed 1.18% to 123.68.

Asian indexes trade in mixed ways on Monday. The Japanese Nikkei 225 added 1.39% to 17,068.02. The Chinese Shanghai Сomposite surged 0.1%, the Shenzhen Composite slid 0.45%. The Hang Seng advanced 0.3%.

European markets digest the Friday’s report of the Fed’s Chair, main indexes trade mostly in the green zone. The UK’s FTSE climbed 0.08%, the German DAX edged up to 0.32%, the French CAC 40 rose 0.04%. In Eurozone the economic sentiment index advanced from 104.0 in April to 104.7 in May.



NewForex Analyst

Luigi Campo

 

[Anna Mon]

Forex News from New Forex: Technical analysis of GBP/USD

On Tuesday the pair trades with some downtrend within the support at 1.4614 and resistance at 1.4670. The MACD-histogram has decreased and is close to a central line, the oscillator Stochastic sends a signal to sell but moving averages have not reversed yet.

The market situation is uncertain, now we observe the phase of correctional consolidation in the course of which further dynamics of the currency rate will be seen in the short run.

NewForex Analyst

Joseph Schwartz

Forex News from New Forex: Technical analysis of EUR/USD

On Tuesday the currency pair trades with a firm potential to decline with the nearest target at 1.1085. Currently the market remains within the support at 1.1118 and resistance at 1.1168. Today a monthly candlestick will close and in the short run bulls have almost no chance to change its bearish status. May is a lost month for them.

Exponential moving averages descend, the MACD-histogram remains in the negative zone as well as the RSI which keeps standing below its central line. Oversold is out of the question, rather on the contrary. The Stochastic sends signals to sell. Thus, at the moment buying seems highly risky in this market.

NewForex Analyst

Joseph Schwartz

Forex News from New Forex: The dollar keeps rising

In the trading on Tuesday, May 31, the greenback hit a 2-month high against the main currencies. The dollar index picked up 0.02% to 95.74, which is close to a high since March 29. The demand for the dollar climbs amidst the rising expectation of the interest rate hike by the Fed, the last time it was increased in December 2015.

The euro shed 0.13% against the buck, the single currency slid 0.26% against the yen. Preliminary data on the consumer price index in Eurozone demonstrates negative figures at −0.1%. Low data certainly raises concerns over the deflation in the region.

Today the greenback has slightly weakened against the yen losing 0.15% to 110.95. The yen gained ground after the unexpected rise of the industrial production by 0.3% in April. Overall households spendings decreased only by 0.4% instead of the forecast at 1.4%.

The Aussie and the kiwi managed to advance 0.74% and 0.34% against the US dollar. Positive data in the building sector lent support to the Australian dollar. The amount of building permits increased by 3.0% instead of expected decline by −2.8%. Business confidence index rose in New Zealand from 6.2 in April to 11.3 in May.



NewForex Analyst

Joseph Schwartz

Forex News from New Forex: The euro again advances against the greenback

On Tuesday tradings the euro fluctuates between positive and negative magnitudes. Currently the pair euro/dollar surged 0.13% to 1.1158.

Preliminary data on the consumer price index in May completely coincided with forecasts of economists. Consumer prices slumped 0.1% in May. Falling oil prices exerted a negative influence on the inflation in Eurozone. Energy prices tumbled 8.1% in May in comparison with the last year. Core inflation climbed from 0.7% in April to 0.8% in May. The unemployment rate in Eurozone in April is at 10.2% as in March.

European indexes stay in the red zone due to the possible interest rate hike in the USA. The pan-European index STOXX 600 slid 0.24%.



NewForex Analyst

Joseph Schwartz

 

[Anna Mon]

Forex News from New Forex: Technical analysis of EUR/USD

In the Asian trading session on Wednesday the currency pair trades with a slight price rise staying within the support at 1.1099 and resistance at 1.1153. In the short run the market has definitely a bullish sentiment with attempts to breach the current level of resistance.

Exponential moving averages have significantly slowed down, the MACD-histogram reduced and is close to entering a positive zone looking upwards. The oscillator Stochastic is seen in the zone of oversold sending signals to buy. The RSI indicates a firm bullish market potential and is about to enter the zone above its central line.

Thus, the technical structure is not in favour of bears today. The question left is whether buyers will take advantage of it?

In case of breaching the level of resistance, the nearest target might be 1.1216 and further 1.1242. Otherwise, the price might slide to 1.1010.

NewForex Analyst

Luigi Campo

Forex News from New Forex: Technical analysis of GBP/USD

On Wednesday the currency pair demonstrates a decline staying within the support at 1.4343 and resistance at 1.4604. As for short-term prospects of the market development the current technical structure says that moving averages EMA20 and EMA55 slowed down and are close to crossing downwards.

The MACD-histogram slid into the negative zone and moves further down. The RSI indicates that buyers supporting the bullish market sentiment have eased. However, the oscillator Stochastic entered the zone of oversold and sends signals to buy but it might be fallacious.

NewForex Analyst

Luigi Campo

Forex News from New Forex: The yuan hit a 5-year low

In the trading on Wednesday, June 1, the Chinese yuan tumbled 0.2% hitting a 5-year low. The PMI index including construction, transport and telecommunication companies declined from 53.5 in April to 53.1 in May. The currency shed 1.5% in May, the biggest fall since August last year. A strong dollar keeps bringing the yuan under pressure.

The Australian dollar advanced 0.3%. The GDP of Australia surged 3.1% in the first quarter outstripping the forecast at 2.9%. The New Zealand currency gained 0.3% after the rise of the Terms of Trade Index by 4.4% in the first quarter instead of the expected fall by 0.2%.

The Japanese yen picked up 0.6% today. In May the currency lost 3.8%.

In the commodity market WTI slumped to 0.9% to $48.67 a barrel. On June 2 the OPEC meeting is due to be held in Vienna, most market experts consider that it will not lead to any agreement about the restriction of oil production. On Tuesday the oil minister of the UAE said that the global surplus which led to a sharp price decline is self-correcting at the moment.



NewForex Analyst

Luigi Campo

Forex News from New Forex: The pound plummeted against the dollar and the euro

On Wednesday, June 1, the pound sterling hit an intraday low after the release of economic data. The manufacturing PMI rose from 49.4 in April to 50.1 in May. Although magnitudes above 50.0 show the rise, May data look not so confident. The state of the UK domestic market is quite favourable for business but unsteady global economy brings the number of export orders under pressure. In Eurozone the manufacturing PMI declined from 51.7 in April to 51.5 in May.

The pair pound/dollar trades at 1.4437 (-0.28%). The currency instrument euro/pound is seen at 0.7736 (+0.65%). Another negative factor for the pound was the decision of the Organization for Economic Cooperation and Development to cut the forecast of the economic growth for this year from 2.1% to 1.7%. The organization has also warned that Brexit might hit the global economy.

At the moment the dollar index shed 0.43% to 95.41.



NewForex Analyst

Luigi Campo

 

[Anna Mon]

Forex News from New Forex: The Aussie tumbles against the US dollar

On Thursday, June 2, the Australian dollar declines against the US dollar amidst mixed economic data. The pair AUD/USD shed 0.47% to 0.7224. Retail sales in April climbed 0.2% instead of expected 0.3%. Meanwhile, the trade deficit of Australia dropped from A$1.97 billion in March to A$1.58 billion in April. The New Zealand dollar edged down to 0.44% against the buck.

The US dollar hit a 2-week low against the yen on Thursday after the decision of the Japanese Prime-Minister to delay the planned sales tax increase. On Tuesday Shinzo Abe said about the implentation of the fiscal stimulus package later this year. The pair dollar/yen slid 0.45% to 109.04, euro/yen slumped to 0.31% to 122.15. The strong yen has a negative influence on Japanese stocks. The Nikkei slipped to 2.32%, the highest fall since May 2. The Topix tumbled 2.2%, the JPX-Nikkei Index 400 edged down to 2.3%.

At the moment the dollar index shed 0.16% to 95.27, a low since May 27.



NewForex Analyst

Michael Butnitsky

Forex News from New Forex: Opinion polls on Brexit lent support to the pound

The pound sterling rises against the US dollar and the euro on Thursday, May 2. Poll numbers on the possible Brexit give support to the pound. According to the latest information, most British citizens stand for staying in the European Union. The pair pound/dollar advanced 0.24% to 1.4448. The currency instrument euro/pound trades at 0.7742 (-0.22%).

Concerns over the interest rate hike in the US bring the British currency under pressure. The latest construction data served as a constraining factor as the construction PMI index dropped from 52.0 in April to 51.2 in May.

European stocks are seen in the green zone today after the ECB’s decision to keep the deposit rate at the record low level −0.4%. The pan-European index STOXX 600 surged 0.24%. The UK’s FTSE picked up 0.34%, the German DAX added 0.06%, the French index CAC 40 climbed 0.05%.

Today world markets are in the anticipation of the news from Vienna where the OPEC meeting is taking place at the moment.



NewForex Analyst

Michael Butnitsky


Forex News from New Forex: Technical analysis of GBP/USD

At the opening of the European trading session the pair trades with some sagging staying within the immediate support at 1.4339 and resistance at 1.4462. Exponential moving averages with periods 20 and 55 days crossed downwards and keep sliding but have slightly slowed down.

The MACD-histogram decreases as well staying in the negative zone. Sellers still preserve their power and currently buyers have little chance to reverse the trend. At the same time the oscillator Stochastic and the RSI indicate that the pair is oversold which might boost a bullish potential of the market.

NewForex Analyst

Michael Butnitsky

Forex News from New Forex: Technical analysis of EUR/USD

At the closing of the Asian trading session on Thursday the pair shows a slight price rise within the immediate support at 1.1151 and resistance at 1.1233. Moving averages EMA20 and EMA55 look upwards, the MACD-histogram entered the positive zone and rises along with the strengthening of the RSI which moves upwards as well. However, it’s too early to speak about any serious market reverse, the oscillator Stochastic is seen in the zone of overbought and sends signals to sell.

NewForex Analyst

Michael Butnitsky

 

[Anna Mon]

Forex News from New Forex: Yen soars against the US dollar and the euro

On Thursday, June 16, the yen gains ground against the greenback for the fifth day in a row. The Bank of Japan decided to keep the current monetary policy unchanged before the referendum in the UK. The pair dollar/yen shed 1.85% to 104.03, euro/yen lost 1.76% to 117.22.

Japanese stocks have rapidly fallen due to the passive decision of the Bank of Japan, the Fed which kept the interest rate unchanged in the USA at 0.5%. These events triggered active sales in the market. The leading index Nikkei edged down to 3.1% (a low since April), since the start of the week the index tumbled 7%. The Topix slid 2.8%, a low since February.

In the short run the market will stay in the zone of oversold. Concerns over the referendum in the UK are so high that we should not expect any growth until June 23. At the moment market participants prefer to avoid any risk assets. Fund managers worry about their assets and try to reduce them having more cash to protect their funds.



NewForex Analyst

Michael Butnitsky


Forex News from New Forex: Swiss National Bank keeps the negative interest rate
The Swiss franc has not significantly changed against the US dollar and the euro after the decision of the Swiss National Bank to hold the current interest rate at −0.75%. The currency instrument euro/franc stands at 1.0822, dollar/franc gained 0.6% to 0.9615. Since the start of this month the Swiss franc advanced 2% against the euro and 3% against the US dollar.

The market keeps a close eye on the British currency before the hard choice about the membership in the EU. The pound pares earlier losses after the release of data on retail sales in May. Retail sales surged from 5.2% in April to 6.0% year on year, meanwhile experts forecast a decline to 3.9%. Core retail sales climbed 5.7% in comparison with the same period last year. Thus, at the moment pound/dollar tumbles 0.24%, euro/pound gains 0.19%.

The dollar index slid 0.13% to 94.55. European markets stay in the red zone today after the decision of the Fed and the Bank of Japan. The pan-European index STOXX 600 slipped to 0.9%, the UK’s FTSE slumped to 0.62%, the German DAX lost 0.79%, the French CAC 40 dropped by 0.77%.



NewForex Analyst

Michael Butnitsky


Forex News from New Forex: Oil price hit a 4-week low

Oil prices keep negative dynamics in the trading on Thursday, June 16, hitting a 4-week low. On the New York Mercantile Exchange WTI shed 1.58% and dropped to $47.25 a barrel. In London Brent lost 1.59% to $48.19, a low since May 24.

Yesterday information about US oil inventories was released and last week they decreased by 933 000 barrels to 531.5 mln. WTI and Brent futures lost almost 8% after a high at $52 since June 9. It is obvious that investors are not prone to take risks before the referendum in the UK on June 23 and prefer to fix their profit.

Gold price rises after the Fed’s decision to delay the interest rate hike. It is clear that the more often the rate rise is delayed, the better it is for the gold sentiment in the market. Gold futures with the delivery in August advanced 1.47% to $1.307.20 a troy ounce hitting a 2-year high. Spot gold rose 1.09% to $1.305.20. Silver futures with the delivery in July jumped 1.21% to $17.715.



NewForex Analyst
Michael Butnitsky