During the early Monday Asian session, EUR/JPY hit a high of 124.49, last seen on May 12 of 2016, helped by Macron’s victory in the French presidential election. However, it saw a subsequent retracement, due to profit-taking, falling back below the psychological level at 124.00. On the 4-hourly chart, EUR/JPY broke through the near-term major…
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The short and long-term bias are now bearish after sellers re-emerged on Friday. Here is the outlook and the prime short entry level for Monday. Monthly: We are holding onto the slightly disjointed bearish Gartley formation. The next downside long-term support and an area that has been pivotal is 1.2000 (bearish). Weekly: For the last…
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DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1) Is the DAX set once more for a consolidation following a strong breakout? It seems that time and time again throughout this trend higher, the breakouts are followed by consolidation, with the trend struggling to retain traction. This continues to give renewed chance to…
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Nonfarm payrolls are realised alongside Canadian employment later today, which could make USDCAD of interest. The fall in oil prices also provided added interest as both currencies are linked to oil in one way or another. - NFP is forecast to rebound to 185k from last month’s disappointing 98k - A further fall of unemployment…
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Richard Perry appeared on Tip TV again this morning to discuss the impact of last night’s Fed announcement and how the French election could impact on markets. Richard’s key focus was on the technical analysis of charts such as EUR/USD which has a big base pattern, USD/JPY which appears to be breaking higher and Gold…
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The crucial US labour market data for April will be released this Friday May 5, at 13:30 BST. It includes non-farm payrolls, unemployment rate and average hourly earnings. Please note that the release of US labour market data will likely cause volatility for USD, USD crosses and commodities. Spot gold has retraced around 3.6% since…
Read moreThe FOMC kept rates on hold on Wednesday which was in line with market expectations. The FOMC stated that the weak Q1 GDP is transitory and business investment firmed. The FOMC left the door open to a June rate hike in the statement. Per the CME’s FedWatch tool, the probability for a June rate hike…
Read moreThe British pound has come under pressure late in the European trading session today as the market awaits the latest interest rate decision from the US Federal Reserve. At 4.06pm (GMT) the British currency was trading at $1.29000 against its US counterpart, down from $1.2937 in yesterday’s trading. The Sterling strengthened earlier in the day…
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BackgroundShares in Danish insulin producer Novo Nordisk are up 7% today as the company's first-quarter results beat revenue and net income estimates and it lifted the lower end of its previous full-year guidance. The big question is whether this is a signal to get on the bandwagon of Novo Nordisk. While the result was definitely…
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GBP has been the strongest currency over past three weeks. GBP/USD has seen a 4.6% rise since April 10, largely because of UK Prime Minister Theresa May’s sudden announcement of a snap general election on April 18. On the daily chart, the price is still holding above the downside 10-day SMA support. Nevertheless, the bullish…
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