The Pounds rally has ensued for several weeks and with many traders still short, we think there could be further gains to come. Matt Simpson takes a technical look at GBPAUD, GBPJPY and GBPNZD. [embedded content] Matt Simpson | Senior Market Analyst A certified technical analyst, combining macro themes, monetary policy and business cycles to generate Forex…
Read moreCommodity currencies remain under pressure with renewed concerns over trade deals with the US and their potential to negatively impact exporting economies. NZDUSD in particular is feeling the strain and appears set to break key support. [embedded content] Matt Simpson | Senior Market Analyst A certified technical analyst, combining macro themes, monetary policy and business cycles to…
Read moreA good set of data licked the week off for Australia, with manufacturing PMI hitting its second highest level since 1994 and CPI reaching 2.6% YoY according to the monthly read from Melbourne Institute. Australia’s manufacturing sector expanded for a 7th consecutive month according to the PMI survey by AIGroup. At 59.2 it is the…
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Market Overview Markets are taking on a phase of consolidation as the week draws to a close. There is little real direction to speak of throughout major forex and equity markets. There may be a slight positive bias for equities this morning in the wake of some strong after hours numbers from the tech giants…
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Spot gold has seen a 1.56% retracement over past two weeks after hitting its highest level of 1295.37 last seen on November 9th 2016. That said, this retracement has held above the support line at 1260 over the past two days. On the 4-hourly chart, the price broke the downtrend line resistance on April 26,…
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As the week draws to a close markets are beginning to consolidate. However looking across several of the major markets there is a sense that near term moves have reached a series of crossroads. The next move could determine whether the risk recovery is set to continue, or take a cautious reverse once more. The…
Read moreThere are two crucial GDP figures to be released today; UK Q1 GDP initial reading will be released at 09:30 BST, followed by the US Q1 GDP annualized initial reading, Q1 PCE and Q1 core PCE inflation figures (QoQ) at 13:30 BST. This will be the first US GDP figure reported after Trump took office.…
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DAX futures (JUNE 2017 contract is FDXM7, continuation contract is FDXc1) The consolidation is just beginning to tail lower as a correction threatens. The candlesticks over the past few days have been deteriorating in the past couple of sessions and the rally is rolling over. Momentum indicators are beginning to pull lower in a suggestion…
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The upside for EURUSD stalled, and reversed, on Thursday marginally short of this week's top. Net losses were posted for a second day in a row. The decline was modest though. Based at the same levels as the two previous days, EURUSD remains above its 200 day moving average and near the top of the…
Read moreThis week has provided a mixed data set for AUD, which has seen AUD remain under pressure yet struggle to break too far below the 75c mark. Private sector credit expanded by 0.3% MoM which is the lower boundary of the longer-term trend (0.3% is -1 standard deviation from the entire data set, to exhibit…
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