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BandTitle:
U.S. sees China pushed to let market forces work
(Reuters) - China will be compelled to let market forces play a larger role in managing its economy as it faces complicated challenges ranging from an aging population to rising wages and prices, a senior U.S. Treasury Department official said on Tuesday.
Lael Brainard, the Treasury's undersecretary for international affairs, told a group of business people, diplomats and academics that China faces "an extraordinarily steep demographic cliff" that will reduce the advantage of a young labor force willing to work cheaply.
"Wages and costs are rising rapidly. There is a self-reinforcing momentum to have market forces determine how capital is allocated, how exchange rates adjust," Brainard said during a discussion about last week's Strategic and Economic Dialogue talks in Beijing.
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Title:
Asia Cannot Escape Europe And The Aussie Cannot Escape Swan's Budget
Growth fears stemming from Europe are once again weighing on investor sentiment, with the dollar the biggest loser in the FX market and equity markets falling throughout the session. This time it was comments from the radical leader of the Greek leftwing party that stirred the market.
The leader of the Syriza party, which came second in the weekend's election, Alexis Tsipras demanded an end to the austerity program and thereby the reversal of the fiscal and structure reforms that have allowed Greece to cut its budget deficit. This is fuelling speculation of a Greek exit from the euro, whilst this may not be a bad thing in the long-term it would likely result in a lot of market volatility and panic as it would be unprecedented territory, and thus no one is sure how it would play out.
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Title:
Technical analysis of the XAU/USD (Gold) pair on May 8th, 2012
Commentary of the XAU/USD (Gold) pair:
The pair continues to move on the upper band of its medium term bearish channel (purple lines).
The pair is still moving below the lower band of its long term bullish channel.
Indicators are globaly bearish.
The pair is currently testing the support at 1630 points.
We maintain to trade only short positions as far as 1640 points is resistance.
The breakout of 1630 and 1620 will both give a new sell signal and open the way towards 1600 points.
In case of return above 1640 points, we will wait the breakout of 1650 to advise long positions.
See the previous analysis of the XAU/USD pair of May 7th, 2012
XAU/USD Analysis
Title:
Technical analysis of the AUD/USD parity on May 8th, 2012
Commentary of the AUD/USD parity:
The pair AUD/USD has faked yesterday a return above 1.02.
The pair is currently falling on the upper band of its bearish channel (purple lines).
All indicators are bearish.
We continue to advise short positions as far as 1.0250 is resistance.
The breakout of 1.0150 will give a new sell signal and open the way towards 1.01.
In case of return above 1.0250, we will wait the breakout of 1.03 to advise long positons.
See the previous analysis of the AUD/USD parity of May 7th, 2012
AUD/USD Analysis
Title:
Technical analysis of the EUR/USD pair on May 8th, 2012
Commentary of the EUR/USD pair :
The pair EUR/USD found support yesterday on the lower band of its bearish channel (purple lines).
Then, the pair has faked a return above 1.3050 and is currently falling towards 1.30.
All indicators are still bearish.
We continue to advise short positons as far as 1.31 is resistance.
The breakout of 1.30 and 1.2950 will both give a new sell signal.
In case of return above 1.31, we will wait the breakout of 1.3150 to advise long positions.
See the previous analysis of the EUR/USD pair of May 7th, 2012
EUR/USD Analysis
Title:
Technical analysis of the USD/JPY pair on May 8th, 2012
Commentary of the USD/JPY pair :
The pair USD/JPY is currently testing a pullback on the resistance at 80 and also on the upper band of its bearish channel (black lines).
Indicators are still bearish.
We continue to advise short positions as far as 80.50 is resistance.
The breakout of 79.50 will give a new sell signal and open the way towards 79.
In case of return above 80.50, we will wait the breakout of 81.06 to advise long positions.
See the previous analysis of the USD/JPY pair of May 7th, 2012
USD/JPY Analysis
Title:
Old feud appears to sink Obama's Fed nominees
(Reuters) - President Barack Obama's two nominees to the Federal Reserve appear likely to fall victim to a long-running political feud, which would leave the central bank short-handed as it struggles with tough regulatory and monetary policy questions.
Republican Senator David Vitter has demanded that the Senate hold a debate before any vote on the nominees, which would require Democratic leaders to muster a super majority to move forward - a hurdle that may be too high to clear.
As a result, the Senate may end up abandoning the nominees, Harvard economist Jeremy Stein and investment banker Jerome Powell, and leave a decision on filling out the normally seven-member Fed board until after this year's presidential election.
"I refuse to provide Chairman Bernanke with two more rubber ...
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Canadian Dollar Steady Today
Canadian dollar is mostly steady today. Amidst uncertainty about Europe, and concerns about what’s next, the loonie is managing to hold its own, especially against the US dollar. Risk aversion isn’t as big a deal as might have thought after the weekend in Europe. However, there is little domestic data to change the course of the Canadian dollar, and volumes are low due to a holiday close for the markets in London.
Even though there is uncertainty about what is next for the eurozone with the loss of Nicolas Sarkozy to Francois Hollande in France, and the loss of Parliament seats for pro-austerity parties in Greece, Forex traders don’t seem quite ready to abandon risk appetite altogether. And, even though commodities are lower, with oil prices below $97 a barrel, the loonie is still finding ...
Title:
Investors fret after Greek, French votes
Greek and French election results rattled global investors on Monday by undermining confidence in the region's plans to cut spending and tackle its debt crisis, sending the euro to a three-month low.
European shares also initially traded lower, with Greek stocks down 6.4 percent .ATG, but reaction was muted with the UK market closed for a holiday. Wall Street stocks were expected to reflect the weaker tone when they being trading .N.
Investors sold bonds of other weaker euro zone member states after the two pro-bailout parties in Greece failed to win a parliamentary majority, rekindling fears over the country's future in the single currency.
"The Greek election outcome is the ultimate Greek tragedy. Not having a cohesive government means the IMF will not release further funds. Without ...
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