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Break Out Of This LevelTitle:
Housing Starts Break 700K for the Third Time Since 2008
Housing Starts Break 700K for the Third Time Since 2008
Housing starts rose to 717K units in April, ahead of market expectations for 685K. Revisions were also positive, bringing the level of housing starts in March to 699K from a previously reported 654K. Housing starts are up 29.9% from their levels a year ago.
The rise in total starts was led by multi-family starts, which rose 3.2% to 225K. Singlefamily starts were up 2.3% to 492K units.
Building permits, on the other hand, fell 7.0% to 715K units. The decline was due to a 20.8% fall in multi-family permits, following a 32.3% increase in March.
Key Implications
Housing starts appear to have reached a new plateau above 700K in the first few months of 2012. While we do not expect a major resurgence in housing construction over the ...
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Wall Street Goes Higher On Housing Starts, Industrial Production Data
Wall Street opened green higher on Wednesday, following the three-day slide for the Standard & Poor`s 500 Index, as better than expected housing starts and industrial production reignited optimism about the economy.
American equities rose at the opening following governmental reports that showed output at manufacturing, mines and utilities increased 1.1 percent in April. Homebuilders broke the ground on more homes than forecast in the same period.
Housing starts rose 2.6 percent to a 717 thousand annual rate last month, the Commerce Department reported early morning. Analysts called for a median annual rate of 685 thousand. Building permits fell to 715 thousand in the same period.
Sentiments went somehow neutral with ongoing political crisis in Greece and speculation the nation will ...
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Central Banks' to the Rescue?
Central Banks' to the Rescue?
The Bank of England stole the headlines this morning as it delivered its second Inflation Report of the year. Its message was fairly grim: the UK won't regain its 2007 level of output until 2018. The biggest threat to the UK economy right now according to the bank is the impasse in the Eurozone (something the BOE can't control).
The BOE: "blame the Royal Family and the Eurozone"
However, the one thing it can control is QE and interest rates, and it kept the door to more QE firmly open today. It noted that Q1 GDP figures could be revised higher, however a number of "one off" factors like the Queen's Jubilee bank holiday this year could knock 0.5% from GDP. This "holiday" could have a more damaging economic effect than the Royal Wedding, according to the Bank. ...
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USD is Preferred Haven
USD is Preferred Haven
USD remains firm ahead of today's FOMC minutes and amid ongoing EU concerns. UK PM Cameron put the situation in the euro area rather succinctly saying that "it either has to make up or face a potential breakup". The dollar index is continuing its ascent towards mid-January highs after breaking a medium term bear channel. Economic data due out shortly incldes April housing starts which are forecast to gain by 4.7% m/m, building permits which are anticipated to fall by -4.5% m/m, and industrial production which is expected to show growth of 0.6%. The minutes from the April 24-25 FOMC meeting will be released at 1400ET and will provide insight into the whether or not the Fed discussed additional measures.
EUR is nearing the 2012 lows against the USD as the euro ...
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Euro Sell-Off Accelerates As Greece Will Hold Now Elections
Sunrise Market Commentary
- Fixed Income: Fresh elections in Greece further support core bonds
- German bund came off the contract highs at the start of the session on better German Q1 GDP data. The move didn't last long however and the announcement of fresh Greek elections marked an intraday U-turn. This morning, the German Bund future and US Note future once again reach new contract highs.
- Currencies: euro sell-off accelerates as Greece will hold now elections.
- On Tuesday morning it looked temporary that the euro might enjoy some breathing space as the German Q1 growth was much stronger than expected. However, the rebound had no momentum at all. The euro was again hammered as talks on the formation of the Greek government collapsed. Is the euro heading for a free fall? ...
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Technical analysis of the EUR/GBP pair on May 16th, 2012
Commentary of the EUR/GBP pair:
The pair EUR/GBP has continued its bearish movement and is currently testing the support at 0.7950.
The bearish gap which ocurred at the opening is still not filled in.
All indicators are bearish.
The pair is still moving into a bearish channel (purple lines).
We continue to advise short positions as far as 0.8050 is resistance.
The breakout of 0.7950 will give a new sell signal and open the way towards 0.79.
In case of return above 0.8050, we will be neutral between this level and 0.81.
The breakout of 0.81 will give a buy signal.
See the previous analysis of the EUR/GBP pair of May 15th, 2012
EUR/GBP Analysis
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Technical analysis of the EUR/USD pair on May 16th, 2012
Commentary of the EUR/USD pair :
The pair EUR/USD has continued yesterday its bearish movement and the breakout of 1.28 and 1.2750 both gave us a new sell signal.
Currently, the pair is testing the next support at 1.27.
This level match with the lower band of its bearish channel (black lines).
The opening bearish gap is still not filled in.
All indicators are bearish.
We continue to advise short positons as far as 1.2850 is resistance.
The breakout of 1.27/1.2650/1.26 will all give a new sell signal.
In case of return above 1.2850, we will wait the breakout of 1.29 to advise long positions.
See the previous analysis of the EUR/USD pair of May 15th, 2012
EUR/USD Analysis
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Technical analysis of the GBP/JPY pair on May 16th, 2012
Commentary of the GBP/JPY pair :
The pair GBP/JPY continues to move below the resistance at 128.86 and is using the upper band of its former falling wedge as support.
Indicators are mitigated.
We continue to advise short positions as far as 128.86 is resistance.
The breakout of 127.70 will give a new sell signal and open the way towards 126.70.
In case of return above 128.86, we will be neutral between this level and 129.50.
The breakout of 129.50 will give a new buy signal.
See the previous analysis of the GBP/JPY pair of May 15th, 2012
GBP/JPY Analysis
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Technical analysis of the GBP/USD pair on May 16th, 2012
Commentary of the GBP/USD pair :
After a pullback on the resistance at 1.61, the pair GBP/USD took up its bearish movement and the breakout of 1.6050 and 1.60 both gave us a new sell signal.
The medium term bullish slant (black line) has been also broken.
All indicators are bearish.
We continue to advise short positions as far as 1.61 is resistance.
The breakout of 1.5950 will give a new sell signal and open the week towards 1.59.
In case of return above 1.61, we will be neutral between this level and 1.6150.
The breakout of 1.6150 will give a buy signal.
See the previous analysis of the GBP/USD pair of May 15th, 2012
GBP/USD Analysis
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