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ChannelTitle:
Greek Debt Crisis: Answers to Frequently Asked Questions
Highlights
- An acceleration in deposit withdrawals, combined with the prospect of an anti-austerity party winning the next election, has brought to the fore concerns about a potential Greek exit from the euro zone.
- Our base case assumption is that under the most likely scenario, the Greek election will lead to a government that sticks to an EU/IMF program, even if the terms are renegotiated.
- However, we do believe that Greece needs a further restructuring of its debt and we do think the country will ultimately exit the euro - we're just not convinced that Europe is ready for this to happen at the moment.
- If an accident does occur and Greece does leave the euro in the near term, it would have global financial ramifications that could range from severe to catastrophic. ...
Title:
Dukascopy Afternoon Forex Overview : 23/05/2012
Fundamental Analysis
EUR
German bunds rose on worries that European leaders will struggle to resolve the euro zone debt crisis during tonight's European summit. David Schnautz of Commerzbank AG in London thinks that Europe is unlikely to solve key topics and will probably disappoint the market. The 5-year bund lost 5 bp to 0.47 percent at 10:49 GMT after tumbling to 0.461 percent, the lowest since 1990, when Bloomberg began gathering data.
USD
Crude oil futures declined in Asian session on Wednesday as Iran is ready to invite nuclear inspectors, the move that may ease oil import sanctions. Light, sweet crude oil futures for July delivery traded at 91.27 US Dollars per barrel, retreating by 0.63% from the last session's high of 91.72 US Dollars per barrel.
GBP
Today the minutes of the ...
Title:
Fitch Fires Another Round
Forex News and Events:
Fitch downgraded Japan by two notches yesterday afternoon from AA to A+ with outlook negative. The agency justified the credit rating cuts by saying that the Japanese government isn’t reactive enough in tackling its “high and rising public debt ratios”. The move came in a few hours after the OECD urged Japan to prioritize the implementation of a fiscal consolidation plan, as debt-to-GDP ratio exceeds 200 percent, and budget deficits are forecast at 10 percent of GDP for the current year. PM Yoshihiko Noda has staked his political career on a law to increase sales tax to 10% with the goal of offsetting rising social security costs mainly due to the fast ageing of the population. But the opposition that controls the upper house is refusing to negotiate and is ...
Title:
Dukascopy Morning Forex Overview : 23/05/2012
Fundamental Analysis
EUR
"The rally is mostly technically driven after we became quite oversold last week."
- Raimund Saxinger, a fund manager at Trust Investment GmbH
European stocks rose by the most in a month on Tuesday. The Stoxx Europe 600 Index gained 1.91 per cent to 244.76. Germany’s DAX Index edged higher 1.65 per cent and France’s CAC 40 Index added 1.88 per cent. The U.K.’s FTSE 100 Index rose 1.86 per cent to 5,403.28
USD
"People are becoming more confident about job prospects and about taking on mortgages."
- Millan Mulraine, a senior U.S. strategist at TD Securities Inc.
U.S. existing home sales rose in April to an annual rate of 4.62 million from 4.47 million in March, said the National Association of Realtors.
GBP
"These figures give the Monetary Policy Committee ...
Title:
Technical analysis of the XAU/USD (Gold) pair on May 23th, 2012
Commentary of the XAU/USD (Gold) pair:
The pair XAU/USD has validated yesterday a return below 1580 points, offering a sell signal and is currently testing the next support at 1560 points.
The pair is moving below the lower band of its bearish channel (purple lines).
All indicators are bearish.
We continue to advise short positions as far as 1580 is resistance.
The breakout of 1560 will give a new sell signal and open the way towards 1540 points.
In case of return above 1580 points, we will wait the breakout of 1600 to advise long positions.
See the previous analysis of the XAU/USD pair of May 22th, 2012
XAU/USD Analysis
Title:
Technical analysis of the AUD/USD parity on May 23th, 2012
Commentary of the AUD/USD parity:
The pair AUD/USD has faked yesterday a return above 0.99 and then felt and broke the support at 0.98, offering a new sell signal.
The pair is moving below the lower band of its bearish channel (purple lines).
All indicators are bearish.
We continue to advise short positions as far as 0.99 is resistance.
The breakout of 0.9750 will give a new sell signal and open the way towards 0.97.
In case of return above 0.99, we will wait the breakout of 1.0 to advise long positons.
See the previous analysis of the AUD/USD parity of May 22th, 2012
AUD/USD Analysis
Title:
Technical analysis of the EUR/GBP pair on May 23th, 2012
Commentary of the EUR/GBP pair:
The pair EUR/GBP found resistance yesterday on 0.81 and just validated without strenght the support at 0.8050, offering a sell signal.
Indicators are mitigated.
The pair is still moving into a bearish channel (purple paralell lines).
We continue to advise short positions as far as 0.8075 is resistance.
The breakout of 0.8025 and 0.80 will both give a new sell siganl and open the way towards 0.7950.
In case of return above 0.8075, we will wait the breakout of 0.81 to advise long positions.
See the previous analysis of the EUR/GBP pair of May 22th, 2012
EUR/GBP Analysis
Title:
Technical analysis of the EUR/JPY pair on May 23th, 2012
Commentary of the EUR/JPY pair :
The pair EUR/JPY found resistance yesterday on 102 and then felt below the support at 101.
The pair is moving below the lower band of its bearish channel (purple lines).
All indicators are bearish.
We continue to advise short positions as far as 102 is resistance.
A return below 101 below will comfort our bearish feeling.
The breakout of 100.50 will give a new sell signal and open the way towards 100.
In case of return above 102, we will wait the breakout of 103 to advise long positions.
See the previous analysis of the EUR/JPY pair of May 22th, 2012
EUR/JPY Analysis
Title:
Technical analysis of the EUR/USD pair on May 23th, 2012
Commentary of the EUR/USD pair :
The pair EUR/USD felt yesterday and has validated the breakout of 1.27, offering a new sell signal.
The pair is currently testing the low of May 18th towards 1.2650.
The price is still moving below a paralell of its bearish channel (ows of March 14th).
All indicators are bearish.
We continue to advise short positions as far as 1.2750 is resistance.
The breakout of 1.2650 will give a new sell signal and open the way towards 1.26.
In case of return above 1.2750, we will then wait the breakout of 1.2850 to advise long positions.
See the previous analysis of the EUR/USD pair of May 22th, 2012
EUR/USD Analysis
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