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CurrentlyTitle:
Technical analysis of the USD/JPY pair on May 24th, 2012
Commentary of the USD/JPY pair :
The pair USD/JPY continues to move between the support at 79.26 and the resistance at 79.65.
Indicators are globaly neutral.
The pair is currently moving above the upper band of its bearish channel (black lines) and above its bearish slant (purple line).
We continue to advise short positions as far as 80.09 is resistance.
A return below 79.26 will comfort our bearish feeling.
The breakout of 79 will give a new sell signal and open the way towards 78.50 and 78.
In case of return above 80.09, a buy signal will be given.
See the previous analysis of the USD/JPY pair of May 23th, 2012
USD/JPY Analysis
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 ...
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Risky trade getting hammered
Higher yielders remained under pressure as uncertainty continues to surround markets. The lack of assurance of an Imperative action on Greece from the euro leaders in their informal summit today makes things further vague for the destiny of the risky trade. While markets lack a conclusive expectation for the outcome of the summit majors look skeptical around key support levels.
During a teleconference earlier today, the Eurogroup Working Group (EWG); which consists of the officials preparing the meetings of finance minister, and form the board of the ESF as well, agreed that euro zone countries must consider and prepare for the consequences of a Greece exit. The move could have further negative impact on the common currency.
While Later today, the finance ministers are expected to unveil ...
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Gazprom reviews Shtokman line-up
(Reuters) - Russia's Gazprom (GAZP.MM) said it is reconsidering the composition of the consortium to develop the Shtokman offshore gas with a decision expected next month, further heightening uncertainty over the project's future.
"The project is being reviewed at the moment. A decision on members and the scheme is expected in June," Vitaly Markelov, Gazprom's deputy CEO, told a briefing on Wednesday.
Gazprom sources said that there could be a departure from Shtokman, where the Russian gas giant has partnered with Statoil (STL.OL) of Norway and Total (TOTF.PA) of France.
Total owns 25 percent, Statoil 24 percent and Gazprom the remainder of Shtokman, one of the world's largest gas fields with reserves of 3.7 trillion cubic meters located 550 kilometers (340 miles) offshore in the ...
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BoE Minutes keep possibility for more QE
The Bank of England in May voted unanimously to keep the rate steady at the historic low of 0.5% and held the one-member dissent seen in April as only David Miles opted for 25 billion expansion in asset purchases.
The majority of the policy makers finally saw balanced risks, yet still the minutes did mention that the MPC discusses the option of more easing and kept the door open for that possibility if needed.
Sterling slumped after the minutes that keep the expected possibility for more easing, especially that the economy relapsed in recession and the debt crisis resurfaced. More downside pressure was also from weak April retail sales that contracted more than expected further stressing on the expectations for more QE for now.
The GBPUSD declined to fresh intraday lows after the news ...
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 ...
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Papademos sees risk of Greek euro exit unlikely
In comments to CNBC late on Tuesday the former Greek Prime Minister Lucas Papademos said that there are currently no preparations that he is aware of for a Greek euro exit. He sees that the risk of Greece exiting the euro is “unlikely to materialize” and called the scenario of it happening “unwarranted”.
At the same time, Papdemos said that he “cannot exclude” any possibility that our countries are preparing for the scenario if Greece had to exit the euro. He said that the fear has eased from Greece as the banks are to be recapitalized in Greece and the run on deposits slowed in recent days.
Greek banks reached a “subscription agreement” with the Helleneic Financial Stability Fund that will allow for the first release of recapitalization funds to banks of 18 billion euros this week. ...
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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
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European markets single lower, while eyes are on the EU summit
The tension is evident as the sell-off wave swept the currency market including high yielding currencies, and the European stock futures are back once again to trade lower before the opening today.
The risks of Greece leaving the euro area have become very influential on the markets lately with the expectations that anti-austerity parties will win the elections held on the seventeenth of June.
Investors will be focusing today on the European summit held in Brussels with Greece being the main theme in addition to Spain`s Budget deficit.
The euro drooped from the opining levels that were near the highest levels reached today at $1.2687 and is currently trading at $1.2664. The EUR/USD reached the lowest level today at $1.2643 while it opened at $1.2643.
As for the Great British Pound, the ...
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