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CurrentlyTitle:
Australian unemployment rate declines supporting the Australian dollar
The Australian unemployment rate dropped lower than expectations during the month of March, as hire more workers, following the Reserve Bank's forecasts for the economic growth this year, supporting the Australian currency to record a new historic record.
Australian employment change showed that the employments added 37800 workers during the month of March, compared with a previous -10100 workers in February that revised to -8600, while the actual reading exceeded expectation that referred to 24000 workers.
Moreover, the Australian unemployment rate declined to 4.9% in March, from a previous 5.0% in February, where the analysts' forecasts estimated of 5.0%.
The decrease in the unemployment rate means more demand for labor especially in the construction sector where the country will ...
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Technical analysis of the USD/CAD pair on April 7th, 2011
Commentary of the USD/CAD pair :
The pair USD/CAD continued its bearish movement into its bearish channel and made a new lowest at 0.9568. However, the support at 0.96 has not been broken and the pair is currently making a rebound on it. We maintain to trade only short positions as far as 0.9650 is resistance. The breakout of 0.96 will give a new buy signal. The next support is at 0.9550. However, if 0.9650 is broken, we will be neutral between this level and 0.9680.
See the previous analysis of the USD/CAD pair of April 6th, 2011
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Investors Eagerly Awaiting ECB Rate Decision
The euro took some mild losses against the yen and US dollar during the Asian session ahead of today's euro-zone Minimum Bid Rate, scheduled to be announced at 11:45 GMT. The European Central Bank is widely expected to raise interest rates, a move which will likely help the EUR turn bullish once again to close out the week.
Economic News
USD - Dollar Remains Bearish Against European Currencies
While the US dollar was able to eke out small gains against most of its main currency rivals in overnight trading, the currency remained bearish overall ahead of a key decision from the European Central Bank later this morning. It is widely assumed that the ECB will hike euro-zone interest rates up to 1.25%, a move which is likely to send the EUR/USD pair soaring. In addition, the dollar has ...
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RTFX Daily Market Comments: 04/07/2011
EUR – USD
Current rise seems to be over near 1.4340 or 1.4384 for a retracement towards 1.4297 - 1.4270 area.
GBP – USD
One move lower to 1.6272 or 1.6211 is anticipated while below 1.6348 - 1.6379 area. Stop loss above 1.6425 zone.
USD – JPY
Current rise should end around 85.73. Objectives of this downmove are 85.05 or 84.61. A rise above 85.97 is again bullish.
USD – CAD
Market should hold major support at 0.9541 before rising towards 0.9644 or even 0.9679 limit.
NZD – USD
Uptrend is still intact in a triangle configuration. It should continue to rally to 0.7831 or 0.7844 if support around 0.7757 hold. After which a pullback to 0.7757 - 0.7733 zone is possible.
AUD – USD
Current rise seems to be over near 1.0446 or 1.0489 for a retracement towards 1.0402 - 1. ...
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Analysis: Risky frontier sovereigns evade government debt phobia
(Reuters) - While investors balk at lending to debt-laden governments across the euro zone and even question holding low-yielding U.S. Treasury credit, some of the world's riskiest governments are still finding willing lenders.
Sovereign debt from frontier markets is benefiting in part from revved-up investor desire for high yields and also diversification, given these frontier bonds tend to have a low correlation with the ebb and flow of major world markets.
Even given that rationale, some investors have had a lot of risk to absorb, considering this year's outright default by war-torn Ivory Coast and the shrinking foreign exchange reserves of Soviet-style command economy Belarus.
Frontier markets such as Georgia, Montenegro and Nigeria have, even so, all issued or plan to issue ...
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Fed's Lockhart says not yet time to raise rates
(Reuters) - The U.S. economy remains too fragile for the Federal Reserve to begin raising interest rates, the president of the Atlanta Fed, Dennis Lockhart, said on Wednesday.
Lockhart reiterated that the Fed will complete its $600 billion bond-buying plan as scheduled at the end of June, adding that he not seen sufficiently compelling evidence to cut the program short.
Asked about hints from minutes of the Fed's last policy meeting that some of his colleagues had started to think about hiking interest rates before the end of this year, Lockhart said at the moment he was not inclined to think that would be needed.
"There is still a degree of fragility in how this recovery is evolving," Lockhart, who was in Stone Mountain, Georgia, for a conference of the Atlanta Fed, told reporters. "I ...
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Forex - Gold Rallies & JPY drops
Forex News and Events:
The highlight of the Asian session was the rapid deprecation of the JPY especially against the EUR, AUD and NOK. USDJPY hit a six-month high of 85.53 and EURUSD rallied to 1.4315. Elsewhere in Asia, there are reports of heavy selling of local currencies by Asian central banks with the largest participations affecting the MYR, KRW and SGD. As we have stated many times before, the “currency wars” have not ended, just faded into the background due to export driven inflationary pressures in Asia (a temporary shift from fighting competition to fighting inflation).
Traders should be watching developments in Asian FX carefully as the flows will likely be recycled into the majors. In addition, yesterday we saw China raise rates 25bp but the reaction from regional equities ...
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Technical analysis of the EUR/CHF pair on April 6th, 2011
Commentary of the EUR/CHF pair:
The pair EUR/CHF faked yesterday a breakout of 1.31 to find support on 1.3050 in extension. The pair well rebounded and is currently testing a breakout of 1.32. All indicators are bullish. We maintain to trade only long positions as far as 1.31 is support. The breakout of 1.32 will give a new buy signal. The next resistance is at 1.33.
See the previous analysis of the EUR/CHF pair of April 5th, 2011
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Technical analysis of the EUR/GBP pair on April 6th, 2011
Commentary of the EUR/GBP pair:
The pair EUR/GBP felt down yesterday and is currently trying to find support on the lower band of its bullish channel. All indicators are now bearish. We stay neutral on the pair between 0.87 and 0.8775. We advise to wait an exit of this range to take position:
- Long if 0.8775 is broken. The breakout of 0.88 will give a new buy signal
- Short if 0.87 is broken. The breakout of 0.8650 will give a new sell signal.
See the previous analysis of the EUR/GBP pair of April 5th, 2011
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