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Currently Testing The SupportTitle:
EU Data Deteriorates
The euro remained under pressure against most of the majors after disappointing economic data and as the EU summit concluded without giving markets any indication of significant progress. European leaders debated the topic of eurobonds and whether or not it would contribute to growth. Germany remaining firmly opposed to the joint bonds saying that it would give countries with already large deficits incentive to continue to spend.
Economic data out of Europe added to the deterioration in sentiment as German, French, and Eurozone May PMI figures printed below expectations. Manufacturing PMI's in Germany, France, and the EZ fell to 44.4 (cons. 47.0), 45.0 (cons. 46.8), and 45.0 (cons. 46.0) respectively. The below 50 readings indicated ongoing contractions in manufacturing. Furthermore, ...
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A dead cat bounce?
After a bunch of creepy economic figures starting from the euro zone manufacturing and services numbers which showed the sectors extended contraction last month and confidence among business within germany dropped to 106.9 from 109.4, that was followed by the GDP figure from the U.K which confirmed further contraction as the country’s economy contracted more than expected. While from the U.S; core durable goods orders dropped by 0.6% while markets were expecting a 1.1% expansion.
Although the overall picture remains clearly uncertain, however markets were well supported after being extensively oversold today, rebounding slightly this morning, and currently extending the recovery after the Greek central bank chief said that Greece’s four largest banks are to be recapitalized by an 18 ...
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Technical analysis of the EUR/JPY pair on May 24th, 2012
Commentary of the EUR/JPY pair :
The pair EUR/JPY has validated yesterday the breakout of 100.50 and is currently testing 100 as support.
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 101.50 is resistance.
The breakout of 100 will give a new sell signal and open the way towards 99.50.
In case of return above 101.50, we will wait the breakout of 102 to advise long positions.
See the previous analysis of the EUR/JPY pair of May 23th, 2012
EUR/JPY Analysis
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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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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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Technical analysis of the GBP/USD pair on May 23th, 2012
Commentary of the GBP/USD pair :
The pair GBP/USD has failed to break the resistance at 1.5823 and took up its bearish movement.
Currently, the pair is testing the support at 1.5750.
All indicators are bearish.
We continue to advise short positions as far as 1.5850 is resistance.
The breakout of 1.5750 will give a new sell signal and open the week towards 1.57 and 1.5650.
In case of return above 1.5850, we will be neutral between this level and 1.5950.
The breakout of 1.5950 will give a buy signal.
See the previous analysis of the GBP/USD pair of May 22th, 2012
GBP/USD Analysis
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Technical analysis of the USD/CAD pair on May 23th, 2012
Commentary of the USD/CAD pair :
The pair USD/CAD made yesterday a pullback on the support at 1.0150 and then took up its bullish movement to test again the resistance at 1.0230.
All indicators are bullish.
The pair is currently testing the upper band of its bullish channel (black lines).
We continue to advise long positions as far as 1.01 is support.
The breakout of 1.0230 will give a new buy signal and will open the way towards 1.03.
In case of return below 1.01, we will be neutral between this level and 1.0050.
The breakout of 1.0050 will give a sell signal.
See the previous analysis of the USD/CAD pair of May 22th, 2012
USD/CAD Analysis
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Technical analysis of the USD/CHF pair on May 23th, 2012
Commentary of the USD/CHF pair :
The pair USD/CHF took up yesterday its bullish movement and the return above 0.94 gave us a new buy signal.
Currently, the pair is testing the resistance at 0.95 for the second time and is also testing its former bullish slant as resistance.
All indicators are bullish.
We continue to advise long positions as far as 0.94 is support.
The breakout of 0.95 will give a new buy signal and open the way towards 0.9550.
In case of return below 0.94, we will again be neutral between this level and 0.9350.
See the previous analysis of the USD/CHF pair of May 22th, 2012
USD/CHF Analysis
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JPY Underperforms Amid Downgrade, Ahead of BoJ
USD stronger today against most of the majors amid higher global equities and higher U.S. treasury yields. A ratings downgrade in Japan, dampened EU Summit expectations and low growth projections in Europe, and slowing inflation in the UK are benefitting the USD. The dollar index rebounded from the 81.00 figure but remains below the double top around the 81.75 level and the dollar is currently strongest against the JPY as UST yields advance. On the data front, the May Richmond Fed manufacturing index (expected to soften to 11 from 14) and April existing home sales (forecast to increase 2.9% m/m to 4.61M) are set for release at the top of the hour.
EUR is weaker against most of the G10 currencies amid growth concerns and low expectations of the upcoming EU Summit. The OECD released update ...
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