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SunBirdFX Daily Market Analysis : 05/08/2012
www.sunbirdfx.com
Wall Street opened the trading week on mixed territory as Dow closed negative NASDAQ and S&P closed positive. On the beginning of the day it looked like the indices were about to continue the bearish momentum from Friday after sharp declines in Europe and Asia. Eventually, the indices managed to rise and close around Friday's closing levels. The S&P 500 opened the trading session around 1360 points, which is the lower boundary of the channel it is moving through and as we mentioned yesterday, the index might continue stamping between 1360 points and 1400 points for a while.
AUD/USD
The crash of the US futures and the European & Asian markets during yesterday morning caused large gaps in most of the currencies pairs, as the USD strengthened due to these declines. Later, ...
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Gold pushed down by political uncertainties in Greece
Gold remained under pressure for a second day on Tuesday on worries political changes in France and Greece would affect adopting austerity needed to tackle debt crisis.
New Democracy party leader said he did not succeed to form a coalition Greek government, thus Alexis Tsipras, the head of Syriza, who has pledged to cancel aid terms for Greece, will have the chance to form a government.
This situation has been reached in Greece after voters turned to anti-bailout parties at the expense of pro-bailout ruling parties. Therefore, there are worries the debt-mired nation will not adopt measures that guarantee the country`s future in the euro area.
In France, the win of the Socialist party candidate Hollande in the French Presidential elections raised concerns that there would be a conflict ...
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Technical analysis of the USD/CHF pair on May 8th, 2012
Commentary of the USD/CHF pair :
The pair USD/CHF just made a pullback on the support at 0.92 and took up its bullish movement.
The opening gap is still not filled in.
All indicators are bullish.
We continue to advise long positons as far as 0.9180 is support.
The breakout of 0.9258 will give a new buy signal and open the way towards 0.93.
In case of return below 0.9180, we will be neutral between this level and 0.9150.
See the previous analysis of the USD/CHF pair of May 7th, 2012
USD/CHF Analysis
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Euro eases but possible short covering may lend support
(Reuters) - The euro eased on Tuesday but stayed above the previous day's three-month low, with the potential for short covering seen offering the currency some support even as political uncertainty in Greece clouded its outlook.
The single currency dipped 0.1 percent from late U.S. trade on Monday to $1.3035, but stayed well above Monday's trough near $1.2955, its lowest level since late January.
The euro came under pressure on Monday after elections in Greece and France cast doubt on the ability to push through austerity plans regarded as key to tackling the euro zone debt crisis.
"This seems to me like a pretty serious situation," said Satoshi Okagawa, senior global markets analyst at Sumitomo Mitsui Banking Corp. in Singapore, referring to the election results and political ...
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Euro dips but market positioning may lend support
(Reuters) - The euro eased on Tuesday but stayed above the previous day's three-month low, with market positioning seen offering the currency some support even as worries over political uncertainty in Greece clouded its outlook.
The single currency dipped 0.1 percent from late U.S. trade on Monday to $1.3043, but stayed well above Monday's trough near $1.2955, its lowest level since late January.
The euro had initially come under pressure on Monday after the outcome of elections in Greece and France cast doubt on the ability to push through austerity plans regarded as key to tackling the euro zone debt crisis.
"This seems to me like a pretty serious situation," said Satoshi Okagawa, senior global markets analyst at Sumitomo Mitsui Banking Corp. in Singapore, referring to the election ...
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Dollar regains its power against major currencies
Today the USD began to incline against major currencies to regain its power after yesterday’s instability when majors inclined to cover the price gap against the dollar, which helped the dollar against majors today.
From another side, the Australian trade balance deficit widens in March for the third consecutive month, negatively affecting its price, especially against the American dollar to be near the lowest in 2012.
AUD/USD pair is being traded near the lowest at 1.0166 from 1.0212 with a high of 1.0215 and currently at 1.0182.
New Zealand’s dollar fell against the American dollar recording a low of 0.7921 from 0.7968 with a high of 0.7968 and currently ia trading at 0.7930.
Japanese yen inclined for the second straight day this week where the pair USD/JPY recorded a high of 80.06 ...
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AUD-USD: After recording a 2012 low, eyes on the trade balance today!
After the AUD/USD pair recorded its lowest level in 2012 at 1.0195, today we are waiting for the trade balance data from the Australian economy during the month of March, which is expected to see a trade deficit of A $ 1300 million, compare to the previous reading which showed a deficit of A $ 480 million.
The trade deficit in Australia has started since January with the start of the year, when the economic indicators started to show a sluggish performance affected by the slowdown of the European region, in addition to the attempts from the Chinese government to cool down the growth pressure in China, which considered number one trade partner of Australia.
There are great opportunities to see an expansion of trade deficit in Australia today, and we are trying to take advantage of this ...
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Gold remains under pressure on worries from French and Greek elections results
Gold remained under pressure on Monday trading as worries after the results of French and Greek elections which showed rejection to austerity sapped demand on shares and commodities.
The shiny metal is still moving within a narrow range unable to take a vivid upside or downside direction. The price over the past seven weeks has been swinging between $1630 and $1670 range.
While gold is taking a boost from the weak U.S. fundamentals, which revives speculations the Fed would add to stimulus, the mounting worries from the euro area is pushing it down.
The win of the Socialist party candidate Hollande in the French Presidential elections raised concerns that there would be a conflict between the euro area`s second biggest economy and other euro area nations, more specifically Germany, in ...
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Crude recover some losses as the USD weakened
Crude oil fell today to the lowest level in more than four months after Holland won French presidency while in Greece voters rejected the pro-bailout policies, which complicated the outlook for Europe.
Socialist Francois Hollande won France’s presidential elections on Sunday to be the first Socialist president in 17 years, eliminating Nicolas Sarkozy who played a key role in structuring bailout schemes.
During his campaign Hollande pledged to push for less austerity measures and focus on growth, increasing spending and delay the deficit-reduction efforts, which will harden Angela Markel’s efforts to fight the region’s debt crisis.
Meanwhile in Greece, voters favored the anti-bailout parties putting the nation’s future in the euro zone at risk. At the time being the austerity measures ...
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