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If A PullbackTitle:
Gold rises 1 percent, set to end three-week drop
(Reuters) - Gold rose 1 percent on Friday, on track for its biggest one-day gain in almost a month, as higher crude oil prices and a sharp drop in the dollar prompted investors to cover short positions after a sell-off earlier in the week.
Bullion is set for its first weekly rise in four weeks. Fading hopes of further U.S. monetary easing had led to weakness in the precious metal, reflected in a huge outflow from bullion exchange-traded funds and some funds exiting the gold trade.
Gold, which was oversold after falling $150 in the last four weeks, rallied after data showed U.S. new home sales fell to a four-month low, a fund manager said.
"The jump today is somewhat sparked by the bad home sales, which increased the chance of the Fed bringing easing back to the system, and that's why ...
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Investors to cash in Q1 chips, future more opaque
(Reuters) - Investors who have not already done so will cash in their first-quarter chips next week and turn their attention to the next three months, during which they will have to do without central bank bellows to blow stocks effortlessly higher.
World shares as measured by the MSCI index .MIWD00000PUS are up more than 10 percent since January, after the European Central Bank turned its liquidity taps on full, while Italian and Spanish 10-year borrowing costs have plunged from around 7 percent to 5, though they are now picking up again.
The ECB has played the critical part, creating more than a trillion euros of three-year money for banks to feast on, some of which has leached into stock and bond markets. But it is highly unlikely to repeat the process.
Other major central banks seem ...
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Dukascopy Morning Forex Overview : 23/03/2012
Fundamental Analysis
EUR
"Figures clearly show that the recession in the euro zone is far from over"
- Peter Vanden Houte, an economist at ING Group
Euro area services and manufacturing output fell by more than expected this month, a sign the economy has slipped into recession.
USD
"Decline in unemployment claims is another indication that the labor market is healing. That's good news for the March payroll report"
- Gus Faucher, a senior economist at PNC Financial Services
The number of Americans claiming for unemployment benefits fell to 348 thousand in the week ended March 17 from the week before, said the Department of Labor on Thursday.
GBP
"The data puts a real dent in hopes that the consumer may be perking up appreciably"
- Howard Archer, an economist at IHS Global Insight
U.K. ...
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RTFX Daily Forex Market comments : 03/23/2012
NZD – JPY
Current fall is near an end of wave around 66.31 zone, a rally should then procede to above 67.72. Fall below 65.73 would cancel this scenario.
EUR – USD
It may attempt a test higher to 1.3226 - 1.3257 after which weakness may set it to a drift down to 1.3137 limit.
USD – CHF
It is a triangle configuration. Market should break either side. Acceleration should occur above 0.9179 or under 0.9095 limits.
GBP – USD
Market should pop up towards 1.5854 or 1.5881 this bullish scenario would be damaged if 1.5793 - 1.5760 zone is broken, a severe break down could then occur.
USD – JPY One more dip to 82.45 - 82.11 is likely followed by a grind higher to 83.02 - 83.25. After which it can resume its downtrend.
USD – CAD
Uptrend is still intact in a triangle ...
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Yen bolstered as risk currencies take a drubbing
(Reuters) - The safe-haven yen held on to overnight gains in Asia on Friday, having risen across the board as investors gave risk currencies like the Australian dollar a wide berth on worries about the health of the global economy.
Surveys on Thursday showed manufacturing shrank for a fifth month in China, while factory activity in Germany and France -- Europe's two biggest economies -- suffered big falls.
This prompted investors to dump growth-linked currencies and take shelter in the yen, which rose against the dollar, euro, Aussie and kiwi. The dollar fell more than 1 percent on Thursday to a 1-1/2 week low of 82.31 yen, before recovering a bit of ground to last stand at 82.60.
"Fears of a Chinese hard landing are on the rise; overdone we think," said Vincent Chaigneau, strategist at ...
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The Rise of Risk-off Trade
Bad mood returns grabbing the markets lower on a risk-off trade; the downbeat data from the euro zone and china weighed heavily on risky assets. On the other hand, the U.S. labor department said Thursday; jobless claims dropped 5,000 to 348,000 this week. While, last week’s number was revised t 353,00 from 351,000. The claims data confirms the current healing of the labor market, adding strength to the U.S. dollar.
The EUR/USD pair dropped sharply today, to breach the support level and the neckline for a short term head and shoulders top pattern around 1.3180, to continue the fall and test around the 200-hours Simple moving average and a prior horizontal support around 1.3140. The short term outlook has turned bearish after breaching 1.3180, however one more dip below 1.3140 could confirm ...
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Shares weighed by China slowdown worries
(Reuters) - Asian shares eased on Wednesday, as concerns about China's slowing economy dampened the optimism generated by a brightening outlook for the U.S. economy that has been pushing equity markets higher since late last year.
But financial spreadbetters predicted major European markets .FTSE .FCHI .GDAXI would open up to 0.7 percent higher, rebounding from the previous session's falls. U.S. stock futures edged up 0.2 percent after Wall Street also lost ground on Tuesday. .EU .L .N
The MSCI Asia Pacific ex-Japan index .MIAPJ0000PUS fell 0.5 percent, led by declines in shares in Hong Kong .HSI and Shanghai .SSEC and resource-reliant Australia .AXJO, which counts China as its single biggest export market.
The pan-Asia index has risen about 12 percent this year and is up about 25 ...
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RTFX Daily Forex Market comments : 03/21/2012
AUD – USD
Market should not go lower than 1.0467 - 1.0414. After this move down it should go up to 1.0551 - 1.0582 area.
EUR – USD
It should trade higher to 1.3238 or 1.3261 in extension while 1.3180 offers support. Stop loss below 1.3136 zone.
USD – CHF
It looks set to visit further lower territory down to around 0.9109 - 0.9094. Its corrective attempts should fail ahead of 0.9135 - 0.9147. Stop loss above 0.9177 zone.
GBP – USD
Our preferred outlook is for a drift down to 1.5827 or below 1.5796. Resistances are at 1.5858 and 1.5862. A rise above 1.5893 would delay but not abort this expected fall.
USD – JPY
Currently uptrend should end around 83.84 - 83.93 area. A correction down to below 83.42 is expected. A rise above 84.14 will abort the expected correction.
...
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Windsor Brokers - Short Term Technical Analysis for Majors (14:00 GMT)
EUR/USD
Reversal off yesterday’s high at 1.3264 is attempting to base at 1.3170 zone, where hourly 55 day EMA contained dips, after initial support at 1.3190 has been dented. Hourly studies are improving as the price bounces through 1.3200 and 20 day EMA at 1.3211, turning the focus higher. Regain of yesterday high at 1.3264 is required to resume short-term bulls off 1.3000 and open next array of resistances at 1.3290/1.3300, 08 Mar high / Fib 61.8% of 1.3485/1.3000 descend.
Res: 1.3240, 1.3264, 1.3290, 1.3300
Sup: 1.3190, 1.3170, 1.3141, 1.3100
GBP/USD
The pair attempts to base at 1.5830, day’s low / 08 Mar high, after pullback from fresh high at 1.5913, posted yesterday, briefly broke under 200 day SMA. Hourly studies, however, remain weak and risk of fresh weakness still exists. ...
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