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Technical analysis of the GBP/JPY pair on May 7th, 2012
Commentary of the GBP/JPY pair :
The pair GBP/JPY has continued on friday its bearish movement and the breakout of 129.50 gave us a new sell signal.
All indicators are bearish.
Currently, the pair is testing the support at 128.85.
We continue to advise short positions as far as 130.15 is resistance.
The breakout of 128.85 will give a new sell signal and open the way towards 127.70.
In case of return above 130.15, we will be neutral between this level and 130.50.
The breakout of 130.50 will give a new buy signal.
See the previous analysis of the GBP/JPY pair of May 4th, 2012
GBP/JPY Analysis
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Technical analysis of the NZD/USD pair on May 7th, 2012
Commentary of the NZD/USD pair :
The pair NZD/USD has continued its bearish movement last friday and the breakout of 0.80 gave us a new sell signal.
The pair has opened the week on a bearish gap, below the support at 0.7950 (new sell signal).
All indicators are bearish.
The pair is moving into its former bearish channel (purple lines).
We continue to advise short positions as far as 0.8050 is resistance.
The breakout of 0.79 will give a new sell signal and open the way towards 0.7850.
In case of return above 0.8050, we will be neutral between this level and 0.81.
See the previous analysis of the NZD/USD pair of May 4th, 2012
NZD/USD Analysis
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Technical analysis of the USD/JPY pair on May 7th, 2012
Commentary of the USD/JPY pair :
The pair USD/JPY has continued its bearish movement and the return below 80 comfort our bearish feeling.
All indicators are bearish.
The pair continues to move into its bearish channel (black lines).
We continue to advise short positions as far as 80.50 is resistance.
The breakout of 79.50 will give a new sell signal and open the way towards 79.
In case of return above 80.50, we will wait the breakout of 81.06 to advise long positions.
See the previous analysis of the USD/JPY pair of May 4th, 2012
USD/JPY Analysis
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ECB Press Conference Helps Euro Recover
After falling throughout the morning session, the euro was able to stage a partial recovery during afternoon trading yesterday, following comments from ECB President Draghi who reiterated his earlier predictions of euro-zone economic growth during the second half of the year. Turning to today, investors will be carefully monitoring the US Non-Farm Payrolls, set to be released at 12:30 GMT. Analysts are forecasting today's news to come in at 173K. While that number would represent a significant increase over last month's Non-Farm figure, it is not considered high enough to signal strong growth in the US labor sector. Still, should today's news come in at or above expectations, the greenback could see gains to close out the week.
Economic News
USD - All Eyes on Today's US Non-Farm ...
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Technical analysis of the NZD/USD pair on May 4th, 2012
Commentary of the NZD/USD pair :
The pair NZD/USD has continued its bearish movement and the breakout of 0.8050 gave us a new sell signal.
The pair also broke the lower band of its bearish channel (black lines) and is currently testing the support at 0.80.
All indicators are bearish.
We continue to advise short positions as far as 0.81 is resistance.
The breakout of 0.80 will give a new sell signal and open the way towards 0.7950.
In case of return above 0.81, we will be neutral between this level and 0.8134.
See the previous analysis of the NZD/USD pair of May 3rd, 2012
NZD/USD Analysis
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Majors traded in a narrow ranges
The major currencies traded with slight movements during the Asian session after the previous heavy fluctuations. Asian currencies declined to the lowest level in more than a month after the worse projections for global economic recovery.
Moreover, the Australian dollar continued to drop against the greenback since the RBA cut the interest rate by 50 basis points to 3.75% during May and lowered the outlook for economic growth forecasts.
AUD/USD pair dropped heavily yesterday after the nation’s jobless rate increased to the highest level since 2010, where the pair recorded the lowest level in more than three months at 0.7986. The pair trades in a narrow range recording a high of 0.8018 and a low of 0.8003.
Moving to the Japanese yen; the USD/JPY pair traded within limited ranges for a ...
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European Market Update : 03/05/2012
Markets focus to see whether the ECB paves the way for further easing
Economic Data
(RU) Russia Gold & Forex Reserve w/e Apr 27th: $523.3B v $519.5B prior
(IN) India Apr Markit Services PMI: 52.8 v 52.3 prior
(UK) Apr Nationwide House Prices M/M: -0.2% v +0.5%e; Y/Y: -0.9% v -0.3%e
(IE) Ireland Apr NCB Services PMI: 52.2 v 52.1 prior
(CH) Swiss Q1 UBS Real Estate Bubble Index: 0.95 v 0.80 prior
(HU) Hungary Feb Final Trade Balance: €691.2M v €690.1M prelim
(TR) Turkey Apr Consumer Prices M/M: 1.5% v 1.4%e; Y/Y: 11.1% v 11.0%e; Core CPI Y/Y: 0.1% v 7.9% prior
(TR) Turkey Apr Producer Prices M/M: 0.1 v 0.4% prior; Y/Y: 7.7% v 8.2% prior
(BR) Brazil Apr FIPE CPI: 0.5% v 0.2% prior
(UK) Apr PMI Services: 53.3 v 54.1e
(HK) Hong Kong Mar Retail Sales Value Y/Y: 17.3% v 14.0%e; Retail Sales ...
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Dukascopy Morning Forex Overview : 03/05/2012
Fundamental Analysis
EUR
"The grim unemployment figures for March will likely encourage talk about a long overdue ‘growth pact’ for the euro zone"
- Martin van Vliet, an economist at ING Group
Euro area unemployment rose to the highest level since 1997 in March and manufacturing contracted in April, adding to signs the economy is still far from out of the woods.
USD
"Employment growth is slowing"
- David Sloan, an economist at 4Cast Inc.
The number of Americans, who have found a job in the private sector fell to 119,000 in April from a revised 201,000 in March, the ADP Employer Services said on Wednesday.
GBP
" points to clear, decent construction expansion in April"
- Howard Archer, chief UK economist at IHS Global Insight
U.K. construction sector expanded slower in April, compared ...
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YouTradeFX Daily Market Analysis : 03/05/2012
Fundamental News
Today’s highlights:
· Initial Jobless Claims + Nonfarm Productivity (QoQ) (U.S., 13:30 GMT)
· Interest Rate Decision (EUR., 12:45 GMT)
· ECB Press Conference (EUR, 13:30 GMT)
· ISM Non-Manufacturing Index (U.S., 15:00 GMT)
U.S. Factory Orders fell 1.5 Percent in March to $460.5 billion following a 1.1 percent increase in February, according to figures released Wednesday by the Commerce Department. While, ADP said that U.S private sector employment increased by 119,000 jobs in April following a downwardly revised increase of 201,000 jobs in March.
The euro remained lower following a three-day decline on bets that European Central Bank President Mario Draghi will hint at further stimulus measures to counter the region’s debt crisis after ...
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