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Technical analysis of the XAU/USD (Gold) pair on June 20th, 2011
Commentary of the XAU/USD (Gold) pair:
The pair XAU/USD validated on Friday the breakout of 1530, offering a buy signal.
The pair is now testing the next resistance at 1540.
All indicators are bullish.
We maintain to trade only long positions as far as 1520 is support.
The breakout of 1540 will give a new buy signal and open the way towards 1550/1560.
However, if 1520 is broken, a sell signal will be given.
See the previous analysis of the XAU/USD pair of June 17th, 2011
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The Weekly Bottom Line : 17/06/2011
The Weekly Bottom Line
HIGHLIGHTS OF THE WEEK
United States
This has been a very interesting - and intense - week for financial markets. Several factors were driving the downbeat sentiment.
First, China raised reserve requirements and interest rates yet again. This spells growth moderation for the Asian economic giant and reinforced concerns over deepening fault lines in the global outlook.
Second, serious concerns continued to surround whether Greece would secure funding from the IMF and the EU to meet looming sovereign debt payments.
And lastly, ongoing U.S. political wrangling over the debt ceiling has not yielded any results. However, we believe political rationality will win out at the end of the day. We deem the odds that the U.S. will default on its debt to be ...
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Republican Debates Factoring into UoM Sentiment Report?
With the Republican debates kicking off this past week, and Rep. Anthony Weiner (D-NY) stepping down from office from his recent scandal, criticism of President Obama's economic policies and stimulus will likely get revved up, possibly leading to a steep decline in American confidence levels, which will get reported on by the University of Michigan (UoM) today. The US dollar may not see much weakness from this turn of events, however, as it tends to do well in times of risk aversion.
Economic News
USD - US Dollar Mixed as Traders Weigh Manufacturing Data
Poor economic data out of the United States continued to weigh on the US dollar yesterday as investors continued to eye the interest rate differentials between the US and Europe. Yesterday's manufacturing data out of Philadelphia ...
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Pressure Remains on Euro and Sterling via High Correlations
Continued fallout from the Greek debt crisis has the euro trading at its lowest level versus the dollar since early May. Sterling is also being pressured due to its high correlation with the euro and weak retail sales numbers.
Greek credit default swipes spiked, trading at a spread of 1,900 bps above the equivalent German bund. Pressuring both Greek sovereign bonds and the euro were comments from European Central Bank Governing Council member Nout Wellink who suggested the European Financial Stability Facility, also known as the temporary euro zone bailout fund, should be doubled to EUR 1.5T. Wellink is also the Dutch Central Bank President. EU inflation data which was released in-line with consensus expectations was largely ignored as traders continue to focus on the Greek debt crisis. ...
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Forexpros.com Daily Analysis - 15/06/2011
ForexPros Daily Analysis June 15, 2011
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Euro Breaks Longs, Pound Testing Longs, Yen Hit Resistance
Euro:
On the daily, the euro looks like its about to break its long setup, with the full traditional long line in the sand at 1.4388. and has front run its 50% short at 1.4509, with a target at 1.4233. Be careful trading and only get in at large setups.
Pound:
On the daily, the pound is trading in very wide ranges. Be careful trading the pound, it has been breaking setups in both directions and the chart looks messy. ...
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Windsor Brokers - Short Term Technical Analysis for Majors (13:30 GMT)
EUR/USD
Continues to trend higher after leaving a higher low at 1.4560 yesterday, with fresh gains through 1.4656, previous high, extending to 1.4680 so far. Near-term studies are supportive but overextended, suggesting corrective/consolidative action ahead of attempt at targets at 1.4700/17, Fib 76.4% / 05 May high, then 1.5750 zone, 03 May lows. Hourly 20 day MA at 1.4615, maintains immediate bull tone, with support at 1.4560 zone, expected to contain dips.
Res: 1.4680, 1.4700, 1.4720, 1.4750
Sup: 1.4647, 1.4600, 1.4560, 1.4520
GBP/USD
Improves the near-term outlook after today’s bounce from 1.6323, day’s low, exceeded previous high at 1.6459, with subsequent correction being contained above 1.6400. Hourly studies see scope for fresh attempt higher, with clearance of today’s high ...
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Euro Posts Weekly Gains, Future Still Uncertain
The euro posted gains against other majors this week as concerns about the European sovereign-debt issues, particularly the situation in Greece, eased, increasing appeal of the shared European currency.
The main drive for the euro this week was the economic data from the US. Attention of traders turned from Europe to America, and what they’ve seen wasn’t pleasant. Meanwhile, the 17-nation currency regained its strength on the back of the US woes.
The news from Europe also gave some support for the euro. Greece convinced the European Union official that the nation will perform necessary budget curs and received another portion of the bailout that was planned last year.
But the story of the European debt is far from over. People in Greece are protesting against the cuts and Moody’s ...
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Return to the “Risk-On” Trade in Asia Boosts the NZD and Commodities
In Asian trading the dollar block currencies and commodities were noticeably higher with Asian bourses climbing, signaling a potential rebound in the “risk-on” trade.
Economic News
USD - Dollar Mixed After Durable Goods Report
The greenback was mixed yesterday following weaker than expected core durable goods orders, -1.5% on consensus expectations of a gain of 0.7%. The March output was revised higher to 2.5% from a previous 1.3%. Initially the report fed into a bout of USD buying but the negative tone dissipated with the euro eventually reaching 1.4117 before closing back at 1.4081. Earlier in the day the EUR/USD dipped to its daily low at 1.4013 following disappointing German consumer numbers. Interestingly enough, yesterday's low coincides with the neck line of a potential head ...
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Euro down on Greece jitters, faces test on charts
(Reuters) - The euro fell on Wednesday, pressured by selling by hedge funds and stop-loss offers as worries over Greece's finances cast a pall over the single currency, bringing it closer to testing crucial support levels on charts.
Speculative selling of the euro intensified as rumors swirled about Greece and investors trimmed risky positions, with a drop in U.S. stock index futures and oil adding to pressure on the euro.
Traders cited rumors that Greece may call a snap election, as well as a rumor that Greek Prime Minister George Papandreou may resign, as factors that dragged the euro lower.
On Tuesday, Papandreou had failed to get consensus from opposition leaders on new austerity measures aimed at averting a default by Greece.
The euro seemed poised for a test of chart support ...
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