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Fundamental Analysis

Gold traded back and forth

10/10/2016 6:46:11 AM

Gold traded back and forth Friday   Gold traded back and forth Friday before settling just slightly lower for the day.  The loss cemented the worst weekly performance for gold in the past three years as it fell roughly 5% on a weekly basis.  In Asian trade Monday gold is climbing higher, possibly on some profit taking from the shorts. Crude fell Friday, erasing gains of the previous session and finishing below the psychologically important $50 a barrel level.  Losses ...

GBP/USD saw a huge drop in Asian trade

10/10/2016 6:44:58 AM

GBP/USD saw a huge drop in Asian trade   The GBP/USD saw a huge drop in Asian trade Friday, which some think was sparked by algorithmic trading programs.  On some platforms the pair dropped all the way to the 1.1800 level, but by the end of the trading day most of the losses had been recovered.  Still, the pair closed near the 1.2400 level and looks as if it is prepared to fall further.  In Monday’s Asian session the pair is trading lower already, though losses so ...

USD/JPY fell Friday

10/10/2016 6:44:06 AM

USD/JPY fell Friday   The USD/JPY fell Friday, erasing the past two session worth of gains and dropping beneath the 103.00 level.  It was a combination of poor U.S. economic data and risk aversion that caused the drop in the pair.  In Asian trade on Monday the pair is bouncing back, having gapped higher at the open and trading just below the 103.00 level very early in the session.

USD/CAD gained for the fifth out of the past six sessions

9/15/2016 6:52:34 AM

USD/CAD gained for the fifth out of the past six sessions   The USD/CAD gained for the fifth out of the past six sessions Wednesday, but couldn’t get past the 1.3200 level.  That level represents solid resistance and although crude was falling during the day, there was also broad based weakness from the U.S. dollar weighing on the pair.  Thursday will see a boatload of U.S. data, so if we get both good data and falling crude we could see the USD/CAD break above the solid ...

EUR/USD pair remains trapped in a range

9/15/2016 6:48:54 AM

EUR/USD pair remains trapped in a range   The popular EUR/USD pair remains trapped in a range as it fell on Wednesday, but remained well within the range of 1.1200 to 1.1300 that we’ve seen recently.  We don’t think traders will allow the pair out of this range ahead of next week’s U.S. monetary policy meeting, so look for the pair to continue bouncing back and forth until next Thursday.

Crude also began the day higher

7/8/2016 8:15:30 AM

Crude also began the day higher   Crude also began the day higher Thursday, but found resistance at the $48 level ahead of the U.S. crude inventory report.  That report showed a drop of 2.2 million barrels, which was the seventh straight week of crude inventory declines, but was also a smaller decline than anticipated by traders.  They responded by selling crude heavily, and by the close crude was 4.8% lower, settling just above the $45 a barrel level.

Gold gave up gains and finished lower

7/8/2016 8:13:16 AM

Gold gave up gains and finished lower   After trading higher in the Asian session gold gave up gains and finished lower for the first time in seven sessions as it found the resistance at the $1,370 level to be too stiff to get past.  It was a day in which risk aversion declined and profit taking emerged for gold.  In today’s Asian session gold is continuing lower, though it is off its session lows at the $1,355 level. 

GBP/USD tried to climb up

7/8/2016 8:12:02 AM

GBP/USD tried to climb up   The GBP/USD tried to climb above the 1.3000 level for a second consecutive day Thursday and was rejected.  By the close the pair was lower for the day, giving us a bearish shooting star.  Today in Asian trade the pair is heading higher, remaining above the 1.2900 level as we are getting a tight range for the pair heading into next week.

USD/JPY traded lower again

7/8/2016 8:05:43 AM

USD/JPY traded lower again   The USD/JPY traded lower yet again Thursday and closed the session below the 101.00 level for the first time since November 2013.  Safe haven buying in the Yen has the pair continuing lower in Friday’s Asian session as it looks like the pair will test the psychologically important 100.00 level.  A break of this level could also spark Bank of Japan intervention, so it is being closely watched.

USD/JPY gapped lower

4/19/2016 7:13:29 AM

USD/JPY gapped lower   The USD/JPY gapped lower at the open on safe haven demand, but soon reversed and headed higher after Japan released a disappointing third quarter GDP report.  Analysts were expecting a 0.2% contraction, but Japan reported a 0.8% contraction, putting the country back in recession for the second time in two years.  Traders responded by sending the USD/JPY back above the 123.00 level and it should continue higher as the weak GDP points to further easing ...