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Action Insight: Market Overview

Action Insight is the most popular section of the site, read by traders around the world. Our team of analysts work around the clock, analyzing the markets from technical and fundamental perspectives in providing the reports in this section to you.



Daily Report: Yen Broadly Lower as Stocks Surge on China News Print E-mail
Market Overview | Written by ActionForex.com | May 12 14 06:03 GMT
Yen open the week broadly lower as Asian equities outside of Japan surged on news regarding China. At the time of writing, the MSCI Asian Pacific ex-Japan index is rising 0.4%, in particular, with HK HSI up over 2.2%. It's reported that China will be relaxing the restrictions on foreign investments in listened companies and raising the quotas for capital flow. Chinese president Xi Jinping said that the country is still in a "significant period of strategic opportunity" but the government must take "timely countermeasures to reduce potential negative effects". Technically, USD/JPY is staying in tight range above 101.42 temporary low and we'd expect strong resistance well below 103.01 and bring fall resumption. EUR/JPY and GBP/JPY are staying below 140.80 and 172.29 minor resistance levels and maintains intraday downside bias.
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Weekly Review and Outlook: Euro Tumbled Broadly as ECB Hinted June Easing, More Downside Ahead? Print E-mail
Market Overview | Written by ActionForex.com | May 10 14 10:50 GMT
Euro was the biggest mover last week, together with the Swiss Franc, after ECB hinted at June easing. Weakness in Euro also dragged down Sterling, which originally extended recent uptrend to the highest level since 2009. The Japanese yen were generally firmer but was overshadowed by some commodity currencies as stock indices pushed back towards historical highs. Commodity currencies were mixed. Australian dollar was boosted by solid employment data and was the strongest currency last week. However, Canadian dollar pared back much of the week's gain following disappointing job data. Kiwi was indeed weak after disappointing job data too. The development last week left us with a question of how weak the Euro could be.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | May 09 14 14:31 GMT
EUR: The single currency continued to head south since yesterday's reversal, bids and stops at 1.3800-10 and 1.3770-85 were tripped, some bids are still seen at 1.3750 and 1.3730 with more stops placed below 1.3700 (some bids above). On the upside, offers are lowered to 1.3810-20, 1.3845-50 and 1.3875, more sell orders are located at 1.3900, 1.3935 and 1.3950-60. selling interest in good size remains at 1.3990-00 with stops expected above barrier at 1.4000.
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Mid-Day Report: Loonie Pares Gains after Employment Data, Europeans Stay Pressured Print E-mail
Market Overview | Written by ActionForex.com | May 09 14 13:01 GMT
The Canadian dollar pares back much of this week's gain after disappointing job data. The employment market unexpectedly contracted -28.9k in April versus expectation of 14.9k. Unemployment rate was unchanged at 6.9% as expected. Technically, USD/CAD dropped to as low as 1.0813 yesterday as recent corrective fall from 1.1278 resumed. Today's recovery suggests temporary bottoming and we'd likely see some sideway trading ahead. Similarly, EUR/CAD also extended recent correction from 1.5585 to as low as 1.4910. But the post data recovery suggest temporary bottoming and we should see some consolidation ahead of the weekend.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | May 09 14 09:36 GMT
EUR: The single currency has remained under pressure after yesterday's reversal, bids at 1.3840-45 and stops below there were tripped, mixture of bids and stops at 1.3800-10 is now in focus, some buy orders are reported at 1.3775-85 with more stops expected below 1.3770 and 1.3750. On the upside, offers are lowered to 1.3850, 1.3875 and 1.3900, more sell orders are located at 1.3935 and 1.3950-60. selling interest in good size remains at 1.3990-00 with stops expected above barrier at 1.4000. Option expires today include: 1.3780 (large), 1.3790 (large), 1.3800 (1 bln), 1.3810 (large), 1.3820 (large), 1.3825, 1.3835, 1.3845, 1.3870 (large), 1.3880 (large), 1.3900 and 1.3950.
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Daily Report: Euro Maintains Post ECB losses, UK Production and Canada Jobs in Focus Print E-mail
Market Overview | Written by ActionForex.com | May 09 14 05:34 GMT
Euro was sold off sharply after ECB press conference yesterday and stays weak in Asian session today. The ECB made another dovish statement in May and indicated that additional stimulus measures would likely arrive in June. The central bank noted that the path of inflation was not satisfactory and reiterated that the strength of the euro was a concern. We expect the ECB to cut the main refinancing rates at its June meeting. It might also launch a targeted liquidity injection in order to supporting bank lending.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | May 08 14 14:29 GMT
EUR: Although the single currency rose briefly to 1.3993, euro faltered right below psychological resistance at 1.4000 and reversed south as ECB's Draghi signaled that the central bank is ready to take action in June, all bids indicated at 1.3900-05, 1.3875-85 and 1.3850 were tripped, stops below 1.3840-45 are in focus, more stops are placed below 1.3800-10. On the upside, offers are lined up at 1.3880-90 and 1.3910-20, more sell orders are tipped at 1.3940-50 and further out at 1.3990-00 with stops expected above barrier at 1.4000.
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Mid-Day Report: Euro Spiked But Shot Down as ECB Draghi Hinted at June Action Print E-mail
Market Overview | Written by ActionForex.com | May 08 14 14:21 GMT
Euro initially jumped to 2.5 year high against dollar after ECB left interest rates unchanged 0.25% as widely expected. However, the common currency was quickly shot down as ECB president Draghi hinted at the possibility of actions in June during the post meeting press conference. He noted that "the Governing Council is comfortable with acting next time, but before we want to see the staff projections that will come out in the early June." EUR/USD is trading after 1.3850 at the time of writing after hitting as high as 1.3993 earlier. EUR/GBP also drops sharply and is now threatening 0.8157 key support level.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | May 08 14 08:25 GMT
EUR: The single currency found support just above 1.3900 and has rebounded in European morning, however, offers are noted at 1.3935, 1.3950 and 1.3965-75, followed by mixture of offers and stops in good size at 1.4000-10, selling interest is tipped further out at 1.4025 and 1.4050. On the downside, bids remain at 1.3900-05, 1.3875-85 and 1.3850, more buy orders are tipped at 1.3825-35, mixture of bids and stops remains at 1.3800, more buy orders are expected at 1.3775 and 1.3750-60 (more stops below both levels). Option expires today include: 1.3800, 1.3850, 1.3870, 1.3930 and 1.4000.
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Daily Report: Dollar Stays Soft after Yellen, ECB Watched Today Print E-mail
Market Overview | Written by ActionForex.com | May 08 14 04:55 GMT
Dollar stays soft after Fed chair Yellen's dovish speech overnight. In a testimony to the Joint Economic Committee to Congress, Yellen reiterated that "a high degree of monetary accommodation remains warranted." Nonetheless, she remained optimistic on the economy as "with the harsh winter behind us, many recent indicators suggest that a rebound in spending and production is already underway." Meanwhile, she noted that there is "no mechanical formula or timetable" for when interest rate hike will happen but maintained that rates will stay near zero for a "considering time" after ending QE. The dollar index dropped to as low as 79.06 earlier this week and recovered slightly since then. Outlooks bearish and we'd expect the index to have a test on 2013 low of 79.00 soon and a decisive break there will carry larger bearish implications. Meanwhile, stocks staged strong rebound overnight and we'd possibly see DOW retest historical high too.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | May 07 14 14:33 GMT
EUR: The single currency remained confined within narrow range, whilst some offers at 1.3935 were filled, sell orders are still noted at 1.3950 and 1.3965-75, followed by mixture of offers and stops in good size at 1.4000-10. On the downside, bids remain at 1.3900-10, 1.3875-85 and 1.3850, more buy orders are tipped at 1.3825-35, mixture of bids and stops remains at 1.3800, more buy orders are expected at 1.3775 and 1.3750-60 (more stops below both levels).
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Mid-Day Report: Dollar Stays Weak ahead of Yellen Testimony, More Downside Favored Print E-mail
Market Overview | Written by ActionForex.com | May 07 14 13:04 GMT
Dollar remains the weakest currency this week. European indices stage a strong rebound as the session goes and reversed earlier losses. US futures are also pointing to a higher open. that movements trigger recovery in yen crosses but provides no support to the greenback elsewhere. Fed chair Yellen will testify to senate Joint Economic Committee today. It's generally expected Yellen would continue with a dovish tone and reiterate Fed's plan on measured tapering. And she would emphasize again that the tightening would be gradual when it comes. So, we're not expecting any special boost from Yellen on the greenback.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | May 07 14 09:10 GMT
EUR: The single currency traded narrowly as traders consolidate yesterday's rally, some offers are noted at 1.3935, more sell orders are reported at 1.3950 and 1.3965-75, followed by mixture of offers and stops in good size at 1.4000-10. On the downside, bids remain at 1.3900-10, 1.3875-85 and 1.3850, more buy orders are tipped at 1.3825-35, mixture of bids and stops remains at 1.3800, more buy orders are expected at 1.3775 and 1.3750-60 (more stops below both levels). Option expires today include: 1.3870 (large), 1.3880 (large) and 1.3900.
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Daily Report: Kiwi Pared Gains after Employment Data and RBNZ Wheeler Comments on Intervention Print E-mail
Market Overview | Written by ActionForex.com | May 07 14 05:27 GMT
New Zealand dollar pares back much of this week's gain after disappointing job data and comments from RBNZ governor Wheeler. New Zealand employment rose more than expected by 0.9% qoq in Q1 versus consensus of 0.6% qoq while Q4's figure was revised down from 1.1% qoq to 1.0% qoq. However, unemployment rate was unchanged at 6.0% versus consensus of a fall to 5.8%. That's due to improvement in participation rate, which rose to record of 69.3% in Q1, comparing to Q4's 68.9%. Some economists argued while the job market would continue to grow, the supply of labor would also be growing too. And as a result, improvement in unemployment rate would only be gradual this year.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | May 06 14 14:47 GMT
EUR: The single currency continued to head north and offers and stops at 1.3940-50 were filled, however, sell orders are still noted at 1.3975, followed by mixture of offers and stops in good size at 1.4000-10. On the downside, bids are raised to 1.3900-10, 1.3875-85 and 1.3850, more buy orders are tipped at 1.3825-35, mixture of bids and stops remains at 1.3800, more buy orders are expected at 1.3775 and 1.3750-60 (more stops below both levels).
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Mid-Day Report: Greenback Sold Off Broadly, Dollar Index Heading Back to 2013 low Print E-mail
Market Overview | Written by ActionForex.com | May 06 14 12:44 GMT
Dollar weakens broadly today as sellers finally gather momentum. Euro and sterling are supported by positive economic data, they are not having relative strength against commodity currencies. European yen crosses are mildly higher but are stuck in tight range so far. So, today's moves are so far rather dollar centered. The dollar index finally takes out 79.27 support today and reaches as log as 79.06 in early US session. The development confirms resume of recent decline and further fall should be seen to key support level at 78.72/79.00. It should be noted that such cluster support represents an important long term level. 78.72 represents a long term fibonacci level while 79.00 was 2013 low. Sustained break there will confirm complete of the multi year rally from 72.69 and will open up the case for medium term decline towards lower trend line support at around 75. And, based on current momentum, this 78.72/79.00 looks rather vulnerable now.
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European Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | May 06 14 08:47 GMT
EUR: The single currency has surged again in European morning, offers and stops at 1.3900-10 and 1.3915-25 were cleared, however, sell orders are still noted at 1.3940-50 and 1.3975, followed by mixture of offers and stops in good size at 1.4000-10. On the downside, bids are raised to 1.3890, 1.3865-75 and 1.3850, more buy orders are tipped at 1.3825-35, mixture of bids and stops remains at 1.3800, more buy orders are expected at 1.3775 and 1.3750-60 (more stops below both levels). Option expires today include: 1.3820, 1.3875 and 1.3950.
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Daily Report: RBA on Hold, Aussie Rebound Attempt Fails Print E-mail
Market Overview | Written by ActionForex.com | May 06 14 05:46 GMT
Aussie attempts to rise after RBA left rates unchanged at 2.50% as widely expected but it quickly lost momentum and settles back into prior tight range. The most important part of the accompanying statement is that RBA maintained the view that the most prudent course is likely to be a period of stability in interest rates. There are some other points to note regarding the statement. Firstly, RBA said that there were "some improvement in indicators for the labour market" even though it takes time for unemployment rate to "decline consistently". Secondly, it noted that "commodity prices in historical terms remain high, though some of those important to Australia have softened further of late." Also, thirdly, the central bank reiterated that the "exchange rate remains high by historical standards."
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Mid-Day Report: Dollar Mixed after Upbeat ISM Services Print E-mail
Market Overview | Written by ActionForex.com | May 05 14 14:23 GMT
Dollar is mixed in early US session in spite of upbeat services data. The ISM non-manufacturing composite rose more than expected to 55.2 in April, comparing to consensus of 54.3. That's the best level since August 2013. Overall markets sentiments are weighed down by concerns over Ukraine as the confrontation and violence between the government and pro-Russian separatists intensified over the weekend. Another negative factor was the disappointing manufacturing data from China. US futures point to a mildly lower open.
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US Session: Orders and Options Watch Print E-mail
Market Overview | Written by ActionForex.com | May 05 14 14:16 GMT
EUR: The single currency continued to edge higher but sell orders are still noted at 1.3890-00 with stops placed above barrier at 1.3900, more offers are located at 1.3915-25, 1.3940-50 and 1.3975, followed by mixture of offers and stops in good size at 1.4000. On the downside, bids remain at 1.3865, 1.3850 and 1.3825-35, mixture of bids and stops remains at 1.3800, more buy orders are tipped at 1.3775 and 1.3750-60 (more stops below both levels).
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