Challenging fresh 2019 highs at 97.71, the US dollar put in solid gains last week, up 0.96%. On the data front, US ISM non-manufacturing PMI reported strong gains (59.7 vs. expected 57.4). Total non-farm payroll employment was little changed in February (+20,000 – the fewest in more than a year), after increasing by 311,000 in January, the US Bureau of Labour Statistics reported Friday. The US unemployment rate also declined to 3.8%, beating expectations of 3.9%, and US average hourly earnings ticked higher at 0.4% vs. expected 0.3%. The release weighed on an already waning greenback, pulling back from the said 2019 highs.Continue reading “Weekly Technical Outlook – 10.Mar.2019”
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Underpinned by a better-than-expected US growth reading and robust US Treasury yields – the 10-year yield chalked up its third consecutive gain, reaching highs of 2.76% – the greenback pared earlier losses and concluded the week marginally in the red by 0.05%, according to the US dollar index.
Technically, the top edge of a monthly supply-turned support area at 95.13-92.75 remains a valuable structure for the currency, which could eventually lead to a move being seen towards monthly resistance parked at 99.62. A closer reading on the weekly timeframe, nevertheless, has resistance plotted at 97.80.
Meanwhile, in other currencies:
- Early week witnessed the British pound soar against its US peer on news of Labour’s shift regarding a second referendum, and following reports UK PM May is to offer a vote on extending Article 50 (as well as offering a vote on a no deal Brexit) if her deal doesn’t pass Parliament on 12 March. Despite ending the week firmly in the green, up 1.15%, the GBP/USD pulled back Thursday and Friday on dollar strength. In addition to this, the technical picture had its spotlight on hefty resistance: weekly supply at 1.3472-1.3204 and a daily Quasimodo resistance at 1.3315. Adding weight to this resistance is also the approach: a daily ABCD bearish formation.
- The Australian dollar kicked off the week on a reasonably strong note, as US President Trump busied himself on Twitter, stating he will be delaying the US increase in China tariffs, and assuming US and China make additional progress, will be planning a Summit with Chinese President Xi at Mar-a-Lago. Buyers lost their flavour Wednesday, nevertheless, as Australia’s seasonally adjusted estimate for total construction work done fell 3.1% to $51,092.3m in the December quarter. This, along with the US dollar index turning higher on the day, eclipsed a large portion of the week’s gains. The Australian dollar ceded further ground to its US counterpart Thursday (despite running to highs of 0.7166 in early trade on upbeat Aussie private capital expenditure q/q) and Friday, concluding the week down by 0.68%.
Down 0.42%, according to the US dollar index, Wednesday proved to be a turning point for the greenback last week. On the much awaited FOMC rate decision holding pat, dovish tweaks in the latest FOMC statement and Fed’s Chairman Powell position shifting to more of a dovish stance, the US dollar, engulfing Monday and Tuesday’s candles, explored lower ground and collided with fresh lows at 95.25.Continue reading “Weekly Technical Outlook – 03.Feb.19”
• Adobe Systems (NASDAQ:ADBE) reaffirms that it’s on track to achieve Q4 revenue of $2.42B (consensus: $2.43B) and EPS of $1.87 (consensus: $1.89).Continue reading “Adobe updates 15.Oct.18”
Corn is the most produced food commodity in the United States, which produces 36.5% of the world’s corn yearly;Continue reading “7 facts about corn”
The most successful trader this week is from Brazil. He took 404 trades to gain + $50k. The worst trader this week is from Germany, total loss of – $275,802 in 124 trades only.Continue reading “Best and Worst Traders this Week | 24.July.2018”
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GBPUSD looks bearish, the price dropped around 300 pips. Further decline is expected, setting my target to 1.3700.Continue reading “GBPUSD – 04 March ’18”
Best and worst traders by country this week, UK traders lost again, Germany 🇩🇪 came in the lead. I can't stress enough how it's important to manage your position and don't revenge trade.Continue reading “Best and Worst Traders this Week”
This week's best trader is from Brazil, only 63 trades to add +$55K to his balance. On the flip side from the UK, another trader managed to lose -$149K in 3,186 trades. That's why money managed is the key to success and It's important to know when to call it a day close your trading station.Continue reading “Best and Worst Traders this Week”
We would like to draw your attention to the latest development in the cryptocurrency market as it’s becoming even more active with the growing interest in trading. It’s difficult to predict cryptocurrencies’ direction, one day the prices go up and then we witness a sudden decline.Continue reading “Crypto meltdown or an opportunity?”
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