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A temporary top is in place at 91.60 with 4 hours MACD crossed below signal line and intraday bias is turned neutral for the moment. At this point, another rise cannot be ruled out. But after all, price actions from 88.25 are consolidative in nature. Hence, we’d expect upside to

A temporary top is in place at 91.60 with 4 hours MACD crossed below signal line and intraday bias is turned neutral for the moment. At this point, another rise cannot be ruled out. But after all, price actions from 88.25 are consolidative in nature. Hence, we’d expect upside to

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Consistent with market expectations, the RBA left its overnight cash rate unchanged at 4.5% as previous rate hikes have brought interest rates to average levels of the past decade and the central bank needs to gauge impacts of European policymakers’ measures to contain sovereign crisis. Interestingly, statement skipped detailed discussions

The estimated test of key supports for implementation of the pre-planned buying positions has not been confirmed, but low activity of both parties as a result of the previous trading day, does not suggest any grounds for changing earlier designed trading plans. Therefore, as earlier, we can assume probability of

Australian Building Approvals and Chinese PMI disappointed in overnight trading with the former falling 14.8% MoM though it is still up 21.3% YoY. The latter fell to 52.7 from 55.2 and is not far from outright contraction now (another CH PMI also disappointed the market by recording 53.9 vs. 54.5 expected and 55.7 prior).

Markets in the US and the UK were enjoying a public holiday yesterday and trading was thin throughout the day. The big boys who like to make their opinions heard during the liquid London/New York overlap were nowhere to be seen and a general USD strength was seen as US

With markets closed in the UK and US it was a relatively stable affair for currency markets overnight with residual month-end fixing business providing the only major input. However, with liquidity a difficult issue in the thin markets, the moves tended to be exaggerated with EUR dipping some 40 points

The GBP/JPY pair declined aggressively, closing below the middle line of Bollinger bands influenced by the previous detailed bearish harmonic AB=CD pattern as seen on the provided four-hour chart. Areas of 123.35 could be re-tested before achieving additional negative actions as we discussed in our weekly report. Therefore the bearishness

The pair managed to breach support for the ascending channel that has organized the bullish correction wave, where its breached now and turned into resistance at 1.2315. We could witness some fluctuation that will help the mentioned level to be retested before heading towards the expected bearish intraday trend; main