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RBA held cash rate once again at the record low of 1.50%. Rate statement, however, was fairly upbeat. The bank strengthened its view on inflation and also softened its language on exchange rate, cutting both paragraphs in half. This should be enough to keep dip buyers involved.
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Kiwi dollar testing 2016/2017 support area
NZD/USD slipped 50 pips overnight on no particular news. Higher timeframe momentum resumed, sending the pair down to test 2016/2017 support in 0.68 - 0.685 area. If the area gives way, we could see some stop-loss selling but I'd expect dip buyers to start emerging near 0.675.
EURo pauses after cautious ECB
UPDATE 6: ECB acted as expected last week and removed phrase "or lower" from the line "interest rates to remain at present or lower levels for an extended period of time". The bank remains cautious as they lowered growth and inflation forecasts for the year.
The market expected a little bit more hawkishness from them and subsequently sold off. Dip buyers have been quick to step in however and push the pair back above 1.12. 1.11 - 1.115 should hold if this rally is to continue. 1.13 is the next t…
The market expected a little bit more hawkishness from them and subsequently sold off. Dip buyers have been quick to step in however and push the pair back above 1.12. 1.11 - 1.115 should hold if this rally is to continue. 1.13 is the next t…
EUR/USD set for another leg higher
Monthly chart
The pair has been in a downtrend since May 2014. After it broke below the longer-term trendline that supports lows of years 2005, 2010 and 2012, a series of important levels gave way, including 2012, 2010 and 2005 lows. The levels were falling like dominoes before the rout finally stalled near the declining channel-line drawn off 2008 and 2010 lows and the long term trendline that connects 1985 and 2000 lows.
Weekly chart
The low was put in place at 1.0462 after stops below 1.05 we…
The pair has been in a downtrend since May 2014. After it broke below the longer-term trendline that supports lows of years 2005, 2010 and 2012, a series of important levels gave way, including 2012, 2010 and 2005 lows. The levels were falling like dominoes before the rout finally stalled near the declining channel-line drawn off 2008 and 2010 lows and the long term trendline that connects 1985 and 2000 lows.
Weekly chart
The low was put in place at 1.0462 after stops below 1.05 we…
EUR/USD may pull back ahead of ECB and FOMC
Monthly chart
The pair has been in downtrend since May 2014. After it broke below the longer-term trendline that supports lows of years 2005, 2010 and 2012, a series of important levels gave way, including 2012, 2010 and 2005 lows. The levels were falling like dominoes before the rout finally stalled near the declining channel-line drawn off 2008 and 2010 lows and the long term trendline that connects 1985 and 2000 lows.
Weekly chart
The low was put in place at 1.0462 after stops below 1.05 wer…
The pair has been in downtrend since May 2014. After it broke below the longer-term trendline that supports lows of years 2005, 2010 and 2012, a series of important levels gave way, including 2012, 2010 and 2005 lows. The levels were falling like dominoes before the rout finally stalled near the declining channel-line drawn off 2008 and 2010 lows and the long term trendline that connects 1985 and 2000 lows.
Weekly chart
The low was put in place at 1.0462 after stops below 1.05 wer…
Cable keeps gaining
Cable has been incredibly resilient lately and some of that may also be attributed to the safe haven flows due to the ongoing uncertainty regarding Greece. It fell today on weaker than expected inflation report, but buyers were waiting in the dips and soon took the pair to new highs for the day, week and month.
Tomorrow is the FOMC day and the pair will likely remain in this upward grinding trading range at least until then. When it breaks, first stronger support may come in between 1.5450 and 1…
Tomorrow is the FOMC day and the pair will likely remain in this upward grinding trading range at least until then. When it breaks, first stronger support may come in between 1.5450 and 1…