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Weekly FX Market Technical Outlook - October 24th to 28th 2016

Mon, 24 Oct 2016 16:57:45 GMT

EURUSD – Euro/dollar continues to lose ground The EURUSD fell significantly lower last week as the recent bearish momentum continued with prices breaking down through 1.0900 key support on Friday and closing under that level. The next support is 1.0800 area and resistance is now seen up at 1.1125 and 1.1030 area. Traders can look to be sellers on a retrace up to the aforementioned resistance areas this week with a price action confirmation signal. NZDUSD - Kiwi/dollar continues losing ground

Technical Analysis #C-FCATTLE : 2016-10-24

Mon, 24 Oct 2016 13:25:12 GMT

The price of feeder cattle soared last week on steady increase of grain futures prices. Corn, wheat and oats are used to produce mixed cattle feed. Will Fcattle continue rising in price? Corn prices soared 15% since they hit their low in August 2016. In the same period beef prices slumped 18%. This happened as with higher prices on mixed cattle feed farmers purchase less feeder calves. But if they decide the grain price increase shall be long-term and steady, the demand for calves is to rebound

GBPCAD Hits Target 1 - GBPAUD Interesting

Mon, 24 Oct 2016 13:00:57 GMT

GBPAUD, Daily                On Friday (October 21)  I posted two short term rebound trades for sterling, GBPCAD and GBPCHF. The GBPCAD went on to target 1 at close on Friday for a net gain of 160 pips . This allowed me to add to the sentiment today with a similar position on GBPAUD.  The GBPAUD was not as positive as the GBPCHF and GBPCAD on Friday, however, the close on Friday confirmed the entry and with GBPCAD reaching target 1 this reduced

The Economic Week Ahead

Mon, 24 Oct 2016 07:54:14 GMT

Main Macro Events This Week United States: Several major events are on the horizon, including monetary policy decisions from the FOMC, BoJ, and BoE, not to mention the U.S. presidential election, now less than three weeks away. Uncertainties over monetary policy, the political landscape, as well as the economic and inflation outlooks have largely restrained global markets in recent weeks. However, stocks and bonds have been buoyed of late by expectations that central banks will maintain their

EURUSD's downward movement extended to 1.0859

Mon, 24 Oct 2016 03:16:08 GMT

EURUSD's downward movement from 1.1279 extended to as low as 1.0859. Further decline could be expected after a minor consolidation, and next target would be at 1.0700 area. Near term resistance is at 1.0935, as long as this level holds, the downtrend will continue. Key resistance is located at the downward price channel on 4-hour chart, only a clear break above the channel resistance will indicate that the downtrend is complete, then the following upward movement could bring price to 1.1400

AUDUSD stays in a trading range

Sun, 23 Oct 2016 22:48:20 GMT

AUDUSD failed to break above 0.7755 resistance and stayed in the trading range between 0.7441 and 0.7755. Key support is at 0.7441, as long as this level holds, the price action in the range could be treated as consolidation of the uptrend from 0.7144, and further rise to 0.8000 area is still possible after consolidation. However, a breakdown below 0.7441 support will indicate that the uptrend had completed at 0.7755 already, then the following downward movement could bring price to 0.6900

Forex Weekly Outlook October 24-28

Fri, 21 Oct 2016 17:15:41 GMT

The US dollar took a break but eventually renewed its strength, with new 7 month highs against the euro and the loonie. Mark Carney and Mario Draghi’s speeches, US Durable Goods Orders, and GDP data from the UK and the US. These are the major events on forex calendar. Join us as we explore the market movers of this week. US data were quite positive with a surprise gain of 3.2% in existing home sales, beating forecasts. Meanwhile, new building permits for private homes reached an annual rate of


Fri, 21 Oct 2016 14:38:32 GMT

GBPCAD, Daily                Yesterday’s (October 20) close saw GBPCAD close at a week’s high following a reversal from below 1.5950 on Monday. Tuesday’s hammer candle and close over 1.6100 suggested that the short term floor may be in, sterling then picked up across most pairs yesterday. A LONG position was opened today at  1.6140  with a short term target 1 at  1.6300  and target 2 at the 23.6 Fibonacci

Technical Analysis #C-COFFEE : 2016-10-21

Fri, 21 Oct 2016 13:28:56 GMT

Lower crop estimates support coffee Coffee output estimates of major producers for 2016-17 are being downgraded due to unfavorable weather conditions. Will coffee continue rising? The research group Procafe reported its first forecast for 2017 output for Brazil, the world's top coffee-producing nation. It estimates 39m 60-kg bags of both arabica and robust beans will be produced by Barzil, about 20% lower from the near 49m bags harvested this year. Earlier the International Coffee Organization


Fri, 21 Oct 2016 12:14:29 GMT

EURJPY, Daily                On Monday (October 17) I wrote “A number of the EUR pairs look like they may be rolling over, one with the most potential could be the EURJPY. The pair had a good run up from the September low around  112.00  to a recent high at  116.30 .  The pair retraced to the 23.6 and 38.2 Fibonacci levels last week as the 20 & 50 DMA and the 50.0 Fibonacci levels provide support

Technical Analysis &Grain_4 : 2016-10-20

Thu, 20 Oct 2016 13:47:50 GMT

U.S. Climate Prediction Center released its September forecast where it raised the possibility of La Nina natural phenomenon this autumn to 70% and to 55% the chances it will last for the whole winter 2016/17. In previous months the chances for La Nina were around 40-45%. Will grain index advance? La Nina causes droughts and folds which may significantly harm the global agricultural outlook. This weather phenomenon also makes the US winters colder and provokes draughts in Argentina, Brazil and

Crude Oil Price Action Suggests Higher Prices - 20th October 2016

Thu, 20 Oct 2016 04:47:02 GMT

Crude Oil – Oil moving higher Crude Oil remains strong and we remain very bullish on this pair as we discussed in our members weekly trade setups commentary from this week. Notice on the weekly chart below that price is pushing up through long-term key resistance at $51.60 right now as the recent bullish momentum continues to drive prices higher. Traders can look to buy crude oil on any short-term price dips whilst prices continue to close above key support levels at $47.70 and $49.30. We see

Technical Analysis NIKKEI : 2016-10-19

Wed, 19 Oct 2016 13:44:14 GMT

Japan’s stock market consolidates ahead of earnings season Earnings season for Q3 2016 will start in Japan this week. Market participants believe the data may be positive. Nikkei index approached the upper boundary of sideways trend. WIll it continue advancing? Nikkei stock market index slumped 11% since the start of this year. This is its worst performance among the developed and developing countries except for China, Greece and Italy. Meanwhile, Japanese economic indicators are not at all