Technical News | GDMFX Brokerage

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2013.01.30 : All eyes on the FOMC Statement

EUR/USD

The double top formed at 1.3477 was broken during yesterday’s session and price continued its rally towards the resistance at 1.3500. The CB Consumer Confidence value came out worse than expected, weakening the US Dollar and contributing to the pair’s bullish movement.



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GBP/USD

The pair had a single direction throughout the day and finally, after a pretty long time, it moved similar to the EUR/USD so we might see a restored positive correlation between the two pairs.



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[pasfx]

2013.01.31 : Resistance is broken. What’s next?

EUR/USD

Yesterday all market moves were dictated by the bulls and the bears had almost no power and couldn’t do almost anything to stop the strong rally. The resistance at 1.3500 was clearly broken, followed by a re-test (seen on the 15 minute chart below) and a consequent move up. The US Federal Funds Rate remained unchanged and the FOMC Statement didn’t have the anticipated impact.



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GBP/USD

The pair had a bullish day as well, just like the EUR/USD and the correlation between the two pairs seems to be almost restored. The resistance at 1.5760 was broken early in the morning and price continued on a constant upward path, moving close to 1.5825.



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[pasfx]

2013.02.01 : Today’s market mover: US Non-Farm Employment Change

EUR/USD

After a retracement into lower territory, which also cleared the overbought condition of the Relative Strength Index, the pair started to move higher again, breaking the previous peak but posing no threat to the resistance located at 1.3650. The US Unemployment Claims came out worse than expected, at 368K from an anticipated number of 362K, weakening the US Dollar and contributing to the pair’s bullish movement.



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GBP/USD

Yesterday the pair had a mixed trading session during its first half but the British Pound ultimately managed to finish the day higher, breaking the resistance at 1.5825 and closing above it.



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[pasfx]

2013.02.04 : Trend consolidation ahead?

EUR/USD

Friday was a mixed day for the EUR/USD pair, mostly due to the US Non – Farm Employment Change numbers that created a lot of volatility and a strong whipsaw, resulting in a difficult trading environment.



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GBP/USD

Unlike EUR/USD, the GBP/USD had a unidirectional trading session Friday and dropped violently for almost 200 pips, reigniting the downtrend



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[pasfx]

2013.02.05 : Trading close to support

EUR/USD

The pair dropped almost the entire duration of yesterday’s trading session, breaking Friday’s low established at 1.3585 and even making a run for the strong support at 1.3500. Even the fact that the Spanish Unemployment numbers came out better than expected (132.1K from a predicted 150K) didn’t stop the bearish momentum so we might see a touch of 1.3500.



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GBP/USD

The two pairs seem almost negatively correlated because yesterday while EUR/USD was dropping, GBP/USD was rising at a steady pace, even touching in the evening the resistance level of 1.5760.



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[pasfx]

2013.02.06 : The two analyzed pairs move further apart

EUR/USD

After a brief dip below the support level at 1.3500, the pair quickly started to move towards the resistance at 1.3585 and tested it in the second part of yesterday’s trading session shifting the bias once more towards the bull side of the market.



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GBP/USD

After a sharp rise and a break above the resistance at 1.5760 early yesterday morning, the pair dropped for the rest of the trading session and broke the support at 1.5675, resulting in another day controlled by the bears.



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[pasfx]

2013.02.07 : Main event of the day – the ECB Press Conference

EUR/USD

After a prolonged stay on the resistance at 1.3585, price failed to break it and chose the only other possible direction: down towards the support at 1.3500. But it looked like that support was also too strong for price to break and probably the lack of any economic indicators was the reason why the pair moved between the two levels.



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GBP/USD

The pair had a slow and sideways movement, failing to break the resistance at 1.5675 or to make an attempt at touching the support at 1.5600 so just the first part of our scenario came true: the touch of resistance.



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[pasfx]

2013.02.08 : The Euro sell-off

EUR/USD

As the President of the European Central Bank spoke, the euro dropped for about 200 hundred pips. His opinion that a strong Euro could be detrimental for further economic recovery triggered the sell off and traders all around the world joined the ride down.



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GBP/USD

The Official Bank rate remained unchanged as expected and no major surprises came from the UK; as a result the pair moved mostly sideways at the time of the GBP Rate announcement and was not influenced by Draghi’s comments or the Euro sell off. The move up seen yesterday at 10:00 am GMT was triggered by the speech delivered in front of the Treasury Select Committee by the BoE Governor Designate (starting July 2013) Mark Carney.



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[pasfx]

2013.02.11 : A bear controlled market

EUR/USD

Friday was a slow day for the pair compared to the strong movement experienced Thursday but that is often experienced after a high volatility trading session as most traders exit their positions or decrease their exposure.



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GBP/USD

The pair moved consistently higher throughout Friday’s trading session and retraced lower late in the evening after touching the resistance at 1.5825.



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[pasfx]

2013.02.12 : Deciding market direction

EUR/USD

Yesterday was a slow day in terms of distance traveled by price and the main move of the day occurred in the second part of the London trading session when the pair made an attempt to break the resistance at 1.3400. The surge up was generated by Jens Weidmann’s (Head of the Bundesbank) comments: “Latest indicators don’t signal a serious overvaluation of the Euro despite its recent appreciation”.



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GBP/USD

The resistance created at 1.5825 proved to be too strong for the pair to break yesterday and price fell, touching the support located at 1.5675, resulting in a bear controlled trading session.



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