The USDJPY pair broke out to the upside during the session on Monday, essentially cracking the top of a couple of hammers from last week. We are testing the 102.50 level at the moment, and thereby we think we are getting ready to head to the 103 handle.
Oil appears to have run out out of steam once again, following the bullish rally during May, with $104 per barrel once again proving to be a major stumbling block, and as shown on the daily chart with the yellow dotted line.
For gold bugs, 2014 promised so much following its long decline in 2013, which saw the precious metal lose over $500 per ounce. The first quarter of 2014 looked promising with gold recovering $300 per ounce and climbing back to test the $1,400 per ounce level – heady days.
AUDUSD’s bounce from 0.9208 extended to as high as 0.9329, the subsequent fall indicate that the bounce had completed,
EURUSD is currently finding support at the bottom of the rising channel on the daily time frame while stochastic is indicating deeply oversold conditions.
The EURUSD pair fell during the session on Wednesday, breaking below the 1.36 level towards the end of the day.
IHS, a market research group, has updated its forecast for China and estimated that China will install about 13.5 GW of solar PV this year. Approximately 4 GW of that will be distributed PV, based on updated projections made after a poor first quarter…
The USDJPY pair initially fell during the session on Wednesday, but as we have seen for the past couple of days, buyer stepped in and push the market back up.
If, like me you have had to take a break from trading and the markets, it can sometimes be difficult to pick up the threads and re-orientate yourself to the emotional state of the market. And perhaps the best place to start is with the major indices, in particular the VIX, the Dollar Index and the NASDAQ.
The EURUSD (FXE, quote) pair fell during most of the session on Tuesday, but found the 1.36 level supportive yet again. Because of this, it appears that the market is ready to grind sideways, as this area although supportive, isn’t necessarily a major support area.
