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The FxPro Analyst Team

Forex: FTSE Nears Major Resistance Prior to X’mas

The FTSE index has seen a 14.72% gain this year. The trend has turned upwards after hitting a 3-year-and-seven-month low of 5495.05 on 11th February. The price has been held above the mid-term major support at 6600, oscillating in a range between 6600 – 7100. The bullish momentum has increased since 5th Dec, helped by the gains in mining and banking sectors. The price has been traded along the downside 10 and 20 SMAs supports, indicating the trend remains upwards. Yet the price is nearing the ...

The FxPro Analyst Team

Forex: USDJPY and Gold Trade Near Key Levels Before Release of US Data

USDJPY has turned bullish since the US presidential election, trading along the downside uptrend line support with strong bullish momentum. Yet currently the price is trading below the long term major resistance level at 118.00, the pressure above the level is heavy. On the 4 hourly chart, the 10 SMA is crossing over the 20 SMA. The current price is trading below the uptrend line support, indicating the bullish momentum is waning. The resistance level is at 118.00, followed by 118.50 and ...

FxProUpdates

Trading Times During Christmas & New Year’s Holiday Season 2016/2017

During the upcoming holiday season, the trading times of several instruments will be affected as a number of markets will be closed. Please see below for the trading times of all instruments: VIEW TRADING TIMES Please note that trading times are subject to change. We shall attempt to notify you of any such changes in due course, yet you are strongly advised to monitor the schedule for any possible upcoming changes. Should you require any assistance, please do not hesitate to contact us.

The FxPro Analyst Team

Forex: GBPUSD and EURUSD Test Supports After a Substantial Fall

GBPUSD has turned bullish, and been trading above the downside uptrend line support since 25th Oct, due to the strengthening of the Sterling. As a result of a strong dollar caused by the Fed’s interest rate decision and announcement, GBPUSD has retraced with a long bearish candle, and the downside support line was broken on 15th Dec. This morning we saw the release of the UK Public Sector Net Borrowing for Nov, rose to 12.21 billion from 4.324 billion in Oct, and surpassed the expectations of ...

FxProUpdates

Forex: Losing steam

Equities appear to be struggling into the end of the year as yesterday’s obsession, whether the Dow could hit 20,000 not coming to fruition. That will no doubt continue today, but the upward momentum is likely to struggle as liquidity ebbs away from markets during the last few trading days of the year. Equities in Asia were mixed, firmer in China but softer in Japan. As for currencies, the dollar peaked in the middle of the European session before softening into the close and overnight. Given ...

FxProUpdates

Forex: More cautious for now

Overnight events have given the dollar a modest bid, with three events having occurred around the world seen as terrorist related. This follows on from the softer tone seen at the start of the week and represents a new dynamic for the market to contend with as volumes taper off into the end of the year. We also had some bullish comments from Yellen last night around the jobs market which also supported the dollar at the margins. For USDJPY, this has allowed a reversal back towards the 118.00 ...

FxProUpdates

Forex: Cautious correction

There is an air of caution in markets as we enter what is the last full trading week of the year. The news that China took a water-based drone from the US over the weekend has added to the air of political tension between the two nations. This was probably not helped by the fact that the US administration demanded it back, President elect trump tweeted that they could keep it. Twitter-based diplomacy has arrived, which makes it ever less likely that Trump will be allowed to retain access to his ...

FxProUpdates

Forex: The dominant dollar

The dollar appreciated a further 1% through the course of Thursday in the wake of the Fed meeting result seen Wednesday evening. We saw some pull-back into the NY close and again through the Asia session, but the dollar remains up 2% overall vs. the level prevailing just ahead of the meeting result. Between now and the end of the month, the key question is whether there is sufficient underling momentum for this upward pressure to be continued. The initial focus for this will be USDPY and the ...

FxProUpdates

Forex: That’s All Folks

The interest rate increase was never going to be the story yesterday. The main driver of the dollar's gains was upward revision to the projected interest rate path for the coming year, with this moving from 2 increases to 3. This is notable, for we have been through a period of many years where central banks, and the Fed in particular, have been forever downgrading and pushing further into the future their expectations of rate increases. So having the Fed become more hawkish on the outlook, at ...