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Guest Analyst - Philip Konchar, CEO, Tradercast

FxPro Forex Analysis: EURGBP and Gold

EURGBP EURGBP has pulled back from the high it achieved on the first trading day of January at 0.89182. It has fallen back to the area of the moving average cluster around 0.88600 on the 4-Hour chart. This has pushed the price out of the rising channel, with a low at 0.88477. Should this low be broken, the next support can be found around 0.88000 and the 0.87917 level. A retest of the channel bottom will decide the outcome of where the price travels to next. If the retest is successful and the ...

Guest Analyst - Philip Konchar, CEO, Tradercast

FxPro Forex Analysis: FTSE and DAX helped by Rally in Commodities

Commodity stocks benefiting due to strength in oil and metals prices, combined with positive sentiment from gains on Wall Street are helping to support a rally on European stock markets. DAX The DAX index of German stocks rebounded as latest figures showed that the jobless rate held steady at a record low of 5.5 percent in December, bolstering optimism over the health of Europe's largest economy. The German index benefits from a weaker Euro, which was trading lower for the first time in six ...

Guest Analyst - Philip Konchar, CEO, Tradercast

FxPro Forex Analysis: Record Highs for Major US Equity Indices, North Korea to Reopen Communication Channel with South Korea

Yesterday’s US trading session ended positively with the S&P500 equity index closing at a new record high, while Dow Jones and Nasdaq100 also gained and ended up close to all-time highs. Currency markets were mainly flat during the Asian session, commodity currencies AUD, NZD, and CAD retreated slightly against the U.S. Dollar. At the start of the European session, EUR is trading close to 1.2000 against the U.S. Dollar, while GBP is trading close to 1.3600 level in anticipation of the ...

Guest Analyst - Philip Konchar, CEO, Tradercast

FxPro Forex Analysis: Oil Strong On Iran Unrest

Crude Oil prices made a strong opening amid anti-government rallies in Iran and ongoing supply cuts led by OPEC and Russia. The biggest anti-regime protests in a decade saw thousands of people take to the streets across the country in defiance of a warning by authorities of a crackdown. Iran is a major exporter of crude oil and the political unrest has just added to the already bullish market sentiment. Oil prices have also been supported by a year of production cuts led by the Organization of ...

Guest Analyst - Philip Konchar, CEO, Tradercast

FxPro Forex Analysis: USDCHF and EURNOK

The USD has been under pressure recently, with the Swiss Franc one of the currencies seeing the price action trend lower. Since early November, the pair has dropped from the 1.00365 level. Today it stands at 0.97000. The price has come lower in a channel and at the current price is close to the bottom trend line at 0.96872. Should a test on this area firm up as support and turn higher, traders will look to the 0.97500 level to provide resistance. Based on this move, the next stage should ...

Guest Analyst - Philip Konchar, CEO, Tradercast

FxPro Forex Analysis: USD Under Pressure into the New Year

US Dollar weakened further in the first few trading hours of 2018, slipping against most of the other majors, with the exception of the Japanese Yen. Japanese markets do not reopen until Thursday and therefore USDJPY is in a tight range presently. Switzerland is also on a bank holiday today, reopening tomorrow. Caixin Manufacturing PMI (Dec) was out earlier, with a reading of 51.7 v 50.6 expected, from 50.8 prior. The USDCNH pair has been in decline since hitting a low of 6.48953 but is ...

Guest Analyst - Philip Konchar, CEO, Tradercast

FxPro Forex Analysis: Thursday Morning Report – US Dollar Weakness

The USD is weaker against all the majors today, continuing the pressure from yesterday. End of year liquidity is light and many of the themes from earlier in the month are reversing. The dollar is currently at session lows with the NZDUSD seeing some of the biggest gains, up 0.47% to 0.70910. Swiss UBS Consumption Indicator (Nov) was released yesterday close to previous at 1.67, with the prior number of 1.54. Swiss ZEW Survey – Expectations (Dec) was released, coming in at 52.0. The previous ...

Guest Analyst - Philip Konchar, CEO, Tradercast

FxPro Forex Analysis: Wednesday Morning Report – WTI higher after Libya Blast

As we trade towards the final days of the year, the market is seeing lighter volume due to the shortened week. The Economic Calendar is light for the days ahead. However there are still data releases and traders are taking positions. US Oil Rig Counts from Baker Hughes was released on Friday evening. The headline number remained unchanged at 747. Natural Gas came in at 184 against the previous figure of 183. Totals were 931 against the previous 930. WTI Crude moved very little after the data ...

Guest Analyst - Philip Konchar, CEO, Tradercast

FxPro Forex Analysis: Wednesday Report – Tax Bill passed by Senate in quiet session

The House of Representatives voted on the Tax Bill early Tuesday local time. The Tax Bill was passed by a margin of 24 votes, with 227 Yay and 203 Nay. A procedural issue during the vote means the House has to vote on the Bill a second time, as the Bill passed by the house was in violation of Senate rules. Once these violations are amended the House will vote again, with this second vote believed to be only a formality. The Senate voted overnight and the Bill was passed by 51 to 48. The House ...