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Devata Tseng

Economic Figures Support GBPUSD

GBPUSD has seen a substantial fall of 1.155% from 6th to 8th December, after testing the resistance level at 1.2750. Yesterday the price has rebounded after testing the support level at 1.2550. This morning we have seen the release of a series of the UK figures. The Consumer Inflation Expectations was 2.8%, surpassed the previous figure of 2.2%. Goods Trade Balance (Oct) was £-9.71 bln, outperformed the expectations of £-11.8 bln and the previous figure of £-13.83 bln, which is the best figure ...

Devata Tseng

EURUSD Trades Below Significant Resistance Before ECB Announcement

The Italian referendum weighed on EUR/USD, fell to a year low of 1.0506 on 5th December. It was followed a quick recovery, as a result of the rebound of the Euro after testing the significant support level at 1.0500. Yet it retraced after testing the significant resistance level at 1.0800. On 6th December, EUR/USD has rebounded after testing the support level at 1.0700 with strong bullish momentum, as a result of the weakening of the dollar. On the 4 hourly chart, the price has been held above ...

Devata Tseng

Australian Q3 GDP Hit Aussie, Yet Holds Above Uptrend Line Support

AUDUSD has seen a significant retracement since the US presidential election, as a result of the strengthening of the dollar. We saw the release of the Australian Q3 GDP YoY figure overnight, was 1.8%, much lower than expectations of 2.5% and the previous figure of 3.3%. The weak GDP figure weighed on the Aussie, it has seen a sharp fall of 48 points after the release of the figure, breaking the support level at 0.7450. Yet the price rebounded after testing the downside uptrend support line. ...

Devata Tseng

Can DAX and Euro 50 Remain Bullish in the Resistance Zones ?

The outcome of the Italian constitutional referendum drove the DAX index down to a low of 10426.60 yesterday, yet it was followed by a sharp reversal, hitting a week high of 10743.25. The intraday volatility was about 316 points, or a 3.04% rebound. Yet the current price is trading around the near term major resistance level at 10700. The short term major resistance zone is between 10700 – 10800, the selling pressure in this range is heavy, the bullish attempt is likely to be restrained here. ...

Devata Tseng

EURUSD Rebounds Sharply After the Hit of Italian Referendum

The Italian referendum was held yesterday, the outcome turned out to be rejection, in line with polls. The Italian PM Renzi subsequently announced his resignation. During the opening of the Asian session on Monday 5th December, the outcome of the referendum weighed on EUR/USD, fell to a year low of 1.0506. Yet it was followed a quick recovery, as a result of the rebound of the Euro after testing the significant support level at 1.0500. The price hit an intra-day high of 1.0729, broke the ...

Devata Tseng

Gold To Test Support With NFP

Gold prices have turned bearish since the US presidential election date, as a result of the strengthening of the dollar, the mid-term major support line at 1200 was broken. The better-than-expected US economic figures on this Wed weighed on gold prices, and the support level at 1180 was broken. Yesterday the better-than-expected November US ISM Manufacturing and Prices Paid figures weighed on gold prices again. Gold spot hit the lowest level of 1160.53 since this February, yet the price was ...

Devata Tseng

GBPUSD Surged, EURGBP Holds Above Major Support

GBP/USD has turned bullish, and been trading above the downside uptrend line support since 25th October, due to the strengthening of the Sterling. This morning we saw the release of the UK Consumer Credit and Mortgage Approvals figures for October, were 1.618 billion and 67.518 K, both better than expectations of 1.5 billion and 65 K. The figures helped GBP/USD surge with a long bullish candle, from the support line at 1.2420, testing the resistance level at 1.2470, yet the selling pressure ...

Devata Tseng

Dollar Correction, Time For USDJPY and EURUSD to Consolidate?

USD/JPY has seen a substantial gain of 7.68% since the US presidential election, due to the firming of the dollar. The price has been moving along the downside uptrends line support from 9th to 25th November, indicating strong bullish momentum. Yet on the 4 hourly chart, the price broke the trend line support on 28th November with a long bearish candle, as a result of the retracement of the dollar. Also the price is nearing the mid-term major resistance at 114.00, the selling pressure above the ...

Devata Tseng

Can EURJPY and GBPJPY Break Major Resistances ?

EUR/JPY has turned bullish since the US presidential election date, trading above the uptrend line support, as a result of the weakening of the yen. From 9th to 24th November, the bullish momentum has pushed the price up 3.72%. This morning the price hit a 5-month high of 120.15. Last night we have seen the release of the Japanese National CPI and Core CPI YoY (ex-food and energy) figures for October, were 0.1% and 0.2% respectively, both better than the previous figures of -0.5% and 0.0%. Yet ...