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Devata Tseng

NZD/USD Hovers Around Support Prior to US Healthcare Vote

NZD/USD has retraced substantially since March 21st, as it was nearing the short-term major resistance level at 0.7100. This morning, the bearish momentum was held above the significant psychological support line at 0.7000, where the 10 SMA converges (on the daily chart), the support here is stronger. The 4-hourly Stochastic Oscillator is around 20, suggesting a rebound. The resistance level is at 0.7015, followed by 0.7030 and 0.7050. The support line is at 0.7000, followed by 0.6985 and ...

Devata Tseng

Gold Tests Resistance Zone Ahead of Yellen’s Speech and Health Care Bill

Gold has rallied for six consecutive days since March 15, saw its longest bullish streak since January, after testing the significant support zone between 1195 – 1200 in mid-March. Market concerns, over President Trump’s policies and the French presidential election, are resulting in Investors turning to safe havens. The weakening of USD has also pushed gold prices up. Spot gold hit a 3-week high of 1251.20. The bulls tested a significant resistance level at 1250 on Wednesday evening, however, ...

Devata Tseng

Could USD/JPY Hold Above 111.00 ?

USD/JPY hit the lowest level of 111.13 since November 23 this morning, breaking the short term major support line at 111.50. USD/JPY has turned bearish since March 15, saw its longest bearish streak since January. In the past week, USD/JPY has retraced about 3.14%. The plunge was caused by the weakening of the dollar post Fed rate rise profit-taking pressure. On the daily chart, the 10 SMA has crossed over the 20 SMA, indicating the trend has turned bearish. The bears are currently edging lower ...

Devata Tseng

EUR/USD Trades Below Major Resistance at 1.0800

EURUSD has strengthened since 15th March, breaking the significant resistance level at 1.0700, as a result of the sharp fall of the dollar caused by profit-taking pressure post the Fed interest rate announcement. We saw the release of the German PPI for February (YoY) yesterday, beating expectations and the previous figure. EUR/USD is still trading above the 10 and the 20 SMAs, indicating the trend remains upward. However, the current price is nearing the next significant long term major ...

Devata Tseng

Can GBP/USD Hold Above 1.2400 ?

Sterling has seen its third consecutive session of gains last Friday, as a result of the weakening of the dollar and a MPC (Monetary Policy Committee) member, Kristin Forbes, voted to raise rate this month, despite Brexit uncertainty and risks on economy. GBP/USD hits a three-week high against the dollar this morning, testing the significant resistance level at 1.2400, touching the intra-day high of 1.2435. On the 4-hourly chart, the price has been trading above the downside uptrend line ...

Devata Tseng

AUD/USD Trades at Significant Resistance Post a Substantial Surge

The Fed announced a rate hike by 25 basis points yesterday, with rates in a range of 0.75% to 1%, in line with market expectations. Fed Chair Yellen stated that It is appropriate to gradually remove accommodation, as the US economy is going well. The medium projection for the federal funds rate is 1.4% to the end of 2017, 2.1% to the end of 2018, and 3% to the end of 2019. Therefore, we can expect two more rate hikes from the Fed by the end of this year. Nevertheless, USD plunged after the ...

Devata Tseng

Can Gold Hold Above Near Term Major Support Post FOMC Meeting ?

Spot gold hit the lowest level of 1194.91 since 31st Jan on 10th, and rebounded as the zone between 1195 - 1197 is the near term major support zone, where there is a stronger support. Spot gold bears had tested the significant support line at for the second time on 14th Mar, the downtrend was held above the support. The daily Stochastic Oscillator is below 30, suggesting a further rebound. On the 4-hourly chart, the price is still trading below the 10 and the 20 SMAs, be aware that the upside ...

Devata Tseng

GBP/USD Hits 8-week Low as UK Parliament Finally Passes Brexit Bill

The UK parliament has passed the Brexit bill. The House of Commons overturned the amendments proposed by the House of Lords that guarantees the rights of EU citizens in the UK and gives parliament a “meaningful vote” on the final Brexit deal, by 335 votes to 287. The House of Lords accepted the decision by 274 to 118. The UK government now has no hurdles on the way out of the EU, ready to trigger the Article 50 of the Lisbon Treaty. GBP/USD plunged to an 8-week low of 1.2108 this morning during ...

Devata Tseng

EUR/USD Retreats After Hitting 1.0700

The US labour market data for February released last Friday outperformed. Contrasting with the better-than-expected labour market data, the dollar index plunged more than 70 points, hitting a one-and-a-half-week low of 101.16 after the release of the data, due to profit-taking pressure. As markets have priced in the expectations for a March rate hike since February. The fall of the dollar helped EUR/USD rally more than 100 points, hitting the highest level of 1.0713 since 8th February. This ...