USDCHF Forecast: Running Out of Bullish Steam, Bearish Pin Bar Hints at a Turn Lower USDCHF Forecast: Running Out of Bullish Steam, Bearish Pin Bar Hints at a Turn Lower published first on https://medium.com/@forexlasersforum via Tumblr USDCHF Forecast: Running Out of Bullish Steam, Bearish Pin Bar Hints at a Turn Lower
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The Chinese yuan traded broadly to kick off the trading week as the world’s second-largest economy finally received some positive economic news after more than a year of downbeat data and sentiment. Is China on the cusp of turning it around and kickstarting the economy? In March, China’s industrial companies recorded their biggest profits in eight months. According to the National Bureau of Statistics, industrial profits climbed by 13.9% year on year last month to $87.5 billion, the biggest jump since July. This comes as industrial profits contracted for four consecutive months. Profits were driven primarily from growth in production, prices, and sales. Industrial firms were also found to be more efficient at every stage of the manufacturing process. The positive development suggests two things. The first is that the market is hopeful that a new US-China trade agreement is on the horizon. The second is that the stellar data might also be responding to the federal government’s stimulus efforts – a combination of across-the-board tax cuts, public works spending, and accommodative monetary policy. Analysts are now anticipating that the country’s factory activity likely expanded, though at a modest pace. This would be the second straight month of improving business conditions. In other domestic data, chicken prices soared again in April, primarily because of a supply shortage that has rocked the market. The country has been reeling from a bird flu outbreak, but Beijing has prohibited chicken imports from the US and France to boost inventories. This has resulted in consumers switching to pork, but prices are higher as well because of the African swine fever that has caused a massive slaughter of pig supplies. This week, Treasury Secretary Steven Mnuchin will travel to Beijing for what he says are the “final laps” in the US-China trade negotiations. He conceded the two sides are closer to an agreement, but noting that additional work needs to be done. The USD/CNY currency pair rose 0.06% to 6.7337, from an opening of 6.7297, at 17:24 GMT on Monday. The EUR/CNY surged 0.33% to 7.5279, from an opening of 7.5033. © AndrewMoran for Forex News, 2019. | Permalink | No comment | Add to del.icio.us Feed enhanced by Better Feed from Ozh Chinese Yuan Weakens As Industrial Profits Soar published first on https://medium.com/@forexlasersforum via Tumblr Chinese Yuan Weakens As Industrial Profits Soar The euro today posted gains against the US dollar following the release of weak US inflation data in the early American session. The EUR/USD currency pair today fell from session highs following the release of weak eurozone business climate data in the early European session. The EUR/USD currency pair today traded mostly in a range marked by a high of 1.1167 and a low of 1.1143 and was trading at the top of this range at the time of writing. The currency pair rallied higher in the early Asian session before getting stuck in a tight range for the rest of the session as investors remained unsure about the single currency. The pair later dropped to its daily lows following the release of the eurozone economic sentiment index for April by the European Commission. The print missed expectations by coming in at 104.0 versus the consensus estimate of 105.0. The business climate indicator also missed expectations by coming in at 0.42 versus the expected 0.49. The pair traded at these lows up to early American session as investors remained worried about the economic slowdown in the eurozone. The currency pair rallied slightly after the Bureau of Economic Analysis released the latest US personal consumption expenditures report, which was mixed with some of the major components missing expectations. The rally was briefly interrupted before resuming with greater momentum. The currency pair’s short-term performance is likely to be influenced by tomorrow’s multiple releases from the European docket. The EUR/USD currency pair was trading at 1.1167 as at 15:14 GMT having rallied from a low of 1.1143. The EUR/JPY currency pair was trading at 124.93 having risen from a low of 124.40. © SimonMugo for Forex News, 2019. | Permalink | No comment | Add to del.icio.us Feed enhanced by Better Feed from Ozh Euro Drops on Weak Business Climate, Gains on Mixed US Inflation published first on https://medium.com/@forexlasersforum via Tumblr Euro Drops on Weak Business Climate, Gains on Mixed US Inflation The Canadian dollar versus the Japanese yen dropped from 83.81 after a failed attempt to confirm the level as a support. Long-term perspectiveUnfortunately for the advancement that began at the solid support area of 81.38, there were at least two signs that the bears would drive the price lower: the hanging-man on April 14, 2019, and the bearish engulfing on April 23, 2019. The price now paused its decline just above the intermediary level 82.71, this area being a good spot to book the profits made by shorting 83.81. Being an intermediary level, 82.71 does not posses the necessary strength to hold the decline for too much time, a normal continuation being the extension of the current decline to 81.38. Only a false piercing of 82.71 would offer the bulls confidence to try a new rally towards 83.81. Short-term perspective The price is in a consolidative phase that discretely pinched the 82.94 resistance. To this adds the long upper shadows of two of the candles that make up this phase. After the price retraces under 82.94 the bears would be much more determined to drive the prices towards 82.43, a move which on the higher timeframes translates to the extension to 81.38 with the purpose of confirming it as a support. Levels to keep an eye on:
© DorinRosu for Forex News, 2019. | Permalink | No comment | Add to del.icio.us Feed enhanced by Better Feed from Ozh CAD/JPY Consolidating Just Above 82.71 published first on https://medium.com/@forexlasersforum via Tumblr CAD/JPY Consolidating Just Above 82.71 EURUSD Forecast: Support holds despite a good GDP data EURUSD Forecast: Support holds despite a good GDP data published first on https://medium.com/@forexlasersforum via Tumblr EURUSD Forecast: Support holds despite a good GDP data GBPUSD Forecast: Good GDP data fails to clear support, correction eyed GBPUSD Forecast: Good GDP data fails to clear support, correction eyed published first on https://medium.com/@forexlasersforum via Tumblr GBPUSD Forecast: Good GDP data fails to clear support, correction eyed USDJPY Forecast: Bearish pin bar shows up, support bearish pullback USDJPY Forecast: Bearish pin bar shows up, support bearish pullback published first on https://medium.com/@forexlasersforum via Tumblr USDJPY Forecast: Bearish pin bar shows up, support bearish pullback USDCHF Forecast: Bullish stalled, bearish pin bar signals potential correction USDCHF Forecast: Bullish stalled, bearish pin bar signals potential correction published first on https://medium.com/@forexlasersforum via Tumblr USDCHF Forecast: Bullish stalled, bearish pin bar signals potential correction The Swedish krona rose today after falling for four days in a row. Decent domestic macroeconomic data helped the currency. Sweden’s retail sales rose 0.5% in March from the previous month on a seasonally adjusted basis, accelerating its rate of growth from February’s 0.3% and beating market expectations of 0.2%. Year-on-year though, the rate of growth slowed to 1.9% in March from 3.2% in February, missing the consensus forecast of 2.8%. The Producer Price Index climbed 1.2% in March on a monthly basis, rising much faster compared to February’s 0.2% pace of increase. USD/SEK dropped from 9.5329 to 9.4833 as of 15:22 GMT today. EUR/SEK declined from 10.6123 to 10.5912, touching the low of 10.5649. © NewsInspector for Forex News, 2019. | Permalink | No comment | Add to del.icio.us Feed enhanced by Better Feed from Ozh Swedish Krona Rises for First Day in Five After Economic Data published first on https://medium.com/@forexlasersforum via Tumblr Swedish Krona Rises for First Day in Five After Economic Data The Sterling pound today traded mostly sideways against the US dollar as it solidified gains made from yesterday’s 10-week lows as the Brexit impasse continued. The GBP/USD currency pair dropped lower following the release of US Q1 GDP data before quickly reversing the losses and printing new daily highs driven by positive investor sentiment. The GBP/USD currency pair today rallied from a session low of 1.2874 after the GDP release to a high of 1.2936 and was headed higher at the time of writing. The currency pair today traded with a slightly bullish bias in the Asian session as investor risk appetite remained quite healthy. The bullish bias extended into the early London session as it emerged that Theresa May‘s government was still in negotiations with the opposition Labour Party led by Jeremy Corbyn. Although there were no major breakthroughs in the talks, investors were pleased that the Prime Minister was not about to be ousted by her Conservative Party. However, it appears quite likely that the UK shall participate in the European Parliament elections slated for late May. The release of the US Q1 GDP data by the Bureau of Economic Analysis in the early American session drove the pair to new daily lows. However, the cable quickly rebounded as markets digested the weak US personal consumption data released concurrently. The currency pair’s performance over the upcoming weekend is likely to be affected by geopolitical events related to trade and Brexit. The GBP/USD currency pair was trading at 1.2938 as at 14:50 GMT having risen from a low of 1.2874. The GBP/JPY currency pair was trading at 144.30 having rallied from a low of 143.74. © SimonMugo for Forex News, 2019. | Permalink | No comment | Add to del.icio.us Feed enhanced by Better Feed from Ozh Pound Posts Gains Despite Brexit Pessimism and Upbeat US GDP published first on https://medium.com/@forexlasersforum via Tumblr Pound Posts Gains Despite Brexit Pessimism and Upbeat US GDP |
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