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Re: Daily market news by Cozfx

COZfx: Japan’s machine tool orders declined in October

COZforex: For the past trading session, the USD declined 0.08% against the JPY and closed at 112.99.

Data revealed that Japan’s final machine tool orders retreated 0.7% on a yearly basis in October, while preliminary figures had indicated a fall of 1.1%. Machine tool orders had recorded a rise of 2.9% in the prior month.

In the Asian session (at GMT0400), the pair is trading at 112.93, with the USD trading 0.05% lower against the JPY from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: USD/JPY is expected to find support at 112.85 and a fall through could take it to the next support level of 112.78; Meanwhile, the pair is expected to find its first resistance at 113.04, and a rise through could take it to the next resistance level of 113.16.

Moving forward, investors would keep an eye on Japan’s Nikkei manufacturing PMI, consumer confidence index, jobless rate, industrial production, retail trade and large retailers’ sales, all scheduled to release next week.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Sterling trading higher in the Asian session

COZforex: For the past trading session, the GBP rose 0.67% against the USD and closed at 1.2827.

In the Asian session (at GMT0400), the pair is trading at 1.2834, with the GBP trading 0.05% higher against the USD from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: GBP/USD is expected to find support at 1.2762 and a fall through could take it to the next support level of 1.2691; Meanwhile, the pair is expected to find its first resistance at 1.2876, and a rise through could take it to the next resistance level of 1.2919.

Going forward, traders would closely monitor UK’s net consumer credit and mortgage approvals, both for October, scheduled to release in a few hours.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Aussie reverses its losses in the morning session

COZforex: For the past trading session, the AUD declined 0.36% against the USD and closed at 0.7207 on Friday.

In commodities, LME Copper prices rose 1.0% or $61.0/MT to $6173.0/MT; Meanwhile, Aluminium prices rose/declined 0.9% or $17.0/MT to $1962.0/MT.

In the Asian session (at GMT0400), the pair is trading at 0.7218, with the AUD trading 0.15% higher against the USD from Friday’s close.

In economic news, Australia’s seasonally adjusted home loan approvals unexpectedly rose 2.2% on a monthly basis in October. Home loan approvals had registered a drop of 1.0% in the prior month.

Elsewhere in China, Australia’s largest trading partner, the consumer price index rose 2.2% on a yearly basis in November, compared to a reading of 2.5% in the preceding month. Market participants had envisaged the CPI to record a reading of 2.4%. Moreover, the producer price index advanced 2.7% on an annual basis in November, in line with market anticipation. The PPI had registered a reading of 3.3% in the previous month.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: AUD/USD is expected to find support at 0.7183 and a fall through could take it to the next support level of 0.7149; Meanwhile, the pair is expected to find its first resistance at 0.7247, and a rise through could take it to the next resistance level of 0.7277.

Going forward, traders would keep an eye on Australia’s 3Q house price index followed by the NAB business conditions and business confidence indices, both for November, set to release overnight.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Swiss National Bank keeps expansive policy, cuts inflation view

COZforex: For the past trading session, the USD rose 0.10% against the CHF and closed at 0.9939.

On the data front, Switzerland’s producer and import prices fell 1.7% on a yearly basis in November, more than market expectations for a drop of 1.7%. In the previous month, producer and import prices had recorded a reading of 2.3%.

Meanwhile, the Swiss National Bank kept its key interest rate unchanged at -0.75%, as widely expected. Further, the central bank lowered its inflation forecast for 2019 to 0.5% from 0.8%, citing a stronger franc and downside risks to the economy. Additionally, the bank downgraded its outlook for 2020 to 1.2% from 1.0%. However, the central bank projected a GDP growth of around 2.5% for the current year and nearly 1.5% for the next year.

In the Asian session (at GMT0400), the pair is trading at 0.9939, with the USD trading flat against the CHF from yesterday’s close.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/CHF is expected to find support at 0.9916 and a fall through could take it to the next support level of 0.9892; Meanwhile, the pair is expected to find its first resistance at 0.9959, and a rise through could take it to the next resistance level of 0.9978.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Canada’s consumer price inflation slowed in November

COZforex: For the past trading session, the USD rose 0.13% against the CAD and closed at 1.3483.

On the macro front, Canada’s consumer price inflation slowed to 1.7% on an annual basis in November, marking its weakest level since January 2018. In the previous month, the CPI had registered a gain of 2.4%.

In the Asian session (at GMT0400), the pair is trading at 1.3498, with the USD trading 0.11% higher against the CAD from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: USD/CAD is expected to find support at 1.3440 and a fall through could take it to the next support level of 1.3383; Meanwhile, the pair is expected to find its first resistance at 1.3531, and a rise through could take it to the next resistance level of 1.3565.

Amid lack of economic releases in Canada today, traders would focus on global macroeconomic events for further direction.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Crude oil trading lower this morning

COZforex: For the past trading session, Crude Oil rose 8.79% against the USD and closed at USD46.55 per barrel.

In the Asian session (at GMT0400), the pair is trading at 46.06, with oil trading 1.05% lower against the USD from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: The crude oil is expected to find support at 43.41 and a fall through could take it to the next support level of 40.75; Meanwhile, the pair is expected to find its first resistance at 47.86, and a rise through could take it to the next resistance level of 49.65.

Crude oil is trading above its 20 Hr and 50 Hr moving average.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Euro-zone’s Markit manufacturing PMI declined to its lowest level since February 2016 in December

COZforex: For the past trading session, the EUR declined 0.87% against the USD and closed at 1.1346, amid weak manufacturing PMI data across the euro-bloc.

Macroeconomic data showed that the Euro-zone’s final manufacturing PMI dropped to a 34-month low level to 51.4 in December, at par with market expectations and confirming the preliminary print. In the prior month, the PMI had recorded a reading of 51.8.

Separately, in Germany, the final Markit manufacturing PMI fell to a level of 51.5 in December, hitting its lowest level in 33-months and confirming the preliminary print. In the previous month, the PMI had registered a level of 51.8.

In the US, data indicated that the US final Markit manufacturing PMI declined to a level of 53.8 in December, amid slowdown in growth of new businesses and notching its lowest level in 15 months. Market participants had envisaged the PMI to drop to a level of 53.9. In the preceding month, the PMI had registered a reading of 55.3.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: EUR/USD is expected to find support at 1.1282 and a fall through could take it to the next support level of 1.1202; Meanwhile, the pair is expected to find its first resistance at 1.1470, and a rise through could take it to the next resistance level of 1.1578.

Amid no major economic releases across the euro bloc, investors would keep an eye on US construction spending for November and ISM manufacturing for December, along with initial jobless claims, due to release later in the day. Additionally, the ADP employment change data for November, will also be on investors’ radar.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Australia’s building approvals fell more-than-estimated in November

COZforex: For the past trading session, the AUD marginally rose against the USD and closed at 0.7144.

In commodities, LME Copper prices rose 0.3% or $15.0/MT to $5904.5/MT; Meanwhile, Aluminium prices declined 1.1% or $21.0/MT to $1837.0/MT.

In the Asian session (at GMT0400), the pair is trading at 0.7159, with the AUD trading 0.21% higher against the USD from yesterday’s close.

Overnight data showed that Australia’s AiG performance of services index eased to a level of 52.1 in December, compared to a reading of 55.1 in the previous month. Moreover, the nation’s seasonally adjusted building approvals sharply plunged 9.1% on a monthly basis in November, hitting its lowest level in 5-years, affected by weaker demand and declining house prices.
In the prior month, building approvals had registered a drop of 1.5%, while market participants had envisaged for a fall of 0.3%.

In technical analysis, COZFX strategist Nigel Boynton said: AUD/USD is expected to find support at 0.7127 and a fall through could take it to the next support level of 0.7095; Meanwhile, the pair is expected to find its first resistance at 0.7181, and a rise through could take it to the next resistance level of 0.7203.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: British Pound reverses its gains in the Asian session

COZforex: For the past trading session, the GBP rose 0.18% against the USD and closed at 1.2895, after UK’s Prime Minister Theresa May disclosed Brexit’s plan B to the parliament.

In the Asian session (at GMT0400), the pair is trading at 1.2878, with the GBP trading 0.13% lower against the USD from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: GBP/USD is expected to find support at 1.2836 and a fall through could take it to the next support level of 1.2793; Meanwhile, the pair is expected to find its first resistance at 1.2916, and a rise through could take it to the next resistance level of 1.2953.

Trading trend in the Sterling today is expected to be determined by UK’s public sector net borrowing for December followed by average weekly earnings and ILO unemployment rate, both for November, slated to release in a few hours.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

Cozfx: Swiss Franc trading higher in the morning session

Cozforex: For the past trading session, the USD declined 0.33% against the CHF and closed at 0.9932 on Friday.

In the Asian session (at GMT0400), the pair is trading at 0.9923, with the USD trading 0.09% lower against the CHF from Friday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: USD/CHF is expected to find support at 0.9904 and a fall through could take it to the next support level of 0.9886; Meanwhile, the pair is expected to find its first resistance at 0.9958, and a rise through could take it to the next resistance level of 0.9994.

Trading trend in the Swiss Franc today is expected to be determined by Switzerland’s total sight deposits, scheduled to release in a while.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Canada’s unemployment rate advanced more-than-estimated in January

COZforex: For the past trading session, the USD declined 0.32% against the CAD and closed at 1.3271 on Friday.

In economic news, Canada’s unemployment rate advanced to 5.8% in January, compared to a rate of 5.6% in the previous month. Markets had envisaged was for the unemployment rate to rise to 5.7%. Moreover, the nation’s seasonally adjusted housing starts declined to a level of 208.0K in January, compared to a revised reading of 213.6K in the prior month. Market participants expected housing starts to fall to a level of 205.0K.

In the Asian session (at GMT0400), the pair is trading at 1.3287, with the USD trading 0.12% higher against the CAD from Friday’s close.

In technical analysis, COZforex senior currency strategist Ian • Quigley said: USD/CAD is expected to find support at 1.3238 and a fall through could take it to the next support level of 1.3188; Meanwhile, the pair is expected to find its first resistance at 1.3332, and a rise through could take it to the next resistance level of 1.3376.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

COZFX: Japan’s industrial production dropped in December

COZforex: For the past trading session, the USD declined 0.46% against the JPY and closed at 110.48.

Data showed that Japan’s final industrial production fell 1.9% on an annual basis in December, confirming the preliminary print. In the prior month, industrial production had registered a climb of 1.5%.

In the Asian session (at GMT0400), the pair is trading at 110.32, with the USD trading 0.14% lower against the JPY from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/JPY is expected to find support at 110.01 and a fall through could take it to the next support level of 109.70; Meanwhile, the pair is expected to find its first resistance at 110.88, and a rise through could take it to the next resistance level of 111.44.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

COZFX: Crude oil trading higher, ahead of EIA’s weekly crude oil inventories data

COZforex: For the past trading session, Crude Oil rose 2.36% against the USD and closed at USD57.26 per barrel, amid signs of tighter global supplies. Meanwhile, the American Petroleum Institute (API) reported that US crude oil inventories rose 1.26 million barrels to 450.3 million in the week ended 15 February.

In the Asian session (at GMT0400), the pair is trading at 57.40, with oil trading 0.24% higher against the USD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: The crude oil is expected to find support at 56.25 and a fall through could take it to the next support level of 55.09; Meanwhile, the oil is expected to find its first resistance at 58.08, and a rise through could take it to the next resistance level of 58.75.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: Germany’s Gfk consumer confidence index remained steady in March

COZforex: For the past trading session, the EUR rose 0.29% against the USD and closed at 1.1393.

On the macro front, Germany’s Gfk consumer confidence index remained steady at a level of 10.8 in March, at par with market expectations.

The US dollar declined against a basket of currencies yesterday, following dovish comments from the US Federal Reserve Chairman, Jerome Powell.

In the US, data indicated that the US building permits unexpectedly rose 0.3% on a monthly basis to an annual rate of 1326.0K in December, defying market consensus for a decline to a level of 1290.0K. Building permits had registered a revised reading of 1322.0K in the prior month.

On the flipside, housing starts unexpectedly plunged to two-year low level by 11.2% to an annual rate of 1078.0K in December, compared to a revised reading of 1214.0K in the prior month. Market participants had envisaged the housing starts to advance to 1256.0K.

The Fed Chairman, Jerome Powell, in his testimony, reiterated that the Fed would remain “patient” on further interest rate hikes, citing the various “crosscurrents and conflicting signals.” Meanwhile, Jerome Powell indicated that the US economic outlook was “generally favourable”, however warned of challenges from overseas. Further, he warned of growing risks in the economy, including a global slowdown, volatile financial markets and uncertainty related to the US trade policy.

In technical analysis, COZFX strategist Nigel Boynton said: EUR/USD is expected to find support at 1.1348 and a fall through could take it to the next support level of 1.1318; Meanwhile, the pair is expected to find its first resistance at 1.1406, and a rise through could take it to the next resistance level of 1.1434.

Moving ahead, traders would closely monitor the Euro-zone’s M3 money supply for January along with the economic confidence index, business climate indicator, the consumer confidence index, all for February, set to release in a few hours.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: The RBA left its benchmark interest rate unchanged at 1.5%

COZforex: For the past trading session, the AUD rose 0.06% against the USD and closed at 0.7089.

In commodities, LME Copper prices declined 2.3% or $152.0/MT to $6420.0/MT; Meanwhile, Aluminium prices declined 1.6% or $31.0/MT to $1859.5/MT.

In the Asian session, the pair is trading at 0.7074, with the AUD trading 0.21% lower against the USD from yesterday’s close.

Overnight data revealed that Australia’s AIG performance of services index advanced to a level of 44.5 in February, compared to a reading of 44.3 in the previous month. Further, the nation’s seasonally adjusted current account deficit narrowed more-than-expected to A$7.20 billion in 4Q18, following a revised deficit of A$10.80 billion in the prior quarter. Meanwhile, the CBA services PMI declined to a level of 48.7 in February, following a level of 49.3 in the preceding month.

The Reserve Bank of Australia, in its latest monetary policy meeting, kept its interest rate unchanged at 1.5%. In a statement following the meeting, the RBA Governor, Philip Lowe, highlighted an upbeat assessment of the Australian economy and stated that the low rate continued to support the economy. Further, he added that he expects unemployment rate to edge down and expects the economy to grow by 3.0% this year.

Elsewhere in China, Australia’s largest trading partner, the Caixin services PMI declined to a level of 51.1 in February, more than market expectations for a fall to a level of 53.5. In the prior month, the PMI had recorded a reading of 53.6.

In technical analysis, COZFX strategist Nigel Boynton said: AUD/USD is expected to find support at 0.706 and a fall through could take it to the next support level of 0.7045; Meanwhile, the pair is expected to find its first resistance at 0.7095, and a rise through could take it to the next resistance level of 0.7115.

Looking forward, investors would await Australia’s gross domestic product for the fourth quarter of 2018, slated to release overnight.


(COZ forex UK)

Re: Daily market news by Cozfx

COZfx: British Pound extends its losses in the Asian session

COZforex: For the 24 hours to 23:00 GMT, the GBP declined 0.54% against the USD and closed at 1.3013 on Friday, after the British Prime Minster, Theresa May, warned that UK could face crisis, if MPs rejected her Brexit deal next week.

In the Asian session (at GMT0400), the pair is trading at 1.2974, with the GBP trading 0.30% lower against the USD from Friday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: GBP/USD is expected to find support at 1.2920 and a fall through could take it to the next support level of 1.2867; Meanwhile, the pair is expected to find its first resistance at 1.3068, and a rise through could take it to the next resistance level of 1.3163.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

COZFX: Swiss Franc trading lower this morning

COZforex: For the past trading session, the USD declined 0.45% against the CHF and closed at 1.0031.

In the Asian session (at GMT0400), the pair is trading at 1.0043, with the USD trading 0.12% higher against the CHF from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: USD/CHF is expected to find support at 1.0018 and a fall through could take it to the next support level of 0.9994; Meanwhile, the pair is expected to find its first resistance at 1.0076, and a rise through could take it to the next resistance level of 1.011.

Looking ahead, traders would await Switzerland’s producer and import prices for February, scheduled to release in a while.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

COZFX: Japan’s machine tool orders plunged in February

COZforex: For the past trading session, the USD declined 0.61% against the JPY and closed at 110.69.

On the data front, Japan’s final machine tool orders sank 29.3% on an annual basis in February, confirming the preliminary print and following a decline of 18.8% in the prior month.

In the Asian session (at GMT0400), the pair is trading at 110.47, with the USD trading 0.20% lower against the JPY from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: USD/JPY is expected to find support at 110.08 and a fall through could take it to the next support level of 109.69; Meanwhile, the pair is expected to find its first resistance at 111.24, and a rise through could take it to the next resistance level of 112.01.

Looking ahead, traders would await Japan’s national consumer price index for February and the Nikkei manufacturing PMI for March, scheduled to release overnight.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

COZFX: Loonie trading higher in the morning session

COZforex: For the past trading session, the USD declined 0.25% against the CAD and closed at 1.3401.

In the Asian session (at GMT0400), the pair is trading at 1.3391, with the USD trading 0.07% lower against the CAD from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: USD/CAD is expected to find support at 1.3370 and a fall through could take it to the next support level of 1.3350; Meanwhile, the pair is expected to find its first resistance at 1.3428, and a rise through could take it to the next resistance level of 1.3466.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

COZFX: Oil trading higher, ahead of API’s weekly crude oil stockpiles data

COZforex: For the past trading session, crude oil rose 2.03% against the USD and closed at USD61.69 per barrel, as prospects of tightening supplies and diminishing worries over global economic growth boosted demand outlook for the commodity.

In the Asian session (at GMT0300), the pair is trading at 61.79, with oil trading 0.16% higher against the USD from yesterday’s close, helped by strong Chinese economic data that eased demand concerns and US sanctions against Iran and Venezuela.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: Crude oil is expected to find support at 60.82 and a fall through could take it to the next support level of 59.82; Meanwhile, crude oil is expected to find its first resistance at 62.39, and a rise through could take it to the next resistance level of 63.00.

Crude oil is trading above its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

COZFX: Australia’s AIG performance of construction index climbed in March

COZforex: For the past trading session, the AUD declined 0.11% against the USD and closed at 0.7110.

In commodities, LME Copper prices declined 0.6% or $0.4/MT to $6444.0/MT; Meanwhile, Aluminium prices rose 0.4% or $7.0/MT to $1872/MT.

In the Asian session (at GMT0300), the pair is trading at 0.7124, with the AUD trading 0.20% higher against the USD from yesterday’s close.

Overnight data showed that Australia’s AIG performance of construction index climbed to a level of 45.6 in March, compared to a level of 43.80 in the preceding month.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: AUD/USD is expected to find support at 0.7106 and a fall through could take it to the next support level of 0.7088; Meanwhile, the pair is expected to find its first resistance at 0.7134, and a rise through could take it to the next resistance level of 0.7144.

Amid lack of economic releases in Australia today, traders would focus on global macroeconomic events for further direction.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

COZFX: Euro trading a tad lower in the Asian session

COZforex: For the past trading session, the EUR slightly declined against the USD and closed at 1.1303.

In the US data showed that the US NY Empire State manufacturing index climbed to a level of 10.1 in April, surpassing market consensus for a gain to a level of 8.0. The index had registered a reading of 3.7 in the prior month.

In the Asian session (at GMT0300), the pair is trading at 1.1299, with the EUR trading a tad lower against the USD from yesterday’s close.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said: EUR/USD is expected to find support at 1.1288 and a fall through could take it to the next support level of 1.1276; Meanwhile, the pair is expected to find its first resistance at 1.1316, and a rise through could take it to the next resistance level of 1.1332.

Going forward, traders would keep an eye on the Euro-zone’s ZEW survey economic sentiment index for April and construction output for February along with Germany’s ZEW survey indices for April, slated to release in a few hours. Later in the day, the US industrial production and manufacturing production, both for March followed by the NAHB housing market index for April, will garner significant amount of investor’s attention.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

COZFX: UK’s public sector net borrowing declined to a 17-year low in March

COZforex: For the past trading session, the GBP declined 0.25% against the USD and closed at 1.2904.

Data showed that UK’s public sector net borrowing posted a deficit of £0.84 billion in March, marking its lowest level in 17-years and defying market consensus for a surplus of £0.40 billion. In the preceding month, the nation registered a revised surplus of £0.51 billion.

In the Asian session (at GMT0300), the pair is trading at 1.2910, with the GBP trading 0.05% higher against the USD from yesterday’s close.

In technical analysis, COZforex foreign currency senior currency strategist, Paul Chew said: GBP/USD is expected to find support at 1.2878 and a fall through could take it to the next support level of 1.2845; Meanwhile, the pair is expected to find its first resistance at 1.2953, and a rise through could take it to the next resistance level of 1.2995.

Moving ahead, traders would keep an eye on UK’s CBI trends total orders and CBI business optimism for April, set to release in a few hours.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

Re: Daily market news by Cozfx

COZFX: SVME manufacturing PMI unexpectedly contracted in April

COZforex: For the past trading session, the USD rose 0.21% against the CHF and closed at 1.0193.

The Swiss Franc declined against the US dollar, amid dismal economic data.

Data showed that Switzerland’s SVME manufacturing PMI unexpectedly contracted to a level of 48.5 in April, compared to a level of 50.3 in the previous month. Market participants had envisaged the PMI to register a rise to a level of 51.0. Moreover, the nation’s real retail sales eased 0.7% on an annual basis in March, higher than market anticipation for a fall of 0.4%. In the previous month, real retail sales had recorded a revised unchanged reading.

In the Asian session (at GMT0300), the pair is trading at 1.0195, with the USD trading a tad higher against the CHF from yesterday’s close.
In technical analysis, COZFX strategist Nigel Boynton said: USD/CHF is expected to find support at 1.0177 and a fall through could take it to the next support level of 1.0160; Meanwhile, the pair is expected to find its first resistance at 1.0208, and a rise through could take it to the next resistance level of 1.0222.

Looking ahead, traders would await Switzerland’s SECO consumer confidence index and the consumer price index for April, slated to release in a while.

The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.


(COZ forex UK)

Re: Daily market news by Cozfx

COZFX: Japanese Yen extends its gains in the Asian session


COZforex: For the past trading session, the USD declined 0.17% against the JPY and closed at 110.06.

In the Asian session (at GMT0300), the pair is trading at 109.90, with the USD trading 0.15% lower against the JPY from yesterday’s close.

In technical analysis, COZ senior foreign exchange risk investment trader Desmond Doyle said: USD/JPY is expected to find support at 109.73 and a fall through could take it to the next support level of 109.56; Meanwhile, the pair is expected to find its first resistance at 110.17, and a rise through could take it to the next resistance level of 110.44.

Looking ahead, traders would await Japan’s consumer confidence index for April, scheduled to release in a while.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.


(COZ forex UK)

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