January 2013 - - ForexAbode.com

GBP/USD Finding Support Near The Trend Line

January 31, 2013 10:22 am GMT+0  in Chart Alert

The converging trend line channel is in place since July 2009. GBP/USD seems to be finding support at the lower support trend line. Please check the weekly chart as follows: GBP/USD weekly chart  

US GDP – 4th Quarter 2012

January 30, 2013 8:47 pm GMT+0  in U.S.

Markets were taken aback by a shock contraction in the U.S. GDP during the fourth quarter of 2012. Gross Domestic Product (GDP) fell by 0.1% year-on-year against the consensus expectation of a growth of 1.1%. Economists were concerned that the result represented the weakest rate of growth in the GDP since 2009, even though itRead the Rest…

Meeting of the US Fed – 30 Jan 2013

January 30, 2013 8:27 pm GMT+0  in U.S.

As expected, the first FOMC meeting in 2013 kept up its commitment to the current program of quantitative easing and left interest rates unchanged at 0.25%. The Committee’s review of economic data released since the previous meeting concluded that economic activity lost some momentum and the unemployment rate remained elevated even though there was improvementRead the Rest…

GBPJPY Finding Support Near 22 Day EMA

January 29, 2013 12:57 am GMT+0  in Chart Alert

During last week GBP/JPY had broken the support pattern which has been in place for past 9 weeks. For past 9 weeks the currency pair had been continuously finding the support near 5-week EMA. The downward move, however, could not sustain and an immediate recovery to 142.24 had taken place. The point to be notedRead the Rest…

GBP/JPY Breaks The Support Of 5-Week EMA After 9 Weeks

January 27, 2013 8:18 am GMT+0  in Chart Alert

For past 9 weeks GBP/JPY had been finding support near the 5-week EMA level with every drop in the price level. The currency pair broke that trend last week after over two months. Past 3 weeks highs have been as follows: Week of  January 7th: 144.42 Week of  January 17th: 144.81 Week of  January 21st:Read the Rest…

AUD/USD Testing The Key 200-Day Moving Average Support

January 27, 2013 4:12 am GMT+0  in Chart Alert

After going as high as 1.0598, AUD/USD had failed to break over the 1.0600 to test the previous strong resistance of 1.0624 and had fallen strongly. The subsequent effort of recovery had failed at 1.0580 and the next upward jump failed 2 pips below that i.e. at 1.0578. The strong fall from 1.0578  tried toRead the Rest…

USD/CHF Finds Resistance Ahead Of 200 Day Moving Average

January 27, 2013 2:52 am GMT+0  in Chart Alert

USD/CHF had broken over December 7, 2012′s high of 0.9383 which had proved to be a strong resistance during last month. The currency pair’s rise to as high as 0.9389 had indicated some neat-term bullish sentiments and possibilities of testing the psychological 0.9500 level at the first glance. However the fall came much before thatRead the Rest…

USD/JPY’s Bullish Moves Continue But With A Loss In The Momentum

January 27, 2013 1:50 am GMT+0  in Chart Alert

USD/JPY had broken above the critical psychological level of 90.00 quite smoothly. Even though after the first break when the currency pair had gone as high as 90.24, there was a strong fall to 88.06 but the equally strong recovery had taken it to as high as 91.19. On one hand the bullish sentiments areRead the Rest…

EUR/USD Breaks The Barrier Of 1.3400

January 25, 2013 8:40 am GMT+0  in Chart Alert

After briefly touching 1.3404 on January 13th, EUR/USD could not sustain the upward gains and fallen strongly. The pair had gone into a very volatile sideways mode since then but each attempt of breaking over 1.3400 has been failing since then. The previous strong resistance level was 1.3385 and a break over that had clearly indicated that further upwardsRead the Rest…

Japan Consumer Prices Drop – A Threat To Bank Of Japan’s Price Stability Target

January 25, 2013 5:28 am GMT+0  in Japan

Today’s Consumer price index data released by Statistics Bureau, Tokyo showed a drop in the prices again in Japan during December 2012. The national consumer price index dropped by -1.0% against the same during December 2011. November had seen an year on year change of -2.0% and the market consensus were for a same dropRead the Rest…

Is Global Manufacturing Back in Fashion? Maybe, Say Better PMIs.

January 25, 2013 12:14 am GMT+0  in Economy

According to latest PMI data released by Markit for economies around the globe, a recovery in manufacturing is gradually taking hold. China, Eurozone and the United States together account for 47% of the world’s real GDP (Source: IMF).  Here’s a look at the latest manufacturing PMI surveys for each of these geographies. China: Flash ManufacturingRead the Rest…

Spain Unemployment Hits Record High – Euro Movement Remains Indecisive

January 24, 2013 9:51 am GMT+0  in Forex Fundamentals and News

The unemployment data released today by National Statistics Institute in Madrid showed that Spain’s unemployment jumped up to 26.02% in the 4th quarter of 2012. This is a record high at least since 1976. This casts dark shadows on the outlook of the country which had seen a very controlled unemployment during 2001 to 2008 whenRead the Rest…