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Christian KÄMMERERHead of German Speaking Markets
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Research is to see what everybody else has seen,
and to think what nobody else has thought.
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Barbara NICODEMOUMarket Analyst
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Research is creating new knowledge.
- Neil Armstrong
Melina DELTASJunior Market Analyst
Thursday, 19 January 2017 08:45

EUR/USD Awaits ECB Meeting Today

Published in Forex

The European Central Bank has a monetary policy announcement today and yesterday we saw the dollar finally to gain back some of its strength on the back of some good economic data. The U.S. dollar drove the EUR/USD pair lower and failed to impress, as it failed to hit the 1.0800 resistance level. Currently, the single currency is developing near the 1.0640 level and the next immediate support is at 1.0580. If the market breaks the primary support level then, the price will go for the 1.0500 strong psychological barrier. Technical indicators are in contrast with the bearish thought so, a rebound on the aforementioned psychological level is possible. Additionally, a break above the 1.0720 resistance barrier, will open the way for the 1.0800 handle. The MACD oscillator is moving higher within the positive territory while the RSI indicator is pointing upwards.

EURUSDDaily190117.png

 

Thursday, 19 January 2017 08:42

WTI is Falling Towards the $51.47 Level

Published in Commodites & Metals

WTI crude oil dropped on Wednesday more than 2.5% following the rebound on the $54.30 resistance level. The aggressive sell-off will move the oil towards the $51.47 support barrier but it needs to go through the 50-daily SMA which behaves as a good support. Momentum has turned negative as the MACD indicator is headed lower and is holding slightly above the zero line at the moment. In the next few sessions, we are waiting for the indicator to slip below its mid-level. The Relative Strength Index (RSI) entered the bearish territory while the Stochastic oscillator is falling and is approaching the oversold area.

WTICrudeDaily190117.png

Thursday, 19 January 2017 08:37

USD/JPY Closed Positive After 8 Days

Published in Forex

The U.S. dollar headed sharply higher against the Japanese yen over yesterday’s session as the release of the economic indicators acted as drivers for the currency. So, unless Donald Trump will affect the dollar tomorrow, we may see the end to a month of losses in the greenback. The USD/JPY pair found a strong support on the 112.50 barrier and surged 1.8% on Wednesday but failed to challenge our suggested target at 115.00 (see technical analysis here: http://bit.ly/2iU1FrI).

Technically, the pair has a strong obstacle to the upside, the 50-daily SMA, however, if it surpasses the latter level will be exposed towards the previous 11-month high at 118.65. On the other hand, if the price rebounds on the aforementioned obstacle, it would open the way for the 113.70 support level. MACD is moving south with some weak momentum while RSI is flattening slightly below the 50 level.

USDJPYDaily190117.png

Thursday, 19 January 2017 08:34

USD/CAD Edged Sharply Higher - Rose 1.7%

Published in Forex

One of the worst performing currency yesterday was the Canadian dollar, which plunged after the Bank of Canada’s monetary policy announcement. It was a key day for the direction of the USD/CAD pair as it surged more than 1.7% after an aggressive movement to the downside in the previous trading sessions. The pair failed to meet the 1.3300 critical resistance psychological level, however, it may reach it today. The 50 and 100 daily SMAs seem to be strong obstacles of the price and we may see a pullback on that level. Otherwise, if the market helps the price to keep moving to the upside, the next level to watch is the 1.3400 handle. Technical indicators moved higher while the RSI indicator stuck slightly below the 50 level whilst the MACD oscillator surpassed above its trigger line.

USDCADDaily190117.png

Wednesday, 18 January 2017 08:37

GBP/USD is Trading Well Above Our Target

Published in Forex

Sterling printed one of the strongest days versus the greenback since 2008 as it added more than 3% during yesterday’s session due to PM Theresa May’s speech. The GBP/USD pair created an aggressive rally to the upside and reached our suggested target at 1.2190 (see technical analysis here: http://bit.ly/2jxjCx1), while it surpassed easily the obstacles that found on its way towards the 1.2415 resistance level. The price surged above the three SMAs (50, 100 and 200 SMAs) on the 4-hour chart, however, it rebounded on the 50-daily SMA and now is developing lower near the 1.2350 level. In addition, the currency pair broke the descending short-term trend line to the upside which is endorsing the recent bullish attitude. An alternative scenario is a penetration of the 1.2320 support handle to the downside which will open the door for the 1.2230 obstacle.

In the same chart, the technical indicators headed sharply higher within overbought territory whilst currently, the RSI indicator fell below the 70 level but is still moving in the positive path. On the other side, the MACD oscillator is holding above both, its zero and trigger lines suggesting a stronger pair action in the next few sessions.

GBPUSDH4180117.png

 

Wednesday, 18 January 2017 08:34

EUR/GBP Slipped and Profit Booked!

Published in Forex

The EUR/GBP plunged more than 1.9% over yesterday’s session as the PM Theresa May’s speech had a severe impact on the British pound. The euro recorded the third negative day in a row against the sterling while it managed to reach our recommended target on the 100-daily SMA at 0.8680 (see technical analysis here: http://bit.ly/2jxm7PJ). The pair will also be affected by the ECB interest rate decision tomorrow which may drive the price in either direction.

The technical indicators on the daily chart seem to be in agreement with the bearish movement as the price is developing below the 100-SMA and is approaching the other two SMAs near the 0.8500 strong psychological level. RSI plunged near the 50 level following the rebound in the overbought area while MACD is moving lower creating a bearish crossover with its trigger line within the positive path.

EURGBPDaily180117.png

Wednesday, 18 January 2017 08:32

USD/JPY Hit Our Suggested Level at 113.00

Published in Forex

After eight days of losses in USD/JPY pair, the price found a support level near the 113.00 strong psychological barrier which overlaps with the first support barrier of the pivot points and met our suggested level (see technical analysis here: http://bit.ly/2jINJPw).

The U.S. dollar plummeted more than 3.6% since January 4th, following the rebound on the 118.65 fresh high against the Japanese yen, however, now may reach the end of the downside correction and will continue its rising for regaining some ground. The pair will retest the 115.00 critical level, if it rose above the 113.70 resistance obstacle. Otherwise, a move below the aforementioned psychological level will expose the price towards the second support level of the weekly pivot points which coincides with the 111.30 obstacle. MACD is endorsing the bearish momentum as it is moving lower into the negative path, however, RSI is pointing upwards.

USDJPYDaily180117.png

Wednesday, 18 January 2017 08:30

EUR/USD Broke to the Upside 1.0670

Published in Forex

The euro traded extremely well against the U.S. dollar yesterday, gaining more than 1%. The EUR/USD pair surpassed the 1.0670 strong barrier to the upside and reached the 1.0720 price level. Over the last session, the single currency is developing above the 50-SMA which is sloping to the upside and now it seems that is ready to test the 1.0800 psychological level which overlaps with the 100-SMA on the daily chart. On the other hand, if the price slips below 1.0670 will found an obstacle near 1.0570.

From a technical point of view, the upward move will continue as the technical indicators moved higher above their mid-levels. RSI is sloping downwards today as the price is trading lower, however, MACD is holding within an overbought area with strong momentum.

EURUSDDaily180117.png

Tuesday, 17 January 2017 08:37

GBP/USD Surged and Profit Booked at 1.2120

Published in Forex

British pound plunged more than 20% against the U.S. dollar since EU Referendum in June. The GBP/USD pair opened with 155 pips gap to the downside and almost challenged the 31-year low at 1.1984 ahead of Prime Minister Theresa May’s speech later today who plans to speak about Britain’s exit from the European Union.

Currently, the pair is in progress to cover all the losses from the gap and it is approaching the 50 and 100 SMAs, on the 4-hour chart, which seems to be the next strong resistance obstacles. Early this morning, the pair hit our suggested target at 1.2120 from the second scenario that we recommended on a previous analysis (see technical analysis here: http://bit.ly/2jT1g6h). Technical indicators are confirming the recent bullish attitude as both are moving higher. The RSI indicator is sloping upwards while it is approaching the positive path. The MACD oscillator is still moving into the negative path, however, it created a bullish crossover with its trigger line.

GBPUSDH4170117.png

Tuesday, 17 January 2017 08:35

GBP/JPY Stucks in 100 and 200 daily SMAs

Published in Forex

The GBP/JPY pair is moving lower after the rebound on the 148.40 resistance barrier and over a previous session, it opened with a gap to the downside. Currently, the sterling is developing within the 100 and 200 daily SMAs against the Japanese yen which both seem to be strong obstacles for the continuation of the tendency in either direction. The pair plummeted almost 7% since December 18th and if the price slips below the 100-SMA, it will move towards the 132.25 support barrier. Technical indicators are endorsing the bearish scenario as RSI is falling with the solid move over the last sessions while MACD entered the negative territory and it lies below its trigger line.

GBPJPYDaily170117.png

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Trading Foreign Exchange and Contracts for Difference (CFDs) is highly speculative and may not be suitable for all investors. JFD Brokers offers trading on margin. The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment. Only invest with money you can afford to lose and ensure that you fully understand the risks involved. JFD Brokers assumes no liability for errors, inaccuracies, or omissions of the herein presented material. JFD Brokers does not guarantee the accuracy or completeness of the information, text, graphics, links or other information contained in this document.Seek independent advice if necessary and review our Risk Disclosure and Privacy Disclosure before opening an account. Copyright © 2012 JFD Brokers Ltd.
 
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