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US Crude Steady, New Home Sales Shines

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US crude has posted slight gains and is trading at $ 48.67 in the North American session. Brent crude is trading at $ 48.90, as the Brent premium is a negligible $ 0.23. On the release front, US New Home Sales jumped to 619 thousand, well above the estimate. Richmond Manufacturing Sales declined 1 point, missing expectations.

US housing reports continue to show impressive numbers. New Home Sales surged in April, with an excellent reading of 619 thousand, compared to 511 thousand a month earlier. This figure crushed the estimate of 521 thousand and marked an 8-year high. Last week, Existing Home Sales posted a second straight gain, improving to 5.45 million. This was above the forecast of 5.40 million. The news was not as good from the manufacturing front, as the Richmond Manufacturing Index came in at -1 point, surprising the markets which had expected a strong gain of 9 points. This weak reading follows the Philly Fed Manufacturing Index, which continues to struggle. The indicator posted a decline of 1.8 points, well short of the estimate of a 3.2 point gain. We’ll get another look at key manufacturing data on Thursday, with the release of durable goods reports.

Will the Federal Reserve make a move in June? Last week’s Federal Reserve’s minutes were more hawkish than expected, and this resulted in strong volatility in the currency markets last week. It has also renewed market speculation about a June rate hike. The Fed is unlikely to make a move if key indicators don’t show improvement, particularly inflation indicators. On Monday, FOMC members James Bullard and John Williams voiced support for further rate hikes. Bullard said that the Fed planned to resume rate hikes if the US economy strengthened, while Williams reiterated that he expected the Fed to raise rates two or three times in 2016. However, there appears to be a gap between what Fed members are saying and market sentiment, as many analysts are projecting only one rate hike this year. The guessing game as to what the Fed has in mind is likely to continue into June, but it’s safe to say that another rate move will be data-dependent, so stronger US numbers will increase the likelihood of a quarter-point hike at the June policy meeting.

WTI/USD Fundamentals
Tuesday (May 24)

  • 10:00 US New Home Sales. Estimate 521K. Actual 619K
  • 10:00 US Richmond Manufacturing Index. Estimate 9 points. Actual -1 points

*Key events are in bold
*All release times are EDT

WTI/USD for Tuesday, May 24, 2016250516jWTI/USD May 24 at 11:25 EDT
Open: 48.09 Low: 47.65 High: 48.93 Close: 48.67

WTI/USD Technical
250516k

  • WTI/USD was flat in the Asian session. The pair has posted small gains in the European and North American sessions
  • There is resistance at 50.13
  • 46.69 is providing support

Further levels in both directions:

  • Below: 46.69, 43.45, 40.00 and 37.75
  • Above: 50.13, 53.50 and 56.79

About Kenny Fisher

Kenny Fisher Currency Analyst, OANDA, Kenny Fisher joined OANDA in 2012 as a Currency Analyst. Kenny writes a daily column about current economic and political developments affecting the major currency pairs, with a focus on fundamental analysis. Kenny began his career in forex at Bendix Foreign Exchange in Toronto, where he worked as a Corporate Account Manager for over seven years. Follow on and on his Google+ profile.

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US Crude Drifting at $48, Manufacturing PMI Flat

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US crude is showing little movement on Monday, continuing the lack of movement which characterized much of last week. Crude is trading at $ 47.97 in the North American session. Brent crude is trading at $ 48.74, as the Brent premium stands at $ 0.77. On the release front, it’s a quiet start to the week. US Flash Manufacturing PMI posted a reading of 50.5 points, short of the estimate of 51.0. On Tuesday, the US releases New Home Sales, with the estimate standing at 521 thousand.

Crude prices remain steady, as the commodity touched a high of $ 49.20 on Friday, its highest level since October 2015. Crude Oil Inventories surprised the markets last week, posting a surplus of 1.3 million barrels. The markets had expected a sharp decline of 3.2 million. This weekly indicator of US crude stockpiles has declined only twice since February, as US crude stockpiles remain at high levels. Nevertheless, oil prices have remained climbed in recent weeks, in large part a result of production problems such as the massive wildfire in Alberta and disruptions in Libya and Nigeria. As well, the US economy appears to have recovered from a weak first quarter, thus increasing demand for oil and boosting crude prices.

Will the Federal Reserve make a move at its June policy meeting? Last week’s Federal Reserve minutes were surprisingly hawkish, resulting in strong volatility in the global currency markets. The minutes indicated that a June rate hike remains firmly on the table. According to the minutes, the Fed wants to see stronger growth in the second quarter as well as better numbers from the inflation and employment fronts. If this is achieved, the Fed said it “likely would be appropriate” to raise rates at the June meeting. This message is somewhat hawkish in comparison to recent statements by Fed chair Janet Yellen, which were more cautious about the strength of the US economy. The markets were skeptical that June would be a “live meeting”, with most analysts assuming that the Fed would continue to sit on the sidelines. The minutes have drastically changed market sentiment, however, since it’s clear that the June meeting will be a crucial one, as it could mark the Fed’s first interest rate hike this year. With the Fed saying that a key factor in a rate hike decision will be the strength of the US economy, upcoming major economic indicators will be under the market microscope, particularly inflation and employment numbers.

WTI/USD Fundamentals
Monday (May 23)

  • 6:15 US FOMC Member James Bullard Speaks
  • 9:45 US Flash Manufacturing PMI. Estimate 51.0. Actual 50.5

Upcoming Key Events
Tuesday (May 24)

  • 10:00 US New Home Sales. Estimate 521K

*Key events are in bold
*All release times are EDT

WTI/USD for Monday, May 23, 2016240516gWTI/USD May 23 at 11:35 EDT
Open: 48.16 Low: 47.41 High: 48.27 Close: 47.97

WTI/USD Technical
240516h

  • WTI/USD was flat in the Asian session. The pair posted losses in the European session but has recovered in North American trade
  • There is resistance at 50.13
  • 46.69 is providing support

Further levels in both directions:

  • Below: 46.69, 43.45, 40.00 and 37.75
  • Above: 50.13, 53.50 and 56.79

About Kenny Fisher

Kenny Fisher Currency Analyst, OANDA, Kenny Fisher joined OANDA in 2012 as a Currency Analyst. Kenny writes a daily column about current economic and political developments affecting the major currency pairs, with a focus on fundamental analysis. Kenny began his career in forex at Bendix Foreign Exchange in Toronto, where he worked as a Corporate Account Manager for over seven years. Follow on and on his Google+ profile.

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WTI/USD – Crude Touches 7-Month Highs, US Housing Report Shines

marketpulse

US crude is showing little movement on a data-light Friday, trading at $ 48.96 in the North American session. Brent crude is trading a drop lower, at $ 48.74. The trading week is ending on a quiet note, as there is just one event on the schedule. Existing Home Sales continued to improve, coming in at 5.45 million. This figure beat the estimate of 5.40 million.

Crude prices remain steady, as the commodity touched a high of $ 49.20 on Friday, its highest level since October 2015. Crude Oil Inventories, a weekly release, have posted declines only twice since February, as US crude stockpiles remain at high levels. Nevertheless, oil prices have remained climbed in recent weeks, in large part a result of production problems such as the massive wildfire in Alberta and disruptions in Libya and Nigeria. As well, the US economy appears to have recovered from a weak first quarter, thus increasing demand for oil and boosting crude prices.

The highly-anticipated Federal Reserve minutes were more hawkish than expected, resulting in strong volatility in the global currency markets. The US dollar posted strong gains against most of the major currencies and also appreciated against oil.  The minutes indicated that a June rate hike remains firmly on the table, and the currency markets have reacted with strong volatility. According to the minutes, the Fed wants to see stronger growth in the second quarter as well as better numbers from the inflation and employment fronts. If this is achieved, the Fed said it “likely would be appropriate” to raise rates at the June meeting. This message is somewhat hawkish in comparison to recent statements by Fed chair Janet Yellen, which were more cautious about the strength of the US economy. The markets were skeptical that June would be a “live meeting”, with most analysts assuming that the Fed would continue to sit on the sidelines. The minutes have drastically changed market sentiment, however, since it’s clear that the June meeting will be a crucial one, as it could mark the Fed’s first interest rate hike this year. With the Fed saying that a key factor in a rate hike decision will be the strength of the US economy, upcoming major economic indicators will be under the market microscope, particularly inflation and employment numbers.

WTI/USD Fundamentals
Friday (May 20)

  • 10:00 US Existing Home Sales. Estimate 5.40M. Actual 5.45M

*Key events are in bold
*All release times are EDT

WTI/USD for Friday, May 20, 2016230516fWTI/USD May 20 at 9:45 EDT
Open: 48.82 Low: 48.39 High: 49.28 Close: 48.61

WTI/USD Technical
230516g

  • WTI/USD has shown limited movement in the Friday session
  • There is resistance at 50.13
  • 46.69 is providing support

Further levels in both directions:

  • Below: 46.69, 43.45, 40.00 and 37.75
  • Above: 50.13, 53.50 and 56.79

About Kenny Fisher

Kenny Fisher Currency Analyst, OANDA, Kenny Fisher joined OANDA in 2012 as a Currency Analyst. Kenny writes a daily column about current economic and political developments affecting the major currency pairs, with a focus on fundamental analysis. Kenny began his career in forex at Bendix Foreign Exchange in Toronto, where he worked as a Corporate Account Manager for over seven years. Follow on and on his Google+ profile.

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Gold Down Sharply as Fed Hints at June Hike

marketpulse

Gold prices continue to drop on Thursday, as the metal trades at a spot price of $ 1251.63 an ounce in the North American session. On the release front, the Philly Fed Manufacturing Index dropped 1.8 points, disappointing the markets. Unemployment Claims dropped sharply to 278 thousand, within expectations. The markets will be listening closely to speeches from two Federal Reserve presidents, Stanley Fischer and William Dudley.

Gold is down 2.1% since the release of the Federal Reserve minutes on Wednesday. The minutes were surprisingly hawkish, as policymakers left the door wide open for a rate hike in June. Just one week ago, Fed fund futures were indicating a 4% chance of a rate hike in June, but this has jumped to 34% on Thursday. A rate hike is bearish for gold prices, since higher rates make the US dollar a more attractive than assets such as gold, which don’t provide any interest.

The highly-anticipated Federal Reserve minutes were released on Wednesday. The minutes indicated that a June rate hike remains firmly on the table, and the currency markets have reacted with strong volatility. According to the minutes, the Fed wants to see stronger growth in the second quarter as well as better numbers from the inflation and employment fronts. If this is achieved, the Fed said it “likely would be appropriate” to raise rates at the June meeting. This message is somewhat hawkish in comparison to recent statements by Fed chair Janet Yellen, which were more cautious about the strength of the US economy. The markets were skeptical that June would be a “live meeting”, with most analysts assuming that the Fed would continue to sit on the sidelines. The minutes have however, drastically changed market sentiment, since it’s clear that the June meeting will be a crucial one, as it could mark the Fed’s first interest rate hike this year. With the Fed saying that a key factor in a rate hike decision will be the strength of the US economy, upcoming major economic indicators will be under the market microscope, particularly inflation and employment numbers.

XAU/USD Fundamentals
Thursday (May 19)

  • 8:30 US Philly Fed Manufacturing Index. Estimate 3.2. Actual -1.8
  • 8:30 US Unemployment Claims. Estimate 276K. Actual 278K
  • 9:15 US FOMC Member Stanley Fischer Speaks
  • 10:00 US CB Leading Index. Estimate 0.4%. Actual 0.6%
  • 10:30 US Natural Gas Storage. Estimate 75B. Actual 73B
  • 10:30 US FOMC Member William Dudley Speaks

Upcoming Key Events
Friday (May 20)

  • 10:00 US Existing Home Sales. Estimate 5.40M

*Key releases are highlighted in bold
*All release times are EDT

XAU/USD for Thursday, May 19, 2016200516kXAU/USD May 19 at 13:00 EDT
Open: 1260.50 Low: 1243.81 High: 1261.37 Close: 1251.63

XAU/USD Technical
200516l

  • XAU/USD posted small losses in the Asian session. The pair lost ground in the European session but has recovered in North American trade
  • 1232 is a providing support
  • 1255 remains fluid and has switched to a resistance role. It could see further activity in the North American session
  • Current range: 1232 to 1255

Further levels in both directions:

  • Below: 1232, 1207 and 1191
  • Above: 1255, 1279, 1303, 1324

OANDA’s Open Positions Ratio
XAU/USD ratio is almost unchanged on Thursday. Long positions have a strong majority (62%), indicative of trader bias towards XAU/USD reversing directions and moving to higher levels.

About Kenny Fisher

Kenny Fisher Currency Analyst, OANDA, Kenny Fisher joined OANDA in 2012 as a Currency Analyst. Kenny writes a daily column about current economic and political developments affecting the major currency pairs, with a focus on fundamental analysis. Kenny began his career in forex at Bendix Foreign Exchange in Toronto, where he worked as a Corporate Account Manager for over seven years. Follow on and on his Google+ profile.

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Top trade idea for May 20th, 2016 – AUD/JPY

On Alert in AUD/JPY

Writers are often advised to read widely. The idea is that the greater the input, and the range of the input, the better the output. The same is true for traders. The more and varied sources of market information, the more potential trades.

The challenge is that there are so many markets – more than 5,000 on any decent trading platform. Experienced traders still read the news, check their charts, study central bank statements and talk to their trading peers. However most will also use a variety of tools to help sort through the sheer volume of markets and short cut the trade identification process.

That’s why I run a pattern recognition scanner as part of my trading routine. Not only does it find trades I haven’t, it can influence the way I think about a market. AUD/JPY is a case in point. This morning, the scanner identified a double bottom (in red). Adding the Bollinger Bands shows AUD/JPY could be forming a W reversal:

1

This surprised (me) because AUD is in a downtrend against most currencies. Yet here we have a potential strong turning point indicator. Note how the first trough of the W falls outside the lower band, while the second trough is within. All that is required now is trading up through the peak at 80.67 to complete the W.

If it does, it will trigger my stop entry buy order at 80.80, with a stop loss at 79.90. The conservative target is 83.85, the stretch target is 86.05.

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Top trade idea for May 19th, 2016 – GBPUSD

GBPUSDDaily

GBPUSD acting extremely bullish as the day the Fed released the minutes, namely yesterday, a poll in the UK showed that the sentiment is leaning toward a stay at the upcoming EU referendum. It was enough for the pound to squeeze all over the board and even the fact that the minutes were bearish was not enough to bring the pair to the downside much more.

However, I would say this is no place to stay long and if that is the case, then why not staying short? Therefore, providing we’re not going to 1.4789 where our invalidation would be, I would favor a move to the downside all the way to 1.4188 and maybe even lower.

The thing is that I am looking for a contracting triangle, not any kind of a triangle but a horizontal one and that b wave in purple that you see there is most likely not completed. We need more clues for that, but staying short for a move below 1.4200 is the way to move forward.

About Mircea Vasiu

capital properties fxMircea Vasiu has an MBA in International Business from an American University, graduating Magna Cum Laudae. He has been a professional trader for the last 8 years and is involved in various educational projects for different financial companies. He also runs a trading signal for the currency markets at www.capitalpropertiesfx.com.

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Top trade idea for May 18th, 2016 – USD/CAD

forex_logo

The US dollar has eased of its best levels after rebounding across the board following the release of some strong US macroeconomic pointers on Tuesday.  Meanwhile, the Canadian dollar has weakened against most major currencies despite the fact crude oil prices have repeatedly hit new 2016 highs this week. Consequently, the USD/CAD pair has been able to hold its own relatively well. In part, the breakdown between oil prices and the Canadian dollar can be explained away by the impact of the wildfires, as not only has this had a direct impact on Canadian oil output but also wider negative economic implications. Unfortunately, things could go from bad to worse for the CAD if oil prices were to pull back sharply now from these relatively elevated levels.

The Loonie will be in focus again today ahead of the US weekly crude stockpiles report and the FOMC’s last meeting minutes. If oil prices fall, say on a surprise crude inventory build or otherwise, then the USD/CAD may finally break out of its recent consolidation range to the upside, above 1.30. Indeed it would be a ‘surprise’ if oil inventories had risen last week, for the API has estimated that supplies fell 1.1 million barrels and the official EIA data is expected to show a larger 3.1 million decrease, largely because of lower oil exports from Canada. Conversely, if oil prices rise significantly then the Loonie may once again go for a test of the long-term support/resistance level of 1.2835, before making its next move.

As ever, it is the reaction of price to news – rather than the news itself – that will be more important when it comes to trading. So, whatever today’s news may turn out to be, watch the reaction of the USD/CAD around the key short-term resistance and psychological level of 1.3000 on the upside and 1.2835 on the downside. A potential break above 1.3000 may pave the way for an eventual rally towards the 38.2% Fibonacci retracement of the recent downswing at 1.3310/15 or the 200-day moving average at 1.3360. Alternatively, a decisive break back below the pivotal 1.2835 level could potentially pave the way for an eventual re-test of the 1.2500 handle at some point.

16.05.18 usdcad

About Fawad Razaqzada

Fawad is FOREX.com’s technical analyst based in London. He entered the FX market in early 2010. Having graduated from Brunel University with a degree in economics, and mentored by some of the industry’s leading experts, he has an excellent understanding of the fundamental drivers of the markets. But it is his unique ability to predict price moves using technical analysis that has made him popular amongst his peers. Fawad is regularly quoted in the leading financial publications such as the Wall Street Journal, Reuters, Market Watch, FT and Associated Press. On a day to day basis, Fawad produces and delivers market commentary and research for FOREX.com, with an emphasis on technical analysis. He achieved his CISI Level 3 Certificate in Investments (Derivatives – Retail) in early 2011.

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Top trade idea for May 17th, 2016 – NZD/USD

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On the 4H chart of NZDUSD we are observing an idea of an ending diagonal placed in the last blue leg C, that was recently completed, as sharp reversal through the lower trend line might have just started a new bearish cycle. As of now we think that the first impulsive leg was red wave 1), followed by wave 2) that still seems to be unfolding and will ideally reach the lower trendline that can react as a resistance and a turning point into lower levels of wave 3).

Invalidation level is at 0.70529- as long as it holds, we are looking to the downside.

NZDUSD, 4H

1

On the intraday chart, we see closely how wave 2) pullback is unfolding. We see that price has recently made waves A) and B) and is now possibly in wave C) that may find it’s reversal at 0.6875/0.693 zone.

NZDUSD, 1H

2

We favor Shorts from 0.6855 – 0.6900 region against 0.6985 invalidation level. Downside projection is around 0.6570.

About Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/ Try EW-Forecast.com’s Services Free For 7 Days at http://www.ew-forecast.com/service

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Top trade idea for May 16th, 2016 – USD/CHF

Trading opportunities for currency pair: the USD/CHF has crept up close to a strong resistance. A break at 0.98 is expected and then a strengthening of the USD against the franc to 0.9940. Look to buy dollar only after a break in the level and a consolidation above 0.98 that doesn’t last long.

The last Swiss franc idea I made was published on 25th May, 2015. When the idea was published, the dollar was trading at around 0.9433. According to the double bottom price model and a break in the trend line, I expected to see a weakening of the franc to 0.9626 and, with the rate passing 0.9626, to 0.9860.

The buyers weren’t able to break the trend line on the first go. The growth renewed after sixteen days from 0.9150. 0.9626 was reached on 20th July, 2015 and 0.9860 was reached on 7th August.

We can see a similar picture on the daily today: a double bottom in May. The technical situation is really attractive for buyers. The USD is gathering pace. The bulls need to pass 0.98. This is a strong resistance since here the trend line crosses the horizontal level. The faster it will be passed, the higher the target for the dollar to strengthen to. Taking bounces into account, I‘ve put the target at 0.9940. Buy dollar only after a break in the level and an unsustained consolidation above 0.98.

Trading opportunities for currency pair: the USD/CHF has crept up close to a strong resistance. A break at 0.98 is expected and then a strengthening of the USD against the franc to 0.9940. Look to buy dollar only after a break in the level and a consolidation above 0.98 that doesn’t last long.

The last Swiss franc idea I made was published on 25th May, 2015. When the idea was published, the dollar was trading at around 0.9433. According to the double bottom price model and a break in the trend line, I expected to see a weakening of the franc to 0.9626 and, with the rate passing 0.9626, to 0.9860.

The buyers weren’t able to break the trend line on the first go. The growth renewed after sixteen days from 0.9150. 0.9626 was reached on 20th July, 2015 and 0.9860 was reached on 7th August.

We can see a similar picture on the daily today: a double bottom in May. The technical situation is really attractive for buyers. The USD is gathering pace. The bulls need to pass 0.98. This is a strong resistance since here the trend line crosses the horizontal level. The faster it will be passed, the higher the target for the dollar to strengthen to. Taking bounces into account, I‘ve put the target at 0.9940. Buy dollar only after a break in the level and an unsustained consolidation above 0.98.

USDCHF Daily

About Vladislav Antonov
Vladislav Antonov is an Alpari analyst since 2007.

In the top 5 most influential Russian financial analysts throughout 2012-2014. 3rd place in a Russian media rating of financial analysts for quarter 1 of 2015.

Vladislav is one the most media quoted financial analysts in Russia and the CIS and is known in the trader forums under the name of A-Vlad. He has been working on the Forex market since 2000 and he specializes in writing reviews on the Asian, American and European sessions as well as on the rate of gold and silver.

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Gold Dips Lower, US Jobless Claims Jumps

marketpulse

Gold has dipped on Thursday, reversing the gains which marked the Wednesday session. The metal is trading at a spot price of $ 1268.24 an ounce in the North American session. On the release front, Unemployment Claims were up sharply to 294 thousand, well above the estimate of 277 thousand. We’ll also hear from three FOMC members during the day. Friday is a data-heavy day, with the US publishing retail sales, inflation and consumer confidence reports.

May showers, June rate hike? Gold investors continue to look for hints as to the Federal Reserve’s monetary plans. In its April policy statement, the Fed didn’t raise rates, but the message to the markets with regard to the US economy was one of cautious optimism. The statement noted continuing improvement in the labor market but added that it was keeping a watchful eye on low inflation levels. The Fed statement appeared to leave the open to a June hike, but last week’s soft payrolls report has greatly reduced the likelihood of a June move. Last week, New York Fed president William Dudley said he remains confident that the Fed could raise rates as much as twice this year, but many analysts are skeptical if the Fed will raise rates before 2017. Economic releases, especially employment and inflation indicators, will be major factors as the Fed must decide whether to press the rate trigger in June. Gold is sensitive to interest rate moves, so any hints about a June hike could push gold prices downwards.

It continues to be one step forward, one step backward for US job numbers. Unemployment Claims, which have been moving higher, surged last week, hitting 294 thousand. This was the highest weekly claims level since July 2015. On Tuesday, JOLT Job Openings looked sharp in April, jumping to 5.76 million. This figure was much stronger than the estimate of 5.56 million. However, last week’s host of employment numbers were a mix, which predictably has raised concerns about the strength of the US labor market. Last week, Nonfarm Payrolls looked awful, as the key indicator slid to just 160 thousand, well short of the forecast of 203 thousand. This marked the lowest reading in seven months. On a brighter note, wages showed growth, as Average Hourly Earnings posted a second straight gain of 0.3%.

XAU/USD Fundamentals Thursday (May 12)

  • 8:30 US Unemployment Claims. Estimate 277K. Actual 294K
  • 8:30 US Import Prices. Estimate 0.6%. Actual 0.3%
  • 10:30 US Natural Gas Storage. Estimate 60B
  • 11:00 US FOMC Member Loretta Mester Speaks
  • 11:45 US FOMC Member Eric Rosengren Speaks
  • 13:01 US 30-year Bond Auction
  • 13:30 US Member Esther George Speaks

Upcoming Key Events Friday (May 13)

  • 8:30 US Core Retail Sales. Estimate 0.3%
  • 8:30 US PPI. Estimate 0.3%
  • 8:30 US Retail Sales. Estimate -0.3%
  • 10:00 US Preliminary UoM Consumer Sentiment. Estimate 89.9 points

*Key releases are highlighted in bold *All release times are EDT XAU/USD for Thursday, May 12, 2016130516nXAU/USD May 12 at 11:50 EDT Open: 1277.61 Low: 1265.62 High: 1280.76 Close: 1268.24 XAU/USD Technical 130516o

  • XAU/USD posted losses in the Asian and European sessions. The pair has been choppy in North American trade
  • 1255 is providing support
  • There is resistance at 1279
  • Current range: 1255 to 1279

Further levels in both directions:

  • Below: 1255, 1232 and 1207
  • Above: 1279, 1303, 1324 and 1345

OANDA’s Open Positions Ratio XAU/USD ratio is almost unchanged on Thursday. Long positions have a strong majority (63%). This is indicative of trader bias towards XAU/USD reversing directions and climbing to higher levels.

About Kenny Fisher

Kenny Fisher Currency Analyst, OANDA, Kenny Fisher joined OANDA in 2012 as a Currency Analyst. Kenny writes a daily column about current economic and political developments affecting the major currency pairs, with a focus on fundamental analysis. Kenny began his career in forex at Bendix Foreign Exchange in Toronto, where he worked as a Corporate Account Manager for over seven years. Follow on and on his Google+ profile.

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