Analysis Topic: Currency Market Analysis
The analysis published under this topic are as follows.
Thursday, May 29, 2014
Will GBP/USD Plunge Again? / Currencies / Forex Trading
By: Nadia_Simmons
Earlier today, the Bureau of Economic Analysis reported that U.S. gross domestic product in the first quarter declined for the first time since the first quarter of 2011. Despite this bearish data, the report also showed that consumer spending increased by 3.1%, indicating that economic activity has rebounded. Additionally, the Department of Labor showed in its weekly report that initial claims for jobless benefits in the U.S. last week fell by 27,000 to 300,000, beating expectations for a decline of 9,000. Thanks to these better-than-expected numbers, the U.S. dollar bounced off the session low, pushing the British pound below the 50% Fibonacci retracement once again. Will this decline trigger further deterioration?
Thursday, May 29, 2014
The 500 Cryptos That Aren't Bitcoin: Intro to Altcoins / Currencies / Bitcoin
By: Submissions
Mark Blair writes:
for those outside the crypto sphere, cryptos are pretty much just Bitcoin. However, I offer here a tour of the 'altcoin' universe: Bitcoin is by no means a done deal, readers, as any altcoiner knows.
For example, a year ago, Bitcoin held 95%-plus of the total market cap of all cryptos. There are over 500 cryptographic currencies at present, though at least 300 are rubbish, and will die. See com-http.us for the best list I know of.
Wednesday, May 28, 2014
Bitcoin at Major Crossroads / Currencies / Bitcoin
By: Mike_McAra
Very briefly: we don’t support any short-term positions in the Bitcoin market now.
Today, we read an interesting piece on CoinDesk on the potential of Bitcoin derivatives. The article discusses why derivatives might be needed for the Bitcoin market and how liquid derivatives markets might emerge for the cryptocurrency.
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Wednesday, May 28, 2014
AUD-NZD – Who Will Win The Bledisloe Currency Cup? / Currencies / Forex Trading
By: Austin_Galt
While the Kiwi’s dominate the rugby version, just how does their currency stack up against that of the Wallabies? There’s no better place to start than the yearly chart to get the big picture so let’s take a look.
Wednesday, May 28, 2014
USD/JPY Trapped In Corrective Price Action? / Currencies / Japanese Yen
By: Gregor_Horvat
The USD/JPY is turning into a temporary recovery, and the reason is slow and overlapping price action at the late stage of recent decline that looks like an ending diagonal placed in wave C position, final leg of a three wave fall from 104.11. Therefore, we suspect that the USD/JPY is trapped in some bigger corrective price action, probably a triangle, and that pair will continue sideways or even slightly higher in the next couple of days. We expect a three wave rise up in wave C), back to 103.00.
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Tuesday, May 27, 2014
EUR/USD Currency Bears Are Still in Charge / Currencies / Euro
By: Nadia_Simmons
The euro declined against the U.S. dollar as positive housing and consumer confidence data supported the greenback. Earlier today, the Commerce Department reported that core durable goods orders (without volatile transportation items) increase 0.1% in April, missing expectations for a 0.3% increase. Despite this disappointing data, U.S. durable goods orders rose 0.8% in the previous month, beating expectations for a 0.5% fall. Additionally, the Conference Board reported that its consumer confidence index rose to 83.0 this month from 81.7 in April, while the Standard & Poor’s/ Case-Shiller house price index rose 12.4% in March from a year earlier, above expectations for a gain of 11.8%. Thanks to these solid numbers, the common currency dropped to its nearest support zone. Will it withstand the selling pressure once again?
Tuesday, May 27, 2014
This Chart Proves the Bitcoin Market Is Maturing / Currencies / Bitcoin
By: Money_Morning
David Zeiler writes: One of the biggest knocks on the Bitcoin market has been the volatility of the price of Bitcoin, and looking at the price charts over the past six months, it's easy to see why.
But as crazy as the Bitcoin market has been - just take a look at the timeline - the lack of any major news over the past few weeks has had a distinct calming effect on the digital currency.
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Tuesday, May 27, 2014
Time for a Post-Petrodollar Investor Profit Play / Currencies / Forex Trading
By: Money_Morning
Peter Krauth writes: Beware of unintended consequences.
That's the advice I'd give Western leaders when imposing sanctions on Russia over the Ukraine crisis.
You see, Putin's been racking up his air miles, hastening the pace to replace the petrodollar.
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Tuesday, May 27, 2014
GBP/USD: Bearish Reversal, Recovers Nicely / Currencies / British Pound
By: Gregor_Horvat
GBP/USD has recovered nicely last week, clearly in three waves 1.6728 to 1.6920. The pair reached our mentioned levels around 1.6900 where markets already turned slightly to the downside, and fell through support channel line that now makes room for a decline back to 1.6728 in this week.
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Monday, May 26, 2014
No Stop for Bitcoin Price before $600? / Currencies / Bitcoin
By: Mike_McAra
In short: we don’t support any short-term positions in the Bitcoin market.
We frequently repeat that it is hard to exactly pinpoint what’s behind a given price move. While some reasons given by the media might have merit, in most of the cases claiming that “Bitcoin moved because X” (plug whatever you want for X) might not be warranted. This is probably done for the sake of a “good story” but does not have to have much to do with actual reasons for the price fluctuations.
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Saturday, May 24, 2014
Two Scenarios for Bitcoin / Currencies / Bitcoin
By: Mike_McAra
Cutting right to the chase: we don't support any short-term positions in the Bitcoin market at the moment.
Forbes' Kashmir Hill posted an article yesterday in which she discusses the possibility of sending bitcoins to people living in emerging markets:
Read full article... Read full article...Earlier this week, many in the Bitcoin community got very excited about a short film that demonstrates a promising use for Bitcoin. Ronah, a Ugandan woman who emigrated to Brookline, Massachusetts in 2011, regularly sends tuition money to her 20-year-old brother, Ronald, who is studying accounting and finance in Kampala. (...)
Friday, May 23, 2014
USDJPY Set For New Highs / Currencies / Japanese Yen
By: Submissions
Austin Galt writes: Let’s begin by taking a look at the big picture, the yearly chart.
YEARLY CHART
Here we can see a powerful up move started in 2012, went full bore in 2013 and seems to have stagnated in 2014. It appears that a longterm bear market is in force consisting of lower lows and lower highs and so far the last few years of trading hasn’t damaged that technical picture.
Thursday, May 22, 2014
FX Majors Look For Correction - Elliott Wave Analysis / Currencies / Forex Trading
By: Gregor_Horvat
EURUSD
EURUSD fell to a new swing low but that does not mean that wave (b) correction is already completed. Corrections after such a sharp fall liek we have seen from 1.3992 are usually more complex and they will tend to retrace for around 38.2%. That's now the case on the EURUSD yet, so we assume that wave (b) is still unfolding as irregular correction. Ideally, we will see an expanded flat with 1.3770 yet to come before market turns down for (c).
Tuesday, May 20, 2014
Forex Trading - AUD/USD Double Trouble / Currencies / Forex Trading
By: Nadia_Simmons
Earlier today, the minutes of the RBA's May policy meeting showed that the bank plans to hold interest rates at record lows for an extended period of time. Additionally, the Conference Board reported that its index for Australia was flat in March, after a 0.2% rise in February. In reaction to this disappointing news, the Australian dollar dropped to a 2-week low against its U.S. counterpart, declining below two important support levels. Does this mean that investors’ sentiment is deteriorating and we’ll see AUD/USD lower?
Tuesday, May 20, 2014
Ink + Paper Doesn't Equal Value: Prechter on Fiat Money / Currencies / Fiat Currency
By: EWI
My dad will turn 84 this year. When he was born, you could walk into a Federal Reserve Bank or the Treasury and redeem your paper money for gold. It actually said you could on every piece of U.S. paper currency:
"Redeemable in gold on demand at the United States Treasury, or in Gold or lawful money at any Federal Reserve Bank."
You can't do that today, which helps explain why my dad is so grumpy.
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Monday, May 19, 2014
USD/JPY: Downtrend Continuation In View / Currencies / Japanese Yen
By: Gregor_Horvat
USD/JPY has turned down last week and fell beneath 101.42 after broken channel line (circled zone). As such, corrective rally up to 102.36 appears complete which means that traders should be aware of a downtrend continuation in days ahead, ideally close to 100. Invalidation level is now at 102.36, but break above 102.00 would already threaten the bearish look.
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Friday, May 16, 2014
Bitcoin Possible False Calm / Currencies / Bitcoin
By: Mike_McAra
In short: we still support short speculative positions in the Bitcoin market, stop-loss $470.
At least 10 members of the Bitcoin Foundation have left in the wake of the election of Brock Pierce as a new director, Reuters reported. We can read:
Some of the members cited Pierce’s troubled past. That includes allegations in lawsuits from three employees of Pierce’s first company, bankrupt web video business Digital Entertainment Network, that he provided drugs and pressured them for sex when they were minors.
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Friday, May 16, 2014
Fall Of the U.S. Dollar Based Monetary System: Russia Puts The Avalanche In Motion / Currencies / US Dollar
By: GoldSilverWorlds
It is truly astonishing how much trust people have in the establishment. Almost everyone believes that central planners are focused on defending the best outcome for society. In the same respect, almost everyone nowadays believes that “things are contained.”
Looking under the hood, it appears that several worrisome trends are going on. Examining those trends, one can only conclude that they are building up momentum. But make no mistake, momentum, in this case, is not in the right direction.
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Friday, May 16, 2014
Gold Standard - How the U.S. Government Created the Dollar / Currencies / US Dollar
By: EWI
By Robert Prechter
The Government's Disastrous Reign Over U.S. Money
Very few people know that the United States did not create a monetary unit pegged to 'buy' some amount of metal, as if the dollar were some kind of money independent of metal. In 1792, Congress passed the U.S. Coinage Act, which defined a dollar as a coin containing 337.25 grains of silver and 44.75 grains of alloy. Congress did not say a dollar was worth that amount of metal; it was that amount of metal. A dollar, then was a unit of weight, like a gram, ounce or pound. Since the alloy portion of the coin was nearly worthless, a dollar was essentially defined as 1 Troy ounce.) In a nutshell, a dollar was equal to a bit more than 3/4 of an announce of silver; or, in reverse, an ounce of silver was equal to $1.293.
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Thursday, May 15, 2014
EUR/USD – Currency Bears in Charge / Currencies / Forex Trading
By: Nadia_Simmons
Earlier today, the combination of positive economic indicators in the U.S. pushed the euro to a 11-week low against the greenback. Thanks to this news, EUR/USD slipped to important support levels. Will they withstand the selling pressure and trigger a corrective upswing in the following days? Or maybe today’s show of weakness means that the worst for the common currency is not behind us?