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FX Bazooka (your trading weapon)
Greenback holds pattern against yen and euro
On Monday, the evergreen buck traded mostly flat against the Japanese yen and euro, due to a lack of fresh trading signals as well as thin volume amid Japan’s summer holiday season.
The major American currency traded at ¥101.10 early Monday, compared with Friday’s reading of ¥101.30 in New York. The common currency traded at $1.1172, rising from $1.1155.
The WSJ Dollar Index, normally measuring the greenback against a basket of key currencies, tumbled 0.2%, trading at 86.22.
On Friday, the evergreen buck weakened against its counterparts after American retail sales as well as other data powered speculation that the US economy isn’t sturdy enough to enable the Federal Reserve to lift short-term rates later this year. Even with upbeat jobs data earlier this month, that showed the economy added more jobs than expected in July, the major American currency struggled to surge.
There’s a real risk of a weaker dollar and a strengthening yen, as many financial analysts state.
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FTSE 100’s winning streak loses steam
On Tuesday, British shares sagged, pulling back after eight consecutive soars, though revenues for miners limited the loss for the benchmark FTSE 100.
The FTSE 100 dropped 0.3%, trading at 6,926.09, with only the mining as well as energy sectors edgeing up.
On Monday, the benchmark grew 0.4%, trading at 6,941.19, perhaps, the strongest close since early June 2015, as Dow Jones data states. The index had surged for eight straight sessions, perhaps, the longest string of gains since October 2015.
Mining stocks traded higher following a financial report from BHP Billiton Ltd, which is the world’s largest miner by market value. Its stocks turned higher to earn 1.7% after losing ground at the beginning of the trading session.
Financial experts point out that BHP’s underlying revenue of $1.2 billion topped hopes for $1.1 billion.
 Antofagasta PLC stocks surged 3.6% after the copper producer posted a drop in first-half net revenue to $88.1 million, though reaffirmed its expectations for higher output this year.
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Forex trading plan for August 19

Federal Reserve's July meeting minutes showed policymakers were divided on raising interest rates in the near term. Although the Fed members were generally positive about America’s economic outlook, several of them thought that a slowdown in the future pace of hiring would be an argument against a rate hike in the near term. It means that the market won’t increase pricing of rate hike by the year-end. This definitely won’t help US dollar in the coming days.

Economic data released in the United States on Thursday provided the greenback with some help: unemployment claims came better than expected, while Philadelphia Fed manufacturing index came into positive territory. It was the last important data release from the US this week.    

EUR/USD is following our main scenario. The pair settled above 1.1300/1290 and may extend gains to 1.1375/80 and 1.1400. Further support is at 1.1260. Demand for the euro’s supported by the euro area’s big current account surplus.   

GBP/USD rose to 1.3170. British retail sales rose by 1.4% in July after falling by 0.9% in June. Solid data indicates improving conditions. Technically advance may extend to 1.3235/1.3300 if it finds support around 1.3100/1.3070. The UK will release public sector net borrowing data at 08:30 GMT.

USD/JPY tested levels below 100.00, but once again found support in the 99.70/50 area. We expect the pair to consolidate between here and 100.50. In case of a break higher new sellers will appear around 101.20.

Australia released bloc of positive labor market data, while oil went up supported by an unexpected drop in US inventories and optimism the OPEC might reach a deal to freeze output next month. AUD/USD, however, failed to stay at the day’s highs above 0.7700, so decline to 0.7610/00 looks likely.   

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AUD/USD: on the support of Senkou Span B
Technical levels: support – 0.7590, 0.7550; resistance – 0.7680.
Trade recommendations:
1. Buy — 0.7590; SL — 0.7570; TP1 — 0.7680; TP2 — 0.7720.
2. Buy — 0.7550; SL — 0.7530; TP1 — 0.7680; TP2 — 0.7720.
Reason: a dead cross of Tenkan-sen and Kijun-sen; bullish Ichimoku Cloud; strong support of Senkou Span B.
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USD/JPY: correction inside the trend
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There’s a still correction inside the current bearish trend. We’ve got a “Hammer” at the local low, but it hasn’t been confirmed yet. So, there’s an opportunity to have a test of the 13 Moving Average once again. As we can see on the Daily chart, the last “Harami” hasn’t been confirmed yet. Therefore, the market is likely going to falling down until any bearish pattern arrives.
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The last “Window” has been closed, but we’ve got a confirmed “Hammer” at the local low. So, bulls are likely going to reach the 55 Moving Average during the day. If a pullback from this line happens, bears will probably try to move on.

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Aussie and Kiwi head north ahead of Yellen’s speech
On Thursday, the Australian as well as New Zealand dollars went up against their American counterpart, as sentiment on the US dollar turned more fragile ahead of American data due later in the day and a Yellen’s speech on Friday.
The currency pair AUD/USD soared 0.21%, trading at 0.7629.
Market participants are waiting to see if Yellen will restate her hawkish view of the American economy expressed by Fed representatives the previous week or echo the minutes of the Fed’s July gathering, which pointed out that Fed officials are divided on when to lift rates.
Traders were also looking ahead to reports on American jobless claims as well as durables goods orders, due later Thursday, for further clues on the strength of the US economy.
The currency pair NZD/USD descended 0.08%, being worth 0.7319, thus re-approaching a recent 15-month peak of 0.7347.
Meanwhile, the commodity currencies gained some support as crude prices bounced back on Thursday, notwithstanding a sudden soar in American stockpiles last week.
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China should urgently transform its economy
China urgently requires transforming its national economy by simply implementing supply-side as well as structural reforms, as the vice head of China's cabinet think-tank reported on Monday.
The deputy director of the Development Research Centre of the State Council, Wang Yiming wrote in the ruling Communist Party's official newspaper, People's Daily that if old ways continued, not only investment rates would keep dropping with debt rising, but also financial risks would edge up. The country definitely requires reducing the overall supply of ineffective as well as low-end products and also boost supply of efficient, middle as well as high-end products.
Aside from that, the number two world’s economy also needs to focus on structural reforms, such as   reducing government bureaucracy and also reforming state-owned enterprises. It also applies to  as the fiscal, tax as well as financial systems. 
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The British pound keeps tumbling as Goldman backs call for dip to $1.20
On Friday, the British pound still seems to be vulnerable enough to veering lower, as Goldman Sachs states. It would be prudent not to get cozy with the idea that Britain’s economy has already escaped unscathed from the Brexit vote.
The major British currency is trading around $1.33 vs. the greenback,  while the common currency is fetching approximately 84 pence. It compares with Goldman’s three-month call, published in July, to see the pound-greenback pair hit a minimum of $1.20 and the euro to edge up to 90 pence, respectively.
The sterling has fared better than Goldman had forecast after in August the BoE launched an aggressive stimulus program for the purpose of cushioning the British economy from Brexit.
On Thursday, the sterling, which traders have shorted at record levels recently, soared after a suddenly upbeat reading in British manufacturing PMI in August, which achieved a 10-month peak. 
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Shares in Asia slump notwithstanding mildly upbeat regional trade data
On Thursday, stocks in China traded lower, as market participants noted the pickup in Chinese imports, amid still sluggish exports.
The Shanghai Composite descended 0.12% after the data as well as heading into the midday break. Additionally, the Nikkei 225 sank 0.24% notwithstanding better than expected second quarter GDP, while the S&P/ASX 200 edged down 0.91%.
Japan disclosed the adjusted current account with a surplus of about ¥1.45 trillion. That’s below the ¥1.59 trillion surplus observed as well as an un-adjusted current account surplus of ¥1.938 trillion, also lower than the expected ¥2.09 trillion surplus. Besides this, in Japan, bank lending for August grew 2% year-on-year as expected.
Overnight, American stocks were mixed after Wednesday’s close, as profits in the Oil & Gas, Telecoms as well as Financials sectors led shares up, while losses in the Consumer Goods, Basic Materials and also Healthcare sectors brought shares down.

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Gold prices edge down in Asia as traders await Fed decision on rates
On Wednesday, gold price eased during Asia trade after an initial revenue as traders await the Fed’s  latest verdict on interest rates at next week's FOMC gathering.
In New York, December delivery gold futures sagged 0.24%, trading at $1,320.55 per troy ounce. Apart from that, copper futures tacked on 0.29%, hitting $2.108 per pound, reacting to upbeat Chinese industrial production data this week. The given Asian nation appears to be the world’s largest copper consumer. Last year, it accounted for approximately 40% of world copper consumption.
Overnight, gold prices tacked on for the first time for five sessions, as market participants kept weighing up prospects for future American interest rate hikes following the latest comments from Fed officials.
In Monday’s speech, Fed Governor Lael Brainard warned against lifting interest rates too rapidly. The comments arose after on Friday, Boston Fed President Eric Rosengren informed that low interest rates are raising the likelihood of overheating the American economy.
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