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Forex: USD/JPY pressing against 93.00

While still on a period of consolidation above 93.00, volatility in the USD/JPY is starting to increase, with impulsive rejections off 93.50 the norm in the last 24 hours of trading. Current price is again heading to test buyers patience towards the 93.00 level, after a second rotation away from 93.50 in the last NA session.

According to Valeria Bednarik, chief analyst at FXstreet.com: "The upside still looks tough as there is not much buying interest around. The hourly chart shows indicators flat in positive territory, although 100 SMA crossed downside up 200 one, which points for further gains toward 93.80 key resistance level. While risk appetite will likely prevent the pair from sliding beyond the 92.80 support area, gains are also seen limited by 94.00/10 price zone, where sellers align now."

On the fundamental front, the Japanese government confirmed that the country's upper house will be holding the hearing for the BOJ chief candidate Mr. Kuroda in March 11, while Mr. Iwata and Mr. Nakaso's hearings are scheduled for a day later on March 12.

Forex: AUD/USD above 1.0280 after Aus GDP

Few surprises in latest AU GDP data just released, totally in line as expected in the 4Q figure at +0.6% and +3.1% for the year on year number, in line with previous, and +0.01% better than expected, which has pushed AUD/USD to fresh session and weekly highs at 1.0279, from the 1.0270 before data was out. The pair is up +0.69% for the week so far.
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Commodities Brief – Precious metals edge lower off overnight highs, crude oil in focus after Chavez death

Gold prices have been trading in a firm consolidation overnight, as investors look ahead to a series of central Bank meetings from the BoC and ECB. In particular, Asian banks such as the Bank of Korea have been stocking up on the yellow metal, which also supported short-term sentiment. Having peaked earlier at 1578.95, gold has eased slightly back to the USD $1576.60 per oz. level in these moments, situated well below its 20 and 50-day SMA. Gold prices sit at the crossroads and a break below the 1570 support could initiate a further decline, while a movement above the 1585 resistance could open a path higher. Yesterday’s rally in gold prices proved to be watered down by a rally in stock prices, including the Dow Jones Index reaching an all time high with the S&P not far behind. Later today investors will eye several US indicators to gauge economic performance.
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