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Forex: EUR/AUD winning streak continues, more gains to follow?

FXstreet.com (Barcelona) - The EUR/AUD traded higher for a 3rd straight day, closing up 48 pips at 1.2691. The pair is now up an impressive 3.45% for the month of April. Given the weak economic data released during the European session (ZEW Economic Sentiment 24.9 actual vs. 31.5 forecast), many were searching for answers as to why the Euro was so well bid during the majority of the day.

“The Euro’s gains today are quizzical for many given the weak data out, but there was one item that crossed the ticker worth mentioning that could be pegged as the catalyst for the rally. The EU parliament voted in favor of implementing Basel III law, which would force banks to adopt higher tier 1 capital ratios (and thus bolster their balance sheets),” noted Chrstopher Veccio, Currency Analyst at DailyFX“

Looking at the daily chart, it’s important to note the RSI (14) indicator closed above 60 level the first time since Feb 12th, 2013. Often, this is considered a bullish momentum shift in RSI parameters from the bearish zone (20-60) to the bullish zone (40-80). Furthermore, a constructive development like this could help bring in additional momentum buying in coming sessions.

Commodities Brief: Gold due for short term bounce before next leg down?

The gold market experienced another roller-coast of day, trading as low as 1321 during the Asia session and as high as 1404 during New York trade before closing up 1.03% at 1369.40. The action in recent days has led many analysts to question whether the long term bull trend of gold has been damaged, or if this just a much needed correction before another leg higher begins.
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Forex: AUD/USD rejected from 1.04 resistance

AUD/USD is last at 1.0362, off fresh session lows at 1.0357. The pair has not been able to break above the 1.04 after three times being rejected from 1.0398 highs since mid NY trade.
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