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Gold and Silver

During Thursday’s session on, the gold markets shot higher initially but met with adequate resistance due to the gap coming a couple of sessions ago that ended up creating a shooting star. The shooting star was a good sign that market is going to decline from here, but the market needs to break down below the 1180 level for the purpose of conducting comfortable selling. If this is done, the feeling is that the market will be heading towards the 1140 handle. Then there will be no one interested in buying this market.

On the other hand, silver markets escalated during the course of Thursday’s session; however, it reverted and fell at the $16 handle. Finally, the market finished up creating a shooting star that is actually is a relatively negative signal. Being the case, the level of $15.50 is a smaller at the floor, but the real support is probably down at a handle of $15. In this condition, the market considered bearish but there will probably be buyers from time to time around the general vicinity. However, there is the tendency of the US dollar will continue to sustained working against the value of silver that is going forward.

Posted in FOREX News

Asian Stocks

asian stocksAsian stocks surged and extended a worldwide run of equities while the regional index is on its way to a two-day advance in more than one year. Crude oil averted decline in four weeks while the common currency traded close to a two-year slump.

MSCI (Asia Pacific Index) increased 1.7 percent in Tokyo following the 0.7 percent gain made yesterday. The TOPIX Index of Tokyo rose 1.9 percent as the Japanese currency traded close to a one-week low. Standard & Poor’s 500 Futures Index were not changed after this topped the most impressive two-day advance dating back to 2011 at the NYSE. Oil prices in the US also increased 1.1 percent after plunging 6.4 percent during the early part of the week. The euro slipped to $1.2284 and wheat went down 1.5 percent.

The BOJ reported on monetary, two months after stimulus was boosted unexpectedly due to the recession in the second-largest economy in the Asian region. The Index of MSCI All-Country World is going toward the most significant weekly advance since October after the central bank committed to being more patient in increasing interest rates.

In a statement, the Fed declared that it was going to replace reference to costs of borrowing and will remain low for some time.

Posted in FOREX News

US up versus other currencies

The US dollar moved ahead versus primary currencies for the second consecutive trading day because of indications that the US Federal Reserve will increase interest rates soon along with lenient monetary policies abroad.

The currency reached a 28-month record against the Swiss franc (0.9847) after the Swiss National Bank announced it was prepared to impose a rate of (negative) 0.25 percent on certain big deposits in Swiss currency as it aims to prevent purchase of the franc as safe haven.

The single currency hit the lowest level against the US dollar since December 8 at $1.2266. The dollar was also up (one-week high) versus the Japanese yen with 119.30 yen daily after the US central bank Fed modified its vow to maintain rates close to zero for some time.

The difference between stringent monetary policy in the US and relaxed regulations in the EU, Japan and Switzerland may continue to propel the dollar even higher.

The dollar soared against the Russian ruble, after it slipped over 12 percent during the most recent trading session.

Economic analysts claim the decline in crude oil prices hurt the Russian note. The dollar was ahead 2.68 percent ranged against 61.75 rubles.
The euro was behind 0.5 percent against the US dollar at $1.2281 while the greenback moved to 0.77 percent versus the Swiss franc at 0.9803. The US currency was also up 0.13 percent versus the Japanese yen (118.77 yen).
The dollar index was up 0.1 percent (89.222).

Posted in FOREX News

Currency Pair Forecast

forex tradingDuring the session last Tuesday, the euro and green bucks slipped higher but the tandem faced quite a bit of resistance over the handle of 1.25. In this situation, it ended by forming an enormous shooting star that results to tandem of EUR/USD to continue selling off in the surrounding vicinity. When the bottom of the hammer broke below, the market might go to the level of 1.2250 provided with adequate time.

During Tuesday session, the GBP/USD pair initially fell and then broke much higher. The 1.58 level, however, presented resistance and consequently buying is not ready. Meanwhile, buyers are hesitant to purchase this pair until it broke above the handle of 1.60 handle while expecting market to change trend again. Finally, in the sidelines, a decent buying opportunity is appearing soon. The candle is not right to start selling.

At the start of the Tuesday session, the EUR/GBP pair was broken higher at the start but was finally fell adequately to create a shooting star. Shooting stars suggested the pulling back of market to go much lower. However, Lots of clamor from below keep the market from any type of clean move. Ultimately, traders have to prepare volatility if they go to trade this market.

Posted in FOREX News

More on the Russian Currency

Wednesday saw the sharp strengthening of the RUB in volatile trade following the statement of Finance Ministry who said that its left-over stocks are being sold as foreign currency.

Under heavy selling pressure this week, the ruble forced the CB force to escalate its key interest rate to an unanticipated 650 basis points during an emergency move that was weak to defend the currency.

As of this hour, the ruble increase to around 3% versus the dollar at 65.52 but it was 4.2% stronger against the euro at 81.50.

After its slight recovery last Wednesday, RUB was still low almost 50% compared against the dollar this year after it stirred the 1998 crisis that witnessed the collapse of the currency within a matter of days.

President Vladimir Putin, whose popularity could be partly accounted for providing stability and prosperity, now has to wrestle another major challenge. His risk is determined by the declining ruble that destroyed the trustworthiness of Russia among investors.

Market participants believed that exporters could be selling dollars observing the approaching tax period. A dealer of currency at a big Russian bank warned that that CB intervention could not be excluded.

The dealer believed that ruble’s strengthening appears artificial, although he does give a 100% guarantee that it is the fault of the CB. There could have been an error of an exporter, whom they have convinced to sell forex.

This year, CB Russia conducted more than $80 billion in forex market to shield the ruble that was pushed lower by faltering oil prices, sanctioning of Western over Ukraine and a market panic that was on the rise.

Last Wednesday, the bank conducted an intervention in Forex market worth of $1.961 billion.

Posted in FOREX News

Euro and Great Britain Pound

FOREXUS dollar is the top winner in the session today with the EUR/GBP remaining basically flat alternating between gains and losses. EU members have to approve plans for new investments so they made much debate whether the collapse of the economy is caused by inadequate demand, stiff credit conditions, lack of reforms in the economy or insufficient confidence in business; however, EU governments concur that some actions must be done. They have the Juncker plan that will be actively running in mid-2015 and will last for three years that will focus on “feasible European investments of significance” that caters to digital networks, energy and transport, energy and digital networks, plus development and research.

Countries having equity stakes in the planned European Fund for Strategic Investment are promised favorable treatment by Juncker; after the authorities of EU calculates budget deficits that must be lower than 3% of the national output.

The Office for National Statistics said on Friday that the recent 15-month lows, sterling extended losses to fall against the dollar as this factor will probably keep lower interest rates in UK as growing evidence that Britain’s economic growth is moderating. Output of construction declined 2.2% last October following its escalation by the same amount in previous September.

Posted in FOREX News

It’s bumpy ride ahead

In just about every asset class, exuberance ruled the day. The concluding episode was threatening aversion closing the S&P 500 on the lows, down16 points to 1979. The market at midday ripped up to 2017 in rallying relied as oil shortly leaped $3.

The sad story concerns the ruble as it continued plunging not assisted by the massive interest rate hike in Russian. USD/RUB upped as much as 23% setting in a panic. The situation leaked over to trades at risk and pulled down USD/JPY to 115.57 just over the retracement of 38.2%.

The outflows from Russia were advantageous to EUR/USD. The pair peaked climbing to 1.2569 and above about one cent on the day.  Russia started stabilizing but it fell back down to 1.2480; although some bidders already stepped in there two times to create a dual bottom and a bounce to 1.2515.

Having long been the choice port of Russian money, it has the same effect in the UK. The number of UK CPI were subdued today and that ignited the beginning of a cable escalation to 1.5612 but it rebounded in a huge way and pulled to 1.5784 with the top arriving at the beginning of US trading. The session was mostly spent in consolidating the 1.5725 to 1.5760 range.

Canada’s dollar survived the oil drop and leaped well probably due to the deal in Talisman. However, the tandem de-escalated down to 1.1607 then recovered to 1.1640.

The Aussie was not going far as well. Following a 0.8275 jump in Europe it declined to 0.8210 in its trading with US and stayed within a short distance of the lows in fresh cycle.

The marker overall was dangerous and is trying to message the Fed to be careful.

Posted in FOREX News

Gold News

gold newsAs the price of gold broke the short-term support as expected; it was pushed below $1,200 towards a support area of $1,190-80.  The trend remains neutral as long as gold price stays $1,220 and over $1,180 trend. The two levels of the two prices are very important as the next move will happen after it is discontinued.

Following the release of US data and before the meeting of the Fed Reserve, the yellow gold lost its luster. At the session of yesterday, the precious metal was down to a 1-week low at $1,190.50.

The US dollar was propped by the strengthening the data of its industrial production that bounced 1.3% following a 0.1% increase last October. But other data like confidence in building declined by 1 point this month. Yellow gold, in yesterday’s session, fell lower 50 &20Dsma and it closed beneath those levels. The selling recommended is at $1,232.40 and same is still repeated.

Gold earns the closest fierce support zone at $1,188.00 and $1,185.00. Strong selling will appear lower $1,185.00. Presently, precious metal is traded lower at $1,200.00.  Recommend fresh selling is below $1,188.00 while safe selling is possibly will below $1,185.00.

The intraday resistance is at $1,200.00, over this at $1,218.00. An existing resistance is at $1,200 and $1,213.00. Use every rise to sell until gold is traded below $1,216.00. In case the metal is sold lower $1,185.00, it is still possible to fall towards $1,180, $1,175, and $1,169.00 levels.

Posted in FOREX News

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