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At Markeflex our sole aim is to train traders on the latest strategies and offering latest technology, so they can trade the financial markets with confidence, knowing we are with them every step of their journey.

26/02/2020

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04/07/2019

Gold clings to $1420 as traders await fresh catalysts

With the US markets’ holiday and lack of major data during early-day, the Gold prices remain mostly flat around $1420 ahead of the European markets open on Thursday.

Latest rally at the Wall Street, mainly on the back of expectations favoring further monetary easing, cut short the precious metal’s the safe-haven demand and dragged it back from multi-year high.

The latest noise surrounding the US-China trade truce, namely the Reuters report of scheduled talk during next week and the US criticizing China’s Huawei, as mentioned by the Bloomberg, failed to offer notable moves.

Also, the US President’s warning to Iran that its threats to increase nuclear stocks may “come to bite” was largely ignored.

The US 10-year treasury yields, generally followed to gauge macro risk sentiment, remain on a back foot around the lowest levels since November 2016.

Not only the US off but the absence of key data/events from the rest of the major economies also indicate less market liquidity going forward. However, political plays can keep offering intermediate trade opportunities.

04/07/2019

AUD/USD technical analysis: Aussie trading at hits highest since early May, above 0.7000 figure

This Wednesday, the AUD/USD hit its highest point since May.
To the upside, resistances are seen at 0.7050 followed by 0.7090.

03/07/2019

GBP/USD: Sellers catch a breath near 2-week low, all eyes on UK Services PMI

While sluggish data and dovish comments from the BOE Governor dragged the GBP/USD pair down during the initial week, sellers seem resting around 1.2590, on the back of overall US Dollar (USD) decline and a lack of fresh headlines from the UK, ahead of the London open on Wednesday.

Britain’s headline purchasing managers’ index (PMI) data continue flashing red signals to the policymakers, which in turn might have pushed the Bank of England (BOE) Governor Mark Carney to convey downside risks on the economy during Tuesday. The central bank Governor also cited trade protectionism as the key negatives for the markets.

Although the UK Prime Minister (PM) hopeful Boris Johnson’s support for no-deal Brexit is no hidden fact, the BBC reported both the candidates, namely Mr. Johnson and Jeremy Hunt, trying to lure Northern Ireland voters over soft Brexit and no hard border during their hustings the previous day. The news report also mentions the hopefuls selling themselves over the ability to get a fresh deal from the EU.

On a broader front, latest headlines concerning the US trade relations with the EU and China haven’t been positive to market sentiment and have been weighing over the greenback.

Traders’ immediate focus will be on the UK Services PMI data for June followed by ADP Employment Change, ISM Non-Manufacturing PMI, Factory Orders, and Trade Balance numbers from the US. Meanwhile, the political/trade headlines can keep offering intermediate market moves.

The British Services PMI for June isn’t expected to deviate from 51.00 but expected weakness into the US ISM Non-Manufacturing PMI, Factory Orders, and Trade Balance could keep exerting downside pressure onto the USD. It should also be noted that the leading indicator to Friday’s US Nonfarm Employment Change (NFP), the ADP data, bears the upbeat consensus of marking 140K increase versus 27K previous readouts.

03/07/2019

USD/CAD: Look for a rebound from below 1.3100 - Westpac

According to Richard Franulovich, Strategist at Westpac, buying USD/CAD around 1.3085 could be a good opportunity with a target at 1.3285 and a stop loss at 1.3025. The main risks ahead are the Bank of Canada paying little attention to global risks, Canadian labour market data and FOMC minutes and Fed Chair Powell with a strong dovish lean.

02/07/2019

AUD/USD technical analysis: Bounces up from 38.2% Fib, eyes RBA

AUD/USD is flashing 0.20 percent gains on the day at press time, having bounced up from key support earlier today.

The currency pair found bids near 0.6957 (38.2% Fib R of 0.6832/0.7034) three hours ago and is now trading at 0.6977, still down 58 pips from Monday's high of 0.7035.

The Australian currency has picked up a bid ahead of the Reserve Bank of Australia's (RBA) rate decision. The central bank is widely expected to cut rates by 25 basis points to a new record low of 1.00%. With the move priced in, the focus will be on the RBA's short statement and Governor's Lowe speech at 09:30 GMT.

The AUD will likely come under pressure if Lowe signals more than one follow-up rate cut. The currency, however, will likely see a "buy the fact" surge if Lowe cut rates and downplays the need for further rate cuts.

02/07/2019

EUR/USD: Below-forecast German retail sales could bolster bearish technical setup

With technical charts reporting a failed breakout, EUR/USD is on the defensive ahead of the German retail sales data, due at 06:00 GMT today.

The pair closed well below 1.13 on Monday, invalidating the twin bullish cues of higher lows, higher highs and an inverse head-and-shoulders breakout confirmed on June 21.

The common currency was offered as German manufacturing PMI for June fell short of expectations, contracting for the sixth month in a row. Meanwhile, the US Dollar found love as the Sino-US trade truce tempered expectations of vert aggressive US Federal Reserve rate cuts.

Notably, the spread between the US and German 10-year government bond yields jumped more than four basis points to 239 basis points, the highest level in four weeks, boosting the greenback's appeal.

Put simply, the common currency is looking south ahead of the German retail sales data, which is expected to show consumer spending rose 0.5% month-on-month in May, having dropped by 2% in the preceding month.

EUR/USD will likely find acceptance below the immediate support at 1.1263, as suggested by technical charts, if the German retail sales miss estimates, boosting the odds of an early rate cut by the European Central Bank (ECB). With manufacturing suffering due to trade tensions, the German economy needs consumers to chip in to avoid a marked slowdown.

A better-than-expected rebound in consumer spending could put a bid under the EUR. However, a break above the recent high of 1.1412 is needed to revive the bullish outlook. As of writing, the EUR/USD pair trading largely unchanged on the day at 1.1281.

01/07/2019

USD/JPY technical analysis: Revisits 23.6% Fibo. amid overbought RSI

Overbought levels of 14-bar relative strength index (RSI) drags the USD/JPY pair back to 23.6% Fibonacci retracement of April – June declines as it trades near 108.24 during early Monday.

While 23.6% Fibonacci retracement level of 108.10 acts as immediate support, a five-week-old resistance-turned-support-line at 107.90 may question the pair’s additional weakness.

Should there be extended downpour below 107.90, 107.40 and 107.00 may come back on the chart.

Meanwhile, pair’s rise beyond the latest high of 108.51 highlights the importance of 200-bar moving average on the 4-hour chart (4H 200MA), at 108.67 now.

Given the buyers’ ability to cross near-term key MA level, May 13 low near 109.00 grabs the spotlight.

01/07/2019

GBP/USD clings to 21-D EMA ahead of UK manufacturing PMI

With the global traders re-thinking on how the US-China could go along after the recent trade truce, coupled with observing the UK political plays, the GBP/USD pair trades modestly flat near 1.2700 while heading into the London open on Monday. Investors may now look for monthly Manufacturing PMI numbers for fresh impulse.

The US and Chinese leaders finally agreed to halt further escalation in a trade war for now. Though with key issues concerning the technology transfer and intellectual property rights still remaining unresolved, investors fear of problems during future negotiations between the world’s two largest economies.

Elsewhere, the UK Prime Minister (PM) candidate Boris Johnson continues to refrain from turning down the chances of hard Brexit but promises to form a “war cabinet” to deliver Brexit within the first 100 days of his mandate.

Further, the British Chambers of Commerce (BCC) recently said that the UK factories’ exports slumped to the lowest in four years.

Moving on, investors will keep an eye over the political handle not only to observe the Brexit happenings but also to gauge the trade developments between the US and China.

At the economic front, June month Manufacturing Purchasing Managers’ Index (PMI) data will be on the spotlight. The British Markit Manufacturing PMI is expected to remain under 50.00 mark by likely flashing 49.2 versus 49.4 prior whereas its counterpart from the US could remain unchanged at 50.1. Furthermore, the US ISM Manufacturing PMI is may soften to 51.0 from 52.1 earlier.

26/06/2019

EUR/USD: Key day reversal - Commerzbank

Karen Jones, analyst at Commerzbank, suggests that EUR/USD’s rally has reached the 1.1416 55 week moving average and has charted a key day reversal.

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