AUD/USD is testing major support at 0.9860 at the time of this article. As mentioned in earlier analysis, the currencies pair is having a major technical correction at this time. When AUD/USD broke major weekly uptrend support at 101.40 last week, it opened the door for further downside possibility. Today, the first target at 0.9960 [...]
The value of gold continues to decline as the U.S dollar gains strength in recent days. There are good supports at $1404 then $1320. It is important for gold to stay above $1300, a break of this level may signal the end of the decade bull market. Resistances are $1450 then $1490.
The Senate recently passed a bill that would require internet retailers to collect sales taxes on behalf of local governments. This bill has flaws that could be fixed in the House, and should be passed. I don’t like the idea of the state and local governments collecting more taxes-they know no limits to their capacity [...]
The Labor Department announced the economy created 165,000 jobs in April, and the unemployment rate slipped a notch to 7.5 percent. That’s better than March but hardly enough-getting unemployment down to 6 percent over the next three years would require 365,000 jobs a month, and that is not likely to happen. Adding in discouraged adults [...]
by Dixon Fung Gold continues to move higher in a correction after hitting the low at $1,322. Last Friday, gold traded above the 50 percent Fibonacci retracement at $1,454 and it is now trying to test the 61.8 percent retracement at $1,485 at the time of this article.
The Commerce Department reported GDP grew at a 2.5 percent pace in the first quarter but don’t break out the champagne. Several one-time factors contributed to this seemingly robust performance. The economy is already slowing and new crises threaten. Most of first quarter growth likely was concentrated in January and February and the economy slowed, [...]
Fresh evidence is emerging that the U.S. economy is slowing in the second quarter. Stock prices continued to slide as earnings disappointed, and the Conference Board’s index of leading economic indicators pointed down.
President Obama is betting a lot on free trade. Recently, he has agreed to open talks for mega trade deals with the European Union and Japan in hopes of jump-starting growth in both places and boosting U.S. exports and jobs. However, far from an elixir, free trade has been a rock on the back of [...]
by Dixon Fung Euro/USD is trading above the key resistance level at 1.3115, at the time of this article. Technically, we have to wait until the close of the day to see if the currency pair can stay above this resistance level.
The massive QE policy by the BOJ is yielding temporary results, but the Japanese government is playing with fire. The depreciation of the Yen is helping the Japanese exports, but it is also risking flight in capital by the major Japanese corporations. The exiting from the Japanese markets is not because of the low yields [...]