Fundamental analysis for May 29, 2015

29 May, 2015

The US dollar was once again in demand but at the end of the day it lost some ground against the euro. The dollar index basket (USDX) finished the trading day at the mark of 97.44. Besides the UK GDP assessment and the number of the US jobless claims, there was not published any important macroeconomic statistics this day. Investors are still actively increasing long positions, getting rid of its main competitors. However the euro recovered some lost positions. The commodity market is also under pressure – the Brent crude fell below $ 63/barrel and set the four-week minimum.

The jobless claims report did not please traders with the positive data. The four-week average dropped significantly last week which with the Conference Board consumer confidence release allowed us to count on the data output a little bit better than the forecasted medians. Nevertheless, the date came out more then forecasted medians.

The Japanese yen quickly fell to the eight-year lows against the US dollar growth. According to the Bank of Japan April meeting minutes, the time allocated to achieve the two-percent inflation rate can be extended.


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Pound tested 1.3200 and stopped

The buying interest persists in the market. All technical indicators are positive supporting buy orders. The resistance lies at 1.3300, the support comes...

Brent failed to approach 49.50

Sellers kept driving the benchmark lower the whole night and found an obstacle at 48.50. The resistance lies at 49.50, the support lies in at 48.50 dollars...

DAX index turned bearish

The benchmark broke 12600 first and then weakened down to 12527. Bulls returned control in the early European session and returned the price to 12600...


Gold bounced from its upper limit

We expect the spot to retest 1240 in the short-term. Should sellers succeed they may lead the pair down to 1230. If the level stands the spot...

Gold price reached important target

The prices have reached their important target of 1260 and this was only a bounce and a correction of the downtrend...

Dollar setback due to recent PCE date

Today is last day of the month and FED's members speeches are to be announced therefore the market volatility growth is expected...


Gold has jumped to 1265 level

The resistance holds at 1280, support comes in at 1245.9. Major resistance is highlighted at 1295.4. Next target is set at 1350...

Gold prices bounced off

The spot was struggling to build onto the recovery during the night trades. Buyers lost their steam at 1265 where the pair found some fresh offers....

Golld turned around and reversed

The bullish trend remained intact on Tuesday. The price bounced from the upper limit...

  


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