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US Dollar Continues to Enjoy a Strong Technical Outlook

With the dollar continuing to make significant gains, James Chen takes a look at the technical outlook for several major currency pairs as well as gold.

  • The EUR/USD pair is still breaking down below major support levels, with $1.30 acting as strong resistance
  • GBP/USD dropped below its 200DMA, though it is consolidating a rebound with $1.65 capping gains
  • The USD/JPY is touching very long-term highs around the ¥109 level, with a target of ¥110
  • A break below support for AUD/USD at $0.8850 would suggest a move towards $0.8659

 

Spread Betting & CFD trading carry a high level of risk to your capital and you can lose more than your initial deposit. Only speculate with money that you can afford to lose. These trading products may not be suitable for all investors so seek independent advice.

Video content by James Chen, Chief Technical Analyst, City Index.

The contents on CleanFinancial.com including any articles or videos are for information purposes only and are not intended as a recommendation to trade. Nothing on this website should be construed as investment advice or form the basis of an of investment decision.

Neither CleanFinancial.com nor any contributing company/author accept any responsibility for any use that may be made of the above or for the correctness or accuracy of the information provided.

City Index is Authorised and Regulated by the Financial Services Authority. FSA Register Number: 113942.

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Will Scottish Independence Fears Continue to Weaken the Pound?

Sterling has taken a beating on concerns over Scottish independence so Michael Hewson asks whether the pound is set for continued volatility and weakness.

  • GBP/USD gapped hugely lower after a recent YouGov poll pointed to a lead for the ‘Yes’ campaign
  • There is potential for sterling to test the $1.60 level which is both the 200WMA and the 50% Fibonacci retracement level of the long-term up move
  • EUR/GBP is set to remain range bound as political/economic risks on both sides of the Channel look to cancel each other out
  • Huge gains for the dollar have left USD/JPY with very few technical barriers as it targets ¥110

 

Spread Betting & CFD trading carry a high level of risk to your capital and you can lose more than your initial deposit. Only speculate with money that you can afford to lose. These trading products may not be suitable for all investors so seek independent advice.

Video content by Michael Hewson of CMC Markets

The contents on CleanFinancial.com including any articles or videos are for information purposes only and are not intended as a recommendation to trade. Nothing on this website should be construed as investment advice or form the basis of an of investment decision.

Neither CleanFinancial.com nor any contributing company/author accept any responsibility for any use that may be made of the above or for the correctness or accuracy of the information provided.

Content provided by CMC Markets. CMC Markets UK plc and CMC Spreadbet plc are authorised and regulated by the Financial Services Authority in the UK, registered offices, 133 Houndsditch, London, EC3A 7BX.

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Will the ECB Send German Stocks Soaring Through 9,600?

In a week full of major data points, Michael Hewson looks at whether the ECB can buoy European stock markets and how dollar strength is impacting currency pairs.

  • The potential downside for the DAX remains if the ECB doesn’t produce something to push the index through 9,600
  • Gold broke below key trendline support and remains in a downward channel that could target $1,185
  • USD/JPY is targeting ¥105.50 which is major long-term resistance. Any close above it could instigate further gains
  • Sterling is still sliding, with GBP/USD below trendline resistance and looking towards the year’s lows

 

Spread Betting & CFD trading carry a high level of risk to your capital and you can lose more than your initial deposit. Only speculate with money that you can afford to lose. These trading products may not be suitable for all investors so seek independent advice.

Video content by Michael Hewson of CMC Markets

The contents on CleanFinancial.com including any articles or videos are for information purposes only and are not intended as a recommendation to trade. Nothing on this website should be construed as investment advice or form the basis of an of investment decision.

Neither CleanFinancial.com nor any contributing company/author accept any responsibility for any use that may be made of the above or for the correctness or accuracy of the information provided.

Content provided by CMC Markets. CMC Markets UK plc and CMC Spreadbet plc are authorised and regulated by the Financial Services Authority in the UK, registered offices, 133 Houndsditch, London, EC3A 7BX.

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French and German Stocks Rally as Draghi’s Speech Raises Speculation of Further Stimulus

Given that Draghi’s dovish comments led some to believe that there is potential for further ECB stimulus, Michael Hewson takes a quick look at how this speculation has affected the German and French stock markets.

  • The DAX 30 is trading towards to key Fibonacci retracement levels and needs to break higher for further gains
  • The reshuffle in the French government has boosted the CAC 40 up to resistance around 4410
  • EUR/USD continues to head lower to major support at $1.3220, with EUR/CAD also slipping towards C$1.4285

 

Spread Betting & CFD trading carry a high level of risk to your capital and you can lose more than your initial deposit. Only speculate with money that you can afford to lose. These trading products may not be suitable for all investors so seek independent advice.

Video content by Michael Hewson of CMC Markets

The contents on CleanFinancial.com including any articles or videos are for information purposes only and are not intended as a recommendation to trade. Nothing on this website should be construed as investment advice or form the basis of an of investment decision.

Neither CleanFinancial.com nor any contributing company/author accept any responsibility for any use that may be made of the above or for the correctness or accuracy of the information provided.

Content provided by CMC Markets. CMC Markets UK plc and CMC Spreadbet plc are authorised and regulated by the Financial Services Authority in the UK, registered offices, 133 Houndsditch, London, EC3A 7BX.

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Stocks Rebound on Expectations that the ECB Will be Pressured into QE

Equity markets are pressing higher as inflation data updates central bank policy expectations.

With that in mind, Michael Hewson of CMC Markets takes a look at several key markets:

  • The DAX has seen a significant rebound, trading above resistance at 9,260 and we may retest the 9,500 level
  • The euro has broken below recent lows as traders seem to expect the ECB to be pushed into full QE despite questions over the legality
  • Weak UK inflation data seems to have taken a 2014 rate hike off the table, with GBP/USD breaking below the 200DMA towards $1.65

 

Spread Betting & CFD trading carry a high level of risk to your capital and you can lose more than your initial deposit. Only speculate with money that you can afford to lose. These trading products may not be suitable for all investors so seek independent advice.

Video content by Michael Hewson of CMC Markets

The contents on CleanFinancial.com including any articles or videos are for information purposes only and are not intended as a recommendation to trade. Nothing on this website should be construed as investment advice or form the basis of an of investment decision.

Neither CleanFinancial.com nor any contributing company/author accept any responsibility for any use that may be made of the above or for the correctness or accuracy of the information provided.

Content provided by CMC Markets. CMC Markets UK plc and CMC Spreadbet plc are authorised and regulated by the Financial Services Authority in the UK, registered offices, 133 Houndsditch, London, EC3A 7BX.

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