InvestMacro Forex News

GOLD: With GOLD closing higher to halt its two week correction, it now looks to extend that gain. Resistance resides at the 1,334.65 level where a violation will aim at the 1,359.00 level. Further out, resistance comes in at the 1,380.00 level where a break will aim at the 1,400.00 level followed by the 1,450.00 level. On the other hand, a failure of its recovery will mean a return to the 1277.58 level. Below here if seen will aim at the 1,250.00 level followed by the 1,230.00 level. Further down, support comes in at the 1,200.00 level. All in all, GOLD remains biased to the downside in the medium term though recovering higher.

Article by http://www.fxtechstrategy.com/commodity-technical-outlook-gold-new-44

EURUSD: With EUR weakening for a third consecutive week, further downside pressure is envisaged. But in order for this occur it will have to break and hold below the 1.3676 level and its rising trendline. However, with a rejection candle seen on Friday, recovery risk could happen this new week. Support lies at the 1.3676 level. Further down, support comes in at the 1.3600 level where a violation will target the 1.3550 level. Its weekly RSI is bearish and pointing lower supporting this view. Conversely, on a recovery higher, the pair will aim at the 1.3766 level followed by the 1.3820 level. Further out, resistance resides at the 1.3900 level where a breach will aim at the 1.3966 level. All in all, EUR remains biased to the upside in the long term but faces bear threats.

Article by http://www.fxtechstrategy.com/weekly-technical-strategist-eurusd-new-33

USDCHF: With USDCHF capping its strength at the 0.8952 level to close the marginally lower (daily chart), it faces the risk of a correction in the new week. Expect it returned above the 0.8952 level, this view remains valid with eyes on the downside. Support lies at the 0.8874 level where a violation if seen targeting the 0.8813 level. A cut through here will set the stage for a run at the 0.8750 level and subsequently the 0.8698 level. If it violates this level it will resume its medium term downtrend presently on hold. Further down, support comes in at the 0.8650 level. On the other hand, the pair will have to return above the 0.8952 level to prevent any downside incursion. This if seen will aim at the 0.8900 level with a close above here if seen will aiming at the 0.9000 level and next the 0.9050 level. Its weekly RSI is bullish and pointing higher supporting this view. All in all, the pair remains biased to the upside in the short term.

Article by www.fxtechstrategy.com

By MoneyMorning.com.au

It has been a heck of a week.

We can see now why we don’t organise these events more often.

The World War D conference in Melbourne had a star-studded lineup of big thinking contrarian investment experts.

Also on show were our own band of investment pros, such as Greg Canavan, Sam Volkering and Vern Gowdie. And of course, yours truly was there too, giving big government a well-deserved poke in the eye.

Not everyone liked our presentation. One gentleman scored us a two out of 10. We received the lowest score at the After America conference two years ago too. We’ll start to get a complex at this rate.

Was it really that bad? No. But we get why he gave your editor a rock-bottom score…

In total, the show was a resounding success.

How often do you get to see the likes of Dr Marc Faber, Jim Rickards, Richard Duncan and Satyajit Das on the same stage?

Not often.

Every conference organiser in Australia would give their right arm to secure a line-up like that.

Conference goers got to hear from the keynote speakers their views on where the global economy is heading next. It wasn’t always the most uplifting of subjects. That’s why some people can’t bear to hear about the doom and gloomy stuff.

But that wasn’t why one attendee scored our presentation so low. In fact, it was for precisely the opposite reason — we were too bullish for his liking.

Not everyone wants stocks to go up

There’s no doubt that your editors presentation was the most bullish and optimistic on the direction of the Australian and world stock markets.

We even revealed to attendees at the exclusive Alliance* cocktail party that we were actively looking to recruit an analyst to explore one of the most exciting and beaten-down sectors in the world economy — emerging markets.

(* The Port Phillip Publishing Alliance is an exclusive membership option that entitles members to receive all of Port Phillip Publishing’s current and future investment research — except trading services — for life with the payment of a one-off joining fee. The Alliance program is currently closed to new memberships.)

That’s bullish. We certainly laid ourself open to criticism for daring to talk about a rising Australian stock market when most of the other presentations were pointing the other way.

But as we noted in our presentation, that’s the key to being a good contrarian investor. You have to be prepared to buck the trend. Or as resources and military technology expert Byron King noted during his presentation, it pays to go after the most ‘hated’ stocks on the market.

Out of interest, he says that junior resources stocks are among the most hated stocks right now. It’s hard to argue with him on that point.

For many people, going to a conference like World War D isn’t about learning something new, it’s about hearing confirmation of what you already know.

The term for that is ‘confirmation bias.’

In other words, if you have a bullish tendency then you’re more likely to approve of speakers who are bullish. If you have a bearish tendency then you’re more likely to approve of speakers who are bearish.

That’s our take on the negative feedback to our presentation. The gentleman didn’t approve of our view that the Australian stock market was heading towards 15,000 points…a move that would see the index triple from its current level.

He also probably didn’t like the way we took a swipe at so-called contrarian investors. We called them ‘fake contrarians’ and ‘do nothing investors’.

Our point was that being a contrarian investor wasn’t all about taking a bearish view of the markets, buying gold, and grumbling about central bank money printing.

Real contrarian investing involves anticipating a future market move before other investors catch on. That means buying ‘hated’ stocks now before others get the same idea.

Bias or opportunity?

The truth is that anyone on the bullish side would have struggled to achieve any confirmation bias as most of the presentations were on the negative side — except your editor’s of course.

But that’s good news for real contrarian investors. The last thing you want to hear at this sort of event is that everything is fine and dandy with the world.

As a contrarian, you want to hear that things are bad, and could get worse.

The only time a real contrarian should panic is when the big bearish investors finally give up and decide to join the bulls. That’s when real contrarian investors should look to sell stocks.

But that time doesn’t look like happening anytime soon. The bearish analysis was about as doom-laden as we’ve ever seen it. And that’s not a criticism. We get their concern.

The world economy is in a terrible shape. Central bank money printing has only covered up the problems. It most certainly hasn’t fixed anything. And yet, despite it all, as we pointed out in our presentation (and doubtless to the annoyance of the gentleman who scored us two out of 10), the stock market has continued to go up over the past six years.

In fact this week the US S&P 500 index took out another high.

So, maybe we’re guilty of ‘confirmation bias’ too. Perhaps everyone is. You see in the markets what you want to see, and then you invest accordingly.

But one thing is for sure. Whatever your view of the markets, whether you’re bearish or bullish, there’s no doubt that the World War D conference was the best investment show in Australia this year.

If you were there, we hope you enjoyed it. If you couldn’t make it, you can put your name down to snap up a video recording of the event here.

Cheers,
Kris+

PS: Next week Sam Volkering’s Tech Insider will have exclusive coverage of digital expert and author of Brave New War John Robb’s speech at WWD – where he revealed how to decrease your ‘wealth burn rate’ by tapping into a new online asset trend…you can sign up to Tech Insider here.

Join Money Morning on Google+

By MoneyMorning.com.au

By WallStreetDaily.com

Investors cheer with the thought of having mutual access to the China exchanges (Hong Kong and Shanghai). But instead of a big bang, Breakingviews’ Peter Thal Larsen argues that such a change may cause a slowdown in funds. Reuters’ Tara Joseph gleans nuggets from him.

Slow and Stead Wins the Race

Tara Joseph says, “Fresh reports, Peter, that China and Hong Kong will give each other mutual access to their markets. Now if this is true, it is big news. But we’ve heard this song before.”

Peter Thal Larsen says, “We have, and I have to say, the reports sound a bit premature. And the Hong Kong Exchange has said that even though there are talks going on with Shanghai, there’s nothing really happened, yet. But our view really is that this is not so much a ‘big bang’ as more of a sort of ‘slow slam.’ Really, there’s been a lot of discussion for many years about the possibility of allowing Chinese investors to buy shares in Hong Kong, and also allowing investors in Hong Kong to buy shares on the mainland.

“If that were to happen, that would be a big deal, but there are many reasons why it hasn’t happened, yet. And the main reason is that if you allow Chinese investors to take their money out of Hong Kong by buying shares, you would essentially be opening up China’s capital account. And that is something that China has said it wants to do in the long term, but is not something that it’s about to do any time soon. So the feeling is that even if something were to happen on this front – and it does sound like there are some discussions going on and there will be some kind of an agreement – it’s going to be gradual rather than all happen in one go.”

Hong Kong Needs a Boost

Tara Joseph says, “Understandably that it would be gradual, but for Hong Kong, it really needs this ‘big bang’ for the markets. I mean, the Hong Kong volumes are actually drying up. We saw Alibaba move over to New York. Hong Kong exchanges need something,”

Peter Thal Larsen says, “Yeah, I think that’s right. I mean, definitely there is a lot of hope. And we saw the Hong Kong Stock Exchange – its share price – rise over 5% the other day in hopes that it might be about to sign some kind of agreement. And definitely I think if that were to happen, if there were to be some sort of mutual market access, that would be a big deal both for Hong Kong and for the mainland. Clearly, if Chinese investors could get access to stocks in Hong Kong, that would increase the volumes and it would also help to reinforce Hong Kong’s position as a capital market.

“Likewise, if you could – if investors based in Hong Kong could access the Chinese capital markets more directly than the way they do at the moment… through this system of quotas and so forth, that would also be a big help for Hong Kong. But once again, I think they’ve talked about this in the past and backed away from it. We have this complicated system of quotas for investors going into China and coming out of China. And I think it’s hard to see for the broader, macroeconomic purposes that I described earlier. It’s hard to see anything really big changing on that front any time soon.”

Tara Joseph says, “Mutual market access between China and Hong Kong, it would be a very big bang, but let’s not get our hopes up too soon.”

Bottom line: Neither exchange has pulled the trigger, but if they do… the process will most likely be a slow and steady one.

The post One Country, Two Stock Markets No Longer? appeared first on Wall Street Daily.

Article By WallStreetDaily.com

Original Article: One Country, Two Stock Markets No Longer?

Source: George S. Mack of The Life Sciences Report (4/3/14)

http://www.thelifesciencesreport.com/pub/na/venture-capitalist-ran-nussbaum-brings-big-finance-to-little-biotechs

Biotech companies don’t come into the world fully formed. Like most fledglings, they need guidance to grow, prosper and eventually thrive in public markets. Venture capitalist Ran Nussbaum of the Pontifax Group nurtures tiny biotech and medtech startups, finding capital for their growth and maturation. In this interview with The Life Sciences Report, Nussbaum discusses exciting private equity holdings that are close to going public, and makes a case for one public company he knows quite well.

The Life Sciences Report: I recently spoke with New York City-based senior biotechnology analyst George Zavoico of H.C. Wainwright & Co., who went to Israel in January. He was extremely impressed and very positive on the business climate in Israel for life sciences entrepreneurs and startup companies. Is there an advantage for a startup biotech or other type of technology company in Israel versus San Diego, San Francisco or Cambridge, Massachusetts?

Ran Nussbaum: There are many things I could mention that are to our advantage here in Israel, and that have given us a wind to our backs when it comes to biotech.

One of the biggest advantages is that the basic science is extremely solid in Israel. You can find serial entrepreneurs who know how to develop and launch drugs. I’ll give you some examples—drugs like Copaxone (glatiramer acetate; Teva Pharmaceutical Industries Ltd. [TEVA:NASDAQ]), Rebif (interferon beta-1a; Merck Serono (a unit of Merck KGaA [MKGAY:OTCPK]), Doxil (doxorubicin HCl liposome injection; Janssen Biotech Inc., a unit of Johnson & Johnson [JNJ:NYSE]) and others were discovered by professors from Israeli universities. There is so much talent here.

Also, the entire industry is based within a radius of 25 miles. Tel Aviv is a very small city, and everybody knows everybody. People even talk to each other on the street.

TLSR: Ran, what about financial incentives? How does that work in Israel?

RN: On the financial side, there are two great advantages in Israel. The first is that it is less expensive here than in the rest of the world. For a company to come up with a new compound in the U.S.—a first-in-humans molecule—it could cost $14–15M. In Israel, it costs $4–5M, tops. Second, the government of Israel has come in with a very supportive nondilutive funding program, which companies pay back only if they have an exit. That means it’s a success-based loan, which is great for startup biotech companies. They get almost half their research and development expenses from the government. It’s a real engine of the industry. You could say that Israel is a startup nation.

TLSR: As a venture capitalist, you don’t take all the risk on a given startup company. You need pharmas and others to help you fund the nascent companies in your portfolios. Is there a sufficient quantity of VCs and corporate VCs in your region to sustain an active financing market, or do you have to reach out to the West?

RN: That’s a very good question, because it has been very tough for Israeli companies to raise money in the past. But what we’ve seen happen here in the last three years is amazing. A lot of companies and other investors are now collaborating and operating in Israel.

Both the Johnson & Johnson Development Corp. and Takeda Pharmaceutical Co. Ltd. (TKPYY:OTCPK)have opened Israeli incubators. Merck Serono has also opened an incubator to support Israeli programs. Over the last three years Roche Holding AG (RHHBY:OTCQX) has built two companies in Israel—Chiasma Ltd., which is developing oral drugs, and a medical device company called Medingo Ltd. A respected life sciences investor called OrbiMed Advisors LLC (private) has invested in Israel as well. Then there’s Edwards Lifesciences Corp. (EW:NYSE), another giant, which is investing in one of our portfolio companies.

TLSR: Biotechs did quite well in the U.S. during 2013. Initial public offerings (IPOs) and secondary offerings are still raising about $1 billion ($1B)/month right now. How has the IPO market been performing in Israel?

RN: We have good IPO activity here, but Israeli companies try to avoid the Israeli market, preferring to go public in the U.S. There are no analysts in the biotech arena in Israel, which makes it hard to get a real valuation from Israeli investors. Israel is out of the equation right now as far as floating IPOs.

Outside the Israeli markets, IPOs are happening. On March 20, Jefferies and Credit Suisse tookMediWound Ltd. (MDWD:NASDAQ) public. It was an extremely nice IPO. The company has kept its head above water on the market, and has a very respectable $210M market valuation. MediWound is addressing burns and hard-to-heal wounds. Before that, Galmed Pharmaceuticals Ltd. (GLMD:NASDAQ), which is developing drugs for nonalcoholic steatohepatitis (NASH), went public. Other good companies, such as Foamix Ltd., which is developing topically applied drugs, MacroCure, a cell therapy company, and VBL Therapeutics, which is developing cancer drugs, are all trying to go public as we speak.

TLSR: Ran, can you talk about MacroCure, one of the still-private companies?

RN: MacroCure is a very unique situation, developing a cell therapy product for hard-to-heal wounds. The product is called CureXcell (a suspension of white blood cells separated from blood donated by healthy volunteers age 18-40 and activated via hypo-osmotic shock). CureXcell is applied to the wound and creates a natural balance that helps healing. It’s an approved product in Israel and has a track record, with more than 5,000 patients treated.

TLSR: Do you see this as a classic exit strategy period, where companies can go public or be acquired? Is this a good time for Israeli companies like MacroCure, for example?

RN: MacroCure is unique because it’s not a question of whether this product will work. It’s just a question of when it will be approved outside Israel. If MacroCure decides to go public and the product is approved in other countries, then it’s a $1B company.

CureXcell is in a double-blind, Phase 3 trial now, with more than 200 patients at 35 centers in the U.S., Canada and Israel. It is being tested for chronic ulcers of the feet in diabetes patients. This Phase 3 trial should be complete by August 2015. The biology will talk, and at the end of the day we will see if the company will fly or not.

TLSR: Can you talk about some of your other portfolio companies?

RN: We have several companies aiming for IPOs. BioBlast Pharma Ltd. is one of them, and will be the first to go public. The company has a cluster of clinical assets in the rare disease arena. A very strong team is leading this company: The go-to guy is Fred Price, the ex-CEO of BioMarin Pharmaceuticals Inc. (BMRN:NASDAQ), who is now the executive chairman of BioBlast.

An Israeli newspaper published a piece saying that another company of ours, Argo Medical Technologies Inc., is going public. This company has an exoskeleton technology that presents a unique opportunity for people who have been hurt in car accidents, or perhaps in the wars in Afghanistan or Iraq, enabling them to walk again. If you take a look at rewalk.com, you will understand how valuable this technology is. President Obama saw the technology when he visited Israel six months ago. We brought in an injured Afghanistan veteran, and she used the exoskeleton to walk to President Obama. We saw a tear on his cheek. The technology is a real breakthrough. Argo Medical is a great company, and we think it’s a great opportunity for the public market in the States. We are exploring this opportunity.

Alcobra Ltd. (ADHD:NASDAQ), which is in Phase 3 with metadoxine extended release for attention deficit hyperactivity disorder (ADHD), went public last year. This is not one of our companies, but we know Alcobra well. Two of the founders of Alcobra are part of the BioBlast team as well. We think it’s a winning team.

TLSR: When we spoke last, you talked about Arno Therapeutics Inc. (ARNI:OTC.MKTS). What did you find in the company that got your attention?

RN: Arno Therapeutics is out of the ordinary for us because it’s a New Jersey company, and we mainly invest in Israel. Arno was a unique situation, in which we saw a champion in the company’s chairman, Arie Belldegrun, from UCLA. He’s one of the best in the world in the urology field, and for that reason we followed up with him. He’s also the founder of another of our portfolio companies, Kite Pharma Inc. (private; also based in the U.S.). We think a lot of Dr. Belldegrun.

TLSR: Arno has moved into the clinic with onapristone. It was still preclinical when we spoke back in August 2013. Tell me about it.

RN: On Jan. 2 we enrolled the first patient, testing onapristone in post-menopausal women with progesterone receptor (PR)-positive tumors—breast and endometrial cancers. This drug could also be used in castrate-resistant prostate cancers. The company aims to have good results for the American Society of Clinical Oncology (ASCO) meeting in Chicago at the end of May.

TLSR: You have a stellar group of investors in Arno. Could you talk about that?

RN: We have gotten a lot of attention by having brilliant investors at the table, like the Soros Fund; David Bonderman, chairman of Texas Pacific Group, as well as OPKO Health Inc. (OPK:NYSE) and its chairman, Phillip Frost. All in all, this consortium of investors has given us a lot of validation. I believe Arno has a real drug, and if we get good validation during the Phase 2 proof-of-concept phase, Arno will be sold.

TLSR: You mentioned Phillip Frost. Is that a personal investment from him, or is it an OPKO investment?

RN: OPKO invested in the company side-by-side with its chairman.

TLSR: You mentioned Arno Therapeutics’ Arie Belldegrun, who is also on the board of directors of Kite Pharma. Would you speak about Kite for a moment?

RN: Kite is exploring every opportunity to bring shareholder value, and is probably the most exciting company that we’ve ever been involved in.

Everybody is talking about immunomodulation and the upcoming launch of the programmed cell death (PD-1) receptor-targeting antibody, nivolumab, from Bristol-Myers Squibb Co. (BMY:NYSE). Everybody is also talking about Incyte Corp.’s (INCY:NASDAQ) indoleamine 2,3-dioxygenase (IDO) inhibitor in phase 2, as well as other immune checkpoint targets. These are all amazing, but we think the chimeric antigen receptor (CAR) technology that Kite is working on is worth a lot. This is a potential blockbuster. The compound is very effective, and the disease indication, diffuse B-cell lymphoma, is right. We licensed an anti-CD19 CAR agent, and the company aims to start a pivotal trial within 12 months—maybe even sooner.

TLSR: How many funds do you currently manage?

RN: All in all, we have more than $220 million ($220M) in three different funds, and 30 portfolio companies. Eventually we will have 16–18 companies in our third fund, and in the next year, we will set up a fourth fund.

TLSR: When we spoke six months ago, you told me that Pontifax, based in Herzliya, Israel, was a simple venture capital (VC) operation. Are you strictly life sciences?

RN: Yes. We only do biotech, biopharma and medical devices, and we have worked with many pharma companies in true collaborations. We have a strategic alliance with Roche, and are coming up with good targets working together side-by-side. We’ve sat in deals with Pfizer Inc. (PFE:NYSE), AstraZeneca Plc (AZN:NYSE) and Novartis AG (NVS:NYSE). In the medical device arena, we have an informal collaboration with GE Healthcare Worldwide (a unit of General Electric Co. [GE:NYSE]), to invest side-by-side in Israeli medical device companies.

TLSR: I’d like to get some clarification on Pontifax’s Roche collaboration. Are you collaborating on projects directly with Roche, or are you trying to find a suitable development partner for the company?

RN: We have Roche’s wish list, and are trying to bring the company a breakthrough technology with worldwide applications. The collaboration could be for a small-interfering RNA (siRNA) molecule, an antibody or an agent to target an immune checkpoint in oncology. We come up with new programs and if they’re a go, we establish a new company.

TLSR: Ran, thanks for taking the time today.

RN: It was my pleasure.

Ran Nussbaum is a managing partner and cofounder of the Pontifax Group, which has established three funds with more than $200M under management and more than 30 portfolio companies. Over the past eight years, Nussbaum has managed the group’s activity, alongside Tomer Kariv. He also served as CEO of Biomedix and was NasVax Ltd.’s chairman of the board. Prior to joining Pontifax, he was a partner at Israel’s largest business intelligence and strategic consulting firm. Nussbaum’s work revolves around constant and active involvement in companies, providing them with strategic and business development oversight. Nussbaum serves as a board member of many of the Pontifax Group’s portfolio companies, including Kite Pharma, TheraCoat, Collplant Ltd., cCAM Biotherapeutics Ltd., Quiet Therapeutics, Fusimab Ltd. and as OCON Medical Ltd., where he is currently chairman of the board.

Want to read more Life Sciences Report interviews like this? Sign up for our free e-newsletter, and you’ll learn when new articles have been published. To see recent interviews with industry analysts and commentators, visit our Streetwise Interviews page.

DISCLOSURE:

1) George S. Mack conducted this interview for Streetwise Reports LLC, publisher of The Gold Report,The Energy Report, The Life Sciences Report and The Mining Report, and provides services to Streetwise Reports as an independent contractor. He owns, or his family owns, shares of the following companies mentioned in this interview: None.

2) The following companies mentioned in the interview are sponsors of Streetwise Reports: Arno Therapeutics Inc., OPKO Health Inc. Streetwise Reports does not accept stock in exchange for its services.

3) Ran Nussbaum: I own, or my family owns, shares of the following companies mentioned in this interview: None. I personally am, or my family is, paid by the following companies mentioned in this interview: None. My company has a financial relationship with the following companies mentioned in this interview: All private companies mentioned in this interview are in the Pontifax Group portfolio. I was not paid by Streetwise Reports for participating in this interview. Comments and opinions expressed are my own comments and opinions. I had the opportunity to review the interview for accuracy as of the date of the interview and am responsible for the content of the interview.

4) Interviews are edited for clarity. Streetwise Reports does not make editorial comments or change experts’ statements without their consent.

5) The interview does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer.

6) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their families are prohibited from making purchases and/or sales of those securities in the open market or otherwise during the up-to-four-week interval from the time of the interview until after it publishes.

Streetwise – The Life Sciences Report is Copyright © 2014 by Streetwise Reports LLC. All rights are reserved. Streetwise Reports LLC hereby grants an unrestricted license to use or disseminate this copyrighted material (i) only in whole (and always including this disclaimer), but (ii) never in part..

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Last week EUR/AUD touched and successfully bounced off the 200-Day Moving Average, bringing up the possibility of a correction towards 1.5030 for a re-test of the resistance.

The correction fell short of the target, stopping at 1.4965 and testing this area three times. During the European session the pair started falling back towards the 200-Day Moving average. Following the U.S. NFP report, the pair collapsed below the moving average and immediately reached 61.8% Fibonacci retracement between 1.4048 – 1.5830.

A close below the 200-Day Moving Average indicates a longer term downtrend is ahead. Below 1.4721 the pair will focus towards 1.4525 and 1.4449, the main price pivot zones dating back to 2013.

Daily Stochastic is in the oversold territory, yet price could still cover the distance in a few days since the previous support levels have been invalidated.

*********
Prepared by Alexandru Z., Chief Currency Strategist at Capital Trust Markets

Since breaking above the 92.23 pivot zone and the 200 Simple Moving Average on the 4H timeframe, CAD/JPY bullish momentum has accelerated. The pair has posted nine consecutive daily gains and it remains to be seen if today will continue the trend.

After clearing above 94.10, March highest point and the 38.2% Fibonacci retracement level from 99.14 down to 90.77, CAD/JPY bulls eased off once hitting 94.47 and the 100-Day Moving Average. The daily Pin bar formed on April 3^rd lacked the necessary continuation so far, leaving the window open for another rally toward the 95.00 area if the Canadian Employment Change release is well above 21.5K.

Since there were no corrections in the last two weeks and the pair is near the 200-Day Moving Average, priced at 94.65, the pair is likely to have already priced in the forecasted numbers. Above 94.65 the pair faces the 50% Fibonacci retracement at 94.96 and lastly an old pivot zone at 95.15. Consequently, this area can provide a temporary high, so traders should be wary if bullish spikes hit the resistance levels and return quickly towards 94.00.

Below 93.90-94.00 area, CAD/JPY can correct towards 93.10, even 92.10/20  – where a confluence of 4H SMA and 61.8% Fibonacci Retracement would provide a perfect technical higher lower – and the pair would still remain bullish in the large picture.

*********
Prepared by Alexandru Z., Chief Currency Strategist at Capital Trust Markets

By HY Markets Forex Blog

Gold prices were seen climbing on Friday, as traders await the US non-farm payrolls report which is due later in the day and may show the current state of the US economy and may weaken the precious metal.

The anticipating US non-farm payrolls report is forecasted to have strengthened in March and may tip-off the next step the Federal Reserve (Fed) may take on its monthly asset purchases.

The yellow metal for June delivery climbed 0.48% higher to $1,297.00 an ounce at the time of writing after rebounding from near $1,280, twice this week. While futures silver edged 0.60% higher at $19.925 an ounce at the same time, after trading around $19.725 level during the Asian trading.

Holding in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, stood at 810.98 tons on Wednesday, the lowest since the beginning of March.

The US dollar index, which measures the strength of the greenback against six major currencies, climbed 0.01% higher to 80.4800.

US non-Farm Payrolls Report

The ADP employment report released on Wednesday, showed that 191,000 new jobs were added to the US private sector in the month of March, compared to the revised 178,000 seen in February.

The ADP report is considered a hint to what to expect from the key non-farm payrolls data, which is key indicator for the world’s largest economy and the Federal Reserve.

The anticipating jobs report may hint the Federal Reserve‘s next move on its monetary policy, as the US Federal Reserve trimmed asset purchases at the last three policy meetings.  The jobs data due later in the day is expected to show a positive growth in the jobs sector, with analysts expecting to see 200,000 new jobs added to the US economy in March, the most since November.

Visit www.hymarkets.com   to find out more about our products and start trading today with only $50 using the latest trading technology today

The post Gold Prices Edges Higher Before US Jobs Report appeared first on | HY Markets Official blog.

Article provided by HY Markets Forex Blog

By HY Markets Forex Blog

Crude prices were seen trading higher on the last day of the trading week as traders focus on Libya’s oil exports after rebels blocked shipments from the country’s east port and said they agreed with the government to re-open the port.

The North American West Texas Intermediate (WTI) for May delivery edged 0.16% higher at $100.46 a barrel on the New York Mercantile Exchange. While Brent crude for May settlement climbed 0.12% to $106.28 a barrel on t he London-based ICE Futures Europe exchange.

Crude – Libya

In Libya, holder of Africa’s largest reserves, the rebels announced their agreement with the government to re-open vital ports, which would end the eight-month deadlock that have been harming the nation’s income, according to reports from Reuters.

The rebels’ Executive Office for Barqa, finalized an agreement that four terminals which were shut down since July can resume, the group’s spokesman, Ali Al-Hasy confirmed on Wednesday.

Oil traders are expecting the resumption of crude exports to drag prices lower, while supplies are expected to climb higher.

The oil ports are expected to be reopened in the next 2-3 days, with predictions that the export capacities from the country would reach 600,000 barrels per day.

Oil production from Libya fell by over a million barrels a day in the past year while protests halted oil ports.

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