26 May, 2015
Due to yesterday's banking holiday in the USA, major currencies did not trade actively, but volatility is expected to rise today. The GBP/USD rate may be influenced by data on US durable goods (15:30 GMT+3). The index is forecast to drop significantly, which may weaken the dollar. Besides, statistics for US service sector activity and new home sales will be released at 17:00 GMT+3.
Support and resistance
On the H4 chart, technical indicators suggest that the downward trend will continue. Bollinger bands are diverging thus confirming a presence of the downtrend. The MACD histogram is in the negative zone, but its volumes are increasing gradually, which indicates sellers' growing influence.
Resistance levels: 1.5520, 1.5600, 1.5465, 1.5700.
Support levels: 1.5455, 1.5395, 1.5350.
Open short positions at the current price with the nearest target at 1.5395. A firm breakout will open a way to a level of 1.5350. Consolidation above the level of 1.5520 will suggest an upward movement. If so, buyers will attempt to assault the level of 1.5600.
US stock indices went up on Wednesday after the release of the minutes of the US Fed meeting in January, which was devoted to the US monetary policy. Dow Jones Industrial Average rose by 1.6%, Nasdaq Composite - by 2.2%.
Past week was marked by a two-day speech of Janet Yellen, the head of the US Fed. Mrs. Yellen did not give a straightforward answer regarding the interest rate increase at the US Fed meeting in March...
On Thursday, the price of gold strengthened by 4% and reached its year highs. The price has been growing amid an increase in demand for safe-haven assets, such as gold and the Yen...
Yesterday, US Ministry of Energy announced about unexpected decline of oil and oil products reserves by 754 million barrels over the last week. Spot-price of crude oil Brent has grown over 31.80 USD per barrel...
Over the past 2 weeks the Yen has significantly strengthened its positions against the USD due to the increasing demand for the safe-haven currency. Mixed macro-economic data on the US economy has decreased a chance that the US Fed will tighten monetary policy...
The currency pair is traded at the strong level of 1.0960 –1.1060. In case of maintenance and testing of the level and respective confirmation (for example, a pattern Price Action), we recommend to open long positions. Stop order can be placed below the signal line...
Despite that fact that the data on Non-FarmPayRolls was below the forecast (151 000 against the forecast of 190 000 and 262 000 new jobs in December), the USD has grown against the major currencies. The rise was caused by the other data on the US labor market in January...
While market participants are waiting for the release of NFPR (Non-Farm PayRolls), oil prices are gradually declining since the opening of the trading day and at the beginning of the European session...
API (American Petroleum Institute) report, released this Tuesday, showed that last week US oil stocks rose by 3.8 million barrels. Obviously, it was a bad news for oil prices, as heavy stocks of oil in the USA creates situation when supply outruns demand in the world market...
|8||Fort Financial Services||67%|