USD could see a short term recovery

18 March, 2016

Following the two days of declines, the US Dollar is likely to see a short-term pullback in prices. The bias still remains to the downside and could potentially seek more declines unless there are signs of a reversal in prices. Most of the USD crosses are currently trading at resistance levels, which could confirm the short-term pullbacks in prices.

EURUSD Daily Analysis

EURUSD (1.13): EURUSD is trading near the upper range of the resistance zone between 1.120 and 1.130 on the daily chart, testing the previous highs near this level made around mid-February 2016. A break above 1.130 is essential to see EURUSD post higher gains towards 1.1475 region, which marks a test of resistance which was established around mid-October 2015. To the downside, failure to close above 1.13 could see a test back to the lower levels of 1.12 - 1.119 region. EURUSD is likely to see ranging price action between 1.1335 and 1.12 in the near term with the potential to breakout in either direction following the breach of the resistance or the support level.

USDJPY Daily Analysis

USDJPY (111.5): USDJPY broke below the 112.0 support yesterday to test the lows at 110.672. Any attempts to push higher could see this level attempt to establish resistance, which could open up the downside. However, there is strong support that has formed near the 111.31 levels which could see price attempt to push higher. Below 111.31, the next target comes in at 109.75. Overall, prices remain bearish with the hidden bearish divergence in place. A possible bullish divergence near the current levels could possibly indicate a move to the upside, but only on a close above 112.50 which could target the resistance at 114.7 - 114.35 and eventually to 117.25 - 117.0.

GBPUSD Daily Analysis

GBPUSD (1.44): GBPUSD has reversed near the 1.42 support and closed with two days of strong gains. Price action is, however, still weak to the upside with a test back to lower support likely which now comes in at 1.4263 - 1.42475. The 4-hour chart currently shows a doji and the resulting candlesticks forming inside bars within this doji. A lower close here and below 1.4437 could see GBPUSD decline to 1.4263 - 1.4247 to establish support ahead of targeting the next resistance near 1.4635

Gold Daily Analysis

XAUUSD (1262: Gold prices remain flat following the reversal back to the 1250 handle. While prices briefly tested the highs of 1265, the upside remains limited unless there is a break above the previous highs of 1275. The downside, therefore, is back to the $1250 support initially followed by a decline to $1200 lower support. The rising wedge pattern on the daily chart continues to remain intact but could be validated if Gold jumps above 1275 with closing prices.


Source link  
USD slips on soft data and China talks

The euro posted modest gains on Friday as price action settled near March 13 highs of 1.1329, forming a double top pattern. The gains came as final...

China Targets 6.0-6.5% GDP Growth

In an effort to prop up its sluggish economic growth, the Beijing administration announced a series of measures including tax cuts and infrastructure...

UK Brexit Vote Due Amid GDP Report

The US dollar extended declines for a second daily session. Economic data on the day was relatively sparse. The euro traded subdued...


Fed Powell's Testimony To U.S. Congress

The Fed Chairman, Jerome Powell gave his semi-annual two-day testimony to the U.S. Congress last week. In his testimony, Powell defended...

Bank Of Canada monetary policy preview

Given the recent patch of economic data, it is unlikely that the central bank will be pushing for rate hikes. The OIS money markets...

Another strong month on Australia labor market

The latest jobs report by the Australian Bureau of Statistics (ABS) showed that the labor market data beat the expectations with growth surging. The data...


U.S. GDP and housing market data

Delayed data from the United States dominate the economic calendar for the week ahead. This includes some aspects of the housing market, the fourth...

Japan CPI expected to be published

During the upcoming Asian session, market moves are likely to shift around the Japanese yen, as we have a fresh serving of key macro data coming out...

Australia's January Unemployment Change

We could have some volatility in AUD pairs coming up during the Asian session, as the Australian Bureau of Statistics will be releasing a series...


In the past 24 hours Bitcoin has lost -0.15% and reached $4017.78372384. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has gained 0.9409% and is now at $1.1429. Start trading and making money on Forex today.

In the past 7 days Ethereum has lost -2.84% and is now at $136.628185603. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Daily Forex Market Reviews


Forex Currencies Forecasts


Top 10 Forex Brokers 2019

# Broker Review
1easyMarketseasyMarkets91%
2FXTMFXTM89%
3HYCMHYCM88%
4FxProFxPro86%
5FIBO GroupFIBO Group85%
6OctaFXOctaFX84%
7HotForexHotForex81%
8FXCMFXCM78%
9AlpariAlpari76%
10XMXM74%
  


Share: