Mind the weekly doji in EURUSD

April 11, 2016

The markets were very mixed on Friday as Oil prices surged, closing the day with over 5.0% gains. However, the equity markets failed to keep up with the gains as yen started to trim its losses and continued to gather steam again, sending USDJPY to close on a modestly bearish note. EURUSD's weekly chart shows last week's price action closing with a doji which could see a further downside if we see EURUSD close below 1.1326.

EURUSD Daily Analysis

EURUSD (1.14): EURUSD closed last week with a doji pattern following the previous weeks of gains. This could signal a short-term pause, but a weekly close below the doji's low at 1.1326 could signal a correction lower. Support comes in at 1.130 and 1.120. There is evidence that EURUSD could see a stronger correction lower towards 1.10 if the support levels near 1.12, 1.11 gives way. On the 4-hour chart, EURUSD has been consolidating near the lower median line and forming lower highs. A move below the short term base at 1.136 - 1.135 will confirm the move lower for 1.13 initially followed by 1.120.

USDJPY Daily Analysis

USDJPY (107.8): USDJPY remains biased to the downside with no strong evidence of any short term bounce or a correction. Price action is, however, trading near the support level of 108.1 - 108.0 region. A break below this level will see further declines towards 105.36 - 105 levels of support from which we can anticipate some kind of a correction to the upside. Any rallies ahead of USDJPY reaching the lower support at 105 levels will be capped near the resistance level of 112.4 - 111.4.

GBPUSD Daily Analysis

GBPUSD (1.41): Price action in GBPUSD is currently showing some conflicting signals. While there is a larger inverse head and shoulders pattern playing out with the right shoulder's low formed near 1.405 - 1.41, a break below this level could see GBPUSD post new lows. Resistance at 1.4425 remains key for any further upside gains to be formed above 1.420. To the downside, 1.4025 - 1.40 will be key as a weekly close below this level could confirm a move lower.

Gold Daily Analysis

XAUUSD (1252): Gold prices closed with a doji candlestick pattern on Friday, but early Monday session has seen Gold prices start off on a bullish note. A higher close on the daily session could keep Gold biased to the upside. With prices trading near 1252 currently, the price action validated the bullish flag breakout which points to a minimum price target near the $1260 region. The downside is well supported with initial support at 1250 followed by 1243 – 1237 levels of support.

Publication source
Orbex information  Orbex reviews

December 8, 2016
Banks guidance ahead of the ECB meeting
It seems that everything is clear the ECB will extend its asset-purchasing program, and send the euro lower. But banks smell a rat in this announcement. The ECB should introduce more easing measures...
December 8, 2016
Prepare for the ECB meeting outcome
The currency market has lost some volume, as traders are closing their positions ahead of Christmas and New Year’s celebrations. Investment funds are in no hurry to open new positions; they rather prefer to be actively trading in January...
December 7, 2016
Will ECB support Italy?
The yield of the Italian sovereign debt fell on Tuesday as the focus moved to the political uncertainty on the market. After Renzi’s crash on the weekend and the expectations of the ECB measures to deal with the possible fallout of the financial markets...

FXCM Rating
Larson&Holz IT Ltd Rating
HotForex Rating
OANDA Rating
Orbex Rating
Fort Financial Services Rating

OptionFair Rating
24option Rating
TopOption Rating
OptionBit Rating
OptionRally Rating
Empire Option Rating