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

October 27, 2016
Sterling falls notwithstanding UK GDP
On Thursday, the British pound sagged against the greenback, notwithstanding data on third quarter growth showing that Britain’s economy shrugged off the immediate shock of the Brexit referendum...
October 27, 2016
Dollar falters but strength remains ahead of jam-packed week
The US dollar has taken a bit of a breather this week as it consolidates its recent gains ahead of major economic data and events in coming days. For around a month, the greenback has been on an exceptionally sharp incline as expectations for a Federal Reserve rate hike this year have progressively increased...
October 27, 2016
Oil slides on OPEC uncertainty
WTI Crude received a pummelling on Tuesday with prices sinking below $49.50 after reports displayed an inflated rise in U.S inventories which revived concerns over the excessive oversupply in the markets...

FIBO Group Rating
HYCM Rating
Vantage FX Rating
Grand Capital Rating
Fort Financial Services Rating
XM Rating

OptionsXO Rating
Empire Option Rating
TropicalTrade Rating
IQ Option Rating
OptionRally Rating
TopOption Rating