EURUSD likely to test 1.110 for support

July 5, 2016

EURUSD is retesting the 1.110 level for support ahead of what could be the next leg up to test the 1.120 level. USDJPY has turned bearish and is seen paring gains with support at 102, a break below which could accelerate further declines. Gold prices remain stuck at 1350 with a pullback to 1327.50 likely. In terms of economic data, BoE’s Financial Stability Report and Services PMI are the major fundamentals to look forward to today.

EURUSD Daily Analysis

EURUSD (1.113): EURUSD is seen pulling back after edging higher yesterday. Having cleared 1.110, the current pullback could be limited to 1.110 to establish support. In such an event, EURUSD could potentially be forming a base at 1.110 for the eventual test to 1.120 resistance. On the 4-hour chart, price action has been strongly consolidating over the past week, moving within a rising price channel and forming a subsequent bull flag pattern, which raises the risk of a breakdown of prices below 1.110. In this case, a bearish reversal near 1.110 could potentially signal an eventual decline down to 1.10.

USDJPY Daily Analysis

USDJPY (102.1): USDJPY has been giving up its gains from the past week with prices seen testing the 102 support. A break below 102 could potentially trigger further declines with prices likely to fall back to 101.267, from June 24th close. Support is seen at 101.267 - 101.0 levels to the downside which could hold the prices. USDJPY is also forming a bearish flag pattern but could be validated only on a strong close below the lower support levels.

GBPUSD Daily Analysis

GBPUSD (1.325): GBPUSD has been pushing lower although price remains range bound within 1.34 and 1.32. The 4-hour chart also shows the strong sideways price movement within 1.3488 and 1.320 levels. The Stochastics oscillator is, however, pointing to a bullish divergence at the current lows which increases the likelihood of a breakout to the upside. A close above 1.3488 could signal further upside towards 1.3677 and to 1.380 eventually.

Gold Daily Analysis

XAUUSD (1344.33): Gold prices closed at 1350 yesterday, and the current consolidation could remain in play for the near term. On the 4-hour chart, price action is seeing a bearish reversal with the doji candlestick formed a few sessions ago followed by the bearish close. Declines could be limited to 1327.50 to retest the sideways' price action resistance level to establish support.

Publication source
Orbex information  Orbex reviews

October 25, 2016
US flash Markit PMI jumped 1.7 points to 53.2 in October
Asian stock markets are mostly down, as the positive confidence indicators out of Europe and the U.S. yesterday were overshadowed by weak GDP numbers from South Korea, which weighed on most markets. Topix and Nikkei outperformed, with a weaker Yen underpinning exporters...
October 25, 2016
Fed speech, flash PMI push dollar to a fresh 8-month high
Marking the final day of Fed speeches ahead of the one-week blackout period starting today, FOMC voting member, Bullard said that December was most likely for a rate hike...
October 25, 2016
M&A activities drove equities, focus shifts to earnings
Equity markets began the week on a positive note with M&A activities, positive earnings, and better than expected manufacturing data from the Eurozone and U.S. all boosting appetite to risk...

Vantage FX Rating
Orbex Rating
FBS Rating
FXCM Rating
FXTM Rating
FxPro Rating

OptionsXO Rating
Anyoption Rating
24option Rating
Beeoptions Rating
Binary Brokerz Rating
OptionRally Rating