USDJPY aiming for 102 followed by 105

July 7, 2016

The US dollar gave back most of its gains yesterday, but price action is likely to be supported to the upside in the near term. While the euro remains caught within 1.115 levels, the bias is increasingly turning bearish. For the USDJPY, early price action is showing signs of a turn around, with 102 coming in, as the initial level to be challenged, whereby a close above 102 could see the dollar extend gains to 105.

EURUSD Daily Analysis

EURUSD (1.110): EURUSD closed on a bullish note yesterday with prices stalling just close to 1.110 resistance level as noted the day before. A bearish follow through from here could signal further downside, with 1.10 coming into question. On the 4-hour chart, the recent retracement seen marks a retest of the breakout from the bearish flag pattern indicating further weakness. While 1.10 remains the initial support level of interest, a breakdown below could extend the declines to 1.09. To the upside, should there be a bullish close above 1.11; further gains could be seen, towards 1.120 and 1.124 invalidating the bearish flag pattern.

USDJPY Daily Analysis

USDJPY (101.01): USDJPY extended its declines down to 100.20 yesterday falling short of the 100.00Yen psychological level. Price action is likely to remain range bound within 102 and 100. A lower close at or below 100 could potentially keep the bullish divergence in play signaling a correction in the near term. Any upside gains are likely to come only on a close above the 102 level following which further upside could be extended to 105.

GBPUSD Daily Analysis

GBPUSD (1.297): GBPUSD closed below 1.30 yesterday after a brief touch of support near 1.28 level. Price action is likely to move into a sideways pattern for the moment with 1.30 acting as the initial minor resistance. Any gains are likely to be capped near 1.312 - 1.320 region where resistance could be established before GBPUSD falls lower. To the upside, a breakout above the resistance could signal GBPUSD moving back into the previous range that was established.

Gold Daily Analysis

XAUUSD (1367.82): Gold prices posted new highs yesterday at 1375.29 before pulling back modestly.  As noted yesterday, price action could turn flat the current levels of 1375 - 1371 while the broadening wedge/funnel pattern could see a near-term pullback. 1350 followed by 1327.50 remain the key levels of support to the downside, with further declines likely to extend down to 1300. The longer-term view remains biased to the upside, and could only change on a convincing close below 1300.

Publication source
Orbex information  Orbex reviews

September 29, 2016
OPEC decision lifts equities, commodity currencies
US stocks closed higher yesterday, led by gains in the energy sector as OPEC announced plans to cut production, to be formalized in the November OPEC meeting. The news helped lift commodity currencies as well with the Canadian dollar and the Norwegian Krone posting the biggest gains among its peers...
September 29, 2016
Energy stocks pushed up Asian markets
Oil prices surged following the surprise OPEC agreement on production cuts. USOil rallied 5% to $47.46 and UK Oil was up to highs over $49.00. The production cut was between 240k and 740k barrels per day, which will limit supply to between 32.5 mln and 33 mln barrels per day...
September 29, 2016
Energy stocks lead markets higher on OPEC surprise deal; Commodity currencies surged
When most traders thought an agreement to cut production was a mission impossible, OPEC surprised on Wednesday by announcing a preliminary deal to reduce output by about 700,000 barrels a day...

Larson&Holz IT Ltd Rating
Vantage FX Rating
HYCM Rating
OctaFX Rating
XM Rating
FxPro Rating

Binary Brokerz Rating
Banc De Binary Rating
OptionRally Rating
OptionsXO Rating
EZTrader Rating
OptionFair Rating