USDJPY Could Test 102 Support

29 July, 2016

The Japanese yen strengthened sharply this morning after the BoJ's policy fell short of market expectations. With USDJPY trading near the support zone, the declines are limited to 102 lows. Later this afternoon, the US advance GDP estimate is due which could keep USDJPY volatile. The euro continues to struggle to clear the 1.110 resistance level and remains caught within the familiar range of 1.110 and 1.10 price levels.

EURUSD Daily Analysis

EURUSD (1.1091): EURUSD has managed to break out from the consolidated falling wedge pattern on the daily chart but struggles near the 1.110 resistance level. After rising to a high of 1.1119, the euro pulled back to close the day at 1.1078 yesterday. On the 4-hour chart, price remains supported above 1.1076 level with further upside likely only on a strong breakout above 1.110. To the downside, any pullback is likely to be limited to 1.10.

USDJPY Daily Analysis

USDJPY (103.16): USDJPY has pushed lower following the failure to break out above the resistance of 106. Price action is seen currently testing the 103 - 102 support level. A breakdown below this support level could shift USDJPY into bearish territory with the next support seen at the psychological support of 100.

GBPUSD Daily Analysis

GBPUSD (1.3184): GBPUSD was bearish yesterday with prices posting a steady decline from the 1.32 resistance. The consolidation is likely to continue into next week's all important BoE meeting. On the 4-hour chart, the bias is inclined to the upside but comes with a risk of a breakdown below 1.312 - 1.311. Further declines towards 1.28 - 1.285 can be expected if GBPUSD breaks the minor support. To the upside, price action needs to clear the overhead resistance at 1.34 - 1.32.

Gold Daily Analysis

XAUUSD (1337.60): Gold is looking bullish today with price posting a pullback to just above the support at 1327.50. Further gains can be expected with the resistance at 1350 in focus, but this bullish view comes at a risk of a more firm test of support near 1327.50. The gains are likely limited at this point unless gold manages to break out above the 1350 resistance level.


Source link  
Gold rallies to a one-month high

Gold prices touched a one-month higher this morning, posting an early session high of $1258.18 an ounce...

Dollar looking to recover from the weekly declines

Lack of any clear catalyst kept the markets drifting. The scheduled health-care vote which was due...

Investors turn to Yellen speech

The British pound settled after briefly slipping from the highs of 1.250 to post session lows at 1.2423 earlier...


U.S. dollar slips as investors scale back

The U.S. dollar index fell below the 100.00 handle yesterday as investors scaled back the Trump Trade...

USD continued to weaken yesterday

Price consolidated yesterday as directional catalysts have subsided in the wake of the ECB/ FOMC meetings. Local resistance at the January high of 1.0828 is the first challenge. Above their puts the focus on the bigger technical level of 1.0975 which is the 50%...

Short covering rally continues

Short covering rally continues. Local resistance at the January high of 1.0828 is the first challenge. Above their puts the focus on the bigger technical level of 1.0975 which is the 50% Fibonacci retracement from last year’s high. We also have the completion...


Dutch exit polls bodes well for EURUSD

The initial exit polls from various sources have clearly put the Dutch incumbent Prime Minster Mark Rutte's party in the lead against his radical opponent, Geert Wilders...

Fed and Dutch set the tone for a busy day

The FOMC's interest rate decision today will be closely watched as traders brace for a third rate hike in just under two years, since December 2015. The short term Fed funds rates are expected to rise to 0.75%...

U.S. dollar wavers, PPI data coming up

Trading was flat with the currencies seen giving back the gains made from Friday. The lack of any major events also contributed in part to the flat trading. Traders will be looking forward to the first part of a busy week starting tomorrow with the Fed's rate hike looming...

  


Share: