US dollar seen posting gains, but remains questionable

12 August, 2016

The US dollar index managed to close bullish yesterday, forming an inside bar in the process. A break out from this level could signal further gains or declines, with the bias staying neutral for the moment. Gold prices were seen retesting the $1350 handle, but failure to keep the gains saw gold prices closing bearish. Watch for 1327.50 to the downside. EURUSD has also turned bearish yesterday, and 1.110 will be essential as a break down below 1.110 could signal further declines to 1.10 support.

EURUSD Daily Analysis

EURUSD (1.113): EURUSD was bearish yesterday following the previous day's gains. The reversal which was short of retesting 1.120 resistance saw price close at 1.1137. The further downside could be expected with 1.110 now likely to act as support. A break below 1.110 support could signal further declines to 1.10. On the 4-hour chart price action is seen breaking down from the rising median line. A retest to 1.1150 is possible. If resistance is established here we can anticipate EURUSD to slide to 1.110 and eventually to break down to 1.10 support.

USDJPY Daily Analysis

USDJPY (102.04): USDJPY is seen retesting 102 resistance level following a higher low that was formed yesterday. The bullish divergence on the daily chart could signal a longer term correction towards 108, but near-term resistance levels at 104 and 106 will need to be cleared. On the 4-hour chart, Price action is seen currently trading above 102, but the support zone near 101.55 - 102.00 could remain in play. As long as USDJPY does not break down below 101.55, the bias remains to the upside for a test to 104.00.

GBPUSD Daily Analysis

GBPUSD (1.2960): GBPUSD closed below 1.30, and the bearish follow through yesterday which comes after the doji close signals further weakness that could persist. On the 4-hour chart, however, we notice the Stochastics forming a higher low against the current lower low in price, which could signify a near-term correction. Still, 1.30 needs to be cleared which could act as resistance for any hopes of a correction. Above 1.30, GBPUSD could be seen testing 1.32 - 1.317 resistance.

Gold Daily Analysis

XAUUSD (1338.42): Gold prices retested 1347 - 1350 handle yesterday, but prices closed bearish at 1338.85. We could, therefore, expect to see the declines coming through in the near term. Support at 1327.50 will be an important level of note, and bounce off this level could signal gold prices to move in a sideways pattern between 1340 resistance. Only a confirmed break below 1327.50 will signal further downside for prices to test 1315 - 1300 support.


Source link  
Dollar Steady Ahead Of FOMC Meeting

The US dollar, which was trading subdued the past few days held steady ahead of the FOMC meeting today. The Fed will be releasing its economic...

Market Sentiment Turns Cautious

A number of ongoing global narratives kept a lid on the markets with USD trading subdued ahead of major events this week. These include the two-day...

Gold Maintains Gains on Brexit Uncertainty

Economic reports from the UK showed that the GDP rose 0.2% in the three months to January. On a quarterly basis, the economy picked up the pace, rising 0.5%...


Surveys Give Hope On Eurozone Growth

The latest business surveys, measuring activity in the manufacturing and services sector for the eurozone painted a mixed picture. The overall...

US Payrolls Dent Dollar Gains

The U.S. dollar weakened on Friday amid the jobs report which dented the market sentiment which was already turning sour. Concerns of a global...

Halting Balance Sheet Reduction

The U.S. Federal Reserve released the meeting minutes from the monetary policy meeting from early January. The central bank's minutes showed...


Sweden's Riksbank Signals

The Swedish central bank held its monetary policy meeting last week where it left the key interest rates unchanged at -0.25 percent. The central bank...

Gold Prices Soar

The yellow metal has exploded higher over the last 12 hours as a combination of factors joined forces to fuel a surge in demand. Firstly, there is increased...

UK 2018 GDP Falls To The Slowest Pace

Britain economic growth slowed sharply in the fourth quarter of 2018. The yearly growth was the slowest in six years, as Brexit worries...


In the past 24 hours Bitcoin has lost -0.38% and reached $4013.35862679. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has gained 0.9409% and is now at $1.1429. Start trading and making money on Forex today.

In the past 7 days Ethereum has lost -2.79% and is now at $136.959952244. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Forex Market Analysis



Forex Currencies Forecasts



Top 10 Forex Brokers 2019

# Broker Review
1easyMarketseasyMarkets91%
2FXTMFXTM89%
3HYCMHYCM88%
4FxProFxPro86%
5FIBO GroupFIBO Group85%
6OctaFXOctaFX84%
7HotForexHotForex81%
8FXCMFXCM78%
9AlpariAlpari76%
10XMXM74%
  


Share: