GBP Looks To Rebound With Jobs Report In Sight

14 September, 2016

Daily Forex Market Preview, 14/09/2016

The British pound, which extended its declines from last week will be the currency in focus today as the payrolls report for August is due for release today. Economic releases from the US picks up from today starting with the import prices. Overall price action suggests volatility with some of the major currency pairs moving within a tight range, which could see a volatile breakout over the coming days.

EURUSD Daily Analysis

EURUSD (1.1225): EURUSD closed on Tuesday trading within the range from Friday's high and low and marking a second day of the inside bar. The price congestion formed could see a strong momentum led a breakout in the near term. On the 4-hour chart, price action has broken out from the rising median line, but trading remains volatile. A move to the upside to retest the breakout could see EURUSD retest 1.1270 - 1.1280 resistance level of interest. A retest to this resistance could further confirm the downside towards 1.1200. Alternately, above 1.1280, EURUSD could be seen breaking above 1.1300.


USDJPY Daily Analysis

USDJPY (102.87): USDJPY managed to bounce off 102.00 support, but the price action remains inconclusive for the now with price trading near the 103.00 price level. A reversal here could see USDJPY resume its declines to mark the completion of the retest towards 101.00 - 100.80 support level. The downside bias remains invalidated if USDJPY breaks above 103.00 in which case further continuation in prices could see USDJPY rally towards 104.00.


GBPUSD Daily Analysis

GBPUSD (1.3198): GBPUSD fell to 1.3200 support yesterday forming a bearish engulfing pattern on the daily chart. However, with price trading at the round number support, a near-term bounce could be expected. GBPUSD could stay range bound within 1.3400 and 1.3200 with the further direction being established on a breakout from these ranges. On the 4-hour chart, the price is seen trading near the 1.3200 - 1.3170 support level. A confirmed reversal here could see GBPUSD retest 1.3282 - 1.3294 resistance level.


Gold Daily Analysis

XAUUSD (1320.16): Gold prices extended their declines to test 1315.00 support level. The close below the doji indicates further declines towards 1300.00 and also invalidates the potential inverse head and shoulders mentioned previously. Near-term rebound off 1315 - 1312 support could see Gold prices retest 1327.50 - 1330 for resistance after the level failed as support. A retest from here could signal further downside to 1300.00 if the lower support fails to hold the declines.


Source link  
Investors turn to Yellen speech

The British pound settled after briefly slipping from the highs...

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...

Draghi's speech stands out amid a quiet trading session

The single currency is seen extending the gains from Friday's rally even as the ECB president Mario Draghi is slated to speak later today...

EURUSD at resistance, as markets await payrolls report

The common currency got thumbs up from the European Central Bank's monetary policy meeting yesterday..

  


Share: