Last Full US Economic Health Check Before FOMC

16 September, 2016

The dollar index has rebounded since 8th September after tested the support line at 94.50.В On 13th September, the index broke the downtrend line resistance and held.

The current price is oscillating in the range between the downtrend line support at 95.16 and the uptrend line resistance at 95.48.

The daily Stochastic Oscillator is around 70, be aware of a retracement and test the support line at 95.20.

Today at 12:30 GMT, we will get a set of US economic figures, including Retail Sales and Core Retail Sales (Aug), PPI and Core PPI (Aug), Industrial Production (Aug), Initial Jobless Claims, and Philadelphia Fed Manufacturing Index. Keep an eye on the figures as it will influence the strength of the dollar.

The resistance level is at 95.40, followed by 95.47, 95.60 and 95.80.
The support line is at 95.20, followed by 95.00 and 94.73.

EURUSD has formed a consolidation pattern, oscillating in a range between the support at 1.1200 and the resistance at 1.1270.

The resistance level is at 1.1240, followed by 1.1270, 1.1280 and 1.1300.

The support line is at 1.1215, followed by 1.1200, 1.1187 and 1.1157.
Keep an eye on the set of US economic data, will be released later, as it will likely influence the trend of EURUSD.

This morning released the UK Retail Sales and Core Retail Sales figures for August (YoY and MoM), better-than-expected.

After the figures released, GBPUSD rebounded from the support level at 1.3200, and touched the resistance level at 1.3250. It is currently testing the level at 1.3230.

GBPUSD has turned bearish on 13th September after broke the major uptrend line resistance, the current price is still trading below. The selling pressure between 1.3250 and 1.3270 is heavy.

The resistance level is at 1.3250, followed by 1.3270 and 1.3300.
The support level is at 1.3230, followed by 1.3200, and 1.3160.

Later at 11:00 GMT, the Bank of England will announce interest rate decision, monetary policy summary, and minutes.
As the BoE has raised rates not long ago on 4th August, also the post-referendum economic indicators so far have shown that at the current stage, the UK economy withstands the Brexit shock. Therefore, it is likely that the rates will keep unchanged at this meeting.


Source link  
The dollar grows on wages data

The US dollar is on the rise after strong U.S. labour market data published on Friday. The EURUSD is traded near 1.1540; it returned to this month lows....

Increased flight from EM currencies

The crises process is intensifying in emerging economies, which also affects their markets and supports the demand for the dollar. S&P 500 lost 0.2% on...

Markets under pressure

Asian markets have been declining for a third consecutive trading session on the fears of the Chinese-U.S. trade tensions escalating. The odds are that...


Markets are optimistic but remain weary

The markets remain on cautious positive mood. MSCI for Asia-Pacific region adds 0.4%, continuing gently recover for the second day in a row. American...

Dollar updates its 14-month highs

The strengthening of financial markets on Tuesday has not been unsustainable and prolonged. Recent shots in the U.S. trade conflicts are: a Chinas claim...

Dollar has a potential of 5% rally

The dollar rewrote 13-months highs on Friday to a basket of six major currencies, adding 0.25% after gaining 0.5% on Thursday. The further growth of...


BoJ cautions keep forex calm

In the currency market, the dollar was under some pressure following the data that indicated a weakening of the inflation in the Eurozone. The slowdown in prices...

Stocks are growing, Bonds under pressure

The situation in the world markets looks controversial. Shares are growing after strong reporting of companies. The shares of Alphabet (#Google) jumped by 3.6% after...

The potential of USD growth is limited

Powell's speech with the semiannual report in the U.S. Congress contained an optimistic view on the economic outlook. Such a tone has reduced fears that...


In the past 24 hours Bitcoin has gained 0.79% and reached $6660.83211301. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has gained 0.6352% and is now at $1.1587. Start trading and making money on Forex today.

In the past 7 days Ethereum has lost -7.84% and is now at $211.018431129. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Forex Market Analysis



Forex Currencies Forecasts



Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets91%
2FXTMFXTM88%
3HYCMHYCM87%
4Alfa-ForexAlfa-Forex86%
5FxProFxPro85%
6FIBO GroupFIBO Group84%
7OctaFXOctaFX83%
8HotForexHotForex82%
9FXCMFXCM80%
10AvaTradeAvaTrade77%
  


Share: