EURUSD Poised For Further Downside

September 19, 2016

Friday's inflation figures were the surprise of the week in what would have otherwise been a week marked with negative data from the US. With consumer prices seen firming, the US dollar gained late Friday and could enter a period of consolidation ahead of Wednesday's big event. EURUSD looks to have finally broken out of the range and could see further downside ahead of the FOMC meeting.

EURUSD Daily Analysis

EURUSD (1.1168): EURUSD closed Friday on a bearish note with price breaking out from the inclined head and shoulders neckline trend line. Support is seen at 1.1100 next, and any near term bounce is likely to be resisted near 1.1200. On the 4-hour chart, the Stochastics looks oversold which indicates a possible near-term bounce to the upside. Watch for a move back to 1.1200 with a reversal likely to lead EURUSD further to the downside provided prices can break down from the 1.1150 support.


USDJPY Daily Analysis

USDJPY (102.04): The price action in USDJPY remains somewhat muted in comparison to its peers. Price continued to consolidate near 102.00 support level while we await a test to 101.00 - 100.55 lower support that is pending retest. To the upside, any chance of a breakout above 103.00 could see further gains being established with the resistance at 104.00 likely to be challenged.


GBPUSD Daily Analysis

GBPUSD (1.3038): GBPUSD fell sharply reaching 1.3000 support. The failure to retrace to the resistance near 1.3290 - 1.3282 is worth bearing in mind as a potential snap back of prices could see strong momentum led gains. On the 4-hour chart, GBPUSD has breached the 1.3067 support. In the short term, 1.3000 round number could provide some relief alongside the evolving bullish divergence on the Stochastics. Any gains could be limited to 1.3170 - 1.3200.


Gold Daily Analysis

XAUUSD (1315.35): Gold prices extended the declines on Friday, but the price is still in the support zone of 1300 - 1310. Resistance is seen at 1327.50 after prices closed below the short term support at 1314 - 1312. Any bounces could be limited to 1327.50 level of resistance, with a firm test to 1300 very likely in the near term. On the 4-hour chart, mind the bullish divergence on the Stochastics which points to a short term correction to 1327.50 - 1331 level.

Publication source
Orbex information  Orbex reviews

December 2, 2016
Equities headed broadly south in Asia overnight
Revealed a solid 53.2 November ISM reading and a 0.5% October construction spending rise that followed big upward Q3 revisions, both of which lifted prospects for GDP. We also saw a 17k Thanksgiving week spike in claims that reversed the remarkably tight 333k Veteran's Day figure...
December 2, 2016
Silver lining for precious metals?
I do apologise in advance for bombarding you with lots of commodity reports, but ahead of Friday’s NFP report, the FX markets tend to create lots of false moves, so it is difficult to make much of todays moves...
December 2, 2016
Payrolls Friday. USDJPY doji, third time's a charm
Its payrolls Friday and the markets are expecting to see a solid print for November following Wednesday's ADP payrolls increase. Yesterday, the ISM and Markit's manufacturing PMI showed a strong increase in the reading...

FBS Rating
Z.com Trade Rating
HYCM Rating
Grand Capital Rating
OANDA Rating
XM Rating

Anyoption Rating
Empire Option Rating
TropicalTrade Rating
Beeoptions Rating
Banc De Binary Rating
Grand Option Rating