EURUSD ends a 10-day losing streak

22 November, 2016

The US dollar closed bearish yesterday for the first time after a strong 10-day gain that saw prices rally from 98.00 to trade above 101. The bearish close in the dollar offered some respite for the single currency which has been in one of the worst losing streaks. In Japan, news of a 6.9 magnitude earthquake off the eastern coast on early Tuesday push the yen slightly higher although the impact was seen to be limited. The Nikkei index briefly fell on the news only to recoup the losses. On the economic front, today's home sales data will be under the scanner.

EURUSD Intra-day Analysis

EURUSD (1.0629): EURUSD ended its 10-day losing streak yesterday after price closed bullish at 1.0626. Still, there is not much of evidence that the current bullish close will trigger the start of the correction as the risk of a bearish reversal remains. On the 4-hour chart, the single currency managed to break  out from the falling trend line, but prices are seen flat within 1.0700 and 1.0600. Only a close above the resistance at 1.0700 will signal further upside as EURUSD could be seen targeting 1.0800 with the unfilled gap at 1.0855 likely to be the next target.

USDJPY Intra-day Analysis

USDJPY (110.84): USDJPY closed with a spinning top pattern yesterday with a bearish close. The significance of this pattern is even more important as it comes after a strong wave of buying, which could indicate a near-term pullback if we see a daily close below yesterday's low of 110.46. Short-term support is seen at 109.76 - 109.49 which could hold prices in the near term. Only a break below this support will confirm the declines towards 105.43 - 105.18.

XAUUSD Intra-day Analysis

XAUUSD (1218.71): Gold prices closed with an inside bar yesterday which could signal an upside correction on a daily close above 1217.91. Short-term support could be seen coming in at 1212.50, and if gold prices hold above this support, the price could be seen targeting 1232.20 resistance level with further upside expected only on a close above this resistance level on the daily chart. 1250 remains the next key resistance level on further continuation. To the downside, failure to hold above 1212.50 could signal near term consolidation back at the lows with the potential to test 1200 psychological support in the near term.


Source link  
Dollar continues to slide

The greenback continued to weaken against some of the major currencies yesterday amid a quiet trading day...

Dollar looks to a new week

The US dollar index will be looking to a fresh week with the possibility of a rebound following last week's sharp declines..

US dollar rebounds as investor nerves cool

The US dollar managed to stem the strong declines after developments from Washington...


EURUSD unstoppable at a 6-month high

The euro surged ahead to a fresh 6-month high earlier this morning as the price was seen tradingþ...

Will UK's wages catch up?

The US dollar extended declines strongly for another day as economic data...

US dollar stays subdued

The latest monthly manufacturing activity report released by the New York Fed yesterday...


US dollar slips on soft inflation figure

The US dollar fell sharply on Friday after data showed that consumer price index rose 0.2%...

US dollar looking weaker

Economic data from the US continued to remain robust with the initial jobless claims declining to 236,000 for the week...

Markets brace for UK Super Thursday

The Bank of England meeting, industrial and manufacturing production numbers and fresh inflation forecasts...

  


Share: