Dollar gaps lower amid a quiet trading day

28 November, 2016

The dollar index gapped lower this morning with the upcoming OPEC meeting coming up as the main event risk that could keep market sentiment subdued. The economic calendar is relatively quiet today with the exception of a speech by Mario Draghi. The dollar index shows signs of a pullback which could see a much needed correction in prices. However, with the payrolls report on schedule for Friday the risk of a pullback being shallower than expected could be a surprise.

EURUSD Intra-day Analysis

EURUSD (1.0650): A bullish close today on the EURUSD could signal the much needed correction, although traders will remain cautious of the prevailing downtrend. Immediate resistance is seen at 1.0765 with the potential to correct towards 1.0900 in the near term. To the downside, while EURUSD looks to have carved a temporary bottom, the risks to the downside to test 1.0500 remains very much a possibility. On the 4-hour chart price action is showing signs of exhaustion after prices were rejected near 1.0680. A temporary pullback will see EURUSD likely retest 1.0600 price level to establish support ahead of further gains.

USDJPY Intra-day Analysis

USDJPY (112.02): USDJPY's doji close on Friday will signal a near-term correction towards the 108.00 support if provided we see a bearish close today. Price could show some upside momentum for a test to 114.00 resistance level which remains a possibility. However, failure to rally to 114.00 with a bearish close today below 112.00 could see USDJPY test the support near 108.00 and a breakdown below this level could send the dollar lower towards 104.00. On the 4-hour chart, watch for price to make a lower high if price rebounds ahead of a test towards the initial short-term support at 109.75 - 109.50.

XAUUSD Intra-day Analysis

XAUUSD (1192.79): Gold formed a doji outside a bar on Friday and is currently seen attempting to push higher. Resistance at 1200 could keep prices subdued in the near term, but a breakout above 1200 could extend gains to as much as 1250. Regardless, a bullish close above Friday's high of 1193.33 is required to see any potential for a corrective move. On the 4-hour chart, the price is currently seen testing the falling trend line support while the resistance zone of 1207.50 - 1200.00 remains within reach. Look for gold prices to break out above this level which will signal further upside to 1250.00.

Source link  
Copper Surge Higher on Trade Optimism

Gold prices have been slightly softer this week due mainly to a rebound in the US Dollar. Despite heavily delayed US news flow, due to the ongoing US...

Japanese Inflation Hits Lowest Level

The latest Japanese inflation data did little to inspire hope in a change-of-course for BOJ policy anytime soon. Core inflation, which strips out energy...

Europe's Next Recession

Following the drop in US stock indices at the end of last year, there was quite a bit of press talk about a potential recession. But that has gone by the wayside now that the Dow managed...

Japan's Q2 GDP rebounds by 3.0%

The latest revised GDP numbers from Japan showed that the economy advanced faster than previously expected. The data on the final reading...

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...

In the past 24 hours Bitcoin has lost -0.93% and reached $3573.39934471. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has gained 1.5351% and is now at $1.1563. Start trading and making money on Forex today.

In the past 7 days Ethereum has lost -9.39% and is now at $117.167877845. 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
5FIBO GroupFIBO Group83%
10FP MarketsFP Markets69%