U.S. dollar recovers from Monday lows

7 December, 2016

The U.S. dollar index managed to recover from a 14-day low on Monday at 99.87 with prices turning bullish yesterday. However, the gains remain limited within Monday's range with further upside likely to see the 100.80 resistance being established. Failure to break out higher could result in a continuation to the downside towards 99.50 support followed by further declines towards 99.88 region.

EURGBP Intra-day Analysis

EURGBP (0.8470): EURGBP has established support near the 0.8330 support zone and is showing signs of further upside continuation. On the 4-hour chart, the inverse head and shoulders pattern is likely to see price extend the gains towards 0.8586 if the neckline resistance at 0.8646 will be breached. On completion of the measured objective to 0.8586, EURGBP could retest the inverse head and shoulder's neckline resistance for support which could eventually see a further continuation to the upside. Beyond 0.8586, EURGBP can be seen posting the correction to 0.8888.

USDJPY Intra-day Analysis

USDJPY (114.26): The dollar continues to remain range bound against the yen near the 114.00 resistance level with prices currently seen trading with the Monday's range. No clear bias exists unless prices can break out above 114.00. In this case, further upside could see the dollar extending the gains to 118.00 at the very least. However, the strong rally is showing signs of exhaustion, and a break down below 113.50 could trigger a correction towards 109.750 - 109.50 support level.

XAUUSD Intra-day Analysis

USDCAD (1167.32): Gold prices have settled in a range from Monday's outside bar that was formed with price action staying limited yesterday. Support is seen back at 1161.00 which could be tested in the near term with a break below this support likely to see gold prices extend the declines further towards the 1150 support level. To the upside, 1170 remains the key resistance level that gold prices are currently battling and only a clear bullish close on the daily session could see any hopes for further upside to the 1200 handle.

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 $3573.45219563. 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 -9.46% and is now at $117.074909585. 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%