20 March, 2017
Short covering rally continues. Local resistance at the January high of 1.0828 is the first challenge. Above their puts the focus on the bigger technical level of 1.0975 which is the 50% Fibonacci retracement from last year’s high. We also have the completion of an ABCD symmetry pattern at the level as well as bearish channel resistance in the area also. Will be monitoring price action around that level for short opportunities.
Price is rotating higher within the bearish channel that formed in the post- flash crash correction. Bearish channel resistance is the first upside hurdle with stronger structural resistance sitting just above at the 1.2797/1.2871 area. Support sits below market at the 1.1993 level which is the year to date low, with bearish channel support just below.
The post-FOMC selloff in USD see price remain within the 111.50s – 115.50s range that has framed price action for the majority of this year. For now, traders remain comfortable fading the range while a clear break will be needed to confirm a directional bias.
The greenback continued to weaken against some of the major currencies yesterday amid a quiet trading day...
The US dollar index will be looking to a fresh week with the possibility of a rebound following last week's sharp declines..
The US dollar managed to stem the strong declines after developments from Washington...
The euro surged ahead to a fresh 6-month high earlier this morning as the price was seen tradingþ...
The US dollar extended declines strongly for another day as economic data...
The latest monthly manufacturing activity report released by the New York Fed yesterday...
The US dollar fell sharply on Friday after data showed that consumer price index rose 0.2%...
Economic data from the US continued to remain robust with the initial jobless claims declining to 236,000 for the week...
The Bank of England meeting, industrial and manufacturing production numbers and fresh inflation forecasts...