Dollar looks to a new week

22 May, 2017

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. On Friday, the US dollar edged lower with no major economic events to report. Oil prices were back in the limelight ahead of this week's OPEC meeting on Thursday, 25 May 2017. The OPEC leaders and Russia are widely expected to extend the production cut until March 2018. Oil prices closed at $50.33, rising 2% by Friday's close. Looking ahead, economic data today is light which puts Fed members Harker and Kashkari's speeches in the limelight.

EURUSD intraday analysis

EURUSD (1.1192): Following the rally to 1.1200 on Friday, EURUSD is looking a tad weaker although the price could very well stay range bound in the near term. The lack of economic data today is likely to put the focus back to the politics from Washington which will put the EURUSD at risk of further gains above 1.1200. To the downside, immediate support is seen at 1.1100 while further declines can be seen coming on a break down below 1.1100 with a move towards 1.1000. To the upside, support needs to be established at 1.1200 for further gains to be validated.

USDJPY intraday analysis

USDJPY (111.53): USDJPY has been pushing higher since the open today, although price action is clearly pointing to a bearish flag pattern as seen on the 4-hour chart. Resistance is seen likely to form at 112.00 and only above this level can we expect to see some upside gains. To the downside, a break down from the bearish flag pattern is essential at 110.79 which will push the USDJPY lower towards the next immediate support at 109.50 and 109.00 levels.

XAUUSD intraday analysis

XAUUSD (1252.33): Gold prices continue to consolidate near the 1250 handle following last week's rally towards 1265 highs. The rising wedge pattern on the daily chart remains in play which could potentially signal a move lower towards 1200.00 potentially. In the near term, gold prices remain range bound within 1263 and 1250 levels and a break down below one of these levels is needed to push gold prices further.


Source link  
Dollar continues to slide

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

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...

China's consumer prices increase

Consumer price index in China rose 1.2% on an annualized basis in the month of April, managing to beat estimates of 1.1%...

  


Share: