Dollar looks to a new week

22 May, 2017

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  
Retail Sales See Biggest Drop

Yesterday was not great for the Fed as the latest US data added to fears of a growth slowdown. December Retail Sales fell 1.2% over the month, wildly...

Non-manufacturing activity slips down

The services sector in the United States expanded at a slower pace in January. The Institute of Supply Management's non-manufacturing PMI...

Slowdown Worries Plague Eurozone

The Eurozone's economy got off to a sluggish start in 2019. Latest forward-looking indicators showed as some of the Eurozone's major economies...

UK Trade Deficit Widens On Brexit

Alongside the weaker than anticipated GDP print released yesterday, GBP was weighed down by data which showed a widening of the UK trade...

New Zealand Unemployment Rate

The latest unemployment report from New Zealand showed a disappointing performance from the labor market for the period. Data released...

Further Round Of US/China Trade Talks

Traders will be hoping for some positive headlines this week around the ongoing US/China trade talks, following the disappointing announcement...

RBNZ to keep rates on hold

The week ahead will see the RBNZ holding its monetary policy meeting. Interest rates in New Zealand should remain unchanged at this week's meeting...

Fourth Quarter NZ Employment

We could have some volatility in NZD pairs coming up on Wednesday at 20:45 CET (or 14:45 CET) with the release of a series of unemployment...

U.S. hiring continues at a steady pace

The latest monthly jobs report from the United States showed that the economy posted a steady pace of job growth during January. The data comes...

In the past 24 hours Bitcoin has lost -0.08% and reached $3636.86569875. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -0.5573% and is now at $1.1277. Start trading and making money on Forex today.

In the past 7 days Ethereum has gained 7.49% and is now at $128.102279877. 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 Group84%
10FP MarketsFP Markets70%