FXTM information and reviews
FXTM
93%
IronFX information and reviews
IronFX
92%
Libertex information and reviews
Libertex
91%
ETX Capital information and reviews
ETX Capital
90%
Markets.com information and reviews
Markets.com
89%
FxPro information and reviews
FxPro
88%
EUR/USD
1.1762
BTC/USD
47 554.25
GBP/USD
1.3784
USD/JPY
109.7980
USD/CHF
0.9279
USD/CAD
1.2687
EUR/JPY
129.1441

Dollar bulls back in driving seat


25 April 2019

The Dollar Index (DXY) found comfort near a yearly high above 97.70 today, after a raft of strong US earnings in the previous session boosted confidence over the health of the US economy.

With improving US economic data easing fears revolving around a possible slowdown in growth momentum, appetite for the Greenback has improved drastically in recent weeks. While the DXY is likely to push higher in the near term, the medium to longer term outlook remains in favour of bears. For as long as the Federal Reserve maintains a “patient” and “flexible” approach towards interest rates, Dollar bears still remain in the game. Much attention will be directed towards the US Q1 GDP data on Friday. Should the report disappoint market expectations, the Dollar Index may end up surrendering this week’s gains are possibly more.

Sterling depreciates in the background 


Elsewhere, the British Pound has extended losses against a broadly stronger Dollar with prices trading marginally below 1.2950 as of writing. 

A combination of Brexit related uncertainty and Dollar strength should ensure the GBPUSD remains depressed for the rest of the week. The breakdown and weekly close below 1.3000 signals further downside with the next key level of interest at 1.2870 and 1.2800, respectively. Bears remain in firm control under the phycological 1.3000 level.

EURGBP challenges 0.8680 


The EURGBP continues to edge higher on the daily charts with prices trading towards the 0.8680 resistance level.

A breakout opportunity seems to be forming with a daily close above 0.8680 needed to signal further upside. We could see a scenario where previous resistance transforms into a dynamic support that encourages a move higher towards 0.8725.

EURJPY bulls nowhere to be found 


This has been a bearish trading week for the EURJPY thus far with bulls nowhere to be found.  The downside suggests that prices are likely to test the 125.00 level and potentially lower in the medium term. For bulls to have a chance in reclaiming the driving seat, the EURJPY needs to push back above 126.00.

Let’s not forget about Gold 


It is becoming evident that Gold bulls are losing the battle this week, given how prices are trading near a 4-month low.

An appreciating Dollar is a primary culprit behind Gold’s depreciation in recent days. The precious metal still has a chance to bounce back if US GDP data fails to meet market expectations. Looking at the technical side of the equation, the precious metal is bearish on the daily charts with the first checkpoint at $1265 and $1260, respectively.


Related

Stocks pick up some bid after textbook SP 500 bounce
Stocks pick up some bid after textbook SP 500 bounce

European stock markets were modestly higher on Thursday after a rebound in the US and another dip for Asian equities overnight. Hong Kong down 1.7%...

16 Sep 2021

Stock Futures Trade Lower, Investors Worry About Fed Tapering
Stock Futures Trade Lower, Investors Worry About Fed Tapering

US and European futures are trading lower today, following a retracement in US indices. The Dow Jones Industrial Average fell nearly 290 points, wiping out gains...

15 Sep 2021

Futures in the United States and Europe are up today
Futures in the United States and Europe are up today

Futures in the United States and Europe are up today after the Dow managed to gain nearly 260 points and break its five-day losing streak. Although investors...

14 Sep 2021

Forex and Cryptocurrency Forecast for September 13-17, 2021
Forex and Cryptocurrency Forecast for September 13-17, 2021

The ECB meeting on Thursday 09 September went off as expected with no surprises. The interest rate remained unchanged at 0%. The European regulator...

13 Sep 2021

Could rising equity volatility into options expiry spill into other markets?
Could rising equity volatility into options expiry spill into other markets?

While we saw some genuine strength in the Nikkei 225 and to a lesser extent Chinese/HK markets last week, we’ve seen signs that US equity indices are at risk of talking...

13 Sep 2021

Buying the Dow after 4 down days has a 91% win rate
Buying the Dow after 4 down days has a 91% win rate

The highlight has been the ECB meeting, but the volatility was not there and it was a big event for economists. However, not so much for traders, who saw EURUSD...

10 Sep 2021


Editors' Picks

OctaFX information and reviews
OctaFX
86%
HotForex information and reviews
HotForex
85%
XM information and reviews
XM
80%
FXCM information and reviews
FXCM
79%
Vantage FX information and reviews
Vantage FX
78%
Moneta Markets information and reviews
Moneta Markets
77%

© 2006-2021 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.