Forex Zone - Forex Forum

Forex Market Technical Analysis

Discussion started on Technical

  • Newbie
  • Posts: 12
  • Points: 0
  • Likes Received: 10
  • Reputation: +3/-0
Dollar Pushes Higher Again in relation to Sagging Growth, Rising Uncertainty


The dollar was edging difficult nearby major European currencies forward Friday in Europe after weak Chinese inflation data overnight reinforced concerns roughly global amassing.

Fears more or less the amassing position have revived this week in the wake of a shockingly be ache drop in U.S. retail sales in December, and there is yet not ample evidence of press on in the trade talks in the middle of China and the U.S. to give an opinion that risk appetite will compensation speedily.

At 03:00 AM ET (8:00 GMT), the dollar index futures concurrence that tracks the greenback taking into account-door to a basket of major currencies was at 96.953. That's just off a choice two-month high of 97.120 that it hit Thursday.

The puff hasn't reacted much to the news that Trump is set to believe to be a national emergency again associate happening security after signing the spending relation hammered out earlier this week in Congress. While the rushing threat of a different shutdown has been lifted, the precedent threatens to undermine a long-standing principle of Congressional oversight of spending and introduce more longer-term instability into U.S. politics.

The euro was at $1.1278, the length of 0.2% and seemingly set to test a three-month low of $1.1218 to the front-thinking. The British pound was yet struggling deadened $1.28 after other parliamentary exterminate Thursday albeit on your own a symbolic one, for Prime Minister Theresa May on a depth of her Brexit strategy.

The two currencies will be throb Friday to U.K. retail sales data for January which will either confirm or buck a trend of data showing the economy stalling as Brexit approaches. In add together, European Central Bank board believer Benoit Coeure is due to speak at 08:00 AM ET (13.00 GMT).

Elsewhere, the dollar was next sophisticated subsequently than-door to the accretion-hurting Aussie and Kiwi, and adjoining far-off afield along-agreeable currencies such as the Turkish lira and South African Rand.


Linkback: https://www.forex.zone/technical/11/forex-market-technical-analysis/1571/
#1 - February 15, 2019, 02:28:30 PM

  • Hero Member
  • Posts: 1215
  • Points: 0
  • Likes Received: 565
  • Reputation: +15/-3
The GBPUSD was under pressure from news of the warning of the British Parliament Spokesman John Bercow to Theresa May that the parliament would not accept the proposal that had been submitted previously. This had raised concerns that May could have returned without support for a deal limited by the parliament's refusal.

Waiting for the Brexit certainty outlook, the release of UK wage index data at 16.30 WIB and the unemployment rate could be the next catalyst for GBPUSD. It is expected that the average wage index will only grow 3.2% lower than the previous 3.4%.

From the Euro Zone, the ZEW version of the economic sentiment fund will be released in Germany at 17.00 WIB.

Gold
Gold prices still get positive sentiment from market concerns about the stagnant US economy. Outlook The Fed's dovish attitude from the results of the policy meeting early Thursday helped support the price of gold. Able to consistently move above 1306, the chance for a further strengthening of the gold price is targeting 1310 before eyeing 1314. Support at the psychological level of 1300.

Crude oil
OPEC, which remains committed to cutting production amid ongoing Iran sanctions and disruption of Venezuelan production, has become a sentiment for rising oil prices. In the midst of balancing supply efforts. The chance for further oil prices to rise will test the level of 60.00 before targeting 60.50. Support at the level of 58.30.

EURUSD
Economic sentiment in Germany is predicted to increase slightly at -11.0 compared to the previous -13.4. If the data is released higher, EURUSD has a chance to strengthen after the economic slowdown outlook is always burdensome. A break of 1.1355, a chance for further up targeting 1.1370. Nearest support at 1.1310 level.

GBPUSD
If the release of data on the average wage index can be a positive catalyst, the chance for GBPUSD to rise will test the area of June 2018 highs at 1.3330 before eyeing 1.3375. Conversely, if it turns out that the Brexit outlook is back to burden, the potential will decline to support 1.3185.

USDJPY
The potential dovish outlook from the Fed has the potential to reduce demand for the dollar. As a result, USDJPY has the potential to go down. If it is able to break 111.15, the downward potential will further target the psychological level of 111.00. Nearest resistance at the level of 111.60.

AUDUSD
Even though the RBA minutes earlier this morning showed indications of a cut in interest rates, but looking at the steady improvement in labor conditions and the unemployment rate which dropped to 4.75%, AUDUSD had moved up in early trading today. Opportunities to continue going up need to be consistently moving above 0.7120 before eyeing 0.7130. The closest support is 0.7075.
#2 - March 19, 2019, 02:06:11 AM

  • Hero Member
  • Posts: 1215
  • Points: 0
  • Likes Received: 565
  • Reputation: +15/-3
EURO ZONE ECONOMY WAITS FOR FRENCH AND GERMAN DATA RELEASES

After a week of minimal driving catalysts from the Eurozone, at the end of trading this week, the release of French, German, and service sector data and manufacturing activity ended by data for the Eurozone as a whole will drive EURUSD. The market still sees that there is still an economic slowdown in the Euro Zone.

If the release of the data again shows an economic slowdown, EURUSD has the potential to be re-depressed. Especially now the dollar has the potential to rebound after the Fed's dovish attitude.


Movement Potential

Gold
The dollar rebound seems potentially still happening today because of the expectation of the end of the normalization of the Fed's monetary policy along with the optimism of the economy in the US. This has the potential to pressure gold today. As long as it consistently moves below 1311, the potential for a weakening of the gold price is testing the nearest support at 1306 before eyeing 1300. Resistance at the level of 1319.

Crude oil
The potential for strengthening oil prices needs to consistently move above yesterday's highest level at 60.30, before 61.20. If you have not been able to break 60.30, the downward potential is targeting 58.85. The global oil production outlook will still be in focus.

EURUSD
The EURUSD movement sentiment can depend on the release of economic data from France, Germany and the Euro Zone. If released worse than estimated, the potential for EURUSD is pressured to target 1.1320. Conversely, the opportunity to strengthen to the resistance area at the level of 1.1415.

GBPUSD
The European Commission has finally allowed Brexit to postpone only until May 22 ahead of Prime Minister Theresa May's request for June 30. But this delay still depends on the decision of the British Parliament. This will be the focus of the market amid the potential for a rebound in the dollar which has the potential to pressure GBPUSD. Down potential targeting 1.3060 if it breaks 1.3100. Resistance at 1.3185.

USDJPY
As long as it moves below 111.00 resistance, USDJPY seems to be in a downtrend targeting 110.35. The dollar rebound seems likely to dominate the sentiment of market movements.

AUDUSD
AUDUSD gets a negative sentiment from the resurgence of trade tensions after the US suspects that China could have denied trade agreements. The potential for AUDUSD to weaken is 0.7070. Nearest resistance at 0.7130.
#3 - March 22, 2019, 04:52:00 AM

  • Full Member
  • Posts: 167
  • Points: 878
  • Likes Received: 35
  • Reputation: +1/-2
This morning on Monday, the beginning of the market opening in January, my analysis is still focused on the EURUSD market which is still visible potential UP,, target at 1.14000,
#4 - January 03, 2022, 12:54:52 AM

Members:

0 Members and 1 Guest are viewing this topic.