|Day's range||112.01 - 112.402|
|52-week range||107.3220 - 118.5930|
The US dollar continues to be volatile, bouncing around against the Japanese yen. The question now is are we finding support, or are we forming a bearish flag?
With the economic calendar on the lighter side, the Dollar and the Pound will be in focus as talk of tax reforms continues to jostle the Dollar, while the EU is expected to announce a move on to the next phase of Brexit negotiations, which should be Sterling positive.
Considering USDCAD’s latest bounce from 1.2800–1.2790 support-zone, the pair seems again heading to confront the seven-week old descending TL resistance, at 1.2890; however, 1.2870 might offer an intermediate halt during its recovery. In case if the quote manages to conquer the 1.2890 mark, it can quickly rise to 1.2920 before targeting the 61.8% FE level of 1.2940. Should the pair fails to sustain latest pullback, the 1.2790 regains its importance, breaking which 1.2770 & 1.2745 could entertain short-term sellers. Moreover, pair’s extended declines below 1. ...
The Australian dollar surprisingly jumped after yesterday’s rate hike from the US Federal Reserve and even held steady against the following monetary statement which raises the question, is there still genuine interest in the Aussie battler.
Retail Sales data will come from the States and ECB President will soon begin his Press Conference after keeping the key interest rate from the European Central Bank intact.
Overbought conditions and a “dovish” Fed were enough to drive the weak longs out of the USD/JPY. Additionally, it may have given many recent counter-trend buyers an excuse to book profits after a prolonged rally in terms of price and time.
The Federal Reserve increased their interest rate by a quarter of a point on Wednesday. The Bank of England and European Central Bank will release monetary policy statements today. The U.S Dollar has been weaker in forex. Retail Sales will come from the States and Britain today.
The Federal Reserve surprised no one when they hiked their interest rate by a quarter of point yesterday. The Pound and Euro responded with gains. The Bank of England and European Central Bank will release their monetary statement today.
The market yesterday was bit volatile as it tried to build some support area around the region ahead of the crucial Fed rate hike policy decision. Now, the Fed has hiked the interest rate by 25 basis points and is more hawkish on the future rate hike, the market is expected fall lower towards the 1.17 level. The market was very noisy ahead of the Fed rate hike policy decision in Wednesday’s session, as it rallied towards the 1.34 level with a support of 1.33 level.
The US dollar has fallen against the Japanese yen, testing the 113 level as we await the Federal Reserve Statement during the Wednesday session. This is an area that should show a bit of support, but most certainly the market will be paying attention to the statement and where the Federal Reserve is likely to go next.
Although better than expected UK Earnings triggered the GBPUSD’s bounce, the pair still remains below a short-term ascending trend-line, at 1.3370, that it broke yesterday. Given the prices continue declining after the 1.3245 SMA figure’s break, the 1.3170-60 region, comprising six-month old upward slanting TL, could challenge the Bears. GBPJPY is another GBP pair which took a U-turn after British employment details but still trades beneath recent TL break and hence continue remaining weaker.
If U.S. consumer price data meets or exceeds expectations, that could fuel expectations of faster Fed rate hikes in 2018. The USD/JPY could soar on this news. A lower number will be bearish for the Forex pair.
The volatility in the counter is mainly due to the Federal Reserve releasing its interest rate hike announcement later in the day today. A hawkish outlook will make this market to fall lower. This is mainly due to the Federal Reserve coming out with rate hike policy decision.
The Federal Reserve is expected to raise its interest rate today, but its outlook via the Monetary Policy Statement is unknown.
Wednesday is a FED day and all investors are waiting for the rate decision, statement and the economic projections from the FOMC. Obviously, all that is based on the technical analysis and it all can be easily canceled and declined by the FOMC. The support line is under the pressure recently and the buyers cannot create a bounce.
Forex has become very cautious the past day as traders await a slew of central bank announcements over the next day and a half. The Pound has been also affected by political concerns again in the U.K and Gold has essentially sat in place. The Pound has remained near the lower rungs of its short-term value as political concerns once again embattle the U.K landscape.
President Trump suffered a major setback as the once strictly Republican state of Alabama has, for the first time in 25 years, elected a Democrat to the US Senate. Democrat Doug Jones staged a stunning come-from-behind win against GOP Roy Moore in, what many believe, will trigger a political earthquake that will be felt nationally and internationally. The vote had been nip-and-tuck and, with 99% of the vote in, Jones was holding a 50% to 49% lead. The win puts the Democrats just two seats away from the majority in the US Senate in 2018. ...
The US dollar has rallied a bit during the trading session on Tuesday, as CPI figures came out above anticipated levels. Because of this, I think that the market is ready to rally, but the Federal Reserve coming out with an interest rate statement today will have its influence as well.