EUR/USD analysis: bullish strength eases, but downward scope still limited
The EUR/USD pair retreated on Friday from a fresh 1-month high of 1.0782, but settled well above the 1.0700 threshold, as broad dollar’s weakness dominated the FX board, following Fed’s monetary policy meeting.
Prev. Close: 1.0738
Day’s Range: 1.0734 – 1.0762
52 wk Range: 1.0339 – 1.1616
1-Year Change: – 4.61%
Support and Resistance:
Daily Camarilla Technical analysis shows that EUR/USD pair may find the immediate support at 1.0757. below which 1.0756 and 1.0755 could be tested. On the other side the immediate resistance 1.0759 and may go for further test 1.0760. A break beyond the last, doors will open for a test of 1.0761.
The WTI Crude Oil market initially fell during the session on Wednesday, but found support yet again near the $47 level. By doing so, it suggests that the market may be comfortable with 5 million barrels build announced during the session on Wednesday, because quite frankly it wasn’t as bad as it could have been. A break below the bottom of the candle for the session should send this market towards the $45 level underneath. Rallies are still selling opportunities above, reaching towards the $50 handle. That is a large, round, psychologically significant number, which previously had been supportive. And exhaustive candle near that area would be an opportunity to start selling yet again. We have seen a massive selloff, and I believe that the uptrend is completely broken now. The $45 handle will of course be the next massive battle.
Best way to Identify the Forex Market future movement
Technical analysis is the science or skill of forecasting of the future movements of the price using the past movements and data.
Obviously, the past movements cannot guarantee the future movements and so technical analysis is not a hundred percent accurate and surefire forecasting but if you learn the technical analysis properly, you can make more correct predictions and so you will be in profit at the end.
Technical analysis rules, techniques and tools are 99% the same in the stock and forex market. So if you learn technical analysis, you can use it both in stock and forex market.
It is impossible to cover everything about the technical analysis in one article. So here I just try to talk about technical analysis in general but write more detailed articles about it.
If you read my daily forex trading market technical analysis reports, you will see that technical analysis is the main thing that I use in the market analysis.
GBP/USD analysis: tough EU position on Brexit weighs on Pound
GBP/USD Current price: 1.2425
The UK formally begun the Brexit process through a letter that PM May delivered to the EU, resulting in some wild swings in Pound crosses and with the GBP/USD settling at 1.2425. The two parts are beginning now a two-year process that EU President Donald Tusk expects to start with “key arrangements for an orderly withdrawal.” UK PM May, on the contrary, wants to focus on a comprehensive free-trade deal, something that the EU is not willing to put on the table, at least for now.
Gold Fundamental Forecast For The Week of April 3, 2017
Gold futures posted a two-sided trade last week before closing only slightly lower. Investors had a lot on their plates last week, dealing with Trump administration issues, the U.S. Dollar, interest rates, Brexit and French presidential elections.
June Comex Gold futures closed the week at $1251.20, down $0.50 or -0.04%.
Comex gold futures started the week more than 1 percent higher after President Trump’s failure to put through a healthcare reform package the previous Friday raised questions over his ability to deliver promised tax cuts and spending plans.
This news drove the U.S. Dollar into a four-month low, making dollar-denominated gold a more attractive investment.
Gold prices retreated the rest of the week after the dollar strengthened due to hawkish commentary from several Fed officials.
How Do Oil Prices Affect Your Trading Wallet?
It is important for everyone to keep an eye on the live oil prices as it affects a large part of our life on a day to day basis. One of the main reasons for this fact is that unlike other commodities like gold, silver, diamond etc., oil is an essential commodity and considering its usage and impact in our lives, it is probably the most important commodity in the world. A couple of decades back, entire wars were fought by some of the greatest world powers in order to gain control over large reserves and this should be enough proof to stress the importance of oil as a commodity that impacts our daily lives.
GBP/USD: GBP/USD pair is on a minor-recovery mode in mid-Asia
The pair bottomed at 1.2450 this Thursday, now the immediate support, although a more relevant one comes at 1.2410, and only below this last the pair can gain bearish momentum.
EUR/USD: Has Euro lost its funding currency status?
the EUR/USD pair hardly moved following the US attack on the Syrian targets. The common currency has been referred to as a new funding currency, ever since the ECB hit the zero lower bound and started the QE program back in 2014/15.
The USD fell to a five-month low against the JPY | April 18, 2017
The U.S. Dollar fell to a five-month low against the safe-haven Japanese Yen on tensions with North Korea over the week-end. The dollar rebounded, however, as the Dollar/Yen Forex pair neared a major retracement level at 107.856, sending it higher into the close. The catalyst behind the rally was a rise in U.S. Treasury yields which made the dollar a more attractive investment.U.S. West Texas Intermediate crude futures were also down 47 cents at $52.71 a barrel. They rose 7 cents to $53.18 on Thursday.
All posts published herein are merely based on individual views, and they do not expressly or by implications represent those of CariGold.com or its owner. It is hereby made clear that CariGold.com does not endorse, support, adopt or vouch any views, programs and/or business opportunities posted herein. CariGold.com also does not give and/or offer any investment advice to any members and/or readers. All members and readers are advised to independently consult their own consultants, lawyers and/or families before making any investment and/or business decisions. This forum is merely a place for general discussions. It is hereby agreed by all members and/or readers that CariGold. com is in no way responsible and/or liable for any damages and/or losses suffered by anyone of you