Rosentray's Daily Commentary

[rosentray]

The EUR/USD is trading to the upside since yesterday's ISM data at 51, lower than the 55.5 expected. Bears took over and the pair rallied from 1.1143 to a high of 1.1265. The pair is now 1.1253 and appears that it has reached minor resistance at the last high.

 

[rosentray]

USD/JPY bullish rally is over thanks to the weak US data released yesterday. The pair made a high of 104.32 from a low of 99.54 and is currently trading at 101.35, dropping some 300 points since yesterday. The pair might attempt to reach support at 100.35.

 

[rosentray]

The EUR/USD continues it's upward move started on Tuesday this week. The pair reached a new high at 1.1279 and is currently 1.1274. Important EU data is scheduled for later today.

 

[rosentray]

GBP/JPY appears to be forming a Head and shoulders pattern but in order for the pattern to be confirmed we need to break first support zone at 135.50. Price is now 135.71 and has found some strength to move up. Below current market price next support is seen at 132.89.

 

[rosentray]

The EUR/USD is trading relatively unchanged in today's session. The pair is down to 1.1244 from above 1.13 earlier this morning. Markets participants are expecting fresh news in order for them to pick a direction. Until then, consolidation might be expected.

 

[rosentray]

USD/JPY is trading higher today after the pair witnessed a downfall earlier this week. The pair is back at 103, currently trading at 102.87. No major news are expected today so price may consolidate at current level.

 

[rosentray]

The EUR/USD lost some of its gains on Friday when expectations rose that a rate hike is probable in September. The pair made a low of 1.1198 in the afternoon hours of the European session and recovered slightly to a closing weekly price of 1.1231. Current market price 1.1252.

 

[rosentray]

Gold posts new losses. The precious metal depreciated from $1,350 to a low of $1,324 in the early trading hours today. Gold was impacted by the rate hike expectations this month causing market participants to go into currencies rather than commodities. First support is last low, while first resistance is $1,340.

 

[rosentray]

EUR/USD continues to trade in the range between 1.13 and 1.1120. The pair is currently trading at 1.1235. No news will be moving the market today so we might be in for a technical Tuesday.

 

[rosentray]

USD/CAD reached resistance yesterday in the face of 1.3123. The pair is now slightly lower trading at 1.3047. It's been trading in a very choppy environment for the past few weeks so the best decision today could be to stay out of this market.