Daily Technical Analysis for Majors by Dukascopy
- Thread starter Anastasia DC
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EUR/USD remains steady
Yesterday’s trading session ended exactly as expected. Initially, the Euro was climbing against the Dollar. However, once the currency rate has reached combined resistance formed by the weekly and monthly PP at 1.1806 as well as the upper boundary of a junior descending channel, it was forced to retreat back to the 55-hour SMA. As all eyes are turned to the upcoming Fed meeting, the pair is not expected to make significant moves today as well. In other words, it is likely to continue fluctuating between the above barrier from the top and the 38.2% Fibonacci retracement level located at 1.1760 from the bottom. A release of the American PPI data might push the rate a little bit lower. But even in that case it is expected to stay above the 1.1730 support zone.
GBP/USD slides to 1.3338
In result of the previous trading session the cable made a rebound from a combination of the 55-, 100- and 200-hour SMAs as well as the weekly PP at 1.3415 just as expected.
Even though traders are mainly focused on the upcoming decision on interest rate hike, there is also a need to take into account an effect from release of information on the UK inflation. In case of match with expectations, the Pound might temporarily jump back to the above resistance barrier. In the opposite case, bears are likely to push it down to the 1.3300 mark. So, depending on the released data, the currency rate might start tomorrow’s trading day either near the monthly PP at 1.3372 or the weekly S1 at 1.3290.
Yesterday’s trading session ended exactly as expected. Initially, the Euro was climbing against the Dollar. However, once the currency rate has reached combined resistance formed by the weekly and monthly PP at 1.1806 as well as the upper boundary of a junior descending channel, it was forced to retreat back to the 55-hour SMA. As all eyes are turned to the upcoming Fed meeting, the pair is not expected to make significant moves today as well. In other words, it is likely to continue fluctuating between the above barrier from the top and the 38.2% Fibonacci retracement level located at 1.1760 from the bottom. A release of the American PPI data might push the rate a little bit lower. But even in that case it is expected to stay above the 1.1730 support zone.
GBP/USD slides to 1.3338
In result of the previous trading session the cable made a rebound from a combination of the 55-, 100- and 200-hour SMAs as well as the weekly PP at 1.3415 just as expected.
Even though traders are mainly focused on the upcoming decision on interest rate hike, there is also a need to take into account an effect from release of information on the UK inflation. In case of match with expectations, the Pound might temporarily jump back to the above resistance barrier. In the opposite case, bears are likely to push it down to the 1.3300 mark. So, depending on the released data, the currency rate might start tomorrow’s trading day either near the monthly PP at 1.3372 or the weekly S1 at 1.3290.
USD/JPY exits from falling wedge pattern
During yesterday’s trading session the currency exchange rate made two attempts to break to the bottom towards the 50% retracement level located at 113.00.
However, as markets focused on tomorrow’s Fed meeting, the pair failed to bypass even the 55-hour SMA that was backing up the lower trend-line of another rising wedge formation. And only in the early morning it managed to sneak below the 113.47 mark. Accordingly, until release of information on the American PPI the pair is expected to continue moving in southern direction and trying to reach the bottom edge of a new junior descending channel that lies slightly above the major support zone located between the 113.11 and 113.00 marks.
XAU/USD falls to 50% Fibo
In line with expectations, the falling 55-hour SMA did allow the bullion to recover against buck. As a result, the rate was forced to find support at the 50% Fibonacci retracement level located at 1,240.30. In early hours of this trading session bulls made another attempt to inch the price of yellow metal higher. But this endeavour is expected to fail as well due to combined resistance barrier formed by the above 55-hour SMA and the monthly S2 at 1,246.74. Accordingly, the bearish momentum is likely to continue at least until the Fed meeting that will happen tomorrow.
An aggregate of technical indicators supports this scenario via sending sell signal for the rest of the day.
During yesterday’s trading session the currency exchange rate made two attempts to break to the bottom towards the 50% retracement level located at 113.00.
However, as markets focused on tomorrow’s Fed meeting, the pair failed to bypass even the 55-hour SMA that was backing up the lower trend-line of another rising wedge formation. And only in the early morning it managed to sneak below the 113.47 mark. Accordingly, until release of information on the American PPI the pair is expected to continue moving in southern direction and trying to reach the bottom edge of a new junior descending channel that lies slightly above the major support zone located between the 113.11 and 113.00 marks.
XAU/USD falls to 50% Fibo
In line with expectations, the falling 55-hour SMA did allow the bullion to recover against buck. As a result, the rate was forced to find support at the 50% Fibonacci retracement level located at 1,240.30. In early hours of this trading session bulls made another attempt to inch the price of yellow metal higher. But this endeavour is expected to fail as well due to combined resistance barrier formed by the above 55-hour SMA and the monthly S2 at 1,246.74. Accordingly, the bearish momentum is likely to continue at least until the Fed meeting that will happen tomorrow.
An aggregate of technical indicators supports this scenario via sending sell signal for the rest of the day.
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