Rosen's Daily

[rosentray]

GBP/NZD opened the European session higher in comparison to last weeks levels. The pair reached an intraday high at current market price of 1.7372 and is now facing immediate resistance. The Sterling had a bad week last week when it depreciated against major opponents.

Now, the British currency appears to be gaining trust again. GBP/NZD is reacting bullishly to market conditions and now eyes are on first resistance level at 1.7480. Major bull target rests at 1.7710.

On the other hand, Sterling bears might attempt to bring it down below last week's level and close at 1.72. Major bear target is seen at 1.6895.

 

[rosentray]

Silver is trading to the downside in today's session. The precious metal reached a low of 17.83 as an intraday low and is now trading at 17.88. Main trend on the short-term remains bullish and today's depreciation might be regarded as a correction before the move continues higher.

A factor that could be in favor of the continuation of the bullish move is the 200SMA and more specifically the fact that current market price is being supported by it. If price manages to stay above the 200SMA we might see improved bullish confidence in the metal and witness a move higher.

First bull target is seen at 18.50, major bull target is 19.80.

 

[rosentray]

Gold bugs are having a time out today as the precious metal is decreasing in price due to a sharp upward move in the US dollar. Gold reached a low of $1,227 and is now trading at $1,230. Although the precious metal is down today, the bullish move remains intact.

Gold started to appreciate when it reached a low of $1,121 in December last year and went as high as $1,244 just a few days ago in the beginning of February this year.

Market sentiment remains bullish and we can expect the momentum to keep pushing the price up to a possible first target of $1,250, second important price level is the 200SMA which falls on $1,260 and major bull target is seen at $1,380.

On the other hand, if bears take control, price is expected to revisit first support at $1,200, second at $1,180 and third and major support at $1,130.

 

[rosentray]

EUR/USD is trading below support in the preopening hours of the European session. The pair is now 1.0522 as it went below the support at 1.0540 yesterday. Euro bulls now have the task to bring the price up from current level which also happens to be a non-validated double bottom on the short-term. If they succeed, then price should be back in the uptrend channel sooner than later.

On the other hand, market participants are taking into consideration the upcoming FOMC minutes later today and that could have a drastic impact on the market, more specifically, the EUR/USD pair.

Until then, market could continue to gravitate towards current levels. Major support rests at 1.0440, while major resistance is located at 1.0720.

 

[rosentray]

Gold is trading steady gravitating around $1,230 in anticipation of the latest FOMC meeting later today. Sharp moves can be expected.

 

[rosentray]

USD/JPY went up today to an intraday high and current market price of 113.55. Price might continue to appreciate.

 

[rosentray]

GBP/USD got beat down today on weak UK data. British GDP is 2.0% versus an estimated 2.2%. The pair went down from 1.2501 to a low of 1.2425 and is now trading at 1.2430.

 

[rosentray]

EUR/USD is relatively higher in today's session. The pair went above 1.06 for a brief moment and is now back below it. Current market price 1.0570.

 

[rosentray]

Gold is trading above $1,250 today, marking a strong week. The precious metal reacted bullishly to weak US economic data and the lack of major events.

 

[rosentray]

Gold is trading at resistance today reaching a high of $1,258. The precious metal is having a good rally that started in the middle of December last year when price was $1,122. Although the big players such as George Soros and John Paulson ditched Gold last month on rumors that the Trump tidal wave will continue, the precious metal keeps rallying to new highs.

Price reached multi-month high on Friday when Gold touched $1,260, which also happens to be the 200SMA. The latest high marks the resistance in the medium-term outlook. Bulls, however, look determined to get over it as expectations for a strong 2017 for Gold continue.

If market closes above $1,260 today we would have a clear indication that current market level will be left behind. If price closes below $1,260 today, then it would be best to sell with tight stop or to wait for more certain times to buy in.

 

[rosentray]

EUR/USD is trading relatively unchanged from last week's levels with price gravitating towards 1.0580. Market participants are looking forward to this week's events, a lot of major news coming out!

 

[rosentray]

EUR/USD has been consolidating around 1.06 for the past few days. It seems that nothing is strong enough to drive the market participants in either directions. The pair made a high of 1.06289 today and is now back towards the 1.06 level.

If the price continues to consolidate we might see a loss of interest and a bearish takeover with first short-term target at 1.0522. Lower than that we might be heading towards parity, given that the Trump administration continues to boost market expectations.

On the other hand, if we get bad economic data this week from the US, Euro bulls will use the opportunity to push price higher to a possible first target at 1.0680.

 

[rosentray]

Gold could not overcome the 200SMA and is now back below $1,260. Trend on the short-term might be turning into bearish.

 

[rosentray]

Gold price fell below $1,250 today in the early European trading hours after the Federal Reserve raised expectations for a March US interest hike rate. Gold reacted bearishly to the statement and fell to a low of $1,242 earlier today.

Now the precious metal is trading at $1,245 as market sentiment is turning from bullish to bearish.

Technically speaking, Gold was not able to overcome the 200SMA and the falling has been going on since Monday when it reached $1,263.

Major bear target on the short-term is seen at $1,230, while the bulls target the levels around $1,260 and above in order for them to continue on their path.

 

[rosentray]

EUR/USD slides to a low of 1.0525 as FED states that a March rate hike is on the table. The pair is now slightly higher at 1.0544.

 

[rosentray]

GBP/JPY has been going up and down for the past few weeks with price fluctuating between 138 and 142 for a Pound. The pair is now trading at 140.26 and appears to be caught in a narrow range between the support and resistance levels on the short-term.

First and immediate support is seen at 138.80 which is also a double bottom, second support line is seen at 136.40 and third level rests at 135. On the other hand, the resistance levels are R1: 141.00, R2: 142.75, R3: 145.00.

The future of the UK remains unclear as major political events are yet to unfold. They will serve as an indicator for future performance and will shape the expectations of the market participants.

If PM Shinzo Abe decides it's again time to devaluate the Yen, then GBP/JPY will continue on it's way up.

 

[rosentray]

EUR/USD is again depreciated and going towards 1.05 level. If that level is breached, major bear target is seen at 1.0340 and immediate support at 1.0480.

 

[rosentray]

EUR/USD is trading relatively unchanged today gravitating towards 1.0520 in anticipation of the latest ISM Non-Manufacturing Composite data scheduled for later today. Another important market mover will be FED Chair Yellen's speech on the Economic Outlook.

 

[rosentray]

Gold and Silver are both down this week putting an end to their strong bull rallies. Both the precious metal suffered the sell off due to a possible rate hike in March. Gold is now trading at $1,227 while Silver is trading at $17.68.

 

[rosentray]

EUR/GBP reached the resistance zone on Friday and is still consolidating in the same range. The Euro reached a high of 0.8642 against the Sterling and is now trading at 0.8627. The pair made a good move to the upside from 0.8421 in the end of February but now it is facing a strong resistance on the short-term at current market price.

If bulls manage to power through 0.8650 there is a great chance the rally will continue to a major bull target at 0.90 in the long-term.

If bears take advantage of the weak volumes indicating a market turn, the pair might end up depreciating to a major bear target at 0.84.

No major EUR/GBP news are scheduled for today, so we might see a continuation of consolidation.