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[QUOTE="forum forex, post: 209971, member: 78402"] [HEADING=1]June-27, 2022, Daily currency trading analysis and forex market forecast, by forex forum.[/HEADING] The British pound remains to trade in a narrow range vs. the greenback, though it stays trading with minimal gains after probing the 1.2300 mark reaching daily highs at 1.2313, followed by a dip towards daily lows near 1.2238. At 1.2277, the GBP/USD is up 0.05% in the North American session. [B]GBP/USD Price Forecast: Technical outlook[/B] Consolidation is what the GBP/USD daily chart shows, within the 1.2150-1.2300 area, though it is skewed to the downside. Confirmation of the previously mentioned is the exponential moving averages (EMAs), above the exchange rate, while the Relative Strength Index (RSI) at 44.97, remains in bearish territory. If GBP/USD buyers need to regain control, they must reclaim 1.2500. Nevertheless, on its way north, they would face resistance at the 1.2300 mark. Once cleared, the 50-EMA at 1.2353 would be the next ñeveñ to challenge, followed by June’s 16 high at 1.2405, and then the 100-EMAR at 1.2463. [B]EUR/USD[/B] On the other hand, The EUR/USD rose further during the American session and climbed to 1.0614, reaching the highest level in two weeks. The euro pulled back under 1.0600. It is holding onto daily gains, still unable to consolidate above 1.0600. The improvement in risk sentiment weakened the greenback. The DXY is falling 0.25% on Monday, trading at 103.85. US bond yields are modestly higher but European yields rose even further. The German 10-year yield jumped 7% to 1.54%. The divergence helped EUR/USD move higher. [B]Bullish short-term outlook[/B] The EUR/USD is trading above 1.0580, but is showing difficulties running above 1.0600. The euro is back above the 20-day Simple Moving Average (1.0588). A daily close above 1.0600 should strengthen the recovery. The 55-day SMA awaits at 1.0620. A decline under 1.0580 would alleviate the bullish pressure. The next support might be located at 1.0530 followed by 1.0490. [HEADING=2]US Dollar[/HEADING] U.S. Durable Goods Orders (May) –ACT: 0.7%, EST: 0%; CORE – ACT: 0.7%, EST: 0.3% Durable goods orders are used as a barometer for the U.S. economy by measuring industrial activity. This economic indicator represents new order data from U.S. manufacturers for higher value goods that are said to last over three years. Increasing durable goods numbers are often thought of as positives for the U.S. economy and thus the dollar by way of investors’ confidence. [B]TECHNICAL ANALYSIS[/B] Post-announcement, the DXY was bid finding sustenance from bulls and overshadowing the recent recessionary talk in the U.S.. Price action is currently testing resistance at the 50-day EMA (purple) while the days long lower wick may point to impending upside near-term. [B]Resistance levels:[/B] 105.00 [B]Support levels:[/B] 20-day EMA (purple) 50-day EMA (blue) Trendline support (black) [B]AUD/USD[/B] The AUD/USD seesaws from daily highs around 0.6958 printed during the Asian session and dipped towards daily lows near 0.6910, in a narrow trading range that witnessed the Aussie dollar losing some ground vs. the greenback. At 0.6944, the AUD/USD trades above the middle of the aforementioned 0.6910-0.6960 region during the North American session. [B]AUD/USD Price Forecast: Technical outlook[/B] In the daily chart, the Aussie dollar is still headed to the downside as the week begins. If AUD/USD buyers would like to regain control, they need to reclaim 0.7000 to ease the ongoing selling pressure on the pair. If that is achieved, AUD buyers’ next target would be the 20-EMA at 0.7047, immediately followed by the 50-EMA at 0.7078. On the flip side, and the AUD/USD path of least resistance, the first support would be 0.6900. A breach below would expose June 23 low at 0.6869, followed by the June 14 swing low at 0.6850. [HEADING=3]USD/CAD[/HEADING] USD/CAD fell 21 pips to 1.2875 as the rebound in oil prices continued. The US dollar was mixed as high yields and good economic data competed with end-of-month flows into some beaten-down currencies. The main feature on the USD/CAD chat is the double top at 1.3077/79. The declines in the past two days emphasize that as a key point of resistance and a potential top. [B]USD/JPY[/B] Elsewhere, Japan has seen inflation move higher, although nowhere near the levels in the US or the UK, which are not far from double-digits. Last week, core CPI for May came in at 2.1% YoY, unchanged from April. This was the second straight month that core CPI remained above the BoJ’s target of 2%. This is a dramatic shift, given that Japan struggled with deflation for decades. The driver behind rising inflation is higher food and energy prices, as well as the plummeting yen. Notably, wages have not risen. Thank You [/QUOTE]
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