The dollar poor & wipe out few of its gains which were recorded on last Friday due to the positive US data which revived believe of a Fed rate hike this year. The technical outlook presents a little bit bearish tone. The key currency pair gets decent support levels at 1.1130. The value comes from a selling force on any upside towards 1.1200 levels.
The 50-EMA is intersecting the 100-EMA downsides in the 4HR chart. The 50 and 100 EMAs are driving lower, but the 200-EMA remains neutral. The resistance finds at 1.1200 levels, the support comes in 1.1130 levels. Indicator MACD stands negative decreased which hints the growth of sellers. Indicator RSI remains in the oversold region. We consider the pair will stay in the neutral position for a short term.
The pound steadily recovered among a weak US dollar. The risk appetite will grow on the rear off strong oil. The pound stands in red figures. Currently, the recovery might be attributed to getting little profit taking from sellers after the last week sharp declined. The pair slightly grew over the level of 1.3000 in the Asian session and wipe out few of its gains throughout the European session. The session high was marked at the levels of 1.3075.
The 50-EMA is intersecting the 100 and 200 EMAs downside directions. The moving averages are trending much lower. The resistance seems at 1.3100 levels, the support comes at 1.3000 levels. Indicator MACD is in the negative area decreased which confirms the strength of sellers. RSI indicator stays in the oversold region.The pair is trading over the level of 1.3000 levels.
The dollar weakened against the yen before the Fed and BoE’s meetings coming this Wednesday. The neutral aspect that begins previous week is yet intact. The value traded within an extended range between the levels of 101.40 and 102.50. The moving averages are neutral in position in the 4HR chart. The resistance finds in 102.50, the support stays in 101.40 levels. MACD started the negative zone slightly decreased which confirms the seller’s strength. Indicator RSI is surrounding the oversold region. Currently, we consider the pair remains neutral. We hoping the value will sustain sideways trades before the Fed meeting this Wednesday.
The yellow metals prices got some gains on yesterday following 2-week declines ahead if the Fed and BoJ’s meetings. The yellow metal prices tried to recover the level of 1316 but lost its momentum. The value rebound from the level and traded some pipes under the levels. The moving averages expanding their reduce. The resistance finds in 1316 levels, the support remains at 1300 levels. Indicator MACD grew which hints the sellers’ spot weakening. RSI indicator rebound from the oversold region.The pair very soon begins the uptrend.
Share This Post
Why we choose Forex Market?
Oct 06 , 2015
Forex, Commodity and Binary Trading Signals on 5th May 2016
May 04 , 2016
Forex Trading Terminologies
Oct 21 , 2015
Free Forex Trading Seminar In Salem
Aug 19 , 2018
Forex Weekly Technical Outlook on 7-11 August 2017
Aug 07 , 2017
Forex Weekly Technical Outlook on 24-28 JULY 2017
Jul 24 , 2017