Gold hits a record high in 9 years

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Gold hits a record high in 9 years

Message par xysoom » 01 Août 2020, 06:55

EUR/USD, GBP/USD, and USD/JPY Analysis

The US dollar remains under pressure ahead of the FOMC, the currency has registered a significant drop versus its rivals as the USDX has extended its sell-off. USD is on a declining path, so only a hawkish FED could announce potential reversals on the major pairs.To get more news about OlympusFx, you can visit wikifx news official website.

  The US Pending Home Sales could increase by 15.6% in June, versus 44.3% in May, the Prelim Wholesale Inventories and the Goods Trade Balance will be released as well, but the major event is represented by the FOMC Meeting.

  The FED is expected to keep the monetary policy unchanged in todays meeting, you should still be careful because the FOMC Statement and the FOMC Press Conference will bring high volatility, will shake the markets, even if the Federal Funds Rate will remain steady at 0.25%. A hawkish speech will boost the USD, while some poor economic data and a dovish FED could force the dollar to drop deeper versus its rivals.

The US Dollar Index has managed to rebound yesterday after a 7-days consecutive drop, but unfortunately, it stays below the 93.81 broken support level. It has found support on the inside sliding line (SL) of the descending pitchfork, but the bias will remain bearish as long as the index is traded below the 93.81 - 94.00 and below the 50% Fibonacci line.

  A USDXs further drop will punish the greenback which could continue to drop versus the EUR, GBP, JPY, etc. A reversal pattern printed after the FOMC could announce another bullish movement in the short term, this scenario will help the dollar to come back higher.
EUR/USD is trading in the green after yesterdays minor decline, the price has tested the 1.1700 broken psychological resistance and now it seems ready to approach the near-term upside obstacles.

  The 250% Fibonacci line and the 1.18 are seen as next upside targets, a USDXs further drop will push EUR/USD far above these obstacles. A valid breakout above the confluence area formed at the intersection between the 250% line with the 1.18 will bring a long opportunity with a target at the second warning line (WL2).

  EUR/USD is bullish as it will remain bullish as long as it is located above the warning line (WL1) and above the 1.1495 static support, so the pair could climb higher despite a minor drop in the short term.
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