Tuesday 11th February: Technical Outlook and Review.
The euro fell victim to sustained USD strength Monday, with the US dollar index reaching highs of 98.88, poised to approach the 99.00 handle. The weekly timeframe has price action nearing support, shaped in the form of a 2016 yearly opening level at 1.0873.
Monday 10th February: Weekly Technical Outlook and Review.
EUR/USD witnessed a resurgence of selling last week, south of long-standing channel resistance, drawn from the high 1.1569. Downside targets rest at the 2016 yearly opening level from 1.0873 followed by channel support, taken from the low 1.1109.
Friday 7th February: Dollar Reigns Ahead of NFP.
Key risk events today: China Trade Balance; China USD-Denominated Trade Balance; […]
Thursday 6th February: Dollar Index Extends Gains and Eyes Daily Resistance at 98.45.
The US dollar index (DXY) continued to flex its financial muscle Wednesday, strengthened on the back of upbeat data across the board. According to Automatic Data Processing (ADP), private-sector employment increased by 291,000 from December to January, on a seasonally adjusted basis.
Wednesday 5th February: US Dollar Index Extends Gains North of 98.00.
The euro sustained a steady depreciation vs. the US dollar Tuesday, extending Monday’s slide from just south of the 1.11 handle on the H4 timeframe. The US dollar index, or DXY, firmed, albeit off its intraday highs of 98.01.
Tuesday 4th February: Technical Outlook and Review.
The broad dollar index (DXY) observed strong bidding Monday, largely on sterling’s demise, in which the index settled just south of 98.00. Also bolstering the USD was an overall solid ISM Manufacturing PMI reading.
Monday 3rd February: Weekly Technical Outlook and Review.
Friday’s mixed Eurozone data, released in early European hours, was largely overlooked. EUR/USD bulls strengthened their grip on the back of a softer buck. The spread of the coronavirus continues to dominate market sentiment. Downgrades to the Fed’s assessment of private consumption and inflation target also contributed to the US dollar index (DXY) selling.
Friday 31st January: Dollar Index Tests Daily Support at 97.86; Eyes Resistance at 98.45.
The Bank of England left UK interest rates on hold. The Bank also cut its growth forecasts and downgraded its expectations for productivity growth, in a sign that the UK economy has suffered from Brexit uncertainty.
Thursday 30th January: Pound Hesitant Ahead of BoE Rate Decision.
Cable marginally firmed in US trade following the Federal Reserve keeping its benchmark interest rate steady, lifting price north of the key figure 1.30 on the H4, Quasimodo support at 1.2988, as well as a 78.6% Fibonacci retracement at 1.2884.
