Waiting FOMC and NFP…

Waiting FOMC and NFP...

Waiting FOMC and NFP…

EUR /USD Weakening

EUR/USD is getting lower despite ongoing consolidation. The pair is heading lower since the pair failed to hold above former resistance given at 1.0874 (08 /12/2017 high). An hourly support can be found at 1.0652 (31/03/2017 low).

Stronger support can be found at 1.0493 (22/02/2017 low). The short-term technical structure indicates further weakness.

In the longer term, the death cross late October indicated a further bearish bias.

The pair has broken key support given at 1.0458 (16/03/2015 low). Key resistance holds at 1.1714 (24/08/2015 high). Expected to head towards parity.

 

 

GBP /USD Bullish Pressures

GBP /USD's bullish pressures increase again after the pair exited short-term uptrend channel. An hourly resistance is located at 1.2615 (27/03/2017 high) while hourly support can be found at 1.2324 (03/17/2017 low). Expected to show continued strengthening towards resistance at 1.2771 (06/12/2016 high).

The long-term technical pattern is even more negative since the Brexit vote has paved the way for further decline. Long-term support given at 1.0520 (01 /03/85) represents a decent target. Long-term resistance is given at 1.5018 (24 /06/2015) and would indicate a long-term reversal in the negative trend. Yet, it is very unlikely at the moment.

 

USD/JPY Moving Sideways 

USD/JPY's bearish pressures are fading. An hourly resistance is given at 112.20 (31 /03/2017 high). Stronger resistance can be located at 113.57 (16/03/2017 high) while support is given at 110.11 (27/03/2017 low).

We favor a long-term bearish bias. Support is now given at 96.57 (10/08/2013 low). A gradual rise towards the major resistance at 135.15 (01/02/2002 high) seems absolutely unlikely. Expected to decline further support at 93.79 (13 /06/2013 low).

 

 

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***Information contained in this news letter are gathered from third parties and should not be regarded in any way as trade advice or recommendations by CM Trading. CM Trading does not recommend or advise traders or investors in their decision

making, but merely provides information from the market for its clients as additional information being made available as per the events occurring in the financial markets.

 

 

 

 

HIGH RISK WARNING:

Trading Foreign Exchange (Forex) and Contracts for Differences (CFD’s) is highly speculative, carries a high level of risk and may not be suitable for all investors. You may sustain a loss of some or all of your invested capital, therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading on margin.

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