Subscribe to RSS

Dollar remains weak with EUR and Yen trending stronger

Daily Forex Market Preview, 12/02/2016

The US Dollar continued to remain weak with the Euro and the Yen benefiting from the safe-haven flows. Janet Yellen’s second day of testimony did not offer much to the markets with the Yen touching a year low below 112 while EURUSD was seen trading back above the pre-QE levels of 1.133. Gold prices also kept up the prices with $1250 handle being tested yesterday. US retail sales numbers and UoM inflation expectations are due today which could see further volatility coming into the markets.

EURUSD Daily Analysis

EURUSD (1.13): The Euro remains bullish against the Dollar, after breaching the 1.13 handle. The strong rally off the 1.095 – 1.10 handle has seen a quick run up and it is likely that prices could risk a move lower. On the 4-hour chart, prices are now showing consolidation after the rising wedge pattern was formed. At 1.1335, EURUSD has formed a series of spinning top/doji patterns which indicate exhaustion to the rally. Currently, following a doji candlestick pattern, prices are trading just below the 1.1335 resistance level. Failure to rally above this resistance could see a move down to 1.1130 – 1.1105 level of support. This correction should potentially see another leg higher. However, if 1.1130 – 1.1105 support fails, EURUSD could be looking to sharper decline to 1.105 – 1.093.


USDJPY Daily Analysis

USDJPY (111.9): Price action remains bearish but with 112.00 being reclaimed, USDJPY could be looking to a move higher in the near term. Prices briefly broke down below 112 support yesterday but failed to close. A higher close today or a close above 112 could signal a potential retracement. Besides the horizontal support, prices are also finding dynamic support off the lower median line and the steep price channel that was formed. While a pullback looks weak at this point, a break below 112 could signal further declines to as low as 110.


GBPUSD Daily Analysis

GBPUSD (1.44): GBPUSD remains to consolidate below the 1.4635 resistance and the 1.443 support. Prices tested the minor support and resistance level at 1.457 yesterday but failure to decline lower to 1.435 to establish support is likely to keep GBPUSD trading sideways. The bearish divergence remains in play which could see a correction to the lower support at 1.435 – 1.43 region. In the event prices break above 1.457, GBPUSD will need to break above 1.4635 in order to post new highs.


Gold Daily Analysis

XAUUSD (1242): Gold prices breached a new high yesterday as prices broke above the $1250 handle. However, prices were firmly rejected at the highs. The rather steep price action points to a potential risk of a downside move in Gold with the first minor trend line acting as the first line of defense. A break of this trend line could see a dip back to 1200, followed by 1130. Establishing support at 1200 could see further upside with 1250 coming in as a the initial level of resistance.

0 commentsback to post

Add your comment

Nickname:
E-mail:
Website:
Comment:

Other articlesgo to homepage

Receive 55% Bonus on your Deposit Money – NordFX

Receive 55% Bonus on your Deposit Money – NordFX(0)

55% Deposit Bonus Promotion to All New and Existing Customers. 55% Bonus on Deposit Fund your account with $100 – $8,000 and receive a trading bonus up to $4,400! Link:  Demo Cup contest prize fund is $42000 Link:  100% Withdrawable Deposit Bonus Link:  55% Deposit Bonus Promotion Available to:  All new and existing accounts Bonus offer: 

Up to 100% Bonus on your initial Deposit – FXtrade777

Up to 100% Bonus on your initial Deposit – FXtrade777(0)

Up to 100% Bonus promotions on your initial Deposit to all FXtrade777 New clients. Get more for your money at FXtrade777 with an unforgettable Up to 100% Welcome Bonus. Link:  Up to 100% Bonus on your initial Deposit Bonus Offer: Up to 100% Bonus promotions on your initial Deposit to all FXtrade777 New clients. FXtrade777

FIFA World Cup Football Matches Tournament – FBS

FIFA World Cup Football Matches Tournament – FBS(0)

FIFA World Cup Football Matches Tournament. Participate in the contest and win the visit to the biggest football tournament of the year in Russia. Link: FIFA World Cup Football Tournament Link:  Just Share a Greeting Card and Gifts Link:  $50 Free Will be credited to Your Account Link:  $88.8 Forex No Deposit Bonus Link:  $123 Forex

100% Withdrawable Deposit Bonus up to $5000 – NordFX

100% Withdrawable Deposit Bonus up to $5000 – NordFX(0)

100% Withdrawable Forex Deposit Bonus up to $5000. The 100% Withdrawable Deposit Bonus and the initial deposit can be withdrawn after the required number of lots is closed. Profits can be withdrawn without restrictions. Link:  Demo Cup contest prize fund is $42000 Link:  100% Withdrawable Deposit Bonus Link:  55% Deposit Bonus Promotion Available to: All

50% First Deposit Bonus Prom – Hirose Financial UK

50% First Deposit Bonus Prom – Hirose Financial UK(0)

50% First Deposit Bonus Promo Maximum Bonus Amount is $1000 for all customers. The 50% Special Bonus offer for Hirose Financial UK customers who make a deposit to Binary Options account. They can withdraw deposit and profit at anytime!! Link:  50% Deposit Bonus Promotion Available to: All new traders Bonus Offer: 50% Special Bonus offer

200% Pending Bonus for your Next Deposits – CTTrade

200% Pending Bonus for your Next Deposits – CTTrade(0)

200% Pending Bonus for the Next Deposits. Just make the re-deposit and during the day we will credit your 200% Pending Bonus. Link:  200% Pending Bonus for the Next Deposits Available to: All new account How to get Pending Bonus? Just make the re-deposit and during the day we will credit your bonus. This bonus

Free SERENITY Tokens New Year Promotion – Grand Capital

Free SERENITY Tokens New Year Promotion – Grand Capital(0)

Receive free SERENITY tokens for Forex, futures and cryptocurrency trading. The promotions is supported by SERENITY. The objective is to promote and brand the platform as a secure trading solution for trader Link:  Receive free SERENITY tokens for trading Link:  $500 Forex No Deposit Welcome Bonus Link:  Up to 444% Profit Receive for a single

$500 Chinese New Year Welcome Cash Bonus – ForexTime

$500 Chinese New Year Welcome Cash Bonus – ForexTime(0)

500 USD Chinese New Year with Cash Bonus Giveaway Promotion. Blessings for the Chinese New Year from ForexTime Get up to $500 Cash Bonus Giveaway Promotion. FXTM Link:  $500 Welcome Cash Bonus Promo Link:  Start Copy Trading your Perfect Partner Link:  $25 Per Referral Earn up to $10000 Link:  Receive $30 Tradeable Credit Free Bonus

The Ultimate IB Ride Forex Contest Promotion – Tickmill

The Ultimate IB Ride Forex Contest Promotion – Tickmill(0)

The Ultimate IB Ride Forex Contest. The Ultimate Forex IB Ride Contest Promotion is only available for clients of Tickmill Ltd. (FSA Regulated) Link:  The Ultimate IB Ride Forex Contest. Link:  $30 Free Welcome Bonus Promotion Link:  Weekly Demo Race Trading Contest Link:  Forex Monthly Live Trading Contest Available to: All new traders Bonus Offer:

10% to 40% Discounts Buy with ICO Tokens – Serenity

10% to 40% Discounts Buy with ICO Tokens – Serenity(0)

Buy Serenity ICO Tokens with Discounts of 40% to 10%! to all new account holder. The First Blockchain Escrow for Financial and Cryptocurrency Markets Serenity ICO Tokens Link:  Buy Serenity ICO Tokens with Discounts of 40% to 10%! Link:  Free SERENITY Tokens for Trading Link:  444% Profit Receive for a single trade Link:  $500 Forex

read more

Forex Featured BrokerSocial Trading

Contacts and information

ForexDepositNews.com Forex Deposit Bonus, Forex No Deposit Bonus, Forex Live Contest, Forex Demo Contest, Free Forex Bonus Forex Brokers Review and Other All Forex promotions.

ForexDepositNews.com

Social networks

Most popular categories