Subscribe to RSS

Yellens Testimony to Decide Short-term US Dollar Bias. High Volatility Ahead

EUR/USD

Forex News: The support zone around 1.1110 held yesterday, generating a bullish bounce that took price well above resistance and consolidated the control of the buyers.

Technical Outlook

The bullish impulse started last week continued yesterday and now the pair is approaching the resistance at 1.1310 (better seen on a Daily chart). Once this zone is reached, we expect the sellers to enter the market and the pair to retrace lower. Adding to this bias is the overbought condition of the Relative Strength Index which has already moved above its 70 level, but a lot will depend on the testimony of Fed Chair Yellen which may have a strong impact on the US Dollar.

Fundamental Outlook

The day’s highlight is Fed Chair Janet Yellen’s testimony before the House Financial Services Committee, scheduled at 3:00 pm GMT. The topic will be the Semiannual Monetary Policy Report and volatility is expected to increase during the second part of the testimony when the Committee members will ask unscripted questions. Caution is recommended throughout the event as the US Dollar is likely to be strongly affected, depending on Yellen’s attitude and answers.

GBP/USD

The pair had a mixed day yesterday, moving without clear direction between support and resistance. Price action confirmed 1.4475 as short term resistance.

Technical Outlook

The bulls made an attempt to move the pair above 1.4475 but failed and now the zone will act as resistance, possibly rejecting future upside moves. For today we expect an encounter with 1.4350 and our bias is bearish as long as price stays below the 50 period Exponential Moving Average and below 1.4475. A break of 1.4350 would solidify the short term control held by the bears and would increase the chances of a down trend resumption.

Fundamental Outlook

At 9:30 am GMT the British Manufacturing Production is released, showing the changes in the total output generated by the manufacturing sector. The indicator is considered to have a high impact on the Pound and higher numbers than the anticipated 0.0% (previous -0.4%) usually strengthen the currency, taking the pair higher. The testimony of Fed Chair Janet Yellen will have a direct impact on the pair so caution is advised.

0 commentsback to post

Add your comment

Nickname:
E-mail:
Website:
Comment:

Other articlesgo to homepage

100% Welcome Bonus Plus Daily Free Signals – Trade12

100% Welcome Bonus Plus Daily Free Signals – Trade12(0)

Get 100% Welcome Deposit Bonus and 7-day risk free trade, Boost your trading with a free 100% Welcome Deposit Bonus to your Live Trading Account. Link:   Get 100% Welcome Bonus Link:  50% Exclusive Deposit Bonus Link:  Free Daily Forex Trading Signals Available to: All new clients Ending Date: 31 December 2017 Bonus Offer: Get

25 Euro Forex No Deposit Welcome Bonus – direktbroker-FX

25 Euro Forex No Deposit Welcome Bonus – direktbroker-FX(0)

25 Euro Forex No Deposit Welcome Bonus to all EU and the UK  live Trading Account Holder. Open a real account direct instead of an demo account first and you will get a 25,- Euro Free. Link:  25 Euro Free Welcome Bonus Available to: All new account Ending Date: 31 December 2017 Bonus offer: 25

Up to $250 Cash in Your Expert Advisor – ThinkMarkets

Up to $250 Cash in Your Expert Advisor – ThinkMarkets(0)

Up to $250 Cash in Your Expert Advisor. Make the Move to Think Trader and Cash in Your Expert Advisor for Up to $250* Link:  Up to $250 in Your Expert Advisor Available to: All new account Ending Date: 31 December 2017 Bonus offer: Up to $250 Cash in Your Expert Advisor Bonus to all new

$30 Forex No Deposit Bonus Welcome Promo – XM

$30 Forex No Deposit Bonus Welcome Promo – XM(0)

$30 Forex  No Deposit Bonus Welcome Promo Bonus and 15% Welcome Deposit Bonus, Welcome Bonus brings Real Account clients the best rewards available. Entering the markets and trading with XM enables you to earn from your trades and build your own bonus up to a maximum of $1,000. Link:  $30 Forex No Deposit Bonus Link: 

50% Re-Deposit & 100% Tradable Bonus – Xtream Forex

50% Re-Deposit & 100% Tradable Bonus – Xtream Forex(0)

50% Re-Deposit Tradable Forex Bonus for all of its traders. Every existing and new trader is eligible for this Re-Deposit Tradable Bonus for depositing into their trading account. Link:  100% Tradable Deposit Bonus Link:  35% Deposit Cash Bonus Link:  50% Re-Deposit Forex Bonus 50% Re-Deposit Forex Bonus XtreamForex is glad to announce 50% re-deposit forex

Free $50 No Deposit Bonus and Start Trading – Trade360

Free $50 No Deposit Bonus and Start Trading – Trade360(0)

$50 Forex No Deposit Bonus is available only once for each client. Every verified user can use $50 No Deposit Bonus and get one or several investment accounts. Link:  $50 Forex No Deposit Required Bonus Link:  $280 CashBack Rewards Program Available to: All new account Ending Date: 31 December 2017 Bonus offer: $50 New No

200% Cashback Rebate Bonus up to $10000 – ForexTime

200% Cashback Rebate Bonus up to $10000 – ForexTime(0)

200% Forex Cash back Rebate Bonus up to $10,000, whether they’re first time depositors or returning clients. and get $4 Cashback back for every lot you trade. Link:  Loyalty Cashback Promotions Link:  200% Cashback Rebate up to $10000 Ending Date: 31 December 2017 Available to: All Customers Bonus Offer: ForexTime Rewards Loyalty in Withdrawable Cashback

$50 Free No Deposit Credit Bonus Promotion – GDMFX

$50 Free No Deposit Credit Bonus Promotion – GDMFX(0)

$50 No Deposit Credit Bonus Promotion 2017 to all new account. The $50 no-deposit bonuses is available for clients who open their first registration with GDMFX Link: $50 No Deposit Credit Bonus Promotion Available to: All new account Ending Date: 31 December 2017 Bonus offer: $50 No Deposit Credit Bonus Promotion 2017 to all new account.

100% Deposit Bonus and Forex Free Signals – Trade12

100% Deposit Bonus and Forex Free Signals – Trade12(0)

Forex Free Trading Signals via SMS. EMAIL. SKYPE. WHATSAPP and 100% Welcome Deposit Bonus to your Live Trading Account. Link:  Free Daily Forex Trading Signals Link:  Get 100% Welcome Deposit Bonus Link:  50% Exclusive Deposit Bonus Available to: All new clients Ending Date: 31 December 2017 Bonus Offer: Get 100% Welcome Deposit Bonus Plus 7-day

100% Special Bonus to Your First Deposit – AvaTrade

100% Special Bonus to Your First Deposit – AvaTrade(0)

100% Fx Special Bonus Offer to your first deposit Up to $300. Start trading today and in honor of our Irish roots we’ll give you a St. Patrick Day special bonus of up to 100% Link:  100% Special Bonus to Your First Deposit Available to: All new account Ending Date: 31 December 2017 Bonus offer:

read more

Forex Featured Broker

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