Key PointsThe British Pound after trading as low as 1.2380 against the US Dollar started a recovery. The GBPUSD pair is currently facing a major resistance near 1.2470-80 on the hourly chart. In the US, the total Net TIC Flows report for Dec 2016 was released by the US Department of Treasury. The result was mixed, as it came in at $-42.8B in Dec 2016, compared with the last $23.7B. GBPUSD Technical Analysis
The British Pound traded higher recently from the 1.2400 swing low against the US Dollar, and traded above the 1.2420 resistance area. However, the GBPUSD pair is currently facing a major resistance near 1.2470-80 on the hourly chart.
There is a bearish [...]
Key PointsThe US Dollar surged higher sharply against most major currencies as the fed decided to raise rates. There was a bearish trend line formed on the hourly chart of USDCHF, which was broken at 1.0105 for an upside move. Yesterday, the fed interest rate decision was announced by the Board of Governors of the Federal Reserve. The result was as expected, as the fed increased the interest rates from 0.5% to 0.75%. USDCHF Technical Analysis
The US Dollar popped higher sharply against the Swiss franc after the fed interest rate decision to break the 1.0100 resistance. There was a crucial bearish trend line formed on the hourly chart of USDCHF, which was cleared [...]
This past week belonged to the US Dollar sellers and the best performer was the Euro, which traded above a major resistance of 1.1250. Looking ahead, the 1.1100 support area might act as a major barrier for the Euro sellers in the short term.
First of out of Europe this coming week will be the Manufacturing Purchasing Managers Index (PMI) by the Markit Economics for the Euro Area, Germany, France and Italian. The data for April is forecasted to remain stable, and if it stays in line with the forecast more gains are likely for the shared currency.
In Australia, the RBA Interest Rate decision is lined up in which the central bank is expected not to cut [...]
— This post was submitted by TITANFX —
Key HighlightsUS dollar declined to some extent, as the FOMC meeting minutes failed to live up to the expectation of the market. Euro and the British pound surged higher and traded close to 1.1420 and 1.5450 respectively. Japanese Merchandise Trade Balance Total released by the Ministry of Finance registered a lower than expected trade deficit with a reading of ¥-1,177.5B. GOLD managed to pop higher and cleared an important resistance around the $1210 level.
FOMC Meeting Minutes
The FOMC meeting minutes turned out to be a negative event for the US dollar. The market was expecting the Federal Reserve to throw [...]