Spreads
Spreads
Spreads
Spreads
Spreads
USDJPY gained 0.34% over the previous trading day. Hawkish remarks from Fed Chair Jerome Powell have attracted fresh demand for the U.S. Greenback. On top of an already risk-off environment, market participants have continued to bid up the U.S. Dollar as aggressive rate hikes are now expected during the next FOMC meeting. On the economic docket, U.S. PCE and initial jobless claims data will both be released during the American trading session.
On the technical side, USDJPY has once again touched above the 136 level and is consolidating around our previously estimated resistance level of 136.57. Support levels at 134.6 remain firmly intact. RSI for the pair has heated up and sits at 66.14, as of writing. On the four-hour chart, USDJPY currently trades above its 50, 100, and 200-day SMA.
Resistance: 136.57
Support: 134.6
EURUSD lost 0.74% over the previous trading day. The pair extended its previous losing day as inflation data from the EU came in mixed. Spain’s inflation rose by 10%, year over year, and up 8.5% over the previous month; on the other hand, Germany’s CPI came in at 7.6%, lower than the 7.9% consensus. The mixed inflation data acted as a headwind for the Euro and a roadblock to more aggressive rate hikes by the ECB. The Dollar continues its upward movement as markets remain risk-averse.
On the technical side, EURUSD has fallen through our previously estimated support level of 1.0494 and is heading lower towards our next estimated support level of 1.0382. RSI of EURUSD sits at 40.66, as of writing. On the four-hour chart, EURUSD currently trades below its 50, 100, and 200-day SMA.
Resistance: 1.05754, 1.06315
Support: 1.0382
GBPUSD lost 0.54% over the previous trading day. The British Pound continues to be held back as members of parliament continue their efforts of overturning a keystone Brexit agreement. Furthermore, hawkish remarks from Fed Chair Jerome Powell have provided a boost to the safe-haven Dollar. Risk-off sentiment across markets has attracted further demand for the U.S. Greenback. On the economic docket, the British GDP is set to release during today’s European trading session.
On the technical side, GBPUSD is consolidating around our previously estimated support level of around the 1.2123 price region. The next level of support for Cable sits at around the 1.20824 price region. RSI for GBPUSD sits at 38.25, as of writing. On the four-hour chart, GBPUSD currently trades below its 50, 100, and 200-day SMA.
Resistance: 1.2381
Support: 1.2123, 1.20824
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