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Bank of Japan is turning every so slightly more hawkish, even though its officials are trying to downplay it. U.S. Administration's politics continues to weigh on the dollar, despite interest rate advantage against most major currencies. USD/JPY extended its decline, pausing at the 76.4% retracement of the Trump rally. If 105 - 105.5 area gives way, a quick fall to 101.5 - 102.5 is quite possible.
al_dcdemo's Blog
EUR/USD testing longer term trendline
Reaction to otherwise firm U.S. inflation report was somewhat a surprise. Risk sentiment improved this week and we seem to have returned to the previous regime where the dollar is used as a funding currency, despite rising interest rates. EUR/USD appears ready to break above the longer term trendline.
EURo at an important support area
As widely expected, the ECB left its policy unchanged and only marginally upgraded GDP growth forecasts. Draghi once again pledged to maintain interest rates at current or lower levels for an extended period of time, well beyond the horizon of asset purchases.
Technically, the euro has been straddling the December - May trendline which is reinforced by 200 DMA and 50.0% retracement of the December - May uptrend. If the area holds, we may see a retest of 50 DMA in the days/weeks ahead. April low …
Technically, the euro has been straddling the December - May trendline which is reinforced by 200 DMA and 50.0% retracement of the December - May uptrend. If the area holds, we may see a retest of 50 DMA in the days/weeks ahead. April low …
RBA holds rates
RBA left interest rates unchanged at today's meeting. Even though this was widely expected, Aussie jumped 40 pips on the release and has put on another 20 pips so far.
There's some resistance at 0.7145 - 0.7150 (Daily Resistance 2, 50's) and then more in 0.7170 - 0.7200 band (50 DMA, Weekly Resistance 2, Daily Resistance 3, 00's). Demand on the pullback may start coming in at 0.7100 - 0.7115 (Daily Resistance 1, Weekly Resistance 1, Previous Day High, 00's).
There's some resistance at 0.7145 - 0.7150 (Daily Resistance 2, 50's) and then more in 0.7170 - 0.7200 band (50 DMA, Weekly Resistance 2, Daily Resistance 3, 00's). Demand on the pullback may start coming in at 0.7100 - 0.7115 (Daily Resistance 1, Weekly Resistance 1, Previous Day High, 00's).