USD Index 4 hour timeframe |
In the chart above, the USD Index (4 hour TF) was facing a resistance at around EMA 365 (80.75)
after trying to break through, leaving a shooting star with the tail slightly above EMA 365.
There is a good chance that it will head to EMA 21 (80.35). If true, will provide breathing room for other currencies to advance.
EURUSD 4 hour timeframe |
EURUSD 4 hour chart shows a hammer formed also near the EMA 365 (1.3475) after two-days fall from 1.37.
Targeting the EMA 21 (1.3560) before going up to SMA 200 (1.36) which also stands as the Big Round Number previously failed to support the EURUSD from falling further. A tough resistance ahead.
The rebound in the euro came as a survey showed euro zone manufacturing activity accelerated in October as new orders increased for the fourth month in a row.
Still, a sharp slowdown in inflation last week has raised the risk the European Central Bank may be forced to cut interest rates as early as this Thursday's policy meeting, or at least lay the groundwork for a move. (reuters)
GBPUSD 4 hour timeframe |
Sterling rose against the dollar and traded near a 2-1/2 week high versus the euro on Monday on strong UK construction activity data and expectations the European Central Bank might loosen policy.
However, Sterling's gains against the dollar were likely to be limited after last week's U.S. Federal Reserve statement which markets viewed as leaving the door open to a scaling back of stimulus as soon as December.
Reflected in the chart, GBPUSD has fallen from 1.60 (1.6260 October high) and supported by 1.59.
The price now move toward EMA 21 (1.5990) and may progress further to SMA 200 (1.6075)
Until then,
trade on your own decision.
No comments:
Post a Comment