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Fed minutes and NFP report to greet 2021, unlikely to change dollar outlook – Forex News Preview

Posted on January 5, 2021 at 3:08 pm GMT

The US dollar has started 2021 on the backfoot, but with several risk events lined up this week, can the battered currency regain some posture? The minutes of the Federal Reserve’s December meeting are expected to shed more light on the revamped forward guidance on Wednesday (19:00 GMT), while the latest jobs report on Friday (13:30 GMT) may reveal that employment growth stumbled in December. However, that’s not all investors will need to keep an eye on as several Fed [..]

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Technical Analysis – AUDUSD in recovery mode, but some caution grows

Posted on January 5, 2021 at 12:46 pm GMT

AUDUSD is recouping the short downfall from the new 32-month high of 0.7739 in the four-hour chart after creating a bullish doji around the 0.7654 support region. Despite the rebound, however, the red Tenka-sen line has yet to resume a positive slope, while the RSI seems to be easing momentum following the bounce on the 50 neutral mark. The MACD is also providing some cautious positive signals as the indicator has paused its decline, but at the same time seems [..]

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Technical Analysis – USDJPY bears strive to close below 103.00

Posted on January 5, 2021 at 10:51 am GMT

USDJPY is stubbornly pushing for a close below December’s 103.00 support area, which managed to keep the bears in check for the third consecutive day on Monday despite the slide to a fresh eight-month low of 102.70. The durable negative market structure navigated by the descending channel stretched into the new year, while the negative slope in the RSI and the red Tenkan-sen line is another indication that robust bullish pressures will likely come with some delay. A successful break [..]

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Technical Analysis – USDJPY bears strive to close below 103.00

Posted on January 5, 2021 at 10:32 am GMT

USDJPY is stubbornly pushing for a close below December’s 103.00 support area, which managed to keep the bears in check for the third consecutive day on Monday despite the slide to a fresh eight-month low of 102.70. The durable negative market structure navigated by the descending channel stretched into the new year, while the negative slope in the RSI and the red Tenkan-sen line is another indication that robust bullish pressures will likely come with some delay. A successful break [..]

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Daily Market Comment – Fresh virus fears dampen New Year optimism, dollar catches a bid

Posted on January 5, 2021 at 9:52 am GMT

UK enters third lockdown, sparks panic as virus continues to rage around the world Pound tumbles, dollar reverses earlier declines, Wall Street slips from record highs Uncertainty about Georgia runoffs adds to soured mood No respite from the virus just yet As vaccine rollouts get off to a slow start, mass inoculation is becoming a race against time as there appears to be no letup in Covid-19’s ferocious spread. British Prime Minister Boris Johnson announced a new national lockdown for [..]

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Technical Analysis – EURUSD premieres uneventfully at the start of the year

Posted on January 5, 2021 at 8:37 am GMT

EURUSD avoided great shakes at the start of the new trading year on Monday, holding muted marginally below the fresh 32-month high of 1.2309 reached last week. Even though the RSI is currently pointing upwards, the indicator has already created a lower high within the bullish area, while the MACD is also following the same negative pattern below its red signal line, reducing the case of a meaningful upside correction in the price. Technically, however, for the bears to come [..]

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Technical Analysis – USDTRY halts sell-off near 200-day SMA

Posted on January 4, 2021 at 4:56 pm GMT

USDTRY has been at a near standstill over the past few sessions, but it seems that it has found a pivot point around the 200-day simple moving average (SMA). With the stochastics exiting the oversold area, and the RSI having bounced slightly above its 30 oversold level too, bullish pressures may keep pushing towards the 7.500 barrier, where any break higher may see the test of the 7.679 resistance. Climbing higher, buyers may target the area between the 50-day SMA at [..]

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Technical Analysis – US 500 index gives up gains after fresh all-time highs

Posted on January 4, 2021 at 3:40 pm GMT

The US 500 stock index (cash) added another record high of 3,780 to its collection in the first trading day of the year before giving up all the gains to test the 20-period simple moving average (SMA) in the four-hour chart. Unless the 20-period SMA catches the fall around 3,740, the decline could get new legs within the bearish Bollinger band area, shifting the spotlight towards the 3,723 – 3,710 support zone. Beneath the latter, the 100-period SMA at 3,700 may attempt [..]

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Technical Analysis – USDCNH dives to fresh lows; bears could catch a breather in short term

Posted on January 4, 2021 at 11:58 am GMT

USDCNH stretched its seven-month old sell-off to the new year, diving to a fresh 2 ½ -year low of 6.438 on Monday. Although the bearish market structure, which develops below the Ichimoku Cloud and the simple moving averages (SMAs), keeps sentiment negative, with the falling momentum indicators also keeping the risk on the downside, some stabilization cannot be ruled out in the near term as the price is eyeing a close below the lower Bollinger band. The 78.6% Fibonacci of [..]

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Technical Analysis – GBPUSD tops at 1.3700 in the first trading day of 2021

Posted on January 4, 2021 at 10:09 am GMT

GBPUSD stretched its rally to a fresh 32-month high of 1.3700 in the first trading day of 2021, but it continues to face limitations around the topline of the upward-sloping channel, which it failed to successfully overcome last week. Technically, the short-term bias remains on the positive side in the daily chart as the price keeps printing higher highs and higher lows above its simple moving averages (SMAs) and the Ichimoku Cloud. In momentum indicators, the MACD is regaining ground above its red [..]

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