Jump to content

​​FX markets quiet ahead of US inflation figures​


Recommended Posts

Today’s US CPI figures have kept activity in check across FX markets, especially with a Fed decision following close behind tomorrow.

USD/JPYSource: Bloomberg
 

 Chris Beauchamp | Chief Market Analyst, London | Publication date: Tuesday 13 December 2022 

EUR/USD close to recent highs

Gains have stalled around $1.05 in EUR/USD, but the bounce is still intact, with a potential trend change still in the offing.

While gains have slowed in recent days, we have not yet seen a turn lower that might suggest a resumption of the downtrend. Instead, this consolidation may well lead to further upside, with this view remaining in place unless we see a drop back below $1.03.

Additional gains bring the late May/early June highs below $1.08 into view.

EUR/USD chartSource: ProRealTime

GBP/USD pushes back towards $1.23

GBP/USD remains solidly above rising trendline support from the October low, and has yet to show any sign of a reversal.

The pair has run into resistance just below $1.23, but above this the May/June highs around $1.26 come into view.

For the moment the pair has pulled away from trendline support from the October lows, and a dip even as far as $1.17 would still leave the trendline intact.

GBP/USD chartSource: ProRealTime

USD/JPY edges higher once again

USD/JPY has continued to stabilise after its bounce off the 200-day simple moving average (SMA), but a firmer move below the 200-day SMA would revive and strengthen the bearish outlook.

The pair now waits to see if the Federal Reserve (Fed) and US consumer price index (CPI) can deliver a reason to continue to back the bounce from the 200-day SMA, and which might see the pair push on above ¥140.00.

Should the pair fail to move on above ¥140.00 a lower high could be established, one that would suggest a fresh decline towards ¥136.00 and lower.

USD/JPY chartSource: ProRealTime
Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Unlike many emerging platforms that are building a reputation, Safe is already a leading provider of smart wallet infrastructure for Ethereum and EVM blockchains and their focus is to transform every Ethereum account into a secure smart account. With over 200 projects already deployed on Safe's standard, including Gnosis Pay and Worldcoin, it boasts a vast ecosystem that enables new applications in DeFi, staking, gaming, and more. Widely used by individuals and organizations for features like gasless transactions, facial recognition logins, Safe is trusted by industry giants like Vitalik Buterin, Punk6529, Shopify, and Reddit for managing their digital assets. I believe with over 8.3 million Safe accounts, 47 million transactions processed, zero critical security incidents since launch in 2018 plus a slated Bitget listing of SAFE token, Safe is setting the industry benchmark for security. Who is/are Safe’s closest competitors?
    • Dow, Nasdaq 100 and Nikkei 225 make headway off recent lows The selling in indices has stopped for now, with major markets higher after finding at least a short-term low last week. Source: Getty Images Written by: Chris Beauchamp | Chief Market Analyst, London   Publication date: Tuesday 23 April 2024 13:38 Dow recovery goes on The index continues its recovery from the lows of last week, and Monday’s session saw it move back above the 100-day simple moving average. The flood of major earnings over the coming two weeks may mean that the index experiences a more volatile period, even if it does continue to rebound. Further gains target 39,000, which provided some resistance earlier in the month, and then on to 40,000. A close back below 38,000 could suggest the price will head back towards 37,500, retesting last week’s low. Source: ProRealTime Nasdaq 100 braces for big tech earnings The pullback in the index paused yesterday, as the price reached 17,000. A small gain helped to suggest that a low may be forming. The big tech earnings that dominate this week and next may mean that the index struggles in the short-term, though with the percentage of index members below their 20-day SMA hitting 5% last week a short-term bounce still seems likely. A close above 17,415 and the 100-day SMA helps to build a short-term bullish view. Sellers will want to see a close back below 17,000, which could then open the way to the January low at 16,177. Source: ProRealTime Nikkei 225 returns to 100-day SMA As with other indices, the Nikkei 225 has seen its pullback pause over the past three sessions. Buyers appeared last week when the index dropped below 37,000, and the index then pushed back to the 100-day SMA. A close above the 100-day SMA would add strength to the bullish view, while the price then targets the early April highs around 39,860. 37,000 continues to hold as support for now, so a break below here is needed to put the bearish view back on track. Source: ProRealTime
×
×
  • Create New...
us