• Shivkumar

6th Jan - Forex Technical & Market Watch

(By Shivkumar) #forex #forextechnical #FX #eurusd #gbpusd #xauusd #oil #forexsignals

#forextrends #forexviews #eur #gbp #gold #oil #forextrading #technicalanalysis

1) EUR/USD

EUR/USD is hovering near 1.1165, as the US dollar is struggling to gain ground amid broad-based risk aversion and the losses in the treasury yields. Trend pullback expected. Beyond 1.1200, around 1.1240, can question buyers targeting 1.1280.News that affected EUR/USD Pair:-

  • The dollar is struggling likely due to the losses in the treasury yields. 

  • The US 10-year yield dropped to one-month lows in Asia. 

  • Geopolitical tensions are likely to overshadow macro data releases. 

2) GBP/USD

GBP pair further declines below 1.3000 can take rest near 1.2955/50. Trend: Bearish. Around 120 pips inside 1.3000 and 1.3120 respectively, limits the pair’s short-term moves. News that affected GBP/USD Pair:-

  • PMIs from the UK and the US will offer intermediate directions.

  • The US monetary policy, debt problem seem to have played their role.

3) XAU/USD

Gold prices seesaw around $1,575. Trend: Pullback expected. Overbought conditions. $1,478 will be the key, a break of which could fetch prices to sub-$1,450 area. It might rise demand for call options is higher than that for puts.News that affected XAU/USD Pair:-

  • Investors are buying call options on gold, risk reversals indicate. 

4) OIL

Oil is currently trading at $64.29 per barrel, having hit a high of $64.41. Trend: Bullish. WTI manages to hold above $63.71, can test $66.58. A failure to hold above $63.71 could pullback to $62.00.News that affected Oil Pair:-

  • US-Iran tensions

Disclosure: The author holds any FX trading account at the time of writing.

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