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The FxPro Analyst Team

Forex: USD/JPY Holds Above Support Ahead of US Data

The dollar index has rebounded noticeably from a 4-and-a-half-month low of 98.85, helped by outperforming US consumer confidence for March, and recent Fed comments. This morning, the dollar index rallies and touches a 1-week high of 100.02. Monday March 27, USD/JPY hit the lowest level of 110.10 since November 18, caused by the slump of USD on Trump’s healthcare bill failure. Since then, the downtrend was held above the significant support line at 110.00, where there is relatively strong ...

The FxPro Analyst Team

Forex: USD Firms Ahead of Q4 GDP Final Reading

The dollar index has rebounded noticeably from a 4-and-a-half-month low of 98.85, helped by outperforming US consumer confidence for March, and recent Fed comments. This morning, the dollar index rallies and touches a 1-week high of 100.02. Today, at 13:30 BST, sees the release of US Q4 GDP final reading and Q4 PCE inflation figures for March; with better-than-expected readings it is likely to provide further support to USD. At present, the US economic condition remains sound. Whereas, per the ...

The FxPro Analyst Team

Forex: GBP/USD Holds Above Significant Support Post Scottish Referendum Shock

Tuesday evening, March 28, the Scottish parliament has voted by 69 to 59, in favour of holding a second independence referendum. GBP/USD has slumped more than 220 points since Tuesday, from a psychological level at 1.2600, to a 1-week low of 1.2376, breaking the support level at 1.2500. This morning, the bulls have recovered the significant support level at 1.2400, as a correction after a slump, also because the level provides a stronger support. The bearish momentum has been waning; we will ...

The FxPro Analyst Team

Forex: Second Scottish Referendum Hits GBP Ahead of Brexit Triggering

Tuesday evening, March 28, the Scottish parliament has voted by 69 to 59, in favour of holding a second independence referendum. GBP/USD has slumped more than 220 points since Tuesday, from a psychological level at 1.2600, to a 1-week low of 1.2376, breaking the support level at 1.2500. The bulls are currently attempting to recover the significant support level at 1.2400. Scottish First Minister, Nicola Sturgeon and her SNP Party won the first round of the battle, helped by the support from the ...

The FxPro Analyst Team

Forex: DAX Bulls Test Near Term Major Resistance

The DAX index has been oscillated in the range between 11900 and 12100 since early March. Monday, we saw the release of German IFO expectations, current assessment and business climate figures for March, all better than expectations and the previous figures. The outperforming IFO figures provide DAX some support. At present, the trend remains bullish. However, the price is currently nearing the near-term major resistance level at 12100, where the pressure is heavier. Be aware that the bullish ...

The FxPro Analyst Team

Forex: Brexit Flight: A Hard or Soft Landing?

UK Prime Minister Theresa May will trigger Article 50 of the Lisbon treaty on Wednesday March 29, starting the 2-year Brexit negotiation process with the EU. The EU leaders will hold a summit on April 29 to adopt Brexit guidelines. There are three possible situations for the negotiation process: soft Brexit, hard Brexit, or failing to achieve any agreements. In the third situation, trade between the UK and the EU must be carried out per the World Trade Organisation (WTO) clauses. The EU is ...

The FxPro Analyst Team

Forex: GBP/USD Bulls Test 1.2600 Ahead of Brexit Triggering

This morning GBP/USD reached 1.2597, the highest the pair has attained since February 2, helped by the slump of USD caused by Trump’s healthcare bill failure. GBP/USD has been trading above the downside uptrend line support since mid-March. The significant psychological resistance level at 1.2500 was broken today during early Asian session. The bulls are currently testing the next significant psychological resistance level at 1.2600. At present, the price still trades along the upper band of ...

The FxPro Analyst Team

Forex: USD Hits Lowest Level Since November on Trump’s Healthcare Failure

The dollar index slumped to a 4-and-a-half-month low of 98.85 this morning during the European session, US equities also fell, as markets have lost confidence in Trump’s administration to fulfil his promises. Trump’s first bill proposal since taking office, to repeal Obamacare and replace it with the American Health Care Act, failed on Friday March 24. This is his second failure following the refugee and immigration travel ban. Not surprisingly President Trump blamed the Democrats for the ...

The FxPro Analyst Team

Forex: NZD/USD Hovers Around Support Prior to US Healthcare Vote

NZD/USD has retraced substantially since March 21st, as it was nearing the short-term major resistance level at 0.7100. This morning, the bearish momentum was held above the significant psychological support line at 0.7000, where the 10 SMA converges (on the daily chart), the support here is stronger. The 4-hourly Stochastic Oscillator is around 20, suggesting a rebound. The resistance level is at 0.7015, followed by 0.7030 and 0.7050. The support line is at 0.7000, followed by 0.6985 and ...