somrat4030
Well-known member
As expected, the European Central Bank (ECB) left its key policy measures on hold. President Lagarde noted that the impact of COVID-19 was fading and that the Governing Council spent most of its meeting discussing inflation. In the view of economists at TD Securities, EUR/USD is to test resistance near 1.1680 off the back of this.
I think that there is some risk of EUR/USD testing 1.1680 resistance, but extrapolating beyond that seems like a big ask a week ahead of the Fed's meeting where tapering will be announced.”
As much as i think there is scope to test 1.1680 resistance, this should be short-lived.”
From a technical point of view, EURUSD momentum indicators suggest that price action is nearing fatigue above 1.16.
On the other hand, the economy expanded at an annualised rate of just 2% in the three months to September - down from 6.7% in the previous quarter.
It came as the US faced supply chain issues, rising inflation and new Covid restrictions in some places.
But infection rates are falling and some experts think growth will pick up.
On a non-annualised basis, the growth figure was 0.5%.
During the third quarter, the Commerce Department said, a "resurgence of Covid-19 cases resulted in new restrictions and delays in the reopening of establishments in some parts of the country".
Moreover, Gold dropped almost $20 during the last hour and turned negative for the day. XAU/USD jumped to $1810, reaching the highest level since last Friday and then it changed its direction falling toward $1790. It bottomed at $1792, and it is hovering around $1795, still looking for a direction.
The short-term trend still points to the upside in gold, but gains were capped again at $1810 and it is also showing difficulties holding above $1800, pointing to a lack of strength is moving higher. A key support is seen around $1785, an uptrend line that if broken could trigger more losses. On the upside, the key level is $1810.
The reversal in gold took place even amid a slide of the greenback across the board. The DXY trades at 93.39, down 0.50%, at the lowest level in a month. At the same time, the 10-year US yield is modestly higher.
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I think that there is some risk of EUR/USD testing 1.1680 resistance, but extrapolating beyond that seems like a big ask a week ahead of the Fed's meeting where tapering will be announced.”
As much as i think there is scope to test 1.1680 resistance, this should be short-lived.”
From a technical point of view, EURUSD momentum indicators suggest that price action is nearing fatigue above 1.16.
On the other hand, the economy expanded at an annualised rate of just 2% in the three months to September - down from 6.7% in the previous quarter.
It came as the US faced supply chain issues, rising inflation and new Covid restrictions in some places.
But infection rates are falling and some experts think growth will pick up.
On a non-annualised basis, the growth figure was 0.5%.
During the third quarter, the Commerce Department said, a "resurgence of Covid-19 cases resulted in new restrictions and delays in the reopening of establishments in some parts of the country".
Moreover, Gold dropped almost $20 during the last hour and turned negative for the day. XAU/USD jumped to $1810, reaching the highest level since last Friday and then it changed its direction falling toward $1790. It bottomed at $1792, and it is hovering around $1795, still looking for a direction.
The short-term trend still points to the upside in gold, but gains were capped again at $1810 and it is also showing difficulties holding above $1800, pointing to a lack of strength is moving higher. A key support is seen around $1785, an uptrend line that if broken could trigger more losses. On the upside, the key level is $1810.
The reversal in gold took place even amid a slide of the greenback across the board. The DXY trades at 93.39, down 0.50%, at the lowest level in a month. At the same time, the 10-year US yield is modestly higher.
#forexforum #forextraders #currencytraders #forumforex #forextrading
