Author: Forex Live

Currency Pair of the Week: EUR/USD

The ECB left rates unchanged last week at -0.5% as Christine Lagarde noted that risks were still tilted to the downside due to the slow vaccine rollout, however those downside risks are less pronounced.  She also noted that the ECB was ready to adjust any of its instruments as needed to ensure that inflation moves […]

XAU/USD Tests Resistance Level

Since Friday evening, the XAU/USD exchange rate has been testing the resistance formed by the Fibo 23.60% and the 55-hour SMA circa 1,860.00. It is likely that yellow metal could remain under pressure of the predetermined resistance. Thus, the commodity could depreciate against the US Dollar within the following trading session. In the meantime, note […]

USD/JPY Revealed Descending Channel

The USD/JPY currency pair has revealed a short-term descending channel. From a theoretical point of view, it is likely that the exchange rate could reverse south from the upper channel line in the short term. Note that the rate could decline to the support level—the weekly S1 at 103.42. Meanwhile, note that the currency pair […]

USD/JPY Mid-Day Outlook

Daily Pivots: (S1) 103.54; (P) 103.72; (R1) 103.94; More.. Intraday bias in USD/JPY remains neutral and outlook is unchanged. It’s staying staying inside the falling channel that started at 111.71. Hence, deeper decline could be seen. Below 103.31 will bring retest of 102.58 low first. however, on the upside, break of 104.39 and sustained trading […]

GBP/USD Follows Rising Wedge Pattern

The GBP/USD exchange rate continues to follow the rising wedge pattern. From a theoretical perspective, it is likely that the currency pair could re-test the lower pattern line circa 1.3600. If the given pattern holds, a reversal north could occur. Meanwhile, note that the exchange rate could gain support from the 200-hour SMA and the […]

EUR/USD Remains Below 1.2180

Since Friday, the EUR/USD currency pair has been testing the resistance level at 1.2180. It is likely that the exchange rate could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 1.2140/1.2160 range. Thus, some upside potential could prevail in the market, and the rate could target the […]

GBP/USD Daily Outlook

Daily Pivots: (S1) 1.3633; (P) 1.3685; (R1) 1.3733; More… Intraday bias in GBP/USD remains neutral for the moment and some more sideway trading could be seen. Still, as long as 1.3518 support holds, further rally is expected. Break of 1.3745 will turn bias to the upside, and extend the rise from 1.1409 to 61.8% projection […]

Gold Edges Sideways, Confined By SMAs

Gold is consolidating around its 200-day simple moving average (SMA), after recently collapsing from the resistance ceiling of 1,960-1,974, which has been curbing gains since early September 2019. The converging SMAs and their fairly reduced gradients are fuelling a more neutral demeanour in the commodity. The short-term oscillators are suggesting directional momentum has somewhat dried up […]