Home EURUSD, USDJPY and XAUUSD TA – March 1 2017
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EURUSD, USDJPY and XAUUSD TA – March 1 2017

EURUSD intra-day analysis

 

EURUSD (1.0558): EURUSD continues to stay directionless with prices seen falling back after testing the 1.0600 resistance level. At the time of writing, EURUSD is testing the lower support at 1.0550, but a breakdown below this level could trigger further declines towards 1.0500. The U.S. dollar is looking bullish today and with a new set of economic reports coming out, expect to see some volatility in prices as the U.S. ISM manufacturing report data is due later this afternoon with expectations showing another increase in the index.

USDJPY intra-day analysis

USDJPY (113.40): USDJPY formed a doji yesterday and prices were rejected near the 112.00 support level. At the time of writing, USDJPY is seen posting strong gains, but the price could likely struggle near the 114.00 resistance level. Further gains can be expected only on a breakout above 114.00, in which case we can anticipate the bullish momentum to continue pushing the dollar towards 118.00. Watch for any dips towards 113.00, which could see support being established, while in the near term, resistance at 114.38 will be the likely upside target for the dollar.

XAUUSD intra-day analysis

XAUUSD (1244.85): Gold prices extended the declines for two consecutive days with early Asian trading session already showing a bearish sentiment in the precious metal. With the technical support of 1250 being breached, Gold prices are likely to decline towards 1220.00 especially head of what could be a hawkish speech from Fed Chair Janet Yellen this Friday. Therefore, any pullbacks, especially to 1250 will be met with resistance while support at 1220.00 will act as the initial support for the prices. A breakdown below 1220.00 could signal further declines down to 1200.00 which remains elusive so far. However, watch for a daily break down below 1241.00 which marks the daily support level which could be the trigger for the downside.

John Benjamin

John Benjamin

John is a market analyst for Orbex Ltd. and is a forex and equities trader having been involved in trading since late 2009. John makes use of a mix of technical and fundamental analysis and inter-market relationships. The analysis present here is a mix of intra-day analysis while considering the long term outlook of the markets as well. For any comments or questions, John can be reached at [email protected]