DAILY MARKET OUTLOOK
Update Time: 26 May 2015 09:34 GMT
USD/JPY - 122.75
Dollar's intra-day rally above 2015's 8-year peak at 122.03 signals long-term uptrend has once again resumed and consolidation with upside bias remains for further gain towards 123.00/10, then 123.25/27.
However, loss of momentum would prevent steep rise beyond there and reckon resistance at 123.55 would remain intact today and yield a much-needed correction later.
On the downside, only below 122.03 would indicate a temporary top has been made and yield stronger retracement towards 121.78/80 before prospect of a rebound.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.