Key Highlights
Euro after trading near 1.1500 against the US Dollar found sellers for a short term correction.
The EURUSD pair traded towards the 200 hourly simple moving average where it found support.
Chinese Gross Domestic Product (GDP) released by the National Bureau of Statistics of China posted an increase of 6.9% in Q3, which was a bit lower when compared with the last gain of 7%.
EURUSD Technical Analysis
As mentioned there was a downside move in the EURUSD pair, which took the pair towards the 200 hourly simple moving average. The downside was stalled around the stated MA, as buyers appeared around it to defend the downside.
Currently, there is a triangle pattern formed on the hourly chart, which holds a lot of importance. The 100 hourly SMA is on the upside, and the 200 hourly SMA is on the downside. So, a break and close above/below might be very critical and ignite a solid move in the near term.
There is one bearish sign on the hourly chart, as the RSI is below the 50 level suggesting that buyers are struggling to gain control.
Chinese GDP
Earlier during the Asian session, there was an important release lined up in China. The Chinese Gross Domestic Product (GDP) that studies the gross value of all goods and services produced by China was reported by the National Bureau of Statistics of China. The outcome was mixed as the yearly change GDP was 6.9% in the third quarter of 2015, compared with the same quarter a year ago in which it rose by 7%.
Titan FX is registered and regulated in New Zealand under FSP388647. Our global headquarters and operational hub is located in Auckland, New Zealand.
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.