EUR/USD: bulls happy to defend 1.1000 level [Video]

Richard Perry Independent Analyst

EUR/USD

The euro has tested the $1.1000 level once more and for now the bulls are happy to defend it. This comes ahead of the key support of the November low at $1.0980. There is a corrective outlook within the four week downtrend channel but with yesterday’s mildly positive close, the bulls have a little hope again. What has been a feature of recent weeks though is that positive sessions post only marginal gains before the bigger selling pressure resumes. The bulls will be conscious of the resistance of overhead supply $1.1040/$1.1065 and that given the corrective momentum configuration, rallies are a chance to sell. There is plenty of resistance to contain rallies up until at least $1.1100 area, The hourly chart does though show a degree of support threatening and above $1.1040 would be a near term hint of improvement again. Above 60 on hourly RSI would also be an improvement. With the downtrend channel though, any recovery upside could be limited before another retest of $1.0980.

Author

Richard Perry

Independent Analyst

Richard Perry, Independent Market Analyst, has over 20 years of experience working in financial markets in London.

USD/JPY extends sell-off below 157.00 on hawkish BoJ repricing

USD/JPY extends sell-off below 157.00 in European trading on Thursday. Traders react negatively to the weak US ADP report, smashing the US Dollar across the board and exerting renewed selling pressure on the pair. Meanwhile, hawkish BoJ expectations and intervention risks continue to lend support to the Japanese Yen, rendering it negative for the major.

AUD/USD ranges above 0.7150 despite upbeat Chinese PMI

AUD/USD struggles to capitalize on the previous day's bounce from a nearly two-week low and ranges above 0.7150 in Asia on Thursday, as dismal Australian trade data counter upbeat China's RatingDog Services PMI. However, the pair's upside remains in check as the US Dollar stalls the weak ADP report-led slide amid escalating US-Iran tensions and firming September Fed rate-hike bets.

Gold sticks to gains below $4,450 amid weaker USD

Gold maintains its bid tone heading into the European session, though it remains below $4,450 amid mixed fundamental cues. Sliding US bond yields and Wednesday's soft US ADP report weigh on the US Dollar, assisting the commodity build on the previous day's goodish recovery from a nearly four-week low. That said, firming US Federal Reserve rate-hike expectations and inflation risks stemming from higher energy prices could act as a tailwind for US bond yields.

XRP defends key support, XLM awaits breakout as derivatives strengthen

Ripple (XRP) and Stellar (XLM) show divergent technical outlooks as traders assess whether the recent weakness could give way to a recovery. XRP is finding support and defining a key support zone, while XLM slips below a cluster of Exponential Moving Averages (EMAs).

Ripple defends key support; Stellar awaits breakout as derivatives strengthen

Ripple and Stellar show divergent technical outlooks as traders assess whether the recent weakness could give way to a recovery. XRP is finding support and defining a key support zone, while XLM slips below a cluster of Exponential Moving Averages.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.