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USD trades mixed after Powell’s statement

John Benjamin Orbex

Euro Trades Flat After Bullish Momentum Fail

The euro currency is trading rather flat after prices posted a modest gain intraday.

After rising to highs of 1.0896, the euro currency gave back the gains.

Price action, however, remains firm to the upside for now, trading above the 1.0818 level of support.

In the near term, EURUSD could most likely retest this level.

However, the trend line and the horizontal support will most likely keep a lid on further declines in price.

GBP/USD Breaks Out Of Range, Will The Declines Resume?

The British pound sterling is looking to finally emerge from the sideways range.

This comes after price was trading below the lower support level of 1.2277.

A strong close below this level on a daily basis will confirm further declines.

There is also a head and shoulders pattern forming on the daily chart with the neckline support at 1.2277.

Thus, a close below this level will see the immediate downside to 1.2000 and potentially to the previous support area of 1.1878.

WTI Crude Oil Maintains Range

Price action in WTI crude oil markets have come to a standstill. Although trading above the 25.00 level, prices are trading rather flat.

With only a modest lower high forming so far, this consolidation could see a breakout in the near term.

Given the setup, we expect a possible move lower. But, this will mean that oil prices need to convincingly close below the 25.00 level of support.

This will open the downside target towards the 17.80 handle.

But overall, oil prices could likely move only on some strong bearish fundamentals.

Gold Prices Back Near Technical Resistance

The precious metal is trading back near the technical resistance level of 1712.47.

As the sideways range is maintained, we expect prices to drift lower.

There is also a trend line that will come in as dynamic resistance keeping a lid on the upside.

As a result, gold prices will likely settle back within a range of 1712.47 and 1691.76 in the near term.

The bias is starting to shift to the upside on the ascending triangle pattern.

Author

John Benjamin

Orbex

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.

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