US$Jpy has ended near session highs of 111.59 following Dudley’s upbeat comments and appears to have the momentum to make further gains in the coming hours.
The 4 hour/daily momentum indicators are now aligned to look positive, and above the Fibo resistance which coincides with the 111.59 high would open the way to 111.70 and to 111.82/90, which should be decent resistance, but beyond which could head towards 112.15/20.
The downside will find bids at around 111.00, below which could see a return to 111.65/75 although this seems unlikely today, but a break of which would then head towards 110.30 and possibly back to 110.00.
As before, with the dollar, having turned higher to now make 4 consecutive higher lows, it would seem to be building for further gains and as long as we do not make a daily close under 110.64, I prefer to trade it from the long side, looking to buy dips towards 111.00 today. If that fails to occur, then resume a neutral stance.
Economic data highlights will include:
All Industry Activity Index
All content on this website, www.fxcharts.com.au (FX Charts PL) is a personal view only and offers absolutely no guarantee as to the correctness or otherwise of that opinion. The content here is of a “general nature” only and does not constitute personal or investment advice. The FX Charts website is not an inducement to trade Foreign Exchange (FX). No liability whatsoever is accepted for any loss or damage that may result, directly or indirectly, from any , comment, opinion, information or omission, whether negligent or otherwise, within the FX Charts Website. The information and any opinion or outlook expressed in this commentary may be based on assumptions or market conditions and may be liable change at any time, without notice.
Recommended Content
Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.