GBP/USD Heads For Test of 1.35, More Gains Ahead?

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The EUR/USD consolidated between 1.1340 and 1.1290 while the GBP/USD headed for a test of 1.35 this morning. Sterling bulls will pay attention to a break above 1.3525 which could spur bullish momentum towards 1.36. A current support is however seen at 1.34.

Elsewhere, the DAX seems to be on its way toward 16400. As long as the index remains above 16150 and generally above 16000, we favor the upward trend.

In the crypto world we saw some corrective movements which were expected after the recent high levels in many cryptocurrencies. In the ETH/USD we look at a trading range between 4650 and 4000. If the pair drops below 3890, we may see a steeper decline toward 3600.

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EUR/USD: Bearish Breakout Below 1.13

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The U.S. dollar rally continues and while king dollar remains bid, the EUR/USD sells off even more aggressively this morning. With Austria and Germany imposing restrictions on unvaccinated people and with the European Central bank lagging behind the Federal Reserve in tightening its monetary policy there is very little demand for euros right now.

EUR/USD – Breakout below 1.13

If the euro now remains below 1.1370, we will prepare for a lower target at around 1.1220. Caution is however warranted since the pair is deeply oversold.

GBP/USD – Struggles to overcome 1.3450

We see chances shifting in favor of the bears in case the cable isn’t able to stabilize above the 1.3450-level. For bears it will be important that sterling breaks again below 1.3390 in order to expect lower targets at 1.33 and 1.32. Any bullish attempt on the other side, could end with a test of 1.35 – at least in the short-term.

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ETH/USD

Long @ 4260

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EUR/USD Drops Below 1.14 – Further Lows in Sight?

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The U.S. dollar strengthened Monday on speculation the Federal Reserve may have to speed up policy tightening to fight price pressures. The euro fell victim to the greenback’s strength and broke below 1.14. The focus will now be on U.S. retail sales scheduled for release today at 13:30 UTC.

EUR/USD- technical picture

The pair fell toward a low at 1.1350 and traders wonder whether lower targets at 1.12 could be in sight. If the euro is unable to stabilize above 1.1420 we might see another leg down but this will primarily hinge on the demand for USD.

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Long @ 4515

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U.S. Dollar Pauses Rally, For Now

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Welcome to a new trading week.

What will be in focus this week? We have some Federal Reserve speak in the days ahead as well as the U.S. retail sales report on Tuesday. Retail Sales are poised to show an acceleration in October which could trigger a bullish reaction in the U.S. dollar.

EUR/USD – Further downward pressure?

The euro’s underperformance is set to continue as long as the European Central Bank lags behind the Fed in tapering asset purchases and hiking interest rates. An ECB rate hike next year is according to ECB President Christine Lagarde “very unlikely”, which is why the euro’s performance will depend on the dollar’s strength in the near-term. We continue to look at a potential trading range between 1.14 and 1.1540.

GBP/USD – Consolidation ahead?

After the cable has stopped its fall just two pips above 1.3350, we saw a small rebound with sterling trading back above 1.34. Currently we see short-term chances in favor of the bulls with a lower resistance coming in at 1.3480. In the case of a rise above 1.3510 we see a higher target at 1.3570 but we do not expect big movements in the days ahead. Consolidated moves between 1.35 and 1.33 are much more likely.

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ETH/USD

Long @ 4715

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Greenback Holds Rally, EUR/USD And GBP/USD Approach Oversold Territory

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The greenback held its rally in the wake of high inflation and tensions between Russia and Ukraine. The GBP/USD trended lower toward 1.3350 and as long as the cable remains below 1.35, a test of the lower target at 1.33 is likely.

EUR/USD – Technical view:

We got what we have been looking for. A fresh leg down targeting at 1.14. However, the pair remains oversold and we anticipate near-term corrections, provided that 1.14 holds. A resistance is now seen at 1.15.

Elsewhere, the DAX was able to generate fresh highs beyond 16100 bringing the focus back to a potential run for 16400. Bulls will have hopes for near-term upward movements as long as the index remains above the crucial 16000-support.

Have a good weekend.

 

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U.S. Dollar Resumes Rally After Highest Inflation Print in 20 Years

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The U.S. dollar rose to fresh highs against the euro and British pound after the U.S. inflation print showed the highest annual rate of inflation in over 20 years at 6.2 percent. Rate hike bets surged as investors began to price in tighter monetary policy from the Federal Reserve in order to curb inflation. The market is now pricing in a full 25bp rate hike by July 2022.

Both EUR/USD and GBP/USD slipped below crucial support zones and bears are eyeing next lower targets.

GBP/USD: If 1.3390 breaks, we see a next important target at 1.33 from where bulls could try to start a countermove. A current resistance is seen at 1.3520.

EUR/USD: Remaining below 1.15, next lower targets are seen at 1.1450 and 1.14 but traders should be careful. The pair is oversold in short-term time frames which is making corrective moves more likely. Short-term resistances are seen at 1.1540 and 1.1580.

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ETH/USD

Long @ 4715

Short @ 4670

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Will U.S. Inflation Spur The U.S. Dollar Rally?

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For now, the Federal Reserve is not worried about inflation but could they be at some point? Traders are awaiting today’s U.S. consumer price report at 13:30 UTC and should brace for an upside surprise amid persistent supply chain bottlenecks and elevated energy prices. Higher-than-expected CPI numbers bring forward interest rate hike bets, which is positive for the U.S. dollar, while lower-than expected inflation figures could lift risk-assets across the board.

EUR/USD technical view:

Euro bulls weren’t able to push the pair back above 1.16, at least not until now. As long as the 1.1620-30 price area remains a hurdle, we favor a test of the crucial 1.15-support with a potential break of that support-mark. A next lower target would be at 1.14. Above 1.1630, however, bulls could push the pair for a test of 1.17.

GBP/USD technical view:

After testing the lower bound of the cable’s support-zone around 1.34 we saw the pound recovering some of its losses, testing the 1.36-hurdle. If 1.36 was the limit, traders should brace for steeper losses towards 1.3350 and 1.33. Only a significant break above 1.3650 could change the sentiment in favor of the bulls with a higher target seen at 1.38.

 

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ETH/USD

Long @ 4760

Short @ 4690

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Fresh Highs in Cryptocurrencies While U.S. Dollar Consolidates

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Monday’s best performer was the British pound which rose towards 1.3580 amid a weakening U.S. dollar. Our long entry at 1.3520 has thus proved profitable. We continue to see a short-term resistance at around 1.3615 in the GBP/USD.

EUR/USD: Buyers were able to take some profits yesterday but the upward move was limited to a high of 1.1595. We may see a renewed test of 1.1615 today. A current support is however seen at 1.15.

In the crypto world we saw fresh record highs with Bitcoin jumping above 68,000 and ETH/USD testing the 4800-price-area. Tests of 70,000 in BTC/USD and 5,000 in ETH/USD wouldn’t come as a surprise before a pronounced correction is due.

Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.

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U.S. Dollar Rally Stalls, Focus Turns to U.S. CPI

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The U.S. dollar ended Friday’s trading day virtually unchanged against the euro and British pound even after a larger-than forecast U.S. payrolls gain and a jump in average hourly earnings.

This week is from a fundamental perspective much quieter than the previous one but market participants will closely watch the U.S. consumer price report on Wednesday. U.S. consumer prices are expected to show inflation running at the hottest pace in three decades amid supply-chain bottlenecks and higher energy. This expectation could bolster dollar bets ahead of the release.

Let’s take a brief look at the technical picture:

EUR/USD: As long as the euro remains below 1.1580, chances are in favor of bearish moves within the current downtrend channel with the focus remaining on a potential test of 1.15. A significant break above 1.1620 could, however, shift sentiment in favor of the bulls.

GBP/USD: The cable has touched the lower bound of its support area around 1.3415. We now see a lower resistance at around 1.3610. Buyers should keep tabs on a break above 1.3650 whereas sellers aim at 1.3350.

DAX: The index holds above 16000 and bulls have already the 16350-level in sight. However, we also brace for some pullbacks with a current support seen at 15800.

We wish you all a good start to the new week.

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ETH/USD

Long @ 4760

Short @ 4630

 

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Pound Vulnerable to Further Losses After BoE Shock

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The Bank of England shocked the market yesterday by keeping interest on hold, disappointing hawkish rate hike bets. The pound dropped almost two percent from our short entry, providing sellers a very good gain. BoE officials voted 7-2 to keep the benchmark interest rate at a record low of 0.1 percent. Defending the BoE’s decision, Governor Andrew Baily said that policy makers will focus on jobs and the risks to economic growth instead of inflation.

Bets on the first 15-bp BoE rate hike are now pushed back to February.

GBP/USD: As traders digest the shock, the pound may be vulnerable to further losses. A next lower target comes in at 1.3415, followed by 1.3330. A lower resistance is currently seen at 1.3650.

All eyes now turn to the U.S. nonfarm payrolls report today at 12:30 UTC.

Analysts expect the NFP report to cross the wires at 450k for October. That is more than double the 194k September print. A better-than-expected figure will strengthen the Fed’s basis for more tightening and will benefit the U.S. dollar. Alternatively, a poor print is likely to do the opposite with the greenback vulnerable to losses.

We wish you all a beautiful weekend!

Daily Forex Signals:

If you are keen to know where we put Take-Profit and Stop-Loss, if we trade on a specific day or not and how we manage open positions, subscribe to our signals.

Try out our new signals for cryptocurrencies:

ETH/USD

Long @ 4560

Short @ 4515

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