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FOREX Tech Targets

EUR/USD: Neutral (since 21 Aug 18, 1.1485): Diminished odds for a break of 1.1200.

EUR tested but failed to break the 1.1350 ‘key resistance’ yesterday (high of 1.1347). The price action has further diminished the odds for EUR to crack 1.1200 (we were of the view a break of the major 1.1200 level could lead to a rapid drop in EUR). As indicated yesterday (14 Nov, spot at 1.1305), a break of 1.1350 would suggest EUR has found a short-term bottom near 1.1215 (low seen earlier this week) and EUR would then likely to trade sideways to slightly higher (within an overall broad range). In order to revive the rapidly waning downward pressure, EUR has to move and stay below 1.1260 within these 1 to 2 days or a break of the ‘key resistance’ would not be surprising.

GBP/USD: Neutral (since 21 Aug 18, spot at 1.2795): GBP is likely trading within a broad range. No change in view.

Brexit optimism sent GBP rocketing and our caution yesterday that “the risk of a break of 1.2800 has increased” appears to be premature. In other words, the current price action is still viewed as part of a broad consolidation range, likely within the 1.2800/1.3080 range indicated on Monday (12 Nov, spot at 1.2935). Looking forward, the outlook for GBP is unclear and a lot will obviously hinge on the outcome of Brexit. For the next several weeks/months, GBP could continue to whipsaw and only a break below the August’s low near 1.2660 or above the September’s peak near 1.3300 would suggest the start of a more sustained and directional move

AUD/USD: Neutral (since 13 Sep 18, spot at 0.7170): October’s peak of 0.7315 is back in sight.

We have been “anticipating further AUD strength to 0.7315” since last Thursday (08 Nov, spot at 0.7275) but after the relatively sharp pull-back from 0.7303, we cautioned on Tuesday (13 Nov, spot at 0.7175), the “odds for further AUD strength have diminished”. The ‘key support’ at 0.7150 barely held (low of 0.7164 on Tuesday) but the strong surge just a while ago after the release of better than expected Australia job data suggests 0.7315 is back in sight. However, upward momentum is not as strong as preferred and while AUD could move to 0.7315, it may find it difficult to maintain a toehold above this level (next resistance is at 0.7355). For now, there is no change to the ‘key support’ at 0.7150 but this level is expected to rise quickly over the next few days.

NZD/USD: Neutral (since 20 Aug 18, 0.6625): Further NZD strength is not ruled out but 0.6850 is likely out of reach.

The strong rebound from Monday’s (12 Nov) 0.6706 low came as a surprise. While the rapid rebound appears to be running ahead of itself, further NZD strength is not ruled out. However, the major 0.6850 resistance is likely out of reach this time round. Support is at 0.6745 but only a break of the 0.6706 low would indicate that the current upward pressure has eased.

USD/JPY: Neutral (since 09 Oct 18, 113.10): Diminished odds for further USD strength.

We indicated yesterday (14 Nov, spot at 113.80) “upward momentum has deteriorated and a prolonged consolidation around current level would quickly increase the risk of a short-term top”. Instead of consolidating, USD dipped to a low of 113.28, not far from the 113.20 ‘key support’. The odds for USD to test last month’s 114.54 peak have clearly diminished and unless there is a NY closing above 114.05, a break of 113.20 would not be surprising. Looking ahead, a breach of 113.20 would not change the current neutral outlook but suggest USD has moved back into a sideway-trading phase.

Source: efxdata.com

EUR/USD: Neutral: Diminished odds for a break of 1.1200; GBP/USD: Neutral : GBP is likely trading within a broad range; AUD/USD: Neutral ;October’s peak of 0.7315 is back in sight...

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Gold Prices May Fall

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GOLD & CRUDE OIL TALKING POINTS:

  • Gold prices may resume selloff on US CPI uptick, hawkish Powell remarks
  • Crude oil prices suffer largest drop in almost three years on OPEC outlook
  • API inventory flow data eyed after oil prices break uptrend from 2016 low

Gold prices struggled for meaningful upside progress despite a weaker US Dollar, which typically boosts anti-fiat demand for the yellow metal. That might reflect traders’ unwillingness to commit ahead of key event risk on the horizon.

US CPI is expected to rebound to 2.5 percent in October after hitting a seven-month low of 2.3 percent in the prior month, and an upside surprise seems plausible. That may boost Fed rate hike bets, a shift that may be reinforced by scheduled comments from dependably hawkish Fed Chair Jerome Powell.

As it stands, the markets price in a 76.6 percent probability of a rate hike in December and two more increases in 2019. For their part, Fed officials have projected three increases next year. A repricing of baseline bets closer toward the central bank’s scenario is likely to weigh on gold.

CRUDE OIL EYES INVENTORY DATA AMID BRUTAL SELLOFF

Meanwhile, crude oil prices suffered the largest one-day loss since February 2016 as OPEC downgraded its demand outlook for next year. Meanwhile, the EIA drilling productivity report said output will rise by a further 113k barrels per day in December.

Looking ahead, APIinventory flow statistics are in focus. The outcome will be sized up against forecasts calling for official EIA statistics to reveal a 2.89 million barrel increase. Prices may fall further if API calls for a larger inflow, whereas a more modest increase or even a surprise draw may inspire a bounce.

Learn what other traders’ gold buy/sell decisions say about the price trend!

GOLD TECHNICAL ANALYSIS

Gold prices continue to hover at upward-sloping counter-trend support, now at 1199.27. Breaking below this barrier targets the 1180.86-87.83 area next. Alternatively, a daily close back above support-turned-resistance in the 1211.05-14.30 region paves the way for a retest of the 1260.80-66.44 zone.

CRUDE OIL TECHNICAL ANALYSIS

Crude oil prices plunged through support guiding the uptrend from February 2016, ratifying long-term topping cues and opening the door deeper losses. For now, a daily close below support in the 54.48-55.21 area opens the door for a test of the 52.34-83 zone. Immediate support-turned-resistance is at 58.11, with a reversal back above that and the underside of trend line support at 58.67 exposes the $60/bbl figure anew.

Source: dailyfx.com


Gold prices struggled for meaningful upside progress despite a weaker US Dollar, which typically boosts anti-fiat demand for the yellow metal. That might reflect traders’ unwillingness to commit ahead of key event risk on the horizon...

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EUR/USD ahead of EMU GDP

EUR_qyrates_FXPIG
  • The pair clings to gains near 1.1300 the figure on Wednesday.
  • The greenback rebounds from sub-97.00 lows.
  • EMU flash Q3 GDP, US CPI next of relevance in the docket.

The European currency is looking to add to Tuesday’s rebound, prompting EUR/USD to return to the 1.1300 neighbourhood.

EUR/USD looks to Brexit, Italy, data

Spot is now struggling to advance further north of the 1.1300 handle, coming under some selling pressure after rebounding from YTD lows near 1.1210 during the first half of the week to overnight tops near 1.1320.

Rising optimism around a potential Brexit deal gave much needed oxygen to the risk-associated space on Tuesday, boosting the Sterling along with the rest of its risk-on peers. Today will be a key day, as PM Theresa May will meet with her cabinet to discuss the draft.

Looking ahead, EMU’s advanced GDP figures for the July-September period are due later ahead of US inflation figures tracked by the CPI.

EUR/USD levels to watch

At the moment, the pair is up 0.01% at 1.1291 facing the next hurdle at 1.1319 (high Nov.14) seconded by 1.1357 (10-day SMA) and then 1.1389 (21-day SMA). On the other hand, a break below 1.1214 (2018 low Nov.12) would target 1.1188 (61.8% Fibo retracement of the 2017-2018 up move) en route to 1.1118 (low Jun.20 2017).

Source: fxstreet.com

The European currency is looking to add to Tuesday’s rebound, prompting EUR/USD to return to the 1.1300 neighbourhood. EUR/USD looks to Brexit, Italy, data...now struggling to advance further north of the 1.1300 handle...

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FX Today

fx-today-brexit-FXPIG

The US dollar profit-taking was the key underlying theme in Asia this Wednesday, in response to the increased demand for the GBP and Euro on a potential Brexit deal. The GBP/USD pair jumped to 1.3050 in early trades on reports that the key UK Cabinet Ministers will support the Brexit draft when they meet today at 1400 GMT. However, the spot trimmed gains and moved back below the 1.30 handle heading into the UK CPI report due at 0930 GMT.

The Euro traded better bid near the 1.13 handle, tracking the bounce in the Cable while the Aussie stalled its rally near 0.7240 level following mixed Chinese macro releases. The Kiwi advanced and flirted with daily tops near 0.6780, despite negative stocks and oil prices. The Yen, on the other hand, traded on the back foot following dismal Japanese prelim GDP numbers, lifting the USD/JPY pair back to the 114 handle. Meanwhile, gold prices on Comex were little changed above the USD 1200 mark, as markets await the US CPI for the next direction.

Main Topics in Asia

Australia wages rise 0.6% in the September quarter

Sources: US is likely to hold off on auto tariffs for now - Reuters

China Oct data dump: Retail sales drop to 8.6%, industrial output a tad better at 5.9%

Italy Govt to EU: Confident of hitting growth targets - Bloomberg

China NBS Spokesperson: Policy measures help keep economic growth steady in Oct

Asian stocks drop on oil price slide, growth worries

WTI oil is reporting oversold conditions for the first time since June 2017

USD/INR Technical Analysis: Eyes support of 7-month-long rising trendline

Key Focus Ahead

Heading into Europe, the immediate focus now remains on the German Q3 preliminary GDP release, which is expected to show a contraction in the Eurozone’s economic powerhouse. Further, as mentioned above, the main event risk in today’s European trading is expected to be the UK Cabinet meeting on the Brexit withdrawal draft as the UK inflation data might play a second fiddle to the Brexit developments. The second estimate of the Eurozone Q3 GDP is also due for release at 1000 GMT alongside its employment data.

In the NA session, the US CPI data will drop in at 1330 GMT followed by the Fedspeaks. The FOMC Chair Powell is due to speak at 1630 GMT and 2300 GMT while the other board members Quarles, Bostic and Kashkari will speak at 1500 GMT, 1800 GMT and 2000 GMT respectively.

EUR/USD: On the defensive ahead of German GDP and US CPI release

It seems safe to say that the pair is on the defensive ahead of the key data releases - German and Eurozone GDP and US CPI. German data, in particular, is likely to show the economy contracted 0.1 percent quarter-on-quarter in the September quarter.

GBP/USD: Bulls take a breather heading into a Big Brexit Wednesday

The GBP/USD pair is seen flirting with the 1.30 handle, as we progress towards the European trading, having stalled the overnight bounce near 1.3035 region, as attention now turns towards the crucial UK Cabinet meeting on the Brexit deal and inflation figures.

When is the German/ Eurozone Prelim GDP and how could it affect the EUR/USD?

Market forecasts are calling for a contraction in the headline quarter-on-quarter figure, from last quarter's 0.5% to the current period's -0.1%. A drop in the year-on-year figure from 2.0% to 1.6% is also expected.

UK inflation Preview: Brexit uncertainty and rising wages push UK inflation higher

After September marking an unexpected deceleration in the UK inflation, the October UK headline inflation is expected to have accelerated to 2.5% y/y in from 2.4% y/y in September while …

USD/CAD Forecast: The crude CAD crash is overstretched, reversal coming?

The Canadian Dollar continues suffering from the drop in oil prices. The price of petrol enjoyed some respite on Monday on reports that Saudi Arabia is willing to cut its oil output.

Source: fxstreet.com

The US dollar profit-taking was the key underlying theme in Asia this Wednesday, in response to the increased demand for the GBP and Euro on a potential Brexit deal. The GBP/USD pair jumped to 1.3050 in early trades on reports that the key UK Cabinet Ministers will support the...

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Forex Tech Targets

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EUR/USD: Neutral (since 21 Aug 18, 1.1485): Break of 1.1200 could open up the way for further rapid drop.

While we have held the view that there is “scope for EUR to retest the major 1.1300 support” since last Friday (09 Nov, spot at 1.1365), the manner of which it crashed below this level yesterday (12 Nov) came as a surprise. We indicated yesterday (12 Nov, spot at 1.1325) a “NY closing below this major support would suggest EUR could weaken further to the next support at 1.1220” and this scenario is supposed to take days to evolve and not hours (EUR hit a low of 1.1213 during late NY hours). To put it in perspective, over the past 3 trading days, EUR has lost a whopping -1.81%. The last time we saw a decline of similar magnitude was back in June when the political upheavals in Italy were at its peak. From here, we are seeing strong support at 1.1200 but a clear break of this level could open up the way for further rapid drop to 1.1130, 1.1100. On the upside, the ‘key resistance’ at 1.1410 has moved sharply lower to 1.1350.

GBP/USD: Neutral (since 21 Aug 18, spot at 1.2795): Still in range but risk of a break of 1.2800 has increased.

We highlighted yesterday (12 Nov, spot at 1.2935) last week’s “1.3176 high is deemed as a short-term top and we do not expect GBP to move above this level for the next couple of weeks”. While we were of the view that the “near-term bias is tilted to the downside”, we did not anticipate the bottom of the expected 1.2800/1.3080 consolidation range to come within sight so soon (GBP hit an overnight low of 1.2827). For now, we continue to hold the view that GBP is trading within the range mentioned above even though the risk of a break of 1.2800 has increased. Looking forward, a break of 1.2800 would suggest GBP is ready to tackle the late October low of 1.2697.

AUD/USD: Neutral (since 13 Sep 18, spot at 0.7170): Diminished odds for further AUD strength.

The rapid deceleration in AUD from last Thursday (08 Nov) peak of 0.7303 came as surprise. The ‘key support’ for our positive view at 0.7150 appears to be vulnerable and break of this level would indicate that the 0.7303 high is a short-term top. For now, there is still chance, albeit a rather slim one that AUD could stage another leg higher to test 0.7315. In other words, the odds for further AUD strength have diminished considerably. Looking forward, a break of 0.7150 would not alter the current neutral but would suggest AUD could consolidate and trade sideways for the next 1 to 2 weeks.

NZD/USD: Neutral (since 20 Aug 18, 0.6625): NZD has moved into a sideway-trading phase.

While the ‘key support’ for our positive view at 0.6690 is still intact (low of 0.6706), the weak daily closing in NY (0.6710) is enough to indicate that NZD has made a short-term top. That said, it is too early to expect a sustained decline and the current movement is deemed as part of a consolidation phase. In other words, NZD is expected to trade sideways from here, likely between 0.6635 and 0.6785.

USD/JPY: Neutral (since 09 Oct 18, 113.10): Focus is at 114.54 now.

Despite overall positive indications, USD has not been able to make much headway above 114.00 (USD briefly touched 114.20 yesterday before easing off quickly). For now, we continue to see chance for USD to visit last month’s top at 114.54 but a break of the 113.20 ‘key support’ would indicate that a short-term top is in place.

Source;efxdata.com

EUR/USD: Neutral - Break of 1.1200 could open up the way for further rapid drop.GBP/USD: Neutral - Still in range but risk of a break of 1.2800 has increased. AUD/USD: Neutral - Diminished odds for further AUD strength...

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Forex Today

FX_Today_FXPIG

Forex Today witnessed a major turnaround in the risk sentiment in Tuesday’s Asian trading, in response to the latest report that China’s Vice Premier is heading to the US soon to bring out a resolution on the US-China trade talks. Markets believed this move by China could pave the way for clinching the much-awaited trade deal when the Trump-Xi meeting take place later this month. As a result, the appetite for the risk assets got a lift at the expense of the safe-havens.

The Asian equities stalled their declines and attempted a tepid recovery, sending the Yen lower across the board. The USD/JPY pair jumped back above the 114 handle briefly while the Aussie rebounded to 0.7220 levels, despite downbeat NAB readings. The Kiwi also followed suit and tested the 0.6750 upside barrier. Both the EUR and GBP were rescued, as the US dollar corrected sharply from multi-month tops amid risk-on market action.

Among the commodities, Gold prices on Comex bounced-off 1200 demand zone to now trade near 1205 region. Both crude benchmarks traded near multi-month lows, still weighed down by the US President Trump’s tweet on the OPEC output policy.

Main Topics in Asia

UK PM May: Brexit talks in 'endgame', unsolved issues remain - Reuters

UK SMEs expect Sterling to fall sharply after Brexit

US auto-tariffs back in the forefront of EU, Japan talks - Reuters

Janet Yellen sees 3 or 4 Fed rate hikes in the next 12 months - Bloomberg

PBOC’s Yi: Previous policy measures caused an over tightening in credit policy

State-owned Chinese banks seen selling US dollars in onshore spot fx market - Reuters

BoJ’s balance sheet now larger than country's GDP - Reuters

USD/CNY to reach 7.0000 within six months – Goldman Sachs

China’s Premier Li: China is willing to improve free trade through discussion

China’s top trade war negotiator Liu to visit US to pave way for Xi-Trump meeting

Key Focus Ahead

The session ahead will be relatively busy, with full markets returning and a couple of first-tier macro news slated for release. The UK sees the release of the labor market report, with the main indicator likely to be the earnings growth, which will shape up the BOE’s next policy move. The UK jobs report will be reported at 0930 GMT, followed by the Eurozone and German ZEW survey due at 1000 GMT.  Apart from the macro data, the speeches by the ECB Governing Council members Praet and ECB Executive Board Member Lautenschlaeger are scheduled at 0800 GMT and 0845 GMT respectively.

In the NA session, no significant economic releases is due on the cards from the US and Canada. Hence, the Fedspeaks will grab some attention for fresh US dollar trades. The FOMC members Brainard and Kashkari will speak at 1500 GMT, but at different events while Daly’s speech is due at 2200 GMT.

EUR/USD: Risk bounce to be short-lived if Italy defies EU over big budget spend

The EUR/USD pair found bids in Asia, courtesy of renewed US-China trade optimism, however, sustainability of corrective rallies, if any, is under question as Italy is expected to resubmit a largely unchanged and a high-spend budget to the European Union today.

GBP/USD hoping for a grasp on 1.2900 ahead of Tuesday's UK Earnings report

Early Tuesday action sees the GBP getting a relief bounce as the US Dollar pauses across the board, but a continued bull-run is looking unlikely unless today's UK earnings figures can distract investors from the notable lack of forward momentum on Brexit proceedings.

UK: Wage growth is expected to remain strong – Barclays

The Barclays Research Team is out with its take on today’s UK labor market report due on the cards at 0930 GMT, with the key focus likely to be on the wage growth figures.

BREXIT deadlines: will a November Summit will occur? - ANZ

Analysts at ANZ Bank New Zealand Limited explained that the UK political uncertainty remains rife.

Gold to perform admirably in 2019

“…as we look into our crystal ball and gaze into 2019, emerging warning signs can be seen that suggests 2019 could be the year where the gold bulls finally get their day in the sun.”

Source: fxstreet.com

Forex Today witnessed a major turnaround in the risk sentiment in Tuesday’s Asian trading, in response to the latest report that China’s Vice Premier is heading to the US soon to bring out a resolution on the US-China trade talks. Markets believed this move by China could pave...

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Forex Week Ahead

FED_USD_FXPIG

The US dollar rose against most major pairs on Friday. Only the Japanese yen was able to gain against the mighty greenback. The FOMC statement eased concerns that the Fed would hint at a pause in its tightening of monetary policy. The lack of changes, and given that there was no press conference, and lacking other details overall boosted the US dollar ahead of the release of inflation and retail sales data. The uncertainty about the US-midterms has passed and the market remains confident in US growth despite political parties splitting house and senate.

US fundamentals have worked in favor of the dollar. European data will decide the fate of the euro with the release of German ZEW Economic Sentiment, German preliminary GDP and the European Union first estimate of quarterly GDP growth. ECB policy makers Mario Draghi and Jens Weidmann will speak in Frankfurt to close the week with investors eager for insights into the next steps of the central bank.

  • US core inflation expected at 2.2 percent
  • US retail sales to bounce back with 0.6 percent gain
  • Italian budget due on Tuesday with little compromise anticipated

Dollar Back in Control Ahead of Inflation and Sales Data

The EUR/USD lost 0.43 percent in the last five trading sessions. The single currency is trading at 1.1334. The euro rose near the 1.15 price level as the results of the midterms was released but as uncertainty cleared andThe FOMC rate statement was published the dollar rose. The gap in rates between the US and Europe will grow bigger as December has high probabilities of an interest rate lift by the Fed.

The European Central Bank (ECB) on the other hand is not likely to start ramping up rates until the summer, and that is conditional on the economic performance improving despite political interference. For the time being the Italian budget drama has not triggered an exit from the Union. Deputy Premier Luigi Di Maio reassured the market that Italy won’t exit the euro.

The slowdown of the Chinese economy is increasing worries about global growth and making the US dollar more attractive as a safe haven, putting more downward pressure on the euro.

Brexit Optimism Broken by Johnson Resignation

The GBP/USD gained 0.11 percent in the last five days. Sterling is trading at 1.2975 versus the USD. The currency pair was lower on Friday as new of the resignation of MP Jo Johnson on Friday. The UK Transport secretary, and brother to Boris, resigned in protest over Theresa May’s Brexit plan. In contrast to his brother, Mr Johnson was a remain campaigner and he has deemed the current deal a terrible mistake.


The UK government continues to struggle to please too many contradictory interests and although hope of an orderly exit has risen with EU officials saying a deal is close, the fact remains that in some crucial issues a consensus has not been achieved.

The Irish backstop has become a bigger headache as what the UK wants will not be acceptable by the EU, and what would be agreed to by the EU would not be easily sold to Northern Ireland.

Kiwi Higher on Employment Data Sensitive to China Slowdown

The NZD/USD gained 1.38 percent during the week. The currency pair is trading at 0.6736 after the Reserve Bank of New Zealand (RBNZ) held rates, but was seen as hawkish. Employment data supported the view of the central bank with the unemployment rate touching a low not seen since 2008. The size of the recovery took the market by surprise and boosted the kiwi against the US dollar.

The currency will face mounting pressure as the US gets back in the drivers seat with Fed rates and the US-China trade dispute big factors that will influence the NZD.

Oil Stuck in Downward Spiral

Energy prices fell this week, West Texas Intermediate dropped 4.67 percent and Brent 3.64 percent as fears that the market will have more oil in play than what it is justified by existing demand. The US sanctions against Iran triggered a rise in prices, with Saudi Arabia and Russia pledging higher production to cover the gap in supply. As sanctions got closer it was announced that Iran’s biggest clients would get waivers, reducing the need for more barrels, but it was already too late to correct production schedules and trades valued oil lower accordingly.

Disruptions from weather and geopolitical conflicts have taken oil prices higher, but as weather impacts on oil production have eased and the Iran waivers and the Iraq-Kurdish agreement there will be a swing in the other direction for energy prices.

Gold Drops as Dollar Goes Big After Midterms

Gold fell 1.92 percent during the week after the Fed’s Federal Open Market Committee (FOMC) statement made clear the central bank will continue its pace of monetary policy tightening. A December rate hike. The CME FedWatch tool shows a 75.8 percent probability of a lift to the Fed funds rate at the FOMC meeting on December 19.

Uncertainty ahead of the US midterms had kept the yellow metal bid as the US dollar lacked traction. With the elections sorted, the market focused on US fundamentals and the Fed delivered a statement with no changes, hinting at a rate hike at the end of the year.

Source: marketpulse.com

The US dollar rose against most major pairs on Friday. Only the Japanese yen was able to gain against the mighty greenback. The FOMC statement eased concerns that the Fed would hint at a pause in its tightening of monetary policy. The lack of changes, and given that there was no...

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GBP/USD challenges 1.3000

GBP_Chanllange_FXPIG
  • Cable stays weak near 1.30 post-UK data on Friday.
  • UK’s advanced Q3 GDP matched previous estimates at 0.6% QoQ.
  • Brexit negotiation remains the key driver for Sterling.

The selling bias around the British Pound remains well and sound during the second half of the week, although some decent contention turned up in the sub-1.30 area for GBP/USD, session lows.

GBP/USD looks to Brexit headlines for direction

Cable is down for the second consecutive session so far at the end of the week, coming under further downside pressure mainly in response to the lack of progress in the UK-EU Brexit negotiations.

Today’s UK data have lent some support to the Sterling after preliminary Q3 GDP figures now see the economy expanding 0.6% QoQ and 1.5% on a yearly basis, matching forecasts.

Further UK data saw Industrial Production coming in flat inter-month in September and Manufacturing Production expanding 0.2%. In addition, the trade deficit shrunk to 9.73 billion in September, bettering estimates.

GBP/USD levels to consider

As of writing, the pair is losing 0.44% at 1.3005 and a breakdown of 1.2989 (21-day SMA) would open the door to 1.2959 (10-day SMA) and finally 1.2921 (low Oct.4). On the upside, the next hurdle is located at 1.3176 (high Nov.7) seconded by 1.3259 (high Oct.12) and then 1.3299 (high Sep.20).

Source: efxstreet.com

The selling bias around the British Pound remains well and sound during the second half of the week, although some decent contention turned up in the sub-1.30 area for GBP/USD, session lows. GBP/USD looks to Brexit headlines for direction...

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USD/JPY retreats

•  The post-FOMC USD up-move fails to assist build on overnight strong up-move.


•  Risk-off mood underpins JPY’s safe-haven demand and exerts downward pressure.

The USD/JPY pair traded with a mild negative bias through the Asian session on Friday and eroded a part of previous session strong up-move to five-week tops.

Resurgent US Dollar demand on Thursday helped the pair to build on the previous session's goodish rebound from sub-113.00 level, touched in the aftermath of the US midterm election results that showed a split Congress in the US.

The positive momentum accelerated further, lifting the pair to levels just above the 114.00 handle after the Fed maintained its hawkish stance with an upbeat assessment of the economy and reiterated its commitment to continue raising interest rates gradually in the future.

The post-FOMC USD up-move extended through early trading hours on Friday, albeit failed to provide any fresh bullish impetus. A softer tone around equity markets underpinned the Japanese Yen's safe-haven status and turned out to be one of the key factors keeping a lid on any further up-move.

A slight deterioration in investors' appetite for riskier assets was evident from a softer tone around the US Treasury bond yields, which further collaborated to the pair's ongoing retracement slide to fresh intraday lows, around the 113.85-80 region.

With the only scheduled release of the preliminary Michigan Consumer Sentiment Index for November, today's economic docket lacks any major market-moving economic data. Hence, the broader market risk sentiment might continue to act as an exclusive driver of the pair's momentum on the last trading day of the week.

Technical levels to watch

Any subsequent slide is likely to find support near the 113.70-65 region and is followed by the 113.45-40 region, below which the downfall could further get extended towards the 113.10-113.00 support area. On the flip side, the 114.00-114.05 region now seems to have emerged as an immediate resistance, which if cleared could accelerate the up-move further towards the 114.50-55 supply zone.

Source: fxstreet.com

The USD/JPY pair traded with a mild negative bias through the Asian session on Friday and eroded a part of previous session strong up-move to five-week tops. Resurgent US Dollar demand on Thursday helped the pair to build on the previous session's goodish rebound from...

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