|Day's Range||112.2 - 112.447|
|52 Week Range||104.6670 - 114.7250|
Investing.com - Asian equities extended rally in afternoon trade on Wednesday as markets continued to recover from trade war fears.
Investing.com - The U.S. dollar slipped, while the Japanese yen hovered near a two-month low on Wednesday as investors digested the latest trade news.
Investing.com - Asian stocks rose in morning trade on Wednesday as investors shrugged off intensifying U.S.-China trade dispute.
The U.S. dollar was flat against other currencies on Tuesday as China announced retaliation tariffs against the U.S. China said it would impose new tariffs on U.S. goods worth $60 billion, effective Sept. 24, Reuters reported. The new tariffs are in response to U.S. tariffs on Monday of 10% on $200 billion in Chinese goods, which will go up to 25% at the end of the year.
Break of 100-day SMA couldn’t help the EURUSD extend its latest advances as ten-week long descending trend-line, at 1.1720, presently challenges the buyers. As a result, a D1 close beyond 1.1720 become necessary for the pair to justify its strength in targeting the 1.1760-65 and the 1.1820 resistances. In case the 1.1820 fails to disappoint EUR optimists, the 1.1840, the 1.1880 and the 200-day SMA level of 1.1950 can entertain them. On the downside, 1.1650 and the 50-day SMA level of 1.1600 may offer immediate support to the pair prior to highlighting the 1.1530-20 horizontal-region. ...
"We have been very clear about the type of changes that need to be made, and we have given China every opportunity to treat us more fairly," he said in the statement.
Due to the uncertainty over the timing of China’s possible retaliation to the new tariffs, traders are likely to keep their fingers pressed to the volatility button so we expect to continue to see possible two-sided trading until they get some clarity. We could also be looking at position-squaring ahead of the Bank of Japan’s interest rate and monetary policy decisions on Wednesday.
The marker highly influenced by the US-China trade relations, and deterioration can lead to a steep correction. This pair is very sensitive to the global macro developments and given the current situations relating to the US-China trade relations and Brexit issues, it would be difficult for the market to navigate higher.
Investing.com - The yuan and the U.S. dollar traded slightly lower on Tuesday following an announcement by the Trump administration that the U.S. would put 10% tariffs on $200 billion in Chinese goods, which will go up to 25% at the end of the year.
The US dollar has gone sideways against the Japanese yen during the trading session on Monday, essentially going nowhere around the ¥112 level. Because of this, I think that we continue to see a bit of a malaise in the market.
The British pound has rallied again to kick off the week on Monday, in a bit of a surprise as more tariffs are very likely to be introduced against China. If that’s the case, one would think it would be more of a “risk off” environment. However, that doesn’t seem to be the case at all.
Investing.com - The dollar fell against its rivals Monday, on fears of an escalation in the U.S.-China trade war, while a stronger pound and euro also weighed on sentiment.
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>> The EUR/JPY formed an ascending trend line along with the inverted SHS pattern. A close above the M H3 camarilla pivot suggests a further bullish pressure. <<
Investing.com - The U.S. dollar edged lower against its major rivals on Monday, amid renewed fears over an escalating trade war between the world's two largest economies.
The pair rolled over during the Friday’s session, perhaps due to the risk-off move and noise around the market relating to the global macro developments. The 1.15 level underneath continues to be a strong support region for the pair.
Investing.com - The U.S. dollar slipped while the Aussie dollar edged higher on Monday as markets awaited an announcement of additional U.S. tariffs on $200 billion in Chinese goods.
Based on last week’s price action and the close at 112.072, the direction of the USD/JPY this week is likely to be determined by trader reaction to the downtrending Gann angle at 112.085. Basically, look for a strong upside bias to develop on a sustained move over the downtrending Gann angle at 112.085. A strong downside bias is likely to develop on a sustained move under the uptrending Gann angle at 111.770.
There are no major U.S. economic reports this week but Treasury yields could continue to move anyway as investors position themselves ahead of the next Fed interest rate announcement on September 26.
The U.S. Dollar was able to recover some of those earlier losses on Friday after the U.S. Commerce Department said domestic retail sales rose 0.1 percent in August, the smallest gain in six months, but July figures were revised higher, supporting the view of solid consumer spending in the third quarter. The Dollar/Yen posted a strong gain last week. Strong demand for higher risk assets and rising U.S. Treasury yields drove the demand for the dollar. The Australian Dollar rose last week after the government reported the Australian economy added 44,000 jobs in August in seasonally adjusted terms, well above forecasts of an 18,000 gain.
The British pound initially tried to rally during the day on Friday but rolled over as it was revealed that Labour is likely to vote against the Brexit deal. This of course has people worried about the British pound, so a pullback makes complete sense.
The US dollar has rallied significantly during the week, reaching towards the downtrend line of the large consolidation triangle. At this point, it does look like we are going to try to break out, which could get some help from equities.
The British pound rallied significantly for the week against the Japanese yen, as we approached a significant downtrend line. However, we have broken through the top of two shooting stars and as such we have a hint as to where we are heading next.
The US dollar rallied during the trading session on Friday, reaching towards the ¥112 level, before seeing significant rally again. At this point, I think the market could pull back to look for more momentum to go higher. However, I also recognize that there are a lot of moving pieces right now.