Despite the Bank of Japan official comments pushing the USD/JPY below 155.00, the rate has managed to recover. Moreover, on June 7 the surge was boosted by the release of the US monthly employment data. The event pushed the rate as high as 157.00. If the pair continues to move higher, it is expected to face a resistance zone at
The rate was testing the resistance zone above 1.2800, as the US employment data release revealed that the US interest rates can remain higher for longer. The GBP/USD plummeted and headed to the 1.2700 mark. A move below 1.2700 could be slwoed down by the 1.2680 level that has acted as support in late May. Further below, take into account
Despite the ECB rate cut, despite the good US employment data, the resistance of the 1.0900 held. The rate appears to be more respecting round exchange rate levels than fundamentals. However, it could be a coincidence that the US employment data did not come in below expectations and cause a breaking of the 1.0900 mark. In regards to support note
Gold failed to reach the 2,360.00 level on Monday. It appears that the 2,350.00 level was strong enough to force the metal into a retreat. By mid-Tuesday, the commodity traded below the 2,330.00 level and the combined resistance of the 50 and 100-hour simple moving averages had stopped an attempted recovery. The ongoing decline could look for support in the
The Bank of Japan has made comments that it would closely monitor the Yen's impact on the economy. Since most market participants see the Yen as too weak and hurting the economy, the comments indicated that the BoJ might strengthen the currency. Due to this reason, the USD/JPY pair started a decline on Tuesday morning. By mid-day the rate
The 1.2800 mark did not manage to hold, as the GBP/USD currency pair moved above it during late Monday's trading hours. However, the 1.2815 level acted as resistance and forced the rate down to the 1.2740 level. At that level support was found in the 100 and 200-hour simple moving averages and the weekly simple pivot point. A recovery of
On Monday, the lower than expected US Manufacturing sector Purchasing Managers Index caused a drop of the US Dollar. The index came in below expectations. Markets expected the PMI to be at 49.8, but the actual reading is 48.7. The EUR/USD pushed through the 1.0875/1.0885 range's resistance, the weekly R1 simple pivot point at 1.0893 and the 1.0900 mark.
The Institute for Supply Management has published the US Manufacturing sector Purchasing Managers Index. The index has come in below expectations. Markets expected the PMI to be at 49.8, but the actual reading is 48.7. US Dollar index reacted to the news by dropping 0.18% and extending a prior decline. On the gold price charts it caused a recovery that
The Institute for Supply Management has published the US Manufacturing sector Purchasing Managers Index. The index has come in below expectations. Markets expected the PMI to be at 49.8, but the actual reading is 48.7. USD/JPY reacted to the news by declining to the support zone at 156.00/156.25. By mid-day, the range had held and the declined appeared to
Despite passing below 1.2700, the GBP/USD has not declined, as support was found in the 1.2680 level. This level managed to force the pair to trade back above 1.2700. On Monday, the publication of the US ISM Manufacturing PMI caused a surge of the rate and it was set to once again test the 1.2800 mark. A move above the
The EUR/USD continues to fluctuate between a support zone near 1.0800 and the resistance of the 1.0875/1.0885 range. It appears that the pair could fluctuate in this range until the publication of the European Central Bank Main Refinancing Rate and Monetary Policy Statement. When the monetary policy is revealed, the rate is set to reveal its direction. A move above
The recovery of gold stopped at 2,360.00. The level held and caused a decline back to the 2,326.60/2,334.40 range that has acted as support. A recovery of the metal's price has to reach above 50 and 100-hour simple moving averages near 2,350.00 and the 2,360.00 mark. Higher above, the 200-hour SMA might act as resistance near 2,380.00, before teh 2,400.00
In general, the pair is still near 157.00. However, a new hihg was booked at midnight to Wednesday at 157.40. In the meantime, during the morning hours of the day, the pair confimred that the 50 and 100-hour simple moving averages are acting as support. A resumption of the prior surge of the Dollar against the Yen is set
The 1.2800 level has been reached as expected. It has acted as resistance and the scenario of a decline has been ongoing. At mid-Wednesday, the pair passed below the 200-hour simple moving average and the weekly simple pivot point near 1.2725. Next target was the 1.2700 mark If the 1.2700 level fails to hold, support could be looked for in
On Monday the pair was once again approaching the 1.0875/1.0885 range. The range held and caused another decline of the pair that on Wednesday reached below the combination of the hourly moving averages and the weekly simple pivot point. If the pair recovers, it might face resistance combination of the 50, 100 and 200-hour simple moving averages and the weekly
The decline from the 2,450.00 level was larger than any short sellers expected, as on Friday the price was below 2,330.00. However, this week, the metal started to recover, as the short selling did not continue further below 2,330.00. An extension of the ongoing recovery is set to face resistance in round price levels, as they have been impacting the
The pair has moved a bit higher by advancing above 156.00/156.30. Since Friday, the pair has been fluctuating around the 157.00 level, waiting for new fundamentals or approaching technical levels to push it higher. A resumption of the prior surge of the Dollar against the Yen is set to face the 157.50 level and the weekly R1 simple pivot point
Despite passing below the 1.2700 mark, the GBP/USD did not decline further, as it found support in the 200-hour simple moving average at 1.2675. On Monday, the rate was reaching new high levels and aiming at the 1.2800 level. Before reaching the 1.2800 mark, the rate has to reach above the weekly R1 simple pivot point at 1.2773. If the
The top event on the EUR/USD chart in the prior week was the passing below the lower trend line of the channel up pattern. However, it did not result in a broad decline. The rate found support near 1.0810 and by Monday the pair was once again approaching the 1.0875/1.0885 range. A move above the 1.0875/1.0885 range and the weekly
Gold broke above 2,400.00 and broke the channel up pattern's upper trend line, as the metal surged above all expectations. However, the 2,450.00 level acted as resistance and on Monday the metal sharply declined, as the surge had overextended. In the near term future, the price was expected to reach the 2,400.00 level that could act as support. A move
As the US news passed, the USD/JPY started to recover. The inherent weakness of the Japanese Yen will continue to dominate the USD/JPY charts, despite USD weakness. Since Friday, the pair was testing the resistance of the 156.00/156.30 range. Meanwhile, support is provided by the 50, 100 and 200-hour simple moving averages. A move above 156.30 is set to face
As expected, the GBP/USD has reached the 1.2700 mark. Current issue for further surge is the fact that the 1.2700 represents strong resistance. A decline could look for support in the 50-hour SMA near 1.2680 and the 100-hour SMA near 1.2650. In addition, note the 1.2640 level, where the weekly simple pivot point is located at and the prior
The attempt to reach the 1.0900 level failed and the EUR/USD has declined. However, the rate found support in the 100-hour simple moving average near 1.0835. On Monday, the rate had recovered, but faced the resistance range at 1.0875/1.0885. Meanwhile, the 50-hour SMA acted as support at 1.0865. In the case of the rate declining, the pair could once again
In general, gold continues higher. The price got a boost from the US Consumer Price Index and US Retail Sales, which weakened the USD. After the Wednesday's data release, the metal was steadily heading higher. During Wednesday's trading, the 2,380.00 was passed and the metal headed to the 2,400.00 mark. A move above 2,400.00 could be slowed down by the