- SWFX market sentiment is 53% bearish
- 57% of pending orders in the 100-pip are set to BUY
- US Final GDP at 12:30 GMT
On Thursday morning the US Dollar had returned to trade above the strong cluster of levels of significance that was located near the 110.20 mark.However, the currency exchange rate still faced medium term resistance lines that are charted on the hourly chart.
The Conference Board Inc. released Consumer Confidence survey data that came out lower-than-expected with a forecast of 127.6 in June, and also lower from the previous period.
The Conference Board Inc. released Consumer Confidence survey data that came out lower-than-expected with a forecast of 127.6 in June, and also lower from the previous period.
Final US GDP cover starts at 12:20 GMT
Today a medium impact data release is set to occur at 12:30 GMT. Namely, the US Final GDP is set to be published. Meanwhile, note that the GDP release will be accompanied by the weekly release of the US Unemployment Claims that the financial media pays more attention to.
Dukascopy Analytics will cover the data release on the bank's webinar platform. The data coverage will begin at 12:20 GMT.
USD/JPY finds support at 110.10
Following a reversal from the senior channel on Monday, the US Dollar has since continued to appreciate against its Japanese counterpart for the fourth consecutive session. Thus, the pair is gradually approaching a medium-term trend-line and the weekly R1 at 110.60.The strong hourly surge on Wednesday morning was strong enough to breach the 55-, 100– and 200-period (4H) and the 200-hour SMAs near 110.10. This now-support level was re-tested unsuccessfully once again later in the day.
Given the strength of this cluster, it is likely that the Greenback is pressured to the upside today. The ultimate daily high today should be the monthly R1 at 110.80.
Hourly Chart
The currency exchange rate on Thursday fluctuated around the cluster of levels of significance near the 110.10 mark. Among the already mentioned weekly pivot point, 61.80% Fibonacci retracement level, lower trend line of the medium term ascending channel pattern was also the 200-day simple moving average.
The daily chart provides no additional info, as the main details can be seen on the hourly chart.
Daily chart
On Thursday, 53% open positions of SWFX market traders were short. It was a large decrease compared to the 60% experienced last week.
Meanwhile, trader set up orders were slightly bullish on the US Dollar throughout the week, as the proportion of buy orders ranged from 51% to 54%.
It can be deducted from these facts that Dukascopy traders took profits from their short positions during the fall on Monday. However, there are no orders set to either of the directions meaning that there is no consistent view on the near future.
OANDA traders remain bullish with 54% of open positions going long on the USD/JPY pair today.
Meanwhile, Saxo Bank traders are once more almost neutral, as 53% of open Saxo positions are long.
Spreads (avg, pip) / Trading volume / Volatility