USD Flat On Yellen's Speech; FOMC In Focus
ORBEX | Nov 22, 2017 04:01AM ET
The U.S. dollar was seen trading mixed as the dollar weakened against the yen and the price action against the euro was subdued. On the economic front, data was also limited. The Fed Chair, Janet Yellen spoke yesterday where she said that the central bank was reasonably close towards achieving its dual mandate. Yellen said that interest rates in the U.S. will start to rise gradually. However, her comments did not move the markets much.
Looking ahead, the U.S. durable goods orders data will be coming out today. Economists polled expect to see core durable goods orders rise 0.4% on the month, slower than 0.7% increase seen the month before. Headline durable goods orders are also expected to rise just 0.4% on the month after rising 2.0% previously.
The FOMC meeting minutes will be the main highlight of the day. However, the Fed's minutes are unlikely to show any surprises. Later in the day, New Zealand's retail sales data will be released.
EUR/USD Intra-day Analysis
EUR/USD (1.1740):The EUR/USD closed with a spinning bottom candlestick pattern yesterday. This comes just a few pips above the support level at 1.1700. Price action remains biased to the upside, despite the declines in the past few days. In the near term, we can expect EUR/USD to touch down to the support level at 1.1700. This will potentially see the common currency attempting to bounce off this level. On the upside, the previous resistance formed at 1.1843 - 1.1822 is likely to be tested once again. A breakout from this resistance or support level will determine the next leg of direction in the EUR/USD.
USD/JPY Intra-Day Analysis
USD/JPY (112.17):The USD/JPY was seen giving up the gains following the minor bounce on Monday. Price action is likely to retest the previous lows which was formed near the support level of 112.04 - 111.74 region. A rebound off this support level will see some upside in USD/JPY but the currency pair remains flat. Resistance level at 113.00 remains the main obstacle to the upside which is unlikely to be breached. In the short term, USD/JPY could be seen trading flat but the bias to the downside remains strong. A break out below 112.04 - 111.74 could signal further declines down to the 110.74 level of support.
Get The News You Want
XAU/USD intra-Day Analysis
XAU/USD (1280.61): Gold prices continue to consolidate with the attempt to retest the 1285 resistance level failing. Gold prices remain caught within the range of 1285 and 1274 levels as a result. In the near term, this consolidation is likely to emerge into a breakout. With the bias balanced, the breakout could be in any direction. On the upside, above 1285 resistance, gold prices could be seen pushing higher, targeting 1304 resistance. On the downside, a break down below 1274 will signal a continuation towards the 1262 handle.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.