Forex Market Updates as on Friday August 11, 2017

Posted by: In: Market News 11 Aug 2017 Comments: 0

AUD/USD pair extended its recent downward trajectory and dropped to near four-week lows, albeit has managed to recover few pips thereafter.

Choppy week for GBP/USD so far, alternating gains with losses in the bottom of the recent range around the 1.3000 handle.

USD/JPY pair remained heavily offered for the fourth consecutive session and has now slipped below the 109.00 handle amid prevalent risk-off environment.

EUR/USD pair is seen moving back and forth in a 20-pips narrow range so far this Friday, as the bulls take a breather from the recent upsurge and await the US CPI release for the next direction.

The sell-off in the GBP/USD following the bearish rising wedge pattern breakdown appears to have run out of steam around 1.2965, which is the 23.6% Fib support of the rally from 1.1986 to 1.3268.

EUR/USD pair dropped to a low of 1.1704 yesterday before ending the day with moderate gains at 1.1772 on the back of a dismal US PPI reading.

Oil futures on NYMEX failed once again to hold above $ 50 mark, and from there turned south to book more-than 2% loss a day before, in response to re-emergence of oversupply concerns.

Gold rose for the third day in a row and is about to post the highest close since June 6, as it hovers around $1,285/oz (up 0.60%) amid risk aversion, soft US inflation data, and a weak US dollar.

 

Daily Support & Resistance Level

Currency Pair S3 S2 S1 Pivot Points  R1 R2 R3
EUR/USD 1.1753 1.1759 1.1763 1.1769 1.1775 1.1779 1.1785
USD/JPY 108.86 108.94 109.00 109.08 109.16 109.22 109.30
GBP/USD 1.2981 1.2984 1.2986 1.2989 1.2992 1.2994 1.2997
USD/CHF 0.9593 0.9600 0.9604 0.9611 0.9618 0.9622 0.9629
NDZ/USD 0.7267 0.7272 0.7276 0.7281 0.7286 0.7290 0.7295
AUD/USD 0.7843 0.7848 0.7851 0.7856 0.7861 0.7864 0.7869
XAU/USD 1284.41 1284.91 1285.21 1285.71 1286.21 1286.51 1287.01
CRUDE OIL WTL 48.11 48.14 48.16 48.19 48.22 48.24 48.27

 

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