Free Profitable Forex Newsletter
Hey! This is Philip with an update and analysis on the Dollar.
The following is from Mitsubishi UFJ Financial Group provided via eFXplus.
USD: Weakness Likely To Extend As Key Technical Support Levels Are Broken - MUFG
First appeared on eFXplus on Jun 24 - 08:29 AM
MUFG Research discusses the USD outlook and flags a scope for further weakness in the near-term.
"The US dollar has continued to trade at weaker levels during the Asian trading session after breaking lower at the end of last week. The dollar index finally broke below its 200-day moving average on Friday at 96.600 which opens the door to further weakness in the near-term.
Last week’s clear signal form the Fed that it is planning to cut rates as soon as at their next FOMC meeting in July is beginning to weigh more heavily on the US dollar especially given there is a material risk that the Fed could deliver a 0.50 basis point cut," MUFG notes.
"Even if there is positive outcome from talks between Presidents Trump and Xi at this week’s G20 Summit, which are unlikely to be sufficient on their own to prompt the Fed to shelve plans for rate cuts in the near-term," MUFG adds.
And here's an analysis of Societe Generale on GBPUSD as provided via the eFXplus service:
GBP/USD: A Weekly Bullish Englufing; Levels To Watch - SocGen
First appeared on eFXplus on Jun 24 - 09:16 AM
Societe Generale Research discusses GBP/USD technical outlook, and flags a scope for further gains after forming a bullish engulfing pattern last week.
" GBP/USD recently flirted with the up-sloping trend drawn since 2016 and approached December lows of 1.2505/1.2477. It has staged an initial recovery from those levels forming a Bullish Engulfing last week. The pair has now crossed above an hourly descending channel and is now testing recent peak of 1.2758/1.2815. Daily RSI has
been posting positive divergence which denotes signs of stabilization are slowly becoming visible however a breakout is awaited," SocGen notes.
"A move beyond 1.2758/1.2815 will mean possibility of a larger rebound towards the 200-DMA near 1.2950, also the 50% retracement of recent correction with next hurdle at the down sloping trend from April 2018 at 1.3025/48. 1.2698/60 is immediate support," SocGen adds.
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