The EURUSD is gaining against the US dollar after a well-received speech by Fed Chairman Jerome Powell yesterday. The 1.2130 level is an important focal point of the current gateway for the Euros D pair and the rally towards the 1.2200 level. Failure to reach the reversal above the 1.2130 level could cause the Euro pair to sell off in the 1.2060 area.EURUSD is only bullish as it trades above the 1.2100 level, key resistance is found at the 1.2180 and 1.2230 levels.EURUSD only moves lower when trading below the 1.2100 level, with key support at the 1.2080 and 1.2060 levels.
The GBPUSD GBP/USD remains stable at this point. Current uptrend from 1.1409 is in progress for 61.8% projection of 1.1409 to 1.3482 from 1.2675 at 1.3956 next. On the downside, break of 1.3758 support will turn bias neutral and bring consolidations. But outlook will stay bullish as long as 1.3564 support holds.
The USDJPY has bounced from 104.41 and while that holds, we may expect a rise to 105 again on the upside. But we cannot rule out a possible test of 104 in the near term.
The AUDUSD further rise may expected for 0.7819 resistance With 0.7650 minor support intact. Firm break there will resume larger up trend from 0.5506. Next near term target is 61.8% projection of 0.6991 to 0.7819 from 0.7563 at 0.8075. On the downside, break of 0.7650 minor support will delay the bullish case and extend the correction from 0.7819.
The USDCAD pushes the price to an annual low after failing to break the 55-EMA (1.2813). The possibility of a break at the low (1.2668) on 11 February will lead to a negative aspect to challenge the annual low (1.2589), during which the daily close should signal the resumption of the underlying downward trend. Alternatively, a pushback above 1.2700 may open the door for buyers to move the exchange rate back towards the range of 1.2755 – 1.2770.
The crude oil prices peaked on January 20, 2020 at 59.61. Prices are moving beyond the top 20,February. The reason for the rising support since November is that it is gaining traction, and if immediate resistance continues and prices fall, it could take effect. Otherwise, further gains expose the 2020 peak to 65.62.
The Precious metal price additional losses below the $1,800 level against the US Dollar. The price traded as low as $1,784 before it started an upside correction. The price is now struggling near the $1,845 level and the 100 simple moving average. The next key resistance is near the $1,865 level and the 200 simple moving average. The main resistance for the bulls is near the $1,875 and $1,880 levels. A proper close above the $1,880 level is must for upside continuation. Conversely, the price might struggle to continue higher and it could below the $1,825 support. The next key support sits near the $1,800 level.
Legal: CF Merchants is the trading name of Commodity and Forex Merchants registered and regulated in many Jurisdictions. CF Merchants Limited is regulated with license number 24535/2018, at Suite 305, Griffith Corporate Center, P. O. Box 1510, Beachmont, Kingstown, Saint Vincent and the Grenadines as an International Broker Company under the company act of Saint Vincent & the Grenadines. The objects of the Company are all subject matters not forbidden by International Business Companies (Amendments and Consolidation) Act, Chapter 149 of the Revised Laws of Saint Vincent and Grenadines 2009, in particular but not exclusively all commercial, financial, lending, borrowing, trading, service activities and the participation in other enterprises as well to provide brokerage, training and managed account services in currencies, commodities, indexes and leveraged financial instruments.
Commodity and Forex Merchants Limited is authorized under license number 1092420 by the Companies House, Cardiff, United Kingdom on 21st August 2017.
High Risk Investment Warning: Margin FX are leveraged products that carry an extraordinary level of risk to your funds. Trading is not suitable for everyone and may result in you losing significantly more than your investments and therefore, you should not speculate with capital that you cannot afford to lose. You should consider whether you understand how this work and whether you can afford to take the high risk of losing your money. All the trading related information on this website is general in nature and does not take into account your or your client’s personal intentions, financial conditions and needs. We encourage you to seek independent advice if necessary. It is the responsibility of the client to ascertain whether he/she is allowed to use the services of the CF Merchants based on the legal requirements in his/her country of residence. Please read full Risk Disclaimer for more details.
Regional Restrictions: CF Merchants (SV) Ltd does not provide services and accept applications from the residents of certain countries, such as United States of America, Canada, Israel, North Korea and Saint Vincent & The Grenadines. The statistics on this website is not directed at residents in any country or jurisdiction where such distribution or use would be contradictory to local law or regulation.