Rosen's Daily Commentary

[rosentray]

Gold gave back some of the returns made throughout the week and is now trading at $1,355. The precious metal made a high of $1,375 thus breaking two major resistance levels. Right now it appears that market participants are awaiting the FED release today as price is now in consolidation.

 

[rosentray]

The EUR/USD pair recorded a drop in the first hours of the trading European session. The pair reached of 1.1017 and is now trading at 1.1028. First support is seen at 1.1000.

 

[rosentray]

USD/JPY is trading some 150 pips higher since the opening of today's markets. The pair made a low of 100.54 and is now trading at 101.95. Earlier today the pair made a high of 102.14. The 100-level is major support as it forms a double bottom and a 50.00% Fibbo level.

 

[rosentray]

The EUR/USD is trading relatively unchanged since yesterday's session. The pair reached a high of 1.1125 and then plummeted again below the 200SMA making a low of 1.1052. The pair is now 1.1069 and is headed to first support at 1.0951.

 

[rosentray]

USD/JPY is having a great bull run since yesterday. The pair is up from 100.01 to 104.98. Currently price is 104.90 and it looks like it's headed to first resistance at 107.50. If the pair keeps going North with the same momentum we might even see 108.60 until the end of the week.

 

[rosentray]

The EUR/USD is trading to the downside in today's session currently at 1.1041. The price is back below the 200SMA after it reached above it yesterday. It appears to be hard for the market participants to wni a direction as the price has been gravitating towards the 200SMA since mid-June.

 

[rosentray]

GBP/USD is in its fourth day of consecutive gains after making a multi-year low at 1.28. The pair is now back at its long-term downtrend and now first support is seen at 1.3155. Current market price 1.3267.

 

[rosentray]

The EUR/USD reached a high of 1.1164 in today's session after the Bank of England announced it's keeping the key interest rate unchanged. Market participants did not expect that and EUR and GBP saw a surge. Have in mind that this rally might prove to be short-lived. Current market price 1.1146.

 

[rosentray]

GBP/USD is trading to the upside in today's session. It's because the bank of England surprisingly put their key interest rate on hold. The pair went from a low of 1.3104 to a high of 1.3470 and is currently trading at 1.3356. Although the rally seems powerful, it is best to wait for confirmation as momentum is not enough to produce a sustainable bull run.

 

[rosentray]

EUR/USD is trading quietly today so far as we have important US data scheduled for later today. The pais is trading between 1.11 and 1.1150. Main trend on the short-term is bullish as we are above the 200SMA and into the fifth day of consecutive gains.