Rosen's Daily Commentary

[rosentray]

EUR/USD is trading to the upside in today's session after the pair started rallying in the end of last week. Price is now 1.0708 and market participants are expecting Mario Draghi's speech in Frankfurt later today.

 

[rosentray]

EUR/CAD made an impressive rally to the upside. The pair has been trading with high volumes going higher and higher from the last week of February until now. Price back then was 1.3800 and the Canadian dollar is now trading at 1.4404 for a Euro.

What's interesting to notice is that the price has now reached a double bottom with the latest high at this level made in the end of November last year.

If price manages to power through the resistance level, bulls will have the upper hand in the trade with less obstacles in the way.

If, however, bears are able to halt the trend and turn it around, price might revisit prior support zones, the first of which is seen at 1.4220.

Have in mind that today's speech of ECB President Mario Draghi might have a high impact on the pair.

 

[rosentray]

EUR/USD is now trading at 1.0638 in anticipation of tomorrow's US CPI and Retails Sales. The continuation of consolidation is expected to continue until the news release.

 

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GBP/JPY continues to trade sideways with price fluctuating between 141.00 and 138.00. The pair entered into consolidation due to lack of fresh news that could drive investors and traders to either side.

Market participants are expecting the UK prime minister, Theresa May, to trigger article 50 this month and this is adding strength to the state of consolidation. Market sentiment remains bearish as price has been coming down from its 2015 high of 195.00.

Since then the market has been in a downtrend with a low of 122.40. Currently, the pair is trading at 139.80 in a predominantly bearish environment.

First support zone is seen at latest low around 138.00, first resistance is seen at 140.65. Bears need to close below 138.00 for the bearish trend to gain new momentum, while bulls need a close above 145.

 

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EUR/USD is now trading at 1.0629 ahead of important US data to be released - CPI and Retail Sales. First support is now 1.06, first res 1.0655.

 

[rosentray]

GBP/USD reached a high of 1.2256 in the early trading hours of today's session. The pair moved sharply higher from yesterday's low of 1.2105 and is now trading at 12230. Partially, the climb is influenced by today's vote in the Netherlands and on the other hand, the uncertainty that comes with triggering Article 50 this month. Obviously, some market participants are optimistic about the independent near-term future of the United Kingdom.

The spike, however, might prove to be short-lived as market often make what may seem like irrational moves ahead of important events. This might be regarded as a correction before the pair continues to move to the downside.

Major support is seen at 1.2000, while major resistance it seen at 1.2570.

 

[rosentray]

Gold turned out to be the biggest gainer from yesterday's rate hike, alongside with Silver. Gold went from $1,199 to $1,227 this morning. It appears that market participants are getting optimistic about the future of precious metals.

Silver also registered a gain going from $16.82 to $17.49. A continuation of the upward move can be expected as we do not expect any major news or events that can shake the market at least until the end of the week. One mid-impact event is the Michigan Conference scheduled for Friday this week.

 

[rosentray]

The Federal Reserve raised the interest rates yesterday with 0.25 basis points. The US dollar reacted strongly bearishly on the announcement and the EUR/USD spiked to a high 1.0747 from a low of 1.0605.

 

[rosentray]

EUR/USD is somewhat unchanged today after an upbeat second half of the week due to the rate hike on Wednesday. CMP 1.0757.

 

[rosentray]

Gold bugs ignited the spark that set the precious metal on fire after the Fed raised rates. Gold reached a high just a few points shy of $1,235 and is now trading at $1,227. Silver is also higher at cmp 17.29.