Wednesday, February 14, 2018

Market outlook for the rest of the week

The bullish views are popular now. Thus, the buyers managed to lead the price from 1.2300 to 1.2400. The EUR/USD pair was unable to sustainably hold onto gains and eased off its fresh highs in the early European session. As a result, the euro headed towards the 1.2350 level. The pair is likely to remain in the green, however, its further dynamics depends whether buyers could stay above 1.2350 or not.
Gold prices were unable to move above the mark of 1335 and started a new consolidation phase between 1335 and 1330. If the spot does not get any strong driver, the yellow metal will remain in the current flat.
Another attack at the level 61.50 failed. The handle rejected the price which recovered to the 62.50 afterwards. The trend is bearish and we expect another leg lower any moment now. In this potential scenario sellers would lead the benchmark back to 61.50.
The pound traded mixed on Tuesday. The major was growing the first part of the day. The recovery move stalled a few pips below 1.3950. The pair retreated afterwards and returned to the 1.3850 handle where the sterling found fresh bids and pulled back towards 1.3900. Buyers kept struggling with the upper limit of the ascending channel in the morning. If they break through GBP/USD may reach 1.3950 in the short-term. If they fail sellers would continue the downward trend heading towards 1.3750 first
The GBP/JPY pair turned bearish on Tuesday. The increased selling bias around the pound fuelled the downside momentum around the pair. The major dropped to the 150.00 handle and then headed lower towards the level 149.00 which was touched in the late European session. The resistance lies at 150.00, the support is at 149.00.
EUR/JPY fell maintaining a gloomy trend on Tuesday. The euro recovery stalled in the 133.50 region where the spot turned around and moved off local highs. Bears broke through 133.50 first and then extended their decline towards the level 132.50 which was tested in the mid-European session, but remained unbroken after this. The level appeared to be guarded by buyers who stopped sellers and rejected the price towards 133.00. The resistance lies at 133.00, the support is at 132.50.


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