Dollar Back Again

The 15 nation currency couldn't hold on the gains that it achieved yesterday, where it dropped down from a high of 1.5843 to trade now at 1.5588 levels; this weakness that it occurred to the Euro was a result of a strong dollar, especially after the Pending Homes sales reading rose up to 6.3% in April. The good thing my dear reader is now we can witness a buying signal on the Euro at 1.5608 levels, though still technical indicators shows some chances to see the euro sliding down, the upcoming support level that might be facing the pair is 1.5543 and followed by 1.5448; finally the trading range falls between 1.5793 and 1.5526.

It's the second day of Royal Fundamentals from the United Kingdom, were we started with the PPI reading rising to the highest since records began in 1986, showing that inflation in the United Kingdom is soaring which obligates the Bank of England to shift to a hawkish stance, imitating the ECB and the Feds just to mitigate the skyrocketing inflationary pressures. But technically the pair might be continuing it journey to the upside, as the trading range for today might be falling between 1.9782 and 1.9649.

Finally the USD/JPY pair inclined once again to above 106 levels, boosted by some comment by fisher, saying that they need to hike rates in order to anchor the rising inflationary levels, where as the technical indicators point to some potential for the pair to climb back again higher, the trading range falls between 107.06 and 104.62.

Crown Forex

disclaimer:The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.