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May 24, 2018

FXPRIMUS, Daily Report: Fed Minutes Supportive for Dollar, ECB Minutes in Focus

Know the today’s market trend!

This article is originally referred from FXPrimus News.

FXPrimus has summarized the important market indicators of the day.

Today’s Important Indicators

The Dollar Index hit a new 5-weeks high yesterday following a positive session for the US as the FOMC Minutes provided signs of another hike despite the debating front.

Currency markets fell in response to a stronger Dollar, while the Yen rose further after Trump’s announcement for tariffs on import cars.

Today’s Forecast for Important Trading Indicators

  • BTC/USD – Bitcoin falls below golden ratio, dip to $7k is possible but not confirmed just yet. Bitcoin saw another day of decline, falling to a low of $7380, making it harder for bulls to take control. With price at those low levels, this will either be a case where bulls pay at the cheap entry, or bears push lower towards 7K.
BTCUSD 4-HOUR CHART

MARKET MOVERS

  • EUR/USD – Euro falls below 78.6% Fibonacci against Dollar, a 6-month low. Euro-Dollar moved beyond its recent low yesterday following a stronger Dollar and an array of poor EU-wide eco data. With the break below the Fibonacci dip, chances for a double bottom near $1.1555 increase. ECB Minutes could shift sentiment, provided that the price recovers.
EUR/USD DAILY CHART
  • GBP/USD – British inflation figures disappoint, Pound lower as pace worst in 13 months. The British Pound broke the 38.2% Fibonacci decisively in the Wednesday session following a poor CPI release. Price may head towards the 50% level, yet we should expect the recent low at $1.3306 to break first. Retail Sales will provide further clues.

  • USD/JPY – Bears take over control following Trump’s announcement on car tariffs. Reversal on the Dollar-Yen now confirmed despite Dollar performing marginally stronger against most majors, as safe-haven Yen rose following Trump’s announcement regarding new 25% import tariffs on imported cars. The pair may have just formed a correction before heading higher, or could continue lower below 110. Reversal may not last much longer.
USD/JPY DAILY CHART
  • USOIL – WTI prices suppressed as EIA reports an inventory build of 5.8 million barrels. Oil moved lower for another session but losses were only marginal despite the huge inventory build in crude stocks. Price is still trading around the retest level of $71.50/b and, as long as it stays above that level, bulls are likely to retain control.
CRUDE OIL 4-HOUR CHART
  • XAU/USD – Gold ends session on a positive footing yet gains marginal. Gold has now provided a sixth day of indecision with yesterday’s indecisive session but ended the trading day on a positive note. Despite safe-havens being a tad higher, Yen seemed to be the choice of the day. As long as the ascending channel keeps price within, Gold is likely to move higher any minute.
XAU/USD DAILY CHART
  • US Indexes – DJ rose by 0.21%, S&P 500 saw an increase of 0.32%.
  • European Indexes – Both DE 30 and UK 100 trade marginally higher.
  • Asian Indexes – ASX 200 appreciated by 0.06%, Nikkei 225 plunged by 1.11%, Hang Seng trades 0.35 % lower.
  • US Equities – Bank of America declined by 1.46%, Twitter tilted 1.70% higher.

Original Source: FXPrimus News

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