EURUSD Daily Analysis – November 7, 2016
EURUSD broke below the upward price channel on 4-hour chart, indicating that consolidation of the uptrend is underway.
EURUSD broke below the upward price channel on 4-hour chart, indicating that consolidation of the uptrend is underway.
Forget the Bank of England meeting today, it is all about politics as far as the pound is concerned.
The EURUSD pair continued to grind higher during the day on Wednesday, as fears over a switch in the expected outcome of the presidential election in the United States of course has have the US dollar falling.
The Australian dollar initially fell during the day on Wednesday, but turned around to form a relatively supportive looking candle.
Crude oil, like many other commodities and markets are present, continues to remain rangebound with the bullish momentum of earlier in the month now waning.
The Australian dollar initially tried to rally on Monday but turned right back around and sold off all of the gains.
GBPUSD stayed in the trading range between 1.1946 and 1.2477 for several days.
EURUSD’s downward movement from 1.1279 extended to as low as 1.0859.
At the start of a week full of US earnings, important economic data and a couple of central bank meetings, risk is somewhat off the menu. Equities, copper and, to a lesser degree, oil prices were all trading lower at the time of this writing.
The USDJPY pair initially rallied during the course of the session on Friday, but turned around to form a bit of a shooting star.