EURUSD Daily Analysis – March 6, 2017
EURUSD failed to break below 1.0493 support and is now facing the channel resistance.
Strategies
AUDUSD finally dips towards 0.75 ahead of RBA, NFP
The Australian dollar is going to be in focus next week. Retail sales will be released on Monday while the Reserve Bank of Australia will be making a decision on interest rates a day later on Tuesday.
Crude In Risk Of Correction But Outlook Still Bullish
Both oil contracts have bounced back a little after Thursday’s sharp plunge. The all-time high crude stockpile levels in the US is the number one reason behind oil’s inability to move further higher in recent weeks.
EURUSD Forecast March 3, 2017, Technical Analysis
The EURUSD pair fell during the Thursday session, testing the 1.05 level for support.
Eurozone inflation back at 2%
Inflation has made a dramatic return in the Eurozone. In February, the headline CPI measure rose to 2.0% year-over-year, accelerating from 1.8% in January.
Caixin Manufacturing PMI Rises To 51.7
Expansion in China’s manufacturing activity gained momentum in February as producers revved up output to meet an increase in new orders that were mainly bolstered by rapidly growing foreign demand, an industry survey sponsored by Caixin showed Wednesday.
AUDUSD Channel Breakout and Pullback March 01, 2017
AUDUSD recently broke below its ascending channel visible on the 1-hour and 4-hour time frames. Price has dipped to a low of .7635 before showing signs of a pullback. Applying the Fib tool on the swing high and low shows that the 50% retracement level lines up with the broken support.
EURUSD Forecast March 1, 2017, Technical Analysis
The EURUSD pair initially fell on Tuesday, but found enough support underneath to bounce a bit and reach towards the 50-day exponential moving average.
China’s financial market opens wider for foreign investment
China’s foreign exchange regulator has approved a bigger amount of foreign investment in the country’s onshore financial market, official data showed on Monday.
AUDUSD Forecast February 28, 2017, Technical Analysis
The AUDUSD pair chopped around during the day on Monday, as we continue to see quite a bit of volatility.