MARKET DEVELOPMENT –GBP/USD Muted, USD/JPY Rejects 200DMA, EUR/CAD Exams 7-Yr TrendlineDailyFX 2019 FX Trading Forecasts GBP: The
MARKET DEVELOPMENT –GBP/USD Muted, USD/JPY Rejects 200DMA, EUR/CAD Exams 7-Yr Trendline
DailyFX 2019 FX Trading Forecasts
GBP: The UK look to be heading in direction of a basic election with opposition chief stating that he’ll again one. Nonetheless, as we highlighted on this morning’s “Brexit Briefing” potential hurdles stay with regard to help for sure amendments, which embrace decreasing the voting age to 16 years previous, alongside permitting EU residents to vote, each of which aren’t favoured by the Conservative get together.
CAD: The Canadian Greenback is marginally softer as we speak because the commodity forex tracks oil costs decrease with Brent crude futures falling over 1%. In flip, USD/CAD is underpinned at 1.3050 leaving key help at 1.3015 untouched. Throughout different CAD crosses, EUR/CAD is as soon as once more testing the 7-year trendline which has beforehand been defended. Nonetheless, a closing break beneath might pave the way in which for a transfer in direction of 1.42.
JPY: USD/JPY has traded beneath its 200DMA because the starting of Might and as we speak is not any completely different with the pair rejecting 109.05. Nonetheless, as buyers proceed to pile in USD/JPY longs additional upside could also be on the horizon, which in flip would see USD/JPY above the 200DMA. By way of the important thing catalyst for this, eyes might be on tomorrow’s FOMC charge resolution.
Supply: DailyFX, Refinitiv
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