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ForexBrokerInc-Market Review,November 20

Discussion in 'Technical Analysis' started by ForexBrokerInc, Nov 20, 2014.

  1. ForexBrokerInc

    ForexBrokerInc New Member

    Jul 22, 2014
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    US: Higher interest rates are on the horizon – market experts claim.

    As the US Dollar Index, measure of the value of the greenback relative to a basket of foreign currencies remain strong and penetrating the 88 points zone, markets bet that interest rates are set to rise next year. Investors’ hope for an interest rates hike should be cooled down as monetary authorities want to be sure recovery remains sustained stepping into 2015.

    Following the FED minutes meeting, the single currency EURO tested 1.26 level resistance vs the greenback but immediately turned down being unable to break the still forming bearish rectangle. The H4 SMA200 was tested on a couple of occasions in the past 2 trading months and yet again proved to be an important resistance.

    Following Bank of England’s minutes meeting the British Pound gained some strength retracing from multi-year low at 1.56 to 1.57 only to be put back in the original downtrend minutes after FED’s meeting. Our outlook on both EURUSD and GBPUSD remain the same as no factors can be seen to be buying into the two pairs.

    There are still a few upcoming events this week traders should look for. Today we are going to find out the CPI figures and Initial Jobless Claims for US. This week will end with European Central Bank President Mario Draghi’s speech.

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