Forex Signals, U.S. Dollar USDCAD, GBPUSD
Forex Signals, U.S. Dollar USDCAD, GBPUSD by FxPremiere Group Live Fx Signals services sent daily via SMS & Email.
Talking Points today by FxPremiere Analysts:
While the U.S. Dollar’s moves up the trend remains stable with the past few weeks have seen the forex currency continue to pull-back, now retracing more than 38.9% of the ‘Donald Trump Trade.’
GBP/USD has run up to a fresh 2017 year high a day ahead of a widely awaited UK Supreme Court ruling on whether Theresa May needs approval to trigger Article 50. A ruling is expected tomorrow, and this could keep GBP volatile for the foreseeable future.
Judging by the combination Donald Trump inauguration speech was not as well-received as the victory speech on the night of the election.
The difference between the speeches was President Trump talked of infrastructure spending and stimulus (fiscul) with the central theme was. The change in focus could very much be the reason for blame, but more proactively this varied. So the longer term bullish structure in the Greenback remains but short term with price action is finding support at a level around 111 on DXY seen by Reuters feed.
Below, we look at the 4-hour chart with focus on pullback. A Fibonacci re-tracement has been applied to the ‘Trump Move’ in the Dollar, taking the lows of election. The 50% re-tracement of this move is at 0.9977, and this makes up the bottom portion of a support zone.
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Last week Brexit speech from PM Theresa May and U.K. inflation, and the net-impact has strength into the British Pound, aided at least in-part by that recent dash of weakness in the Greenback.
Tuesday brings parliamentary approval on triggering Article 50 will finally be decided.
On the 4-hour chart below, we’re looking at GBP/USD after the December rate hike kicked-off a down-trend that continued until last week. Theresa May’s Brexit speech helped to break-out of this trend-channel, and this recent kick-lower in the Greenback has helped to bring Sterling to a fresh 2017 high.
USD/CAD – Reversal or Retracement?
One of the biggest movers of last week, and last year as well, has been the Canadian Dollar. The point-of-interest is the prospect of monetary stimulus.
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