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Daily Forex Technical Analysis By Capital Street Fx
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[QUOTE="capitalstreetfx06, post: 336806, member: 106330"] [HEADING=2]Weekly FX Analysis – Stay updated on Forex amid economic uncertainty.[/HEADING] [HEADING=2]Introduction[/HEADING] GBP/USD rebounded from session lows, hovering below 1.2600 after a dip to 1.2550 post-stronger-than-expected US producer inflation data. The pair faced resistance amid cautious market sentiment. Meanwhile, EUR/USD held above 1.0750 following US data, signaling consolidation. AUD/USD aimed for positive territory, buoyed by Wall Street’s surge, while USD/JPY consolidated below 150.50, influenced by firmer USD and BoJ Ueda’s speech impact. Japanese Yen strength persisted amid doubts about BoJ’s early policy shift due to the unexpected Q4 GDP contraction. [HEADING=2]Markets In Focus Today – GBP/USD[/HEADING] [HEADING=2][B]GBP/USD Rebounds From Session Lows, And Trades Below 1.2600.[/B][/HEADING] GBP/USD erased much of its daily losses after dropping to 1.2550 following the stronger-than-forecast US producer inflation data. However, with markets turning cautious in the American session, the pair struggles to reclaim 1.2600. GBP/USD benefited from the renewed US Dollar (USD) weakness and snapped a three-day losing streak on Thursday. The pair, however, lost its recovery momentum after testing 1.2600 and edged lower in the early European session on Friday. The 10-year US Treasury bond yield continued to correct lower following the disappointing Retail Sales data from the US on Thursday and weighed on the USD. Meanwhile, Bank of England’s Monetary Policy Committee (MPC) member Megan Greene reiterated on Thursday that the monetary policy will need to remain restrictive for some time, further supporting GBP/USD. [HEADING=2][B]Technical Overview With Chart :[/B][/HEADING] [IMG]https://f.bpcdn.co/optimized/4X/0/4/7/047aaa82b0b8ab40dfcf65e239e9b37964c60b02_2_690x230.png[/IMG] [HEADING=3][B]Moving Averages :[/B][/HEADING] [HEADING=3][B]Exponential :[/B][/HEADING] [LIST] [*][B]MA 10 :[/B] 1.2611 | Negative Crossover | Bearish [*][B]MA 20 :[/B] 1.2634 | Negative Crossover | Bearish [*][B]MA 50 :[/B] 1.2631 | Negative Crossover | Bearish [/LIST] [HEADING=3][B]Simple :[/B][/HEADING] [LIST] [*][B]MA 10 :[/B] 1.2598 | Positive Crossover | Bullish [*][B]MA 20 :[/B] 1.2648 | Negative Crossover | Bearish [*][B]MA 50 :[/B] 1.2675 | Negative Crossover | Bearish [/LIST] [B]RSI (Relative Strength Index):[/B] 44.8213 | Neutral Zone | Neutral [B]Stochastic Oscillator :[/B] 27.2727 | Sell Zone | Positive [HEADING=3][B]Resistance And Support Levels :[/B][/HEADING] [LIST] [*][B]R1 :[/B] 1.2763 [B]R2 :[/B] 1.2807 [*][B]S1 :[/B] 1.2618 [B]S2 :[/B] 1.2574 [/LIST] [HEADING=3][B]Overall Sentiment: Neutral Market Direction: Buy[/B][/HEADING] [B]Trade Suggestion[/B]: Stop Buy: 1.2620 | Take Profit: 1.2574 | Stop Loss: 1.2531 [HEADING=2]EUR/USD[/HEADING] [HEADING=3]READ THE FULL REPORT - CAPITAL STREET FX[/HEADING] [/QUOTE]
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