Daily Market Report 16-02-2016 by Orbex
EUR/USD
| EUR/USD 1.1185 As we see over the chart, market managed to head to test our suggested support zone 1.1110-30 before rebounding as expected market now facing resistance zone at 1.1220-50, while market managed to hold support level of 1.1070 which indicating ability to resume advance toward our target 1.1400-50 zone market downtrend risk still below 1.1070 |
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GBP/USD
| GBP/USD 1.4460 As we see over the chart, market deviate between Up and Down since yesterday while market confused on UK inflation data today. market seems heading to build triangle formation which may push the market toward bigger movement once break support OR resistance as long as market holding above 1.4350 will expect the uptrend chance to remain on table toward 1.4815 below 1.4350 market may head for another visit toward 1.4130-50 zone |
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USD/JPY
| USD/JPY 113.85 Market rebound fast last week from 111.30 where Market now expecting BOJ to step in for Currency intervention to prevent USD/Japanese Yen from any farther decline below 110.00 BOJ may go for verbal intervention to reach traders that any farther decline in USDJPY may not be acceptable for policy makers however market expecting that any prices below 113.50 may be zone of BOJ verbal intervention while below 110.00 market odds for direct currency intervention from BOJ will be high Technical analysis view : Market managed to rebound above 113.50 which may give farther rebound correction toward 115.10, while retreated so far from 114.87 market facing Resistance levels at 115.10 and 116.20 where as long as market holding below one of those levels the downtrend pressure will sustain on any new turmoil that may hit the market with target toward 110.00 short-run showing support at 113.65 and 113.00 which may help USDJPY for another advance toward 115.10 , while below 113.00 downtrend pressure may resume |
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Crude Oil
| Oil 6H - old Contract 29.85 Saudi Arabia and Russia, the world’s two largest crude producers, agreed to freeze output after talks in Qatar. As Oil production still exceed demand downtrend pressure still weigh on Oil price to sustain downtrend movement . as wee see over chart, market retreated from downtrend line 31.50 while we may expect farther drop yet to come support at 28.70 where below this support expect 27.00-40 zone as Market supply still exceed demand the downtrend wave toward 24.80 target still on table |
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GOLD
| Gold 1213 as we see over our last chart, market managed to head to test second support zone 1180-90 where market managed to rebound fast from that zone so far market showing signals of farther rebound movement where 1240 and 1250 would be short-run target as long as market holding above 1180 the uptrend will sustain for another test to 1250-55 zone below 1180 market may head back toward 1145 zone |
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Dow Jones
| Mini Dow-Jones 16090 Market managed to hit above resistance 16150 while market got news of Russian & Saudi Arabia Oil agreement pushed Oil price lower which may drag equity lower with it we still expecting another drop correction toward 15740 zone where from that zone market my head again for another advance toward 16300 while below 15740 market may have lower to test 15500 zone above 16425 expect 16700 |
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Source: www.orbex.com
