Will GBP/USD drop towards the 1.1150 level?
(AAATrade Team)
Looking at GBPUSD’s chart, we can see that GBP lost ground against USD in the past few days and that the FX pair is currently trading close to its support level at around 1.1217. Today, if it will manage to hold the rate above its support level which is located at around 1.12, we could see it rising towards its resistance level at around 1.1350 otherwise it should drop towards its next support level at around 1.1150.
Daily recommendations on major – USD/JPY
(AceTrader Team)
USD/JPY – 149.93
Although dollar has remained firm after yesterday’s resumption of uptrend in tandem with U.S. yields to a fresh 32-year high of 149.90, a daily close above 150.00 handle needed to extend gain to 151.70/80 but loss of momentum would prevent strong rise today.
Present spike from 150.07 to 149.65 on possible BOJ’s rate check may head to 149.11/15, break, 148.86.
Data to released on Thursday
Germany producer prices, Swiss exports, imports, trade balance, France business climate, EU current account.
U.S. initial jobless claims, continuing jobless claims, Philly Fed manufacturing index, existing home sales and leading index.
Oil climbs higher after escaping from the flag formationoil
(Tomasz Wisniewski – Axiory Global Ltd.)
Oil is looking to end this week on the positive side with the possibility of a very handsome buy signal. This week, we had two important events on the chart, which significantly increased the chances for a further rise.
First of all, the price created a flag (red lines), which is a trend continuation pattern. The flag ended yesterday with a breakout to the upside, which is totally in line with the characteristic of this formation.
The second event is the price bouncing (yellow) off the big channel down pattern (green), which proved the earlier breakout and confirmed the mid-term bullish sentiment.
Both of those events are actually enough for us to be bullish on oil and look forward to a further rise. The possibility of the sentiment would be cancelled should the price come back inside of the channel down formation, but chances of that happening are now rather limited.
Read USD/JPY hits 150.0 – PM Truss on thin ice
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The Bank of Japan cannot defend the yen and is unlikely to want to
