14.02.2017 Daily Forex technical Analysis
Yesterday did not bring bigger settlements. It was caused by lack of important data. Today we will learn several important readings. First the inflation from Great Britain , then the PPI inflation from the USA and later on the whole attention will be focused on the statement of FED Chair – Janet Yellen.
After yesterday’s rebound from 1,0642 the price stopped at the fundamental support at 1,06. Currently the importance of this level is as high as in the case of the resistor 1,07-1,0710. A successful breakout of 1,06 will open the way to 1,0524. On the other hand, the closest resistance areas are 1,0642 and 1,0665. A breakout of 1,0665 will re-open the way to the test of an important resistance area at 1,07-1,0710. Here, only the breakout of 1,07-1,0710, in the appropriate fundamental circumstances, may cause more dynamic movement.
There are no bigger settlements on USD/JPY at the moment. The price stopped at 114 yesterday. The breakout of 114 will only happen if Janet Yellen, in her speech, gives the possibility of the rise in the Interest Rate. Further resistance areas are 114,50, 115 and 115,40. On the other hand, currently the fundamental support is 113. Its successful breakout will open the way to 112 with the indirect point at 112,55.
Successful defense of 1,25 forces up the price again to 1,2556. Its breakout will open the way to 1,26 where next decisions will be made. If there is a strong breakout upwards, we can see a very strong increase. It will be possible however only if the data is really good. To settle the decrease movement a successful breakout of 1,25 is needed. It will open the way to 1,2450 and 1,24.
The gold has tested the fundamental support level at 1218,9. Currently it is an important level whose breakout will open the way to strong continuation of the decrease. Another support level is 1223,82. For further increase we need a breakout of 1231 an that will open the way to a re-test of 1241.
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