Rosen's Daily

Gold opened higher in today's early trading hours before the European session. The precious metal has now reached a high of $1,235 as an intraday high and is now trading slightly below at $1,234. Main trend on the short-term remains bullish due to the green light given by the Fed. The rate hike turned out to be very beneficial for Gold, as well as Silver, and now the metals rally.

A correction might be expected around $1,243. If that level is taken over, the latest top at $1,262 becomes a target and also a mid-term resistance level. The bulls will need to push above the 200SMA that falls around $1,260 if they want to conquer higher levels.

Bears, on the other side, have a first target of $1,214, second target is seen at $1,190 and major bear target is expected at $1,145.

EUR/USD is now trading higher at 1.0770 up from 1.0755 in the opening hours. The pair might be on its way to appreciation after the Fed raised the Interest rate last week. Major bull target is seen at 1.0836.

EUR/USD continues to climb higher in today's session. The price is now trading at 1.0815 in the early minutes of the US session. First resistance can be expected at 1.0826.

Gold is having a bullish day today going from $1,227 to $1,241 just minutes before the opening of the US session. As stocks open flat, the precious metal has the chance to rally to first bull target at $1,250. If market participants favor the move in Gold, we might even see an attempt to visit the upper trend line on the short-term at $1,270.

On the other hand, bears are expecting another high before they get the chance to sell at a higher point. First bear target is seen at $1,225, while major bear target rests at $1,192.

A lot of market experts and analysts are recommending to go away from the Gold market and invest in the US dollar and equities with the hopes of a continuation of the Trump wave. However, as we can see, the US dollar is currently going down, while Gold rallies.

EUR/USD is now trading at resistance in the short-term as the pair seems to have reached the point of a turn around. The price is now 1.0805, a bit lower from yesterday's high of 1.0820. Main trend, however, still remains bullish until we can confirm that bears have taken over and reversed the trend.

Immediate resistance rests at 1.0830, which can either ignite the spark for more momentum in the bull camp or be an opportunity for bears to sell at higher levels. The 1.0830 level is seen as a double top so that gives an edge to bears.

On the long-term price is expected to fluctuate due to high volatility caused by the implementation of the policies of President Trump and the divergence between his outlook on taxes, reforms and overall economic development compared to the views of Fed's Chair Janet Yellen.

USD/JPY reached a low below 111.30 thus piercing the double bottom that was expected by some traders at 111.50. The pair is now 111.33 as the USD looks very weak and vulnerable.

EUR/USD is trading slightly lower today after it reached close to 1.0830 earlier this week. The pair is now 1.0775 and it appears that it may continue lower.

AUD/USD continues to trade lower today. After the pair reached a high of 0.7750, the Australian dollar started to depreciate against its peer. Current market price 0.7625.

EUR/USD is now trading at 1.0807, slightly higher than yesterday's levels. First res: 1.0830, first support: 1.0770.

Gold entered into consolidation mode in the second half of the week. Price is now $1,244 and it appears that the precious metal will continue trading sideways until news stir the Gold market.

The Euro is going higher today as price reached a high of 1,0851. The pair might try to reach the 200SMA at 1.0880. Should this happen, bears can take control and bring it down.

Gold opened the early trading hours of the week with a new and improved momentum. The precious metal reached a high of $1,258 and is now trading slightly below it around $1,257. Main trend on the short-term remains bullish as price has made significant progress going from sub $1,200 to $1,257 in times when market experts expect the domination of the US dollar to continue.

Gold is proving them wrong with every new intraday high. First bull target is seen at $1,265, which marks a double top and bears may try to jump on it for a reversal of trend.

If that level is broken, Gold is looking to levels around $1,290-$1,300 as major target for the mid-term.

This week we expect little involvement of fundamentals into the market. The most important news for the week are stacked on Tuesday - Advance Goods Trade Balance, Consumer Confidence, Fed Chair Janet Yellen Speech.

USD/JPY continues to trade to the downside in today's session. The pair registered a low of 110.10 yesterday and is now slightly higher at 110.70. However, main trend on the short-term remains bearish with very limited upside potential.

Bear camp has the advantage of a broken support level at 110.90 and now their first target is seen at 109.10. If we can reach that level, bulls might try to buy the dip.

Should the 109.00 level be broken, bears will have the momentum to continue pushing the pair down to major target at 105.

First support is seen at 109.30, first resistance is seen at 111.60.

EUR/USD is trading lower since yesterday's high close to 1.09. The pair is now 1.0854 and it looks like US bulls are trying to take over again. First support is seen at 1.0820.

USD/JPY reached a high of 111.31 earlier today and is now gravitating towards the 111.00 levels. The pair reacted bullishly to yesterday's fundamentals and was picked up from a low of 110.10. Main trend on the short-term remains bearish with first bear target seen at the latest low.

Market sentiment appears to have shifted from bullish US dollar to bearish. USD/JPY was trading around 115.50 before Fed Chair raised the rates earlier this month. The rate hike affected the US dollar in a bearish way causing its peers to gain strength and momentum.

Now the US dollar looks a bit beaten down and it would need strong fundamentals or technicals so that it may shine again.

EUR/USD depreciated today going from a high of 1.0906. The pair is now 1.0783 and it appears that the trend for the short-term has shifted from bullish to bearish. The US dollar is gaining strength again.

GBP/USD is trading relatively unchanged after prime minister Theresa May triggered Article 50 yesterday. The initial step of the two-year process has been taken and now Brexit is officially confirmed.
Article 50 gives both the UK and the EU two years to reach agreement, meaning that the UK will leave on 29 March 2019, unless the sides agree to extend the period.
The GBP/USD pair reacted somehow neutral with a low of 1.2374, down from 1.2480 and currently trading at 1.2425.
As it turns out, the Art 50 triggering was a non-event, partially because market participants already knew about it and it did not come as a surprise. What happens next will determine how big of an impact will the process have on the UK economy and the UK currency.

EUR/USD is trading lower in today's session currently at 1.0737. The pair seems to be losing ground as the US dollar is again gaining strength. First bear target is seen at 1.0700.

EUR/USD is trading relatively unchanged today. The pair consolidated around 1.07 and currently trading at 1.0690. The weekly closing price is expected to be around current levels as no more news are anticipated.

USD/JPY depreciated from 112.20 to a low of 111.54 and is currently trading at 111.56. The pair faced resistance and bears were able to bring it down. Main trend on the short-term has shifted from bullish to bearish.