June 13 , 2018
On the daily chart we can see that overall stock was making successively lower lows and lower highs but after making a low of 80.49 level it could not sustain and we have seen counter attack from bull’s campaign. Well pair is still hovering between the range of 80.49 to 84.15 level in short term. Traders and investors are fed up with these choppy sessions.
Intraday bias remains neutral to bullish on the pair and we will get bullish confirmation once pair trade and settles above 84.43 level in short term, then only we may say that trend has been shifted from downward to upward. Presently moving averages are overlapping with each other due to that we are unable to get any signal.
Chances for bullish sentiments are very high as the Federal Reserve almost positively raises interest rates today. We expect that the FOMC may arrange the market for two further rate hikes this year, thanks to current development in economic circumstances and growing consumer inflation in the US which hit a 6-year high of 2.8% as the Bureau of Labor Statistics reported earlier today. If this turns out to be the case, the AUD/JPY could stage a bullish breakout and Italy may avoid heading into another election, and prevent the chance of the next election becoming a substitute for a Euro referendum.
A bullish crossover on MACD indicator is favoring the bulls and providing trend reversal signal for the time being and RSI is also providing bullish signal from positive territory. The 0.8500 level is immediate resistance level followed by 0.8570 whereas 0.8115 level is strong key support level followed by 0.8040 level.
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