Rosen's Daily

AUD/USD has been going steadily to the upside in the past few weeks. The pair hit bottom on Jan 2 at 0.7163 and since then it's been rallying to current market price of 0.7663. AUD/USD is now trading slightly below the top which happened just a few points shy of 0.77 at 0.7695.

Main trend on the medium-term remains bullish while on the short-term we can expect the consolidation to continue. The pair will most likely trade sideways until one of the two sides gets a boost from financials and fundamentals.

Major resistance rests at 0.7750, while major support is seen way down to the starting point. Considering Trump's new policies, the pair might get into serious turbulence until the market digests Trump's approach to the economy.

EUR/USD closed the European session in the red today after it went below support on the short-term. The pair dipped under 1.07, which was seen as immediate short-term support and is now still trading below that line.
If the pair continues in that direction, we might expect first support zone at 1.0619, second is seen at 1.0450 and major support is the lowest at 1.0338.
On the other hand, if bulls take the advantage of the dip, they can boost the price up to the latest high at 1.0825 thus forming a potential double top. If that does not hold, 1.09 is seen as major short-term target.
Whichever comes first will most likely be impacted by either Trump's success or Trump's failure to implement his new policies.

USD/JPY is trading in consolidation in today's session due to lack of impactful news that can give a direction to the pair. The latest developments in the pair show signs of weakness in the US dollar. The Trump rally came to an end just a bit over one month since it started on Nov 9 when Trump was elected President.
The pair made a staggering rally from 101.20 to 118.63 and it has been depreciating since then. Now the USD/JPY is trading at 112.03 and it appears that the trend will continue moving South unless we can hop on strong fundamentals.
The financial situation currently benefits the Yen as Trump makes a move to support a weak dollar. Even the Japanese former currency czar Eisuke Sakakibara said the dollar could fall below 100 yen by year end, but went on to say that Tokyo should not do any yen-selling as this might turn out to be counterproductive.

EUR/USD is trading to the downside in today's session due to increased uncertainty in Europe related to the elections in France. Price is now 1.0649 and first support is seen at 1.0617.

A record intraday high for the Dow, today we are expecting another strong day. Europe is relatively flat in today's session. China, Japan and India as well are in the red this morning.

EUR/USD continued trading to the downside today. Market had a calm European session and entered into the US session at around 1.0660.

GBP/JPY posted new gains today whilst the Yen depreciated against its major competitors. The pair reached just a few points shy from 142 and is now trading at 141.55.

EUR/USD's next week should be interesting!

Gold had a strong week last week when it reached close to $1,250. The precious metal now has a positive outlook as we enter into the second half of the month.

EUR/USD is trading relatively unchanged today gravitating towards 1.0625. The pair would face high volatility this week due to important financials tomorrow and on Wednesday.

USD/JPY is in the middle of its downward short-term trend in today's preopen European hours. The pair is now 113.68 and is caught between support at 112.00 and resistance at 115.00. The trend shows that the pair progressively weakens and therefore we can expect the resistance to change the direction back from the correction wave to the downside.

However, we should not undermine market's strength amid strong US expectations and so, USD/JPY can make an attempt to go above short-term resistance and reach mid-term resistance at 118.60.

We don't have any major news scheduled for today, but the next two days are packed with financials such as Chair Yellen's speech before senate on Tuesday and the Consumer Price Index on Wednesday.

EUR/USD looks more optimistic as we enter into the European session today. The pair is now 1.0623 as we have exciting news later today - a speech by Chair Yellen.

CAD/JPY is trading right about between resistance and support in the shot-term outlook. The pair registered a move to the upside in the beginning of the month and has now reached immediate resistance in the face of 87.00

Short-term resistance is seen at prior highs at 88.80, while short-term support awaits at 84.78, the two latest lows.

The pair is expected to continue trading in that range due to low volatility and fundamentals. During the consolidation period, market participants would most probably wait for a break out of either sides before making their decision. However, the predominant trend is bullish with strong resistance at 89.00.

EUR/USD is lower today due to Yellen's speech yesterday. The hawkish tone drove investors back to the US currency and now EUR/USD is trading at 1.0555.

Fed Chair Janet Yellen made a statement yesterday that FED policy makers don't need to wait on Trump's tax cuts in order to raise rates. She also made the announcement that there would be three raise rates this year, the first could be expected in March.

The speech gave the markets a wake up call as bonds sold off and US equities rallied to new highs.Dow Jones reached 20,535 and the S&P reached 2,338.
The hawkish attitude towards the market could be regarded as concerning to the risk management in infrastructure spending, tax reduction and Trump's policy implementations.

Yellen will be questioned today on House Committee.

EUR/USD reached a high of 1.0640 and is now trading close to intraday high at 1.0633. The pair made a move to the upside today and yesterday and now first resistance is seen at 1.0670.

GBP/JPY is trading unchaged today at 142.00. The pair seems to have gotten to a consolidation level and we can expect the trend to change for the short-term.

USD/JPY continued to trade in the descending channel on the short-term outlook. The pair registered a high of 114.92 earlier this week and is now trading at 113.70. The downtrend appears to be intact as market participants chose to follow the pattern and stay in the channel.

In light of this, if the scenario plays out, we should see the pair reach the lower line of the channel before long. What would aid the process is negative US fundamentals. If the fundamentals are in favor of the pattern, price should reach below 112.00.

On the other hand, US dollar bulls are ready to take it higher with the support of positive fundamentals. Until the end of the week, no major news are scheduled, except the US initial jobless claims that would be released tomorrow.

EUR/USD reached a high of 1.0680 earlier today and is now trading at 1.0650. Important news are scheduled for later today.

GBP/JPY reacted strongly to fundamentals today and reached a low of 139.62. The pair is now trading at 140.25 as the predominant bullish trend looks broken. A move to the downside can be expected.