MARKET BRIEFING – LONDON OPEN 17.03.2016

MARKET BRIEFING – LONDON OPEN 17.03.2016

Postby Atlas CapitalFx » Thu Mar 17, 2016 6:17 am

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MARKET BRIEFING – LONDON OPEN 17.03.2016






The US dollar tumbled on the FOMC statement last afternoon when policymakers decided to revise down monetary policy targets, set according to the much-discussed dot plot.

Even though the benchmark interest rate remained unchanged, the promised earlier four rate hikes this year were reduced to two, as the country’s economic growth and inflation expectations were also downgraded.

According to the statement, a risk from the global economic and financial developments persists, with the local jobs market needing some improvements. The US stock market had an edgy start of the year and despite some improvements, still trading downtrend scenario. That could suggest tightening the monetary policy will be too early for now.

Even though Federal Reserve remains flexible with their action and ready to respond whenever it is necessary, it is nevertheless not an option to consider the negative interest rates yet.

The US Dollar Index declined to a one-month low, reaching 95.55 level last afternoon. Oil prices resumed the upward trend, with the WTI trading above 40.80 levels this morning.

Gold reacted positively too, as investors are looking for a safe harbour for their investments. The precious metal returning to trade within recently breached uptrend channel when it reached 1263.75 on the news.

Today, traders’ attention will switch to the interest rate decision and the monetary policy summary by the Bank of England at 12:00 pm London’s time. The rate is expected to stay without changes at 0.5%. Volatility in GBP pairs could be observed.










EURUSD

Image

The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.1325

Target 2: 1.1100

Projected range in ATR’s: 0.0114

Daily control level: 1.1050



GBPUSD

Image

The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.4385

Target 2: 1.4115

Projected range in ATR’s: 0.0139

Daily control level: 1.4450






USDJPY

Image

The intraday technical outlook

Trend 1 hour: Down

Target 1: 113.90

Target 2: 111.40

Projected range in ATR’s: 1.24

Daily control level: 113.85




USDCHF

Image

The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.9870

Target 2: 0.9685

Projected range in ATR’s: 0.0094

Daily control level: 0.9920





USDCAD


Image

The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.3265

Target 2: 1.2965

Projected range in ATR’s: 0.0149

Daily control level: 1.3405



AUDUSD


Image

The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.7660

Target 2: 0.7460

Projected range in ATR’s: 0.0094

Daily control level: 0.7420




GOLD

Image

The intraday technical outlook

Trend 1 hour: Up

Target 1: 1285.00

Target 2: 1236.00

Projected range in ATR’s: 24.51

Daily control level: 1225.00



OIL

Image

The intraday technical outlook

Trend 1 hour: Up

Target 1: 40.15

Target 2: 37.00

Projected range in ATR’s: 1.62

Daily control level: 36.00






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Atlas CapitalFx
 
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