|08-26-2014, 02:32 PM||#1|
Pairs consolidate after a strong firm dollar
Currently throughout the US session the major pairs along with the dollar and the yen are consolidating so far mainly on pure technical and correctional after dollar rose to the strongest in almost a year against the euro amid speculation the Federal Reserve will raise interest rates in 2015, while the European Central Bank signaled additional measures to support growth.
Yet last week last week the Fed’s Chairwoman Yellen said Friday the Fed awaiting further evidence about the health of the labor market and the economy before making a decision on interest rates.
Now the euro is presently narrow trading on the four and one-hour charts as a result of the current technical movements sending in fact the EUR/USD pair to trade up around $1.3198 while recording the highest level of $1.3211 and lowest level of $1.3184, knowing that the pair may incline but slightly as mixed signs are seen throughout the four-hour and one-hour momentum indicators.
As for the British Pound, it is also consolidating on these correctional movements driving the GBP/USD pair to trade around $1.6583 while recording the highest level of $1.6598 and lowest of $1.6546 and is most probably going to remain at consolidated levels as mixed signs; buying and selling, are also witnessed at several time scale within the stochastic oscialltor.
Finally, as a result of mixed signs and a weak dollar witnessed throughout the momentum indicators at different time charts the USD/JPY pair is falling slightly to trade around ¥103.97 while recording the highest level of ¥104.26 and lowest levels of ¥103.86.
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