Breaking News

Markets Optimistic On Trump's Press Conference

By ORBEXForexJan 11, 2017 03:43AM ET
Markets Optimistic On Trump's Press Conference
By ORBEX   |  Jan 11, 2017 03:43AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items

The U.S. President-elect, Donald Trump will be holding his first official press conference at 1500 GMT today, since winning the elections in November last year. Investors will be closely watching the event on hopes of further details on the proposed fiscal stimulus plans. The market sentiment remains upbeat but cautious. The U.S. equity markets were mixed yesterday with the Dow Jones closing 0.16% lower while the S&P 500 Index was flat, leaving only the Nasdaq to post modest gains of 0.36% on the day. Besides Trump's presser, Fed Chair Janet Yellen's speech will also be coming up later during the week. The U.S. dollar index remains trading near the price level of 101.70 - 101.50 which is currently holding up as support after the price level previously gave way as resistance as the U.S. dollar rallied toward 103.50 levels.

EUR/USD intra-daily analysis

EUR/USD H4 Chart
EUR/USD H4 Chart

EUR/USD (1.0549):EUR/USD remains caught within the 1.0600 - 1.0500 range that has been established over the past five daily sessions. Price action is likely to slip back to 1.0500 support in the near term with further bias likely to be established on a breakout from 1.0600 or 1.0500. To the upside, 1.0700 will be the next resistance level of interest that will be targeted, provided the single currency will establish support near 1.0533. To the downside, a break below 1.0533 support could send EUR/USD to test 1.0500 support, which if fails could signal further downside in EUR/USD towards 1.0400.

GBP/USD intra-dayanalysis

GBP/USD H4 Chart
GBP/USD H4 Chart

GBP/USD (1.2159): GBP/USD closed with a potential reversal pattern that could see some near-term upside on a bullish follow through today. The price fell to lows of 1.2107 yesterday before recovering from the intraday lows to close at 1.2177. Price action on the 4-hour chart shows the bearish flag pattern that has formed and could signal further downside in the near term with the first support at 1.2040 likely to be tested on a bearish continuation to the downside. The bearish bias could change view only on a daily bullish close above 1.2200.

XAU/USD intra-day analysis

XAU/USD H4 Chart
XAU/USD H4 Chart

XAU/USD (1188.79): Gold prices are posting a steady gain to the upside with yesterday's bullish close putting the price of the precious metal within reach of a few dollars from targeting the $1200.00 resistance level. The daily Stochastics oscillator is now showing a hidden bearish divergence and could signal a near-term correction after gold prices hit the $1200.00 mark. On the 4-hour chart, gold prices are showing the potential risk of a short term correction towards 1181.50 with a larger correction likely if price breaks below this level on the currently evolving rising wedge pattern.

Markets Optimistic On Trump's Press Conference

Related Articles

Markets Optimistic On Trump's Press Conference

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Are you sure you want to delete this chart?
Write your thoughts here
Replace the attached chart with a new chart ?
Post also to:
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Post 1000
Please wait a minute before you try to comment again.
Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Add Chart to Comment

Continue with Google
Sign up with Email