USD/JPY gains ground as traders react to the BoJ Interest Rate Decision. The Bank of Japan left the interest rate unchanged at 0.25%, in line with analyst consensus. The BoJ was cautious as its July’s rate hike put significant pressure on Japanese markets.
USD/JPY received strong support in the 141.80 – 142.50 range and is moving towards the 144.00 level. RSI is in the moderate territory, and there is plenty of room to gain momentum in case the right catalysts emerge. A move above the 144.00 level will push USD/JPY towards the next resistance level at 146.00 – 146.50.
EUR/USD is trying to settle above the nearest resistance at 1.1185 – 1.1200 as traders stay focused on the recent aggressive rate cut from the Fed and the changes in Fed’s economic projections.
In case EUR/USD manages to settle above the 1.1200 level, it will head towards the next resistance, which is located in the 1.1260 – 1.1275 range. On the support side, a move below 1.1150 will push EUR/USD back towards the support at 1.1110 – 1.1135.
AUD/USD continues its attempts to settle above the resistance at 0.6815 – 0.6825 as traders stay focused on the rally in precious metals markets. Spot gold moved above the psychologically important $2600 level and tests new highs, which is bullish for commodity-related currencies.
A successful test of the resistance at 0.6815 – 0.6825 will push AUD/USD towards the next resistance level, which is located in the 0.6890 – 0.6900 range.
NZD/USD gained some ground as demand for commodity-related currencies remained strong. However, NZD/USD did not manage to settle above the 0.6250 level.
A move above 0.6250 will provide NZD/USD with an opportunity to gain additional upside momentum. On the support side, a move below 0.6220 will open the way to the test of the 50 MA at 0.6182.
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In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.