{"id":149823,"date":"2019-06-18T09:00:49","date_gmt":"2019-06-18T13:00:49","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=149823"},"modified":"2019-06-18T06:44:02","modified_gmt":"2019-06-18T10:44:02","slug":"usd-steadies-as-investors-count-down-to-fed-meeting","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/06\/usd-steadies-as-investors-count-down-to-fed-meeting\/","title":{"rendered":"USD Steadies As Investors Count Down To Fed Meeting"},"content":{"rendered":"
June 18, 2019<\/div>
\r\n<\/div><\/div>

By <\/strong>Orbex<\/strong><\/a><\/p>\n

Despite posting some modest losses on the day, the USD was seen holding steady. Economic data on the day saw the NY Fed manufacturing index falling sharply. Losing over 26 points, the regional Fed manufacturing index for New York fell to -8.6 in June. The data release suggested further evidence of a softening US economy. The Fed starts its two-day monetary policy meeting today.<\/p>\n

Euro Posts Modest Gains on German GDP Reports<\/strong><\/h2>\n

The euro currency posted modest gains on Monday, rising 0.08% on the day. Economic data was sparse as German GDP for the first quarter was confirmed to rise 0.4%. The gains were driven by an increase in household consumption and personal spending. The German central bank, Bundesbank, however, cautioned that growth could contract in the second quarter.<\/p>\n

EURUSD Attempts to Rebound<\/strong><\/h3>\n

On Monday, the common currency was seen posting modest gains. This came as price action coincided with the dynamic support of the trend line and the horizontal support at 1.1208. A follow through to the upside from here could see EURUSD testing the resistance level of 1.1250.\u00a0 We expect the currency pair to drift sideways within this range ahead of Wednesday\u2019s Fed meeting.<\/p>\n

\"EURUSD\"<\/a><\/p>\n

Oil Continues to Drift Lower<\/strong><\/h2>\n

WTI Crude oil prices resumed the declines as fundamentals remained soft. Oil prices fell back to the previously marked support area of 51.70 on Monday. The American Petroleum Institute (API) will be releasing the weekly inventory report ahead of the EIA\u2019s report later in the week. Last week\u2019s report from the EIA on global waning demand continues to weigh on oil prices.<\/p>\n

WTI Forms a Descending Triangle Pattern<\/strong><\/h3>\n

The current price action suggests that crude oil prices are shaping into a descending triangle pattern. The support level at 51.70, therefore, becomes critical at this stage. A breakdown of this support could see\u00a0oil prices extending the declines lower<\/a>. Alternately, if the support holds, we could expect an upside breakout. This will likely see oil prices extending gains to the highs of 54.36.<\/p>

\r\n
\r\n

Free Reports:<\/p><\/div>\r\n

\r\n

<\/a>\r\n\t Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p>

\r\n
\r\n
\r\n

<\/a>\r\n\t Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p>

\r\n<\/div>\r\n

\r\n
<\/div>\n

\"WTI\"<\/a><\/p>\n

Gold Steady at a Year and a Half Highs<\/strong><\/h2>\n

The precious metal closed on Monday, down 0.17%. Trading was subdued on the day as price held\u00a0steady near a year and a half highs.<\/a>\u00a0Lack of major economic data and a rather quiet trading session left the precious metal to post intraday lows before pulling back. However, the overall movement remains bullish as the precious metal remains hovering near the highs.<\/p>\n

XAUUSD is Likely to Drift Sideways<\/strong><\/h3>\n

Price action in XAUUSD suggests no major changes in the near term and could remain trading sideways in the short term. This comes ahead of the Fed meeting on Wednesday. The support level at 1320 remains a key price level of interest. Gold will have to break past the short term pivot lows of 1333.78 in order to confirm further downside to 1320.<\/p>\n

\"Gold\"<\/a><\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex Despite posting some modest losses on the day, the USD was seen holding steady. Economic data on the day saw the NY Fed manufacturing index falling sharply. Losing over 26 points, the regional Fed manufacturing index for New York fell to -8.6 in June. The data release suggested further evidence of a softening […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-149823","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/149823","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=149823"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/149823\/revisions"}],"predecessor-version":[{"id":149848,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/149823\/revisions\/149848"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=149823"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=149823"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=149823"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}