{"id":171223,"date":"2020-05-28T09:00:42","date_gmt":"2020-05-28T13:00:42","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=171223"},"modified":"2020-05-28T06:57:12","modified_gmt":"2020-05-28T10:57:12","slug":"usd-continues-to-soften-amid-improving-investor-sentiment","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2020\/05\/usd-continues-to-soften-amid-improving-investor-sentiment\/","title":{"rendered":"USD Continues to Soften Amid Improving Investor Sentiment"},"content":{"rendered":"
May 28, 2020<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

EURUSD Struggles To Breakout Above 1.1000 Handle<\/span><\/h3>\n

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The euro currency is on the front foot as prices once again rose to test the 1.1000 level.<\/p>\n

A brief breakout above this level led prices to intraday highs of 1.1030 before settling back under 1.1000.<\/p>\n

Despite attempts to push higher, price action remains questionable.<\/p>\n

Unless there is a strong breakout, the current moves could quickly fade away.<\/p>\n

Alternately, if EURUSD manages to establish support near the 1.1000 level, this could give the upside a bit of a push.<\/p>

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The next main level of interest is at 1.1132.<\/p>\n

Sterling Retraces Gains, But Upside Bias Builds Up<\/span><\/h3>\n

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The Pound sterling briefly rose to highs of 1.2364 before retreating lower.<\/p>\n

Price action is currently back near the price level of 1.2275. Given that this proved to be a resistance level, the retest will likely establish it as support.<\/p>\n

A successful rebound off 1.2275 will confirm further upside in GBPUSD.<\/p>\n

The next main target is at 1.2425 where resistance will most likely keep a lid on further gains.<\/p>\n

For the moment, the reversal near 1.2275 is important. A close below this level will invalidate the bullish bias.<\/p>\n

Crude Oil Slips Back Below The $33.66 Technical Resistance<\/span><\/h3>\n

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WTI Crude oil prices gave back the gains from earlier this week as prices are trading softer.<\/p>\n

The commodity is trading near the 33.66 level which has been somewhat difficult to break past.<\/p>\n

But, the Stochastics oscillator is positioned bullishly and this could trigger further upside.<\/p>\n

A strong close is needed to confirm the upside which will see the commodity rising to the levels near $40.<\/p>\n

XAUUSD Extends Declines As Further Downside In Scope<\/span><\/h3>\n

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Gold prices are pushing lower after the precious metal failed to find support at 1717.65.<\/p>\n

The breakdown below this level has led to gold falling over 0.80% intraday.<\/p>\n

Prices are now trading off a minor support level at 1696.50.<\/p>\n

If this level holds, we expect some consolidation with the price levels.<\/p>\n

Alternatively, a break down below 1696.50 will see gold prices falling back to lower support near 1671.95.<\/p>\n

This will mark a much-anticipated correction in gold prices in the longer-term horizon.<\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex EURUSD Struggles To Breakout Above 1.1000 Handle The euro currency is on the front foot as prices once again rose to test the 1.1000 level. A brief breakout above this level led prices to intraday highs of 1.1030 before settling back under 1.1000. Despite attempts to push higher, price action remains questionable. Unless […]<\/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-171223","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/171223","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=171223"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/171223\/revisions"}],"predecessor-version":[{"id":171243,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/171223\/revisions\/171243"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=171223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=171223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=171223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}