{"id":174161,"date":"2020-07-29T10:30:51","date_gmt":"2020-07-29T14:30:51","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=174161"},"modified":"2020-07-29T10:21:45","modified_gmt":"2020-07-29T14:21:45","slug":"dollar-declines-stall-ahead-of-fed-meeting","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2020\/07\/dollar-declines-stall-ahead-of-fed-meeting\/","title":{"rendered":"Dollar declines stall ahead of Fed meeting"},"content":{"rendered":"
July 29, 2020<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

Has EURUSD Found Resistance At 1.1750?<\/span><\/h3>\n

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The common currency is trading a tad weaker but not before prices attempted to breakout above the 1.1750 level.<\/p>\n

Price action closed with a strong bearish engulfing near this level suggesting that resistance is likely forming here. But a breakdown of the steeper trend line will confirm if the downside will be validated.<\/p>\n

For the moment, the bullish momentum is still in play meaning that price action can still rebound to the upside.<\/p>\n

A daily close above 1.1750 will confirm the potential for a move higher.<\/p>\n

GBPUSD Edges Higher Towards 1.3000<\/span><\/h3>\n

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The British pound sterling continues with this bullish streak. Price action is now close to the 1.3000 handle which could potentially open the way to 1.3122 next.<\/p>

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To the downside, support is found at 1.2813 which could stall the currency pair from further declines. But ahead of the Fed meeting, the pound sterling could see some volatility.<\/p>\n

Only a strong close below 1.2813 could signal a move even lower. The next lower support is at 1.2643 level.<\/p>\n

For the moment, we expect the cable to potentially settle above the 1.3000 handle in the near term.<\/p>\n

WTI Crude Oil Prices Testing 41.00<\/span><\/h3>\n

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The consolidation in the oil markets continue. Price action is testing the lower end of the range at 41.00.<\/p>\n

This marks the second test of this level which has held up so far. To the upside, the range high near 42.00 remains strong to breach at this point.<\/p>\n

However, given the short term bias in oil, there is scope for price action to breakdown lower. A close below 41.00 could confirm a decline toward the 38 \u2013 40 level next.<\/p>\n

The minor trend line could also act as support in the short term to prevent the commodity from further declines.<\/p>\n

Gold Prices Pullback From All-Time Highs<\/span><\/h3>\n

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The precious metal rose to highs of 1975 before retreating. Price action is still bullish although the pace of gains is relatively muted compared to the past few days.<\/p>\n

For the moment, support is at the 1931 level. If prices break down below this area, we could expect a larger correction to take place.<\/p>\n

However, given that gold is now a buy on dips, we could see a rebound higher.<\/p>\n

Volatility will, however, pick up heading into today\u2019s FOMC meeting. This will potentially set the short term range in place for the precious metal.<\/p>\n

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

By Orbex Has EURUSD Found Resistance At 1.1750? The common currency is trading a tad weaker but not before prices attempted to breakout above the 1.1750 level. Price action closed with a strong bearish engulfing near this level suggesting that resistance is likely forming here. But a breakdown of the steeper trend line will confirm […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-174161","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/174161","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=174161"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/174161\/revisions"}],"predecessor-version":[{"id":174166,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/174161\/revisions\/174166"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=174161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=174161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=174161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}