News & Analysis
Eightcap Forex technical insights – 28/02/18
Traders, the shift to the USD has been building this month, late January to early February the last highs where put in on the GBPUSD, AUDUSD and EURUSD. Lower highs have appeared on all three pairs with the Aussie seeing the largest decline so far. Currently, all three have set up consolidations. Last night new Federal Reserve chair Jerome Powell signaled three future rate rises fueling USD buyers. All three returned to range lows.
Short-term buyer interest looks to be building from well-tested levels.The EURUSD show’s price sitting at 1.2209 support. The GBPUSD show’s a higher low with a two-point low. The overall picture remains bearish but sellers need to break lows. Will we a buyer fight back to the USD or are we just seeing a pause before sellers continue their charge?
Key news coming at weeks end;
Fed Chair Powell Testifies
Prime Minister May Speaks
BOE Gov Carney Speaks
Daily price charts.
Good trading from Eightcap
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