19/06/13 EUR/USD - The pair continued to add to its gains, climbing another 26 pips to close at 1.3391. The volatility is likely to increase as we progress throughout the day, with the FOMC Economic Projections due out at 18:00 GMT, followed by the Fed Policy at 18:30 GMT. The Federal Reserve will be making one of its special quarterly monetary policy announcements today and based on the price action of the currency, there is very little consensus on what is expected from the central bank. From a technical point of view, the pair keeps with a bullish momentum according to the hourly chart, as price recovered from a short term ascendant trend line to violate overcome its 20 moving average, while most indicators reflect a positive outlook. The low volume at the time being helps indicators to flatten, however there are no signs that the upside is not still favored. Longer time frames remain bullish as well ,while the momentum studies suggest further gains towards the 1.3520 zone. GBP/JPY - Ahead of the risky event of the US FOMC meeting, the cross is trading within a narrow range of 100 pips during the last 48 hours, with an higher band at the 1.4950 zone and a lower band at 1.4850-1.4860. In the case of a dip below 1.4860, immediate support will be found at 148.32, ahead of 148.17 and 147.45. Alternatively, an up violation of 1.4950 would expose resistive measures at 150.26, followed by 150.65.
Posted on: Wed, 19 Jun 2013 12:38:38 +0000
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