#forexbreakfast focus forex (eng)
The main events of the past week have been the central bank meetings. The Fed has given clear indications on the start of tapering. In the wake of the Norwegian Cb that has raised rates by 25 bps. Boe went a little further by stating that an increase in the cost of money could occur even before the end of QE.
Of note is the almost generalized appreciation of the Norwegian krone. The dollar held a mixed trend, the pound closed in almost general depreciation. Generalized depreciation also for the yen, following the statements of the BoJ that has said that it is ready to introduce new stimuli if necessary.
Lira turns worst currency of the week again. The drop came following the decision of the Turkish BC to cut rates by 100bps. Depreciation also for the Real despite the 100bp rate hike.
A negative week also for the Rand. It has depreciated almost all the main currencies; in the wake of the Cb decision to leave the rates unchanged, at 3.5%.
Last week the Eur / Usd exchange rate remained close to the 1.17 area. Today it is trying to test the support at 1.1693.
If this week closes below that value, it would open the way for 1.16. Both oscillators are oversold, a short-term rebound plausible.
On the upside, the first resistance is at 1.1851, followed by 1.1945. On the downside, we find 1.1693 followed by 1.16.
Due to the strong appreciation of the Norwegian krone, the Eur/Nok moved to the low side of the trading range area (9.90 – 10.70) in place since the beginning of the year. 9,87 support is to monitor Because the oscillators are strongly oversold, a rebound is more plausible than a support breach. On the upside, the two resistances to monitor are at 10.19 and 10.57.
Strongly higher week for Eur / Try exchange rate following the Turkish BC statement. Prices broke the resistance at 10.30. Excess signals come from the oscillators the daily one is overbought, while the weekly is regaining strength. On the upside, resistances at 10.54 and 10.75 should be monitored.