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#forexbreakfast focus forex (eng)

Very volatile week for the forex market. Central banks have been protagonists of last week. The Fed announced a tapering of 15 billion per month but showed a cautious stance regarding the rate hike. The effect on the Eur / Usd exchange rate has been mitigated by some ECB members’ statements of the rate hike in 2022.

The Eur / Usd exchange rate fluctuated between 1.15 / 1.17, hitting new lows since last July. He finished the week up.

The pound has been down after being affected by the confusion of the BoE. After having a hawkish attitude, proving favorable about a rate hike, the BoE reconfirmed the cost of money.

The Eur / Gbp exchange rate reached almost 0.86.

The Australian dollar fell after the RBA confirmed it would not raise rates until 2023. The Polish zloty did well, benefiting from the higher than expected rate hike.

 

Euro/Dollar.

After hitting new lows of the year at 1.1514, it closed the week with a slight rise. Resistance at 1.1693 remains a key level to monitor.

Its break would coincide with the bearish channel’s break.

There is a positive divergence with the weekly stochastic, that increases the likelihood of a rebound in the coming weeks. On the downside, the support at 1.1514 remains to monitor.

Euro/Pound Sterling

Thanks to last week’s volatility, the Eur / Gbp exchange rate returned to the medium-term side channel. The daily oscillator is overbought, while the weekly oscillator is in positive divergence with prices. Consolidation is likely shortly. The resistance at 0.8591 remains to monitor. A breakout of this last resistance could open the way for 0,87. On the downside, area 0,8414 remains to monitor.

Euro/South African Rand

For the second time since August, the Eur / Zar didn’t succeed to overcome the resistance at 18. This threshold remains to monitor.  On the downside, area 16,77 / 56 remains to monitor.

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