The market is still going back and forth on trading sessions during Tuesday, as it got caught between a couple of major levels. Seeing significant resistance on the $1300 level, being psychologically important; breaking above the level would drive the market to the $1400 level and give a chance for interested traders to start selling near the $1325 level, and go on by $25 each time until it handles the $1400 level.
Right now the top of the up trending channel is situated just below, as the 20 days EMA is; being this the case, the market could continue to act extremely noisy as it tries to wait until it gets more clarity when it comes to the Federal Reserve, bringing interest rates outlook for 2019.
Breaking down below the 20 days EMA should probably make the market go down to the 50 days EMA.
What is showing massive support is the $1250 level, but as the Federal Reserve loose grip regarding interest rate hikes, market users will start to sell the US dollar again with the possibility to pick up gold.
At last, the market will probably continue to see some headwinds in both directions, as it’s going to continue to be difficult, but will eventually get a daily close above the $1300 level, sending the market to higher levels.
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