Technical Overview of AUD/USD, GBP/USD and USD/JPY Currency Pair
AUD USD
AUD traded lower against USD and closed at 0.6756. • AUD/USD remains upbeat as the RBA renounce from the policy change. • The central bank stepped back from suggesting further rate cuts. • Trade/political news will be followed for fresh impulse.
According to the report of The Reserve Bank of Australia (RBA), there will be no change in the monetary policy, offers a 1.0% interest rate. The central bank avoid from supporting further rate cuts while leaving the door open based on future growth conditions. Earlier during the day, upbeat trade balance data for June also pleased Aussie buyers.
According to the Analysis, pair is expected to find support at 0.678 and a fall through could take it to the next support level of 0.677. The pair is expected to find its first resistance at 0.6797 and a rise through could take it to the next resistance level of 0.6803.
GBP USD
GBP traded higher against USD and closed at 1.2143.
• GBP/USD stays on defensive 100 hour exponential moving average. • 4-day old support-line seems immediate rest ahead of 1.2080.
According to the Analysis, pair is expected to find support at 1.2101 and a fall through could take it to the next support level of 1.2057. The pair is expected to find its first resistance at 1.2189, and a rise through could take it to the next resistance level of 1.2233.
USD JPY
USD traded higher against JPY and closed at 105.9500.
The Gross Domestic Product released by the Cabinet Office shows the monetary value of all the goods, services and structures produced in Japan within a given period of time. GDP is a gross measure of market activity because it indicates the pace at which the Japanese economy is growing or decreasing. A high reading or a better than expected number is seen as positive for the JPY, while a low reading is negative. Previous reading for Gross Domestic Product was 0.6%. Expected GDP is 0.1%.
According to the Analysis, pair is expected to find support at 106.43 and a fall through could take it to the next support level of 106.17. The pair is expected to find its first resistance at 107.02, and a rise through could take it to the next resistance level of 107.36.
Technical Overview of NZD/USD, EUR/USD and USD/CNY Currency Pair
NZD USD
NZD traded lower against USD and closed at 0.6446.
• Lower than expected USD/CNY fix and comments from RBNZ calming markets. • RBNZ asst Governor Hawkes by is confident inflation will rise after 50 BP cut. • Hawkes by said unconventional tools an option only if inflation tanks. • NZD/USD resistance at former support at 0.6480/90 where sellers are tipped.
The Gross Domestic Product released by the Cabinet Office shows the monetary value of all the goods, services and structures produced in Japan within a given period of time. GDP is a gross measure of market activity because it indicates the pace at which the Japanese economy is growing or decreasing. A high reading or a better than expected number is seen as positive for the JPY, while a low reading is negative. According To consensus GDP rate is expected to be lower than previous rate.
According to the Analysis, pair is expected to find support at 0.6455 and a fall through could take it to the next support level of 0.6452. The pair is expected to find its first resistance at 0.6461 and a rise through could take it to the next resistance level of 0.6463.
EUR USD
EUR traded higher against USD and closed at 1.1199.
Danske Research discusses EUR/USD outlook and expects a dip back towards 1.10 in EUR/USD on 1-3M on yet another Fed disappointment in September.
According to the Analysis, pair is expected to find support at 1.1211 and a fall through could take it to the next support level of 1.1209. The pair is expected to find its first resistance at 1.1214, and a rise through could take it to the next resistance level of 1.1216.
USD CNY
USD traded lower against CNY and closed at 7.0602.
USD/CNY fix at 7.0039, which was below market estimates.
The Consumer Price Index is released by the National Bureau of Statistics of China. It is a measure of retail price variations within a representative basket of goods and services. The result is a comprehensive summary of the results extracted from the urban consumer price index and rural consumer price index. The purchase power of the CNY is dragged down by inflation. The CPI is a key indicator to measure inflation and changes in purchasing trends. A substantial consumer price index increase would indicate that inflation has become a destabilizing factor in the economy, potentially prompting The People’s Bank of China to tighten monetary policy and fiscal policy risk. Generally speaking, a high reading is seen as positive (or bullish) for the CNY, while a low reading is seen as negative (or Bearish) for the CNY.
According to the Analysis, pair is expected to find support at 7.0359 and a fall through could take it to the next support level of 7.0116. The pair is expected to find its first resistance at 7.0749, and a rise through could take it to the next resistance level of 7.0896.
Technical Overview of AUD/USD, GBP/USD and USD/CAD Currency Pair
AUD USD
AUD traded lower against USD and closed at 0.6802.
• RBA quarterly SOMP just released is in line with dovish market assumptions • RBA notes the downside risks posed by US-China trade war escalation • AUD/USD off early high (0.6822), but still holding above 0.6800
The RBA Monetary Policy Statement released by the Reserve bank of Australia reviews economic and financial conditions, determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth. It is considered as a clear guide to the future RBA interest rate policy. Any changes in this report affect the AUD volatility. If the RBA statement shows a hawkish outlook, that is seen as positive (or bullish) for the AUD, while a dovish outlook is seen as negative (or bearish).
According to the Analysis, pair is expected to find support at 0.6713 and a fall through could take it to the next support level of 0.6666. The pair is expected to find its first resistance at 0.6789 and a rise through could take it to the next resistance level of 0.6818.
GBP USD
GBP traded higher against USD and closed at 1.2133.
The Gross Domestic Product released by the National Statistics is a measure of the total value of all goods and services produced by the UK. The GDP is considered as a broad measure of the UK economic activity. Generally speaking, a rising trend has a positive effect on the GBP, while a falling trend is seen as negative (or bearish).
According to the Analysis, pair is expected to find support at 1.2113 and a fall through could take it to the next support level of 1.2082. The pair is expected to find its first resistance at 1.2182, and a rise through could take it to the next resistance level of 1.2221.
USD CAD
USD traded lower against CAD and closed at 1.3227.
The employment Change released by the Statistics Canada is a measure of the change in the number of employed people in Canada. Generally speaking, a rise in this indicator has positive implications for consumer spending which stimulates economic growth. Therefore, a high reading is seen as positive, or bullish for the CAD, while a low reading is seen as negative or bearish.
The Unemployment Rate released by the Statistics Canada is the number of unemployed workers divided by the total civilian labor force. It is a leading indicator for the Canadian Economy. If the rate is up, it indicates a lack of expansion within the Canadian labor market. As a result, a rise leads to weaken the Canadian economy. Normally, a decrease of the figure is seen as positive (or bullish) for the CAD, while an increase is seen as negative or bearish.
According to the Analysis, pair is expected to find support at 1.3279 and a fall through could take it to the next support level of 1.3251. The pair is expected to find its first resistance at 1.334, and a rise through could take it to the next resistance level of 1.3373.
Technical Overview of USD/JPY, NZD/USD and USD/CHF Currency Pair
USD JPY
USD traded lower against JPY and closed at 105.6900.
• USD/JPY: Bears staying in control in the Asian session. • USD/JPY4-hour chart: The pair is also at risk of extending its decline,
USD/JPY has lost some ground as the yen takes up another bid while geopolitics keep the yen bulls in business ahead of a key week on the US calendar.
According to the Analysis, pair is expected to find support at 105.3 and a fall through could take it to the next support level of 104.92. The pair is expected to find its first resistance at 106.04 and a rise through could take it to the next resistance level of 106.39.
NZD USD
NZD traded lower against USD and closed at 0.6468.
• NZD/USD jumps 20 pips on comments by New Zealand's Treasury that QE is less appealing. • Treasury feels RBNZ could cut rates to the negative territory if required.
NZD/USD is recovering lost ground on comments by New Zealand's Treasury that asset purchases or quantitative easing (QE) are a less appealing tool of monetary easing.
According to the Analysis, pair is expected to find support at 0.6402 and a fall through could take it to the next support level of 0.6359. The pair is expected to find its first resistance at 0.6478, and a rise through could take it to the next resistance level of 0.6512.
USD CHF
USD traded lower against CHF and closed at 0.9727.
• USD/CHF's 4-hour and daily charts are showing signs of seller exhaustion. • The pair could rise to the 10-day moving average resistance during the day ahead.
USD/CHF could see a corrective bounce to the 10-day moving average (MA) of 1.0938 during the day ahead as technical charts are flashing early signs of a bearish-to-bullish trend change.
According to the Analysis, pair is expected to find support at 0.9703 and a fall through could take it to the next support level of 0.9680. The pair is expected to find its first resistance at 0.9755, and a rise through could take it to the next resistance level of 0.9784.
Technical Overview of EUR/USD, GBP/USD and AUD/USD Currency Pair
EUR USD
EUR traded higher against USD and closed at 1.1169.
• EUR/USD aims to revisit 4H 100MA after taking another U-turn from near-term resistance-line. • While 1.1283/87 can please buyers during upside break, 23.6% Fibonacci retracement can lure during post-1.1158 declines.
The Gross Domestic Product released by the Statistisches Bundesamt Deutschland is a measure of the total value of all goods and services produced by Germany. The GDP is considered as a broad measure of the German economic activity and health. A high reading or a better than expected number has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).
The Gross Domestic Product released by the Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered as a broad measure of the Eurozone economic activity and health. Usually, a rising trend has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).
The Gross Domestic Product released by the Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered as a broad measure of the Eurozone economic activity and health. Usually, a rising trend has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).
According to the Analysis, pair is expected to find support at 1.1170 and a fall through could take it to the next support level of 1.1156. The pair is expected to find its first resistance at 1.1214 and a rise through could take it to the next resistance level of 1.1228.
GBP USD
GBP traded lower against USD and closed at 1.2058.
• GBP/USD remains on a back foot amid recent UK political news. • Rebel MPs readying for early-September action. • UK CPI, trade/political news in the spotlight.
The Consumer Price Index released by the National Statistics is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. The purchase power of GBP is dragged down by inflation. The CPI is a key indicator to measure inflation and changes in purchasing trends. Generally, a high reading is seen as positive (or bullish) for the GBP, while a low reading is seen as negative (or Bearish).
According to the Analysis, pair is expected to find support at 1.2046 and a fall through could take it to the next support level of 1.2033. The pair is expected to find its first resistance at 1.2090, and a rise through could take it to the next resistance level of 1.2103.
AUD USD
AUD traded lower against USD and closed at 0.6800.
• AUD/USD drops to the intra-day low after China’s July month Retail Sales and Industrial Production lagged behind market consensus and prior. • Cautious trading and a lack of fresh clues confined the pair’s moves during the early morning. • The US-China trade news, speech from RBA’s Debelle will provide fresh impulse.
The Employment Change released by the Australian Bureau of Statistics is a measure of the change in the number of employed people in Australia. Generally speaking, a rise in this indicator has positive implications for consumer spending which stimulates economic growth. Therefore, a high reading is seen as positive (or bullish) for the AUD, while a low reading is seen as negative (or bearish).
The Unemployment Rate release by the Australian Bureau of Statistics is the number of unemployed workers divided by the total civilian labor force. If the rate hikes, indicates a lack of expansion within the Australian labor market. As a result, a rise leads to weaken the Australian economy. A decrease of the figure is seen as positive (or bullish) for the AUD, while an increase is seen as negative (or bearish).
According to the Analysis, pair is expected to find support at 0.6760 and a fall through could take it to the next support level of 0.6743. The pair is expected to find its first resistance at 0.6814, and a rise through could take it to the next resistance level of 0.6831.
Technical Overview of AUD/USD, USD/JPY and USD/CHF Currency Pair
AUD USD
AUD traded higher against USD and closed at 0.6747.
• AUD/USD maintaining bid tone as markets send mixed signals regarding risk. • US yields hitting historic lows in Asia with 30-year yield below 2.0%. • Bond market is pricing in strong chance of recession nL4N25B0GG. • Despite moves in US Treasuries. S&P futures up over 0.40%. • AUD/USD steady around 0.6775 - up 0.41% after better than expected Aus jobsnAZN0QH300. • Unless bond market wrong, AUD/USD should struggle on global growth concerns. • AUD/USD resistance at 0.6820/35 where daily highs converge with 38.2 fibo.
According to the Analysis, pair is expected to find support at 0.6738 and a fall through could take it to the next support level of 0.6721. The pair is expected to find its first resistance at 0.6794 and a rise through could take it to the next resistance level of 0.6811.
USD JPY
USD traded lower against JPY and closed at 105.89.
Retail Sales m/m reflect a change in the US retail sails in the reported month compared to the previous one. The indicator is calculated based on statistics received from 5,000 retail stores of different types and sizes, and the data are then extrapolated to the whole country. The indicator is used for estimating inflation. Its growth may have a positive effect on dollar quotes.
According to the Analysis, pair is expected to find support at 105.70 and a fall through could take it to the next support level of 105.48. The pair is expected to find its first resistance at 106.44, and a rise through could take it to the next resistance level of 106.66.
USD CHF
USD traded higher against CHF and closed at 0.9732.
According to the Analysis, pair is expected to find support at 0.9712 and a fall through could take it to the next support level of 0.9697. The pair is expected to find its first resistance at 0.9762, and a rise through could take it to the next resistance level of 0.9777.
According to Citi Research report "With risk sentiment continuing to deteriorate by the week, investors may look to extend risk aversion trades into 2020 as:
(1) Worsening US – China trade tensions risk a disinflationary impulse from CNY heading towards 7.25 - 50; (2) Possible risk of USD intervention by the US; (3) Rising odds of a “No Deal” Brexit; (4) Re-emergence of Italy political risk; (5) Slowing global growth leading to central bank policy responses and a “race to the bottom” in rates sparking a currency war; (6) Potential damage to US – Japan/ Europe trade relations should Trump impose tariffs on auto imports; (7) 2020 - US presidential election year leaves scope for a more aggressive Trump; (8) Tensions in HK, Iran, North Korea, now Argentina and India – Pakistan,"
Technical Overview of USD/CAD, USD/JPY and EUR/USD Currency Pair
USD CAD
USD traded lower against CAD and closed at 1.3323.
Consumer Price Index Core is released by the Bank of Canada. “Core” CPI excludes fruits, vegetables, gasoline, fuel oil, natural gas, mortgage interest, intercity transportation, and tobacco products. These volatile core 8 are considered as the key indicator for inflation in Canada. Generally speaking, a high reading anticipates a hawkish attitude by the BoC, and that is said to be positive (or bullish) for the CAD.
According to the Analysis, pair is expected to find support at 1.3270 and a fall through could take it to the next support level of 1.3250. The pair is expected to find its first resistance at 1.3304 and a rise through could take it to the next resistance level of 1.3338.
USD JPY
USD traded lower against JPY and closed at 106.62.
FOMC stands for The Federal Open Market Committee that organizes 8 meetings in a year and reviews economic and financial conditions, determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth. FOMC Minutes are released by the Board of Governors of the Federal Reserve and are a clear guide to the future US interest rate policy.
According to the Analysis, pair is expected to find support at 106.36 and a fall through could take it to the next support level of 106.25. The pair is expected to find its first resistance at 106.70, and a rise through could take it to the next resistance level of 106.81.
EUR USD
EUR traded higher against USD and closed at 1.1087.
According to the Analysis, pair is expected to find support at 1.1075 and a fall through could take it to the next support level of 1.1066. The pair is expected to find its first resistance at 1.1105, and a rise through could take it to the next resistance level of 1.1114.
Technical Overview of GBP/USD, NZD/USD and USD/CHF Currency Pair
GBP USD
GBP traded lower against USD and closed at 1.2130.
GBP/USD seesaws inside a choppy range between 10 and 21-DMA. MACD flashes bullish signal.
The Jackson Hole Economic Policy Symposium is an annual symposium sponsored by the Federal Reserve Bank of Kansas City since 1978, and held in Jackson Hole, Wyoming, since 1981. It is a forum for central bankers, policy experts and academics to come together to focus on a topic.
According to the Analysis, pair is expected to find support at 1.2108 and a fall through could take it to the next support level of 1.2086. The pair is expected to find its first resistance at 1.2156 and a rise through could take it to the next resistance level of 1.2181.
NZD USD
NZD traded lower against USD and closed at 0.6404.
Retail Sales m/m reflect a change in New Zealand's retail sales in the reported month compared to the previous one. The calculation is adjusted for inflation. The index is often referred to as the consumer spending indicator, which allows assessing inflation in New Zealand. The indicator growth can have a positive effect on NZD quotes.
Jerome H. Powell took office as a member of the Board of Governors of the Federal Reserve System on May 25, 2012, to fill an unexpired term. On November 2, 2017, President Donald Trump nominated Powell to serve as the next Chairman of the Federal Reserve. Powell assumed office as Chair on February 5, 2018.
According to the Analysis, pair is expected to find support at 0.6393 and a fall through could take it to the next support level of 0.6381. The pair is expected to find its first resistance at 0.6418, and a rise through could take it to the next resistance level of 0.6431.
USD CHF
USD traded higher against CHF and closed at 0.9819.
The number of New Home Sales released by the US Census Bureau is an important measure of housing market conditions. House buyers spend money on furnishing and financing their homes so as a result the demand for goods, services and the employees is stimulated. Generally, a high reading is seen as bullish for the USD, whereas a low reading is seen as bearish.
According to the Analysis, pair is expected to find support at 0.9790 and a fall through could take it to the next support level of 0.9868. The pair is expected to find its first resistance at 0.9848, and a rise through could take it to the next resistance level of 0.9868.
Technical Overview of EUR/USD, USD/CAD and AUD/USD Currency Pair
EUR USD
EUR traded lower against USD and closed at 1.1102.
EUR/USD failed to confirm a bullish reversal with a close above 1.1153 on Monday. German GDP is expected to have contracted by 0.1% in the second quarter.
HICP is an index of consumer prices calculated and published by Destatis, the Statistical Office of the European Union, on the basis of a statistical methodology that has been harmonized across all EU member states. HICP is a measure of prices used by Governing Council of EU to define and assess price stability in the euro area as a whole in quantitative terms.
According to the Analysis, pair is expected to find support at 1.1079 and a fall through could take it to the next support level of 1.1057. The pair is expected to find its first resistance at 1.1138 and a rise through could take it to the next resistance level of 1.1175.
USD CAD
USD traded lower against CAD and closed at 1.3254.
The Gross Domestic Product Annualized released by the US Bureau of Economic Analysis shows the monetary value of all the goods, services and structures produced within a country in a given period of time. GDP Annualized is a gross measure of market activity because it indicates the pace at which a country's economy is growing or decreasing. Generally speaking, a high reading or a better than expected number is seen as positive for the USD, while a low reading is negative.
According to the Analysis, pair is expected to find support at 1.3229 and a fall through could take it to the next support level of 1.3203. The pair is expected to find its first resistance at 1.3298, and a rise through could take it to the next resistance level of 1.3342.
AUD USD
AUD traded higher against CAD and closed at 0.6775.
The Aussie ignored upbeat Chinese data and risk-on trades on the Asian stocks. Focus remains on trade and US data.
According to the Analysis, pair is expected to find support at 0.6732 and a fall through could take it to the next support level of 0.6713. The pair is expected to find its first resistance at 0.6774, and a rise through could take it to the next resistance level of 0.6797.
Technical Overview of NZD/USD and USD/CHF Currency Pair
NZD USD
NZD traded lower against USD and closed at 0.6362.
NZD/USD's daily chart indicators are reporting early signs of a bullish reversal. Trend reversal would be confirmed above Monday's high.
According to the Analysis, pair is expected to find support at 0.6351 and a fall through could take it to the next support level of 0.6340. The pair is expected to find its first resistance at 0.6379 and a rise through could take it to the next resistance level of 0.6369.
USD CHF
USD traded higher against CHF and closed at 0.9815.
USD/CHF again confronts 50-DMA while seeking a downward resistance-line since August 01. 23.6% of Fibonacci retracement can offer immediate support. Swiss ZEW Survey – Expectations in the spotlight.
According to the Analysis, pair is expected to find support at 0.9780 and a fall through could take it to the next support level of 0.9747. The pair is expected to find its first resistance at 0.9841, and a rise through could take it to the next resistance level of 0.9869.
Technical Overview of EUR/CNY, USD/JPY and USD/CAD Currency Pair
EUR CNY
EUR traded higher against CNY and closed at 7.9029.
The core Consumer Price Index released by Eurostat is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services excluding the volatile components like food, energy, alcohol and tobacco. The core CPI is a key indicator to measure inflation and changes in purchasing trends. Generally, a high reading is seen as positive or bullish for the EUR, while a low reading is seen as negative.
The Euro Zone CPI released by the Eurostat captures the changes in the price of goods and services. The CPI is a significant way to measure changes in purchasing trends and inflation in the Euro Zone. Generally, a high reading anticipates a hawkish attitude which will be positive (or bullish) for the EUR, while a low reading is seen as negative (or bearish).
The Caixin China Manufacturing PMI™, released by Market Economics, is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private manufacturing sector companies.
According to the Analysis, pair is expected to find support at 7.881 and a fall through could take it to the next support level of 7.860. The pair is expected to find its first resistance at 7.934 and a rise through could take it to the next resistance level of 7.967.
USD JPY
USD traded lower against JPY and closed at 106.5200.
Retail Sales m/m show the total volume of retail sales of goods and services in the past month compared with the previous one. This is a highly volatile indicator, it is seasonally adjusted. The index allows evaluating consumer spending which is an important indicator of the national inflation. The indicator growth can have a positive effect on yen quotes.
According to the Analysis, pair is expected to find support at 105.55 and a fall through could take it to the next support level of 105.33. The pair is expected to find its first resistance at 106.03, and a rise through could take it to the next resistance level of 106.29.
USD CAD
USD traded higher against CAD and closed at 1.3287.
The Gross Domestic Product released by the Statistics Canada is a measure of the total value of all goods and services produced by Canada. The GDP is considered as a broad measure of Canadian economic activity and health. A rising trend has a positive effect on the CAD, while a falling trend is seen as negative (or bearish) for the CAD.
According to the Analysis, pair is expected to find support at 1.3239 and a fall through could take it to the next support level of 1.3194. The pair is expected to find its first resistance at 1.3315, and a rise through could take it to the next resistance level of 1.3346.
Technical Overview of GBP/USD, AUD/USD and USD/JPY Currency Pair
GBP USD
GBP traded lower against USD and closed at 1.2281.
The UK Parliament will decide whether the UK PM Johnson's Brexit Plan is valid or not. In the case the Parliament don't approve it, chances of a hard Brexit will increase exponentially.
• GBP/USD deflected by Ichimoku Cloud as pointed out • Chart blockade has impeded rally, but bullish bias not gone • Bulls need to clear Cloud top 1.2432 to force short-covering • Daily Bollinger uptrend channel in play if 1.2269 floor holds • But Mon closing below that mark could skew back toward 1.2100 • Entrance of downtrend channl awaits as Brexit uncertainty builds
According to the Analysis, pair is expected to find support at 1.2266 and a fall through could take it to the next support level of 1.2255. The pair is expected to find its first resistance at 1.2300 and a rise through could take it to the next resistance level of 1.2311.
AUD USD
AUD traded higher against USD and closed at 0.6846.
AUD/USD trades firmer near-daily highs above the 0.6850 level after the Australian Home Loans data showed a solid surge in July. The spot also finds support from China's RRR cut despite disappointing Chinese trade figures.
According to the Analysis, pair is expected to find support at 0.6839 and a fall through could take it to the next support level of 0.6836. The pair is expected to find its first resistance at 0.6851, and a rise through could take it to the next resistance level of 0.6854.
USD JPY
USD traded lower against JPY and closed at 106.90.
USD/JPY is trading little changed below 107.00 so far this Monday amid Japanese GDP data and improved risk tones. Risk remains skewed to the upside, as the pair is developing above all of its moving averages.
According to the Analysis, pair is expected to find support at 106.83 and a fall through could take it to the next support level of 106.79. The pair is expected to find its first resistance at 106.97, and a rise through could take it to the next resistance level of 107.01.
Technical Overview of EUR/USD, NZD/USD and GBP/USD Currency Pair
EUR USD
EUR traded higher against USD and closed at 1.1046. • EUR/USD runs out of steam, failing to even cross 20 DMA on EBS at 1.1063 • Return to downtrend possible, in repeat of early Aug price action • Bullish reversal pattern may again be overturned at Bollinger band 1.1111 • Previous failures to close inside Bollinger uptrend channel cued selloff
JOLTS Job Openings is a monthly report on job vacancies in the US commercial, industrial and office areas. The calculation includes all vacancies that are open as of the last business day of a month.
The indicator is included in the JOLTS (Job Openings and Labor Turnover Survey) report based on employers' survey. In addition to job openings, it includes data on employment, hires and separations.
JOLTS characterizes the US labor market. Index growth may have a positive effect on dollar quotes.
According to the Analysis, pair is expected to find support at 1.1023 and a fall through could take it to the next support level of 1.1010. The pair is expected to find its first resistance at 1.1063 and a rise through could take it to the next resistance level of 1.1076.
NZD USD
NZD traded higher against USD and closed at 0.6422.
According to the Analysis, pair is expected to find support at 0.6417 and a fall through could take it to the next support level of 0.6409. The pair is expected to find its first resistance at 0.6441, and a rise through could take it to the next resistance level of 0.6449.
GBP USD
GBP traded lower against USD and closed at 1.2345.
The ILO Unemployment Rate released by the National Statistics is the number of unemployed workers divided by the total civilian labor force. It is a leading indicator for the UK Economy. If the rate is up, it indicates a lack of expansion within the U.K. labor market. As a result, a rise leads to weaken the U.K. economy. Generally, a decrease of the figure is positive (or bullish) for the GBP, while an increase is negative.
The Average Earing Excluding Bonus released by the National Statistics is a key short-term indicator of how levels of pay are changing within the UK economy. It can be seen as a measure of growth in "basic pay". Generally speaking, the positive earnings growth anticipates positive (or bullish) for the GBP, whereas a low reading is seen as negative (or bearish).
According to the Analysis, pair is expected to find support at 106.83 and a fall through could take it to the next support level of 106.79. The pair is expected to find its first resistance at 106.97, and a rise through could take it to the next resistance level of 107.01.
Technical Overview of USD/JPY, USD/CHF and AUD/USD Currency Pair
USD JPY
USD traded higher against JPY and closed at 107.53.
• USD/JPY grinds higher to 107.67 from 107.54, nearing breakout • May soon crack 107.71 top of daily Ichimoku Cloud on EBS • Closing above that level marks bullish break, 200 DMA could be next • ECB meet Thurs could derail EUR/JPY, though dovish outcome priced in • US 10y yield lets off some steam after hitting 1.744%, last 1.713% • Risk appetite rising with further global central bank easing expected
According to the Analysis, pair is expected to find support at 107.32 and a fall through could take it to the next support level of 107.21. The pair is expected to find its first resistance at 107.64 and a rise through could take it to the next resistance level of 107.75.
USD CHF
USD traded lower against CHF and closed at 0.9919.
• USD/CHF recently turned choppy inside a rising channel formation. • 200-hour EMA adds to the pattern’s support.
The USD/CHF pair’s failure to rise past-0.9930/35 area, including early-month high, is less likely to portray its weakness unless breaking near-term support-line. The pair currently trades near 0.9920 by the press time heading into Wednesday’s European session.
According to the Analysis, pair is expected to find support at 0.9896 and a fall through could take it to the next support level of 0.9886. The pair is expected to find its first resistance at 0.9928, and a rise through could take it to the next resistance level of 0.9938.
AUD USD
AUD traded higher against USD and closed at 0.6859.
• AUD/USD is losing altitude in response to a dismal Westpac Aussie consumer confidence data. • Australian currency may remain under pressure due to deepening slowdown in China.
According to the Analysis, pair is expected to find support at 0.6850 and a fall through could take it to the next support level of 0.6845. The pair is expected to find its first resistance at 0.6868, and a rise through could take it to the next resistance level of 0.6873.
Technical Overview of USD/JPY, USD/CHF and AUD/USD Currency Pair
USD JPY
USD traded higher against JPY and closed at 107.53.
• USD/JPY grinds higher to 107.67 from 107.54, nearing breakout • May soon crack 107.71 top of daily Ichimoku Cloud on EBS • Closing above that level marks bullish break, 200 DMA could be next • ECB meet Thurs could derail EUR/JPY, though dovish outcome priced in • US 10y yield lets off some steam after hitting 1.744%, last 1.713% • Risk appetite rising with further global central bank easing expected
According to the Analysis, pair is expected to find support at 107.32 and a fall through could take it to the next support level of 107.21. The pair is expected to find its first resistance at 107.64 and a rise through could take it to the next resistance level of 107.75.
USD CHF
USD traded lower against CHF and closed at 0.9919.
• USD/CHF recently turned choppy inside a rising channel formation. • 200-hour EMA adds to the pattern’s support.
The USD/CHF pair’s failure to rise past-0.9930/35 area, including early-month high, is less likely to portray its weakness unless breaking near-term support-line. The pair currently trades near 0.9920 by the press time heading into Wednesday’s European session.
According to the Analysis, pair is expected to find support at 0.9896 and a fall through could take it to the next support level of 0.9886. The pair is expected to find its first resistance at 0.9928, and a rise through could take it to the next resistance level of 0.9938.
AUD USD
AUD traded higher against USD and closed at 0.6859.
• AUD/USD is losing altitude in response to a dismal Westpac Aussie consumer confidence data. • Australian currency may remain under pressure due to deepening slowdown in China.
According to the Analysis, pair is expected to find support at 0.6850 and a fall through could take it to the next support level of 0.6845. The pair is expected to find its first resistance at 0.6868, and a rise through could take it to the next resistance level of 0.6873.
Technical Overview of AUD/USD and GBP/USD Currency Pair
AUD USD
AUD traded higher against USD and closed at 0.6784
• Flat in a quiet tight 0.6785/0.6795 range as options contain • 0.6785-95 1.1BLN and 0.6900 500M strikes dominated in Asia • Risk bounce in Asia after a soft week, Nikkei +0.6%, AsiaxJP +0.3% • Charts - momentum studies, 5, 10 & 21 DMAs head south - bearish setup • Dip recently stalled at 0.6769, which remains pivotal and vulnerable • NY 0.6783 low and earlier 0.6795 high initial support and resistance
According to the Analysis, pair is expected to find support at 0.6786 and a fall through could take it to the next support level of 0.6785. The pair is expected to find its first resistance at 0.6788 and a rise through could take it to the next resistance level of 0.6789.
GBP USD
GBP traded higher against USD and closed at 1.2913.
• Cable saw steady interest and trades +0.1% in a 1.2903/1.2921 range • Conservatives to raise property purchase tax for non-UK residents • A revenue raiser that will be popular with UK voters • FT's poll tracker, Conservatives hot favorites, +13pts from +11 over Labour • Charts - 5, 10 & 21 DMAs gently edge higher - modest topside bias • Six week 1.2770/1.3012 range looks set to extend unless the USD trends
According to the Analysis, pair is expected to find support at 1.2917 and a fall through could take it to the next support level of 1.2916. The pair is expected to find its first resistance at 1.2923, and a rise through could take it to the next resistance level of 1.2924.
Important Economic Events of the Week (18 Nov, 19 to 24 Nov, 19) • CAD: Core Retail Sales m/m • EUR: ECB President Lagarde Speech • EUR: GDP q/q • SGD: GDP q/q • USD: EIA Crude Oil Stocks Change
For More information about the release time of news and its impact visit Economic Calendar Page!
Technical Overview of AUD/USD and NZD/USD Currency Pair
AUD USD
AUD traded higher against USD and closed at 0.6777.
FED Chair Speech affects USD depending on the speech rhetoric. If the speech is seen as an intention to raise the rates at the next FOMC meeting, this has a positive impact on USD and vice versa.
The FED Chair's statements have the greatest impact on the market compared to other members of the FED Board of Governors.
Reserve Bank of Australia (RBA) Governor Speech may contain information about the expected change in the bank's interest rates or in the monetary policy.
The Aussie dollar, a G-7 proxy for China, is not impressed by reports of US-China trade talks gaining momentum. AUD/USD failed to take out key average hurdle despite renewed trade optimism. RBA's Debelle said slower wage growth is a new norm in Australia.
According to the Analysis, pair is expected to find support at 0.6769 and a fall through could take it to the next support level of 0.6761. The pair is expected to find its first resistance at 0.6793 and a rise through could take it to the next resistance level of 0.6801.
NZD USD
NZD traded higher against USD and closed at 0.6416.
Retail Sales m/m reflects a change in New Zealand's retail sales in the reported month compared to the previous one. The calculation is adjusted for inflation. The index is often referred to as the consumer spending indicator, which allows assessing inflation in New Zealand. The indicator growth can have a positive effect on NZD quotes.
Consumer Confidence Index displays the level of consumer confidence in the stability of the country's economy. It is based on the data from the monthly survey of more than 5000 households and is designed to evaluate the relative financial status, purchasing power and confidence of an average consumer. The survey consists of five questions, two of which are associated with the current economic conditions, while three deal with expectations. Since 60% of the survey has to do with expectations, the indicator is considered to be a leading market indicator. The indicator growth assumes an increase in consumer spending.
• NZD/USD is facing pullback risks after multiple failures at the 100-day MA hurdle. • A close above the key average will likely invite stronger buying pressures.
According to the Analysis, pair is expected to find support at 0.6400 and a fall through could take it to the next support level of 0.6392. The pair is expected to find its first resistance at 0.6426, and a rise through could take it to the next resistance level of 0.6434.
For More information about the release time of news and its impact visit Economic Calendar Page!
Technical Overview of EUR/USD and GBP/USD Currency Pair
EUR USD
EUR traded higher against USD and closed at 1.1128.
• EUR/USD stalls its strong intraday rally near 1.1200 round-figure mark. • Acceptance above 200-DMA support prospects for additional gains.
The EUR/USD pair maintained its strong bid tone through the early European session on Friday, albeit has retreated around 20-25 pips from the 1.1200 handle, or four-month tops.
Extremely overbought conditions on hourly charts seemed to be the only factor that kept a lid on any strong follow-through, rather prompted some profit-taking at higher levels.
According to the Analysis, pair is expected to find support at 1.1125 and a fall through could take it to the next support level of 1.1102. The pair is expected to find its first resistance at 1.1199 and a rise through could take it to the next resistance level of 1.1222
GBP USD
GBP traded higher against USD and closed at 1.3162.
• Trades close to the top of a 1.3162/1.3516 range, after a hectic session • EUR/GBP is at the base of a 0.8278/0.8426 with huge flow for Asia • Bids at 1.3450 provided a base after initial jump - 1.3450 1BLN strikes • Early results support the exit poll prediction of an 86 Boris landslide • EU welcomes a strong UK mandate into upcoming trade talks • Charts show GBP trending higher, but over stretched short term • Stunning Conservative victory will totally change UK politics
According to the Analysis, pair is expected to find support at 1.3170 and a fall through could take it to the next support level of 1.3061. The pair is expected to find its first resistance at 1.3524, and a rise through could take it to the next resistance level of 1.3633.
Important Economic Events of the day
• EUR: EU Leaders Summit • JPY: BoJ Tankan Large Manufacturing Index • USD: Retail Sales m/m • USD: Retail Inventories m/m
For More information about the release time of news and its impact visit Economic Calendar Page!
Technical Overview of EUR/USD and USD/CAD Currency Pair
EUR USD
EUR traded higher against USD and closed at 1.1096.
• EUR/USD is gaining ground on broad-based dollar selling. • The pair is closing on a crucial trendline hurdle at 1.1140. • With gold rising amid trade optimism, a breakout looks likely.
The easing of trade tensions is good news for Germany. The 18-month US-China trade war had pushed the Eurozone's manufacturing powerhouse and biggest economy to the brink of recession.
As a result, the dollar could continue to lose ground in Friday's European session – more so, as the equity market buoyancy is expected to continue with Amazon, the e-commerce giant, reporting record holiday season.
According to the Analysis, pair is expected to find support at 1.1087 and a fall through could take it to the next support level of 1.1080. The pair is expected to find its first resistance at 1.1107 and a rise through could take it to the next resistance level of 1.1114.
USD CAD
USD traded lower against CAD and closed at 1.3121.
• USD/CAD on track for a test below 1.31 the figure on firm commodity complex. • Phase-one trade deal between the US and China is in the making, supporting commodity currencies.
Funds are under pressure as the commodity complex catches a bid on the so-called 'phase-one' trade deal that is scheduled to be signed in January between the US and China.
The trade, ownership and technology practices of Chinese companies for the past two decades will not vanish overnight, nor will optimism of US and Canadian executives return with two signatures.
According to the Analysis, pair is expected to find support at 1.3100 and a fall through could take it to the next support level of 1.3087. The pair is expected to find its first resistance at 1.3144, and a rise through could take it to the next resistance level of 1.3157.
Technical Overview of EUR/USD and GBP / USD Currency Pair
EUR /USD
EUR traded Higher against USD and closed at 1.1175.
EUR/USD is attempting a convincing break above 1.12 amid broad-based US dollar weakness.
The currency pair is currently trading at 1.1196, representing a 0.20% gain on the day, having hit a high of 1.1210 in Asia.
Dollar's bearish trend continued in Asia and looks to have legs, as gold, a hard currency, is reporting a 3% gain on a month-to-date basis in dollar terms and is expected to put on a good show next year. The trend in the gold market is widely used as an indicator to confirm the bullish/bearish price action in the US dollar.
EUR/USD's bullish case looks stronger with the weekly chart reporting an upside break of the trendline connecting September 2018 and June 2019 highs.
According to the Analysis, pair is expected to find support at 1.1196 and a fall through could take it to the next support level of 1.1195. The pair is expected to find its first resistance at 1.1200 and a rise through could take it to the next resistance level of 1.1201.
GBP / USD
GBP traded higher against USD and closed at 1.3076
• GBP/USD remains on the front foot for the fifth consecutive day to the highest since December 19. • The Brexit party leader Nigel Farage’s former adviser Trixy Sanderson signaled the EU’s preparations for a no-deal departure. • The market lost interest in the greenback as phase-one calls rise but US-China political divide remains.
According to the Analysis, pair is expected to find support at 1.3075 and a fall through could take it to the next support level of 1.3068. The pair is expected to find its first resistance at 1.3097, and a rise through could take it to the next resistance level of 1.3104.
Important Economic Events of the Day • USD: Pending Home Sales m/m • USD: Pending Home Sales y/y • USD: Goods Trade Balance More information about the release time of news and its impact visit Economic Calendar Page!
Technical Overview of EUR/USD and GBP / USD Currency Pair EUR /USD
•EUR traded lower against USD and closed at 1.1193
The market is well placed to retest resistance at 1.1197- 1.1240 – namely the 55-week ma, the 2019-2020 down channel and the recent high. This guards the 200-week ma at 1.1360 which continues to represent a critical breakpoint medium term.” “Dips lower are well supported by the 55 and 20-day ma at 1.1095/1.1065 and the 3-month uptrend at 1.1045.” “Failure at the uptrend would target the 1.0981 29th November low.”
According to the Analysis, pair is expected to find support at 1.1167 and a fall through could take it to the next support level of 1.1156 The pair is expected to find its first resistance at 1.1205 and a rise through could take it to the next the resistance level of 1.1216.
GBP / USD
•GBP traded higher against USD and closed at 1.3167
“We look for dips lower to remain well supported by the 55-day ma at 1.2987. The low on the 23rd December was 1.2908 and while above here we will assume an upside bias to retest the December high at 1.3515.”
“The December high at 1.3515 guards the September 2017 high and 38.2% retracement (of the move down from 2014) at 1.3658/68. This guards the more important 1.3918 2007 -2020 downtrend.”
According to the Analysis, pair is expected to find support at 1.2841 and a fall through could take it to the next support level of 1.2604. The pair is expected to find its first resistance at 1.3461, and a rise through could take it to the next resistance level of 1.3607.
Important Economic Events of the Day
•EUR Retail Sales m/m.
• EUR Retail Sales y/y.
•GBP 10-Year Treasury Gilt Auction.
•USD Trade Balance.
More information about the release time of news and its impact visit Economic Calendar Page!
Technical Overview of GBP/USD and EUR/USD Currency Pair
GBP USD
GBP traded higher against USD and closed at 1.3017.
GBP/USD looks to extend the bounce towards 1.3050 ahead of the UK CPI report, as broad-based US dollar weakness and bullish technical set up underpin the sentiment around the spot.
• Flat - closed up 0.2%, as expectations of a Jan BoE cut cooled • Inflation data on today and retail sales Friday will be key for sterling • Despite bounce daily charts are negative, though at low end of recent ranges • Momentum studies, 5, 10 & 21 DMAs head lower and 21 day Bolli bands slip • 1.2900, December low then 1.2887 lower 21 day Bolli band are major support
According to the Analysis, pair is expected to find support at 1.2973 and a fall through could take it to the next support level of 1.2954. The pair is expected to find its first resistance at 1.3033, and a rise through could take it to the next resistance level of 1.3052.
EUR USD
EUR traded higher against USD and closed at 1.1127.
• EUR/USD barely moved in Asia trading in a 1.1126/31 range • Most of the action in regionals as USD moved up on Mnuchin comments\ • Resistance at 10-day MA at 1.1140 with option selling ahead of 1.1150 • Large option maturities 1.1100/50 defining recent range • Break above 1.1150 targets 61.8 fibo of 1.1240/1.1085 at 1.1181 • EZ IP later today, but US-China trade deal likely to be main event
According to the Analysis, pair is expected to find support at 1.1111 and a fall through could take it to the next support level of 1.1101. The pair is expected to find its first resistance at 1.1141 and a rise through could take it to the next resistance level of 1.1151.
Technical Overview of EUR/USD and USD/JPY and Currency Pair
EUR USD
EUR traded higher against USD and closed at 1.1094
• Touch softer - closed up 0.05% after recording a fresh 1.1076 Jan low • UK to set out goals for EU trade talks - PM Johnson's spokesman • Charts show momentum studies, 5, 10 & 21 DMAs edging lower - negative setup • 1.1080/85, 61.8% of the Nov-Dec bounce and Jan double bottom held on close • Sustained 1.1075 breaks a bearish signal, next stop 1.1042 76.4% Nov-Dec rise • 1.1113, 38.2% of the January dip and 5 DMA is initial resistance • 1.1100 350M, 1.1125 230M, and 1.1140-50 1.5BLN strikes cap
According to the Analysis, pair is expected to find support at 1.1082 and a fall through could take it to the next support level of 1.1076. The pair is expected to find its first resistance at 1.1102 and a rise through could take it to the next resistance level of 1.1108
USD JPY
USD traded lower against JPY and closed at 110.18.
USD/JPY extends losses while taking rounds to 110.00 during early Tuesday. The pair shrugged off the BOJ’s widely anticipated monetary policy decision as risk aversion seems to be in the play.
• USD/JPY extends the recent losses despite BOJ holding its monetary policy intact while keeping forward guidance on interest rates intact. • News of coronavirus outbreak recently triggered risk-off; trade-positive news from the Chinese Commerce Ministry failed to please buyers. • Geopolitical plays in the Middle East, trade headlines will welcome the US traders returning from the extended weekend.
According to the Analysis, pair is expected to find support at 110.13 and a fall through could take it to the next support level of 110.10. The pair is expected to find its first resistance at 110.21 and a rise through could take it to the next resistance level of 110.24
Technical Overview of AUD/USD and USD/JPY Currency Pair AUD/USD • AUD traded Higher against USD and closed at 0.6686
AUD/USD sustains the bounce above 0.6700 amid mixed Australian NAB Business Survey and Home Loan data. The spot draws support from a risk-on rally in the Asian stocks, as coronavirus fears take a back seat. • AUD/USD is reporting marginal gains despite below-forecast NAB data. • The 14-day RSI is reporting a bullish divergence. • Australia's Home Loan data bettered estimates by a big margin. • That alongside the uptick in the equities could help the Aussie eke out notable bounce. • • According to the Analysis, pair is expected to find support at 0.6673 and a fall through could take it to the next support level of 0.6663. The pair is expected to find its first resistance at 0.6703 and a rise through could take it to the next resistance level of 0.6713. USD/JPY USD traded higher against JPY and closed at 109.74 • USD/JPY holds onto recovery gains from 21-day SMA. • A sustained break of monthly high will divert the bulls towards the yearly top. • 200-day SMA acts as key support. USD/JPY registers 0.10% gains while rising to 109.85 by the press time of the pre-European session on Tuesday. In doing so, the quote justifies the bullish candlestick formation portrayed the previous day. As a result, prices are now gearing up to the monthly top surrounding 110.05, a break of which will escalate the latest recovery towards January 17 high near 110.30.
According to the Analysis, pair is expected to find support at 109.65 and a fall through could take it to the next support level of 109.58. The pair is expected to find its first resistance at 109.85, and a rise through could take it to the next resistance level of 109.92.
Important Economic Events of the Day • GBP Manufacturing Production m/m • GBP GDP q/q • GBP GDP m/m • GBP GDP 3m/3m
More information about the release time of news and its impact visit Economic Calendar Page!
Technical Overview of EUR/USD and GBP/USD Currency Pair EUR/USD • EUR traded Higher against USD and closed at 1.0791
EUR/USD closed out Tuesday below 1.07 to print the weakest daily close since April 2017. More importantly, the single currency formed a bearish marubozu candle, implying a continuation of the downtrend.
A red marubozu, the one with a large body and little or no shadows, occurs when sellers control the price throughout the day, and is considered very bearish.
The back-to-back big red marubozu candles seen on the weekly chart are also painting a bearish picture.
According to the Analysis, pair is expected to find support at 1.0786 and a fall through could take it to the next support level of 1.0774 The pair is expected to find its first resistance at 1.0826 and a rise through could take it to the next resistance level of 1.0838.
GBP/USD • GBP traded higher against USD and closed at 1.2998
• GBP/USD fails to register noticeable moves following a Tuesday’s Doji candlestick. • Short-term moves are confined between 50 and 100-day SMA, 61.8% Fibonacci retracement offers immediate resistance. • The monthly bottom can please sellers below 100-day SMA. GBP/USD remains a little changed below 1.3000 during early Wednesday. The cable posted a trend reversal Doji candlestick formation the previous day. Though, 50-day and 100-day SMA continue to restrict near-term moves.
While the recent Doji favors the pair’s pullback, 61.8% Fibonacci retracement of its November-December 2019 upside, at 1.3055, could lure the buyers ahead of making them confront 50-day SMA level of 1.3067.
According to the Analysis, pair is expected to find support at 1.2976 and a fall through could take it to the next support level of 1.2958. The pair is expected to find its first resistance at 1.3036 and a rise through could take it to the next resistance level of 1.3054
Important Economic Events of the Day
• USD Building Permits • USD Housing Starts m/m • USD PPI m/m • USD FOMC Member Kashkari Speech More information about the release time of news and its impact visit Economic Calendar Page!
Technical Overview of USD/JPY and AUD/USD Currency Pair USD JPY USD traded lower against JPY and closed at 110.42
USD/JPY stalls its bounce near 110.40 regions and meets fresh supply over the last hour, as the risk-off sentiment intensifies amid rising coronavirus risks and knocks-off the US 10-year Treasury yields to a new record low just above the 1.30% level. • USD/JPY printed a bullish inside day candlestick pattern on Wednesday. • The pair could find bids and challenge resistance at 110.70-111.00. • USD/JPY: Bulls and bears jostle below 111.00 amid coronavirus fears • USD/JPY fails to hold onto the previous day’s recovery gains. • Traders smell fears in the US President Donald Trump’s measured comments. • Coronavirus updates keep the risk-tone under pressure; US data will decorate the economic calendar. • USD/JPY drops back towards 110.00 as US 10-year Treasury yields hit record lows
According to the Analysis, pair is expected to find support at 110.18 and a fall through could take it to the next support level of 110.05. The pair is expected to find its first resistance at 110.62, and a rise through could take it to the next resistance level of 110.75.
AUD USD AUD traded higher against USD and closed at 0.6543.
AUD/USD extends the bounce above 0.6550 after Australia's Q4 Capex data release. The headline number missed forecasts; however, estimates for 2020/21 bettered expectations. The risk-off tone in the markets could cap the further upside in the spot.
• AUD/USD looks oversold as per the daily chart RSI. • The 4-hour chart RSI is reporting a bullish divergence. • The broader trend remains bearish with the pair stuck in a falling channel. • AUD/USD may witness a corrective bounce as technical charts are signaling seller exhaustion.
The 4-hour chart RSI has charted higher lows, contradicting lower lows on price. That bullish divergence indicates the bearish momentum has ebbed. The inverted hammer seen on the 4-hour chart is also echoing similar sentiments. According to the Analysis, pair is expected to find support at 0.6540 and a fall through could take it to the next support level of 0.6524. The pair is expected to find its first resistance at 0.6590 and a rise through could take it to the next resistance level of 0.6606.
More information about the release time of news and its impact visit Economic Calendar Page
Technical Overview of EUR/USD, and AUD/USD Currency Pairs!!
The EUR/USD pair was at the edge with the above level at 1.1450 with the year to date high at the level 1.1492. Moreover, the pair will be rose up to a higher level at 1.1467 that will be dropped sharply to level 1.1400 before going to snapping back again. If we talk about the Today the pair will still at the higher for the EUR. It could reach level 1.1492. On the downside, the pair will be a breach at the minor level with the minor support of 1.1425 that will build up the momentum.
The declining upward pressure got a lift, though a minor one as EUR rose to a high at the level 1.1467 yesterday (20 Jul) before settling marginally higher at 1.1444 (+0.16%). From here, the possibility for a break of 1.1492 has expanded however taking into account the still 'provisional' force, it is left to be checked whether EUR can extend out its benefit to 1.1540. In general, the uplifting standpoint for EUR is regarded as flawless except if there is an entrance of 1.1375.
The Pair were previously closed at level 1.1444. The support and resistance level for the pair will be 1.1398 and 1.1444.
AUD/USD AUD/USD rises to 0.7033, up 0.20% on a day, during the early Tuesday. The pair as of late profited by peppy RBA minutes while moving the earlier day's positive thinking. Dealers currently expect remarks from the RBA Governor Philip Lowe for a supported course.
Minutes of the most recent RBA financial approach stated, "Individuals concurred that there was no compelling reason to modify the bundle of measures in Australia in the current condition." This opposes the prior expectations that the policymakers are stresses over the second introduction of the coronavirus (COVID-19).
The Pair were previously closed at level 0.7013. The support and resistance level for the pair will be 0.7008 and 0.7024.
The AUD/USD pair will be traded at the level 0.7215 and go down from China released July month trade data at the Early Friday.
The Aussie pair has as of late been beaten somewhere in the range of 0.7210 and 0.7220 after its U-turn an 18-month top in the midst of the underlying Asian meeting.
China's July month Trade Balance crossed conjecture and earlier while blazing 442.23 B figures on a Chinese Yuan basis. Subtleties recommend that the Exports flood from 2.3% expected and 4.3% past directions to 10.4% yet Imports switched - 0.7% market understanding with 1.6% figures.
Except if breaking a rising pattern line from May 22, combined with 21-day EMA, close to 0.7110-0.7100, the bears are less inclined to take controls. Therefore, bulls focusing on the year 2019 top close to 0.7300 should stay confident.
The AUD/USD was previously close at the level of 0.7233. The Support and Resistance level of the pair will be 0.7184 and 0.7213.
EUR/USD
The EUR/USD pair has attacked multiple times over the most recent five days to close above at the level 1.19.
On Thursday, the currency pair timed a high of 1.1916 yet located at 1.1876. Comparable value activity was seen on Wednesday and last Friday.
The repeated removal above 1.19 approves the overbought on the 14-day relative quality record and recommends the ebbing of bullish energy. A comparative message is being resounded by Thursday's turning top flame the one with long wicks and a little body.
The pair will be situated at 1.1696 (Aug. 3 low), which whenever understood, would doubt a higher lows arrangement on the day by day outline and yield a decrease to 1.1422 (June 10 high).
The EUR/USD was previously close at the level of 1.1875. The Support and Resistance level of the pair will be 1.1804 and 1.1843.
AUD/USD Price Falls Back to Level at 0.70 to Biased Bearish
The AUD/USD seems to the sessions low to the early trading session hours that faced the rejection to the level by 0.7025 to the release china Manufacturing PMI.
The AUD/USD pair daily chart indicators suggested the risk to the downside. If you identify the trend changes and trend strength that producing the deeper to bar below the zero lines. Its daily chart shows the lower highs and the lower setup that seems on the daily chart that indicates the bearish control to the deeper support levels 0.6921 and the 0.68 to the 200 day Simple Moving Average. The AUD/USD pair was previously close at the level of 0.726.
The daily chart of the GBP/USD pair will be crossed below zero and indicating a bullish trend to change. The 5 and the 10-day simple moving average is trending to the bearish setup.
The GBP/USD pair relative strength index seems below the level by 50 to the negative reading.
The GBP/USD risks are falling to the 100-day to the simple moving average that located to the level by 1.2876. According to the press time the pair is trading at the level 1.2930 that representing the gain to the day with the trendline that rising to the lows last week. The pair were previously closed at level 1.2941.
EUR/USD Pair Breaks the Monthly to Direct Risk Bears at Level 1.1800
EUR/USD pair was consolidated near at the day low currently down at the level 0.13% on the day to 1.1840 on this early Thursday. The pair will be traced to the break on the upward to the sloping trend line.
The RSI condition of the pair will be clear the break to the previous support line and the EUR/USD is the eye at the level by 1.1788 during the further declines.
For a situation where the danger off encourages the US dollar to invert the month to month misfortunes, the mid-October low close to 1.1690 and the month to month base encompassing 1.1600 could pick up the market's consideration.
On the other hand, a potential gain break of the help transformed into-opposition, at 1.1883 now, will be examined by the 1.1900 round-figure.
It should likewise be noticed that the even territory around 1.1920-25, involving highs set apart on September 10 thus far in November, turns into a difficult one to figure out for the EUR/USD buyers past-1.1900.
S&P 500 Price Seems the Bulls to Steam Below Time Highs
The S&P 500 Index is attempting to persuade on the potential gain as it runs out of force. Coming up next is a top-down examination of potential liquidity zones on the drawback should the market move into appropriation.
The week after week graph shows that the neck area of the W-development meets the 38.2% Fibonacci retracement of the week by week bullish motivation leg.
The four-hour chart shows that there is a conversion of a half mean inversion and earlier obstruction structure that would be relied upon to go about as help, in the region of the 21-hour moving normally.
While exchanging is responsive, not cautious, it does no wrong in having some foreknowledge and being ready for expected value activity.
In the accompanying investigation, the hourly conditions are less bullish with the value now underneath the 21-hour moving normal and testing the main layer of basic help.
A tear here will open possibilities for the drawback focusing on a tear of Tuesday's low to open a race to Friday's old record closing highs.
Comments
AUD USD
AUD traded lower against USD and closed at 0.6756.
• AUD/USD remains upbeat as the RBA renounce from the policy change.
• The central bank stepped back from suggesting further rate cuts.
• Trade/political news will be followed for fresh impulse.
According to the report of The Reserve Bank of Australia (RBA), there will be no change in the monetary policy, offers a 1.0% interest rate. The central bank avoid from supporting further rate cuts while leaving the door open based on future growth conditions. Earlier during the day, upbeat trade balance data for June also pleased Aussie buyers.
According to the Analysis, pair is expected to find support at 0.678 and a fall through could take it to the next support level of 0.677. The pair is expected to find its first resistance at 0.6797 and a rise through could take it to the next resistance level of 0.6803.
GBP USD
GBP traded higher against USD and closed at 1.2143.
• GBP/USD stays on defensive 100 hour exponential moving average.
• 4-day old support-line seems immediate rest ahead of 1.2080.
According to the Analysis, pair is expected to find support at 1.2101 and a fall through could take it to the next support level of 1.2057. The pair is expected to find its first resistance at 1.2189, and a rise through could take it to the next resistance level of 1.2233.
USD JPY
USD traded higher against JPY and closed at 105.9500.
The Gross Domestic Product released by the Cabinet Office shows the monetary value of all the goods, services and structures produced in Japan within a given period of time. GDP is a gross measure of market activity because it indicates the pace at which the Japanese economy is growing or decreasing. A high reading or a better than expected number is seen as positive for the JPY, while a low reading is negative.
Previous reading for Gross Domestic Product was 0.6%.
Expected GDP is 0.1%.
According to the Analysis, pair is expected to find support at 106.43 and a fall through could take it to the next support level of 106.17. The pair is expected to find its first resistance at 107.02, and a rise through could take it to the next resistance level of 107.36.
NZD USD
NZD traded lower against USD and closed at 0.6446.
• Lower than expected USD/CNY fix and comments from RBNZ calming markets.
• RBNZ asst Governor Hawkes by is confident inflation will rise after 50 BP cut.
• Hawkes by said unconventional tools an option only if inflation tanks.
• NZD/USD resistance at former support at 0.6480/90 where sellers are tipped.
The Gross Domestic Product released by the Cabinet Office shows the monetary value of all the goods, services and structures produced in Japan within a given period of time. GDP is a gross measure of market activity because it indicates the pace at which the Japanese economy is growing or decreasing. A high reading or a better than expected number is seen as positive for the JPY, while a low reading is negative. According To consensus GDP rate is expected to be lower than previous rate.
According to the Analysis, pair is expected to find support at 0.6455 and a fall through could take it to the next support level of 0.6452. The pair is expected to find its first resistance at 0.6461 and a rise through could take it to the next resistance level of 0.6463.
EUR USD
EUR traded higher against USD and closed at 1.1199.
Danske Research discusses EUR/USD outlook and expects a dip back towards 1.10 in EUR/USD on 1-3M on yet another Fed disappointment in September.
According to the Analysis, pair is expected to find support at 1.1211 and a fall through could take it to the next support level of 1.1209. The pair is expected to find its first resistance at 1.1214, and a rise through could take it to the next resistance level of 1.1216.
USD CNY
USD traded lower against CNY and closed at 7.0602.
USD/CNY fix at 7.0039, which was below market estimates.
The Consumer Price Index is released by the National Bureau of Statistics of China. It is a measure of retail price variations within a representative basket of goods and services. The result is a comprehensive summary of the results extracted from the urban consumer price index and rural consumer price index. The purchase power of the CNY is dragged down by inflation. The CPI is a key indicator to measure inflation and changes in purchasing trends. A substantial consumer price index increase would indicate that inflation has become a destabilizing factor in the economy, potentially prompting The People’s Bank of China to tighten monetary policy and fiscal policy risk. Generally speaking, a high reading is seen as positive (or bullish) for the CNY, while a low reading is seen as negative (or Bearish) for the CNY.
According to the Analysis, pair is expected to find support at 7.0359 and a fall through could take it to the next support level of 7.0116. The pair is expected to find its first resistance at 7.0749, and a rise through could take it to the next resistance level of 7.0896.
AUD USD
AUD traded lower against USD and closed at 0.6802.
• RBA quarterly SOMP just released is in line with dovish market assumptions
• RBA notes the downside risks posed by US-China trade war escalation
• AUD/USD off early high (0.6822), but still holding above 0.6800
The RBA Monetary Policy Statement released by the Reserve bank of Australia reviews economic and financial conditions, determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth. It is considered as a clear guide to the future RBA interest rate policy. Any changes in this report affect the AUD volatility. If the RBA statement shows a hawkish outlook, that is seen as positive (or bullish) for the AUD, while a dovish outlook is seen as negative (or bearish).
According to the Analysis, pair is expected to find support at 0.6713 and a fall through could take it to the next support level of 0.6666. The pair is expected to find its first resistance at 0.6789 and a rise through could take it to the next resistance level of 0.6818.
GBP USD
GBP traded higher against USD and closed at 1.2133.
The Gross Domestic Product released by the National Statistics is a measure of the total value of all goods and services produced by the UK. The GDP is considered as a broad measure of the UK economic activity. Generally speaking, a rising trend has a positive effect on the GBP, while a falling trend is seen as negative (or bearish).
According to the Analysis, pair is expected to find support at 1.2113 and a fall through could take it to the next support level of 1.2082. The pair is expected to find its first resistance at 1.2182, and a rise through could take it to the next resistance level of 1.2221.
USD CAD
USD traded lower against CAD and closed at 1.3227.
The employment Change released by the Statistics Canada is a measure of the change in the number of employed people in Canada. Generally speaking, a rise in this indicator has positive implications for consumer spending which stimulates economic growth. Therefore, a high reading is seen as positive, or bullish for the CAD, while a low reading is seen as negative or bearish.
The Unemployment Rate released by the Statistics Canada is the number of unemployed workers divided by the total civilian labor force. It is a leading indicator for the Canadian Economy. If the rate is up, it indicates a lack of expansion within the Canadian labor market. As a result, a rise leads to weaken the Canadian economy. Normally, a decrease of the figure is seen as positive (or bullish) for the CAD, while an increase is seen as negative or bearish.
According to the Analysis, pair is expected to find support at 1.3279 and a fall through could take it to the next support level of 1.3251. The pair is expected to find its first resistance at 1.334, and a rise through could take it to the next resistance level of 1.3373.
USD JPY
USD traded lower against JPY and closed at 105.6900.
• USD/JPY: Bears staying in control in the Asian session.
• USD/JPY4-hour chart: The pair is also at risk of extending its decline,
USD/JPY has lost some ground as the yen takes up another bid while geopolitics keep the yen bulls in business ahead of a key week on the US calendar.
According to the Analysis, pair is expected to find support at 105.3 and a fall through could take it to the next support level of 104.92. The pair is expected to find its first resistance at 106.04 and a rise through could take it to the next resistance level of 106.39.
NZD USD
NZD traded lower against USD and closed at 0.6468.
• NZD/USD jumps 20 pips on comments by New Zealand's Treasury that QE is less appealing.
• Treasury feels RBNZ could cut rates to the negative territory if required.
NZD/USD is recovering lost ground on comments by New Zealand's Treasury that asset purchases or quantitative easing (QE) are a less appealing tool of monetary easing.
According to the Analysis, pair is expected to find support at 0.6402 and a fall through could take it to the next support level of 0.6359. The pair is expected to find its first resistance at 0.6478, and a rise through could take it to the next resistance level of 0.6512.
USD CHF
USD traded lower against CHF and closed at 0.9727.
• USD/CHF's 4-hour and daily charts are showing signs of seller exhaustion.
• The pair could rise to the 10-day moving average resistance during the day ahead.
USD/CHF could see a corrective bounce to the 10-day moving average (MA) of 1.0938 during the day ahead as technical charts are flashing early signs of a bearish-to-bullish trend change.
According to the Analysis, pair is expected to find support at 0.9703 and a fall through could take it to the next support level of 0.9680. The pair is expected to find its first resistance at 0.9755, and a rise through could take it to the next resistance level of 0.9784.
EUR USD
EUR traded higher against USD and closed at 1.1169.
• EUR/USD aims to revisit 4H 100MA after taking another U-turn from near-term resistance-line.
• While 1.1283/87 can please buyers during upside break, 23.6% Fibonacci retracement can lure during post-1.1158 declines.
The Gross Domestic Product released by the Statistisches Bundesamt Deutschland is a measure of the total value of all goods and services produced by Germany. The GDP is considered as a broad measure of the German economic activity and health. A high reading or a better than expected number has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).
The Gross Domestic Product released by the Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered as a broad measure of the Eurozone economic activity and health. Usually, a rising trend has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).
The Gross Domestic Product released by the Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered as a broad measure of the Eurozone economic activity and health. Usually, a rising trend has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).
According to the Analysis, pair is expected to find support at 1.1170 and a fall through could take it to the next support level of 1.1156. The pair is expected to find its first resistance at 1.1214 and a rise through could take it to the next resistance level of 1.1228.
GBP USD
GBP traded lower against USD and closed at 1.2058.
• GBP/USD remains on a back foot amid recent UK political news.
• Rebel MPs readying for early-September action.
• UK CPI, trade/political news in the spotlight.
The Consumer Price Index released by the National Statistics is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. The purchase power of GBP is dragged down by inflation. The CPI is a key indicator to measure inflation and changes in purchasing trends. Generally, a high reading is seen as positive (or bullish) for the GBP, while a low reading is seen as negative (or Bearish).
According to the Analysis, pair is expected to find support at 1.2046 and a fall through could take it to the next support level of 1.2033. The pair is expected to find its first resistance at 1.2090, and a rise through could take it to the next resistance level of 1.2103.
AUD USD
AUD traded lower against USD and closed at 0.6800.
• AUD/USD drops to the intra-day low after China’s July month Retail Sales and Industrial Production lagged behind market consensus and prior.
• Cautious trading and a lack of fresh clues confined the pair’s moves during the early morning.
• The US-China trade news, speech from RBA’s Debelle will provide fresh impulse.
The Employment Change released by the Australian Bureau of Statistics is a measure of the change in the number of employed people in Australia. Generally speaking, a rise in this indicator has positive implications for consumer spending which stimulates economic growth. Therefore, a high reading is seen as positive (or bullish) for the AUD, while a low reading is seen as negative (or bearish).
The Unemployment Rate release by the Australian Bureau of Statistics is the number of unemployed workers divided by the total civilian labor force. If the rate hikes, indicates a lack of expansion within the Australian labor market. As a result, a rise leads to weaken the Australian economy. A decrease of the figure is seen as positive (or bullish) for the AUD, while an increase is seen as negative (or bearish).
According to the Analysis, pair is expected to find support at 0.6760 and a fall through could take it to the next support level of 0.6743. The pair is expected to find its first resistance at 0.6814, and a rise through could take it to the next resistance level of 0.6831.
AUD USD
AUD traded higher against USD and closed at 0.6747.
• AUD/USD maintaining bid tone as markets send mixed signals regarding risk.
• US yields hitting historic lows in Asia with 30-year yield below 2.0%.
• Bond market is pricing in strong chance of recession nL4N25B0GG.
• Despite moves in US Treasuries. S&P futures up over 0.40%.
• AUD/USD steady around 0.6775 - up 0.41% after better than expected Aus jobsnAZN0QH300.
• Unless bond market wrong, AUD/USD should struggle on global growth concerns.
• AUD/USD resistance at 0.6820/35 where daily highs converge with 38.2 fibo.
According to the Analysis, pair is expected to find support at 0.6738 and a fall through could take it to the next support level of 0.6721. The pair is expected to find its first resistance at 0.6794 and a rise through could take it to the next resistance level of 0.6811.
USD JPY
USD traded lower against JPY and closed at 105.89.
Retail Sales m/m reflect a change in the US retail sails in the reported month compared to the previous one. The indicator is calculated based on statistics received from 5,000 retail stores of different types and sizes, and the data are then extrapolated to the whole country.
The indicator is used for estimating inflation. Its growth may have a positive effect on dollar quotes.
According to the Analysis, pair is expected to find support at 105.70 and a fall through could take it to the next support level of 105.48. The pair is expected to find its first resistance at 106.44, and a rise through could take it to the next resistance level of 106.66.
USD CHF
USD traded higher against CHF and closed at 0.9732.
According to the Analysis, pair is expected to find support at 0.9712 and a fall through could take it to the next support level of 0.9697. The pair is expected to find its first resistance at 0.9762, and a rise through could take it to the next resistance level of 0.9777.
According to Citi Research report "With risk sentiment continuing to deteriorate by the week, investors may look to extend risk aversion trades into 2020 as:
(1) Worsening US – China trade tensions risk a disinflationary impulse from CNY heading towards 7.25 - 50;
(2) Possible risk of USD intervention by the US;
(3) Rising odds of a “No Deal” Brexit;
(4) Re-emergence of Italy political risk;
(5) Slowing global growth leading to central bank policy responses and a “race to the bottom” in rates sparking a currency war;
(6) Potential damage to US – Japan/ Europe trade relations should Trump impose tariffs on auto imports;
(7) 2020 - US presidential election year leaves scope for a more aggressive Trump;
(8) Tensions in HK, Iran, North Korea, now Argentina and India – Pakistan,"
USD CAD
USD traded lower against CAD and closed at 1.3323.
Consumer Price Index Core is released by the Bank of Canada. “Core” CPI excludes fruits, vegetables, gasoline, fuel oil, natural gas, mortgage interest, intercity transportation, and tobacco products. These volatile core 8 are considered as the key indicator for inflation in Canada. Generally speaking, a high reading anticipates a hawkish attitude by the BoC, and that is said to be positive (or bullish) for the CAD.
According to the Analysis, pair is expected to find support at 1.3270 and a fall through could take it to the next support level of 1.3250. The pair is expected to find its first resistance at 1.3304 and a rise through could take it to the next resistance level of 1.3338.
USD JPY
USD traded lower against JPY and closed at 106.62.
FOMC stands for The Federal Open Market Committee that organizes 8 meetings in a year and reviews economic and financial conditions, determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth. FOMC Minutes are released by the Board of Governors of the Federal Reserve and are a clear guide to the future US interest rate policy.
According to the Analysis, pair is expected to find support at 106.36 and a fall through could take it to the next support level of 106.25. The pair is expected to find its first resistance at 106.70, and a rise through could take it to the next resistance level of 106.81.
EUR USD
EUR traded higher against USD and closed at 1.1087.
According to the Analysis, pair is expected to find support at 1.1075 and a fall through could take it to the next support level of 1.1066. The pair is expected to find its first resistance at 1.1105, and a rise through could take it to the next resistance level of 1.1114.
GBP USD
GBP traded lower against USD and closed at 1.2130.
GBP/USD seesaws inside a choppy range between 10 and 21-DMA.
MACD flashes bullish signal.
The Jackson Hole Economic Policy Symposium is an annual symposium sponsored by the Federal Reserve Bank of Kansas City since 1978, and held in Jackson Hole, Wyoming, since 1981. It is a forum for central bankers, policy experts and academics to come together to focus on a topic.
According to the Analysis, pair is expected to find support at 1.2108 and a fall through could take it to the next support level of 1.2086. The pair is expected to find its first resistance at 1.2156 and a rise through could take it to the next resistance level of 1.2181.
NZD USD
NZD traded lower against USD and closed at 0.6404.
Retail Sales m/m reflect a change in New Zealand's retail sales in the reported month compared to the previous one. The calculation is adjusted for inflation. The index is often referred to as the consumer spending indicator, which allows assessing inflation in New Zealand. The indicator growth can have a positive effect on NZD quotes.
Jerome H. Powell took office as a member of the Board of Governors of the Federal Reserve System on May 25, 2012, to fill an unexpired term. On November 2, 2017, President Donald Trump nominated Powell to serve as the next Chairman of the Federal Reserve. Powell assumed office as Chair on February 5, 2018.
According to the Analysis, pair is expected to find support at 0.6393 and a fall through could take it to the next support level of 0.6381. The pair is expected to find its first resistance at 0.6418, and a rise through could take it to the next resistance level of 0.6431.
USD CHF
USD traded higher against CHF and closed at 0.9819.
The number of New Home Sales released by the US Census Bureau is an important measure of housing market conditions. House buyers spend money on furnishing and financing their homes so as a result the demand for goods, services and the employees is stimulated. Generally, a high reading is seen as bullish for the USD, whereas a low reading is seen as bearish.
According to the Analysis, pair is expected to find support at 0.9790 and a fall through could take it to the next support level of 0.9868. The pair is expected to find its first resistance at 0.9848, and a rise through could take it to the next resistance level of 0.9868.
EUR USD
EUR traded lower against USD and closed at 1.1102.
EUR/USD failed to confirm a bullish reversal with a close above 1.1153 on Monday.
German GDP is expected to have contracted by 0.1% in the second quarter.
HICP is an index of consumer prices calculated and published by Destatis, the Statistical Office of the European Union, on the basis of a statistical methodology that has been harmonized across all EU member states. HICP is a measure of prices used by Governing Council of EU to define and assess price stability in the euro area as a whole in quantitative terms.
According to the Analysis, pair is expected to find support at 1.1079 and a fall through could take it to the next support level of 1.1057. The pair is expected to find its first resistance at 1.1138 and a rise through could take it to the next resistance level of 1.1175.
USD CAD
USD traded lower against CAD and closed at 1.3254.
The Gross Domestic Product Annualized released by the US Bureau of Economic Analysis shows the monetary value of all the goods, services and structures produced within a country in a given period of time. GDP Annualized is a gross measure of market activity because it indicates the pace at which a country's economy is growing or decreasing. Generally speaking, a high reading or a better than expected number is seen as positive for the USD, while a low reading is negative.
According to the Analysis, pair is expected to find support at 1.3229 and a fall through could take it to the next support level of 1.3203. The pair is expected to find its first resistance at 1.3298, and a rise through could take it to the next resistance level of 1.3342.
AUD USD
AUD traded higher against CAD and closed at 0.6775.
The Aussie ignored upbeat Chinese data and risk-on trades on the Asian stocks. Focus remains on trade and US data.
According to the Analysis, pair is expected to find support at 0.6732 and a fall through could take it to the next support level of 0.6713. The pair is expected to find its first resistance at 0.6774, and a rise through could take it to the next resistance level of 0.6797.
NZD USD
NZD traded lower against USD and closed at 0.6362.
NZD/USD's daily chart indicators are reporting early signs of a bullish reversal.
Trend reversal would be confirmed above Monday's high.
According to the Analysis, pair is expected to find support at 0.6351 and a fall through could take it to the next support level of 0.6340. The pair is expected to find its first resistance at 0.6379 and a rise through could take it to the next resistance level of 0.6369.
USD CHF
USD traded higher against CHF and closed at 0.9815.
USD/CHF again confronts 50-DMA while seeking a downward resistance-line since August 01.
23.6% of Fibonacci retracement can offer immediate support.
Swiss ZEW Survey – Expectations in the spotlight.
According to the Analysis, pair is expected to find support at 0.9780 and a fall through could take it to the next support level of 0.9747. The pair is expected to find its first resistance at 0.9841, and a rise through could take it to the next resistance level of 0.9869.
EUR CNY
EUR traded higher against CNY and closed at 7.9029.
The core Consumer Price Index released by Eurostat is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services excluding the volatile components like food, energy, alcohol and tobacco. The core CPI is a key indicator to measure inflation and changes in purchasing trends. Generally, a high reading is seen as positive or bullish for the EUR, while a low reading is seen as negative.
The Euro Zone CPI released by the Eurostat captures the changes in the price of goods and services. The CPI is a significant way to measure changes in purchasing trends and inflation in the Euro Zone. Generally, a high reading anticipates a hawkish attitude which will be positive (or bullish) for the EUR, while a low reading is seen as negative (or bearish).
The Caixin China Manufacturing PMI™, released by Market Economics, is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private manufacturing sector companies.
According to the Analysis, pair is expected to find support at 7.881 and a fall through could take it to the next support level of 7.860. The pair is expected to find its first resistance at 7.934 and a rise through could take it to the next resistance level of 7.967.
USD JPY
USD traded lower against JPY and closed at 106.5200.
Retail Sales m/m show the total volume of retail sales of goods and services in the past month compared with the previous one. This is a highly volatile indicator, it is seasonally adjusted.
The index allows evaluating consumer spending which is an important indicator of the national inflation.
The indicator growth can have a positive effect on yen quotes.
According to the Analysis, pair is expected to find support at 105.55 and a fall through could take it to the next support level of 105.33. The pair is expected to find its first resistance at 106.03, and a rise through could take it to the next resistance level of 106.29.
USD CAD
USD traded higher against CAD and closed at 1.3287.
The Gross Domestic Product released by the Statistics Canada is a measure of the total value of all goods and services produced by Canada. The GDP is considered as a broad measure of Canadian economic activity and health. A rising trend has a positive effect on the CAD, while a falling trend is seen as negative (or bearish) for the CAD.
According to the Analysis, pair is expected to find support at 1.3239 and a fall through could take it to the next support level of 1.3194. The pair is expected to find its first resistance at 1.3315, and a rise through could take it to the next resistance level of 1.3346.
GBP USD
GBP traded lower against USD and closed at 1.2281.
The UK Parliament will decide whether the UK PM Johnson's Brexit Plan is valid or not. In the case the Parliament don't approve it, chances of a hard Brexit will increase exponentially.
• GBP/USD deflected by Ichimoku Cloud as pointed out
• Chart blockade has impeded rally, but bullish bias not gone
• Bulls need to clear Cloud top 1.2432 to force short-covering
• Daily Bollinger uptrend channel in play if 1.2269 floor holds
• But Mon closing below that mark could skew back toward 1.2100
• Entrance of downtrend channl awaits as Brexit uncertainty builds
According to the Analysis, pair is expected to find support at 1.2266 and a fall through could take it to the next support level of 1.2255. The pair is expected to find its first resistance at 1.2300 and a rise through could take it to the next resistance level of 1.2311.
AUD USD
AUD traded higher against USD and closed at 0.6846.
AUD/USD trades firmer near-daily highs above the 0.6850 level after the Australian Home Loans data showed a solid surge in July. The spot also finds support from China's RRR cut despite disappointing Chinese trade figures.
According to the Analysis, pair is expected to find support at 0.6839 and a fall through could take it to the next support level of 0.6836. The pair is expected to find its first resistance at 0.6851, and a rise through could take it to the next resistance level of 0.6854.
USD JPY
USD traded lower against JPY and closed at 106.90.
USD/JPY is trading little changed below 107.00 so far this Monday amid Japanese GDP data and improved risk tones. Risk remains skewed to the upside, as the pair is developing above all of its moving averages.
According to the Analysis, pair is expected to find support at 106.83 and a fall through could take it to the next support level of 106.79. The pair is expected to find its first resistance at 106.97, and a rise through could take it to the next resistance level of 107.01.
EUR USD
EUR traded higher against USD and closed at 1.1046.
• EUR/USD runs out of steam, failing to even cross 20 DMA on EBS at 1.1063
• Return to downtrend possible, in repeat of early Aug price action
• Bullish reversal pattern may again be overturned at Bollinger band 1.1111
• Previous failures to close inside Bollinger uptrend channel cued selloff
JOLTS Job Openings is a monthly report on job vacancies in the US commercial, industrial and office areas. The calculation includes all vacancies that are open as of the last business day of a month.
The indicator is included in the JOLTS (Job Openings and Labor Turnover Survey) report based on employers' survey. In addition to job openings, it includes data on employment, hires and separations.
JOLTS characterizes the US labor market. Index growth may have a positive effect on dollar quotes.
According to the Analysis, pair is expected to find support at 1.1023 and a fall through could take it to the next support level of 1.1010. The pair is expected to find its first resistance at 1.1063 and a rise through could take it to the next resistance level of 1.1076.
NZD USD
NZD traded higher against USD and closed at 0.6422.
According to the Analysis, pair is expected to find support at 0.6417 and a fall through could take it to the next support level of 0.6409. The pair is expected to find its first resistance at 0.6441, and a rise through could take it to the next resistance level of 0.6449.
GBP USD
GBP traded lower against USD and closed at 1.2345.
The ILO Unemployment Rate released by the National Statistics is the number of unemployed workers divided by the total civilian labor force. It is a leading indicator for the UK Economy. If the rate is up, it indicates a lack of expansion within the U.K. labor market. As a result, a rise leads to weaken the U.K. economy. Generally, a decrease of the figure is positive (or bullish) for the GBP, while an increase is negative.
The Average Earing Excluding Bonus released by the National Statistics is a key short-term indicator of how levels of pay are changing within the UK economy. It can be seen as a measure of growth in "basic pay". Generally speaking, the positive earnings growth anticipates positive (or bullish) for the GBP, whereas a low reading is seen as negative (or bearish).
According to the Analysis, pair is expected to find support at 106.83 and a fall through could take it to the next support level of 106.79. The pair is expected to find its first resistance at 106.97, and a rise through could take it to the next resistance level of 107.01.
USD JPY
USD traded higher against JPY and closed at 107.53.
• USD/JPY grinds higher to 107.67 from 107.54, nearing breakout
• May soon crack 107.71 top of daily Ichimoku Cloud on EBS
• Closing above that level marks bullish break, 200 DMA could be next
• ECB meet Thurs could derail EUR/JPY, though dovish outcome priced in
• US 10y yield lets off some steam after hitting 1.744%, last 1.713%
• Risk appetite rising with further global central bank easing expected
According to the Analysis, pair is expected to find support at 107.32 and a fall through could take it to the next support level of 107.21. The pair is expected to find its first resistance at 107.64 and a rise through could take it to the next resistance level of 107.75.
USD CHF
USD traded lower against CHF and closed at 0.9919.
• USD/CHF recently turned choppy inside a rising channel formation.
• 200-hour EMA adds to the pattern’s support.
The USD/CHF pair’s failure to rise past-0.9930/35 area, including early-month high, is less likely to portray its weakness unless breaking near-term support-line. The pair currently trades near 0.9920 by the press time heading into Wednesday’s European session.
According to the Analysis, pair is expected to find support at 0.9896 and a fall through could take it to the next support level of 0.9886. The pair is expected to find its first resistance at 0.9928, and a rise through could take it to the next resistance level of 0.9938.
AUD USD
AUD traded higher against USD and closed at 0.6859.
• AUD/USD is losing altitude in response to a dismal Westpac Aussie consumer confidence data.
• Australian currency may remain under pressure due to deepening slowdown in China.
According to the Analysis, pair is expected to find support at 0.6850 and a fall through could take it to the next support level of 0.6845. The pair is expected to find its first resistance at 0.6868, and a rise through could take it to the next resistance level of 0.6873.
USD JPY
USD traded higher against JPY and closed at 107.53.
• USD/JPY grinds higher to 107.67 from 107.54, nearing breakout
• May soon crack 107.71 top of daily Ichimoku Cloud on EBS
• Closing above that level marks bullish break, 200 DMA could be next
• ECB meet Thurs could derail EUR/JPY, though dovish outcome priced in
• US 10y yield lets off some steam after hitting 1.744%, last 1.713%
• Risk appetite rising with further global central bank easing expected
According to the Analysis, pair is expected to find support at 107.32 and a fall through could take it to the next support level of 107.21. The pair is expected to find its first resistance at 107.64 and a rise through could take it to the next resistance level of 107.75.
USD CHF
USD traded lower against CHF and closed at 0.9919.
• USD/CHF recently turned choppy inside a rising channel formation.
• 200-hour EMA adds to the pattern’s support.
The USD/CHF pair’s failure to rise past-0.9930/35 area, including early-month high, is less likely to portray its weakness unless breaking near-term support-line. The pair currently trades near 0.9920 by the press time heading into Wednesday’s European session.
According to the Analysis, pair is expected to find support at 0.9896 and a fall through could take it to the next support level of 0.9886. The pair is expected to find its first resistance at 0.9928, and a rise through could take it to the next resistance level of 0.9938.
AUD USD
AUD traded higher against USD and closed at 0.6859.
• AUD/USD is losing altitude in response to a dismal Westpac Aussie consumer confidence data.
• Australian currency may remain under pressure due to deepening slowdown in China.
According to the Analysis, pair is expected to find support at 0.6850 and a fall through could take it to the next support level of 0.6845. The pair is expected to find its first resistance at 0.6868, and a rise through could take it to the next resistance level of 0.6873.
AUD USD
AUD traded higher against USD and closed at 0.6784
• Flat in a quiet tight 0.6785/0.6795 range as options contain
• 0.6785-95 1.1BLN and 0.6900 500M strikes dominated in Asia
• Risk bounce in Asia after a soft week, Nikkei +0.6%, AsiaxJP +0.3%
• Charts - momentum studies, 5, 10 & 21 DMAs head south - bearish setup
• Dip recently stalled at 0.6769, which remains pivotal and vulnerable
• NY 0.6783 low and earlier 0.6795 high initial support and resistance
According to the Analysis, pair is expected to find support at 0.6786 and a fall through could take it to the next support level of 0.6785. The pair is expected to find its first resistance at 0.6788 and a rise through could take it to the next resistance level of 0.6789.
GBP USD
GBP traded higher against USD and closed at 1.2913.
• Cable saw steady interest and trades +0.1% in a 1.2903/1.2921 range
• Conservatives to raise property purchase tax for non-UK residents
• A revenue raiser that will be popular with UK voters
• FT's poll tracker, Conservatives hot favorites, +13pts from +11 over Labour
• Charts - 5, 10 & 21 DMAs gently edge higher - modest topside bias
• Six week 1.2770/1.3012 range looks set to extend unless the USD trends
According to the Analysis, pair is expected to find support at 1.2917 and a fall through could take it to the next support level of 1.2916. The pair is expected to find its first resistance at 1.2923, and a rise through could take it to the next resistance level of 1.2924.
Important Economic Events of the Week (18 Nov, 19 to 24 Nov, 19)
• CAD: Core Retail Sales m/m
• EUR: ECB President Lagarde Speech
• EUR: GDP q/q
• SGD: GDP q/q
• USD: EIA Crude Oil Stocks Change
For More information about the release time of news and its impact visit Economic Calendar Page!
AUD USD
AUD traded higher against USD and closed at 0.6777.
FED Chair Speech affects USD depending on the speech rhetoric. If the speech is seen as an intention to raise the rates at the next FOMC meeting, this has a positive impact on USD and vice versa.
The FED Chair's statements have the greatest impact on the market compared to other members of the FED Board of Governors.
Reserve Bank of Australia (RBA) Governor Speech may contain information about the expected change in the bank's interest rates or in the monetary policy.
The Aussie dollar, a G-7 proxy for China, is not impressed by reports of US-China trade talks gaining momentum. AUD/USD failed to take out key average hurdle despite renewed trade optimism. RBA's Debelle said slower wage growth is a new norm in Australia.
According to the Analysis, pair is expected to find support at 0.6769 and a fall through could take it to the next support level of 0.6761. The pair is expected to find its first resistance at 0.6793 and a rise through could take it to the next resistance level of 0.6801.
NZD USD
NZD traded higher against USD and closed at 0.6416.
Retail Sales m/m reflects a change in New Zealand's retail sales in the reported month compared to the previous one. The calculation is adjusted for inflation. The index is often referred to as the consumer spending indicator, which allows assessing inflation in New Zealand. The indicator growth can have a positive effect on NZD quotes.
Consumer Confidence Index displays the level of consumer confidence in the stability of the country's economy. It is based on the data from the monthly survey of more than 5000 households and is designed to evaluate the relative financial status, purchasing power and confidence of an average consumer. The survey consists of five questions, two of which are associated with the current economic conditions, while three deal with expectations. Since 60% of the survey has to do with expectations, the indicator is considered to be a leading market indicator. The indicator growth assumes an increase in consumer spending.
• NZD/USD is facing pullback risks after multiple failures at the 100-day MA hurdle.
• A close above the key average will likely invite stronger buying pressures.
According to the Analysis, pair is expected to find support at 0.6400 and a fall through could take it to the next support level of 0.6392. The pair is expected to find its first resistance at 0.6426, and a rise through could take it to the next resistance level of 0.6434.
For More information about the release time of news and its impact visit Economic Calendar Page!
EUR USD
EUR traded higher against USD and closed at 1.1128.
• EUR/USD stalls its strong intraday rally near 1.1200 round-figure mark.
• Acceptance above 200-DMA support prospects for additional gains.
The EUR/USD pair maintained its strong bid tone through the early European session on Friday, albeit has retreated around 20-25 pips from the 1.1200 handle, or four-month tops.
Extremely overbought conditions on hourly charts seemed to be the only factor that kept a lid on any strong follow-through, rather prompted some profit-taking at higher levels.
According to the Analysis, pair is expected to find support at 1.1125 and a fall through could take it to the next support level of 1.1102. The pair is expected to find its first resistance at 1.1199 and a rise through could take it to the next resistance level of 1.1222
GBP USD
GBP traded higher against USD and closed at 1.3162.
• Trades close to the top of a 1.3162/1.3516 range, after a hectic session
• EUR/GBP is at the base of a 0.8278/0.8426 with huge flow for Asia
• Bids at 1.3450 provided a base after initial jump - 1.3450 1BLN strikes
• Early results support the exit poll prediction of an 86 Boris landslide
• EU welcomes a strong UK mandate into upcoming trade talks
• Charts show GBP trending higher, but over stretched short term
• Stunning Conservative victory will totally change UK politics
According to the Analysis, pair is expected to find support at 1.3170 and a fall through could take it to the next support level of 1.3061. The pair is expected to find its first resistance at 1.3524, and a rise through could take it to the next resistance level of 1.3633.
Important Economic Events of the day
• EUR: EU Leaders Summit
• JPY: BoJ Tankan Large Manufacturing Index
• USD: Retail Sales m/m
• USD: Retail Inventories m/m
For More information about the release time of news and its impact visit Economic Calendar Page!
EUR USD
EUR traded higher against USD and closed at 1.1096.
• EUR/USD is gaining ground on broad-based dollar selling.
• The pair is closing on a crucial trendline hurdle at 1.1140.
• With gold rising amid trade optimism, a breakout looks likely.
The easing of trade tensions is good news for Germany. The 18-month US-China trade war had pushed the Eurozone's manufacturing powerhouse and biggest economy to the brink of recession.
As a result, the dollar could continue to lose ground in Friday's European session – more so, as the equity market buoyancy is expected to continue with Amazon, the e-commerce giant, reporting record holiday season.
According to the Analysis, pair is expected to find support at 1.1087 and a fall through could take it to the next support level of 1.1080. The pair is expected to find its first resistance at 1.1107 and a rise through could take it to the next resistance level of 1.1114.
USD CAD
USD traded lower against CAD and closed at 1.3121.
• USD/CAD on track for a test below 1.31 the figure on firm commodity complex.
• Phase-one trade deal between the US and China is in the making, supporting commodity currencies.
Funds are under pressure as the commodity complex catches a bid on the so-called 'phase-one' trade deal that is scheduled to be signed in January between the US and China.
The trade, ownership and technology practices of Chinese companies for the past two decades will not vanish overnight, nor will optimism of US and Canadian executives return with two signatures.
According to the Analysis, pair is expected to find support at 1.3100 and a fall through could take it to the next support level of 1.3087. The pair is expected to find its first resistance at 1.3144, and a rise through could take it to the next resistance level of 1.3157.
Important Economic Events of the Day
• JPY: Retail Sales m/m
• USD: EIA Crude Oil Stocks Change
• USD: Baker Hughes US Oil Rig Count
• GBP: Nationwide HPI m/m
More information about the release time of news and its impact visit Economic Calendar Page!
EUR /USD
EUR traded Higher against USD and closed at 1.1175.
EUR/USD is attempting a convincing break above 1.12 amid broad-based US dollar weakness.
The currency pair is currently trading at 1.1196, representing a 0.20% gain on the day, having hit a high of 1.1210 in Asia.
Dollar's bearish trend continued in Asia and looks to have legs, as gold, a hard currency, is reporting a 3% gain on a month-to-date basis in dollar terms and is expected to put on a good show next year. The trend in the gold market is widely used as an indicator to confirm the bullish/bearish price action in the US dollar.
EUR/USD's bullish case looks stronger with the weekly chart reporting an upside break of the trendline connecting September 2018 and June 2019 highs.
According to the Analysis, pair is expected to find support at 1.1196 and a fall through could take it to the next support level of 1.1195. The pair is expected to find its first resistance at 1.1200 and a rise through could take it to the next resistance level of 1.1201.
GBP / USD
GBP traded higher against USD and closed at 1.3076
• GBP/USD remains on the front foot for the fifth consecutive day to the highest since December 19.
• The Brexit party leader Nigel Farage’s former adviser Trixy Sanderson signaled the EU’s preparations for a no-deal departure.
• The market lost interest in the greenback as phase-one calls rise but US-China political divide remains.
According to the Analysis, pair is expected to find support at 1.3075 and a fall through could take it to the next support level of 1.3068. The pair is expected to find its first resistance at 1.3097, and a rise through could take it to the next resistance level of 1.3104.
Important Economic Events of the Day
• USD: Pending Home Sales m/m
• USD: Pending Home Sales y/y
• USD: Goods Trade Balance
More information about the release time of news and its impact visit Economic Calendar Page!
EUR /USD
•EUR traded lower against USD and closed at 1.1193
The market is well placed to retest resistance at 1.1197- 1.1240 – namely the 55-week ma, the 2019-2020 down channel and the recent high. This guards the 200-week ma at 1.1360 which continues to represent a critical breakpoint medium term.”
“Dips lower are well supported by the 55 and 20-day ma at 1.1095/1.1065 and the 3-month uptrend at 1.1045.”
“Failure at the uptrend would target the 1.0981 29th November low.”
According to the Analysis, pair is expected to find support at 1.1167 and a fall through could take it to the next support level of 1.1156 The pair is expected to find its first resistance at 1.1205 and a rise through could take it to the next the resistance level of 1.1216.
GBP / USD
•GBP traded higher against USD and closed at 1.3167
“We look for dips lower to remain well supported by the 55-day ma at 1.2987. The low on the 23rd December was 1.2908 and while above here we will assume an upside bias to retest the December high at 1.3515.”
“The December high at 1.3515 guards the September 2017 high and 38.2% retracement (of the move down from 2014) at 1.3658/68. This guards the more important 1.3918 2007 -2020 downtrend.”
According to the Analysis, pair is expected to find support at 1.2841 and a fall through could take it to the next support level of 1.2604. The pair is expected to find its first resistance at 1.3461, and a rise through could take it to the next resistance level of 1.3607.
Important Economic Events of the Day
•EUR Retail Sales m/m.
• EUR Retail Sales y/y.
•GBP 10-Year Treasury Gilt Auction.
•USD Trade Balance.
More information about the release time of news and its impact visit Economic Calendar Page!
GBP USD
GBP traded higher against USD and closed at 1.3017.
GBP/USD looks to extend the bounce towards 1.3050 ahead of the UK CPI report, as broad-based US dollar weakness and bullish technical set up underpin the sentiment around the spot.
• Flat - closed up 0.2%, as expectations of a Jan BoE cut cooled
• Inflation data on today and retail sales Friday will be key for sterling
• Despite bounce daily charts are negative, though at low end of recent ranges
• Momentum studies, 5, 10 & 21 DMAs head lower and 21 day Bolli bands slip
• 1.2900, December low then 1.2887 lower 21 day Bolli band are major support
According to the Analysis, pair is expected to find support at 1.2973 and a fall through could take it to the next support level of 1.2954. The pair is expected to find its first resistance at 1.3033, and a rise through could take it to the next resistance level of 1.3052.
EUR USD
EUR traded higher against USD and closed at 1.1127.
• EUR/USD barely moved in Asia trading in a 1.1126/31 range
• Most of the action in regionals as USD moved up on Mnuchin comments\
• Resistance at 10-day MA at 1.1140 with option selling ahead of 1.1150
• Large option maturities 1.1100/50 defining recent range
• Break above 1.1150 targets 61.8 fibo of 1.1240/1.1085 at 1.1181
• EZ IP later today, but US-China trade deal likely to be main event
According to the Analysis, pair is expected to find support at 1.1111 and a fall through could take it to the next support level of 1.1101. The pair is expected to find its first resistance at 1.1141 and a rise through could take it to the next resistance level of 1.1151.
•Economic Events of the Day
USD EIA Crude Oil Stocks Change
USD EIA Cushing Crude Oil Stocks Change
USD FOMC Member Harker Speech
More information about the release time of news and its impact visit Economic Calendar Page!
EUR USD
EUR traded higher against USD and closed at 1.1094
• Touch softer - closed up 0.05% after recording a fresh 1.1076 Jan low
• UK to set out goals for EU trade talks - PM Johnson's spokesman
• Charts show momentum studies, 5, 10 & 21 DMAs edging lower - negative setup
• 1.1080/85, 61.8% of the Nov-Dec bounce and Jan double bottom held on close
• Sustained 1.1075 breaks a bearish signal, next stop 1.1042 76.4% Nov-Dec rise
• 1.1113, 38.2% of the January dip and 5 DMA is initial resistance
• 1.1100 350M, 1.1125 230M, and 1.1140-50 1.5BLN strikes cap
According to the Analysis, pair is expected to find support at 1.1082 and a fall through could take it to the next support level of 1.1076. The pair is expected to find its first resistance at 1.1102 and a rise through could take it to the next resistance level of 1.1108
USD JPY
USD traded lower against JPY and closed at 110.18.
USD/JPY extends losses while taking rounds to 110.00 during early Tuesday. The pair shrugged off the BOJ’s widely anticipated monetary policy decision as risk aversion seems to be in the play.
• USD/JPY extends the recent losses despite BOJ holding its monetary policy intact while keeping forward guidance on interest rates intact.
• News of coronavirus outbreak recently triggered risk-off; trade-positive news from the Chinese Commerce Ministry failed to please buyers.
• Geopolitical plays in the Middle East, trade headlines will welcome the US traders returning from the extended weekend.
According to the Analysis, pair is expected to find support at 110.13 and a fall through could take it to the next support level of 110.10. The pair is expected to find its first resistance at 110.21 and a rise through could take it to the next resistance level of 110.24
Economic Events of the Day
• JPY BoJ Interest Rate Decision
• JPY BoJ Press Conference
• GBP Claimant Count Change
• EUR ZEW Economic Sentiment Indicator
More information about the release time of news and its impact visit Economic Calendar
AUD/USD
• AUD traded Higher against USD and closed at 0.6686
AUD/USD sustains the bounce above 0.6700 amid mixed Australian NAB Business Survey and Home Loan data. The spot draws support from a risk-on rally in the Asian stocks, as coronavirus fears take a back seat.
• AUD/USD is reporting marginal gains despite below-forecast NAB data.
• The 14-day RSI is reporting a bullish divergence.
• Australia's Home Loan data bettered estimates by a big margin.
• That alongside the uptick in the equities could help the Aussie eke out notable bounce.
•
• According to the Analysis, pair is expected to find support at 0.6673 and a fall through could take it to the next support level of 0.6663. The pair is expected to find its first resistance at 0.6703 and a rise through could take it to the next resistance level of 0.6713.
USD/JPY
USD traded higher against JPY and closed at 109.74
• USD/JPY holds onto recovery gains from 21-day SMA.
• A sustained break of monthly high will divert the bulls towards the yearly top.
• 200-day SMA acts as key support.
USD/JPY registers 0.10% gains while rising to 109.85 by the press time of the pre-European session on Tuesday. In doing so, the quote justifies the bullish candlestick formation portrayed the previous day.
As a result, prices are now gearing up to the monthly top surrounding 110.05, a break of which will escalate the latest recovery towards January 17 high near 110.30.
According to the Analysis, pair is expected to find support at 109.65 and a fall through could take it to the next support level of 109.58. The pair is expected to find its first resistance at 109.85, and a rise through could take it to the next resistance level of 109.92.
Important Economic Events of the Day
• GBP Manufacturing Production m/m
• GBP GDP q/q
• GBP GDP m/m
• GBP GDP 3m/3m
More information about the release time of news and its impact visit Economic Calendar Page!
EUR/USD
• EUR traded Higher against USD and closed at 1.0791
EUR/USD closed out Tuesday below 1.07 to print the weakest daily close since April 2017.
More importantly, the single currency formed a bearish marubozu candle, implying a continuation of the downtrend.
A red marubozu, the one with a large body and little or no shadows, occurs when sellers control the price throughout the day, and is considered very bearish.
The back-to-back big red marubozu candles seen on the weekly chart are also painting a bearish picture.
According to the Analysis, pair is expected to find support at 1.0786 and a fall through could take it to the next support level of 1.0774 The pair is expected to find its first resistance at 1.0826 and a rise through could take it to the next resistance level of 1.0838.
GBP/USD
• GBP traded higher against USD and closed at 1.2998
• GBP/USD fails to register noticeable moves following a Tuesday’s Doji candlestick.
• Short-term moves are confined between 50 and 100-day SMA, 61.8% Fibonacci retracement offers immediate resistance.
• The monthly bottom can please sellers below 100-day SMA.
GBP/USD remains a little changed below 1.3000 during early Wednesday. The cable posted a trend reversal Doji candlestick formation the previous day. Though, 50-day and 100-day SMA continue to restrict near-term moves.
While the recent Doji favors the pair’s pullback, 61.8% Fibonacci retracement of its November-December 2019 upside, at 1.3055, could lure the buyers ahead of making them confront 50-day SMA level of 1.3067.
According to the Analysis, pair is expected to find support at 1.2976 and a fall through could take it to the next support level of 1.2958. The pair is expected to find its first resistance at 1.3036 and a rise through could take it to the next resistance level of 1.3054
Important Economic Events of the Day
• USD Building Permits
• USD Housing Starts m/m
• USD PPI m/m
• USD FOMC Member Kashkari Speech
More information about the release time of news and its impact visit Economic Calendar Page!
USD JPY
USD traded lower against JPY and closed at 110.42
USD/JPY stalls its bounce near 110.40 regions and meets fresh supply over the last hour, as the risk-off sentiment intensifies amid rising coronavirus risks and knocks-off the US 10-year Treasury yields to a new record low just above the 1.30% level.
• USD/JPY printed a bullish inside day candlestick pattern on Wednesday.
• The pair could find bids and challenge resistance at 110.70-111.00.
• USD/JPY: Bulls and bears jostle below 111.00 amid coronavirus fears
• USD/JPY fails to hold onto the previous day’s recovery gains.
• Traders smell fears in the US President Donald Trump’s measured comments.
• Coronavirus updates keep the risk-tone under pressure; US data will decorate the economic calendar.
• USD/JPY drops back towards 110.00 as US 10-year Treasury yields hit record lows
According to the Analysis, pair is expected to find support at 110.18 and a fall through could take it to the next support level of 110.05. The pair is expected to find its first resistance at 110.62, and a rise through could take it to the next resistance level of 110.75.
AUD USD
AUD traded higher against USD and closed at 0.6543.
AUD/USD extends the bounce above 0.6550 after Australia's Q4 Capex data release. The headline number missed forecasts; however, estimates for 2020/21 bettered expectations. The risk-off tone in the markets could cap the further upside in the spot.
• AUD/USD looks oversold as per the daily chart RSI.
• The 4-hour chart RSI is reporting a bullish divergence.
• The broader trend remains bearish with the pair stuck in a falling channel.
• AUD/USD may witness a corrective bounce as technical charts are signaling seller exhaustion.
The 4-hour chart RSI has charted higher lows, contradicting lower lows on price. That bullish divergence indicates the bearish momentum has ebbed. The inverted hammer seen on the 4-hour chart is also echoing similar sentiments.
According to the Analysis, pair is expected to find support at 0.6540 and a fall through could take it to the next support level of 0.6524. The pair is expected to find its first resistance at 0.6590 and a rise through could take it to the next resistance level of 0.6606.
More information about the release time of news and its impact visit Economic Calendar Page
The EUR/USD pair was at the edge with the above level at 1.1450 with the year to date high at the level 1.1492. Moreover, the pair will be rose up to a higher level at 1.1467 that will be dropped sharply to level 1.1400 before going to snapping back again. If we talk about the Today the pair will still at the higher for the EUR. It could reach level 1.1492. On the downside, the pair will be a breach at the minor level with the minor support of 1.1425 that will build up the momentum.
The declining upward pressure got a lift, though a minor one as EUR rose to a high at the level 1.1467 yesterday (20 Jul) before settling marginally higher at 1.1444 (+0.16%). From here, the possibility for a break of 1.1492 has expanded however taking into account the still 'provisional' force, it is left to be checked whether EUR can extend out its benefit to 1.1540. In general, the uplifting standpoint for EUR is regarded as flawless except if there is an entrance of 1.1375.
The Pair were previously closed at level 1.1444. The support and resistance level for the pair will be 1.1398 and 1.1444.
AUD/USD
AUD/USD rises to 0.7033, up 0.20% on a day, during the early Tuesday. The pair as of late profited by peppy RBA minutes while moving the earlier day's positive thinking. Dealers currently expect remarks from the RBA Governor Philip Lowe for a supported course.
Minutes of the most recent RBA financial approach stated, "Individuals concurred that there was no compelling reason to modify the bundle of measures in Australia in the current condition." This opposes the prior expectations that the policymakers are stresses over the second introduction of the coronavirus (COVID-19).
The Pair were previously closed at level 0.7013. The support and resistance level for the pair will be 0.7008 and 0.7024.
Upcoming ECONOMIC Event’s!!!
• AUD RBA Governor Lowe Speech
• CAD Retail Sales m/m
• CAD Core Retail Sales m/m
www.xtreamforex.com
AUD/USD
The AUD/USD pair will be traded at the level 0.7215 and go down from China released July month trade data at the Early Friday.
The Aussie pair has as of late been beaten somewhere in the range of 0.7210 and 0.7220 after its U-turn an 18-month top in the midst of the underlying Asian meeting.
China's July month Trade Balance crossed conjecture and earlier while blazing 442.23 B figures on a Chinese Yuan basis. Subtleties recommend that the Exports flood from 2.3% expected and 4.3% past directions to 10.4% yet Imports switched - 0.7% market understanding with 1.6% figures.
Except if breaking a rising pattern line from May 22, combined with 21-day EMA, close to 0.7110-0.7100, the bears are less inclined to take controls. Therefore, bulls focusing on the year 2019 top close to 0.7300 should stay confident.
The AUD/USD was previously close at the level of 0.7233. The Support and Resistance level of the pair will be 0.7184 and 0.7213.
EUR/USD
The EUR/USD pair has attacked multiple times over the most recent five days to close above at the level 1.19.
On Thursday, the currency pair timed a high of 1.1916 yet located at 1.1876. Comparable value activity was seen on Wednesday and last Friday.
The repeated removal above 1.19 approves the overbought on the 14-day relative quality record and recommends the ebbing of bullish energy. A comparative message is being resounded by Thursday's turning top flame the one with long wicks and a little body.
The pair will be situated at 1.1696 (Aug. 3 low), which whenever understood, would doubt a higher lows arrangement on the day by day outline and yield a decrease to 1.1422 (June 10 high).
The EUR/USD was previously close at the level of 1.1875. The Support and Resistance level of the pair will be 1.1804 and 1.1843.
AUD/USD Price Falls Back to Level at 0.70 to Biased Bearish
The AUD/USD seems to the sessions low to the early trading session hours that faced the rejection to the level by 0.7025 to the release china Manufacturing PMI.
The AUD/USD pair daily chart indicators suggested the risk to the downside. If you identify the trend changes and trend strength that producing the deeper to bar below the zero lines. Its daily chart shows the lower highs and the lower setup that seems on the daily chart that indicates the bearish control to the deeper support levels 0.6921 and the 0.68 to the 200 day Simple Moving Average. The AUD/USD pair was previously close at the level of 0.726.
Support Level: S1 0.6992 S2 0.6984 S3 0.6972
Resistance Level: R1 0.7013 R2 0.7024 R3 0.7033
GBP/USD Pair Shows on Downside to Risks Skewed
The daily chart of the GBP/USD pair will be crossed below zero and indicating a bullish trend to change. The 5 and the 10-day simple moving average is trending to the bearish setup.
The GBP/USD pair relative strength index seems below the level by 50 to the negative reading.
The GBP/USD risks are falling to the 100-day to the simple moving average that located to the level by 1.2876. According to the press time the pair is trading at the level 1.2930 that representing the gain to the day with the trendline that rising to the lows last week. The pair were previously closed at level 1.2941.
Support Level: S1 1.2894 S2 1.2882 S3 1.2866
Resistance Level: R1 1.2921 R2 1.2938 R3 1.2949
EUR/USD Pair Breaks the Monthly to Direct Risk Bears at Level 1.1800
EUR/USD pair was consolidated near at the day low currently down at the level 0.13% on the day to 1.1840 on this early Thursday. The pair will be traced to the break on the upward to the sloping trend line.
The RSI condition of the pair will be clear the break to the previous support line and the EUR/USD is the eye at the level by 1.1788 during the further declines.
For a situation where the danger off encourages the US dollar to invert the month to month misfortunes, the mid-October low close to 1.1690 and the month to month base encompassing 1.1600 could pick up the market's consideration.
On the other hand, a potential gain break of the help transformed into-opposition, at 1.1883 now, will be examined by the 1.1900 round-figure.
It should likewise be noticed that the even territory around 1.1920-25, involving highs set apart on September 10 thus far in November, turns into a difficult one to figure out for the EUR/USD buyers past-1.1900.
S&P 500 Price Seems the Bulls to Steam Below Time Highs
The S&P 500 Index is attempting to persuade on the potential gain as it runs out of force. Coming up next is a top-down examination of potential liquidity zones on the drawback should the market move into appropriation.
The week after week graph shows that the neck area of the W-development meets the 38.2% Fibonacci retracement of the week by week bullish motivation leg.
The four-hour chart shows that there is a conversion of a half mean inversion and earlier obstruction structure that would be relied upon to go about as help, in the region of the 21-hour moving normally.
While exchanging is responsive, not cautious, it does no wrong in having some foreknowledge and being ready for expected value activity.
In the accompanying investigation, the hourly conditions are less bullish with the value now underneath the 21-hour moving normal and testing the main layer of basic help.
A tear here will open possibilities for the drawback focusing on a tear of Tuesday's low to open a race to Friday's old record closing highs.