Date:Thu Nov 21 2024Tokyo:18:24Sydney:20:24New York:4:24London:9:24CET:10:24
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Technical Analysis By BullsEye Markets
XtreamForex
Posts: 268 ✭
Posts: 268 ✭
Technical Overview of EUR/USD, NZD/USD and USD/CHF Currency Pairs
EUR USD
The EUR traded lower against the USD and closed at 1.1300.
The Ifo Business Climate Index reflects the current economic situation and forecasts for the next six months from the point of view of German companies. The indicator is compiled based on a survey of more than seven thousand companies. A higher than expected reading is seen as favorable for the euro quotes, while lower readings are seen as negative.
The European Central Bank's president Mario Draghi was born in 1947 in Rome, Italy. Graduated of the Massachusetts Institute of Technology (MIT), Draghi became the president of the European Central Bank in 2011. As part of his job in the Governing Council he gives press conferences in the back of how the ECB observes the current European economy. President's comments may determine positive or negative the Euro's trend in the short-term. Usually, if he shows a hawkish outlook, that is seen as positive (or bullish) for the EUR, while a dovish is seen as negative (or bearish).
According to the Analysis, Four hour chart shows that the pair is expected to find support at 1.12532, and a fall through could take it to the next support level of 1.12062. The pair is expected to find its first resistance at 1.13687, and a rise through could take it to the next resistance level of 1.14372.
Previous Day range was 31.9 and Current Day Range is 15.
NZD USD
The NZD traded higher against the USD and closed at 0.6877.
RBNZ Interest Rate Decision is announced by the Reserve Bank of New Zealand. If the RBNZ is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the NZD.
The pair is expected to find support at 0.68623, and a fall through could take it to the next support level of 0.68478. The pair is expected to find its first resistance at 0.68942, and a rise through could take it to the next resistance level of 0.69116.
NZD USD previous Day range was 31.9 and Current Day Range is 15.
USD CHF
The USD traded higher against CHF and closed at 0.9934.
According to the analysis, pair is expected to find support at 0.99079, and a fall through could take it to the next support level of 0.98817. The pair is expected to find its first resistance at 0.99652, and a rise through could take it to the next resistance level of 0.99963.
USD CHF previous day range was 57.3 and current day range is 13.1.
EUR USD
The EUR traded lower against the USD and closed at 1.1300.
The Ifo Business Climate Index reflects the current economic situation and forecasts for the next six months from the point of view of German companies. The indicator is compiled based on a survey of more than seven thousand companies. A higher than expected reading is seen as favorable for the euro quotes, while lower readings are seen as negative.
The European Central Bank's president Mario Draghi was born in 1947 in Rome, Italy. Graduated of the Massachusetts Institute of Technology (MIT), Draghi became the president of the European Central Bank in 2011. As part of his job in the Governing Council he gives press conferences in the back of how the ECB observes the current European economy. President's comments may determine positive or negative the Euro's trend in the short-term. Usually, if he shows a hawkish outlook, that is seen as positive (or bullish) for the EUR, while a dovish is seen as negative (or bearish).
According to the Analysis, Four hour chart shows that the pair is expected to find support at 1.12532, and a fall through could take it to the next support level of 1.12062. The pair is expected to find its first resistance at 1.13687, and a rise through could take it to the next resistance level of 1.14372.
Previous Day range was 31.9 and Current Day Range is 15.
NZD USD
The NZD traded higher against the USD and closed at 0.6877.
RBNZ Interest Rate Decision is announced by the Reserve Bank of New Zealand. If the RBNZ is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the NZD.
The pair is expected to find support at 0.68623, and a fall through could take it to the next support level of 0.68478. The pair is expected to find its first resistance at 0.68942, and a rise through could take it to the next resistance level of 0.69116.
NZD USD previous Day range was 31.9 and Current Day Range is 15.
USD CHF
The USD traded higher against CHF and closed at 0.9934.
According to the analysis, pair is expected to find support at 0.99079, and a fall through could take it to the next support level of 0.98817. The pair is expected to find its first resistance at 0.99652, and a rise through could take it to the next resistance level of 0.99963.
USD CHF previous day range was 57.3 and current day range is 13.1.
XtreamForex
Comments
NZD/USD and USD/CHF Currency Pairs
EUR USD
The EUR the NZD traded higher against the USD and closed at 0.6877.
As we all know that the there are only a few days left for the US Presidential Election and the traders all around the world are not excited to win the race of the incumbent President Donald triumph of the Former Vice President Joe Biden.
Now all the traders now wondering what is the impact the US election might have on the US economy and the financial markets to trade in various Trading Products in the general.
Election Seems More Positive For Equities
If we looking back to the US President that will see the strong hand for the economy that is currently not the case for post-Corona Lockdown.
Look at the S&P 500 that will see on the positive at the higher leverage 9.6% compared to the 4.8% within the new president office. In case if we ignoring the aspect the strong economy is also driving the US equities at a higher level. What is unquestionably intriguing here is that a re-appointment of the US president brought about a positive value execution throughout the following year in over 70% of the cases (5 out of 7). The negative exhibitions under Eisenhower (- 14.3%/1956/1957) and Nixon (- 17.4%/1972/1973) were the main two events that were trailed by two downturns and were presumably foreseen in US values.
Reactions of Markets In US Presidential Election
Stocks
Markets ignore uncertainty, and truly the observation has been that another president may bring arrangements that could be unsafe for stocks. This occurred in 2016 when traders were sure that a Trump administration would start a market breakdown.
However, we are presently observing that equivalent dread drag in as individuals think about a Biden administration and the potential uncertainty it could cause. Biden is transparently more left-inclining, and his arrangements are required to be outfitted towards human needs as opposed to those of speculators and traders.
This supposition isn't helped by recommendations that Biden would invert Trump's tax reductions, and almost certainly, markets will ascend close by the possibly expanded possibility of a Trump triumph as we approach the political race.
USD
The estimation of a currency should mirror the soundness of an economy and its future possibilities. Many are anticipating that Biden should be less centered around the business sectors than his Republican adversary, so the dollar could debilitate in case of a Biden triumph.
Notwithstanding, this impact could be counterbalanced if Biden can improve relations between the US and China following quite a while of market tension. In this situation, it would be the Chinese yuan which may profit the most, with the exchange war having started enormous potential gain for USD/CNH.
Remember that if the more extensive business sectors fall on a Biden triumph including US stocks and files the dollar would probably prepare in the present moment to mirror a danger of the move as traders go to USD.
Gold
The possibility of a more broad financial strategy under Biden, and from an administration which is glad to leave on significant spending programs, could give a lift to valuable metals.
There's advice here as well, on the grounds that in the past valuable metals have additionally followed similar examples as the forex markets during seasons of emergency. Thus, any breakdown in value showcases that may originate from a change at the White House could drag gold lower in the quick time frame.
Furthermore, while Trump has, at last, observed the sort of improvement he would have sought after, a Biden win could bring about a more considerable upgrade bundle if the Democrats increase traction in Congress.
What do the Traders expect to See During the US Election?
All US markets will in general experience expanded unpredictability in the approach to an official political race, including USD forex sets, files, and items. That is on the grounds that numerous investments will try to secure situations before the outcome is reported using surveys to measure public conclusion. The point is to exploit the value moves that happen when the nation's political heading is confirmed.
It's likewise essential to recollect that the Covid pandemic is probably going to make critical unpredictability over the political decision time frame. A spike in cases could see US records and the dollar fall in esteem, as speculators move to cost in a decrease in shopper spending and financial yield. Then again, a decrease in the number of cases could see both files and the dollar ascend in esteem. Whichever way advertises move, you can be prepared to exploit a Best Forex Brokers Trading account.
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