Daily Forex News By XtreamForex
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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.XtreamForex -
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.XtreamForex -
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.XtreamForex -
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,"XtreamForex -
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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.
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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.XtreamForex -
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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.XtreamForex -
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.XtreamForex -
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.XtreamForex -
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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.XtreamForex -
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.XtreamForex -
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.XtreamForex -
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.XtreamForex -
Currency and Commodity Trading Correlation
Online trading is the biggest industry of today’s world. Forex trading alone moves trillions of dollars daily affecting whole economies. To trade Forex traders open an account with a Forex company and trade on currency pairs, but all Forex companies don’t only offer currencies for trading, almost all companies also offer commodities.
Commodities have been trading in one form or another since the beginning of civilization. Commodities are pretty much anything which can be delivered from point A to point B, and exists on an exchange.
Commodities are bought with currencies in the physical world, but through online trading they are treated the same as currencies, with bets being placed on their movements through Forex, Binary Options and stock exchange futures.
What some people may not pay attention to is the heavy affect each has on the other. Currencies are very heavily tied with commodities and the other way around. The Canadian dollar for example is directly correlated to oil prices due to exporting oil, so is the Japanese yen because Japan imports oil.
The Australian dollar and New Zealand dollar not only affect each other, but they are both correlated to gold and oil prices.
Unexpected changes in the ties between currencies and commodities can have a huge impact on traders who trade based on these relations.
For online traders there isn’t a huge difference between commodities and currencies, they all represent a virtual product around which trades take place.
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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!
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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!
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Technical Overview of GBP/USD and USD/JPY Currency Pair
GBP USD
GBP traded higher against USD and closed at 1.3155.
• Flat in a 1.3153/1.3161 range, but decent interest once Asia fully opened
• EUR/GBP saw modest volumes with a very tight 0.8438/0.8341 range
• Conservative election victory expectations attracted fresh demand this week
• Initial significant resistance at 1.3168/90, 50% 2018/19 fall and May high
• 1.3168 capped in NY, but is under pressure - strong resistance into 1.3200
• Close above 1.3200 would be a strong positive into the election next week
• Sustained 1.3200 break would open the door to the 1.3380 2019 high in March
• Close below the prior 1.3000 range high needed to undermine topside bias
According to the Analysis, pair is expected to find support at 1.3120 and a fall through could take it to the next support level of 1.3105. The pair is expected to find its first resistance at 1.3166 and a rise through could take it to the next resistance level of 1.3181.
USD JPY
USD traded lower against JPY and closed at 108.75.
USD/JPY's CTA positioning and notes that it's mainly close to neutral and sidelined around current levels.
"CTAs having held back on going long in the USD/JPY market (buying USD and selling yen) during the recent risk-on phase, they have managed to avoid simultaneous stock selling and yen buying.
CTAs' USD/JPY positions are close to neutral at present, and they are not currently moving either to buy or to sell.
"With the latent risk of yen appreciation being suppressed, if fundamentals-oriented investors begin tentatively dip-buying below 23,000, this downward move by the Nikkei 225 could be brought to a close relatively soon.
According to the Analysis, pair is expected to find support at 108.66 and a fall through could take it to the next support level of 108.58. The pair is expected to find its first resistance at 108.92, and a rise through could take it to the next resistance level of 109.00.
Important Economic Events of the day
• JPY: Household Spending y/y
• USD: Nonfarm Payrolls
• USD: Baker Hughes US Oil Rig Count
• CAD: Employment Change
For More information about the release time of news and its impact visit Economic Calendar Page!XtreamForex -
Most Interesting Facts about Forex Market
Forex Market is world’s biggest Financial Market. Still many people see Forex as a boring industry, one that demands the constant task of heavy analysis, stress and risk. But if you look deeper into the market, then you will see dynamics and the profit generation opportunities turn it in a lucrative option for making more money or even starting a business.
Here you can read some most interesting facts about Forex Market if you are start trading in Forex Market.
1) Forex Market is considered to be the Largest Financial Market in the World where you can buy, sell and speculate on currencies. Approximately 5.3 Trillion Dollars traded daily in Forex Market which is more than future and equity market combined.
2) 85% of all Forex Trades occur on only major 7 currency pairs: EUR/USD, USD/JPY, GBP/USD, AUD/USD, NZD/USD, USD/CAD, and USD/CHF.
3) 66% of US Currency is held overseas by private individuals, foreign governments and institutions.
4) 90% of all foreign exchange transaction includes US Dollar.
5) 41% of all Forex transactions are conducted in United Kingdom, whereas only 19% happen in US and rest 40% transaction accounts in other part of the world.
6) 5% of total volume in forex is attributed to retail traders. Approximate 99% of the retail traders can’t turn in a year’s worth of profit.
7) GBP/USD is also known as cable. Back before fiber optics and satellites, stock exchanges in London and New York communicated by a long steel cable under the Atlantic. Because of this, GBP/USD is still called the ‘cable’ today.
8) 44% of Forex Traders are between the ages of 25 and 34.
9) 11% Female Traders represent Forex Market.
10) 180 Currencies are used in 195 countries across the world.
11) Kuwaiti Dinar is the world's strongest currency and has the highest currency value.
12) Germany has the largest global Forex Players.
13) Forex Traders are referred to as Bull and Bear. The Bulls are optimistic ones who believe that Forex Market will go up at a particular time while bear traders believes that price will fall.
14) 4X Volume of trading in Forex compared to the Global Gross Domestic Product.
15) 53X Foreign Exchange Trading Volume compared to NYSE.
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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!
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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.
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!
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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!
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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!
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