GBPJPY – British Pound Uptrend Intact Vs Japanese Yen

May 10, 2017, 10:53 pm

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Key Points

• The British Pound remains in a nice uptrend with a move above 147.10 against the Japanese Yen.
• The GBPJPY pair is currently trading above a major support trend line at 147.50 on the hourly chart.
• In the UK today, the RICS Housing Price Balance for April 2017 was released by the Royal Institution of Chartered Surveyors.
• The result was in line with the forecast, as the RICS Housing Price registered a rise of 22%.

GBPJPY Technical Analysis

The British Pound registered good gains, as it moved above 146.00 and 147.00 against the Japanese Yen. The GBPJPY pair also moved above the 21 hourly simple moving average and traded as high as 148.10 recently where it faced offers.

The pair is currently correcting lower, and trading below the 23.6% Fib retracement level of the last wave from the 147.12 low to 148.00 high.

There is a crucial support trend line at 147.50 on the hourly chart waiting to act as a barrier for sellers along with the 21 hourly simple moving average. Moreover, the 50% Fib retracement level of the last wave from the 147.12 low to 148.00 high is also near 147.50. So, one may consider buying near 147.50 if the pair corrects further.

UK’s RICS Housing Price Balance

Recently in the UK, the RICS Housing Price Balance for April 2017 was released by the Royal Institution of Chartered Surveyors. The forecast was lined up for the housing costs in the UK to increase by around 22%.

The outcome was in line with the forecast, as the RICS Housing Price registered a rise of 22%. The statement released mentioned that the “results show that new instructions continue to drop. Anecdotal evidence cites a lack of choice, uncertainty due to the calling of an early election and the ramifications of stamp duty changes as factors hampering activity”.

Overall, the GBPJPY may drop a few pips towards 147.50, but remains in an uptrend in the near term.

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CADJPY – Canadian Dollar Likely To Correct Lower Vs Japanese Yen

May 11, 2017, 11:22 pm

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Key Points

• The Canadian Dollar traded towards 83.75 against the Japanese Yen where it faced resistance and moved down.
• The CADJPY pair recently broke a major support trend line at 83.20 on the hourly chart, which has ignited a sharp downside wave.
• In Japan today, the Money Supply M2+CD report for April 2017 was released by the Bank of Japan.
• The result was in line with the forecast, as the Money Supply M2+CD registered a rise of 4.3%.

CADJPY Technical Analysis

The Canadian Dollar moved nicely this week and broke the 83.00 resistance against the Japanese Yen. The CADJPY pair traded as high as 83.74 where it faced resistance and moved down. It broke the 21 hourly simple moving average and the 38.2% Fib retracement level of the last wave from the 82.06 low to 83.74 high.

The pair also cleared a major support trend line at 83.20 on the hourly chart. Later, it tested the 61.58% Fib retracement level of the last wave from the 82.06 low to 83.74 high where it found support.

The pair is currently recovering, but likely to face resistance near the 21 hourly simple moving average and a bearish trend line at 83.10-20.

Japan’s Money Supply M2+CD

Recently in Japan, the Money Supply M2+CD report for April 2017 was released by the Bank of Japan. The forecast was lined up for an increase of 4.3% in April 2017, compared with the same month a year ago.

The outcome was in line with the forecast, as the Money Supply M2+CD registered a rise of 4.3%. Recently in Canada, the New Housing Price Index (NHPI) for March 2017 was released by the Statistics Canada, which came in at 0.2%, just as the market expected.

Overall, the CADJPY may move a few pips higher, but likely to face resistance near 83.40.

EURGBP – Uptrend Initiated For Euro to British Pound

May 12, 2017, 12:02 am

≫ Next: AUDUSD – Aussie Dollar Dips Remain Supported Vs US Dollar

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Key Points

• The Euro managed to pop higher after trading towards 0.8380 against the British Pound.
• The EURGBP pair recently broke a few crucial bearish trend lines with resistance at 0.8400 on the hourly chart.
• In the Euro Zone today, the Germany consumer price index for April 2017 was released by the Statistisches Bundesamt Deutschland.
• The result was in line with the forecast, as the Germany consumer price index remained flat at 0% (MoM).

EURGBP Technical Analysis

The Euro after a nasty decline towards 0.8380 against the British Pound found support and started an upside move. The EURGBP pair broke many hurdles recently like the 21 hourly simple moving average and a few crucial bearish trend lines with resistance at 0.8400 on the hourly chart.

The pair moved above the 38.2% Fib retracement level of the last decline from the 0.8509 high to 0.8382 low.

At the moment, the pair is struggling to break 0.8450 and the 50% Fib retracement level of the last decline from the 0.8509 high to 0.8382 low. So, there is a chance of a minor dip towards 0.8420-30 before the pair resumes its uptrend.

Germany Consumer Price Index

Recently in Euro Zone today, the Germany consumer price index for April 2017 was released by the Statistisches Bundesamt Deutschland. The forecast was lined up for an increase of 2% in the CPI in April 2017, compared with the same month a year ago.

The outcome was in line with the forecast, as the CPI came in at 2%. In terms of the monthly change, the CPI was flat at 0%. The report added that the “month-on-month price increase (+5.1%) was at the level of March 2017. Prices of mineral oil products, in particular, went up considerably (+14.3%, of which heating oil: +30.1% and motor fuels: +10.6%)”.

Overall, the EURGBP pair may continue to extend gains, and any dips towards 0.8400 can be considered as a buying opportunity.

AUDUSD – Aussie Dollar Dips Remain Supported Vs US Dollar

May 14, 2017, 10:12 pm

≫ Next: EURCHF – Euro Struggling To Hold Gains Vs Swiss Franc

≪ Previous: EURGBP – Uptrend Initiated For Euro to British Pound

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Key Points

• The Aussie Dollar made a nice upside move after trading towards 0.7330 against the US Dollar.
• The AUDUSD pair recently broke a major bearish trend line with resistance at 0.7380 on the hourly chart.
• In Australia today, the Home Loans figure for March 2017 was released by the Australian Bureau of Statistics.
• The result was below the forecast, as the Home Loans decreased by 0.5% in March 2017.

AUDUSD Technical Analysis

The Aussie Dollar after trading as low as 0.7329 against the US Dollar found support and moved higher. The AUDUSD traded higher, and cleared the 21 hourly simple moving average and a major bearish trend line with resistance at 0.7380 on the hourly chart.

The pair moved above the 50% Fib retracement level of the last decline from the 0.7430 high to 0.7330 low.

The pair recently traded close to the last swing high at 0.7420-30 where it faced offers. So, it is currently correcting lower, and may find support near the 21 hourly simple moving average at 0.7380. The 50% Fib retracement level of the last wave from the 0.7335 low to 0.7421 high at 0.7378 may also act as a support.

Australia’s Home Loans

Recently in Australia, the Home Loans figure for March 2017 was released by the Australian Bureau of Statistics. The market was expecting no change in the home loans in March 2017, compared with the decline of 0.5%.

The outcome was below the forecast, as the Home Loans decreased by 0.5% in March 2017. The last reading was also revised to 0.8%. The report added that the “trend estimate for private sector houses approved fell 0.6% in March and has fallen for 12 months. The seasonally adjusted estimate for private sector houses fell 4.3% in March following a rise of 5.0% in the previous month”.

Overall, the AUDUSD pair may correct a few pips lower in the near term, but may find support at 0.7375-70.

EURCHF – Euro Struggling To Hold Gains Vs Swiss Franc

May 15, 2017, 1:45 am

≫ Next: EURUSD – Euro Heading Towards Monster Resistance Vs US Dollar

≪ Previous: AUDUSD – Aussie Dollar Dips Remain Supported Vs US Dollar

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Key Points

• The Euro made a nice upside move and traded close to the 1.10 handle against the Swiss Franc.
• The EURCHF pair is currently correcting lower and formed an expanding triangle with support at 1.0920 on the hourly chart.
• In the Euro Zone today, the Italian Consumer Price Index for April 2017 was released by Istat.
• The result was above the forecast, as the Italian Consumer Price Index increased 1.9% in April 2017.

EURCHF Technical Analysis

The Euro was in a decent uptrend, as it moved above the 1.0960 resistance against the Swiss Franc. The EURCHF pair traded close to the 1.10 handle where it faced offers and moved down to trade below the 21 hourly simple moving average.

The pair fell towards 1.0920, and formed an expanding triangle on the hourly chart. It is currently finding resistance near the 21 hourly simple moving average and the 50% Fib retracement level of the last drop from the 1.0987 high to 1.0920 low.

A break above the 21 hourly simple moving average or 1.0950 might ignite an upside move back towards the 1.0980 level.

Italian Consumer Price Index

Recently in the Euro Zone, the Italian Consumer Price Index for April 2017 was released by Istat. The market was expecting an increase of 1.8% in April 2017, compared with the same month a year ago.

The outcome was above the forecast, as the Italian Consumer Price Index increased 1.9% in April 2017. The last reading was also revised to 1.9% from 1.8%. The report added that the “speed up of the annual rate of change of All items index was mainly due to prices of Regulated energy products (+5.7%, from -1.2% in the previous month), to which contributed both Electric energy (+5.4%, from -1.0% in March) and Natural gas (+5.9%, from -1.4%), and also to prices of Services related to transport (+5.5%, up from +2.5% in the previous month)”.

Overall, the EURCHF pair may dip a few pips towards the 1.0920 level, but likely to find support on the downside.

EURUSD – Euro Heading Towards Monster Resistance Vs US Dollar

May 15, 2017, 10:25 pm

≫ Next: AUDJPY – Aussie Dollar Remains In Uptrend Vs US Dollar

≪ Previous: EURCHF – Euro Struggling To Hold Gains Vs Swiss Franc

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Key Points

• The Euro climbed higher today and moved above the 1.0970 resistance against the US Dollar.
• The EURUSD pair is currently approaching a monster resistance at 1.1000 on the hourly chart.
• In the US recently, the NAHB Housing Market Index for May 2017 was released by the National Association of Home Builders.
• The result was above the forecast, as the NAHB Housing Market Index increased from 68 to 70.

EURUSD Technical Analysis

The Euro found support at 1.0840 against the US Dollar and started a nice uptrend recently. The EURUSD pair moved high and cleared the 21 hourly simple moving average and the 1.0970 resistance to post good intraday gains.

The pair also closed above the 1.236 extension of the last drop from the 1.0935 high to 1.0840 low, and now approaching a monster resistance at 1.1000 on the hourly chart.

The highlighted resistance area also coincides with the 1.618 extension of the last drop from the 1.0935 high to 1.0840 low. So, a break above 1.10 may play a key role for the next move in EURUSD in the short term.

NAHB Housing Market Index

Recently in the US, the NAHB Housing Market Index for May 2017 was released by the National Association of Home Builders. The market was expecting no change from the last reading of 68 in May 2017.

The outcome was above the forecast, as the NAHB Housing Market Index increased from 68 to 70. Commenting on the report, the NAHB Chairman, Granger MacDonald, stated “This report shows that builders’ optimism in the housing market is solidifying, even as they deal with higher building material costs and shortages of lots and labor”.

Overall, the EURUSD pair was not affected much, trading with a positive bias, and there are high chances of it breaking 1.1000 for further gains in the near term.

AUDJPY – Aussie Dollar Remains In Uptrend Vs US Dollar

May 15, 2017, 11:05 pm

≫ Next: USDCAD – US Dollar Looking To Trade Higher Vs Canadian Dollar

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Key Points

• The Aussie Dollar moved above the 84.00 handle against the Japanese Yen, and following a nice uptrend.
• There is a crucial bullish trend line with support at 83.90 formed on the hourly chart of AUDJPY.
• In Japan today, the Tertiary Industry Index for March 2017 was released by the Ministry of Economy, Trade and Industry.
• The result was below the forecast, as the Tertiary Industry Index posted a decline of 0.2% in March 2017, compared with the last +0.2%.

AUDJPY Technical Analysis

The Aussie Dollar started a nice upside move from the 83.30 swing low against the Japanese Yen. The AUDJPY pair gained pace and managed to move above the 84.00 handle and the 21 hourly simple moving average to establish an uptrend.

The pair recently traded towards 84.50 where it faced resistance. It is currently moving lower, but remains supported near a crucial bullish trend line at 83.90 formed on the hourly chart.

The 21 hourly simple moving average is also acting as a major support at 84.05 and preventing downsides below 84.00. On the upside, a break above 84.50 may push AUDJPY towards 84.85.

Japanese Tertiary Industry Index

Recently in Japan, the Tertiary Industry Index for March 2017 was released by the Ministry of Economy, Trade and Industry. The market was expecting a minor increase of around 0.1% in the index in March 2017, compared with the last month.

The outcome was below the forecast, as the Tertiary Industry Index posted a decline of 0.2% in March 2017, compared with the last +0.2%. Furthermore, the Broad-ranging Personal Services index posted a decline of 0.6% and was down to 104.5. On the other hand, the Broad-ranging Business Services index was up by 0.9% to 103.3 (seasonally adjusted).

Overall, the AUDJPY pair remains in an uptrend, and likely to trade above 84.50 in the near term.

USDCAD – US Dollar Looking To Trade Higher Vs Canadian Dollar

May 17, 2017, 11:15 pm

≫ Next: EURJPY – Euro At Risk of Major Breakdown Vs Japanese Yen

≪ Previous: AUDJPY – Aussie Dollar Remains In Uptrend Vs US Dollar

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Key Points

• The US Dollar after trading lower found support at 1.3570 against the Canadian Dollar.
• The USDCAD pair is attempting a recovery, but facing two important bearish trend lines with resistance near 1.3630 on the hourly chart.
• Recently in Canada, the Manufacturing Shipments figure for March 2017 was released by the Statistics Canada.
• The result was in line with the forecast, as there was an increase of 1% in the Manufacturing Shipments.

USDCAD Technical Analysis

The US Dollar was under pressure this week and traded below 1.3650 against the Canadian Dollar, and later managed to find support near 1.3570. The USDCAD pair started a recovery, and just moved above the 23.6% Fib retracement level of the last decline from the 1.3742 high to 1.3571 low.

However, the pair is currently trading around two important bearish trend lines with resistance near 1.3630 on the hourly chart and the 21 hourly simple moving average.

So, if the pair moves higher, and settles above the highlighted resistance at 1.3630-40, there can be more gains in USDCAD going forward. On the downside, the 1.3570 support holds the key in the short term.

Canada’s Manufacturing Shipments

Recently in Canada, the Manufacturing Shipments figure for March 2017 was released by the Statistics Canada. The market was expecting an increase of around 1% in Shipments in March 2017, compared with the previous month.

The outcome was in line with the forecast, as there was an increase of 1% in the Manufacturing Shipments. It was better than the last -0.2%. The report added that “Overall, sales were up in 16 of 21 industries, representing 71% of the Canadian manufacturing sector. Sales of durable goods rose 1.3% to $28.4 billion, while sales of non-durable goods increased 0.7% to $25.4 billion”.

Overall, the USDCAD pair may attempt an upside break above 1.3630 in the near term.

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EURJPY – Euro At Risk of Major Breakdown Vs Japanese Yen

May 18, 2017, 1:41 am

≫ Next: EURCAD – Euro to Correct Further Lower Vs Canadian Dollar

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Key Points

• The Euro declined heavily this week and currently trading above a major support at 123.40 against the Japanese Yen.
• There are two important bearish trend lines with resistance near 124.00 formed on the hourly chart of EURJPY.
• Today in Japan, the Gross Domestic Product released by the Cabinet Office posted 0.5% in Q1 2017 (Prelim).
• The result was above the forecast, as the GDP posted 0.5%, more than the expectation of 0.4%.

EURJPY Technical Analysis

The Euro was under heavy selling pressure, and tumbled below 125.00 against the Japanese Yen. Later, the EURJPY pair found support at 123.40, and currently consolidating above the mentioned level with many hurdles on the way up.

On the upside, there are two important bearish trend lines with resistance near 124.00 on the hourly chart. These trend lines coincide with the 23.6% Fib retracement level of the last decline from the 125.81 high to 123.40 low.

As long as the pair is below 124.00, there is a risk of a breakdown. On the upside, the next resistance is at 50% Fib retracement level of the last decline from the 125.81 high to 123.40 low and the 21 hourly simple moving average.

Japan’s GDP

Today in Japan, there were a few releases like the Gross Domestic Product for Q1 2017. The market was aligned for a rise of 0.4% in the GDP in Q1 2017 (Prelim), compared with the previous quarter.

The outcome was above the forecast, as the GDP posted 0.5%, more than the expectation of 0.4%. Moreover, the foreign bond investment was released by Ministry of Finance. The outcome was positive, as it came in at ¥1,821.2B, more than the last revised reading of ¥425.8B.

Overall, the EURJPY pair may correct a few pips higher, but remains at risk of a break below 123.40.

EURCAD – Euro to Correct Further Lower Vs Canadian Dollar

May 18, 2017, 10:05 pm

≫ Next: USDCHF – US Monstrous Decline Looks Real vs Swiss Franc

≪ Previous: EURJPY – Euro At Risk of Major Breakdown Vs Japanese Yen

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Key Points

• The Euro after trading towards 1.5200 against the Canadian Dollar struggled and moved down.
• The EURCAD pair broke a bullish trend line at 1.5115 and may be approaching another at 1.5050 on the hourly chart.
• Recently in Canada, the investment in foreign securities figure for Feb 2017 was released by the Statistics Canada.
• The result was above the forecast, as the investment in foreign securities were $15.41B, more than the last revised $7.11B.

EURCAD Technical Analysis

The Euro was in a decent trend as it moved towards 1.5200 against the Canadian Dollar. Later, the EURCAD pair found resistance after trading as high as 1.5213, and started a short-term correction below 1.5200.

The pair moved down, and broke the 21 hourly simple moving average, the 23.6% Fib retracement level of the last wave from the 1.4899 low to 1.5213 high, and a bullish trend line at 1.5115 on the hourly chart.

The pair is currently trading near the 38.2% Fib retracement level of the last wave from the 1.4899 low to 1.5213 high at 1.5090. It may correct a few pips higher, but most likely to face sellers on the upside near 1.5140 and the 21 hourly simple moving average. On the downside, the next support is at another trend line positioned around 1.5040.

Canadian Investment in Foreign Securities

Today in Canada, the Canadian investment in foreign securities figure for Feb 2017 was released by the Statistics Canada. The market was aligned for the investment to be around $10B, compared with the last $6.33B.

The outcome was above the forecast, as the investment in foreign securities were $15.41B. The last reading was also revised up to $7.11B. The report added that “Non-resident investors added $8.9 billion of Canadian bonds to their holdings in March. The investment activity was mainly in corporate bonds, as foreign investors reduced their exposure to government bonds”.

Overall, the EURCAD may continue to correct lower towards the 1.5050 or 1.5020 support area.

USDCHF – US Monstrous Decline Looks Real vs Swiss Franc

May 18, 2017, 11:41 pm

≫ Next: GBPUSD – British Pound Set To Gain Further Vs US Dollar

≪ Previous: EURCAD – Euro to Correct Further Lower Vs Canadian Dollar

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Key Points

• The US Dollar traded sharply lower this week and tumbled by more than 200 pips towards 0.9760 against the Swiss Franc.
• There are two bearish trend lines formed at 0.9820 and 0.9835 on the hourly chart of USDCHF.
• Recently in the US, the Initial Jobless Claims (May 12) report was released by the US Department of Labor.
• The result was above the forecast, as Claims declined to 232K, and helped USDCHF find support near 0.9760.

USDCHF Technical Analysis

The US Dollar was under a lot of pressure and traded sharply lower this week by more than 200 pips from the 1.0070 swing high against the Swiss Franc. The USDCHF pair declined and broke support levels like 1.0000, 0.9900 and 0.9850.

The pair even broke the 21 hourly simple moving average to trade as low as 0.9759 where it found support and currently consolidating.

The pair is currently correcting higher and may face resistance near the 21 hourly simple moving average, and two bearish trend lines at 0.9820 and 0.9835 on the hourly chart. The 23.6% Fib retracement level of the last decline from the 1.0070 high to 0.9759 low at 0.9834 may also act as a resistance.

US Initial Jobless Claims

The US recently saw the release of the Initial Jobless Claims (May 12) by the US Department of Labor. The market was not looking for any decline this time from 236K.

The outcome was better, as instead of an increase, there was a decline of 4K in claims from 236K to 232K. The report stated that “In the week ending May 13, the advance figure for seasonally adjusted initial claims was 232,000, a decrease of 4,000 from the previous week’s unrevised level of 236,000“.

Overall, the USDCHF pair may continue to face sellers on corrections towards 0.9830-40 in the near term.

GBPUSD – British Pound Set To Gain Further Vs US Dollar

May 21, 2017, 10:25 pm

≫ Next: CADJPY – Canadian Dollar Extends Recovery Above 82.00 Vs Yen

≪ Previous: USDCHF – US Monstrous Decline Looks Real vs Swiss Franc

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Key Points

• The British Pound is positioned well above the 1.3000 handle and looking for more gains against the US Dollar.
• There is a decent bullish trend line with support at 1.2995 formed on the hourly chart of GBPUSD.
• Today in the UK, the Rightmove House Price Index for April 2017 was reported.
• The result was above the forecast, as the House Price Index printed an increase of 1.2%, more than the last 1.1%.

GBPUSD Technical Analysis

The British Pound was able to gain nicely above 1.2950 and 1.3000 against the US Dollar recently. The GBPUSD pair is currently correcting lower, but likely to find support near 1.2990 and 1.3000 for a push back towards 1.3040.

The pair is currently testing the 21 hourly simple moving average at 1.2998. There is also a bullish trend line with support at 1.2995 formed on the hourly chart.

So, the pair may soon form a base near 1.3000 for a move back towards 1.3040. There are even chances of a new weekly high above 1.3050 if buyers gain control.

UK’s Rightmove House Price Index

Recently in the UK, the Rightmove House Price Index for April 2017 was reported. The market was positioned for an increase of more than 1% in the index in April 2017, compared with the previous month.

The outcome was above the forecast, as the House Price Index printed an increase of 1.2%, more than the last 1.1%. In terms of the yearly change, the Rightmove House Price Index was up by 3%, more than the last 2.2%. The report stated that “Price of property coming to market hits record high, up 1.1% (+£3,547) to £313,655 this month, though lower than the average increase of 1.6% at this time of year over the past seven years “.

Overall, the GBPUSD may spike higher and could easily retest 1.3040 or even break it.

CADJPY – Canadian Dollar Extends Recovery Above 82.00 Vs Yen

May 21, 2017, 11:26 pm

≫ Next: AUDJPY – Aussie Dollar Set To Break Higher Vs Japanese Yen

≪ Previous: GBPUSD – British Pound Set To Gain Further Vs US Dollar

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Key Points

• The Canadian Dollar after declining close to the 80.50 support against the Japanese Yen started a recovery.
• There CADJPY pair started an upside move, and broke a bearish trend line at 81.75 on the hourly chart.
• Recently in Canada, the Consumer Price Index (CPI) for April 2017 was released by the Statistics Canada.
• The result was below the forecast, as the CPI rose 0.4% (MoM), less than the forecast of 0.5%.

CADJPY Technical Analysis

The Canadian Dollar was under pressure this past week as it dived from 83.53 to well below 81.00 towards the 80.50 support against the Japanese Yen. Later, the CADJPY pair found support and moved above the 81.00 handle.

The pair is now above the 21 hourly simple moving average and the 38.2% Fib retracement level of the last decline from the 83.53 high to 80.65 low.

There was also a break above a bearish trend line at 81.75 on the hourly chart. At the moment, the pair is trading near the 61.8% Fib retracement level of the last decline from the 83.53 high to 80.65 low. A break above 82.50 is needed for a move towards 83.00 in the near term.

Canadian Consumer Price Index

Recently in in Canada, the Consumer Price Index (CPI) for April 2017 was released by the Statistics Canada. The market was positioned for an increase of 0.5% in the index in April 2017, compared with the previous month.

The outcome was below the forecast, as the CPI rose 0.4% (MoM), less than the forecast of 0.5%. In terms of the yearly change, the CPI was up by 1.6%, less than the forecast of 1.7%. Looking at the Consumer Price Index Core, there was a rise of 1.1%, which was very less compared with the forecast of 1.4%.

The CADJPY pair somehow managed to hold losses and the current recovery above 82.00 may gain pace towards 83.00.

AUDJPY – Aussie Dollar Set To Break Higher Vs Japanese Yen

May 22, 2017, 9:56 pm

≫ Next: EURUSD – Euro Remains Buy on Dips Vs US Dollar

≪ Previous: CADJPY – Canadian Dollar Extends Recovery Above 82.00 Vs Yen

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Key Points

• The Aussie Dollar is about to break higher above 83.40 against the Japanese Yen.
• There is a contracting triangle pattern with resistance at 83.35 formed on the hourly chart of AUDJPY.
• Recently in Japan, the All Industry Activity Index for March 2017 was released by the Ministry of Economy, Trade and Industry.
• The result was below the forecast, as the Activity Index declined by 0.6% (MoM), more than the forecast of -0.4%.

AUDJPY Technical Analysis

The Aussie Dollar traded towards the 81.80 support against the Japanese Yen where it found support. Later, the AUDJPY pair started a recovery, and moved above the 23.6% Fib retracement level of the last decline from the 84.52 high to 81.77 low.

The pair was also able to break the 21 hourly simple moving average at 82.90 and the 38.2% Fib retracement level of the last decline from the 84.52 high to 81.77 low.

At the moment, the pair has formed a contracting triangle pattern with resistance at 83.35 on the hourly chart. It is attempting a break above 84.35-84.40. Once it succeeds, we can see further gains in AUDJPY towards the 83.80 level or eve 84.00.

Japanese All Industry Activity Index

Recently in Japan, the All Industry Activity Index for March 2017 was released by the Ministry of Economy, Trade and Industry. The market was positioned for a decrease of 0.4% in the index in March 2017, compared with the previous month.

The outcome was below the forecast, as the Activity Index declined by 0.6%, more than the forecast of -0.4%. The reading was also well below the last increase of 0.7%. Today, the Nikkei Manufacturing PMI was also reported, which posted a disappointing reading compared to the last 52.7, and came in at 52.0.

Overall, the AUDJPY pair may soon break the 83.40 resistance and trade higher may be towards 83.85.

EURUSD – Euro Remains Buy on Dips Vs US Dollar

May 22, 2017, 11:49 pm

≫ Next: AUDUSD – Can Aussie Dollar Hold This Vs US Dollar?

≪ Previous: AUDJPY – Aussie Dollar Set To Break Higher Vs Japanese Yen

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Key Points

• The Euro remains in an uptrend against the US Dollar with supports at 1.1220 and 1.1200.
• There are two bullish trend lines with supports at 1.1220 and 1.1200 formed on the hourly chart of EURUSD.
• Today in the Euro Zone, the German Gross Domestic Product for Q1 2017 was released by the Statistisches Bundesamt Deutschland.
• The result was around the forecast, as the Gross Domestic Product grew by 0.6% (QoQ) in Q1 2017.

EURUSD Technical Analysis

The Euro gained traction recently and moved above the 1.1180 and 1.1200 resistance levels against the US Dollar. The EURUSD pair traded as high as 1.1266 where it faced sellers and currently correcting lower towards 1.1215.

There are two bullish trend lines with supports at 1.1220 and 1.1200 waiting on the hourly chart to act as a buy zone.

The first trend line also coincides with the 21 hourly simple moving average at 1.1208 and the 50% Fib retracement level of the last wave from the 1.1164 low to 1.1266 high.

German Gross Domestic Product

Recently in the Euro Zone, the German Gross Domestic Product for Q1 2017 was released by the Statistisches Bundesamt Deutschland. The market was positioned for a rise of 0.6% in the GDP in Q1 2017, compared with the previous quarter.

The outcome was around the forecast, as the Gross Domestic Product grew by 0.6% (QoQ) in Q1 2017. In terms of the yearly change, there was an increase of 1.7% in Q1 2017, which was again in line with the forecast. The report added that “Economic growth accelerated year on year, too. The price-adjusted GDP in the first quarter of 2017 was up by 2.9% compared with the first quarter of 2016”.

Overall, the EURSUD pair may correct a few pips towards 1.1215 before gaining bids for another upside move.

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AUDUSD – Can Aussie Dollar Hold This Vs US Dollar?

May 23, 2017, 9:39 pm

≫ Next: USDCAD – US Dollar Decline is Here to Stay Vs Canadian Dollar

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Key Points

• The Aussie Dollar after trading towards 0.7500-10 against the US Dollar found resistance and moved down.
• At the moment, the AUDUSD pair is trading near a bullish trend line with support at 0.7450 on the hourly chart.
• Today in Australia, the Construction Work Done for Q1 2017 was released by the Australian Bureau of Statistics.
• The result was below the forecast, as the Construction Work Done declined by 0.7%, more than the forecast of -0.2%.

AUDUSD Technical Analysis

The Aussie Dollar moved nicely towards 0.7500 against the US Dollar, and made a high at 0.7517 before finding resistance. Later, the AUDUSD pair moved down, and started a downside move breaking the 23.6% Fib retracement level of the last wave from the 0.7406 low to 0.7517 high.

Later, the pair extended the downside move, and broke the 0.7480 support. It also moved below the 50% Fib retracement level of the last wave from the 0.7406 low to 0.7517 high.

Currently, the pair is trading near a bullish trend line with support at 0.7450 on the hourly chart. A break below the trend line support or 0.7440 might call for further declines in the short term.

Australia’s Construction Work Done

Recently in Australia, the Construction Work Done for Q1 2017 was released by the Australian Bureau of Statistics. The market was positioned for a decline of 0.2% in Q1 2017, compared with the previous increase of 0.6% (revised).

The was below the forecast, as the Construction Work Done declined by 0.7%, more than the forecast of -0.2%. The report stated that the “trend estimate for total building work done fell 1.1% in the March quarter. The trend estimate for non-residential building work was flat and residential building work fell 1.7%.”

Overall, the AUDUSD pair remains at a risk of a break below 0.7440 in the near term.

USDCAD – US Dollar Decline is Here to Stay Vs Canadian Dollar

May 24, 2017, 9:05 pm

≫ Next: EURAUD – Bullish Break Sighted For Euro To Aussie Dollar

≪ Previous: AUDUSD – Can Aussie Dollar Hold This Vs US Dollar?

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Key Points

• The US dollar was pressured and pushed below the 1.3500 support against the Canadian Dollar.
• There is an expanding triangle pattern formed with support at 1.3400 on the hourly chart of USDCAD.
• Recently, in Canada, the BoC Interest Rate Decision (April 2017) was announced by the Bank of Canada.
• The result was as expected, as the central bank kept rates at 0.5% in its April 2017 Monetary Policy Report.

USDCAD Technical Analysis

The US dollar after trading above 1.3650 against the Canadian Dollar came under pressure and started a downside move. The USDCAD pair broke many supports like 1.3600, 1.3580 and 1.3500 during the downside move.

The pair even traded below the 21 simple moving average, and currently trading just above 1.3400. There is an expanding triangle pattern formed with support at 1.3400 on the hourly chart.

The triangle support may push the pair towards 23.6% Fib retracement level of the last decline from the 1.3534 high to 1.3394 low. However, the pair may face sellers near 1.3430-40 for another downside move.

BoC Interest Rate Decision

Recently in Canada, the BoC Interest Rate Decision (April 2017) was announced by the Bank of Canada. The market was positioned for the central bank to keep rates at 0.5% in its April 2017 Monetary Policy Report.

The result was as expected, as the central bank kept rates at 0.5% in its April 2017 Monetary Policy Report. The report stated that “All things considered, Governing Council judges that the current degree of monetary stimulus is appropriate at present, and maintains the target for the overnight rate at 1/2 per cent”.

Overall, the USDCAD pair may continue its decline, and any correction towards 1.3430 may face resistance.

EURAUD – Bullish Break Sighted For Euro To Aussie Dollar

May 25, 2017, 1:30 am

≫ Next: Gold Price Remains Supported Above $1250-52

≪ Previous: USDCAD – US Dollar Decline is Here to Stay Vs Canadian Dollar

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Key Points

• The Euro made an upside move from the 1.4930 swing low against the Aussie Dollar.
• The EURAUD pair broke a major bearish trend line at 1.4985 on the hourly chart to open the bullish gates in the short term.
• Today in the Euro Zone, the Italian Industrial Sales report for March 2017 was released by the National Institute of Statistics.
• The result was better than the forecast, as the Industrial Sales rose 7.2% in March 2017 (YoY), more than the last 4.6%.

EURAUD Technical Analysis

The Euro after a downside move below 1.4950, traded towards the 1.4930 support against the Aussie Dollar. The EURAUD pair consolidated above 1.4930 for some time, and later gained momentum to trade higher.

The pair traded above the 23.6% Fib retracement level of the last decline from the 1.5071 high to 1.4930 low, and the 21 simple moving average.

The pair also succeeded in breaking a major bearish trend line at 1.4985 on the hourly chart. At the moment, it is attempting to clear the 61.8% Fib retracement level of the last decline from the 1.5071 high to 1.4930 low. If it succeeds, it can easily test 1.5050-70.

Italian Industrial Sales

Recently in the Euro Zone, the Italian Industrial Sales report for March 2017 was released by the National Institute of Statistics. The market was positioned for the Sales to increase by around 5% in March 2017, compared with the same month a year ago.

The result was better than the forecast, as the Industrial Sales rose 7.2% in March 2017 (YoY), more than the last 4.6%. Furthermore, the report added that “In March 2017 the seasonally adjusted turnover index increased by 0.5% compared to the previous month (+1.1% in domestic market and -0.9% in non-domestic market). The percentage change of the average of the last three months compared to the previous three months was +0.4% (+1.0% in domestic market and -0.8% in non-domestic market)”.

Overall, the EURAUD pair may gain pace further in the near term towards 1.5050 if buyers remain in control.

Gold Price Remains Supported Above $1250-52

May 25, 2017, 11:32 pm

≫ Next: EURJPY – Euro Looks Set For More Losses Vs Japanese Yen

≪ Previous: EURAUD – Bullish Break Sighted For Euro To Aussie Dollar

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Key Points

• Gold price after declining towards $1247 found support against the US Dollar and recovered.
• There is a bearish trend line on the upside at $1262, which may act as a resistance if the price moves higher.
• Recently in the US, the Goods Trade Balance for April 2017 was released by the US Bureau of Economic Analysis.
• The outcome was below the forecast, as there was a trade deficit of $-68.0B, more than the expectation of $-64.7B.

Gold Price Technical Analysis

We saw a decline in Gold price towards the $1247 level against the US Dollar where a bullish trend line on the hourly chart protected further losses. The price is currently moving higher, and traded above the 50% Fib retracement level of the last decline from the $1263.2 high to $1247.7 low.

There was also a break above the 21 hourly simple moving average and a bearish trend line at $1255. At the moment, the price is struggling to break the 76.4% Fib retracement level of the last decline from the $1263.2 high to $1247.7 low.

However, it may soon break it, but likely to face resistance near a bearish trend line on the upside at $1262.

US Goods Trade Balance

Recently in the US, the Goods Trade Balance for April 2017 was released by the US Bureau of Economic Analysis. The market was positioned for a trade deficit of $-64.7B in April 2017, compared with the last $-65.0B.

The result was below the forecast, as there was a trade deficit of $-68.0B, more than the expectation of $-64.7B. The report added that the “international trade deficit was $67.6 billion in April, up $2.5 billion from $65.1 billion in March. Exports of goods for April were $125.9 billion, $1.1 billion less than March exports. Imports of goods for April were $193.4 billion, $1.4 billion more than March imports“.

Overall, there can be upsides in gold price, but the $1262-65 resistance may continue to be a major hurdle.

EURJPY – Euro Looks Set For More Losses Vs Japanese Yen

May 26, 2017, 1:46 am

≫ Next: USDCHF – US Dollar Looks Set To Gain Further Vs Swiss Franc

≪ Previous: Gold Price Remains Supported Above $1250-52

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Key Points

• The Euro moved down and traded towards the 124.70 support against the Japanese Yen.
• There was a break below a major bullish trend line at 125.25 on the hourly chart of EURJPY.
• Today in Japan, the Corporate Service Price Index (CSPI) for March 2017 was released by the Bank of Japan.
• The outcome was below the forecast, as there was a rise of 0.7% in March 2017 (YoY), less than the forecast of +0.9%.

EURJPY Technical Analysis

The Euro after a nice upside move towards 125.81 against the Japanese Yen found resistance and started a downside move. The decline gained pace once there was a break of the 125.40 support and the 21 hourly simple moving average.

The pair also broke a major bullish trend line at 125.25 on the hourly chart of EURJPY, and traded towards the 124.70 support.

At the moment, the pair is attempting a correction from the 124.69 low, but likely to face sellers near the 23.6% Fib retracement level of the last decline from the 125.81 high to 124.69 low. Above 125.00, the 21 hourly simple moving average might act as a hurdle at 125.25.

Japan’s Corporate Service Price Index and CPI

Recently in Japan, the Corporate Service Price Index (CSPI) for March 2017 was released by the Bank of Japan. The market was positioned for the Service Price Index to increase by 0.9% in March 2017, compared with the same month a year ago.

The result was below the forecast, as there was a rise of 0.7% in March 2017 (YoY), less than the forecast of +0.9%. On the other hand, the National Consumer Price Index released by the Statistics Bureau for April 2017 (YoY) posted an increase of 0.4%, which was a lot more compared with the last +0.2%.

Overall, the EURJPY pair may struggle in the near term and likely to break 124.69 for further losses.