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

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US dollar usdjpy usdchf

Key Points

  • The US Dollar made a nice upside move and traded above 0.9720 resistance against the Swiss Franc.
  • The USDCHF pair is currently attempting a break above a bearish trend line at 0.9760 on the hourly chart.
  • Recently in the US, the Durable Goods Orders for April 2017 was released by the US Census Bureau.
  • The outcome was better than the forecast, as there was a decline of 0.7% in April 2017, less than the forecast of -1.4%.

USDCHF Technical Analysis

The US Dollar after a decline towards 0.9700 against the Swiss Franc formed a decent support and started an upside move. The USDCHF pair moved higher, and broke the 21 hourly simple moving average and the 50% Fib retracement level of the last decline from the 0.9777 high to 0.9696 low.

USDCHF Technical Analysis

The pair is currently attempting a break above a bearish trend line at 0.9760 on the hourly chart.

The trend line resistance also coincides with the 76.4% Fib retracement level of the last decline from the 0.9777 high to 0.9696 low. A break above it may call for a test of the 0.9777 high. Above 0.9777, the 0.9800 level may be tested.

US Durable Goods Orders

Recently in the US, the Durable Goods Orders for April 2017 was released by the US Census Bureau. The market was positioned for the Durable Goods Orders to decline by 1.4% in April 2017

The result was better than the forecast, as there was a decline of 0.7% in April 2017, less than the forecast of -1.4%. However, it was a lot lower when compared with the last revised reading of +2.3%. The report mentioned that “New orders for manufactured durable goods in April decreased $1.6 billion or 0.7 percent to $231.2 billion, the U.S. Census Bureau announced today. This decrease, down following four consecutive monthly increases, followed a 2.3 percent March increase“.

Overall, USDCHF pair may dip a few pips towards 0.9740-30, but likely to break higher in the near term.


EURGBP – Euro to Move above 0.8750 Vs British Pound?

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Euro Pound EURGBP

Key Points

  • The Euro remains in an uptrend vs the British Pound with a close above the 0.8680 resistance.
  • There is a major bullish trend line with support at 0.8700 formed on the hourly chart of EURGBP.
  • Recently in the Euro Zone, the Spanish Retail Sales report for April 2017 was released by the National Institute of Statistics.
  • The outcome was better than the forecast, as there was a rise of 1.8% in April 2017 (YoY), more than the last +1.3% (revised).

EURGBP Technical Analysis

The Euro climbed higher recently, and broke the 0.8650 and 0.8680 resistance levels vs the British Pound. The EURGBP pair traded positively and with a close above 0.8700 tested the 0.8750 resistance where it faced offers.

EURGBP Technical Analysis

It moved down, and currently trading near a major bullish trend line with support at 0.8700 on the hourly chart. The 21 hourly simple moving average and the 38.2% Fib retracement level of the last wave from the 0.8602 low to 0.8751 high is also around 0.8695.

So, we can say there is a major support at 0.8700-0.8695. As long as the pair is above these, it may rise back towards 0.8750 or 0.8780.

Spanish Retail Sales

Recently in the Euro Zone, the Spanish Retail Sales report for April 2017 was released by the National Institute of Statistics. The market was positioned for the Retail Sales to rise by around 1.5% in April 2017, compared with the same month a year ago.

The result was better than the forecast, as there was a rise of 1.8% in April 2017 (YoY), more than the last +1.3% (revised). The report added that “The monthly variation of the General Retail Trade Index (ICM) at constant prices between the months of April March, eliminating the seasonal and calendar effects, is the 0.6%. This rate is two tenths lower to the last month“.

Overall, the EURGBP pair remains supported above 0.8700, and may soon trade higher in the near term.

EURUSD – Euro Just Turned Bearish Vs US Dollar

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Euro US Dollar EURUSD

Key Points

  • The Euro moved down recently, and broke a major support area at 1.1165 against the US Dollar.
  • There is a crucial bearish trend line with resistance at 1.1160-70 formed on the hourly chart of EURUSD.
  • Recently in the Euro Zone, the German Import price index for April 2017 was released by Deutsche Bundesbank.
  • The outcome was lower than the forecast, as there was a rise of 6.1% in April 2017 (YoY), less than the forecast +6.3%.

EURUSD Technical Analysis

The Euro after struggling to remain above 1.1240 against the US Dollar started a downside move and broke the 1.1220 support area. The EURUSD pair also broke the 1.1200 support and the 21 hourly simple moving average.

EURUSD Technical Analysis

The most important break was below the 1.1165 support, which ignited further losses towards 1.1125. The pair may attempt a minor recovery, but likely to face sellers near the 23.6% Fib retracement level of the last decline from the 1.1193 high to 1.1125 low at 1.1141.

There is also a crucial bearish trend line with resistance at 1.1160-70 formed on the hourly chart. So, selling rallies towards 1.1140-60 may be considered in the short term.

German Import Price Index

Recently in the Euro Zone, the German Import price index for April 2017 was released by Deutsche Bundesbank. The market was positioned for the Import price index to rise by around 6.3% in April 2017, compared with the same month a year ago.

The result was lower than the forecast, as there was a rise of 6.1% in April 2017 (YoY). In terms of the monthly change, there was a decline of 0.1% in the index. The report added that the “index of export prices increased by 2.6% in April 2017 compared with the corresponding month of the preceding year. In March 2017 and in February 2017 the annual rates of change were +2.3% and +2.5%, respectively. From March 2017 to April 2017 the export price index rose by 0.2%”.

Overall, the EURUSD remains at a risk of more declines below 1.1125 in the near term if sellers remain in action.

GBPJPY – British Pound Looks to Bounce Back Vs Japanese Yen

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British Pound Japanese Yen

Key Points

  • The British Pound after a sharp decline found support near 141.80 against the Japanese Yen.
  • The GBPJPY pair broke a major bearish trend line with resistance at 142.50 on the hourly chart.
  • Recently in Japan, the Retail Trade report for April 2017 was released by the Ministry of Economy, Trade and Industry.
  • The outcome was above the forecast, as there was a rise of 3.2% in April 2017 (YoY), more than the forecast +2.3%.

GBPJPY Technical Analysis

The British Pound was under a lot of pressure lately, and moved below the 144 and 143 support levels against the Japanese Yen. The GBPJPY even traded below the 142.00 before finding support near the 141.80 level.

GBPJPY Technical Analysis

The pair started recovering, and moved above the 21 simple moving average and a major bearish trend line with resistance at 142.50 on the hourly chart.

At the moment, the pair is attempting a close above the 23.6% Fib retracement level of the last decline from the 145.43 high to 141.82 low. There can be a minor dip towards 142.60-50 before there is another upside push towards the 143.20 and 143.60 resistance levels.

Japan’s Retail Trade

Recently in Japan, the Retail Trade report for April 2017 was released by the Ministry of Economy, Trade and Industry. The market was positioned for the Retail Trade to rise by around 2.3% in April 2017, compared with the same month a year ago.

The result was above the forecast, as there was a rise of 3.2% in April 2017 (YoY). In terms of the monthly change, there was a rise of 1.4%, more than the last +0.2%. Even the Large Retailers’ Sales posted a good increase of 1.1%, compared with the last decline of 0.8%.

Overall, the GBPJPY may soon gain pace above 142.60, and trade towards the 143.50 resistance in the near term.

NZDUSD – New Zealand Dollar Holds Uptrend Support Vs US Dollar

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New Zealand dollar Kiwi Dollar US Dollar

Key Points

  • The New Zealand Dollar is holding a couple of important supports like 0.7050 against the US Dollar.
  • The NZDUSD pair is following a decent ascending channel with supports at 0.7070 and 0.7050 on the hourly chart.
  • Today in New Zealand, the Business Confidence Index for May 2017 was released by the ANZ.
  • The outcome was above the forecast, as there was a rise from the last reading of 11 to 14.9.

NZDUSD Technical Analysis

The New Zealand Dollar gained a lot of pace recently and moved above the 0.7020 and 0.7080 resistance levels against the US Dollar. The NZDUSD pair is moving nicely above the 0.7050 support and the 21 simple moving average.

NZDUSD Technical Analysis

The pair is currently trading near a major bullish trend line at 0.7080, but the most important support one is near a decent ascending channel at 0.7050 on the hourly chart.

There is a chance of a minor dip towards the 50% Fib retracement level of the last wave from the 0.7035 low to 0.7115 high at 0.7077 where it may find buyers for an upside move.

New Zealand Business Confidence Index

Recently in New Zealand, the Business Confidence Index for May 2017 was released by the ANZ. The market was positioned for the Index to remain stable and post a minor increase from the last reading of 11.

The result was above the forecast, as there was a rise from the last reading of 11 to 14.9 in May 2017. And, the NZ business outlook also gained traction and posted 38.3%, up from the last 37.7%. The report added that “A net 38% of businesses expect better times for their own business. That’s unchanged on last month but 10 points above the historical average. All sectors are upbeat. Retail is at the low end (+22) and services the high (+44). Party on“.

Overall, the NZDUSD remains supported as long as above 0.7050, and we may see more gains above 0.7100 in the near term.

USDJPY – Can US Dollar Move Past 111.20 Vs Japanese Yen?

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US dollar usdjpy usdchf

Key Points

  • The US Dollar after declining towards 110.70-80 against the Japanese Yen formed a support.
  • The USDJPY pair is currently moving higher and already cleared a bearish trend line at 111.00 on the hourly chart.
  • Today in Japan, the Industrial Production figure for May 2017 (Preliminary) was released by the Ministry of Economy, Trade and Industry.
  • The outcome was below the forecast, as there was a rise of 4% (MoM), less than the forecast of 4.3%.

USDJPY Technical Analysis

The US Dollar was in a solid downtrend until it recently found support at 110.70-80 against the Japanese Yen. The USDJPY pair formed a base and then started an upside move above 111.80, and traded above the 23.6% Fib retracement level of the last decline from the 111.50 high to 110.70 low.

USDJPY Technical Analysis

The pair also broke a bearish trend line at 111.00 on the hourly chart. At the moment it is struggling to settle above the 111.20 resistance and the 21 simple moving average.

The pair needs to close above the second bearish trend line at 111.20 and the 61.8% Fib retracement level of the last decline from the 111.50 high to 110.70 low in order to gain momentum.

Japanese Industrial Production

Recently in Japan, the Industrial Production figure for May 2017 (Preliminary) was released by the Ministry of Economy, Trade and Industry. The market was positioned for the Industrial Production to increase by 4.3% in May 2017, compared with the previous month.

The result was below the forecast, as there was a rise of 4%, but it was far better than the last -1.9%. In terms of the yearly change, there was a rise of 5.7% in the Industrial Production, which was a lot more than the last 3.5%.

Overall, the USDJPY pair may dip a few pips towards 111.00, but likely to gain bids for a break above 111.20 in the near term.

GBPUSD – Can British Pound Bounce Back Vs US Dollar?

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GBPJPY British Pound

Key Points

  • The British Pound recently traded higher after forming a support at 1.2770-80 against the US Dollar.
  • The GBPUSD pair broke a major bearish trend line at 1.2855 on the hourly chart to move higher.
  • Today in the UK, the Nationwide Housing Prices were released for May 2017.
  • The outcome was below the forecast, as there was a decline of 0.2% (MoM), more than the forecast of -0.1%.

GBPUSD Technical Analysis

The British Pound after trading towards 1.2750-70 against the US Dollar, started trading in a range and consolidated. Later, the GBPUSD pair gained momentum, and moved above the 1.2800 resistance for a move towards 1.2900.

GBPUSD Technical Analysis

During the upside, the pair broke a major bearish trend line at 1.2855 on the hourly chart and the 21 simple moving average.

The pair traded as high as 1.2927, and currently correcting lower. On the downside, the 50% Fib retracement level of the last wave from the 1.2775 low to 1.2927 high may act as a strong support along with the 21 simple moving average at 1.2850-40.

UK’s Nationwide Housing Prices

Recently in the UK, the Nationwide Housing Prices were released for May 2017. The market was positioned for the Housing Prices to decrease by 0.1% in May 2017, compared with the previous month.

The result was below the forecast, as there was a decline of 0.2%, but better than the last -0.4%. In terms of the yearly change, there was a rise of 2.1% in prices, less than the forecast of 2.5%. The report highlighted that House prices show third consecutive monthly decline for the first time since 2009. Annual house price growth dips to 2.1%, providing further evidence that housing market is losing momentum”.

Overall, the GBPUSD may move down a few pips in the near term, but the 1.2850-40 support could hold losses.

EURCHF – Can Euro Break 1.0900 Vs Swiss Franc?

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euro eurchf

Key Points

  • The Euro after finding bids near the 1.0870 support against the Swiss Franc started an upside move.
  • The EURCHF pair moved higher, but facing a major bearish trend line at 1.0900 on the hourly chart.
  • Today in the Euro Zone, the Manufacturing Purchasing Managers Index (PMI) for May 2017 was released by the Markit Economics.
  • The outcome was around the forecast, as the PMI posted no change from the last reading of 57.

EURCHF Technical Analysis

The Euro made a downside move recently and traded towards 1.0870 against the Swiss Franc where it found support. Later, the pair started an upside move, and broke the 38.2% Fib retracement level of the last decline from the 1.0911 high to 1.0869 low.

EURCHF Technical Analysis

The pair is currently trading near the 21 hourly simple moving average, and the 61.8% Fib retracement level of the last decline from the 1.0911 high to 1.0869 low at 1.0895.

It needs to break a major bearish trend line at 1.0900 on the hourly chart in order to gain momentum. On the downside, the 1.0880 level remains a crucial support area.

Euro Zone Manufacturing PMI

Recently in the Euro Zone, the Manufacturing Purchasing Managers Index (PMI) for May 2017 was released by the Markit Economics. The market was positioned for no change in the PMI from 57 in May 2017.

The result was around the forecast, as the PMI posted no change from the last reading of 57. However, the German Manufacturing PMI posted an increase from 59.4 to 59.5 in May 2017. The Euro Zone Manufacturing PMI report stated that “Strong growth of production and new business support survey-record job creation. Germany stays atop the PMI growth rankings with fastest gains in output, new orders and jobs“.

Overall, the EURCHF has bright chances of further gains above 1.0900 in the near term.


AUDUSD – Aussie Dollar In Downtrend Below 0.7410-20 Vs US Dollar

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Aussie Dollar US Dollar AUDUSD

Key Points

  • The Aussie Dollar made a downside move recently and traded below 0.7380 against the US Dollar.
  • There is a crucial bearish trend line with resistance at 0.7415 forming on the hourly chart of AUDUSD.
  • Today in Australia, HIA New Home Sales for March 2017 was released by the Housing Industry Association.
  • The outcome was above the forecast, as the HIA New Home Sales increased by 0.8% in March 2017.

AUDUSD Technical Analysis

The Aussie Dollar dived recently from the 0.7480 swing high against the US Dollar, and broke the 0.7400 and 0.7380 support levels. Later, the AUDUSD pair found support at 0.7370 and started correcting a few pips higher.

AUDUSD Technical Analysis

An initial resistance on the upside is near the 23.6% Fib retracement level of the last decline from the 0.7476 high to 0.7370 low.

Above 0.7395, the 21 hourly simple moving average is positioned at the 38.2% Fib retracement level of the last decline from the 0.7476 high to 0.7370 low at 0.7410. Moreover, there is a crucial bearish trend line with resistance at 0.7415 forming on the hourly chart. So, there are many resistances like 0.7410, 0.7415 and 0.7420 on the way up.

Australia’s HIA New Home Sales

Recently in Australia, HIA New Home Sales for March 2017 was released by the Housing Industry Association. The market was positioned for a minor increase of 0.2% in sales in March 2017, compared with the previous month.

The result above the forecast, as the HIA New Home Sales increased by 0.8% in March 2017. It was even a lot better when compared it to the last decline of 1.1%.

Overall, the AUDUSD pair may correct a few high in the near term, but could face sellers near 0.7410 and 0.7415.

EURJPY – Euro To Japanese Yen In Uptrend Towards 125.50

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Euro Yen EURJPY

Key Points

  • The Euro made a nice upside move above the 124.50 resistance against the Japanese Yen.
  • There is a major ascending channel with support at 125.05 formed on the hourly chart of EURJPY.
  • Today in Japan, the Consumer Confidence for May 2017 was released by the Cabinet Office.
  • The outcome was above the forecast, as the Consumer Confidence rose to 43.6 from 43.2.

EURJPY Technical Analysis

The Euro after a sharp decline towards the 123.00-10 support against the Japanese Yen found support. The EURJPY pair formed a base near 123.15 and moved higher. During the upside, the pair broke a major resistance at 124.50, which may now act as a support on the downside.

EURJPY Technical Analysis

At the moment, the pair is following a major ascending channel with support at 125.05 on the hourly chart. On the upside, the pair may target the 125.50 resistance, which can be considered as the next major resistance.

On the downside, below the channel support at 125.05, the pair may test the 23.6% Fib retracement level of the last wave from the 123.16 low to 125.26 high. Below 124.75, the 124.50 might hold losses. Furthermore, the 21 hourly simple moving average at 124.65 may also be seen as a support area.

Australia’s HIA New Home Sales

Recently in Japan, the Consumer Confidence for May 2017 was released by the Cabinet Office. The market was positioned for a minor increase of from the last reading of 43.2 to 43.5 in May 2017.

The result was above the forecast, as the Consumer Confidence rose to 43.6 from 43.2. Earlier today, the Monetary Base for May 2017 was released by the Bank of Japan, which posted a reading of 19.4%, compared to the last 19.8%.

Overall, the EURJPY pair may continue to trade higher towards the 125.50 level in the near term.

EURAUD – Euro Remains Sell Near 1.5125 Vs Aussie Dollar

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Euro Aussie Dollar

Key Points

  • The Euro traded below an important support of 1.5170 against the Aussie Dollar to initiate a downside move.
  • There was a bullish trend line break noted at 1.5185 on the hourly chart of EURAUD.
  • Today in the Euro Zone, the PMI service for May 2017 was released by the Markit Economics.
  • The outcome was above the forecast, as the PMI service rose to 56.3 from 56.2.

EURAUD Technical Analysis

The Euro traded nicely above the 1.5200 level against the Aussie Dollar, but later failed to break the 1.5225 resistance area, and started a decline. The EURAUD pair broke the 1.5200 support and the 21 hourly simple moving average to initiate the downside move.

EURAUD Technical Analysis

During the downside move, the pair also broke the 23.6% Fib retracement level of the last wave from the 1.4943 low to 1.5227 high, and the 1.5080 support.

The pair is likely to continue lower, and may soon test the 61.8% Fib retracement level of the last wave from the 1.4943 low to 1.5227 high at 1.5050. Below 1.5050, the 1.5000 handle could be tested.

Euro Zone Services PMI

Recently in the Euro Zone, the PMI service for May 2017 was released by the Markit Economics. The market was positioned for no change in the PMI from the last reading of 56.2 in May 2017.

The result was above the forecast, as the PMI service rose to 56.3 from 56.2. On the other hand, the German Services PMI posted no change from 55.2 in May 2017. The Euro Zone PMI report stated that “Optimism about the one-year outlook for output rose to its highest level since data for this series were first collected in July 2012. Strong new order inflows tested capacity, leading to rising volumes of outstanding business“.

Overall, the EURAUD pair may correct a few pips higher, but most likely to face sellers near the 1.5125 resistance.

GBPJPY – Can British Pound Recover Above 142.50 Vs Japanese Yen

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British Pound Japanese Yen

Key Points

  • The British Pound made a downside move below 143.00 against the Japanese Yen, and later found support at 141.95.
  • The GBPJPY pair is currently attempting a break above a bearish trend line at 142.42 on the hourly chart.
  • Today in the UK, the PMI service for May 2017 was released by both the Chartered Institute of Purchasing & Supply and the Markit Economics.
  • The outcome was below the forecast, as the PMI service declined to 53.8 from 55.8.

GBPJPY Technical Analysis

The British Pound after trading as high as 143.95 against the Japanese Yen faced resistance, and started a downside move. The GBPJPY pair traded lower and moved below the 143.50 and 143.00 support levels to trade as low as 141.95.

GBPJPY Technical Analysis

The pair also broke the 21 hourly simple moving average and 142.60 support during the downside. At the moment, the pair is consolidating in a range and facing resistance near the 23.6% Fib retracement level of the last decline from the 143.95 high to 141.95 low.

The pair is also facing a bearish trend line at 142.42 on the hourly chart. Once there is a break and close above 142.50, the pair could test the 50% Fib retracement level of the last decline from the 143.95 high to 141.95 low at 142.95.

UK Services PMI

Recently in the UK, the PMI service for May 2017 was released by both the Chartered Institute of Purchasing & Supply and the Markit Economics. The market was positioned for a minor decline in the PMI from 55.8 to 55.0 in May 2017.

The result was below the forecast, as the PMI service declined to 53.8 from 55.8. The report stated that “May data highlighted a renewed slowdown in business activity growth across the UK service economy, following the four-month peak achieved in April“.

Overall, if there is a break above 142.45-50 in GBPJPY, the pair may extend gains towards the 143.00 handle.

USDCAD – US Dollar To Trade Towards 1.3430 Vs Canadian Dollar

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Canadian dollar, USDCAD, US Dollar

Key Points

  • The US Dollar is currently struggling against the Canadian Dollar and remains below the 1.3500 resistance.
  • The USDCAD pair is about to break a major bullish trend line at 1.3460 on the hourly chart.
  • Recently in the US, the Factory orders report for April 2017 was released by the US Census Bureau.
  • The outcome was around the forecast, as there was a decline of 0.2% in orders in April 2017 (MoM).

USDCAD Technical Analysis

The US Dollar struggled around the 1.3540-50 levels against the Canadian Dollar, and later started moving lower. The USDCAD pair traded lower and broke the 1.3500 support and the 21 hourly simple moving average.

USDCAD Technical Analysis

The pair even broke the last swing low of 1.3472, and likely to decline further. It looks like the pair is about to break a major bullish trend line at 1.3460 on the hourly chart.

If there is a break and close below 1.3460, there could be a move towards the 1.236 extension of the last wave from the 1.3472 low to 1.3547 high. On the upside, the 21 hourly simple moving average and the 1.3500 resistance are key hurdles for buyers.

US Factory Orders

Recently in the US, the Factory orders report for April 2017 was released by the US Census Bureau. The market was positioned for a minor decline of0.2% in April 2017, compared with the previous month.

The result was around the forecast, as there was a decline of 0.2% in orders in April 2017. However, it was a lot worse than last increase of 1% (revised from 0.5%). The report added that “New orders for manufactured goods in April, down following four consecutive monthly increases, decreased $0.8 billion or 0.2 percent to $469.0 billion“.

Overall, the USDCAD pair may break the 1.3460 support soon and trade towards 1.3430 in the near term.

EURUSD – Euro To Dollar Eyeing Upsides Above 1.1285

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euro eurusd eurjpy

Key Points

  • The Euro remains in a nice uptrend against the US Dollar, and currently trading above the 1.1250 support.
  • The EURUSD pair is following a major ascending channel pattern with support at 1.1240 on the hourly chart.
  • Recently in the Euro Zone, the Sentix Investor Confidence for June 2017 was released by the Sentix GmbH.
  • The outcome was above the forecast, as the Confidence Index rose from 27.4 to 28.4 in June 2017.

EURUSD Technical Analysis

The Euro is slowly and steadily moving higher, and remains well supported above the 1.1250 level against the US Dollar. The EURUSD pair recently tested the 1.1290 resistance and started a downside correction towards 1.1250.

EURUSD Technical Analysis

At the moment, the pair is finding bids near the 50% Fib retracement level of the last wave from the 1.1208 low to 1.1288 high, and the 21 hourly simple moving average.

There is also a major ascending channel pattern with support at 1.1240 on the hourly chart. As long as the pair is above the 1.1240-20 support area, there are chances of more gains towards 1.1300. Above 1.1300, the next target could be 1.1320.

Sentix Investor Confidence

Recently in the Euro Zone, the Sentix Investor Confidence for June 2017 was released by the Sentix GmbH. The market was positioned for no change from the last reading of 27.4 in June 2017.

The result was above the forecast, as the Confidence Index rose from 27.4 to 28.4 in June 2017. In a recent report, Sentix GmbH, stated “situation in the Eurozone is getting better and better. For the sixth time in a row, present valuations climb to their highest level since January 2008. Expectations remain positive”.

Overall, the EURUSD pair is most likely to move above 1.1270 and trade towards 1.1300 in the near term.

AUDNZD – Aussie Dollar Eyes Break above 1.0500 Vs Kiwi Dollar

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Aussie dollar AUDNZD

Key Points

  • The Aussie Dollar gained traction recently and moved above the 1.0440 resistance against the New Zealand Dollar.
  • The AUDNZD pair broke a monster bearish trend line at 1.0450 on the hourly chart to open the doors for more gains.
  • Today in Australia, the Gross Domestic Product for Q1 2017 was released by the Australian Bureau of Statistics.
  • The outcome was above the forecast, as the Gross Domestic Product increased 0.3% (QoQ).

AUDNZD Technical Analysis

The Aussie Dollar was in a heavy downtrend below 1.0540 against the New Zealand Dollar until it found support at 1.0400. The AUDNZD pair consolidated above 1.0400 before spiking higher, and breaking many resistances like the 1.0440 and the 21 hourly simple moving average.

AUDNZD Technical Analysis

During the upside, the pair also cleared a monster bearish trend line at 1.0450 on the hourly chart, which cleared the way for more gain.

The pair recently corrected from 1.0506, but found support near the broken bearish trend line and moved higher once again above 1.0480. At the moment, the pair is attempting a break above the last high at 1.0506 for a move towards 1.0520.

Australia’s Gross Domestic Product

Recently in Australia, the Gross Domestic Product for Q1 2017 was released by the Australian Bureau of Statistics. The market was positioned for an increase of 0.2% in the GDP in Q1 2017, compared with the previous quarter.

The result was above the forecast, as the Gross Domestic Product increased 0.3%. Looking at the yearly change, the GDP grew 1.7%, more than the forecast of 1.5%. The report mentioned that “Compensation of employees increased 1.0% and total corporations gross operating surplus increased 6.2%. 17 out of 20 industries recorded growth in the March quarter. Net exports detracted 0.7 percentage points from growth”.

Overall, the AUDNZD may continue to move higher and could even break 1.0520 for a move towards 1.0540.


USDJPY – Can US Dollar Recover Above 110.00 Vs Japanese Yen?

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US dollar usdjpy usdchf

Key Points

  • The US Dollar is under heavy selling pressure and trading below 110.00 against the Japanese Yen.
  • There it a monster bearish trend line forming with resistance at 109.60 on the hourly chart of USDJPY.
  • Today in Japan, the preliminary Leading Economic Index for April 2017 was released by the Cabinet Office.
  • The outcome was below the forecast, as the index is expected to post a decline from the last revised reading of 105.7 to 104.5.

USDJPY Technical Analysis

The US Dollar declined heavily recently and moved below the 110.20 and 110.00 support levels against the Japanese Yen. The USDJPY pair traded as low as 109.26 where it is finding support and currently attempting an upside break.

USDJPY Technical Analysis

On the topside, there is a monster bearish trend line forming with resistance at 109.60 on the hourly chart. The trend line also coincides with the 23.6% Fib retracement level of the last decline from the 110.76 high to 109.26 low.

Above the trend line resistance at 109.60, the next hurdle is around the 21 hourly simple moving average at 110.00. It is also the 50% Fib retracement level of the last decline from the 110.76 high to 109.26 low. So, it won’t be easy for buyers to break the 110.00 resistance once there is a close above 109.60.

Japan’s Leading Economic Index

Recently in Japan, the preliminary Leading Economic Index for April 2017 was released by the Cabinet Office. The market was positioned for no major decline in the index from the last reading of 105.5.

The result was below the forecast, as the index is expected to post a decline to 104.5, and the last reading was revised up from 105.5 to 105.7. On the other hand, the Coincident Index preliminary reading posted an increase from 114.4 to 117.7 in April 2017.

Overall, there are high chances of USDJPY gaining bullish momentum once there is a break above the 109.60-65 resistance.

CADJPY – Canadian Dollar Poised For More Declines Vs Japanese Yen

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CAD CADJPY Canadian Dollar

Key Points

  • The Canadian Dollar is trading below a key support area at 81.50 against the Japanese Yen.
  • There is a descending channel pattern with support at 80.85 formed on the hourly chart of CADJPY.
  • Today in Japan, the Trade Balance figure for April 2017 was released by the Customs Office.
  • The outcome was below the forecast, as there was a trade surplus of ¥553.6B, which was less than the last ¥865.5B.

CADJPY Technical Analysis

The Canadian Dollar faced a lot of selling pressure lately and moved below the 82 and 81.50 support levels against the Japanese Yen. The CADJPY pair even moved below the 21 hourly simple moving average and traded as low as 80.83.

CADJPY Technical Analysis

There is a descending channel pattern with support at 80.85 formed on the hourly chart of CADJPY.  As long as the pair is following the channel, there can be a decline towards 80.90.

On the upside, the channel resistance at 81.40, the 21 hourly SMA, and the 81.50 pivot are crucial resistance levels for the Canadian Dollar buyers. One may even consider selling rallies towards 81.40 with a tight stop of around 20-25 pips.

Japanese Trade Balance BOP Basis

Recently in Japan, the Trade Balance figure for April 2017 was released by the Customs Office. The market was positioned for a trade surplus of above ¥600B in April, compared with the last ¥865.5B.

The result was below the forecast, as there was a trade surplus of ¥553.6B, which was less than the last ¥865.5B. Looking at the Current Account released by the Ministry of Finance for April, there was a trade surplus of ¥1,951.9B, which was better than the forecast of ¥1,698.8B.

Overall, CADJPY may struggle in the near term as long as the pair is below the 81.50 resistance area.

Gold Price Turned Bearish Once Again Vs US Dollar?

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gold

Key Points

  • There was a nice upside move in Gold price recently above the $1290-92 levels against the US Dollar before turning bearish.
  • The price recently broke a major bullish trend line with support at $1287 on the hourly chart.
  • Today in Australia, the trade balance for April 2017 was released by the Australian Bureau of Statistics.
  • The outcome was below the forecast, as there was a trade surplus of 555M, which was less than the forecast of 1,950M.

Gold Price Technical Analysis

There was a decent upside move in gold price, as it moved above the $1280 and $1290 resistance levels against the US Dollar. Later, the price faced sellers after trading as high as $1295, and started a downside move.

Gold Price Technical Analysis

The price broke the 23.6% fib retracement level of the last wave from the $1258 low to $1295 high, which ignited a downside move below the 21 hourly simple moving average.

During the downside move, the price also broke a major bullish trend line with support at $1287 on the hourly chart. The next support on the downside is around the 50% fib retracement level of the last wave from the $1258 low to $1295 high at $1277.

Australian Trade Balance

Recently in Australia, the trade balance for April 2017 was released by the Australian Bureau of Statistics. The market was positioned for a trade surplus of above 1,900 in April 2017, compared with the last 3,107M.

The result was below the forecast, as there was a trade surplus of 555M, which was less than the last 3,169M (revised). The report added that in “trend terms, the balance on goods and services was a surplus of $3,224m in April 2017, a decrease of $70m (2%) on the surplus in March 2017”.

Overall, there are chances of declines in gold price as long there is close above the $1290 level in the near term.

EURJPY – Euro Likely To Trade Below 112.80 Vs Japanese Yen

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Euro Yen EURJPY

Key Points

  • There Euro moved down recently and cleared the 123.20 support against the Japanese Yen.
  • There was a break below a contracting triangle support at 123.25 on the hourly chart of EURJPY.
  • Today, the Japanese Business Survey Index (BSI) Large Manufacturing for Q2 2017 was released by the Ministry of Finance.
  • The outcome was below the forecast, as there was a decline in the Index from 1.1 to -2.9.

EURJPY Technical Analysis

The Euro after trading as low as 122.65 against the Japanese Yen recovered, but failed to break the 124.00 handle. The EURJPY pair started moving inside a contracting triangle support at 123.25 on the hourly chart of EURJPY.

EURJPY Technical Analysis

Later, the pair moved down, and broke the triangle support at 123.25 and the 21 hourly simple moving average to trade towards 122.80.

The pair traded as low as 122.79 and later started a correction to move above the 23.6% Fib retracement level of the last decline from the 123.72 high to 122.79 low. However, the broken triangle trend line and the 50% Fib retracement level of the last decline from the 123.72 high to 122.79 low at 123.25 is acting as a resistance.

Japanese Business Survey Index (BSI) Large Manufacturing

Recently in Japan, the Business Survey Index (BSI) Large Manufacturing for Q2 2017 was released by the Ministry of Finance. The market was positioned for a rise in the Index from the last reading of 1.1 to 1.5 in Q2 2017, compared with the previous quarter.

The result was below the forecast, as there was a decline in the Index from 1.1 to -2.9. Moreover, the Japanese Business Survey Index (BSI) Large Non-Manufacturing for Q2 2017 posted a decline from 1.5 to -1.6.

Overall, the EURJPY pair may correct a few pips higher towards 123.25-30, but likely to face a lot of hurdles in the near term.

GBPUSD – British Pound Remains Below Key Resistance Vs US Dollar

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British Pound Sterling GBPUSD

Key Points

  • The British Pound faced a lot of selling pressure and moved below 1.2800 against the US Dollar.
  • There are two bearish trend lines with resistance at 1.2720 and 1.2750 on the hourly chart of GBPUSD.
  • Today, the UK Consumer Price Index for May 2017 was released by the National Statistics.
  • The outcome was better than the forecast, as there was an increase of 0.3% in May 2017 (MoM).

GBPUSD Technical Analysis

The British Pound declined sharply against the US Dollar, and traded as low as 1.2640. Later, the GBPUSD pair started a consolidation, and currently trading above the 1.2680 level.

GBPUSD Technical Analysis

At the moment, the pair is attempting a break above the 1.2700 handle and the 21 hourly simple moving average. Above 1.2700, the 23.6% Fib retracement level of the last decline from the 1.2981 high to 1.2640 may act as a resistance.

Furthermore, there are two bearish trend lines with resistance at 1.2720 and 1.2750 on the hourly chart, waiting to prevent upsides in the near term. Only a close above 1.2770 might push the pair back in the bullish zone.

UK Consumer Price Index

Recently in the UK, the Consumer Price Index for May 2017 was released by the National Statistics. The market was positioned for a rise of 0.2% in the CPI, compared with the previous month.

The result was better than the forecast, as there was an increase of 0.3% in May 2017. In terms of the yearly change, there was an increase of 2.9% in the CPI versus the forecast of 2.7%. The report added that the “upward contributions were partially offset by falls in motor fuel prices, and air and sea fares, the latter two influenced by the timing of Easter in April this year”.

Overall, the GBPUSD pair may attempt an upside break above 1.2750, but may fail in the short term.

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