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AUDUSD – Aussie Dollar Remains Range Bound Vs US Dollar

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Aussie Dollar US Dollar AUDUSD

Key Points

  • The Aussie Dollar is trading in a range above the 0.7525 support against the US Dollar.
  • There is a solid bullish trend line with support at 0.7530 forming on the hourly chart of AUDUSD.
  • Today, the Australian Westpac Consumer Confidence for June 2017 was released by the Faculty of Economics and Commerce Melbourne Institute.
  • The outcome was below than the forecast, as there was a decline of 1.8% in the index in June 2017.

AUDUSD Technical Analysis

The Aussie Dollar is trading in a bullish zone above the 0.7525 support against the US Dollar. There is a clear range pattern formed on the hourly chart of AUDUSD with resistance on the upside at 0.7565.

AUDUSD Technical Analysis

On the downside, the pair is currently following a solid bullish trend line with support at 0.7530 on the hourly chart and the 21 hourly simple moving average. Below the trend line, the range support is at 0.7525.

As long as the trend line support at 0.7530 and 0.7525 level is intact, the pair is likely to gain traction and move above the 0.7565 resistance.

Australian Westpac Consumer Confidence

Recently in Australia, the Westpac Consumer Confidence for June 2017 was released by the Faculty of Economics and Commerce Melbourne Institute. The market was positioned for no major decline in the index compared with the previous decline of 1.1%.

The result was below than the forecast, as there was a decline of 1.8% in the index in June 2017. A report published by the Westpac recently stated “Annual real GDP growth eased from 2.4% to 1.7%, the slowest pace since September 2009. GDP per capita annual growth is only 0.2%, the weakest since March 2013”.

Overall, the AUDUSD pair is well supported on the downside, and may soon break 0.7560 for further gains.


EURUSD – Is This Real Break In Euro To Dollar?

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euro eurusd eurjpy

Key Points

  • The Euro moved higher after forming a support at 1.1168 against the US Dollar.
  • The EURUSD pair broke a short-term bearish trend line at 1.1210 on the hourly chart, but could not gain momentum.
  • Today, the Germany consumer price index for May 2017 was released by the Statistisches Bundesamt Deutschland.
  • The outcome was in line with the forecast, as the CPI declined by 0.2% (MoM).

EURUSD Technical Analysis

The Euro was under pressure recently and traded below the 1.1200 level to test the 1.1170 support against the US Dollar. The EURUSD pair formed a support at 1.1169 and started a correction wave.

EURUSD Technical Analysis

It broke the 23.6% Fib retracement level of the last drop from the 1.1270 high to 1.1169 low and the 21 hourly simple moving average. Recently, the pair cleared a short-term bearish trend line at 1.1210 on the hourly chart.

However, there was no real momentum after the break, and the pair failed to clear the 1.1225 resistance. It is once again moving down, but may find support near a bullish trend line at 1.1200 for an upside move.

Germany Consumer Price Index

Recently in the Euro Zone, the Germany consumer price index for May 2017 was released by the Statistisches Bundesamt Deutschland. The market was positioned for a decline of 0.2% in the CPI in May 2017, compared with the previous month.

The result was in line with the forecast, as the CPI declined by 0.2%. In terms of the yearly change, there was a rise of 1.5% in the CPI, just as the market expected. The report added that “Energy prices were up 2.0% in May 2017 compared with a year earlier (April and March 2017: +5.1% each). The impact of the energy price development on the inflation rate diminished markedly. In May 2017, especially mineral oil products were more expensive than a year earlier”.

Overall, the EURUSD pair remains supported on the downside at 1.1205-00, and may trade higher in the near term.

USDCHF – US Dollar Looking To Break 0.9740 Vs Swiss Franc

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US dollar usdjpy usdchf

Key Points

  • The US Dollar recovered well from the 0.9640 low against the Swiss Franc and moved above 0.9700.
  • The USDCHF pair broke a short-term bearish trend line at 0.9705 on the hourly chart.
  • Today, the Swiss Producer and Import Prices for May 2017 was provided by the Federal Statistical Office.
  • The outcome was below the forecast of -0.1%, as the Producer and Import Prices declined by 0.3% (MoM).

USDCHF Technical Analysis

The US Dollar faced selling pressure yesterday and declined below 0.9660 against the Swiss Franc. Later, the USDCHDF pair recovered and moved above the 0.9690 resistance and the 21 hourly simple moving average.

USDCHF Technical Analysis

The pair also managed to clear the 0.9700 resistance and a short-term bearish trend line at 0.9705 on the hourly chart. The pair is currently struggling to break the 0.9730-35 resistance and already tested the 23.6% Fib retracement level of the last wave from the 0.9641 low to 0.9736 high.

A break above the 0.9735-40 is needed for the US Dollar buyers to gain momentum above 0.9750 in the short term. On the downside, the broken trend line at 0.9705-00 may continue to provide support.

Swiss Producer and Import Prices

Recently in Switzerland, the Producer and Import Prices for May 2017 was provided by the Federal Statistical Office. The market was positioned for a decline of 0.1% in the PPI in May 2017, compared with the previous month.

The result was below the forecast of -0.1%, as the Producer and Import Prices declined by 0.3%. In terms of the yearly change, there was a rise of 0.1% in the PPI, which was also less than the forecast of +0.2%.

Overall, the USDCHF pair may soon break the 0.9740 resistance and trade towards the 0.9780 level in the near term.

EURGBP – Can Euro Retest 0.8850 Vs British Pound?

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Euro EURCAD EURGBP

Key Points

  • The Euro remains above the 0.8780 support area against the British Pound and looking for more gains.
  • There is a contracting triangle pattern with resistance at 0.8815 forming on the hourly chart of EURGBP.
  • Today, the UK’s Retail Sales figure for May 2017 was released by the National Statistics.
  • The outcome was below the forecast of -0.8%, as the Retail Sales declined by 1.2% (MoM).

EURGBP Technical Analysis

The Euro was well bid recently and moved above the 0.8750 resistance against the British Pound. Later, the EURGBP pair moved above the 0.8780 resistance, which is currently acting as a support area in the short term.

EURGBP Technical Analysis

The pair is currently struggling to break the 0.8800 resistance and 21 hourly simple moving average. Moreover, there is a contracting triangle pattern with resistance at 0.8815 forming on the hourly chart.

On the downside, the triangle support is at 0.8780, which is also near the 23.6% Fib retracement level of the last wave from the 0.8649 low to 0.8866 high.

UK Retail Sales

Recently in the UK, the Retail Sales figure for May 2017 was released by the National Statistics. The market was positioned for a decline of 0.8% in the Retail Sales in May 2017, compared with the previous month.

The result was below the forecast of –0.8%, as the Producer and Import Prices declined by 1.2%. In terms of the yearly change, there was a rise of 0.9% in the Retail Sales, which was also less than the forecast of +1.7%. The report added that “Non-food stores were the main contributing factors to this slowdown with an annual fall of 1.2% and predominantly food stores saw the lowest annual growth since July 2013 at 0.1%”.

Overall, the EURGBP pair is likely to gain pace and move above the 0.8815 resistance for a move towards 0.8850.

NZDUSD – New Zealand Dollar Looks Set For Further Declines

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New Zealand dollar Kiwi Dollar US Dollar

Key Points

  • The New Zealand Dollar surged towards 0.7300 against the US Dollar before declining sharply.
  • There is a bearish trend line formed with resistance at 0.7220-30 on the hourly chart of NZDUSD.
  • Today in New Zealand, the Business NZ PMI for June 2017 was released by the Business NZ.
  • The outcome was above the forecast, as there was an increase from 56.8 to 58.5 in June 2017.

NZDUSD Technical Analysis

There was a solid uptrend in New Zealand Dollar, as it moved above the 0.7300 handle against the US Dollar. The NZDUSD pair faced sellers near 0.7320 and started a downside move to trade below the 21 hourly simple moving average.

NZDUSD Technical Analysis

The pair also broke the 0.7250 and 0.7220 support area and traded as low as 0.7186 where buyers appeared. On the upside, it is facing a bearish trend line formed with resistance at 0.7220-30 on the hourly chart.

Moreover, the 23.6% Fib retracement level of the last decline from the 0.7319 high to 0.7186 low might also act as a hurdle for buyers.

Business NZ PMI

Recently in New Zealand, the Business NZ PMI for June 2017 was released by the Business NZ. The market was positioned for no major increase in the PMI from the last reading of 56.8 in June 2017.

The result was above the forecast, as there was an increase from 56.8 to 58.5 in June 2017. The report added that “This was 1.6 points higher than April, and the highest value since January 2016. Overall, the sector has remained in expansion in all months since October 2012, and New Zealand’s manufacturing sector saw expansion in activity lift during May”.

Overall, the NZDUSD pair may correct a few pips higher, but likely to face resistance near 0.7220-35 in the near term.

Gold Price under Heavy Selling Pressure Vs US Dollar

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Gold Price Technical Analysis

Key Points

  • Gold price started a decline from the $1280-90 high against the US Dollar and moved down.
  • At the moment, the price is finding support near a connecting trend line at $1251 on the hourly chart.
  • Today in China, the FDI (Foreign Direct Investment) for May 2017 was released by the Ministry of Commerce of the People’s Republic of China.
  • The outcome was below the forecast, as there was a decline of 0.7% in the FDI (YoY).

Gold Price Technical Analysis

Gold price started correcting lower from the $1285 swing high against the US Dollar, and slowly the correction turned into a bearish trend. The price declined heavily and moved below the $1275 and $1265 support levels.

Gold Price Technical Analysis

It also moved below the 21 hourly simple moving average and the $1260 support to trade towards $1250. Currently, the price is finding support near a connecting trend line at $1251 on the hourly chart.

There is a chance of a short-term correction towards $1255-60, but the price is likely to face sellers. Above $1260, the 21 hourly simple moving average at $1262 may act as a barrier for buyers.

Chinese Foreign Direct Investment

Recently in China, the FDI (Foreign Direct Investment) for May 2017 was released by the Ministry of Commerce of the People’s Republic of China. The market was not expecting any major decline in the FDI in May 2017, compared with the same month a year ago.

The result was below the forecast, as there was a decline of 0.7% in the FDI (YoY). In an another release, the BoJ Interest Rate Decision by the Bank of Japan was a non-event, as there was no change in the interest rates from -0.1%.

Overall, Gold prices may remain under a bearish pressure, and could even break the $1250 support for more declines.

EURJPY – Euro Set For More Gains Vs Japanese Yen

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Euro Yen EURJPY

Key Points

  • The Euro moved higher against the Japanese Yen and traded above the 124.00 resistance.
  • There is a crucial bullish trend line with support at 124.45 forming on the hourly chart of EURJPY.
  • Today in the Euro Zone, the German Producer Price Index for May 2017 was released by the Statistisches Bundesamt Deutschland.
  • The outcome was below the forecast, as there was a decline of 0.2% in the PPI (MoM).

EURJPY Technical Analysis

The Euro after forming a support at 122.40 against the Japanese Yen stated an upside move and moved above the 123.00 and 124.00 levels. The EURJPY pair traded above the last swing high of 123.86 and the 1.236 extension of the last decline from the 123.86 high to 122.40 low.

EURJPY Technical Analysis

The pair is now well above the 124.20 support and the 21 hourly simple moving average. On the downside, there is a crucial bullish trend line with support at 124.45 forming on the hourly chart.

On the upside, the pair may break the 1.618 extension of the last decline from the 123.86 high to 122.40 low.

German Producer Price Index

Recently in the Euro Zone, the German Producer Price Index for May 2017 was released by the Statistisches Bundesamt Deutschland. The market was aligned for a decline of 0.1% in the PPI in May 2017, compared with the previous month.

The result was below the forecast, as there was a decline of 0.2% in the PPI. In terms of the yearly change, there was an increase of 2.8%, less than the forecast of 2.9%. The report added that “In May 2017 the price indices of all main industrial groups increased compared with May 2016: Energy prices rose by 3.0%, though the development of prices of the different energy carriers diverged”.

Overall, the EURJPY pair remains supported and likely to trade above the 124.70 level in the near term.

GBPUSD – British Pound Remains Sell on Rallies Vs US Dollar

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British Pound Sterling GBPUSD

Key Points

  • The British Pound failed two times to break the 1.2820 resistance against the US Dollar and moved down.
  • There was a break below a crucial bullish trend line with support at 1.2745 on the hourly chart of GBPUSD.
  • Today in the UK, there was a speech given by Mark Carney, at The Mansion House, London (20 June 2017).
  • The impact was mostly negative on the British Pound, and GBPUSD declined towards 1.2675.

GBPUSD Technical Analysis

The British Pound traded positively this past week, but recently it failed to break the 1.2820 resistance against the US Dollar. The GBPUSD pair made two attempts to break 1.2820, but failed and moved down sharply below the 1.2750 support.

GBPUSD Technical Analysis

It also broke the 21 hourly simple moving average and the 50% Fib retracement level of the last wave from the 1.2640 low to 1.2820 high. It declined and traded as low as 1.2676. It is currently recovering, but faces the 23.6% Fib retracement level of the last decline from the 1.2820 high to 1.2676 low at 1.2710 as resistance.

Furthermore, the 38.2% Fib retracement level of the last decline from the 1.2820 high to 1.2676 low at 1.2730 might also act as a hurdle and prevent gains towards 1.2750 or 1.2780.

Mark Carney’s Speech

Recently in the UK, there was a speech given by Mark Carney, at The Mansion House, London (20 June 2017).

He mentioned that “From my perspective, given the mixed signals on consumer spending and business investment, and given the still subdued domestic inflationary pressures, in particular anaemic wage growth, now is not yet the time to begin that adjustment”.

Overall, the GBPUSD may correct a few pips from the current levels, but likely to face sellers near 1.2720-30 in the near term.


AUDUSD – Aussie Dollar Poised For Further Declines Vs US Dollar

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Aussie Dollar US Dollar AUDUSD

Key Points

  • The Aussie Dollar made a top at 0.7620 against the US Dollar and currently under selling pressure.
  • There was a break below a crucial bullish trend line with support at 0.7585 on the hourly chart of AUDUSD.
  • Today in Australia, the Westpac Leading Index for May 2017 was released by the Melbourne Institute.
  • The outcome was mostly in line with the forecast, as the index remained unchanged at 0%.

AUDUSD Technical Analysis

The Aussie Dollar traded higher recently towards 0.7620-40 against the US Dollar, but faced a lot of offers and started a downside move. The GBPUSD pair made two attempts to break 1.2820, but failed and moved down sharply below the 1.2750 support.

AUDUSD Technical Analysis

It also broke the 21 hourly simple moving average and a crucial bullish trend line with support at 0.7585 on the hourly chart.

During the downside, the pair also broke the 0.7586 and 0.7570 supports and traded as low as 0.7549. It may correct a few pips higher, but most likely to face sellers near the 50% Fib retracement level of the last decline from the 0.7622 high to 0.7549 low.

Australia’s Westpac Leading Index

Today in Australia, the Westpac Leading Index for May 2017 was released by the Melbourne Institute. The market was positioned for a minor increase of 0.1% in the index.

The actual result was mostly in line with the forecast, as the index remained unchanged at 0%, which was better than the last decline of 0.1%. The report stated that “The six month annualised growth rate in the Westpac-Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, eased from 1.01% in April to 0.62% in May“.

Overall, the AUDUSD pair is likely to decline further and test the 0.7520 support area in the near term.

EURUSD – Euro Looks Set To Extend Declines Vs US Dollar

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Euro US Dollar EURUSD

Key Points

  • The Euro declined heavily recently and traded below the 1.1160 support against the US Dollar.
  • There are two bearish trend lines with resistances as 1.1140 and 1.1157 formed on the hourly chart of EURUSD.
  • Today in the Euro Zone, the European Central Bank (ECB) announced (June 21, 2017) Governing Council meetings.
  • The outcome failed to help the EURUSD pair as it kept pressuring the 1.1120 support area.

EURUSD Technical Analysis

The Euro started a decline from the 1.1295 swing high against the US Dollar and broke many supports on the way down like 1.1200. The pair also settled below the 21 hourly simple moving average and the 1.1160 support.

EURUSD Technical Analysis

The pair recently traded as low as 1.1121 from where it is attempting a recovery. On the upside, there are two bearish trend lines with resistances as 1.1140 and 1.1157 formed on the hourly chart.

Furthermore, the 38.2% Fib retracement level of the last decline from the 1.1216 high to 1.1121 low is also likely to act as a resistance for the pair on the upside at 1.1157.

ECB Governing Council meetings

Today in the Euro Zone, the European Central Bank (ECB) announced (June 21, 2017) Governing Council meetings.

The meetings had nothing much for the Euro, and the EURUSD kept pressuring the 1.1120 support area. The ECB in a report “The recent evolution of global risks – an assessment”, stated that “Risks of an abrupt shift in global financial conditions appear to have eased but not disappeared. Since the “taper tantrum” episode in 2013, when expectations regarding US monetary policy shifted abruptly, a combination of careful communication and a very gradual approach to monetary tightening by the US Federal Reserve System appears to have mitigated such risks somewhat“.

Overall, the EURUSD pair may continue to struggle and rallies towards 1.1150-60 are most likely to face sellers.

USDCHF – US Dollar Faces Tough Challenge Vs Swiss Franc

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US dollar usdjpy usdchf

Key Points

  • The US Dollar failed to break the 0.9765-70 resistance area against the Swiss Franc, and moved down.
  • There are two bearish trend lines with resistances as 0.9738 and 0.9760 formed on the hourly chart of USDCHF.
  • Today in Switzerland, Trade Balance for May 2017 was released by the Federal Customs Administration.
  • The outcome was better than the forecast, as the trade surplus was 3,400M, more than the forecast of 2,440M.

USDCHF Technical Analysis

The US Dollar struggled a lot to gain momentum above the 0.9765-70 resistance area against the Swiss Franc. The USDCHF pair moved down and traded below the 0.9750 support and the 21 hourly simple moving average.

USDCHF Technical Analysis

The pair declined and traded towards the 0.9712 support from where a recovery was initiated. It traded above the 23.6% Fib retracement level of the last decline from the 0.9766 high to 0.9712 low.

On the upside, there are two bearish trend lines with resistances as 0.9738 and 0.9760 formed on the hourly chart, which are major barriers for further recoveries in the near term. The 21 hourly SMA and the 50% Fib retracement level of the last decline from the 0.9766 high to 0.9712 low might also act as a hurdle at 0.9739.

Switzerland Trade Balance

Today in Switzerland, Trade Balance for May 2017 was released by the Federal Customs Administration. The forecast was lined up for a trade surplus of 2,440M in May 2017.

However, the result was better than the forecast, as the trade surplus was 3,400M. Imports of goods and services came in at 16,164M, more than the last revised 14,237M. Furthermore, the Exports of goods and services came in at 19,564M, more than the last revised reading of 16,196M.

Overall, the USDCHF may struggle to move above 0.9760 and most likely to test the 0.9705-00 support area in the near term.

EURGBP – Euro Remains In Uptrend Vs British Pound

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Euro Pound EURGBP

Key Points

  • The Euro after trading close to the 0.8720 support against the British Pound started moving higher.
  • There are two bullish trend lines with supports at 0.8800 and 0.8780 formed on the hourly chart of EURGBP.
  • Today in the Euro Zone, the French Business Climate Index for June 2017 was released by INSEE.
  • The outcome was below the forecast, as the Business Climate Index declined from 109 to 108.

EURGBP Technical Analysis

The Euro declined earlier this week towards 0.8720 against the British Pound where it found support. The EURGBP pair started moving higher and traded above the 0.8750 resistance and the 21 hourly simple moving average.

EURGBP Technical Analysis

The pair is currently following two bullish trend lines with supports at 0.8800 and 0.8780 on the hourly chart. It has already moved above the 50% Fib retracement level of the last decline from the 0.8846 high to 0.8771 low.

So, there are chances of further gains in EURGBP towards the next resistance at 0.8840. On the downside, the 21 hourly simple moving average and the trend line at 0.8805 are major supports for buyers.

Franc Business Climate Index

Today in the Euro Zone, the French Business Climate Index for June 2017 was released by INSEE. The forecast was lined up for no change from the last reading of 109.

However, the result was below the forecast, as the Business Climate Index declined from 109 to 108. The report added that “In June 2017, the balance of industrialists’ opinion on their past activity has declined further, that on personal production expectations has also fell back. However, both remain significantly above their normal level“.

Overall, the EURGBP bullish trend is intact, and there are chances of a move towards the 0.8840 resistance in the near term.

USDCAD – US Dollar Remains at Risk of Further Declines

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US Dollar Canadian Dollar Loonie

Key Points

  • The US Dollar is struggling against the Canadian Dollar and traded below the 1.3280 support area.
  • There was a break below a bullish trend line at 1.3260 on the hourly chart of USDCAD.
  • Recently in Canada, the Retail Sales report for April 2017 was released by the Statistics Canada.
  • The outcome was above the forecast, as there was an increase of 0.8% in sales, more than the forecast of 0.2%.

USDCAD Technical Analysis

The US Dollar climbed towards the 1.3335 level against the Canadian Dollar where it faced sellers and started a downside move. The downside was such that the USDCAD pair broke the 1.3300 and 1.3280 supports along with the 21 hourly simple moving average.

USDCAD Technical Analysis

The pair also traded below a bullish trend line at 1.3260 on the hourly chart, and traded as low as 1.3205. It later started a correction and traded a few pips above the 23.6% Fib retracement level of the last decline from the 1.3340 high to 1.3205 low.

Any corrections towards 1.3260-50 can be seen as selling opportunity in the near term. On the downside, the most important support is at 1.3200.

Canadian Retail Sales

Recently in Canada, the Retail Sales report for April 2017 was released by the Statistics Canada. The forecast was lined up for an increase of 0.2% in sales, compared with the previous month.

However, the result was above the forecast, as there was an increase of 0.8% in sales, more than the forecast of 0.2%. The report added that “Retail sales rose 0.8% to $48.6 billion in April. Sales were up in 9 of 11 subsectors, representing 71% of total retail trade. Excluding sales at motor vehicle and parts dealers, retail sales climbed 1.5%.”.

Overall, the USCAD pair is set for further declines in the near term below the 1.3200 area.

Gold Price Poised To Move Towards $1260 Vs US Dollar

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gold

Key Points

  • Gold price recently declined towards the $1240 support area where it found buyers against the US Dollar.
  • The price broke a bearish trend line on the hourly chart at $1242 to open the doors for more gains.
  • Recently in the US, the Initial Jobless Claims (June 16, 2017) was released by the US Department of Labor.
  • The outcome was below the forecast, as there was an increase in the claims from the last revised reading of 238K to 241K.

Gold Price Technical Analysis

There was a downside move in gold price towards $1240-42 earlier this week against the US Dollar. The downside found support at $1240 from where the price started moving higher and traded above the $1245 resistance and the 21 hourly simple moving average.

Gold Price Technical Analysis

During the upside, the price broke a bearish trend line on the hourly chart at $1242 and the 38.2% Fib retracement level of the last decline from the $1266 high to $1240 low.

The price is currently attempting a break above the 50% Fib retracement level of the last decline from the $1266 high to $1240 low. A close above $1254 could ignite further gains in Gold in the short term.

US Initial Jobless Claims

Recently in the US, the Initial Jobless Claims (June 16, 2017) was released by the US Department of Labor. The forecast was lined up for an increase from the last reading of 237K to 240K for the week ending June 17 2017.

However, the result was below the forecast, as there was an increase in the claims from the last revised reading of 238K to 241K. The report added that the “previous week’s level was revised up by 1,000 from 237,000 to 238,000. The 4-week moving average was 244,750, an increase of 1,500 from the previous week’s revised average”.

Overall, gold price is likely to continue trading higher towards the $1256-60 area in the near term.

EURJPY – Euro Likely To Trade Above 125 Vs Japanese Yen

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Euro Yen EURJPY

Key Points

  • The Euro managed to gain momentum recently and traded above 124.60 against the Japanese Yen.
  • There is a crucial bullish trend line with support at 124.60 forming on the hourly chart of the EURJPY pair.
  • Recently in the Euro Zone, the German business sentiment index for June 2017 was released by the CESifo Group.
  • The outcome was above the forecast, as the business index moved higher to 115.1 from the last reading of 114.6.

EURJPY Technical Analysis

The Euro started an upside move from the 123.65 low against the Japanese Yen. The EURJPY pair moved nicely and cleared the 124.00 handle to trade above the 21 hourly simple moving average and the 50% Fib retracement level of the last decline from the 124.63 high to 123.65 low.

EURJPY Technical Analysis

The pair has moved above the last swing high at 124.63 and currently trading above the 1.236 extension of the last decline from the 124.63 high to 123.65 low.

If the current trend remains intact, the pair may break 125.00 and even test the 1.618 extension of the last decline from the 124.63 high to 123.65 low. On the downside, the 124.60 level is now a major support area for buyers.

German Business Climate Index

Recently in the Euro Zone, the German business sentiment index for June 2017 was released by the CESifo Group. The forecast was lined up for a decrease from the last reading of 114.6 to 114.4 in June 2017.

However, the result was above the forecast, as business index moved higher to 115.1 from the last reading of 114.6. The report stated that “Companies were significantly more satisfied with their current business situation this month. They also expect business to improve. Germany’s economy is performing very strongly”.

Overall, the EURJPY pair may continue to extend gains above the 125.00 level in the near term.


GBPCHF – British Pound To Gain Pace Vs Swiss Franc above 1.2380

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British Pound Swiss Franc

Key Points

  • The British Pound started an uptrend from the 1.2260 level against the Swiss Franc and likely to trade higher in the near term.
  • There was a contracting triangle pattern with resistance at 1.2350 on the hourly chart of GBPCHF, which was broken recently towards the upside.
  • Today in the UK, the Mortgage Approvals figure for May 2017 was published by the British Bankers’ Association (BBA).
  • The outcome was above the forecast, as the Mortgage Approvals came in at 40.35K, more than the forecast of 40.30K.

GBPCHF Technical Analysis

The British Pound was seen trading higher from the 1.2260 swing low against the Swiss Franc, which later got traction. The GBPCHF pair moved higher and broke the 21 hourly simple moving average and the 23.6% Fib retracement level of the last decline from the 1.2465 high to 1.2263 low.

GBPCHF Technical Analysis

The pair also broke a contracting triangle pattern with resistance at 1.2350 on the hourly chart and the 38.2% Fib retracement level of the last decline from the 1.2465 high to 1.2263 low.

The next hurdle is the 1.2370 level, which is just above the 50% Fib retracement level of the last decline from the 1.2465 high to 1.2263 low. A break and close above the 1.2370-80 levels could ignite an upside move above the 1.2400 handle.

UK Mortgage Approvals

Today in the UK, the Mortgage Approvals figure for May 2017 was published by the British Bankers’ Association (BBA). The forecast was lined up for the Approval to post 40.30K in May 2017, compared with the last reading of 40.69K.

However, the result was above the forecast, as the Mortgage Approvals came in at 40.35K, more than the forecast of 40.30K. The report added that “The BBA’s latest data from the high street banks* shows that consumer credit growth was 5.1% in May, compared with 6.4% in the previous month. Gross mortgage borrowing totalled £13.3 billion in May. Net mortgage borrowing was 2.4% higher than a year ago.”

Overall, the GBPCHF pair is likely to gain momentum soon and trade above the 1.2385 level in the near term.

EURUSD – Euro To Dollar Remains In An Uptrend

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euro eurusd eurcad

Key Points

  • The Euro is trading nicely against the US Dollar and recently moved above the 1.1180 support.
  • There are two bullish trend lines forming with supports at 1.1184 and 1.1174 on the hourly chart of the EURUSD pair.
  • Today in the Euro Zone, the Italian Business Confidence for June 2017 will be released by the Istat.
  • The market is positioned for a minor decline from the last reading of 106.9 to 106.6.

EURUSD Technical Analysis

The Euro is mostly bullish as it moved above the 1.1150 resistance against the US Dollar. The EURUSD pair is trading well and currently moving nicely above 1.1180 support and the 21 hourly simple moving average.

EURUSD Technical Analysis

There are many crucial supports on the downside around the 1.1170 level and there are two bullish trend lines forming with supports at 1.1184 and 1.1174 on the hourly chart. The pair is currently above the 23.6% Fib retracement level of the last decline from the 1.1219 high to 1.1174 low.

As long as the pair is above the 1.1150 support and trend lines, it is likely to gain pace and move above the 50% Fib retracement level of the last decline from the 1.1219 high to 1.1174 low. It might even break 1.1210 and trade towards 1.1230.

Italian Business Confidence

Today in the Euro Zone, the Italian Business Confidence for June 2017 will be released by the Istat.

The market is positioned for a minor decline from the last reading of 106.9 to 106.6.

If there is any major decline in the Italian Business Confidence from 106.9, the Euro may come under pressure. On the other hand, if the Italian Business Confidence moves above 107, there can be gains in the Euro.

Overall, the EURUSD pair remains support above 1.1170 and likely to move higher in near term.

USDJPY – US Dollar Remains Decent Buy On Dips Vs Japanese Yen

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US dollar usdjpy usdchf

Key Points

  • The US Dollar is following a bullish bias, and recently traded above 111.70 against the Japanese Yen.
  • There is a monster bullish trend line with support at 111.70 forming on the hourly chart of USDJPY.
  • Today in the US, the Richmond Fed Manufacturing Index for June 2017 will be released by Federal Reserve Bank of Richmond.
  • The market is positioned for a substantial increase from the last reading of 1 to 4.

USDJPY Technical Analysis

The US Dollar recently gained bullish momentum and moved above the 111.50 resistance against the Japanese Yen. The USDJPY pair gained heavy bids, moved above the 111.70 swing high and following a bullish 21 hourly simple moving average.

USDJPY Technical Analysis

The pair recently traded as high as 112.06 where it faced offers and started a downside move. It is currently below the 23.6% Fib retracement level of the last wave from the 111.11 low to 112.06 high.

On the downside, there is a monster bullish trend line with support at 111.70 forming on the hourly chart. The same 111.70 support also coincides with the previous resistance and the 38.2% Fib retracement level of the last wave from the 111.11 low to 112.06 high.

Italian Business Confidence

Today in the US, the Richmond Fed Manufacturing Index for June 2017 will be released by Federal Reserve Bank of Richmond. The market is positioned for a major increase from the last reading of 1 to 4.

If the outcome is positive and the Richmond Fed Manufacturing Index moves above 4, the US Dollar could gain further traction. On the other hand, if the Richmond Fed Manufacturing Index declines towards 0, there is chance of the greenback facing sellers in the short term.

Overall, the USDJPY pair remains supported above 111.70-60 and presenting a good short-term buying opportunity.

AUDUSD – Aussie Dollar To Correct Lower Vs US Dollar

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Aussie dollar AUDUSD

Key Points

  • The Aussie Dollar after trading as high as 0.7715 against the US Dollar found resistance.
  • There was a break below a major channel support at 0.7680 on the hourly chart of AUDUSD.
  • Today in Australia, the Building Permits for May 2017 was released by the Australian Bureau of Statistics.
  • The outcome was a bit on the lower side, as there was a decline of 5.6%, more than the forecast of -2%.

AUDUSD Technical Analysis

The Aussie Dollar was in a nice uptrend and traded above the 0.7700 handle against the US Dollar. The AUDUSD pair traded as high as 0.7715 where it faced resistance, and moved down below the 0.7700 handle and the 21 hourly simple moving average.

AUDUSD Technical Analysis

The pair also broke the 23.6% Fib retracement level of the last wave from the 0.7577 low to 0.7715 high. During the downside, there was also a break below a major channel support at 0.7680 on the hourly chart.

The pair may soon decline further and test the 50% Fib retracement level of the last wave from the 0.7577 low to 0.7715 high at 0.7646.

Australian Building Permits

Today in Australia, the Building Permits for May 2017 was released by the Australian Bureau of Statistics. The market was positioned for a decline of 2% in permits compared with the previous month.

The actual result was a bit on the lower side, as there was a decline of 5.6%, more than the forecast of -2%. The report added that the “trend estimate of the value of total building approved rose 0.8% in May and has risen for five months. The value of residential building fell 1.5% and has fallen for three months. The value of non-residential building rose 4.6% and has risen for four months”.

Overall, the AUDUSD might extend its current correction and trade towards the 0.7640 level in the near term.

GBPJPY – British Pound Remains Buy on Dips Vs Japanese Yen

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British Pound Japanese Yen

Key Points

  • The British Pound made a nice upside move and traded above 146.00 against the Japanese Yen.
  • There is a major bullish trend line with support at 146.20 forming on the hourly chart of GBPJPY.
  • Today in Japan, the Nikkei Manufacturing PMI for June 2017 was released.
  • The outcome was better than the forecast, as there was a rise in the PMI from 52.0 to 52.4.

GBPJPY Technical Analysis

The British Pound started a nasty uptrend from the 141.00 handle against the Japanese Yen. The GBPJPY pair broke many resistances on the way up like 142, 143, 145 and the 21 hourly simple moving average.

GBPJPY Technical Analysis

The pair recently traded as high as 146.83 where sellers appeared and a minor correction was initiated. The pair has moved below the 23.6% Fib retracement level of the last wave from the 145.14 low to 146.83 high.

It may trade towards 146.00 to fill buy orders. Moreover, there a major bullish trend line with support at 146.20 forming on the hourly chart of GBPJPY. Buying dips near 146.00 and the 21 hourly simple moving average might be considered in the short term.

Nikkei Manufacturing PMI

Today in Japan, the Nikkei Manufacturing PMI for June 2017 was released. The market was positioned for no major change in the PMI from the last reading of 52.0 and the PMI was expected to post an expansion.

The actual result was better than the forecast, as there was a rise in the PMI from 52.0 to 52.4. The report added that the “performance of the Japanese manufacturing sector continued to improve during June, extending the current sequence of expansion to ten months. Growth was supported by ongoing gains in both production and new orders, although in both cases rates of expansion weakened“.

Overall, the GBPJPY pair may continue to move higher and might break 146.80 in the near term.

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