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USD/CAD Technical Analysis: July 18, 2017

Postby Andrea ForexMart » Wed Jul 19, 2017 5:02 am

The US dollar attempted to rally during Monday opening, however, rolled over once again. There is a tendency that the market will resume selling rallies, considering the interest rate differential of Canada with the United States may begin expansion through bond markets.

The rates of Canada rose as it was placed some large bets while American bonds were shorted. With this, the monetary flow would probably continue to move northwards. Traders are expected to focus more on the oil markets, however, they are still looking some support.

In the longer-term, they appeared to have a bullish bias while the market attempts to reprice the bond condition and the oil was disregarded in the short term. In addition to it, the oil is generally bearish that influenced the Loonie afterward.

The initial significant area may provide support at 1.25 region. Moreover, the market resume to sell rallies and we should look for exhaustion on the back of short-term rallies to acquire benefit from.

Market participants should have the patience to wait for the opportunity during the half day of trading and the USDCAD will probably follow such rules. The 1.28 mark might offer a complete ceiling and a broke on top of that point may deal with buying. Therefore, we should not anticipate for that to occur in the short term and this is quite some kind of “one-way trade”.
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EUR/GBP Technical Analysis: July 20, 2017

Postby Andrea ForexMart » Fri Jul 21, 2017 7:57 am

The Euro against the British pound moved laterally at the beginning of Wednesday session followed by a slight declined. There is a lot of choppiness as it moves closer to the 0.8850 level. There is a massive support found below the 0.88 level where the choppiness is expected to persist and buyers will return in the market after some time.

The 0.88 level below is being supportive in short-term perspective and it could move towards the 0.89 level. As for long-term, it will search for the 0.90 level which is massively significant psychological level. Pullbacks opens long opportunities unless it breaks lower than the 0.88 level which is not a good sign.

The volatility will persist for this pair in consideration of Brexit negotiation between the United Kingdom and the European Union. This adds risks to market which will be either favorable for the trader or not.

It is wise to look for smaller positions since the market could react to this at a faster rate and not be surprised and disturbed by the random comments from politicians in Brussels or London. Nevertheless, the uptrend remains strong in the long-term charts and a hint of bullishness below the present psychological levels.
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USD/JPY Technical Analysis: July 24, 2017

Postby Andrea ForexMart » Mon Jul 24, 2017 10:19 am

The U.S. dollar against the Japanese yen descended during the Friday session as it gaps lower than the 111.50 level. Hence, the market declined directed to the 111 region which is a significant psychological level for this pair. Yet, the main support should be found near the 110 handle and a rally from this would open selling opportunities in the market. The 110 region is massively supportive but a retest is still needed. It seems that the market is risk sensitive but the Federal Reserve announcement still has a big impact on the pair.

Traders are beginning to presume that the Fed Reserve will slowly raise its rates where Janet Yellen has said recently saying that the data will be relative to rate hikes. This could reverse the market trend completely.

The 110 region is an area could become relevantly supportive. A bullish pressure is anticipated in that area which will be additionally supported by statements from major players such as the Federal Reserve. It is probable for the market to become bearish in the succeeding trading session but there will also be a downward pressure that restricts the trade movement. If the trend breaks lower than the 109 level then the market could collapse.
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EUR/USD Technical Analysis: July 25, 2017

Postby Andrea ForexMart » Tue Jul 25, 2017 9:39 am

The yields across the eurozone weakened while the US dollar make further progress and the 10-year bund yields moved lower at 0.50% as the spreads of the euro area narrowed, following the sluggish results of the PMI readings based on the doubts of M.Draghi to get involve with the QE tapering.

The fresh dip in long yields influenced the EURUSD, however, the remarks from Mersch yesterday verified the postponement and not the cancellation of the QE. Moreover, the ECB will reduce the volume of its asset-buying program which is expected to start earlier in 2018.

The euro-dollar pair rallied to its renewed 23-month high around 1.1694 level and headed lower amid the balance of the trading hours to close the day.

The support for the pair entered the 1.1523 region that is near the 10-day moving average. The resistance reached the 1.1717 mark near the highs of August 2015.

The momentum is still positive as the moving average convergence divergence (MACD) index prints in the black linked with an ascending trajectory and seen pointing to a higher exchange rate.
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EUR/GBP Technical Analysis: July 31, 2017

Postby Andrea ForexMart » Mon Jul 31, 2017 10:03 am

The Euro against the British pound surged during the Friday session although there some resistance found close to the 0.8960 level. The market had a roll over for the few hours but was limited by the resistance level. There is much support found below that proceeds to market higher.

The next target would the 0.90 level and if the price breaks more and pushes the price towards 0.92 level for long-term. The 0.89 level below persists to be supportive that makes a breakdown far to happen. As shown in the weekly chart, the market sees the 0.89 level to be the support level.

Traders proceed to buy on the lows as it persists in supporting the euro currency. A breakout of both currencies occurred against the U.S. dollar although the market favors the euro more which is reflected in the pair. After some time, there is a lot of volatility in the market directed upward.

Shorting this pair may not be ideal but the once the price breaks higher than the 0.90 level. Buyers will turn more hostile as the psychological level of resistance. However, if the price gaps below the 0.89 level which is extraordinarily bearish that would adjust the short-term trend.
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GBP/USD Technical Analysis: August 2, 2017

Postby Andrea ForexMart » Wed Aug 02, 2017 10:14 am

There is high volatility during the Tuesday session as it reached the 1.3250 level but was reversed later on. It seems that the 1.32 level is being supportive as the trend proceed moving higher.

A break lower would push the market for a support towards 1.3150 level then to 1.31 level. The British pound is going to be sensitive to a lot of noise which is anticipated as amid the negotiations from the European Union and the United Kingdom. Hence, traders should be cautious of the of any abrupt changes in this pair.

The bullishness could persist for the long term. Although, this has been quite extended in the present time. A pullback opens more opportunity to make use of the current value. The market could target for a 1.3450 level above which the peak of the consolidation for the past few months.

However, if the market successfully gaps higher than the 1.3450 level, the next retest would be at 1.35 handle. A breakout would mean large bullish tone but it will not be long before the currency starts to rally once again. There will be high volatility from the start until this period ends.
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EUR/USD Technical Analysis: August 4, 2017

Postby Andrea ForexMart » Fri Aug 04, 2017 7:01 am

The results of the European yields were mixed as it restricted the uptrend of the euro which signifies that Draghi has successfully kept the rates low. The ECB sees the need for the continuous support because of the less than expected result of the PMI. The European retail sales set in stronger than anticipated but this was countered by high jobless claims.

The EUR/USD was not able to surpass yesterday’s range but was able to increase the support level. Nevertheless, the trend persists to be positive with the support close to the 10-day Moving Average at 1.1747. The resistance level is seen close to the weekly highs at 1.1910.

Overall, the momentum is optimistic with the MACD histogram shown a black indicator with an upward sloping direction that could lead to a higher exchange rate. The RSI positioned higher with the price indicating a positive momentum upward. Currently, the price is set at 77 which is higher than the trigger level 70 to enter the overbought area. Hence, a correction is possible to occur.


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EUR/USD Technical Analysis: August 10, 2017

Postby Andrea ForexMart » Thu Aug 10, 2017 9:42 am

The Euro against the U.S. dollar moved sideways during the Wednesday session and consolidates higher than the 1.17 level. If a breakout occurs higher than the 1.1765 level, the trend goes climb higher.

For long-term, the trend has not successfully declined enough to sustain the level. There have been two impulsive moves headed downward and there is a chance for this to further decline. If a breaks down lower than the 1.1680 level, the price could further go down towards 1.16 level.
There is significant volatility in the market as it abruptly moves sideways and adjusted higher or lower as traders have made an unexpected move. During this time of the year, there is usually low liquidity since most senior is a holiday in big trading desks. Hence, this leaves the market a bit dormant.
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GBP/USD Technical Analysis: August 24, 2017

Postby Andrea ForexMart » Thu Aug 24, 2017 9:37 am

There was a choppy session in trading British pound against U.S. dollar on Wednesday. Traders were unsuccessful in their attempt to bring the price higher. There was a breakdown at the level of 1.28 which gives a bearish tone in trading. Although, the 1.2850 level and above could offer sufficient selling pressure to reverse the trend. It is advisable to sell in short-term rallies as the market continues to be cautious to possess the British pound ahead of the negotiations.

A resistance is found at the 1.29 level which could appeal to sellers between the levels of 1.2850 and 1.29. On the other hand, a break lower than the lows of the day could lead to a further decline with a short-term target of 1.2650 level.
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USD/CAD Technical Analysis: August 25, 2017

Postby Andrea ForexMart » Sat Aug 26, 2017 8:02 am

During the Thursday session, the U.S. dollar dropped against the Canadian dollar as it reached the 1.25 handle once again. If the market was able to breakout below, this could fasten the pace to proceed downhill. Although, this would not be a facile process. A rebound is also plausible which is already foreseeable if it happens but the 1.26 level remains resistive. A breakout in the upper channel which would have a big influence to the pair as traders react to the speech with Janet Yellen for today. Volatility could exist in the market, despite the ones in power are the sellers.
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