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Forex Forum to Share, Discuss, Communicate and Trade Forex • Daily Market Analysis from ForexMart (Technical)
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AUD/USD Technical Analysis: June 21, 2017

PostPosted: Wed Jun 21, 2017 8:26 am
by Andrea ForexMart
The Australian currency attempted to initiate a rally amid the day and reversed to sell off. The 0.7575 mark was being tested due Aussie’s actions, hence, it provides a significant amount of support. In case that a breakdown occurred beyond that point, the market will be pushed down through 0.7550 region which is an interesting area in the past.

The market will keep on reaching the 0.765 handle when a bounce happen and when it break into the upside will drove near the region 0.7750.

At the end of the day, the market will continue following its risk appetite and traders should watch closely what will happen within that point. The central bank of New Zealand is expected to release a statement about interest rates scheduled today while the Aussie dollar will seek the same path.

Moreover, gold markets remain to be in a downbeat which can be felt by the AUD as well. With this, players should search for a support below prior the rebound. As the market still have challenging nature to deal with because of the many bits and pieces moving around, particularly the plan of the Fed Reserve to increase rates.

Above all, the pressure brought by the precious metal, gold paired with the general outlook on risk tolerance is projected to wrought a chaotic situation over the market.

In this event, it is complicated to determine where to go next as the consolidation is anticipated to keep going.

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EUR/USD Technical Analysis: June 27, 2017

PostPosted: Tue Jun 27, 2017 9:59 am
by Andrea ForexMart
The EURUSD is trading sideways during Monday’s session, however, met the resistance level at 1.12. A breakdown below that point and touched under the region 1.1175, then spotted a slightly bullish pressure. A cut through on top of the 1.12 handle and a pulled back from that point will see for another support.

With this, the pair is inclined to continue its ascending trend or maybe tried to touch the 1.13 mark in the longer term.

Volatility is still high in the market which would likely cause the single European currency to remain a market that is not easy to trade with, therefore, buying is our only choice.
The “fair value” is found at the 1.12 area and this point should be maintained. Buyers are starting to dominate the market, and there is no reason to stop moving near the 1.13 mark again.

It is possible that the market will continue to provide lots of buying opportunities on the dips in the short-term at least.

The market appeared to be crucial when imposing a sell signal unless we break the region under 1.1170. Ability to breakdown will lead the market towards 1.1125 handle.

A cut through over 1.13 mark, the market will drive going to the top of 1.15 range which is a strong barrier as indicated on the longer-term charts. As consolidation between the bottom of 1.05 and top of 1.15 continues in the past three years.

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EUR/USD Technical Analysis: June 30, 2017

PostPosted: Fri Jun 30, 2017 7:07 am
by Andrea ForexMart
The currency pair EUR/USD had broken out and expected to resume its upward movement while inflation data appeared to be stronger than anticipated that lead the European yields higher.

The yield differential currently moves to the side of EU yields that paved the way for the single European currency to gain higher.

Confidence further surges on its renewed decade highs while consumer lending also increased. Most of the headlines from the United States came in better than expected, however, American yields are following its EU counterparts that put pressure to USD.

The pair broke out through its fresh 1-year peaks over the resistance at 1.1365 around highs of August 2016 while trying to test 1.1616 level near May 2016 peaks.

The support reached 1.1365 mark which is a previous resistance, followed by the 10-day moving average seen at 1.1148 region.

The pair’s momentum became positive when the moving average convergence divergence (MACD) produced a crossover buy signal. It was generated due to spread that crosses on top of the 9-day moving average. The histogram shifted from negative to positive zone and confirmed a buy signal. The index prints in the black with an ascending trajectory indicating a higher exchange rate.

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NZD/USD Technical Analysis: June 30, 2017

PostPosted: Fri Jun 30, 2017 9:43 am
by Andrea ForexMart
The New Zealand currency experienced a volatile session during Wednesday's trading reaching the downtrend line shown in the weekly timeframe, and eventually, break down.

A position under the 0.73 handle indicates a slightly bearish tone, but, the longer-term market attempts to establish an adequate pressure to accomplish a breakout.

The downtrend line is important as the commodity markets do not offer any help towards the NZD. Having said that, performing a breakout might be difficult however when doing so, it should be massive as it touches the level 0.75 in short order.

Alternatively, it is also possible to breakdown but it requires a gap under the 0.7250 region to be conference since that area is considered to be a “lower low”

The NZDUSD pair endured an extreme volatility in the last few sessions suggests the previous situation within the Forex market in general.

The Kiwi dollar is known to be the least liquid among major pair that’s why we normally see lots of noise.

The current level of 0.73 is basically a “fair value” for the pair, hence, short-term traders would likely resume moving from side to side around that territory.

In the longer-term, a confirmation in order to complete the breakout is necessary even for bullish traders, as a means to put money to play within a really choppy market.

In case that, agricultural futures gained higher value this would mean that the NZ dollar will receive some support. But it appeared that traders’ attention is focused on the current situation of the interest rate.

USD/JPY Technical Analysis: July 03, 2017

PostPosted: Mon Jul 03, 2017 9:29 am
by Andrea ForexMart
The U.S. dollar against the Japanese yen moved laterally during the Friday session. It proceed to grind close to the 112 level and if the market is successful in breaking higher than the peak of the range for the day, the next move of the market would be towards 113 handle. Buyers continue to jump in the market following the dovish decision of the Bank of Japan regarding its monetary policy. Any pullback cannot be a telltale sign of a downtrend, not until a break lower than the 110 region has been achieved to determine if the potential uptrend has ended.

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EUR/USD Technical Analysis: July 5, 2017

PostPosted: Wed Jul 05, 2017 8:33 am
by Andrea ForexMart
The euro-dollar pair resumed its downfall while the U.S. yields were able to make further progress on the back of the stronger-than-expected result of the ISM Manufacturing report issued on Monday. The US market was closed on Tuesday due to Independence Day holiday, however, there are few catalysts that stimulate the EURUSD amid balance of the week which includes the United States’ Payroll report on Friday.

The pair headed lower and bound to test the support close to the 10-day moving average found at 1.129. The exchange rate eased from the 1.14 handle which is considered the 1-year high and stayed around 1.1350 region near the peaks of August 2016.

The resistance highlighted the 1.1444 mark. Momentum came in neutral while the moving average convergence divergence (MACD) histogram prints in the black linked with a flat trajectory which suggests some consolidation.

EUR/USD Technical Analysis: July 6, 2017

PostPosted: Thu Jul 06, 2017 7:56 am
by Andrea ForexMart
The EURUSD rebounded from its session lows after the release of FOMC minutes which indicates rising concerns of Fed officials regarding the drop in inflation accelerating.

The pair buoyed due to stronger data showed by the EU PMI and Retail Sales.

Peter Praet from the European Central Bank strongly suggests to be leery and patient and take it slow in changing the monetary policy.

The pair further bounced around the support level 1.1318 close to the 10-day moving average.

The resistance approached the 1.1444 region around the June highs. The momentum on the euro-dollar pair came in neutral while the moving average convergence divergence (MACD) histogram prints near the zero index level. The index constitutes a flat trajectory pointing towards consolidation.

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AUD/USD Technical Analysis: July 10, 2017

PostPosted: Mon Jul 10, 2017 8:01 am
by Andrea ForexMart
The main trend of the AUD/USD pair in the daily swing chart is moving in an uptrend. However, the momentum is pushing it to go lower. When the trade exceeds the .7712, this will shift the main trend to move up.

A trade at the .7571 level indicates the continuation of the downtrend and possibly towards the minor base at .7535 region. A breakdown to this level will shift the course of the minor trend to go down.

The main trend range between .7372 and .7712 with a retracement level at .7542 and .7502 as the next lower target. With the uptrend of the market, the buyers will most likely return to the test zone. For short-term, the range is between .7712 and .7571 with the retracement area at .7642 and .7658 which is the next upside target. Sellers might counter the trend belligerently and attempt to create a secondary lower top in the next test.

The closing during Friday was positioned at .7600, similar to the price movement this morning. The direction of the AUD/USD pair highly depends on the trader’s sentiment to the downtrend angle at .7592.

When the .7592 is held, this signifies the presence of buyers in the market and could further go up with the potential targets at .7632, .7642, .7632 and .7658 levels. On the other hand, when the .7592 level is kept steady, this indicates the presence of sellers. The target level when the price moves to the downside with the initial target at .7571 then .7542 to .7535 levels.

Traders should monitor the angle at .7592. The reaction of traders will determine if buyers will enter the market or sellers will put in a selling pressure instead.

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GBP/JPY Technical Analysis: July 11, 2017

PostPosted: Wed Jul 12, 2017 2:35 am
by Andrea ForexMart
The British pound attempted to soar against the Japanese yen but failed as it pulled back to the 147 level. The market has been advancing in the long term more like grinding and gain from small increments.

It seems that the market is going to decline for any particular period of time since the Bank of Japan will most likely maintain its low borrowing rates for long-term. Whilst the Bank of England might increase its rates in near-term and after some time, the price could break towards the 150 level. Currently, it is a little bit over extended laterally that makes grinding a way to gain impetus and proceed to the upper channel for long-term.

Buying dips would be an ideal to gain in short-term but restricted to not so good moves (20 to 30 pips is attainable). However, if it breaks lower than the 146 level then this could proceed lower towards the 145 handle which can be more supportive compared to the areas being tested as of the moment.

It may be a bit difficult to trade the GBP/JPY pair yet the market signals that they favor the uptrend. Hence, it is best to hold shorting this pair especially since the 150 is being strongly resistive. However, if this has been gapped, the market could rally much higher for an extended period.

For now, the short-term profits in the market could get bigger once it gains momentum but it still requires more patience to trade this pair in the market.

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EUR/USD Technical Analysis: July 13, 2017

PostPosted: Thu Jul 13, 2017 8:37 am
by Andrea ForexMart
The euro-dollar was able to clear the level 1.1488 followed by the strong data of the EMU production while the ECB Governing Council member, Ignazio Visco emphasized again that the European region should have a stronger expansionary policy.

The exchange rate had reversed its direction during the latter part of the session, then whipsawed after the testimony of Fed Chair Janet Yellen in front of Congress. The exchange rate further increased, however, failed to preserve its gains after an upward movement towards the 1.1489 region which is currently the resistance. The support of the pair can be found on the 10-day moving average at 1.1404 mark.

The momentum gained the neutral position while the MACD histogram is printed near the zero level and the index further prints in the black with a flat trajectory which indicates consolidation.
The rate consolidates continuously after the break out and hovered in the bull flag continuation pattern which is a respite that prompts higher.

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