Key Points
• The New Zealand dollar traded higher versus the US Dollar and looks set for more gains.
• There is a crucial bullish trend line formed on the hourly chart of the NZDUSD pair, which can be seen as a buy area.
• In New Zealand, the Terms of Trade Index was released by the Statistics New Zealand earlier today.
• The outcome was negative, as there was a decline of 2.1%, more than the market expected in Q2 2016.
NZDUSD Technical Analysis
The New Zealand Dollar after trading as low as 0.7200 against the US Dollar found support and traded higher. There is a major bullish trend line formed on the hourly chart of the NZDUSD pair, which is acting as a support and taking the pair higher.
If the pair corrects lower from the current levels, then the trend line support may act as a barrier for sellers.
One may even consider buying NZDUSD as long as it is above the trend line and look for a move towards the 0.7280 level.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The Euro traded lower against the Aussie dollar recently, and looks set for more declines.
• There was a contracting breakout pattern formed on the hourly chart of the EURAUD pair, which was broken to open the doors for more losses.
• Today, the Australia trade balance report was released by the Australian Bureau of Statistics.
• The forecast was lined up for a trade deficit of -2,750M in July 2016, but it posted -2,410M.
EURAUD Technical Analysis
The Euro recently declined heavily against the Aussie dollar and also settled below the 21 hourly simple moving average. Moreover, the EURAUD pair also broke a contracting breakout pattern formed on the hourly chart.
Currently, the pair is attempting to correct higher, but may face sellers near the 21 hourly SMA.
On the downside, the next target for sellers could be around the 1.236 extension of the last wave from the 1.4589 low to 1.4704 high.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The British Pound traded higher recently versus the Japanese yen, but found sellers on the upside.
• There is a critical bearish trend line formed on the hourly chart of the GBPJPY pair, which acted as a barrier for the buyers.
• Today, the Japanese Prelim Machine Tool Orders was released by the Japan Machine Tool Builders’’ Association.
• The result was disappointing, as there was a decline of 8.4% in August 2016.
GBPJPY Technical Analysis
The British Pound traded down recently against the Japanese yen after finding sellers near 137.00. There is a major critical bearish trend line formed on the hourly chart of the GBPJPY pair, which stopped the upside move in the pair and pushed it down.
The pair is also currently attempting a close below the 21 hourly simple moving average, which could ignite further downsides in the near term.
If the GBPJPY pair corrects higher from the current levels, then the same trend line may act as a sell zone. On the downside, the 76.4% Fib retracement level of the last wave from the 134.87 low to 137.00 can act as a support.
Key Points
• The British Pound is currently attempting to trade higher versus the US Dollar, but faces a major resistance.
• There is a crucial bearish trend line formed on the hourly chart of the GBPUSD pair, which may stop the current upside move.
• Today in the UK, the Retail Sales report was released by the National Statistics.
• The result was on the higher side, as there was a rise of 6.2% in August 2016, more than the forecast.
GBPUSD Technical Analysis
The British Pound declined a few pips recently against the US Dollar to trade near 1.3200 where the bulls appeared. The GBPUSD pair is currently recovering and already broke the 21 hourly simple moving average.
However, the pair faces a major resistance on the upside in the form of a bearish trend line on the hourly chart.
Only a break above it could trigger sustained gains in the GBPUSD pair in the near term.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The US dollar declined heavily recently against all major currencies, including the Canadian dollar.
• The USDCAD pair fell sharply and moved below a major support trend line on the hourly chart.
• The fed interest rate decision was announced, and the central bank kept rates at 0.5%.
• There was nothing in the press conference as well for the US Dollar buyers.
USDCAD Technical Analysis
The US Dollar had a bad day yesterday especially against the Canadian dollar. The USDCAD pair fell sharply and traded below the 1.3150 support area. Also during the recent downside move, the pair broke a major support trend line on the hourly chart.
The pair traded sharply lower, and currently testing the 1.3030-20 support.
If the pair corrects higher from the current levels, then the 23.6% Fib retracement level of the last drop from the 1.3242 high to 1.3030 low may act as a resistance area.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The Aussie dollar after making a nice upside move against the Japanese broke down.
• There was a bullish trend line formed on the hourly chart of AUDJPY, which was cleared during the recent break.
• Today, the Japanese Leading Economic Index was released by the Cabinet Office.
• The outcome was a bit on the lower side, as there was a decline from 106 to 100 in Jul 2016.
AUDJPY Technical Analysis
The Aussie dollar after trading as high as 77.34 against the Japanese yen found sellers, and move down. There was a resistance trend line on the hourly chart of the AUDJPY pair, which pushed the price lower towards 76.50.
Moreover, the Aussie dollar sellers also managed to break a bullish trend line formed on the same chart along with the 21 hourly simple moving average.
So, if the pair corrects higher from the current levels, there are chances of sellers appearing.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The Euro declined recently against the British Pound, but remains supported
• There is a bullish trend line formed on the hourly chart of the EURGBP pair, which is protecting losses.
• Today in the UK, the M4 Money Supply report was released by the Bank of England.
• The result was positive, as there was a rise of 0.9% in August 2016, more than the forecast of 0.8%.
EURGBP Technical Analysis
The Euro collapsed recently against the British Pound and traded as low as 0.8590. There was a major support around the stated level, and the Euro bulls managed to protect the downside. There is a bullish trend line on the hourly chart of EURGBP, which prevented the downside move.
The EURGBP pair is currently recovering, but facing sellers near a bearish trend line on the same chart.
Moreover, the 21 hourly simple moving average is also acting as a hurdle for more gains. We need a clear break either higher or lower for the next move.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The Euro popped higher versus the British Pound and traded above the 0.8800 handle.
• There is a bullish trend line formed on the hourly chart of the EURGBP pair, which may act as a support if the pair correct lower.
• In the Euro Zone, the German Services PMI was released by the Markit Economics.
• The market was expecting no change from 50.6, but there was a rise to 50.9 in Sep 2016.
EURGBP Technical Analysis
The Euro surged higher recently versus the British Pound and traded above a major resistance area of 0.8800. The EURGBP pair comfortably placed above the 21 hourly simple moving average, and there is also a bullish trend line formed on the hourly chart.
If the pair corrects lower, then it may find support near trend line, and the 23.6% fib retracement level of the last wave from the 0.8708 low to 0.8843 high.
Buying dips may be considered as long as the pair is above the trend line and the 21 hourly SMA.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The Euro managed to trade higher versus the Japanese yen, and broke a short-term resistance.
• There was a bearish trend line formed on the hourly chart of the EURJPY pair, which was broken recently.
• Today, the German Trade Balance report was released by the Statistisches Bundesamt Deutschland.
• There was a trade surplus of €22.2B in August 2016, compared with the forecast of €20.0B.
EURJPY Technical Analysis
The Euro after trading as low as 115.05 versus the Japanese yen found buyers and managed to recover. There was an upside move, taking the EURJPY pair above a bearish trend line formed on the hourly chart.
The pair is also attempting to break the 23.6% Fib retracement level of the last decline from the 116.28 high to 115.05 low. If there is a successful close, then the pair may move towards the 100 hourly simple moving average.
On the downside, the recent low of 115.05 low may continue to act as a major support area.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The US dollar enjoyed a decent ride, as gold prices vs the USD declined below $1265.
• There is currently a range pattern formed on the hourly chart of Gold, which may provide us the next move.
• Today in China, the Trade Balance was released by the General Administration of Customs of the People’s Republic of China.
• The outcome was on the lower side, as the trade surplus was $41.989B in Sep 2016, less than the forecast of $53.000B.
Gold Price Technical Analysis
There was a downside move in Gold price recently, pushing it below $1265 against the US Dollar. The price is currently recovering, and formed a range pattern formed on the hourly chart. The price is currently above the 21 hourly simple moving average, but it is mostly consolidating.
There is a channel formation, which once broken could open the doors for the next move.
The chances of a downside move are more since the higher timeframe chart is currently bearish.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The Euro fell lower versus the Japanese yen, and broke the 114.00 support area
• There was a contracting triangle pattern on the hourly chart of EURJPY, which was broken at 114.30.
• Today, the Japanese All Industry Activity Index was released by the Ministry of Economy, Trade and Industry.
• The outcome was below the forecast, as there was a rise of +0.2% in August 2016.
EURJPY Technical Analysis
The Euro traded lower recently versus the Japanese yen to break the 114.00 handle. There was also a close below the 21 hourly simple moving average and a contracting triangle pattern on the hourly chart of EURJPY at 114.30.
The pair traded as low as 113.62 where it is finding bids and currently attempting to correct higher. On the upside, it may find resistance near the 38.2% Fib retracement level of the last decline from the 114.66 high to 113.62 low.
One may consider entering a sell trade on rallies near the 21 hourly SMA with a stop above it.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The US Dollar mostly struggled to trade above the 0.9950 resistance against the Swiss Franc during the past 24 hours.
• There is a clear major resistance formed near 0.9950 on the hourly chart of the USDCHF pair.
• Today, the KOF Swiss Leading Indicator was released by the KOF Swiss Institute for Business Cycle Research.
• The outcome was above the forecast, as there was a rise from 101.6 to 104.7 in Oct 2016.
USDCHF Technical Analysis
The US Dollar attempted on many occasions to trade above the 0.9950 resistance against the Swiss Franc, but failed to break it. We can clearly see from the hourly chart of USDCHF that there is a crucial barrier near 0.9950, acting as a resistance.
The stated resistance is also coinciding with the 50% Fib retracement level of the last decline from the 0.9999 high to 0.9903 low. So, it represents a crucial barrier for an upside move.
On the downside, there is a bullish trend line formed on the hourly chart, which can be seen as a support area if the pair corrects lower. Overall, the pair may continue to trade in a range in the short term.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The Euro gained traction against the US Dollar this week and traded above 1.1050 resistance.
• There are a couple of bullish trend lines formed on the hourly chart of EURUSD, which may act as a support if the pair corrects lower.
• Today in the Euro Zone, the Manufacturing Purchasing Managers Index (PMI) was released by the Markit Economics.
• The result was better than the forecast, as there was a rise from the last reading of 53.3 to 53.5 in Oct 2016.
EURUSD Technical Analysis
The Euro made a nice move this week, as it traded above a couple of important resistance levels, including 1.1020 and 1.1050. The EURUSD pair traded as high as 1.1100, and currently looks set for a minor correction.
If the pair corrects lower, there are a couple of bullish trend lines formed on the hourly chart, which may act as a support zone.
Moreover, the 38.2% Fib retracement level of the last wave from the 1.0962 low to 1.1100 high may also act as a support area along with the trend lines. So, one may consider buying as long as the pair above the 1.1000 level.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The Euro remained in a solid uptrend against the Canadian dollar, and traded above 1.4850.
• There is a crucial resistance formed near 1.4900 in EURCAD, which must be broken for an upside move.
• Today in the Euro Zone, the Services PMI was released by the Markit Economics.
• The outcome was below the forecast of 53.5, as there was a decline to 52.8 in Oct 2016.
EURCAD Technical Analysis
The Euro made a nice upside move lately against the Canadian dollar to trade above the 1.4800 and then 1.4850 resistance. It also moved above the 21 hourly simple moving average, but the EURCAD pair is currently finding sellers near 1.4900.
There is a major resistance near 1.4890-1.4900, acting as a hurdle for more gains, and preventing a break higher.
There is a chance of a minor dip in the pair, but it could find support near 1.4860. As long as the pair is above the 21 hourly SMA, it may try to clear the 1.4900 resistance.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The Euro crashed against the Japanese yen today as the US elected president as Donald trump.
• However, the EURJPY pair later found support once the results were final from the 113.80-114.00 support area.
• Today in Japan, the Eco Watchers Survey was released by the Cabinet Office.
• The result was better than the last time, as the current index rose from 44.8 to 46.2 in Oct 2016.
EURJPY Technical Analysis
The Euro after nosediving towards the 113.580 level against the Japanese yen recovered. The main point was that there was a break below a channel pattern on the hourly chart, but it resulted in a false break later on.
The pair is currently recovering and already moved above the 50% Fib retracement level of the last decline from the 116.01 high to 113.72 low.
It is currently facing sellers near the 21 hourly simple moving average and the 61.8% Fib retracement level of the same wave. So, it may correct a few pips lower once again, but likely to remain supported on the downside.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The US Dollar traded sharply higher against the Japanese yen this week to trade near 110.00.
• The USDJPY pair found sellers near 109.70-80, traded lower and broke a bullish trend line formed on the hourly chart.
• In Japan today, the foreign investment in Japan stocks was released by Ministry of Finance.
• The outcome was above the forecast, and better than the last reading, as it came in at ¥545.8B.
USDJPY Technical Analysis
The US Dollar made a nice move during the past few days, and broke many resistances including 108 and 108.50. The USDJPY pair traded as high as 109.76 where it found sellers, and started a downside move.
During the downside move, the pair broke a bullish trend line formed on the hourly chart, and the 23.6% Fib retracement level of the last leg from the 108.20 low to 109.76 high.
The pair traded as low as 108.56, and currently attempting to correct higher. However, there is a bearish trend line formed on the same chart, acting as a resistance for the pair and preventing gains. It looks like it holds a lot of importance in the short term.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The Euro traded lower against the British Pound recently and broke the 0.8530 support.
• The EURGBP pair is currently correcting higher, but may face resistance near 0.8530 and 0.8545.
• Today, the UK Net Borrowing figure was released by the National Statistics.
• The outcome was better than the forecast of £6.000B, as there was a decline to £4.301B in Oct 2016.
EURGBP Technical Analysis
The Euro recently declined from the 0.8641 high to 0.8492 low against the British Pound. The EURGBP pair is currently correcting higher and trading near the 23.6% Fib retracement level of the last drop from the 0.8641 high to 0.8492 low.
There are many resistance levels on the way up, including 0.8530 and 0.8545. The most important one is near the 21 hourly simple moving average, positioned with the 38.2% Fib retracement level of the last drop from the 0.8641 high to 0.8492 low.
So, one may consider selling on rallies as long as the pair is below the 21 hourly SMA and 0.8550. On the downside, the recent low of 0.8500 may act as a support. A close below it may call for further declines in the short term in EURGBP.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The US Dollar recently found resistance near 114.70 against the Japanese yen and traded lower.
• There was a bullish trend line formed on the hourly chart of USDJPY, which was broken to clear further downsides below 114.20.
• Today in Japan, the Monetary Base report was released by the Bank of Japan.
• There outcome was mixed, as there was an increase of 21.5% in Nov 2016, compared with Nov 2015.
USDJPY Technical Analysis
The US Dollar recently failed to break the 114.70 resistance area twice against the Japanese yen, and traded down. There was a bullish trend line formed on the hourly chart of USDJPY, which was cleared to ignite a downside move.
The pair traded as low as 113.58 and currently attempting to trade higher. It now above the 21 hourly simple moving average.
However, on the upside the pair may face resistance near the 61.8% Fib retracement level of the last drop from the 114.71 high to 113.58 low at 114.28.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The Euro recently traded as high as 1.0799 against the US Dollar before starting a correction.
• There is a bearish trend line formed on the hourly chart of EURUSD, which may act as a resistance on the upside near 1.0760.
• Today in the Euro Zone, the German Industrial Production was released by the Statistisches Bundesamt Deutschland.
• The result was on the lower side, as there was a rise of 0.3% in Oct 2016, which was less than the forecast of 0.8%.
EURUSD Technical Analysis
The Euro remained in an uptrend as it traded higher above the 1.0780 resistance against the US Dollar. The EURUSD pair traded as high as 1.0799 before it started a correction. The pair already tested the 23.6% fib retracement level of the last wave from the 1.0504 low to 1.0799 high.
The pair is currently finding bids near the 21 hourly simple moving average, and may move higher. However, there a bearish trend line formed on the hourly chart, which may act as a resistance on the upside near 1.0760.
So, one may consider selling rallies in the short term and minor risk around the trend line with a stop above 1.0800.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The US Dollar traded higher during the Asian session against the Japanese yen to move above 114.30.
• The USDJPY pair remains supported neat 114.35-20 levels, and there is a bullish trend line forming on the hourly chart.
• Today in Japan, the Business Survey Index (BSI) Large Manufacturing was released by the Ministry of Finance.
• The result was positive, as there was a rise from the last reading of 2.9 to 7.5 in Q4 2016.
USDJPY Technical Analysis
The US Dollar managed to trade higher during the Asian session against the Japanese yen, and broke the 114.30 resistance area. The USDJPY traded as high as 114.55 before finding offers and starting a correction.
The pair is trading lower at the moment, and finding bids near the 114.35-30 support area. Moreover, there is also a bullish trend line forming on the hourly chart, which may act as a support if the pair moves down.
So, it looks like the pair may trade higher one more time, and at least retest the last swing high of 114.55.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
