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
Key Points
• The Euro gained a lot of momentum against the Canadian dollar and traded above 1.4000.
• There are a couple of bullish trend lines formed on the hourly chart of EURCAD, which may act as a support on the downside near 1.4020 and 1.3980.
• Earlier today in the Euro Zone, the German Import price index was released by Deutsche Bundesbank.
• The result was better, as there was a rise of 0.3% Nov 2016, compared with Nov 2015.
EURCAD Technical Analysis
The Euro is in an uptrend against the Canadian dollar, and recently broke the all-important 1.40 handle. The upside move is very strong and there are chances of a move towards the 1.618 extension the last wave from the 1.4008 high to 1.3875 low.
If the EURCAD pair corrects lower, then it may find support near a couple of bullish trend lines formed on the hourly chart near 1.4020 and 1.3980.
The hourly RSI is currently well in the overbought levels, which means there is a chance of a tiny correction. One may consider buying in the short term as long as the pair is above 1.40.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The British Pound managed to rise from the 143.50 low against the Japanese yen.
• The GBPJPY is currently correcting higher, but facing resistance near 144.60 and a couple of bearish trend lines formed on the hourly chart.
• Today in Japan, the Retail Trade figure was released by the Ministry of Economy, Trade and Industry.
• The result was better, as there was an increase of 1.7% in Nov 2016, compared with Nov 2015.
GBPJPY Technical Analysis
The British Pound faced a lot of sellers recently, and declined below the 144.00 handle against the Japanese yen to trade as low as 143.49. The GBPJPY started correcting higher later, and settled above the 23.6% Fib retracement level of the last decline from the 145.71 high to 143.49 low.
Currently, the pair is struggling near a major confluence area of 144.60 formed with a couple of bearish trend lines on the hourly chart.
If there is a break above the highlighted confluence area at 144.60, there is a chance of more gains in the short term.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The Aussie dollar moved down against the Kiwi dollar and broke the 1.0450 support area.
• The AUDNZD pair is currently attempting to close below a couple of bullish trend lines near 1.0440-30 on the hourly chart.
• Today in Australia, the trade balance was released by the Australian Bureau of Statistics.
• The result was above the forecast, as there was a trade surplus of 1,243M whereas the market was expecting a deficit of -500M in Nov 2016.
AUDNZD Technical Analysis
The Aussie dollar managed to pop higher against the Kiwi dollar and tested the 1.0490 resistance zone where it found sellers. There was a downside move initiated, and the AUDNZD pair traded below the 1.0450 support area.
At this moment, the pair is attempting a close below a couple of bullish trend lines near 1.0440-30 on the hourly chart along with the 38.2% Fib retracement level of the last leg from the 1.0342 low to 1.0487 high.
If the pair closes below the trend line and the 1.0430 support area, there are chances of more losses in the near term.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The Aussie dollar recently formed support near 85.00 against the Japanese yen, and traded higher.
• There was a bearish trend line on the hourly chart of AUDJPY, which was broken at 85.30 for more gains.
• Today, the Japanese Coincident Index was released by the Cabinet Office.
• The result was above the forecast, as there was a rise from the last reading of 113.5 to 115.1 in Nov 2016 (preliminary).
AUDJPY Technical Analysis
The Aussie dollar recently declined towards the 85.00 level against the Japanese yen where it got bids and support. The pair consolidated for some time before moving higher. During the upside, the AUDJPY pair broke a bearish trend line on the hourly chart at 85.30.
The pair also managed to move above the 21 hourly simple moving average and the 50% Fib retracement level of the last decline from the 85.92 high to 85.04 low.
At the moment, the pair is struggling to clear the 76.4% Fib retracement level of the last decline from the 85.92 high to 85.04 low. So, there is a chance of a downside move towards 85.55 before higher.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The Aussie Dollar after finding support near 85.00 against the Japanese yen traded higher.
• The AUDJPY pair is currently facing resistance near a couple of trend lines at 85.50 and 85.60 on the hourly chart.
• Today in Australia, the Westpac Consumer Confidence was released by the Faculty of Economics and Commerce Melbourne Institute.
• The result was better, as there was an increase from the last reading of 97.3 to 97.4 in Jan 2016.
AUDJPY Technical Analysis
The Aussie dollar struggled earlier this week and traded towards 85.00 against the Japanese yen where it found support. There was a base formed, and later the AUDJPY pair started moving higher towards 85.50.
At the moment, the AUDJPY pair is currently facing a few resistances near two trend lines at 85.50 and 85.60 on the hourly chart. However, the pair is above the 21 hourly simple moving average, which is a positive sign.
If there is a break above the highlighted trend lines, then there could be a push towards the 76.4% Fib retracement level of the last decline from the 56.28 high to 85.00 low.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The British pound traded consistently higher against the Swiss Franc recently and moved above the 1.2600 resistance.
• There are many support trend lines on the downside at 1.2620-1.2600 on the hourly chart of GBPCHF.
• Today, the Switzerland Trade Balance figure was released by the Federal Customs Administration.
• The result was below the forecast, as the trade surplus was 2.716M in Dec 2016, compared with the 2,810.0M forecast.
GBPCHF Technical Analysis
The British Pound traded higher and managed to climb above the 1.2600 handle against the Swiss Franc. The GBPCHF is in a solid uptrend, and has support trend lines on the downside at 1.2620-1.2600 on the hourly chart.
The pair made a nice upside move recently, breaking a lot many hurdles like 1.25 and 1.26. The trend may continue, and gains could extend once there is a break above the 1.2650 swing high.
On the downside, there is a trend line support at 1.2620, followed by 1.2600 where one may consider buying with a stop of a close below 1.2600.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The British Pound surged after testing the 1.2420 support against the US Dollar.
• The GBPUSD pair is currently finding sellers near a bearish trend line with 1.2590 resistance on the hourly chart.
• Today in the UK, the British Retail Consortium (BRC) Shop Price Index was released.
• The result was on the lower side, as there was a decline of 1.7% in the index in Jan 2017.
GBPUSD Technical Analysis
The British Pound recently traded towards the 1.2400-1.2420 support area against the US Dollar where it found support and traded higher. The GBPUSD moved above the 21 hourly simple moving average, and currently trading near a bearish trend line with 1.2590 resistance on the hourly chart.
There is a high chance that the pair may break the resistance at 1.2590 and move towards 1.2600. Above 1.2600, the next resistance is at 1.2620.
On the downside, the pair has a support at 1.2540-1.2550, which also represents a pivot area for GBPUSD.
Key Points
• The US Dollar recently completed a correction near 0.9955 against the Swiss Franc, and moved back higher.
• The USDCHF pair is likely heading higher, and could break the last swing high of 1.0006.
• Today in the US, the Consumer Credit figure was released by the Board of Governors of the Federal Reserve.
• The result was on the lower side, as the credit change was $14.16B in Dec 2016, compared with the forecast of $20.00B.
USDCHF Technical Analysis
The US Dollar recently failed to break the 1.0 level and corrected lower towards 0.9955 against the Swiss Franc. The USDCHF pair found support on the downside near the 50% Fib retracement level of the last wave from the 0.9903 low to 1.0006 high.
The pair started trading higher once again, and likely approaching the 1.0 handle again. There is also an ascending channel resistance near 1.0020, which might also act as a resistance.
On the downside, there are many support levels like 0.9980, the channel support trend line and the 21 hourly simple moving average at 0.9955.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The Aussie dollar moved higher recently against the US Dollar and settled above 0.7650.
• The AUDUSD pair has formed an ascending channel on the hourly chart with support near 0.7650 and 0.7600.
• Earlier today, the Australian New Motor Vehicle Sales figure for Jan 2017 was released by the Australian Bureau of Statistics.
• The result was above the forecast, as the New Motor Vehicle Sales increased by 0.6% in Jan 2017, more than the last +0.3%.
AUDUSD Technical Analysis
The Aussie dollar after a decline towards 0.7620 against the US Dollar found buyers, and recovered. The AUDUSD pair moved above the 0.7640-50 resistance and the 21 hourly simple moving average.
At the moment, the pair is trading in the bullish zone, and formed an ascending channel on the hourly chart with support near 0.7650 and 0.7600.
It is already above the 61.8% Fib retracement level of the last decline from the 0.7696 high to 0.7618 low. So, there is a chance of a move towards the full swing high at 0.7696.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The New Zealand dollar recently recovered from the 0.7120-30 support area against the US Dollar.
• However, the NZDUSD pair remains below a major bearish trend line with resistance at 0.7170 on the hourly chart.
• Recently, the New Zealand GDT Price Index was released by Global Dairy Trade.
• The result was mixed, as there was a decline of 3.2%, compared with the last increase of 1.3%.
NZDUSD Technical Analysis
The New Zealand dollar this week traded lower towards 0.7120 against the US Dollar where it found support and started a recovery. The NZDUSD pair is currently below the 21 hourly simple moving average with resistance at 0.7165.
Moreover, there is a crucial bearish trend line with resistance at 0.7170 on the hourly chart, which may act as a hurdle if the pair moves higher.
On the downside, an initial support is at 50% Fib retracement level of the last move from the 0.7129 low to 0.7177 high. It may be broken if sellers gain control for a downside move towards 0.7140. Overall, selling rallies near 0.7170 may be considered with a stop above the trend line resistance.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• Gold price after trading as high as $1263 found sellers and moved down against the US Dollar.
• There was a crucial bullish trend line with support at $1250 on the hourly chart, which was broken recently.
• Today in China, the Caixin China Manufacturing PMI for Feb 2017 was released.
• The result was above the forecast, as there was a rise from 51 to 51.7 in Feb 2017.
Gold Price Technical Analysis
There was a nice upside move in Gold price towards $1260 against the US Dollar until it found sellers near $1263 and started moving down. During the downside, the price broke the 23.6% Fib retracement level of the last wave from the $1225 low to $1263 high.
Later, there was a break below the 21 hourly simple moving average and a crucial bullish trend line with support at $1250 on the hourly chart.
The price is currently trading near the 50% Fib retracement level of the last wave from the $1225 low to $1263 high. Any corrections towards $1245 and $1250 may find resistance on the upside.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The Euro surged higher against the Aussie dollar, and moved above the 1.3900 resistance.
• The EURAUD pair broke a couple of resistances likes 1.3880 and a connecting trend line at 1.3875 on the hourly chart.
• Today, the German Retail Sales for Jan 2017 was released by the Statistisches Bundesamt Deutschland.
• The result was better than the forecast, as there was a rise of 2.3% in Jan 2017, compared with the same month a year ago.
EURAUD Technical Analysis
The Euro climbed higher during the past two sessions against the Aussie dollar and traded as high as 1.3939. During the upside move, the EURAUD pair cleared a few important resistances likes 1.3850, 1.3880 and a trend line at 1.3875 on the hourly chart.
The same trend line may now act as a support at 1.3890 if the pair corrects lower. It also coincides with the 23.6% Fib retracement level of the last wave from the 1.3726 low to 1.3939 high.
On the upside, the recent high of 1.3939 is an intermediate resistance before the 1.3960 hurdle.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The Euro made a downside move recently and broke the 120.40 support area vs the Japanese yen.
• There was a contracting triangle support at 120.42 on the hourly chart of the EURJPY pair, which was broken.
• Today in Japan, the Leading Economic Index preliminary reading for Jan 2017 was for released by the Cabinet Office.
• The result was above the forecast, as there was an increase from the last revised reading of 104.9 to 105.5.
EURJPY Technical Analysis
The Euro after trading in a range and a triangle against the Japanese yen broke down and cleared the 120.40 support area. The EURJPY pair also cleared a contracting triangle support at 120.42 on the hourly chart, opening the doors for a push towards 120.00.
The pair traded as low as 120.02, and currently attempting a recovery. On the upside, it may find sellers near the 38.2% Fib retracement level of the last decline from the 120.66 high to 120.02 low.
However, the most important resistance is near 120.40, coinciding with the 61.8% Fib retracement level of the last decline from the 120.66 high to 120.02 low.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The Aussie Dollar struggled recently against the US Dollar and moved below a major support at 0.7700.
• There was a break below two bullish trend lines with support at 0.7710 and 0.7680 on the hourly chart of AUDUSD.
• Today in Australia, the Westpac Leading Index for Feb 2017 was released by the Melbourne Institute.
• The result was below the forecast, as there was a decline of 0.1%, compared with the last reading of 0%.
AUDUSD Technical Analysis
The Aussie Dollar was under a lot of pressure against the US Dollar, as it moved below the 0.7720 and 0.7700 support levels. The AUDUSD pair also broke many other supports, including two bullish trend lines at 0.7710 and 0.7680 on the hourly chart.
The pair also moved below the 21 hourly simple moving average and traded close to the 0.7650 support.
The pair is currently attempting a recovery from the 50% Fib retracement level of the last wave from the 0.7540 low to 0.7749 high. However, it is likely to face resistance near the 0.7690 and 0.7700 levels.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The Euro moved down this week against the British Pound and traded as low as 0.8605.
• The EURGBP pair is currently recovering, but likely to face sellers near 0.8640 and a broken support trend line on the hourly chart.
• Recently, the Euro Zone Consumer Confidence reading for March 2017 (preliminary) was released by the European Commission.
• The result was above the forecast, as there was a rise to 5 from the last reading of -6.2 in March 2017.
EURGBP Technical Analysis
The Euro slowly moved down against the British Pound this week and traded below 0.8680 support. The EURGBP pair is currently moving higher, and trading near the 23.6% Fib retracement level of the last decline from the 0.8700 high to 0.8605 low.
However, the pair is likely to face barriers near 0.8640 and a broken support trend line on the hourly chart. The 21 hourly SMA and the 38.2% Fib retracement level of the last decline from the 0.8700 high to 0.8605 low is also around 0.8640 to act as a hurdle.
So, if the pair moves higher, one may consider selling near the 21 hourly SMA or 0.8640.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The British Pound after trading towards 1.2300 against the Swiss Franc found support.
• The GBPCHF pair is currently recovering, but faces a lot of resistances on the upside near 1.2350-1.2360.
• In the UK today, the M4 Money Supply report for Feb 2017 (MoM) was released by the Bank of England.
• The result was disappointing, as there was a decline of 0.3% in the supply in Feb 2017, compared with the previous month.
GBPCHF Technical Analysis
The British Pound started a downside move from the 1.2400 handle against the Swiss Franc, and moved below 1.2360. During the downside, the GBPCHF pair broke a support trend line at 1.2380 and the 21 hourly simple moving average.
The pair traded as low as 1.2284, and currently recovering. It moved above the 23.6% Fib retracement level of the last decline from the 1.2417 high to 1.2284 low.
The pair might continue trading higher in the near term, but likely to face a lot of resistance on the upside near 1.2350-1.2360 and the 21 hourly simple moving average.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• The Aussie dollar made a downside move towards 83.20 vs the Japanese yen where it found support.
• The AUDJPY is currently moving higher, but may face two bearish trend lines with resistance at 83.90 and 84.10 on the hourly chart.
• Today in Australia, the AiG Performance of Services Index for March 2017 was released by the Australian Industry Group.
• The result was above the forecast, as the Services Index increased from the last reading of 49 to 51.7.
AUDJPY Technical Analysis
The Aussie dollar faced a lot of pressure lately against the Japanese yen, as it fell towards 83.20. Later, the AUDJPY pair started a correction, and moved above the 23.6% Fib retracement level of the last decline from the 84.961 high to 83.23 high.
However, the pair is likely to face two bearish trend lines with resistance at 83.90 and 84.10 on the hourly chart. The same area also coincides with the 21 hourly simple moving average at 84.06.
Furthermore, the 50% Fib retracement level of the last decline from the 84.961 high to 83.23 high is also waiting to act as a resistance at 84.07.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
Key Points
• There was a good upside move in Gold price, as it moved above $1265 against the US Dollar.
• There is a connecting resistance trend line at $1278 on the hourly chart of Gold, which prevented further upsides.
• Today in China, the Consumer Price Index for March 2017 (YoY) was released by the National Bureau of Statistics of China.
• The outcome was below the forecast, as the Consumer Price Index increased 0.9%, less than the forecast of 1%.
Gold Price Technical Analysis
There was an upside move in Gold price above the $1262 and $1265 resistance levels against the US Dollar. The price traded towards $1280 where it found a connecting resistance trend line at $1278 on the hourly chart.
The price is currently correcting lower, and may test the 23.6% Fib retracement level of the last wave from the $1247 low to $1279 high.
However, the most important support is near $1267, which also coincides with the 38.2% Fib retracement level of the last wave from the $1247 low to $1279 high. So, if the price dips from the current levels, it could gain bids near $1267-65.
Key Points
• The Aussie dollar recently struggled against the Japanese Yen, and broke a major support at 81.90.
• There is a tiny bearish trend line formed with resistance at 81.95 on the hourly chart of AUDJPY, which may act as a hurdle moving ahead.
• Earlier today in Australia, the Westpac Leading Index for March 2017 was released by the Melbourne Institute.
• The outcome was better, as the Westpac Leading Index rose 0.1% in March 2017, compared with the last -0.1%.
AUDJPY Technical Analysis
The Aussie dollar was under a lot of pressure during the past two sessions against the Japanese Yen, and as a result, it broke a major support at 81.90. The AUDJPY pair traded as low as 81.61, and currently attempting a recovery.
The current recovery attempt may fail near the broken support at 81.90 or near a tiny bearish trend line formed with resistance at 81.95 on the hourly chart of AUDJPY.
On the downside, a break below 81.60 may call for more losses, and the pair could even trade towards the 81.20 support area.
- Guest Post Submitted By Aayush Jindal from the FXTimes Team
