USD/JPY continues to trade to the downside in today’s session. The pair registered a low of 110.10 yesterday and is now slightly higher at 110.70. However, main trend on the short-term remains bearish with very limited upside potential.
Bear camp has the advantage of a broken support level at 110.90 and now their first target is seen at 109.10. If we can reach that level, bulls might try to buy the dip.
Should the 109.00 level be broken, bears will have the momentum to continue pushing the pair down to major target at 105.
First support is seen at 109.30, first resistance is seen at 111.60.
EUR/USD is trading lower since yesterday’s high close to 1.09. The pair is now 1.0854 and it looks like US bulls are trying to take over again. First support is seen at 1.0820.
USD/JPY reached a high of 111.31 earlier today and is now gravitating towards the 111.00 levels. The pair reacted bullishly to yesterday’s fundamentals and was picked up from a low of 110.10. Main trend on the short-term remains bearish with first bear target seen at the latest low.
Market sentiment appears to have shifted from bullish US dollar to bearish. USD/JPY was trading around 115.50 before Fed Chair raised the rates earlier this month. The rate hike affected the US dollar in a bearish way causing its peers to gain strength and momentum.
Now the US dollar looks a bit beaten down and it would need strong fundamentals or technicals so that it may shine again.
EUR/USD depreciated today going from a high of 1.0906. The pair is now 1.0783 and it appears that the trend for the short-term has shifted from bullish to bearish. The US dollar is gaining strength again.
GBP/USD is trading relatively unchanged after prime minister Theresa May triggered Article 50 yesterday. The initial step of the two-year process has been taken and now Brexit is officially confirmed.
Article 50 gives both the UK and the EU two years to reach agreement, meaning that the UK will leave on 29 March 2019, unless the sides agree to extend the period.
The GBP/USD pair reacted somehow neutral with a low of 1.2374, down from 1.2480 and currently trading at 1.2425.
As it turns out, the Art 50 triggering was a non-event, partially because market participants already knew about it and it did not come as a surprise. What happens next will determine how big of an impact will the process have on the UK economy and the UK currency.
EUR/USD is trading lower in today’s session currently at 1.0737. The pair seems to be losing ground as the US dollar is again gaining strength. First bear target is seen at 1.0700.
EUR/USD is trading relatively unchanged today. The pair consolidated around 1.07 and currently trading at 1.0690. The weekly closing price is expected to be around current levels as no more news are anticipated.
USD/JPY depreciated from 112.20 to a low of 111.54 and is currently trading at 111.56. The pair faced resistance and bears were able to bring it down. Main trend on the short-term has shifted from bullish to bearish.
EUR/USD is trading lower today, current market price 1.0647. The pair seems to be losing ground. If bears manage to push it below prior pivot point at CMP, immediate support will fail and next level would be 1.0580.
Gold is having a volatile Monday with open price at $1,246, a low of $1,244 and currently trading at its highest - $1,252. The precious metal is trying to beat the odds and had a very strong first quarter despite the many analysts and market experts who predicted that the US dollar will push down the price of Gold.
Since the start of 2017, Gold is up about 8.70%, or just a bit over $100. Gold opened at $1,150 and had it’s high in the end of February at $1,264. Main trend on the short term remains strongly bullish. First level bulls need to take care of is $1,265, then comes $1,290.
Bears will use the opportunity to sell at $1,265 which means that the same is a good short entry. Bears major target is the 38.2% Fibo at $1,210.
EUR/USD had some bad days recently as price went down with more than 250 points in the last couple of weeks. The pair went from 1.09 to a low of 1.0635 in a matter of a few days due to strong data coming out of the US. Also, technicals played a significant role as the pair circulated around the 200SMA. Bulls were unsuccessful in their attempt to go beyond it and bears took over.
The pair hit the prior pivot point at it’s lowest today and was immediately backed up by the bulls who took the chance to go long and buy the dip. Price is now 1.0655 and has a good chance to continue up for the short term.
However, if bears break the support at 1.0630, the pair will most likely be vulnerable and this will increase the chances for it to go South.
NZD/USD is having a hard time recently trying to keep up within the upward trending channel on the long term outlook. The pair reached support in the beginning of March at 0.6955 and went below the channel. Then somehow it managed to get back in sharply. Unfortunately for the bulls, the pair was inconsistent and started trading sideways until it gave up.
Today, the pair broke the support level again, indicating that the move to the downside may not be over. Price is now 0.6975 and the bearish momentum continues to gain strength.
First bear target is seen at latest low at 0.6885, while bulls’ target is to get back in the trend. The economic US news this week might give a hint on the direction of the pair.
GBP/USD is not showing any clear signs indicating where it will head next. After Article 50 was triggered, the pair did not react in any way thus causing traders and investors to guesswork their direction.
What actually happened after Art 50 was a consolidation in a narrow channel between 1.2570 and 1.2370. The pair is now trading at 1.2482, right in between the upper and lower trading line.
Major bull target is seen at 1.2670, while major bear target rests at 1.2040. Today’s GBP news turned out to be positive for the UK and that reflected in appreciation of the pair, but only mildly. Sterling bulls will need something stronger in order for them to power through and reclaim their level above 1.27.
EUR/USD continues to trade sideways with price gravitating towards 1.0670. This week’s events will probably give a direction to the pair.
EUR/USD is trading lower today. The pair seems to be losing ground on a stronger US dollar. CMP 1.0617.
EUR/JPY continues to trade in the range between 117.90 and 117.50. The pair looks prone to the downside as bears try to take over and break the support line.
EUR/USD has potential to go up in the next trading week. Potential bull target 1.07.
USD/CHF reached a resistance level at current market price. Major bear target is seen at 0.9900.
EUR/USD is trading at support in the early European hours of today’s session. The pair is currently trading at 1.0583 with a low of 1.0570. Bulls are now trying to bring it up backed by strong fundamentals and strong short-term technicals.
What gives bulls confidence is the lower than expected non-farm payrolls - 98,000, well below expectations of 180,000. The US dollar, however, did not react negatively at all and it kept appreciating against the single European currency.
The pair is looking to appreciate if current level holds. If the US dollar goes below 1.0550, then the bullish run would be considered invalid. Bulls have the upper hand in the situation and are looking to potential first target at 1.0690.
USD/CHF is trading at resistance gravitating towards 1.0095. The pair will need to break above 1.0120 in order for the bullish run to continue, otherwise bears will take control and bring it down below parity.