Daily Market Analysis from ForexMart

[Andrea ForexMart]

EUR/USD Technical Analysis: April 17, 2017

 

A sell-off occurred last Thursday was followed by the building recovery attempt by the single European currency on Friday. Meanwhile, sellers were unable to cut through below the region 1.0600. In light of this, the price resulted to rebound through the level during the night and trailed northwards amid day trading.

 

The EURUSD highlighted 1.0625 in the late session of Europe. Resistance entered the area 1.0650  while the support lies at the mark 1.0600.

 

A fresh bearish pressure is expected in the short-term. A breakout within 1.0600 would direct to its next objective at 1.0550.

 

Moreover, the major headed through 1.0650 for a correction. A gapped near the region would extend the recovery towards 1.0675. A bounced off hitherto will send back bearishness in the market.

[Andrea ForexMart]

GBP/USD Technical Analysis: April 17, 2017

 

The 1.2500 level halted the sellers activity on Thursday.  The price rebounded the mark during the Asian hours and continued to climb higher. The British currency strengthen overnight and highlighted the area 1.2515 during the first part of the day.

 

The spot maintained a spot nearly its recent highs within the day. Resistance is at 1.2600 region, support touched the 1.2500 range.

 

It is much anticipated for a move below the 1.2400 area.

[Andrea ForexMart]

AUD/USD Technical Analysis: April 19, 2017

 

The Australian dollar against the U.S. dollar declined during the Tuesday session intersecting the 200-day Exponential Moving Average. There is a significant support found below at 0.75 level and a sign of supportive candle pattern indicates buying opportunity. If the price breaks above the shooting star on Monday session, this signals a bullish tone. Hence, it is much favorable to go long for this pair. The gold market could support this pair which is influential for this pair.

 

The pair broke lower than the 0.7535 support level indicating that the price moves upward from 0.7473 up to 0.7610 zone. This could further go down towards the next testing at 0.7473 support level and a breakdown in the said level will complete the downtrend indicating a continuation from 0.7749 mark towards 0.7300 area.

[Andrea ForexMart]

GBP/USD Technical Analysis: April 19, 2017

 

The British pound versus the U.S. dollar sustained the bid tone during the Tuesday Asian session. The price climbed from 1.2550 during the night and proceeded towards the 1.2600 level the next morning. The pound rebounded moved downhill during the post-London open. It almost reached the 1.2500 level as the trend turned bullish again. It surged upwards reversing losses as it broke exceeding the 1.2600 mark.  

 

The Resistance level came in at 1.2700 while the support level was seen at 1.2600 mark. If the market is capable of sustaining the psychological levels higher than the 1.2600, the buyers will have the upper hand towards 1.2700.

[Andrea ForexMart]

AUD/JPY Technical Analysis: April 21, 2017

 

The Australian dollar against the Japanese yen rebounded strongly on a major support level for this day following a downtrend which came to a stop. There also has been a sharp response to the Wall Street concerning risks amid the weakness of the currency and uncertainty brought by the French elections on Sunday. This could also be a way to encourage the bulls before the next retest.

 

The pair rebounded from the former resistance level at 81.50 which the shifted into a strong support. It jumped as much as 100 pips although this is about to decline.

 

The vertical trend line is near the 200-day Moving Average. The region close to 81.50 which becomes a significant psychological level. This further went up as it is now found at 82.15 level surpassing the current level and similar to200-day Moving Average. It could further go up and break over the current levels towards the next target levels at 82.80 then 83.30.

 

However, if the market fails to sustain the 82.15 support level then there is a chance to break lower than the critical level of 81.50 as a support. When this happens, this could be followed by a correction towards 78.50 with 61.8% Fibonacci level up to the 78.50 region in the next decline.

 

[Andrea ForexMart]

USD/CAD Technical Analysis: April 24, 2017

 

The U.S. dollar paired against the Canadian dollar surged during the Friday session as it broke above the 1.35 handle as it has been before. This could climb higher but at the same time, this will bring high volatility in the market. The oil market could support this trend especially when it drops which is not far from happening.

 

Overall, the trend gives a bullish tone and reversals could create opportunities to go long for this pair. If the pair breaks higher than the 1.36 level, the trading condition could switch to a “buy and hold” scenario in the market.

 

[Andrea ForexMart]

GBP/JPY Technical Analysis: April 24, 2017

 

This week showed that the pair GBP/JPY have rallied throughout the week, hitting the handle 140.

 

In case that the 141 region will be broken, the market would advanced higher. A pullback with buying opportunities is significant except that we could cut down lower than the weekly lows.

 

It is highly expected that the market will resume its activity to search for buyers considering the British currency to gain much strength.

 

Keep in mind that the GBP/JPY is very much susceptible to risk appetite which is important for you to be aware of the stock markets. Moreover, it is possible that 150 handle will be the most profitable level.

[Andrea ForexMart]

EUR/USD Technical Analysis: April 26, 2017

 

On Tuesday, the Euro bulls were able to win back the driver’s seat following a neutral position in the night.

 

The major were removed from the region 1.0850 during the morning trades of Europe as it moved and rallied near its fresh peaks found at 1.0900 mark.

 

The price halted within the 1.0900 in which the EURUSD eyes some renewed offers. The single European currency had moderately eased eliminating its entire gains in the morning eventually.

 

As shown in the 4-hour chart the technical indicators appeared to be bullish. Resistance touched 1.0900 level, support pierced through 1.0850 range.

 

Moreover, a close over 1.0900 is expected to yield fresh bullish indicator in order to move further. It could probably reach the 1.0950 hurdle but correction is not ruled out as a means of filling the gap.

[Andrea ForexMart]

GBP/USD Technical Analysis: April 26, 2017

 

The general situation persists to manifest the same scene as of Tuesday. The British currency seems rangebound amid day trades. The price has already reached the band’s lower limit during the first part of the day and rebounded afterward.

 

The spot stalled having touched the range’s upper limit while technical indicators are in mixed signals.

 

Moreover, the Exponential Moving Averages (EMAs) trailed lower while the RSI together with the MACD showed positive indications. Resistance entered 1.2900 level, support entered 1.2800 area.

 

A negative scenario is projected to take place. In case that the GBPUSD touched below the 1.2800 support region will trigger a downtrend in the near future.

[Andrea ForexMart]

USD/CAD Technical Analysis: May 3, 2017

 

The U.S. dollar against the Canadian dollar broke at 1.37 level during the Tuesday session. The oil market is not performing well which pulls the Canadian dollar along. The psychological level between 1.3.63 and 1.37 is strongly resistive as seen in the weekly chart which may not be favorable in selling the pair.

 

Besides oil concerns, the Canadian housing market is along being problematic particularly in Toronto and Vancouver area. There is a bubble market over the summer housing market with some of the shadow lenders starting to be affected as it drops to lows. This put the currency under pressure added to the oil market which complicates the situation further.

Pullbacks in the trend could open buying opportunities for the pair with the target of 1.40 level and may reach even up to 1.45 which is already expected for this summer.

 

However, if the pair breaks lower than the 1.36 handle, it is a sign to sell the pair but could be far from happening. Traders should catch on pullbacks which is would be a wise decision for this pair considering the oil market to trigger the pair to break lower.

[Andrea ForexMart]

EUR/USD Technical Analysis: May 3, 2017

 

The EURUSD remained steady on its position as it trades in a comparably tight range regardless of the massive data from the European region such as unemployment and PMI.

 

While the agreement made in Greece together with IMF and EMU is expected to maintain the pair in a higher stand.

 

While central bankers were on the news and brought challenges towards Mario Draghi in pursuing a dovish sentiment. The pair extends its consolidation on the first day of Europe’s long weekend and created a bull flag pattern which serves as the pause to stimulate.

 

Traders are anticipated to postpone its action prior to the U.S Non-Farm Payrolls scheduled on Friday or the fulfillment of second-round election in France preceding the major to reach its renewed highs.

 

Resistance lies at 1.0955 close on its previous week’s high while the support came in at 1.0843 next to the 10-day moving average.

 

The momentum kept a favorable stance since the MACD were printed in black along with an upward sloping path reflected in the histogram. This event had influenced to the advancing positive trajectory pointing to a greater exchange rate.

 

An upward trend of the Relative Strength Index is seen at 67 posted on the upper side of the neutral range.

[Andrea ForexMart]

NZD/USD Technical Analysis: May 3, 2017

 

The New Zealand dollar against the U.S. dollar was traded with high volatility during the Tuesday session. The pair consolidated higher than the 0.69 handle that is a significant psychological level. It is traded in a very tight trading range with highs around the 0.6935 level and it is apparent that there is not much changes in the trading activity. It may not be practical to go long on this pair as it cannot be predicted is the 0.69 level will be sustained. For now, it is best to short this pair and be prepared for choppiness in the market. Another option is just to wait in the sidelines although the next move higher than the 0.6935 level could indicate a short-term bullish.

 

A break lower than the 0.69 level could move the pair towards the 0.6850 mark in the lower channel that is being supportive enough for the pair. Traders could wait in the sidelines until this pair stabilizes as it continues to move downward although this is still uncertain as seen in the forming trading sessions.

 

A breakdown in the current psychological level could push the price lower towards the 0.65 handle but could take place in a longer period. The pair opens selling opportunities as seen in the short-term charts but traders should still be cautious as it might fluctuate unexpectedly or wait afterwards.

[Andrea ForexMart]

NZD/USD Technical Analysis: May 8, 2017

 

The New Zealand dollar against the U.S. dollar initially rallied for the past week. The 0.69 level was seen to give significant resistance which hints the possible continuation of the uptrend. However, this is not a good indication for commodities which highly influences the currency. On a good side, the crude oil surge for a while during the Friday session. Yet, the commodity market could remain subdued which would then decreased the demand for kiwi. It won’t take long that this pair would further decline. If the pair breakdown lower than the 0.6850 level, the next level would be at 0.67.

 

Short-term rallies for this pair opens more opportunities which will soon push forward. The pair hovers at 50% Fibonacci retracement level and it is anticipated to have a lot of noise down beloW. However, if the pair breaks down from the expected level, this implies that the pair is not strong enough.

 

On the other hand, if the pair breaks more than the 0.7030 level, the price could extend up to 0.73 handle or higher. The pair is much more directed to the go downward instead. Traders should look out for commodity market which will influence the currency in the next trading sessions and it may be difficult to go long for long-term in this pair.  

[Andrea ForexMart]

GBP/JPY Technical Analysis: May 10, 2017

 

The British pound paired with the Japanese yen rallied during the Tuesday session. The market reached the 147.50 level and tries to reach the 148 handle. There is still a lot of space to climb higher towards the next target of 150 handle. Later on, the 147 level could become a support level.

 

Amongst a basket of currencies, the Japanese yen sells off the most and sensitive to risk appetite as a whole. Traders should not forget the pair to be volatile and long-term deals is predominant in traders.

 

The market should also monitor the stock market which is performing well relative to indices such as the S&P 500. Although, traders should expect volatility as it climbs higher and it seems that there is sufficient buying pressure to push the price higher. Nevertheless, reversals open opportunities to gain for this pair, especially for yen related market. It may not be advisable to sell this for now with buyers leading the market. There is still risk appetite which could induce the pair to further go up.

[Andrea ForexMart]

USD/JPY Technical Analysis: May 10, 2017

 

The U.S. dollar against the Japanese yen rallied as it broke at 114 handle. This would most likely move higher towards the 115 level which has been the peak of the last consolidation region and it would not take that long before the market reaches it. It is anticipated for a reversal to occur from now and then which will serve as buying opportunities in the market, most especially that there is a tone of bullishness seen in the trend. Volatility fluctuations is also expected that determines the weakness of the yen.

 

Price reversals could turn into an opportunity for this pair especially since the Japanese yen performs well in the market. Although, It may not be favorable to go short in this pair. The 113.30 region is being strongly supportive but there is a lesser possibility to go low to this level. It wouldn’t take long for buyers to return.

 

If the price breaks higher than the 115 level, this could move towards 118 handle. Although, it needs more momentum from the traders to reach this level. Hence, it may not be good to sell this pair for now.

[Andrea ForexMart]

USD/CAD  Technical Analysis: May 10, 2017

 

The U.S. dollar paired against the Canadian dollar started flat during the Tuesday session as the oil market being calm but not too long. It was reversed and directed downwards. Another factor is the Canadian building permits that brought movement following its negative reports.

 

On the other hand, the U.S. dollar surged against the Canadian dollar as it breaks over the 1.37 level. The Resistance level was retested at 1.37 region and the 1.3750 level is being strongly resistive that prevents the pair to climb higher. The market has been very bullish for a long term and it won’t take long before the market reaches the 1.38 handle. A few days ago, there has been a selloff of this pair and if this occurs again, the pair could further go up.

 

The pair will continue its downtrend from 1.3793 and the uptrend from 1.3641 is a form of consolidation in the downtrend. This could be followed by consolidation towards the next target of 1.3550 level. A break over the 1.3793 region could trigger the price to go up towards 1.3900.

 

Reversals could attract buyers in the lower channel especially towards the 1.37 handle which has been a resistance before. It is possible for this level to turn into support region for the pair. The long-term trend becomes bullish although the oil market has uncertainty.

 

The crude oil inventories are about to be released to say which would most likely affect the trend. Reversals could serve as buying opportunities for this pair although the greenback is more favored over the Canadian dollar. Concerns in Canadian housing would add more hesitancy to the interest of the market to Loonie.

[Andrea ForexMart]

AUD/USD Technical Analysis: May 12, 2017

 

The Australian currency showed some interesting trading session and had an initial downturn corresponding with the actions of the New Zealand dollar. A bit of rally had started as we look forward to found further resistance within the 0.7380 handle.

 

The Aussie appeared to be caught off guard as of the moment because of the rally occurred in the gold markets along with the partial decline of the US dollar.

 

In case that the precious metal would reverse and drop, the AUD will continue to weaken as well.

 

The commodity currencies may not be so attractive at this time since some of them are quite falling considering the CAD and NZD to have a softer stance while the Norwegian Krona also appeared to be dull. Not to mention the Mexican peso which starts to be weak again.

 

In order to initiate the selling, exhaustion and near-term rallies are to be found that may allow for a successful break above the region 0.7425.

 

Moreover, the volatility would extend that will offer value for the greens in which seems favorable for us. In case that we create a gap under the lows once again, the market is projected to move near the 0.72 handle, en route 0.70.

[Andrea ForexMart]

USD/CAD Technical Analysis: May 15, 2017

 

The USD/CAD moves like from pillar to post last Friday and continuously grinding above 1.37 handle. Meanwhile, the oil markets appeared to be disorganized as of the moment. We are directly standing above the channel while a pullback is inessential, however, when this price movement occurred then a move to the lower area would likely follow. Possibly down to the region 1.35 and moving through the mark 1.3250. Contrarily, a break over the channel, particularly in the 1.38 handle, will cause the market to trail atop of the level 1.40. Mainly, the oil markets should be given much consideration as it extensively weighs to the Canadian dollar.

 

Moreover, the commodity-linked pair is expected to be choppy but it looks like that the oil is in action at this time. The housing market in Canada shows some uncertainties while concerns may arise since the history of the US housing bubble were still remembered clearly by many traders.

 

The markets should consider sustaining a volatile session, however, the general uptrend will continue to drive through the upside in the longer-term. It further allows the longer-term and steady traders to acquire gains on top of the 1.40 range.

 

It is recommended to seek for pullbacks which provide value upon getting the chance as the greenbacks continued to be favored by the North American currency.

[Andrea ForexMart]

GBP/USD Technical Analysis: May 15, 2017

 

The Cable decline within the week as it tested the bottom of the hammer in the past week. The range 1.2950 appeared to be resistive, moving near the 1.3 region. A break over the mentioned level will push the market around 1.3450, wherein a previous resistance was seen.

A cut through in that area would likely be bullish, however, there is a significant level of support found at 1.2750 range.

 

To be honest, it will be a tedious job to grind below just like breaking upwards. The short-term trading could possibly the simplest thing to accomplish since the market has high possibility to consolidate amid the two regions.

 

A move in the long-term is anticipated and a needs to break out within area to execute the trade. Meanwhile, a range bound short term is predicted as it will remain to take notice.

Moreover, a breakdown underneath 1.2750 will cause the market to continue to slide.

 

A significant amount of support can be found below, however, it would appear like the  longer term downtrend resumption.

 

The British currency is currently surrounded by lots of dynamic strains, hence expect for a complex trend over here. In light of this, we decided to allow the market to take an action deliberately.

[Andrea ForexMart]

EUR/USD Technical Analysis: May 15, 2017

 

The EURUSD edged upwards amid Friday sessions as it cleared up the top of Wednesday and Thursday candles followed by the release of the less than stellar figures of United States. In light of this, the market would likely touch above the 1.10 region which the resistance.

 

A gap over the mentioned area indicates a bullish tone, probably moving towards the 1.13 range trailing to 1.15 eventually.

 

The market consolidated in the midst of 1.05 and 1.15 levels in the past years. We are currently located in middle of the trading range which is close to the “fair value” which results for a complex trading setting in the near future.

 

The back and forth trading in the near-term is highly anticipated for the next few sessions. While short-term charts will also lead forward since consolidation is required in the overall region.

 

A gap overhead the 1.10 area will trigger further purchasing interest. However, a break below the 1.0750 mark will drove to 1.05 handle.

 

The market is projected to be very volatile and uneasy to trade, mainly because of the concerns that the European Union are currently involved with the United Kingdom together with other nations.

 

Despite the results, it is vital to maintain your stop loss take, and take note that the market is somewhat aimless in the long-term.

[Andrea ForexMart]

EUR/USD Technical Analysis: May 17, 2017

 

The EURUSD raise higher because of the support of a strong growth and below-than-expected data in the housing number of the United States which brought an impact towards the U.S Treasury yields, hence placing a downward pressure to the American dollar. The sales of US chain stores keep worsening that caused for the greens to move lower.

 

The Europe started to gain more confidence with hopes that the European Central Bank is going to remove the quantitative easing.

 

The pair climbed upwards reaching 0.9% near the mark 1.1080. The price was cut into the downtrend sloping line moving close to the support region 1.0990.

 

Further support is found alongside the 10-day moving average approaching the 1.0940 level. The target resistance can be spotted at 1.1299 touching its November peaks. Moreover, the momentum was positive since the moving average convergence divergence (MACD) histogram formed a crossover signal to buy. This is the result of the spread that crossed over the 9-day EMA of the spread.

 

The histogram shifted from negative to positive area indicating a buy signal. It also printed in the black along with an upward sloping trajectory and turns to a higher rate.

[Andrea ForexMart]

GBP/USD Fundamental Analysis: May 17, 2017

 

The sterling pound’s bulls experienced a very harrowing trading day yesterday after the GBP/USD pair was unable to make any significant progress even after all the other major currency pairs were able to take advantage of the greenback going on backfoot. The cable pair remained within a very limited trading range and was unable to even advance towards its range highs, much less surpass this particular range. Several geopolitical issues has caused the dollar to drop, however, the GBP/USD pair did not have enough fuel for it to actually gain from the dollar losses.

 

The US housing data fell short of initial market expectations, and this proved to be somewhat damaging for the interest rate bulls who had already priced in the possibility of a June rate hike from the Fed. However, the market was more affected by news  that Trump had apparently leaked top-secret information to the Russian government straight from the Oval Office, in addition to reports that Trump has apparently been caught dipping his fingers into a certain continuing investigation. These series of events triggered a massive dollar selloff, and while other major currencies such as the EUR were able to make use of this particular development, the sterling pound barely moved from its original position. The GBP/USD pair only slightly advanced from 1.2900 points and is now placed at just under 1.2950 points and does not look like it could induce a rally anytime soon. This is an indicator of just how weak the currency pair as of the moment and it could only be a matter of time before things take a turn for the worse.

 

For today’s trading session, there are no expected releases coming from the UK economy although international geopolitical events could possibly dominate the market for today. However, the GBP/USD pair is not expected to exhibit that much volatility given its recent weakness, and the pair should start a rally soon in order to placate any risk of the pair’s current standing taking a turn for the worse.

[Andrea ForexMart]

AUD/USD Technical Analysis: May 17, 2017

 

The Australian dollar closed higher than the U.S. dollar during Tuesday session. Investors responded to the raising concerns in U.S. with lower U.S. Treasury yields, feeble U.S. housing data and a lesser possibility for a Fed rate hike in June. The overall direction of the pair will depend on the Treasury yields. Traders reacted pessimistically to Westpac Consumer Sentiment dropping up to 1.1.%.

 

There are no major U.S. economic reports to be released today. Traders continuously keep an eye on problems with Trump regime and they have the chance to react to the most recent weekly inventories data of U.S. Energy Information Administration.

 

The main trend is directed downward as shown in the daily chart. The pair is trying to move higher from the .7329 low on May 9 although the momentum remains the same. To reverse the trend, traders need to impede the short-retracement zone between .7442 and .7469.

Traders should also look out for the resistance level as a strong resistance region is formed at .7454 with major 50% level. The closest support resides at .7384 key Fibonacci region followed by .7329 down below.

 

The current price level set at .7419 and stays between the resistance and support levels which means that traders have uncertainty and expected volatility in the market.

 

If buyers try to oppose the trend, the next psychological would be at .7443 and .7446 region then moves to .7449 and .7454 and will most likely gain momentum at .7454 towards the next target at .7469 level. The .7469 Fibonacci level at .7469 would be the turning point for the next downtrend towards .7501 angle.

 

Underneath, the initial support target would be at .7389 uptrend angle followed by a major Fibonacci level at .7384 and lastly towards the .7329 as the probable bottom support angle. However, if the market fails to attain this level, there is a high possibility for a breakout at .7359.

 

Until buyers return in the market and exceed the .7469 level, there will be least resistance and rallies will be fruitful in the market. This will affect the price trend whether it will be reversed or not. Currently, the market gives off a neutral stance.

[Andrea ForexMart]

AUD/USD Technical Analysis: May 19, 2017

 

The Australian currency experienced a volatile session yesterday due to an initial shot higher with gold. But decided to sell off as the market needs for another leg found at the 0.74 handle, the support was found but rebounded.

 

The market appeared to be slightly mixed-up as of the moment and attempted to estimate the risk of the political uncertainties in Washington DC.

 

Based on a longer-term perspective, the market needs to maintain a bullish attitude only when the gold markets engage in the rally. It remains to have lots of noise though, a smaller position would be better while the Aussie continued to accelerate.

 

Meanwhile, charts showed some activity of buying on the dips which could be a good idea in trading in the market.

 

The level below 0.74 must provide a massive support because a breakdown under this range will generate a negative signal. Consider the potential gap within the upward bias, so it is advisable to hold for small positions on near-term charts generating short-term gains.

 

In case that we cut through above the mark 0.75, it will favor for a longer-term position. In this point in time, riding the market would let you experience emotional highs and lows.

 

As indicated in the previous charts and sessions, making money is easy in both directions but the market is currently choppy. It does not offer any signs as of now, causing the participant to endure difficulty in driving the market.

[Andrea ForexMart]

GBP/USD Technical Analysis: May 19, 2017

 

The national currency of Britain climbed higher as the data of retail sales presented stronger figures beating expected result.

 

The level 1.30 contained some amount of psychological significance. A break out on top of it provides signs of bullishness. With that being said, the market is expected to move higher on a longer-term however the overall place appeared to be complex.

 

There is a likelihood that the market will trail upwards hitting the region above 1.3450.

The stronger statistics of the retail sales could be linked on some side of inflation because the figures and U.K suddenly gained greater strength.

 

We could still experience pullbacks occasionally and it should provide buying opportunities intended for longer-term traders.

 

A huge increase throughout the day indicates a bullish sign while trends could possibly break and when it happen, the market may need to take some time to rest.

 

The downtrend is over for the GBPUSD however, plenty of noise are needed to beat amidst the current range together with the mark 1.3450 which requires patience and diligence.