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Technical Overview of USD/CAD and EUR/USD Currency Pair

USD CAD

USD traded lower against CAD and closed at 1.3048.

USD/CAD is trimming gains on reports calling a victory for Canada's PM Trudeau. The pair may come under pressure if Trudeau forms a minority government with NDP's support.

Canada Retail Sales m/m show changes in the value of goods sold in retail stores in the specified month compared to the previous month. The indicator is calculated based on statistics from several thousand retail stores, and the data is then extrapolated to the whole country.

The indicator evaluates the consumer activity and inflation. The indicator growth can have a positive effect on CAD quotes.

Canada Core Retail Sales m/m reflects the change in retail sales in the reported month compared to the previous one. The indicator is calculated based on statistics from retail stores of different types and sizes. The index calculation does not include sales of autos and spare parts.

Retails Sales are an indicator of consumer activity in Canada, and an important component of national GDP. The indicator growth can have a positive effect on CAD quotes.

According to the Analysis, pair is expected to find support at 1.3077 and a fall through could take it to the next support level of 1.3063. The pair is expected to find its first resistance at 1.3123 and a rise through could take it to the next resistance level of 1.3137.

EUR USD

EUR traded higher against USD and closed at 1.1148.

·         Positive risk extends in Asia, E-mini S&P +0.1% and AsiaxJP stocks +0.3%

·         Flat in a low key 1.1147/1.1156 range - fundamentals unchanged look to techs

·         Charts - daily momentum studies, 5, 10 & 21 MAs head higher - bullish setup

·         Sustained cloud break, 1st since July - 1.1104 horizontal cloud top supports

According to the Analysis, pair is expected to find support at 1.1142 and a fall through could take it to the next support level of 1.1132. The pair is expected to find its first resistance at 1.1172, and a rise through could take it to the next resistance level of 1.1182.

Important Economic Events of the Day

·         CAD: Retail Sales m/m

·         CAD: Core Retail Sales m/m

·         USD: Existing Home Sales

For More information about the release time of news and its impact visit Economic Calendar Page!

 

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Technical Overview of EUR/USD and USD/JPY Currency Pair


EUR USD


EUR traded higher against USD and closed at 1.1021
•    Early bounce on US data gives some relief to longs
•    Pair heavy on safe haven flows but holds above 61.8 Fib of 1.0879-1.1180
•    Daily RSI diverges & bull hammer forms, daily techs warn shorts
•    Monthly RSI still falling, says downside momentum could resume
•    Global growth concerns, soured risk could sink EUR/USD

According to the Analysis, pair is expected to find support at 1.1010 and a fall through could take it to the next support level of 1.0972. The pair is expected to find its first resistance at 1.1132 and a rise through could take it to the next resistance level of 1.1170.

USD JPY

USD traded higher against JPY and closed at 108.39.

•    USD/JPY's breaks key props at 108.50 , close is key
•    IMM USD/JPY specs long largely above 108 are at risk on 107.89/99 break
•    Treasury yields sliding faster than JGBs, '20 Fed cuts pricing back in
•    USD/JPY's topping formation reinforced by AUD/JPY's reversal
•    Risk flows could change on a dime if trade deal gets completed, signed

According to the Analysis, pair is expected to find support at 108.57 and a fall through could take it to the next support level of 108.56. The pair is expected to find its first resistance at 108.59, and a rise through could take it to the next resistance level of 108.60. 

Important Economic Events of the Week (11 Nov, 19 to 15 Nov, 19)


•    USD: Retail Sales m/m
•    GBP: Retail Sales m/m
•    NZD: Electronic Card Retail Sales m/m
For More information about the release time of news and its impact visit Economic Calendar Page!

 

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Technical Overview of AUD/USD and GBP/USD Currency Pair


AUD USD


AUD traded higher against USD and closed at 0.6784

•    Flat in a quiet tight 0.6785/0.6795 range as options contain
•    0.6785-95 1.1BLN and 0.6900 500M strikes dominated in Asia
•    Risk bounce in Asia after a soft week, Nikkei +0.6%, AsiaxJP +0.3%
•    Charts - momentum studies, 5, 10 & 21 DMAs head south - bearish setup
•    Dip recently stalled at 0.6769, which remains pivotal and vulnerable
•    NY 0.6783 low and earlier 0.6795 high initial support and resistance

According to the Analysis, pair is expected to find support at 0.6786 and a fall through could take it to the next support level of 0.6785. The pair is expected to find its first resistance at 0.6788 and a rise through could take it to the next resistance level of 0.6789.

GBP USD 

GBP traded higher against USD and closed at 1.2913.

•    Cable saw steady interest and trades +0.1% in a 1.2903/1.2921 range
•    Conservatives to raise property purchase tax for non-UK residents
•    A revenue raiser that will be popular with UK voters
•    FT's poll tracker, Conservatives hot favorites, +13pts from +11 over Labour
•    Charts - 5, 10 & 21 DMAs gently edge higher - modest topside bias
•    Six week 1.2770/1.3012 range looks set to extend unless the USD trends

According to the Analysis, pair is expected to find support at 1.2917 and a fall through could take it to the next support level of 1.2916. The pair is expected to find its first resistance at 1.2923, and a rise through could take it to the next resistance level of 1.2924. 

Important Economic Events of the Week (18 Nov, 19 to 24 Nov, 19)


•    CAD: Core Retail Sales m/m
•    EUR: ECB President Lagarde Speech
•    EUR: GDP q/q
•    SGD: GDP q/q
•    USD: EIA Crude Oil Stocks Change

For More information about the release time of news and its impact visit Economic Calendar Page!

 

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Technical Overview of AUD/USD and NZD/USD Currency Pair

AUD USD

AUD traded higher against USD and closed at 0.6777.

FED Chair Speech affects USD depending on the speech rhetoric. If the speech is seen as an intention to raise the rates at the next FOMC meeting, this has a positive impact on USD and vice versa.

The FED Chair's statements have the greatest impact on the market compared to other members of the FED Board of Governors.

Reserve Bank of Australia (RBA) Governor Speech may contain information about the expected change in the bank's interest rates or in the monetary policy.

The Aussie dollar, a G-7 proxy for China, is not impressed by reports of US-China trade talks gaining momentum. AUD/USD failed to take out key average hurdle despite renewed trade optimism. RBA's Debelle said slower wage growth is a new norm in Australia.

According to the Analysis, pair is expected to find support at 0.6769 and a fall through could take it to the next support level of 0.6761. The pair is expected to find its first resistance at 0.6793 and a rise through could take it to the next resistance level of 0.6801.

NZD USD 

NZD traded higher against USD and closed at 0.6416.

Retail Sales m/m reflects a change in New Zealand's retail sales in the reported month compared to the previous one. The calculation is adjusted for inflation. The index is often referred to as the consumer spending indicator, which allows assessing inflation in New Zealand. The indicator growth can have a positive effect on NZD quotes. 

Consumer Confidence Index displays the level of consumer confidence in the stability of the country's economy. It is based on the data from the monthly survey of more than 5000 households and is designed to evaluate the relative financial status, purchasing power and confidence of an average consumer. The survey consists of five questions, two of which are associated with the current economic conditions, while three deal with expectations. Since 60% of the survey has to do with expectations, the indicator is considered to be a leading market indicator. The indicator growth assumes an increase in consumer spending.

             NZD/USD is facing pullback risks after multiple failures at the 100-day MA hurdle.

             A close above the key average will likely invite stronger buying pressures.

According to the Analysis, pair is expected to find support at 0.6400 and a fall through could take it to the next support level of 0.6392. The pair is expected to find its first resistance at 0.6426, and a rise through could take it to the next resistance level of 0.6434.

For More information about the release time of news and its impact visit Economic Calendar Page!

 

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Technical Overview of GBP/USD and USD/JPY Currency Pair

GBP USD

GBP traded higher against USD and closed at 1.3155. 

·         Flat in a 1.3153/1.3161 range, but decent interest once Asia fully opened

·         EUR/GBP saw modest volumes with a very tight 0.8438/0.8341 range

·         Conservative election victory expectations attracted fresh demand this week

·         Initial significant resistance at 1.3168/90, 50% 2018/19 fall and May high

·         1.3168 capped in NY, but is under pressure - strong resistance into 1.3200

·         Close above 1.3200 would be a strong positive into the election next week

·         Sustained 1.3200 break would open the door to the 1.3380 2019 high in March

·         Close below the prior 1.3000 range high needed to undermine topside bias

According to the Analysis, pair is expected to find support at 1.3120 and a fall through could take it to the next support level of 1.3105. The pair is expected to find its first resistance at 1.3166 and a rise through could take it to the next resistance level of 1.3181. 

USD JPY

USD traded lower against JPY and closed at 108.75.

USD/JPY's CTA positioning and notes that it's mainly close to neutral and sidelined around current levels.

"CTAs having held back on going long in the USD/JPY market (buying USD and selling yen) during the recent risk-on phase, they have managed to avoid simultaneous stock selling and yen buying.

CTAs' USD/JPY positions are close to neutral at present, and they are not currently moving either to buy or to sell. 

"With the latent risk of yen appreciation being suppressed, if fundamentals-oriented investors begin tentatively dip-buying below 23,000, this downward move by the Nikkei 225 could be brought to a close relatively soon. 

According to the Analysis, pair is expected to find support at 108.66 and a fall through could take it to the next support level of 108.58. The pair is expected to find its first resistance at 108.92, and a rise through could take it to the next resistance level of 109.00.

Important Economic Events of the day 

·         JPY: Household Spending y/y

·         USD: Nonfarm Payrolls

·         USD: Baker Hughes US Oil Rig Count

·         CAD: Employment Change

 For More information about the release time of news and its impact visit Economic Calendar Page!

 

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Technical Overview of EUR/USD and GBP/USD Currency Pair

EUR USD

EUR traded higher against USD and closed at 1.1128.

·         EUR/USD stalls its strong intraday rally near 1.1200 round-figure mark.

·         Acceptance above 200-DMA support prospects for additional gains.

The EUR/USD pair maintained its strong bid tone through the early European session on Friday, albeit has retreated around 20-25 pips from the 1.1200 handle, or four-month tops. Extremely overbought conditions on hourly charts seemed to be the only factor that kept a lid on any strong follow-through, rather prompted some profit-taking at higher levels.

According to the Analysis, pair is expected to find support at 1.1125 and a fall through could take it to the next support level of 1.1102. The pair is expected to find its first resistance at 1.1199 and a rise through could take it to the next resistance level of 1.1222

GBP USD

GBP traded higher against USD and closed at 1.3162.

·         Trades close to the top of a 1.3162/1.3516 range, after a hectic session

·         EUR/GBP is at the base of a 0.8278/0.8426 with huge flow for Asia

·         Bids at 1.3450 provided a base after initial jump - 1.3450 1BLN strikes

·         Early results support the exit poll prediction of an 86 Boris landslide

·         EU welcomes a strong UK mandate into upcoming trade talks

·         Charts show GBP trending higher, but over stretched short term

·         Stunning Conservative victory will totally change UK politics

According to the Analysis, pair is expected to find support at 1.3170 and a fall through could take it to the next support level of 1.3061. The pair is expected to find its first resistance at 1.3524, and a rise through could take it to the next resistance level of 1.3633.

Important Economic Events of the day

·         EUR: EU Leaders Summit

·         JPY: BoJ Tankan Large Manufacturing Index

·         USD: Retail Sales m/m

·         USD: Retail Inventories m/m 

For More information about the release time of news and its impact visit Economic Calendar Page!

 

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Technical Overview of EUR/USD and USD/CAD Currency Pair

EUR USD

EUR traded higher against USD and closed at 1.1096.

•    EUR/USD is gaining ground on broad-based dollar selling.
•    The pair is closing on a crucial trendline hurdle at 1.1140.
•    With gold rising amid trade optimism, a breakout looks likely.

The easing of trade tensions is good news for Germany. The 18-month US-China trade war had pushed the Eurozone's manufacturing powerhouse and biggest economy to the brink of recession.

As a result, the dollar could continue to lose ground in Friday's European session – more so, as the equity market buoyancy is expected to continue with Amazon, the e-commerce giant, reporting record holiday season.

According to the Analysis, pair is expected to find support at 1.1087 and a fall through could take it to the next support level of 1.1080. The pair is expected to find its first resistance at 1.1107 and a rise through could take it to the next resistance level of 1.1114.

USD CAD

USD traded lower against CAD and closed at 1.3121.

•    USD/CAD on track for a test below 1.31 the figure on firm commodity complex.
•    Phase-one trade deal between the US and China is in the making, supporting commodity currencies.

Funds are under pressure as the commodity complex catches a bid on the so-called 'phase-one' trade deal that is scheduled to be signed in January between the US and China.

 The trade, ownership and technology practices of Chinese companies for the past two decades will not vanish overnight, nor will optimism of US and Canadian executives return with two signatures.  

According to the Analysis, pair is expected to find support at 1.3100 and a fall through could take it to the next support level of 1.3087. The pair is expected to find its first resistance at 1.3144, and a rise through could take it to the next resistance level of 1.3157.

Important Economic Events of the Day

•    JPY: Retail Sales m/m
•    USD: EIA Crude Oil Stocks Change
•    USD: Baker Hughes US Oil Rig Count
•    GBP: Nationwide HPI m/m

More information about the release time of news and its impact visit Economic Calendar Page!

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Technical Overview of EUR/USD and GBP / USD Currency Pair
EUR /USD 

EUR traded Higher against USD and closed at 1.1175.

EUR/USD is attempting a convincing break above 1.12 amid broad-based US dollar weakness.

The currency pair is currently trading at 1.1196, representing a 0.20% gain on the day, having hit a high of 1.1210 in Asia. 

Dollar's bearish trend continued in Asia and looks to have legs, as gold, a hard currency, is reporting a 3% gain on a month-to-date basis in dollar terms and is expected to put on a good show next year. The trend in the gold market is widely used as an indicator to confirm the bullish/bearish price action in the US dollar. 

EUR/USD's bullish case looks stronger with the weekly chart reporting an upside break of the trendline connecting September 2018 and June 2019 highs.  

According to the Analysis, pair is expected to find support at 1.1196 and a fall through could take it to the next support level of 1.1195. The pair is expected to find its first resistance at 1.1200 and a rise through could take it to the next resistance level of 1.1201.

GBP / USD  

GBP traded higher against USD and closed at 1.3076
•    GBP/USD remains on the front foot for the fifth consecutive day to the highest since December 19.
•    The Brexit party leader Nigel Farage’s former adviser Trixy Sanderson signaled the EU’s preparations for a no-deal departure.
•    The market lost interest in the greenback as phase-one calls rise but US-China political divide remains.

According to the Analysis, pair is expected to find support at 1.3075 and a fall through could take it to the next support level of 1.3068. The pair is expected to find its first resistance at 1.3097, and a rise through could take it to the next resistance level of 1.3104.

Important Economic Events of the Day

•    USD: Pending Home Sales m/m
•    USD: Pending Home Sales y/y
•    USD: Goods Trade Balance
 

More information about the release time of news and its impact visit Economic Calendar Page!


 

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Technical Overview of EUR/USD and GBP / USD Currency Pair

 EUR /USD

  • EUR traded lower against USD and closed at 1.1193

The market is well placed to retest resistance at 1.1197- 1.1240 – namely the 55-week ma, the 2019-2020 down channel, and the recent high. This guards the 200-week ma at 1.1360 which continues to represent a critical breakpoint medium term.”

 “Dips lower are well supported by the 55 and 20-day ma at 1.1095/1.1065 and the 3-month uptrend at 1.1045.”

 “Failure at the uptrend would target the 1.0981 29th November low.”

 According to the Analysis, pair is expected to find support at 1.1167 and a fall through could take it to the next support level of 1.1156 The pair is expected to find its first resistance at 1.1205 and a rise through could take it to the next the resistance level of 1.1216. 

 

GBP / USD  

  •    GBP traded higher against USD and closed at 1.3167

 “We look for dips lower to remain well supported by the 55-day ma at 1.2987. The low on the 23rd December was 1.2908 and while above here we will assume an upside bias to retest the December high at 1.3515.”

 “The December high at 1.3515 guards the September 2017 high and 38.2% retracement (of the move down from 2014) at 1.3658/68. This guards the more important 1.3918 2007 -2020 downtrend.”

 According to the Analysis, pair is expected to find support at 1.2841 and a fall through could take it to the next support level of 1.2604. The pair is expected to find its first resistance at 1.3461, and a rise through could take it to the next resistance level of 1.3607.

 Important Economic Events of the Day

  1.     EUR Retail Sales m/m.
  2.     EUR Retail Sales y/y
  3.     GBP 10-Year Treasury Gilt Auction.
  4.     USD Trade Balance.

 

More information about the release time of news and its impact visit Economic Calendar Page!

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Technical Overview of GBP/USD and EUR/USD Currency Pair

GBP USD

GBP traded higher against USD and closed at 1.3017.

GBP/USD looks to extend the bounce towards 1.3050 ahead of the UK CPI report, as broad-based US dollar weakness and bullish technical set up underpin the sentiment around the spot.

  Flat - closed up 0.2%, as expectations of a Jan BoE cut cooled

  Inflation data on today and retail sales Friday will be key for sterling

  Despite bounce daily charts are negative, though at low end of recent ranges

•  Momentum studies, 5, 10 & 21 DMAs head lower and 21 day Bolli bands slip

• 1.2900, December low then 1.2887 lower 21 day Bolli band are major support

According to the Analysis, pair is expected to find support at 1.2973 and a fall through could take it to the next support level of 1.2954. The pair is expected to find its first resistance at 1.3033, and a rise through could take it to the next resistance level of 1.3052.

EUR USD

EUR traded higher against USD and closed at 1.1127.

    EUR/USD barely moved in Asia trading in a 1.1126/31 range

   Most of the action in regionals as USD moved up on Mnuchin comments\

   Resistance at 10-day MA at 1.1140 with option selling ahead of 1.1150

   Large option maturities 1.1100/50 defining recent range

  Break above 1.1150 targets 61.8 fibo of 1.1240/1.1085 at 1.1181

   EZ IP later today, but US-China trade deal likely to be main event

According to the Analysis, pair is expected to find support at 1.1111 and a fall through could take it to the next support level of 1.1101. The pair is expected to find its first resistance at 1.1141 and a rise through could take it to the next resistance level of 1.1151.

Economic events of the Day

  •  USD EIA Crude Oil Stocks Change
  •  USD EIA Cushing Crude Oil Stocks Change
  •   USD FOMC Member Harker Speech

For More information about the release time of news and its impact visit Economic Calendar Page!

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Technical Overview of EUR/USD and USD/JPY and Currency Pair

EUR USD

EUR traded higher against USD and closed at 1.1094

·         Touch softer - closed up 0.05% after recording a fresh 1.1076 Jan low

·         UK to set out goals for EU trade talks - PM Johnson's spokesman

·         Charts show momentum studies, 5, 10 & 21 DMAs edging lower - negative setup

·         1.1080/85, 61.8% of the Nov-Dec bounce and Jan double bottom held on close

·         Sustained 1.1075 break a bearish signal, next stop 1.1042 76.4% Nov-Dec rise

·         1.1113, 38.2% of the January dip and 5 DMA is initial resistance

·         1.1100 350M, 1.1125 230M, and 1.1140-50 1.5BLN strikes cap

According to the Analysis, pair is expected to find support at 1.1082 and a fall through could take it to the next support level of 1.1076. The pair is expected to find its first resistance at 1.1102 and a rise through could take it to the next resistance level of 1.1108

USD JPY

USD traded lower against JPY and closed at 110.18.

USD/JPY extends losses while taking rounds to 110.00 during early Tuesday. The pair shrugged off the BOJ’s widely anticipated monetary policy decision as risk aversion seems to be in the play.

·         USD/JPY extends the recent losses despite BOJ holding its monetary policy intact while keeping forward guidance on interest rates intact.

·         News of coronavirus outbreak recently triggered risk-off; trade-positive news from the Chinese Commerce Ministry failed to please buyers.

·         Geopolitical plays in the Middle East, trade headlines will welcome the US traders returning from the extended weekend.

According to the Analysis, pair is expected to find support at 110.13 and a fall through could take it to the next support level of 110.10. The pair is expected to find its first resistance at 110.21 and a rise through could take it to the next resistance level of 110.24

Economic Events of the Day            

·         JPY BoJ Interest Rate Decision

·         JPY BoJ Press Conference

·         GBP Claimant Count Change

·         EUR ZEW Economic Sentiment Indicator

More information about the release time of news and its impact visit Economic Calendar Page!  

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Technical Overview of AUD/USD And EUR / USD Currency Pair                                                                       

AUD/USD

AUD traded High against USD and closed at  0.6700

AUD/USD takes the bids to 0.6711 after the RBA leaves its benchmark interest rates unchanged during early Tuesday. The pair previously dropped amid fears of coronavirus outbreak. AUD/USD keeps losses as RBA's Lowe reiterates the “gentle turning point” description.

  • AUD/USD continues to trade in the red despite upbeat comments by RBA's Lowe. 
  • The central bank head said the economy is passing through a gentle turning point. 
  • China's Caixin services PMI for January missed estimates. 

According to the Analysis, pair is expected to find support at 0.6693 and a fall through could take it to the next support level of 0.6678 The pair is expected to find its first resistance at 0.6741 and a rise through could take it to the next resistance level of 0.6756.

EUR/USD

 EUR traded lower against USD and closed at  1.1042

  • Amid risk reset, the EUR/USD pair is currently trading near 1.1034, down 0.10% on the day, having faced rejection near 1.11 on Monday.

1.       EUR/USD is losing altitude amid risk reset in the financial markets. 

2.       Coronavirus scare has eased with China's decision to inject liquidity. 

3.       All eyes remain on Eurozone data, ECB Lagarde’s speech and US PMIs.

According to the Analysis, pair is expected to find support at 1.1035 and a fall through could take it to the next support level of 1.1027. The pair is expected to find its first resistance at 1.1059  and a rise through could take it to the next resistance level of 1.1067

Important Economic Events of the Day

·         NZD Employment Change q/q

·         USD ISM Non-Manufacturing PMI

·         USD EIA Crude Oil Stocks Change

·         USD ISM Non-Manufacturing PMI

 

More information about the release time of news and its impact visit Economic Calendar Page!

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Technical Overview of AUD/USD and USD/JPY Currency Pair

AUD/USD

·         AUD traded Higher against USD and closed at  0.6686

AUD/USD sustains the bounce above 0.6700 amid mixed Australian NAB Business Survey and Home Loan data. The spot draws support from a risk-on rally in the Asian stocks, as coronavirus fears take a back seat. 

  • AUD/USD is reporting marginal gains despite below-forecast NAB data. 
  • The 14-day RSI is reporting a bullish divergence. 
  • Australia's Home Loan data bettered estimates by a big margin. 
  • That alongside the uptick in the equities could help the Aussie eke out notable bounce. 
  •  
  • According to the Analysis, pair is expected to find support at 0.6673 and a fall through could take it to the next support level of 0.6663. The pair is expected to find its first resistance at 0.6703 and a rise through could take it to the next resistance level of 0.6713.

    USD/JPY

USD traded higher against JPY and closed at 109.74

  • USD/JPY holds onto recovery gains from 21-day SMA.
  • A sustained break of monthly high will divert the bulls towards the yearly top.
  • 200-day SMA acts as key support.

USD/JPY registers 0.10% gains while rising to 109.85 by the press time of the pre-European session on Tuesday. In doing so, the quote justifies the bullish candlestick formation portrayed the previous day.

As a result, prices are now gearing up to the monthly top surrounding 110.05, a break of which will escalate the latest recovery towards January 17 high near 110.30.

According to the Analysis, pair is expected to find support at 109.65 and a fall through could take it to the next support level of 109.58. The pair is expected to find its first resistance at 109.85, and a rise through could take it to the next resistance level of 109.92.

 

Important Economic Events of the Day

·         GBP  Manufacturing Production m/m

·         GBP  GDP q/q

·         GBP  GDP m/m

·         GBP  GDP 3m/3m

 More information about the release time of news and its impact visit Economic Calendar Page!

 

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Technical Overview of EUR/USD and GBP/USD Currency Pair

EUR/USD

·   EUR traded Higher against USD and closed at  1.0791

EUR/USD closed out Tuesday below 1.07 to print the weakest daily close since April 2017.

 More importantly, the single currency formed a bearish marubozu candle, implying a continuation of the downtrend.

A red marubozu, the one with a large body and little or no shadows, occurs when sellers control the price throughout the day, and is considered very bearish. 

The back-to-back big red marubozu candles seen on the weekly chart are also painting a bearish picture. 

 According to the Analysis, pair is expected to find support at 1.0786 and a fall through could take it to the next support level of 1.0774 The pair is expected to find its first resistance at 1.0826 and a rise through could take it to the next resistance level of 1.0838.
 

GBP/USD

· GBP traded higher against USD and closed at 1.2998

  • GBP/USD fails to register noticeable moves following a Tuesday’s Doji candlestick.
  • Short-term moves are confined between 50 and 100-day SMA, 61.8% Fibonacci retracement offers immediate resistance.
  • The monthly bottom can please sellers below 100-day SMA.

GBP/USD remains a little changed below 1.3000 during early Wednesday. The cable posted a trend reversal Doji candlestick formation the previous day. Though, 50-day and 100-day SMA continue to restrict near-term moves.

While the recent Doji favors the pair’s pullback, 61.8% Fibonacci retracement of its November-December 2019 upside, at 1.3055, could lure the buyers ahead of making them confront 50-day SMA level of 1.3067.

According to the Analysis, pair is expected to find support at 1.2976 and a fall through could take it to the next support level of 1.2958. The pair is expected to find its first resistance at 1.3036 and a rise through could take it to the next resistance level of 1.3054

Important Economic Events of the Day

·         USD Building Permits

·         USD Housing Starts m/m

·         USD PPI m/m

·         USD FOMC Member Kashkari Speech

More information about the release time of news and its impact visit Economic Calendar Page!

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Technical Overview of EUR/USD and GBP/USD Currency Pair

EUR/USD

·   EUR traded Higher against USD and closed at  1.0791

EUR/USD closed out Tuesday below 1.07 to print the weakest daily close since April 2017.

 More importantly, the single currency formed a bearish marubozu candle, implying a continuation of the downtrend.

A red marubozu, the one with a large body and little or no shadows, occurs when sellers control the price throughout the day, and is considered very bearish. 

The back-to-back big red marubozu candles seen on the weekly chart are also painting a bearish picture. 

 According to the Analysis, pair is expected to find support at 1.0786 and a fall through could take it to the next support level of 1.0774 The pair is expected to find its first resistance at 1.0826 and a rise through could take it to the next resistance level of 1.0838.
 

GBP/USD

· GBP traded higher against USD and closed at 1.2998

  • GBP/USD fails to register noticeable moves following a Tuesday’s Doji candlestick.
  • Short-term moves are confined between 50 and 100-day SMA, 61.8% Fibonacci retracement offers immediate resistance.
  • The monthly bottom can please sellers below 100-day SMA.

GBP/USD remains a little changed below 1.3000 during early Wednesday. The cable posted a trend reversal Doji candlestick formation the previous day. Though, 50-day and 100-day SMA continue to restrict near-term moves.

While the recent Doji favors the pair’s pullback, 61.8% Fibonacci retracement of its November-December 2019 upside, at 1.3055, could lure the buyers ahead of making them confront 50-day SMA level of 1.3067.

According to the Analysis, pair is expected to find support at 1.2976 and a fall through could take it to the next support level of 1.2958. The pair is expected to find its first resistance at 1.3036 and a rise through could take it to the next resistance level of 1.3054

Important Economic Events of the Day

·         USD Building Permits

·         USD Housing Starts m/m

·         USD PPI m/m

·         USD FOMC Member Kashkari Speech

More information about the release time of news and its impact visit Economic Calendar Page!

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Technical Overview of EUR/USD, and AUD/USD Currency Pairs!!

The EUR/USD pair was at the edge with the above level at 1.1450 with the year to date high at the level 1.1492. Moreover, the pair will be rose up to a higher level at 1.1467 that will be dropped sharply to level 1.1400 before going to snapping back again. If we talk about the Today the pair will still at the higher for the EUR. It could reach level 1.1492. On the downside, the pair will be a breach at the minor level with the minor support of 1.1425 that will build up the momentum.

The declining upward pressure got a lift, though a minor one as EUR rose to a high at the level 1.1467 yesterday (20 Jul) before settling marginally higher at 1.1444 (+0.16%). From here, the possibility for a break of 1.1492 has expanded however taking into account the still 'provisional' force, it is left to be checked whether EUR can extend out its benefit to 1.1540. In general, the uplifting standpoint for EUR is regarded as flawless except if there is an entrance of 1.1375.

The Pair were previously closed at level 1.1444. The support and resistance level for the pair will be 1.1398 and 1.1444.

AUD/USD

AUD/USD rises to 0.7033, up 0.20% on a day, during the early Tuesday. The pair as of late profited by peppy RBA minutes while moving the earlier day's positive thinking. Dealers currently expect remarks from the RBA Governor Philip Lowe for a supported course.

Minutes of the most recent RBA financial approach stated, "Individuals concurred that there was no compelling reason to modify the bundle of measures in Australia in the current condition." This opposes the prior expectations that the policymakers are stresses over the second introduction of the coronavirus (COVID-19).

The Pair were previously closed at level 0.7013. The support and resistance level for the pair will be 0.7008 and 0.7024

 Upcoming ECONOMIC Event’s

·         AUD RBA Governor Lowe Speech

·         CAD Retail Sales m/m

·         CAD Core Retail Sales m/m

www.xtreamforex.com

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Major Economic Events in the 1st week of August 2020

tuesday-image1.jpg

Get all updates on international economy, Business news, Global market news, world business, and global business trade on Business Standard. Major Economic Events in the Market this week are as following:

3 August 14:00 USD ISM Manufacturing Employment Index

It shows the business conditions in the US manufacturing sector to predict the overall conditions of the US. It will be consensus with the 48.4 and the previous forecast was 52.6 it will predict that it will seem 50-50 positive and negative effect for USD.

4 August 22:45 NZD Employment Change and Unemployment Rate (Q2)

Unemployment Rate: It shows the unemployed workers divided by the total civilian force. It will be expected that if the rate is up it will weaken the New Zealand economy on the other side decrease in the Figure will seem as positive or bullish for the NZD when the increase is seen as the negative.

Employment Change: Employment change measures the change in the number of employed people. It will be expected to implications for consumer spending to economic growth. High is seen as positive for the NZD and low reading is seems negative.

5 August 9:00 EUR Retail Sales (YoY) (Jun)

Retail Sale measures the performance in the retail sector in the short term. It will reflect the rate of change in sales. It will expected usually the positive economic growth in Bullish while the low reading seems Negative.

14:00 USD ISM Non-Manufacturing (PMI)(Jul)

It shows the business conditions in the US non-manufacturing sector. The non-manufacturing sector does not influence either positively or negatively.

6 August 06:00 GBP Bank of England Monetary Policy

It will analyze the quarterly report in the inflation projections based on the Monetary Policy committee bases. Expected that high reading is seen as positive for the GBP.

7 August 12:30 USD NFP (Nonfarm Payrolls)

The monthly changes in payrolls can be extremely volatile, due to its high relation with economic policy decisions made by the Central Bank. The number is also subject to strong reviews in the upcoming months, and those reviews also tend to trigger volatility in the forex board. Generally speaking, a high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or bearish), although previous months reviews and the unemployment rate are as relevant as the headline figure, and therefore market's reaction depends on how the market assets them all.

For More information about Economic Events click here: https://xtreamforex.com/economic-calendar/

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Technical Analysis on Gold & Silver

XAU/USD Pair Goes Intraday High Below at Level $1,900 to US Stimulus Updates

The Gold price seems near at the level of $1,880 during the Tuesday Asian Session. The pair will stretch the latest pullback to the level by $1,871 to the previous downbeat. If we have a look at the market moves of the market optimism to the US coronavirus aid package news.

Not all things sign by President Trump crossed the House on Tuesday as policymakers cast a ballot 322-to-87 to supersede one of Mr. Trump's rejections, underscoring the broad notoriety of the military enactment, which approves a salary increase for the country's soldiers, said The New York Times.

On the other hand the S&P 500 backdrop to the wall street to the benchmarks that will refresh the tops to the futures prints to the mild gain to the 3,700 according to the press time. The unless providing the trendline that was following from the November 30 at the level by $1,878 and now the gold prices eye is at the level by $1,900 threshold.

XAG/USD Grinds to the Level Back to the Asian Session to Level by $26.50 to More Than 3.0%

The silver prices are substantially higher on the first trading day to the final trading week. Moreover, the volume of the many markets participants to the particular Europe and North America that is still away from for the Christmas and New Year Celebrations to the fundamental developments. The XAG/USD trade gains will be going more than the 3.0% on the day to the precious metal will rally above the level by $26.00 during the early trading session.

The outcome is that stocks are extensively higher, US securities are lower (likewise reflecting desires for more inventory as the public authority issues obligation to support its upgrade) and unrefined petroleum, mechanical metals, and valuable metals markets are comprehensively higher. USD is likewise barely more fragile on the day, however, FX markets conditions have been somewhat choppier.

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Technical Analysis on EUR USD or GBP USD

EUR/USD Pair Shows On Bulls to at the level by 1.2275 to Resistance Confluence

The EUR/USD is the mark to the 0.15% to the intraday gain that currently around at the level by 1.2275 to keeping the previous days to the momentum inside the ascending trend channel to the formation to the Wednesday Asian Session.

Moreover, the currency major has printed the three-day winning streak to the strong RSI and the Bullish MACD in which it will turn highlights to the strength to the resistance channel to the monthly high.

It should, notwithstanding, be noticed that the pair's capacity to cross 1.2275 will invigorate the multi-month high glimmered prior while peering toward the April 2018 pinnacle encompassing 1.2415. During the potential gain, the 1.2300 edges can offer a moderate end while the March 2018 high of 1.2476 can challenge EUR/USD purchasers thereafter.

Then, the past opposition line, presently upholds, at 1.2230, confines the pair's pullback pushes forward of the channel uphold close to 1.2210.

In the event that at all the EUR/USD traders hide in around at the level 1.2210, the 1.2200 adds a channel to the disadvantage focusing on the mid-month low around 1.2130/25.

GBP/USD Pair Extends to the 21 days SMA to Bounce off to Resistance Line

The GBP/USD pair picks the bids near to the level by 1.3535 to the 0.27% intraday in this Wednesday’s to the Asian Session. To stretch the cable and U-turn to the 21 days SMA to the buyers to falling to the trend line.

To seems the RSI conditions to the trading above the 21 days SMA to the upward sloping trend to the bulls that will set the level by the monthly peak to the surrounding level by 1.3620.

Should authentic purchasers keep the reins past-1.3620, March 2018 low around 1.3710 will be the key?

On the other side, the 1.3500 edges can offer prompt help in front of the 21-day SMA, as of now around 1.3430. However, GBP/USD bears are less inclined to intercede except if seeing a day by day close beneath the multi-day-old helpline, at 1.3255 at this point.

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Technical Analysis on EUR USD or USD CAD

EUR/USD Pair Goes to the Bids to Top Around Level At 1.2300

The EUR/USD pair will poke at the 32 months high as compare to the previous day that would take round at the level by 0.12% intraday during this early Thursday. The pair will be jumped to the multi-month high after clearing the December top.

The EUR/USD buyers are successfully trading above at the level by 10-SMA and go upward to the sloping trend line to the MACD to the flirts bulls. At present, the upside momentum seems to ascend trendline at the level by 1.2370 now to the round figure .2400.  

In actuality, a disadvantage break of the early-month high close to 1.2270 can re-test the 10-day EMA level of 1.2230. However, trendlines extended from early November and December 09, individually around 1.2215 and 1.2200, will test the statement's further shortcoming.

For a situation where the EUR/USD bears retake control below at the level 1.2200, the 1.2000 and the early November high close to 1.1920 will pick up the market's consideration.

USD/CAD Pair Ignore the Falling Wedge on 1D

The USD/CAD seems around the mid at the level by 1.2700 the recent downside to the momentum during the Thursday trading session. The pair dropped below the level by 10-day SMA to the previous day.

All things considered, two skips off 1.2688, the multi-month low blazed before about fourteen days, are on the USD/CAD dealers' radar right now. However, any further drawback will be tested by the lower line of the expressed example close to the level of 1.2590.

Then, potential gain freedom of 10-day SMA, at 1.2827 presently, will eye to affirm the expressed bullish example with a break over the 1.2870 obstruction line.

In spite of the fact that a fruitful move past-1.2870 hypothetically demonstrates a slow run-up past 1.3500, 50-day SMA close to 1.2970, the 1.3000 thresholds, and numerous tops underneath 1.3400 can challenge the bulls during the ascent.

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Technical Analysis on EUR USD or GBP USD

EUR/USD Pair Traded Near to the Psychological at Level 1.23

The EUR/USD pair is traded at the level by the psychological level at 1.23 according to the press time that was failed to the foothold that will seem above at the level by fourth straight trading day on this Tuesday.

If we see the repeated rejection above at the level by 1.23 that indicates the uptrend exhaustion to validate the 14-day Relative Strength Index Bearish Divergence.

The Quick progress seems above at the level by 1.23 to the uptrend going on the other hand the downside level seems at the violation support at the level by 1.2215 to the temporary bear reversal that will shift to the risk sub at the level 1.21.

GBP/USD Pair Seems at Bulls Eye With two Week Old Previous Support to level 1.3600

The GBP/USD pair picks up near the level of 1.3628 during this Wednesday according to the Asian Session. In Addition, the successful trading seems beyond the 50 HMA bullish to the MACD and the GBP/USD to the Past 100 HMA to the upside of the pair.

Be that as it may, potential gain moves past-1.3645 will have an uneven street as the month to month top close to 1.3705 and March 2018 low around 1.3710 stands tall to test the GBP/USD strength. On the other side, 50-HMA and 100-HMA, separately around 1.3615 and 1.3550, limit the transient drawback of the GBP/USD costs. Should GBP/USD bears rule past-1.3550, there are various backings around 1.3530-20 in front of featuring the sub-1.3500 zone.

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