Daily Market Analysis from ForexMart

[Andrea ForexMart]

USD/JPY Technical Analysis: November 3, 2016

The USD continues to be subject to downward pressure during Wednesday’s trading session due to uncertainties brought about by the upcoming US Presidential elections next week. The USD/JPY pair was unable to maintain its previous levels of 105.00 after a heavy seller resistance within this particular region, causing the currency pair to lose some of its value. Wednesday’s trading session saw the pair remain in the negative territory as the downward momentum for the currency pair continued. Seller pressure also pushed the USD/JPY further below 104.00 and is now approaching the 103.00 trading range.

The USD/JPY pair broke through 103.50 and is well on its way to 103.00. The pricing of the currency pair went over the 100-EMA and is testing the 200-EMA for the pair’s 4-hour chart. Meanwhile, moving averages for the USD/JPY is currently on the downward direction. Resistance levels for the pair are expected to be at 103.50, while support levels for the pair are expected to be at 103.00. MACD indicators for the pair declined, showing seller strength. RSI indicators are now a few pips away from the oversold level which signals a possible downward move for the pair.

If the USD/JPY continues to be subject to downward pressure, then the pair could possible reach its previous low of 102.50. However, there is still a probability that the pair would be able to reach its resistance levels at 103.50-103.80 points.

 

[Andrea ForexMart]

Technical Analysis for USD/JPY: November 7, 2016


The USD/JPY pair was able to make a small recovery during last Friday’s session after a series of risk-offs which hit the European and American stock market. However, the pair continues to stay in the negative territory and traded within Thursday’s low levels on Friday’s session. The currency pair had a fairly bearish stance after the pair experienced selling pressure above the 103.00 region. Resistance was encountered by USD bulls along the 103.20 trading range where the 200 EMA is also located. The 200 EMA maintained the pressure on the USD/JPY by resisting all possible recovery moves.


The 50 and 100 EMAs for the currency pair decreased quickly, while the 200 EMA maintained its bearish outlook for the session. Resistance levels for the currency pair is expected to be around the 103.50 range, while support levels are expected to come up at the 103.00 region. The technical indicators for the USD/JPY pair are seen to be slightly bearish, with an increase in the MACD indicator showing a weakness in seller positions. Meanwhile, the RSI indicators for the pair is still consolidating within its undervalued regions.


The USD/JPY pair is expected to have its resistance levels at 103.50 if the currency pair would be able to consolidate over the 103.00 region. However, the USD/JPY might again experience a decline if the pair closes the session with a lower value than this particular level.

 

[Andrea ForexMart]

USD/JPY Technical Analysis: November 8, 2016

The Bank of Japan and the Federal Reserve did not release any important economic statements today, and investors from Japan are not expected to make any significant movements until after the US presidential elections. The USD/JPY pair is also expected to further decrease in value due to the most recent movement in oil prices. The USD/JPY pair further widened its gap during Monday’s session, increasing from 103.13 to 103.74 points due to gap traders triggering an increase in the gap value.

Meanwhile, the pair’s pricing was able to increase by up to 104.50 after the upward momentum for the pair decreased and is expected to be sustained until the end of the New York session. The 4-hour chart for the pair showed the USD going over its current moving averages, with the 50, 100, and 200 EMAs exhibiting an upward direction. Resistance levels for the support is expected to be at 104.50, while support levels are expected to be at 104.00 points.

MACD levels for the pair exhibited a drop in seller strength due to its increase. RSI indicators are still in the overvalued range but could probably go lower as the trading session progresses. The negative outlook for the USD/JPY could possibly fade if the currency pair goes over 104.00 points, and buyers could be able to increase their profits if it reaches 105.00. Conversely, bears might be able to induce the pricing to go beneath 104.00 points.

 

[Andrea ForexMart]

EUR/GBP Technical Analysis: November 15, 2016

The EUR/GBP pair lost its sellers below the 0.86 region for the third consecutive session, maintaining the currency pair’s stance over the key levels in the light of a highly active economic calendar. The market is expecting the release of Germany’s GDP report for the third quarter of 2016. The CPI data for the UK is also expected to exhibit an increased cost of living for the nation at 1.1% for October. The GDP report for the European Union is also expected to get significant attention from market players as it gets released later in the session.

The increased activity in the economic calendar could lead to an increase in stock market activity, which will then have a significant impact on the demand for EUR. The EUR/GBP is currently trading at the 0.8610 range, and incessant bounces from the 0.86 handle could possibly cause the pair to break through the handle and could lead the pair to trade at 0.8652 points and 0.85. On the positive territory, if the pair manages to go above its 100-DMA of 0.8628 then this could cause the pair to go over 0.8664 and possibly even reach its zero figure of 0.8700.

 

[Andrea ForexMart]

USD/JPY Technical Analysis: November 15, 2016

The JPY was subject to selling pressure following a speech from the Bank of Japan’s Haruhiko Kuroda. The Japanese yen was unable to receive substantial support from domestic demand in spite of the positive output for the Japanese GDP for the third quarter. Meanwhile, the USD was subject to increased buying pressure, causing the USD/JPY pair to increase in value. The currency pair’s value continued to trade along the upper range, with the pair testing the 108.00 range, where it remained until the end of the London trading session. The New York session saw the USD/JPY break through its previous level and buyers were able to extend profits beyond the 108.00 region.

The USD/JPY’s 4-hour chart shows the pair going well beyond its current moving averages, while the pair’s 50, 100, and 200 EMAs showed a significant increase in value. Resistance levels for the USD/JPY is currently at 108.50, while support levels are expected to be at 108.00. The pair’s technical indicators are all situated at the positive region. The USD will have to go beyond 108.00 in order to maintain the pair’s bullish stance and to keep the pair going up to 108.50. Sellers are also expected to make a comeback in the market, with the 106.50 as their primary aim for the USD/JPY.

 

[Andrea ForexMart]

USD/CAD Technical Analysis: November 17, 2016

The USD CAD bolstered yesterday despite the recent decline in petroleum prices. The pair touched the ascending channel and trades to a lower boundary. The barrier found at 1.3400 region and provide the means for breaking the two-day decline. The price rebounded from the oversold level and continued to make an upward trend. The greens were able to surpass the 1.3470 level after the EU trades. The pair favorably widens its gains and headed to the 1.3540 mark consequent to the break-even of the aforesaid level. The bullish spike softened after testing the 1.3500 region.

Moreover, the pair pass through selling pressure and promptly turn back to the opening price. The price reverse to the 50-EMA as indicated in the 4-hour chart. Moving averages expanded its gains in the same timeframe. Resistance stayed at 1.3470, support hold the 1.3400 region. MACD settled at the centerline of both indicators. An entry on the positive territory will indicate strength for the buyers and the negative zone would imply that sellers will manipulate the market. RSI is in the oversold zone and approached northwards. The USDCAD pair appeared to bullish. The consolidation occurred on top of the 1.3470 level strengthened the position of the buyers.

 

[Andrea ForexMart]

EUR/USD Technical Analysis: November 18, 2016

The market trend yesterday was pessimistic as it continued going down almost to lower physiological levels. The price activity remained calm with the latest lows during the Asian session. The uptrend was held back as it reached the 1.0750 mark resulting to a decline of the pair.

The Moving Averages stayed a bearish tone while Euro was seen to break in the 50-EMA followed by the retest in 100-EMA chart. The Resistance level is at 1.0750 while the support is seen at 1.0700 level. The technical indicators showed a bearish tone upon entering the negative zone. Both MACD and RSI indicator were seen within the oversold area.

If the pair did not go beyond the 1.0700 mark, the prices might go lower towards the 1.0650 level and will remain consolidated unless it will break at 1.0750 level.

The Eurozone CPI results for October were positive while the monthly CPI failed to meet expectations. The dollar slightly weakened but there are still appreciation seen to new highs. This is because of investors waiting for the next Fed rate hike on December and further strengthening of the economy.

 

[Andrea ForexMart]

USD/JPY Technical Analysis: November 21, 2016


The U.S. dollar subsided for a while but remained strong demonstrated by U.S. Economy that is still on track towards the target numbers. The higher chances and expectations for the next rate hike this December further boosts the dollar.


Hence, the market trend remains positive as it continued to move up on last week's Friday session. The price stayed at an upward direction within its high ceiling. However, the momentum halted at 111.00 level but still was able to revive its record highs overnight.


The moving averages shows a bullish trend. The Resistance level is found at 111.00 while the support comes at 110.00 level. Other technical indicators depicted a positive outlook for the pair supported by buyers as seen in the the MACD. The RSI indicators is close to overbought area that tells a sign to go higher level soon.


The market has to maintain the current level at 110.00 to sustain is bullish tone. It would be favorable for buyers to further expand their gains if the price breaks at 111.00 level. Therefore, the price could further go up to 112.00 mark. As for seller, it is possible to reverse the trend by exerting the price to move lower towards the 109.00 level.

 

[Andrea ForexMart]

USD/JPY Technical Analysis: November 22, 2016

The Japanese yen exhibited significant losses during Monday’s session following the release of a negative-leaning Merchandise Trade Balance data. Meanwhile, the USD has been subject to buying interests due to increasing expectations of an eventual Fed rate hike in December.

Although the USD/JPY pair was unable to increase further and reverted immediately after testing the 111.00 trading range, the currency pair was able to remain in the positive territory during the last trading session. As of now, the pair’s value is still in an upward direction and has somewhat shifted from its previous limit. The pair’s price went slightly higher in the USD/JPY’s 4-hour chart. Resistance levels for the currency pair can be found at 111.00 points, while support levels are expected to be at 110.00 points.

The MACD indicator for USD/JPY dropped, indicating a decrease in buyer positions. The MACD also exhibited a bearish stance for its hourly chart, while the RSI indicator for the pair was able to remain within its overbought readings. If the USD/JPY pair fails to go beyond 111.00, then this could cause the USD to drop in value and plummet to 110.00 points. If the pair breaches the 110.00 range, then this could lead to further decreases up to 109.00 points.

 

[Andrea ForexMart]

AUD/USD Technical Analysis: November 22, 2016


The Aussie continues its decline from 0.7778 level as is expected to stayed with the 0.7310 level to 0.7460 level in the following days. However, the climb from 0.7310 level is a form of consolidation. If the resistance level remains strong, the decline will persist and could even go lower at 0.7200 mark. The decline is supported when a break is seen at its Physiological levels.

 

[Andrea ForexMart]

USD/JPY Technical Analysis: November 23, 2016

The Japanese yen increased in value following the news release regarding the earthquake that hit the country, but quickly retreated after the Bank of Japan released a statement saying that the Japanese economy is still well on its way to improvement. The JPY remained within a tight trading range around multi-month highs during Tuesday’s trading session, with the pricing of the USD/JPY pair staying within the 110.00-110.50 region for the rest of the day. The currency pair was able to trade above its moving averages in its 4-hour chart, with the moving averages sustaining their bullish trend.

Resistance levels for the USD/JPY pair are expected to be at 112.00 points, while support levels for the pair are expected to come in at the 111.00 trading range. The MACD indicators for the currency pair weakened, indicating a drop in buyer positions. Meanwhile, its RSI indicators remained within the overbought territory. If the USD/JPY pair manages to sustain its bullishness, then the next short-term aim for the pair is located at 112.00 points. If the USD/JPY pair manages to go beyond this particular level, then the currency pair is expected to extend its gains towards the 113.00 trading range.

 

[Andrea ForexMart]

USD/CHF Technical Analysis: November 23, 2016

In the H4 chart, the price was seen to break at 1.01 handle that pushed the support levels higher within the 1.0155 - 1.0129 levels. The Resistance level showed a weaker stance from 1.02939 to 1.0131 levels. There are some facets to consider to sell this pair. One is the H4 handle steadied at 1.01 handle even though there are offered seen within the supply zone. Another is the uncertainty in the current daily support at 1.0086 mark.

The trend could shift downward when the price closed lower than 1.01 level while there is less volatility. However, when there is a break at 1.0037 daily Quasimodo line, the price could reach the 1.0029 level to 0.9994 and 1.0019 levels. The best stance would be the price lower by 14 pips towards the 1.01 handle then a retest within the resistance zone.

The downward trend will be validated when the price in the H4 chart reached the 1.0086 support level with a probability towards the Quasimodo line.

Major news to be declared today are the U.S. Core durable goods data and U.S. Jobless claims this afternoon while the Federal Open Market Committee minutes of the meeting will be disclosed in the evening.

 

[Andrea ForexMart]

EUR/JPY Technical Analysis: November 24, 2016

Yen has depreciated resulting to breaks on the top psychological levels as seen on different pairing with yen. However the most sensitive among all those pairs is euro against Japanese yen. There is a tendency for the European Quantitative Easing could further decline the Euro in the coming weeks. If this persists with the Resistance levels sitting atop the price movement, it is best for traders to be careful with their next move.

The psychological level at 120 handle is significant for this pair which is 10 pips further than the 61.8% Fibonacci retracement considered as a 16-year move for the pair. Those who are waiting to trade in higher levels, they could suspend their trading until there is a clean break seen until the bulls could push the price higher. This could become an opening to look for new psychological levels in the next move.

 

[Andrea ForexMart]

USD/CAD Technical Analysis: November 24, 2016


The Canadian dollar against greenbacks moves in a consolidated state close to low psychological levels. The next move could be a rebound to 1.3500 level as what happened yesterday. There is less volatility in the market during the Asian and Euro trading session but it there has been a high activity during the U.S. session in preparation for Thanksgiving holiday which was further supported by the strong U.S. economic data.


The pair bounced higher than 1.34 level next to 1.35 level towards 1.3525 zone. This was induced by the reports from Iraq requesting to cut output of oil producers while balancing the market supply and demand. The current demand is stable while the oil price is predicted to climbed in the next days to come. This cause the loonie to rally and strengthen yesterday and retreated at the same time. The pair moves in an uptrend reaching 1.35 handle although it moves in a slow pace.


There is no major economic news for today from U.S. or Canada area. Hence, the current trend will remain bullish and consolidated.

 

[Andrea ForexMart]

USD/JPY Technical Analysis: November 28, 2016

The USD has just clinched its highest trading range for eight straight months against the JPY after the US bond yields continued to surge during the Asian trading session after the US market holiday. The ascending trend for the currency pair continued, with the price of the pair extending beyond its upper limit at 114.00 points before inching lower. The downward direction of the pair caused it to lose momentum at the 113.00 trading range during the start of the London session and remained until the end of the session. The pair’s 1-hour chart encountered its barrier at the 50 EMA, lending a strong support for the currency pair.

The moving averages for the currency pair maintained its bullish stance within its set timeframe. The pair’s resistance levels are expected to be at 114.00, while its support levels are expected to be at 113.00. The MACD indicators for the currency pair weakened, indicating a decrease in buyer positions. Meanwhile, its RSI indicators have already left the overbought range.

The USD/JPY is expected to go beyond the upward channel if the pair would be able to go lower than 112.00. In order to diminish the effect of the present upward pressure, sellers will have to induce the pricing of the pair to go lower than 111.00. Or else a move towards 113.00 will cause a positive reaction and could trigger the pair to reach the 114.00 trading region.

 

[Andrea ForexMart]

AUD/USD Technical Analysis: November 28, 2016

Base metals, ore, in particular, presented a positive outlook on Friday which supported the Aussie to strengthen. The AUDUSD were able to expand its short-term upward trajectory and made a higher high on the same day.

The AUD entered the 0.7450 level but suddenly fell flat to reclaim it. The pair tested the level, moved lower and stayed within the 0.7450 region ahead of the opening of NY session. Both Aussie and greens made a reversal from its daily high and rebounded to the area of 0.7400 amid the North American trading session.

According to in the 4-hour chart, the pair broke the bearish 50-EMA whereas the indicator’s growth appears to be sluggish. Moving averages (50, 100 and 200 EMAs) expanded its declines as shown in the same time chart. Current resistance can be found at 0.7450, support pierced the 0.7400 region. MACD arrived in the positive zone. RSI accelerated touching the overbought territory.

There is a possibility for the pair to continue an upward trajectory near the 0.7500 when it breaks the level on top of the 0.7450. Should the pair stayed down from the 0.450, the price will edged lower and reverse its gains. In light of this, sellers were able to push the price towards 0.7350 and 0.7300.

 

[Andrea ForexMart]

USD/JPY Technical Analysis: November 29, 2016

The USD further dropped in relation to the JPY due to ambiguities surrounding oncoming economic events such as the release of the Non-farm Payrolls data and the minutes of the OPEC meeting, prompting a lot of investors to clamp down on their deals. The pricing of the USD/JPY pair sustained its upward direction during Monday’s trading session but remained within its lower levels and made small reversions during the Tokyo session. However, as the European session opened, the currency pair started speeding up its increase and ultimately reverted back to 113.00 just before the start of the New York session.

The hourly chart of the USD/JPY pair showed that its pricing was able to go beyond the 100 EMA during the middle of the London session and tested the 50 EMA towards the closing of the London session. The currency pair’s 200 and 100 EMAs went up further while the 50 EMA slowly went towards the neutral territory in the same chart. The resistance levels for the USD/JPY is expected to be at 113.00, while its support levels are expected to be at 112.00.

The MACD indicators for the currency pair inched higher, indicating an added strength in buyer positions. Its RSI indicators also moved upwards. For this week, the USD/JPY is expected to make a comeback, with the first bull target slated to be at 113.00 points. If the pair manages to reach this level, then the pair could possibly extend its gains toward 114.00 points.

 

[Andrea ForexMart]

EUR/USD Technical Analysis: November 29, 2016


The remarks made by Mario Draghi was the center of attraction of the market yesterday. As investors anticipated for an improvement in policy and economy, as well as other concerns related with the June 23 referendum. Meanwhile, bears became active again this time. The previous recovery loses its gains around the 1.0700 region. The pair withdrawn from its recent highs and lowered down towards 1.0650 level amid post-EU hours. Moreover, seller's maneuvered the price near the 1.0600 during the EU session. The price pushed the 200-EMA below and found a barrier within the 50 and 100 EMAs as indicated in the 1-hour chart. The 200-day moving averages headed downwards, the 100-day average has established a neutral stance and the 50-day heightened. The resistance settled at 1.0650, support entered the 1.0600 level. The MACD increased and specified weaker position for the sellers. RSI headed southwards.

 

[Andrea ForexMart]

EUR/USD Technical Analysis: December 9, 2016


The policy interest rates of the European Central Bank kept unchanged while the QE program extended is extended until April 2017. The single currency jumped from the 1.0850 region and made a dip in the 1.0650 amid American session and mixed trading on Thursday. Meanwhile, the pair successfully broke the area of 1.0750 during the annual trading as it continued to expand its vertical slope. The pair gained strength in the opening of the EU hours and tested the 1.0800 level. The buyers are able to push the price higher towards the 1.0850 handle. Upon the opening of the NY session, the EURUSD suddenly exhibited a reversal.


The price further rebounded in the 200-EMA as shown in the 4-hour chart, while the 50-EMA pass over in the 100-EMA with an uptrend. Both 200 and 100-day moving averages still exhibited a bearish slope, seeing the 50-EMA to rise.


The resistance touched the 1.0650 mark, support sits around the 1.0600. The MACD indicator grew less, favoring strength for the sellers. The RSI bounce back through the overbought position and shifted southwards.


The medium term and positive sentiment are expected to be neutral upon a correction below the 1.0700. The pair will probably drop towards 1.0550.

 

[Andrea ForexMart]

EUR/USD Technical Analysis: December 12, 2016


The decision of the ECB to maintain its monetary policy had strengthened the dollar. However, the euro is weakening once again after it made a dipped on its fresh monthly highs and failed to hold its gains. Meanwhile, the EURUSD headed southwards on Friday. During the EU hours, the sellers successfully broke the 1.0600 region then continued to lead the prices through the 1.0550 lower, the pair surpass this level amid the NY session. The price rebounded in the 200-EMA downwards as shown in the 4-hour chart. After the euro and greens had broke both 50 and 100-EMAs, it continued to progress down in the moving averages. While the 100 and 200 EMAs preserved its bearish bias, 50 EMA rendered a neutral stance. Resistance touched the area of 1.0600, support is seen at 1.0550.


The MACD histogram makes its entry point within the negative zone. Should the indicator kept unmoved in the negative area, the sellers are able to gain further strength. The RSI remains oversold.


In case the prices settled below the 1.0600 support level, this will cause for a short-term downtrend. The next target of the sellers is 1.0500 and 1.0550.