Daily Market Analysis from ForexMart

[Andrea ForexMart]

NZD/USD Technical Analysis: January 30, 2017


The American dollar was able to sustain a bid tone last Friday. Meanwhile, the markets highly anticipated for the further plans of Trump coupled with the GDP of the country for the fourth quarter. The NZDUSD kept intact in the ascending channel pattern on Friday. The price were pushed by the downward impetus toward its lower limit last 26th of January. Moreover, a recovery lasted overnight showed insignificant results. The European traders solely managed to drive the spot upwards


The pair was able to expand its recovery during the NA session. The price continuously sits on top of the moving averages according to the 4-hour chart. The 100 and 50-EMAs moved higher while 200-EMA is positioned in the neutral trend mentioned in the similar chart.


Resistance entered 0.7300, support reached the 0.7250 region. The MACD indicator confirmed weak buyer’s position as it decreased steadily. Bullish sentiment was likely to prevail for today. The short-term goal for the pair is 0.7311.

 

[Andrea ForexMart]

NZD/USD Technical Analysis: February 6, 2017


The Kiwi against greenback declined on Friday's trading session. A strong support was found at 0.7250 level but was able to reverse the trend after forming a bullish candle while the resistance is found at 0.7350 level. If the price breaks higher than the psychological levels which will then result to a decline to the 0.71 level. Traders should expect high volatility in the market. Hence, fluctuations and rough trading for the pair.

 

[Andrea ForexMart]

USD/CAD Technical Analysis: February 6, 2017


The pair USD/CAD surged on Friday's trading session. It turned around finding a resistance towards the 1.30 level. The price could set into a new fresh low and this could further go down. However, if the price breaks higher than the candle pattern formed on Friday's session, there could be chances for buying opportunities. Traders should monitor the oil market as it has an influence to the Canadian dollar that usually affects the price inversely for the pair.

 

[Andrea ForexMart]

USD/CAD Technical Analysis: February 8, 2017


The decline in crude oil prices weighed on the Canadian dollar while the stronger US dollar added pressure to push the loonie downwards.


The USDCAD resumed a short-term uptrend on Tuesday. Moreover, the USD came in green against its Canadian peer. The spot gradually increased overnight reaching 1.3120 level prior to opening of the European session. There is a renewed buying pressure within the greens which supported the pair towards its fresh highs. The price spiked and touched 1.3190 region in the post-EU open.


The barrier restricted its developement as it holds the major enclosed the region. The price drove the 100 and 50-EMAs higher as shown in the 4-hour chart. The pair nearly reached the 200-EMA which became the resistance. Furthermore, the 50 and 100 EMAs shifted to an upward trend while 200-EMA headed lower. Resistance entered 1.3190 area, support holds 1.3120 handle.


The MACD approached the positive territory, preserving this area would mean a stronger stance for the buyers. RSI hovered around the overvalued range indicating another upward trajectory.

It is projected that a near-term bullish momentum will return. In order to resumed this bullishness, the pair should focus on top of 1.3190 mark.

 

[Andrea ForexMart]

EUR/USD Technical Analysis: February 13, 2017


Non-Farm Payrolls in France came in positive but the single European currency ignored these strong data. The euro was kept intact in the pressured area on the back of the increasing political instability relative to France’s Presidential election. Moreover, the imminent vote-casting within Germany, Italy, and Netherlands brought added pressure against the EUR. Meanwhile, the US dollar demand was supported by the tax reform proposal by Trump.


The greenbacks further strengthened on Friday while the euro weakened after a clear recovery at night amid EU session.


Traders surpass the 1.0650 level and drove the price downwards during the New York trades. The EUR/USD pushed the 200-day moving averages as shown in the 4-hour chart. The 100 and 50-EMAs were bearish-neutral while 200-EMA manifested a bullish bias in the aforesaid timeframe. Resistance is seen at 1.0650 region, support touched 1.0600 handle.

MACD indicator softened implying a sell signal. RSI is confined in the oversold territory, indicating a downtrend. Another lower movement is expected, reaching the 1.0600 mark. A close below the support region is possible to provide further weakening through 1.0550.

 

[Andrea ForexMart]

GBP/USD Technical Analysis: February 13, 2017


The figures for the United Kingdom Industrial Production exceeded the expected results which further give a temporary support for the British currency. Nevertheless, the recovery of the greens is wide-ranging causing the GBPUSD to conduct a reversal.


The sterling preserved its neutral stance amid Asian session on Friday. The spot hovered on top of 1.2500 close to the handle.


Traders were able to surpass the region after the EU hours and continued to push the spot through 1.2450 area.


The 4-hour chart presented that the price drove 100 and 50-EMAs towards a lower point. The 50 and 200-EMAs seem neutral while the 100-day moving averages descended as seen in the aforesaid chart. Resistance touched 1.2500 mark, support lies at 1.2400.


MACD is placed in the centerline. An entry within the positive zone will provide added strength for the buyers while an attempt towards the negative territory will allow sellers to take over the market. The RSI stayed in the neutral region. Either a move lower than 1.2500 would help produce an opportunity to test 1.2400.

 

[Andrea ForexMart]

USD/CAD Technical Analysis: February 13, 2017


The USDCAD was neutral amid Friday night trades. The Asian recovery slowed down overhead the level 1.3120. The greens tried to resume its gains but attempts failed. Renewed selling pressure affected the spot rebounding the price lower than 1.3120 during afternoon session.


The USD fall behind 1.3050 level prior to the opening of the New York hours.

According to the 4-hour chart, the rebounded the 50-EMA lower and tested the 100-day moving averages. The pair is confined under the 200 and 100-EMA throughout the day. The 100 and 50-EMAs is neutralize while 200-EMA moved lower as shown in the same timeframe.

Resistance is at 1.3120, support entered 1.3050 region. The MACD histogram decreased which implied weak position for the buyers. RSI is confined in the overvalued territory near the neutral zone.


Bearish sentiment is expected to prevail. If the commodity-linked pair remained on top of the 1.3120 mark, sell order will be posted. The next possible target of the sellers is 1.3050.

 

[Andrea ForexMart]

AUD/USD Technical Analysis: February 16, 2017


The Australian dollar against the U.S. dollar declined on Wednesday's trading session but was able to recover after a break out reaching a new high. It broke higher than the 0.7695 Resistance level and proceed with the upward momentum after lows at 0.7159 level. It is expected for the price to go higher in the next trading sessions towards the next target at 0.7800 zone. The key support is found at 0.7605 level and a break lower than the said level would complete the uptrend of the pair.


The market could try to move towards the 0.7750 level that is found to be a resistance level for the long-term charts. Short term reversals are eminent to be become buying opportunities to be forward implying a purchase after decline may not be favorable for short-term charts. Most likely, the 0.76 level will continue to be a strong psychological level in the market.

 

[Andrea ForexMart]

EUR/USD Technical Analysis: February 20, 2017


The U.S. dollar weakened on Friday despite the light market caused by the federal holiday, US President's Day. Investor’s attention was drawn towards the nation’s current political condition while expecting for the final resolution regarding the financial assistance to Greece.


The upward trajectory weakened on Friday. The single European currency failed to break the 1.0680 region and reverse.


During the Asian hours, the market is relatively quiet and exhibit further agility amid EU session. The demand for the greens was brought by some European traders which drove the spot downwards. The EUR steeply declined and tested 1.0650 mark during the post opening of EU trades. The aforesaid mark stalled the sellers’ action, therefore, rejected the EURUSD higher.


The pair surpasses the 200-EMA lower, rebounded the 100-EMA and tested the 50-EMA.


Moreover, the 100 and 50-EMAs headed downwards and the 200-day moving averages appeared to be bullish-neutral. Resistance lies at 1.0700, support is seen at 1.0650.


The MACD indicator plunged to the positive territory and if it hovered within that area, the position of the buyers will reinforce. RSI is confined in the overvalued zone, favoring another downward trend.


The major struggled to proceed upwards. A break under 1.0600 region would consider further instability to 1.0550. Should the level jump up would signal an opportunity to buy on a dip.

 

[Andrea ForexMart]

GBP/USD Technical Analysis: February 20, 2017


The technical pictures the GBPUSD to hover around the trading range of the previous week. The cable came across with a wave of selling pressure after the failure of the spot in reacquiring the psychological mark 1.2500.


The British currency weakened to 1.2500 amid Asian hours and touched 1.2400 level overnight. The level prevents its losses which rejected the price higher. The pair pushed the 50-EMA lower, tested the 200-EMA and rebounded the 100-day moving averages as shown in the 4-hour chart.


Furthermore, the 200-EMA seems bullish-neutral while the 50 and 100-EMA are neutralized. Resistance settled at 1.2500, support entered 1.2400 area.


The MACD sits in the center point. Should the histogram move near the positive zone to provide further strength for the buyers. While an entry towards the negative territory will imply sellers capacity to manage the market. RSI departed from the neutral zone and advance south.

The technicals manifested a moderate bearish signal. We projected the major will proceed towards 1.2400 and the price might decline to 1.2340 after reaching the initial target.

 

[Andrea ForexMart]

NZD/USD Technical Analysis: February 20, 2017


The NZDUSD were kept below the pressured area and resumed its decline under the 0.7200 level on Friday. Having broke the level, sellers weakened and took a pause to regain some steam attempting to make another move downwards.


The major rebounded the 50-EMA towards a lower point as indicated in the 4-hour chart. The spot extended its development in the middle of 200 and 50-EMAs. The 50-EMA is trending lower, 100-EMA was neutralized and the 200-EMA moved higher. Resistance is at 0.7200, support lies at 0.7150.


MACD histogram lies at the center point. If the indicator approaches the positive zone, it will provide added strength for the buyers. While an entry in the negative territory will open an opportunity for the sellers to dominate the market. RSI escaped from the overvalued area and settled around the neutral region. Should the spot surpass the 0.7200 mark higher, will negate the medium-term negative outlook.


The bulls are able to drive the pair to 0.7250 handle. While a decline under 0.7150 will cause the support the sellers having a chance to continue its slide through 0.7100.

 

[Andrea ForexMart]

NZD/USD Technical Analysis: February 23, 2017


An objective trend seems bearish. The New Zealand dollar resumed its reversal on Tuesday regaining greater portion of its previous losses. The price halted on top of the 0.7150 level as it trade in a tight range yesterday.


The spot remained unsteady near its fresh highs throughout the day. As shown in the 4-hour chart, the 50-EMA made a downward crossover to 200-EMA whilst the price resumed its development on the lower area of the moving averages. Moreover, the 50 and 100-EMA drove downwards while 200-EMA preserved a bullish pattern. Resistance pierced 0.7200, support plunge in at 0.7150.


The MACD indicator had a dip confirming addition strength for the seller. RSI hovered around the neutral zone.


The price met a support within 0.7150 loss and stalled through 0.7100.

 

[Andrea ForexMart]

EUR/USD Technical Analysis: February 23, 2017


The rising concerns regarding France presidential elections and increasing rate hike expectations of the Fed scheduled in March caused the European currency to remain under the pressured area. Meanwhile, the Business Climate of Germany showed positive figures exceeding its expectations in spite of the bias forecast.


The common currency reversed few of its losses during the Asian hours on Wednesday. The EURUSD highlighted 1.0550 level but the selling pressure within EUR kept intact and drove the spot towards its fresh lows.


The rebounded the 1.0550 and declined to 1.0500 amid EU morning trades. The 4-hour chart showed that the 100-EMA tested the 200-EMA. While the 100 and 50-EMAs preserved a bearish sentiment and on the other hand, 200-EMA is neutral. The price extended its development under the moving averages. Resistance settled around 1.0550, support approached the 1.0500 area. MACD indicator softened which confirmed strength for the sellers. RSI consolidated near the negative territory.


A break under the mark 1.0500 will generate another lower support. A move below the handle 1.0500 would recover a bearish slope at 1.0450 region.

 

[Andrea ForexMart]

EUR/USD Technical Analysis: February 27, 2017


The EURUSD pair strengthened versus the sluggish U.S dollar. The greenbacks were kept below the pressured area during the mid-week of trading following the FOMC minutes and the comments made by Finance Minister Steven Mnuchin regarding tax reform.


The growth gained by the pair did not help the major and further hovered around the descending channel. The buyers lead the price towards its upper limit. The recovery sustained overnight tried to move in the underside of the 1.0600 hurdle during the morning trades of the EU session.


The upside of the pair lost its steam in searching for renewed offers within the level. Buyers attempted to make a gap on top of 1.0600 prior the opening of the New York trades. Moreover, the price surpassed the 50-EMA and continued to stay over the moving averages as outlined in the 4-hour chart. The 100-EMA carried a downward crossover through the 200-EMA. The 50 and 100-EMAs headed lower and the 200-EMA bounced along the neutral zone.

Resistance is at 1.0650 region, support settled in the 1.0600 mark. The MACD histogram acquired growth which signaled weak stance of the sellers. RSI is considered neutral.


A trend above the 1.0600 range indicates support buyers in sending the market through 1.0630 – 1.0650. Likewise, a return to the 1.0550 mark may open doors to move near 1.0500.

 

[Andrea ForexMart]

GBP/USD Technical Analysis: February 27, 2017


The British currency preserved a bid tone close to its recent highs. The sterling gained strength following the favorable results for the BBA Mortgage Approvals along with the USD retracement.


The GBPUSD lacks momentum and failed to touch resistance region 1.2600. The bulls stalled near the 1.2565 level due to failure in driving the spot upwards. The pair is confined in a tight range around 50 pips amid the European trades. A bout of renewed selling interest developed amid EU morning trades.


The Cable weakened versus the greenbacks moving near 1.2500 area. The GBP/USD bounced back from the 200-EMA and surpassed the 50 and 100-EMA higher viewed in the 4-hour chart. The GBP resumed its development over the moving averages. The 200 and 50-EMA directed higher while the 100-EMA preserved a bearish pattern indicated in the same chart. Resistance is set at 1.2600, support pierced the 1.2500 mark.


The MACD indicator increased which confirmed strength for the buyers. RSI weakened and descended.


Bullish sentiment would likely prevail. A trend on top of 1.2550 would restore the bullish tone through 1.2600 – 1.2650.

 

[Andrea ForexMart]

AUD/USD Technical Analysis: February 27, 2017


The Australian currency declined following the announcement made by the RBA Governor, Philip Lowe confirming that the Central Bank will not approve for an interest rate hike in the near future. Regardless of the positive trend in general, bulls were unable to climb higher.


Having posted its recent highs within the 0.7739 region, the price weakened and turned back towards 0.7700 where sustained a consolidated position throughout the night trades.

The increasing demand for the US dollar caused the Aussie to break under 0.7700 driving the AUD to 0.7650.


The 50-EMA was being tested by the price as indicated in the 4-hour chart. The 50, 100 and 200 moving averages moved upwards. Resistance is shown at 0.7700, support is found at 0.7650. MACD decreased indicating a sell signal. The RSI appeared to be neutral.


The AUDUSD pair is required to beef up and take a grasp into the 0.7700 level as a means of strength recovery. The recent weakness is regarded as corrective. There is a chance to buy the dips.


A break under 0.7650 will ease the movement of the upward pressure. A move on the underside of 0.7550 will neutralize the buying pressure and open possibility for further weakening.

 

[Andrea ForexMart]

EUR/USD Technical Analysis: March 1, 2017


The consumer price index of France inched up, however, it was unable to meet the projected level. While Italy’s rate of inflation remained consistent despite the forecasts about its potential decline. Moreover, the jobless rate in Germany is expected to decrease as mentioned by analysts and the German’s Manufacturing Purchasing Managers' Index is assumed to remain steady.


The single currency was not able to make some reversal on Monday. Buyers touched the 1.0631 region by which the spot eyed some renewed offers. The price turned back under the 1.0600 level and posted its session lows near 1.0567 area amid Asian session.


The EURUSD attempted to break the barrier in the European hours. The EUR made a slight recovery few of its losses during the night upon approaching 1.0600 in the mid-EU trades.

The price is close to the 50-EMA as it positioned in the neutral zone during the earlier trading while the 100-EMA preserved a bearish pattern and the 200-EMA drove downwards.

Resistance settled at 1.0600, support plunge towards 1.0550.


The MACD is situated at the centerline. When the indicator pierced the positive region, the strength of the buyers will grow while an entry in the negative territory will signal sellers to dominate the market. The RSI appeared to be neutral.


Furthermore, bullish momentum is possible to reclaim. The next target of the pair is 1.0630. The EUR/USD may resume its ascending movement to 1.0650.

 

[Andrea ForexMart]

USD/CAD Technical Analysis: March 6, 2017


The US dollar made some minor adjustments on Fridays as it moves close to its seven-week high versus other majors. The growing expectations of US rate increase within this month provided support for the greenbacks. The focus was turned to the testimony of Fed Chair Janet Yellen. Moreover, the greens were able to maintain its winning position on Friday.

The major came in green posting renewed highs during the onset of EU session.


Buyers demonstrated an active movement this morning subsequent to the flat Asian trading as they drove the price upwards and gapped the level 1.3400. The USDCAD preserved a bid tone, touching its renewed highs eventually.


The 4-hour chart presented the price extend its development on top of the moving averages while the MAs sustained a bullish pattern. The 100 and 50-EMA executed an upward crossover towards the 200-EMA. Resistance is at 1.3470, support entered 1.3400.


The MACD increased which confirmed a buy signal. RSI have seen consolidated around the positive readings.


In case that buyers dominate the market, the next target is 1.3470. In turn, the USD would likely pull back near 1.3330 mark.

 

[Andrea ForexMart]

GBP/USD Technical Analysis: March 6, 2017


The downbeat data of UK non-manufacturing PMI coupled with the growing expectation for the rate increase in US occurred on the back of British currency’s 6-week low recovery versus the greenbacks. Moreover, the sterling resumed its period of consolidation during the Asian trades took place on Friday. The price traded range-bound lower in a tight range of 50 pips. The sellers were able to push the GBP towards 1.2200 as it became active throughout the morning EU trades.


The 4-hour chart continued its development under the moving averages while the 50, 100 and 200-EMAs drove lower. Meanwhile, the 100 and 50-EMA made a downward crossover to the 200-EMA. Resistance is seen at 1.2300, support highlighted 1.2200.


The MACD histogram weakened which indicates seller’s strength. RSI came in the oversold territory, en route south.


Technicals are expected to support a downward extension to 1.2200 level. The final break would suggest further weakness at 1.2150 region. The possible minor correction still predicted to happen if the spot appeared to be oversold. In order to ease the downward pressure, buyers may push the price through the mark 1.2300.

 

[Andrea ForexMart]

EUR/USD Technical Analysis: March 7, 2017


The common European currency strengthened on the back of the dollar retracement since investors did some profit-taking subsequent to the rally that occurred last week. The greenbacks continued to gain strength amid growing expectations about rate hike in line with the Fed meeting scheduled on March 14-15. All eyes are now turned to French presidential elections.


The EURUSD stayed in a downward channel yesterday. Failure to break beyond the level 1.0550 would pull back some buying interest which could lead the spot upwards. Meanwhile, a soft tone near the USD provided an opportunity for Euro’s recovery.


The EUR have rallied into certain regions till it touched the upper limit of 1.0650 range. The barrier stalled bull’s activity as they initiated period of consolidation. The renewed selling pressure crop up during the late of Europe and push the major below the marks 1.0600 to 1.0580.

As outlined in the 4-hour chart, the 100-EMA were being tested by euro in the morning.

Moreover, the 100-EMA moved lower while the 50-EMA headed upwards and the 200-EMA maintained a mild bearish tone. Resistance lies at 1.0600, support entered 1.0550.


The MACD decreased confirming a sell signal. RSI oscillator is confined in the oversold readings and favoring a downtrend.


Maintaining a level under 1.0600 may regain the 1.0550 support level.