Daily Market Analysis from ForexMart

[Andrea ForexMart]

EUR/USD Technical Analysis: April 10, 2017


The European currency was kept intact below the pressured area against its U.S peer which would likely post further losses. Germany released a mixed data while exports and imports did not meet traders’ expectations. The strong figures of Trade Balance have given support for the EUR. On the other hand, the dovish remarks of ECB President, Draghi place pressure on the major.


The entire perspective showed moderate changes on Friday. The EUR/USD stayed near the neutral spot during the morning session as its trades close to the lower end of its weekly narrow range. Moreover, the sellers came in active in the first part of the day pulling the spot downwards. The major cut through the level 1.0650 touching 1.0630 amid late trading of Europe.

Renewed selling pressure occurred prior the New York open. Sellers were able to direct the price through the points 1.0610-1.0600.


The price settled under the moving averages as registered in the 4-hour chart, 100 and 50-EMAs turned lower while 200-EMA continued to heads up.


Resistance reached 1.0650 area, support highlighted 1.0600 region.


The MACD histogram softened which signaled sellers’ strength. RSI headed southwards confirming a current downtrend.


The spot is expected to resume a bearish tone within a short period of time. A break under 1.0600 is awaited as it may trigger for a lower support.

 

[Andrea ForexMart]

AUD/USD Technical Analysis: April 10, 2017


The Australian dollar became weak on Friday along the sluggish statistics of Performance of Construction Index. Meanwhile, the risk off sentiment amid Asian session have put pressure on risk assets including treasury yields, equities, and the Aussie.


The pair continued to be well offered last Friday and resumed a negative sentiment throughout the day. The AUD leave the region 0.7550 during the night trades extending its bearish impetus within the day.


The sellers were able to reach the 0.7515 mark and rebounded. The major hovered over its session lows until the outset of North American hours.


As indicated in the 4-hour chart, the AUD/USD is positioned under the moving averages which shifted lower. Resistance holds 0.7550, support pierced into 0.7500.


The MACD histogram sustained its level affirming sellers’ strength. RSI indicator is found near the oversold territory which signaled a lover move.


Forecast says the pair would continue to decline within a short period of time. We still expect for a further move towards 0.7500.

 

[Andrea ForexMart]

EUR/USD Technical Analysis: April 17, 2017


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


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


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


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

 

[Andrea ForexMart]

GBP/USD Technical Analysis: April 17, 2017


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


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


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

 

[Andrea ForexMart]

AUD/USD Technical Analysis: April 19, 2017


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


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

 

[Andrea ForexMart]

GBP/USD Technical Analysis: April 19, 2017


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


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

 

[Andrea ForexMart]

AUD/JPY Technical Analysis: April 21, 2017


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


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


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


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

 

[Andrea ForexMart]

USD/CAD Technical Analysis: April 24, 2017


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


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

 

[Andrea ForexMart]

GBP/JPY Technical Analysis: April 24, 2017


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


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


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


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

 

[Andrea ForexMart]

EUR/USD Technical Analysis: April 26, 2017


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


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


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


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


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

 

[Andrea ForexMart]

GBP/USD Technical Analysis: April 26, 2017


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


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


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


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

 

[Andrea ForexMart]

USD/CAD Technical Analysis: May 3, 2017


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


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

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


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

 

[Andrea ForexMart]

EUR/USD Technical Analysis: May 3, 2017


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


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


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


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


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


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


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

 

[Andrea ForexMart]

NZD/USD Technical Analysis: May 3, 2017


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


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


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

 

[Andrea ForexMart]

NZD/USD Technical Analysis: May 5, 2017


The New Zealand dollar dropped during the Thursday session. The market has gone bearish because of the commodity market and the jobs data to be released. Traders should not forget that the price trend for the kiwi dollar would be influenced by the commodity market. The current trend could go higher reaching the 0.68 handle and short-term surge would mean selling opportunity. If the price breaks lower than the psychological level, the price would go downward instead. Traders should anticipate high volatility in the market but would be favorable for the U.S. dollar since the awaited jobs data to be released today.


The Future market also influences the currency although would not be directly influenced with any market. One could find a correlation between milk futures and the kiwi although it would not do much since the liquidity isn’t that high. The safe way is to compare with other commodities to determine how this currency will move and its overall tone in the market and wait for a short-term surge. It is possible to reverse the trend when it breaks higher than the 0.69 level and turn bullish as a follow through and climb higher.

 

[Andrea ForexMart]

USD/JPY Technical Analysis: May 5, 2017


The U.S. dollar against the Japanese yen had a high volatility during the Thursday session. The market tried to break higher than the 113 level but failed that makes it much safer to be patient and wait on the sidelines until the jobs data has been released. Moreover, the bullish tone will persist in the long term.


There is a significant support found close to 112.50 level which may be better to move upward although this will be unexpected. The 112 region will be massively supportive but it still might shift when the jobs data results is negative. The labor report is anticipated to give 185,000 jobs for the month of April which the market in now focused on.


It is most likely that this pair will be influenced by the jobs data and if the results are positive, the pair will follow through.if the price breaks higher than the 112 level will be a relevant move while a break at 113 level could further bring the price at 115 level which is the former peak that is in consolidation. More noise in the trend would also impact the trend and make it more difficult to trade during the day. If traders would sway with the ongoing volatility, there is a chance for long term trades. Traders could buy the pair multiple time as it moves towards the 115 handle.


There is not much pressure anymore for the USD/JPY pair as its reach new weekly top during the Thursday session. The uptrend halted at 112.75 which is the psychological level for yesterday and the following morning. Buyers tried to test the 113.00 level prior to the New York opening. The resistance level resides at 113.00 level while the support is found at 112.00 region. The 4-hour charts are showing positive signs. If the bulls were able to break higher than the 113.00 level in the next sessions, the next possible target would be at 113.50 level.

 

[Andrea ForexMart]

NZD/USD Technical Analysis: May 8, 2017


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


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


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

 

[Andrea ForexMart]

GBP/JPY Technical Analysis: May 10, 2017


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


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


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

 

[Andrea ForexMart]

USD/JPY Technical Analysis: May 10, 2017


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


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


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

 

[Andrea ForexMart]

USD/CAD Technical Analysis: May 10, 2017


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


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


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


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


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