Forex Market Commentary By TitanFX

[titanfx]

USDJPY Might Target Additional Weakness

Key Highlights
• US Dollar moved lower and likely to weaken further against the Japanese Yen moving ahead.
• US Initial Jobless Claims released by the US Department of Labor increased from the last revised reading of 273K to 277K.
• US continuing jobless claims came below the forecast and posted a reading of 2.254M.
• US Existing Home Sales, released by the National Association of Realtors increased by 2% in July 2015, compared to the preceding month whereas the market was expecting a decline of 0.6%.

USDJPY Technical Analysis
The USDJPY pair remained under the bearish pressure Intraday, and traded lower. There was an important flag pattern formed on the hourly chart, which finally paved the way for more declines in the near term. The pair traded towards 123.75 before starting a correction.
The correction stalled around the broken flag support area, which was coinciding with the 61.8% Fib retracement level of the last leg from the 123.45 high.

On the downside, an initial support can be seen around the last low of 123.54, followed by 123.10.

US Initial Jobless Claims
Earlier during the NY session, the Initial Jobless Claims, which is a measure of the number of people filing first-time claims for state unemployment insurance was released by the US Department of Labor. The forecast was lined up for a decrease from 274K to 272K in the week ending August 15, as per the advance figure for seasonally adjusted. However, the outcome was just below the forecast, as the US Initial Jobless Claims increased to 277K. The 4-week moving average now stands around the 271,500 level, which is 5,500 more than compared to the previous week's revised average of 266,000.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD – Can it Retain Bids?

Key Highlights
• The Aussie Dollar was crushed during the recent volatility in the Forex market with the US Dollar gaining against a few major currencies.
• AUDUSD traded towards 0.70 where it found buyers for a push higher.
• Conference Board Australia leading Index released by the Conference Board declined by 0.2% in June 2015, compared with the last increase of 0.2%.
• Conference Board LEI for China increased by 0.9% in July 2015, compared with the last increase of 0.6% (revised).

AUDUSD Technical Analysis
The Aussie Dollar tumbled against the US dollar yesterday, and traded as low as 0.7030 where buyers appeared to prevent additional losses. There was a sharp reaction towards the upside, as the AUDUSD pair traded higher and broke the 50% Fib retracement level of the last drop from the 0.7357 high to 0.7030 low.

There is a bearish trend line formed on the hourly chart of the AUDUSD pair, which is acting as a hurdle for buyers. The best part is that the same trend line is positioned with the 100 and 200 hourly simple moving averages. So, there is a monster resistance formed around 0.7350.

On the downside, an initial support can be seen around 0.7200, followed by the 0.7140 area. Any additional weakness could take the pair towards the last low of 0.7030.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBPUSD Crushed as Sellers Remain in Control

Key Highlights
• British Pound failed to settle above 1.5700-1.5800 area and declined heavily against the US Dollar.
• Many important support levels were cleared and it looks set for more losses in the near term.
• In Japan, Securities investment, which referrers to bonds issued in a domestic market by a foreign entity in the domestic market’s currency released by Ministry of Finance came in at ¥-273.8.
• Australian Private Capital Expenditure released by the Australian Bureau of Statistics declined by 4% in the second quarter of 2015, more than the forecast of -2.5%.

GBPUSD Technical Analysis
The British Pound enjoyed a decent run this past week against the US Dollar, as it traded above a critical resistance area of 1.5700. However, the GBPUSD pair failed to hold gains and started a reversal. The downside move was very strong, as the pair cleared a couple of important bullish trend lines on the hourly chart to set the pace for more losses.

A crucial thing is that the pair has now settled below the 100 and 200 hourly simple moving averages. The GBPUSD pair traded as low as 1.5450 where it found buyers for an upside reaction.

If the pair continues to trade higher from the current levels, then an initial resistance might be around the 38.2% Fib retracement level of the last drop from the 1.5818 high to 1.5451 low. The most important hurdle is around the 100 SMA, coinciding with the trend line and 61.8% Fib level.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD Trading at Critical Juncture

Key Highlights
• Aussie Dollar after getting hammered against the US Dollar managed to gain bids around the 0.7080 support area.
• AUDUSD recovered well, but facing an important resistance around the 0.7140 area.
• In Australia, the AiG performance of the Mfg Index released by the Australian Industry Group registered a rise from the last reading of 50.4 to 51.7 in August 2015.
• Chinese official non-manufacturing PMI, released by China Federation of Logistics and Purchasing (CFLP) decreased from the last reading of 53.9 to 53.4 in August 2015.

AUDUSD Technical Analysis
The Aussie Dollar suffered losses recently against the US Dollar, as the AUDUSD pair traded close to the 0.7080 support area. There was a nice bullish reaction noted around the mentioned area which helped buyers to take the pair higher.

There is a bearish trend line formed on the hourly chart of the AUDUSD pair, which is acting as a hurdle for buyers. There were a couple of failures noted around the stated level, and the best part is the fact that the same trend line is aligned with the 100 hourly simple moving average.

Moreover, the 50% Fib retracement level of the last drop from the 0.7204 high to 0.7081 low is also around the trend line resistance area. In short, the 0.7140-50 can be seen as a major pivot area of the pair moving ahead.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD - Aussie Dollar at Clear Risk of a Break

Key Highlights
• Aussie Dollar after trading near the 0.6900 support area against the US Dollar managed to gain buyers.
• AUDUSD is currently making an attempt to trade higher and looks poised for a break.
• Australian National Australia Bank Business Confidence posted a decline from the last reading of 4 to 1 in August 2015.
• Chinese Trade Balance released by the General Administration of Customs of the People’s Republic of China posted a trade surplus of $60.24B in August 2015, more than the forecast.

AUDUSD Technical Analysis
The AUDUSD pair recently fell close to the 0.6900 level after it broke an important support area of 0.7000. The pair is currently making an attempt to trade higher, but facing a major hurdle around 0.6980. There are a couple of bearish trend lines coinciding around the stated level.

Moreover, the 61.8% Fib retracement level of the last drop from the 0.7012 high to 0.6908 low is also positioned around the highlighted trend line.

In short, there is a monster resistance around 0.6980 and buyers might struggle to clear it. A failure could ignite a downside reaction moving ahead in AUDUSD.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDCHF Eyes US CPI for a Break

Key Highlights
• US Dollar surged higher against the Swiss franc after dipping close to the 0.9660 support area.
• USDCHF pair is trading near an important bearish trend line on the hourly chart, acting as a resistance.
• US Consumer Price Index will be released by the US Bureau of Labor Statistics with the market forecast lined up for an increase of 0.2% in August 2015, compared with August 2014.
• In New Zealand today, the Current Account released by the Statistics New Zealand came in at $-1.22B, lower than the forecast.

US CPI and Possible Outcomes
Later during the NY session, there is a high-risk event lined up in the US, as the Consumer Price Index, which is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services will be released by the US Bureau of Labor Statistics. The forecast is lined up for an increase of 0.2% in August 2015, compared with the same month a year ago. In terms of the monthly change, the forecast is 0%.

USDCHF Technical Analysis
The USDCHF recently fell and traded close to the 0.9660 support area where it managed to gain bids. It is now correcting higher, and facing resistance around an important bearish trend line on the hourly chart.

However, there are a few bullish signs on the chart, as the pair is trading above the 100 and 200 hourly simple moving averages. So, if the pair moves or corrects lower from the current levels, then it might find support near the 100 MA, coinciding with the 38.2% fib retracement level of the last wave from the 0.9669 low to 0.9765 high.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY Remains under Bearish Pressure

Key Highlights
• US Dollar was seen under bearish pressure against the Japanese Yen, as the latter one gained traction.
• There is a major bearish trend line formed on the hourly chart, i.e. acting as a resistance for the USDJPY pair.
• In China, the Caixin China Services PMI™, released by Markit Economics declined from the last reading of 47.3 to 47.0 in September 2015.

USDJPY Technical Analysis
The US Dollar recently traded higher against the Japanese Yen, but failed near an important confluence resistance area. There is a confluence area formed near a major bearish trend line on the hourly chart of the USDJPY pair, as the 100 and 200 simple moving averages are also positioned around it.

Moreover, the 120.30 level is a pivot area acting as a hurdle for buyers. In short, it won’t be easy for buyers to take the pair higher and clear the trend line and resistance area.

On the downside, there is a double bottom pattern noted around the 119.65 level. So, there are mixed signals on the hourly chart, suggesting that the pair might trade anyway moving ahead and one should trade with caution.

Chinese Caixin China Services PMI
Earlier during the Asian session, the Chinese Caixin China Services PMI™, which is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private service sector companies was released by Markit Economics. The market was expecting an increase from the last reading of 47.3 to 47.5 in September 2015. The outcome was a negative one, as there was a decline noted to 47.0.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDNZD - Next Leg Lower Underway?

Key Highlights

· Aussie Dollar looks like struggling against the New Zealand Dollar, and might continue to trade lower.

· 1.0970 holds the key for more losses, as a break below it might call for more downsides.

· Australian Building Permits released by the Australian Bureau of Statistics declined by 6.9% in August 2015, compared with the forecast of a 2% decline.

AUDNZD Technical Analysis

The Australian Dollar recently traded lower against the New Zealand Dollar and also managed to break the 1.10 support area to trade near 1.0966. However, buyers appeared around the stated level and pushed the AUDNZD pair higher.

Currently, there is a bearish trend line formed on the hourly chart of the AUDNZD pair, which is acting as a hurdle for the pair. Moreover, 61.8% Fib retracement level of the last move from the 1.1058 high to 1.0966 low is also positioned around the highlighted trend line and resistance area.

Overall, there is a major resistance formed around 1.1025, and as long as the pair is below the stated level more losses are possible. A break above the highlighted resistance might open the doors for more gains in the near term.

 

[titanfx]

NZDUSD Tumbled As Sellers Gain Control

Key Highlights

· New Zealand Dollar moved sharply lower against the US Dollar to trade near 0.6740-30.

· A bearish trend line on the hourly chart prevented gains and ignited a downside reaction.

· New Zealand Visitor Arrivals released by the Statistics New Zealand posted an increase of 12.2% in September 2015, which was a lot of more when compared with the last rise of 7.4%.

NZDUSD Technical Analysis

The New Zealand Dollar traded close to the 0.6840 against the US Dollar where it found resistance in the form of a bearish trend line on the hourly chart. There was nasty downside reaction, which tool the NZDUSD below the 100 hourly simple moving average.

Currently, the pair is finding bids around the 0.6735 level, and trading near the 200 hourly simple moving average. If there is a correction from the current levels, then sellers might appear near the 38.2% Fib retracement level of the last drop from 0.6845 to 0.6735.

On the downside, the recent low of 0.6735 might act as a support and a break below it could take the pair towards the 0.6700 handle.

New Zealand Visitor Arrivals

Earlier during the Asian session, the New Zealand Visitor Arrivals, which measures the number of visitors to New Zealand was released by the Statistics New Zealand. The market was expecting a nice gain in September 2015. The outcome was more in line with the forecast, as the New Zealand Visitor Arrivals increased by 12.2%, which was higher compared with the last rise of 7.4%.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

Key Highlights

· Aussie Dollar moved lower sharply against the US Dollar during the Asian session after the Australian CPI release.

· Australian Consumer Price Index released by the RBA and republished by the Australian Bureau posted a rise of 0.5% in Q3 2015, compared with the forecast of 0.6%.

· In terms of the yearly change, the Australian Consumer Price Index registered an increase of 1.5%, which was also lower when compared with the forecast.

AUDUSD Technical Analysis

The AUDUSD pair tumbled recently, as the recent economic releases in Australia were not as per the market expectation. There was a bullish trend line formed on the hourly chart of the AUDUSD pair, which was broken to set the pace for a decline.

The downside reaction was very sharp, taking the pair lower by more than 100 pips as the pair also settled below the 100 and 200 hourly simple moving averages.

If the AUDUSD pair attempts to correct higher from the current levels, then an initial resistance is around the 23.6% Fib retracement level of the last drop from the 0.7257 high to 0.7134 low.

Australian CPI

Earlier today, the Australian Consumer Price Index, which is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services was released by the RBA and republished by the Australian Bureau of Statistics.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

Key Highlights

· British Pound yesterday moved lower before finding support near 1.5360 against the US Dollar.

· There is a major support built around the mentioned area as there is a bullish trend line and 100 hourly MA positioned around it.

· The UK British Retail Consortium (BRC) Shop Price Index was published during the Asian session, which posted a decline of 1.8% in October 2015.

GBPUSD Technical Analysis

The GBPUSD pair recently declined and lost the plot to trade near 1.5350-60 area. There was a major trend line support formed around the mentioned area, as the 100 and 200 hourly simple moving averages were also positioned around it. Overall, the support held and prevented any further downsides.

Currently, the pair is trading/correcting higher and struggling to clear the 61.8% Fib retracement level of the last drop from the 1.5496 high to 1.5358 low. Let us see whether the pair starts to move lower one more time or it breaks higher and trades towards the last high. There is a chance of a new high if the pair gains traction.

On the downside, the trend line and support area holds the key. A break and close below the same and 100 MA may ignite more loses in the near term.

British Retail Consortium (BRC) Shop Price Index

Today during the Asian session, the UK British Retail Consortium (BRC) Shop Price Index, which measures price changes in the popular retail outlets in the UK was reported.

The outcome was not encouraging, as the price registered a decline of 1.8% in October 2015, compared with the preceding month. The British Pound failed to gain traction after the release and it looks like the GBPUSD might struggle moving ahead and could move lower one more time.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD – Test of 100 MA Possible?

Key Highlights

· The Aussie Dollar after trading as low as 0.7015 against the US Dollar managed to recover.

· There was a channel pattern formed on the hourly chart, which was breached to open the doors for more gains.

· It is likely that the AUDUSD pair is heading towards the 100 hourly simple moving average after the break.

· Australian Westpac Consumer Confidence released by the Faculty of Economics and Commerce Melbourne Institute increased by 3.9% in November 2015, less than the last rise of 4.2%.

AUDUSD Technical Analysis

The Aussie Dollar was crushed recently against the US Dollar, but the 0.70 support area was protected by buyers. The AUDUSD pair is currently correcting higher, and looks set for a move higher.

There was a channel pattern formed on the hourly chart of the AUDUSD pair, which was broken by buyers to ignite an upside move. On the upside, the 100 hourly simple moving average is waiting along with the 38.2% Fib retracement level of the last drop from the 0.7168 high to 0.7015 low to act as a resistance.

On the downside, the recent low of 0.7015 holds the key for the AUDUSD pair. A break below it may take the pair lower moving ahead. The hourly RSI is above the 50 level, which is a positive sign.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDNZD – AUD May Break Down Against NZD

Key Highlights

· The Aussie Dollar is enjoying decent gains against the New Zealand Dollar, but it may break an important support area to trade lower.

· There is an interesting looking triangle pattern formed on the hourly chart, which looks set for a break in the near term.

· Australian Wage Price Index released by the Australian Bureau of Statistics posted an increase of 0.6% in Q3 2015, just as the market expected.

· In terms of the yearly change, the rate was 2.3%, which was again in line with the market forecast.

AUDNZD Technical Analysis

The AUDNZD pair recently tested the 1.1020-30 area where it found sellers and started to move lower. There is a monster triangle pattern formed on the hourly chart of the AUDNZD pair, which may act as a catalyst for the next move.

A break below the triangle support area might take the pair towards the 100 hourly simple moving average, which is sitting near the 61.8% Fib retracement level of the last leg from the 1.0811 low to 1.1028 high.

If the pair manages to gain bids around the support trend line, then a move back towards the previous swing high is likely in the short term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD Is In Clear Uptrend?

Key Highlights

· AUDUSD pair had a decent upside run this week, as the pair gained bids and traded higher.

· The pair settled above an important resistance area on the 4-hours chart, suggesting that it is in an uptrend.

· More gains are likely in the near term if buyers remain in action.

· Australian Construction Work Done released by the Australian Bureau of Statistics posted a decline of 3.6% in Q3 2015, compared with the last decrease of 2.1%.

AUDUSD Technical Analysis

The Aussie Dollar traded higher this week, and broke an important bearish trend line on the 4-hours chart. The best part is that the pair settled above the 200 and 100 simple moving average (4-hours) that ignited sharp gains.

Moreover, the AUDUSD pair also settled above the 61.8% Fib retracement level of the last move from the 0.7318 high to 0.7013 low, which is a sign that buyers are here to stay.

It is likely that the pair may test the 76.4% Fib level at 0.7294 and might even head towards the last swing high of 0.7380 where sellers could take a stand and prevent gains.

Australian Construction Work Done

Today, the Australian Construction Work Done, which measures the number of construction work done in the last month was reported by the Australian Bureau of Statistics. The market was expecting a decrease of 2.1% in Q3 2015, compared with the last increase of 2.1%. The outcome was disappointing, as the work done declined by 3.6%.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDCHF Following a Descending Chanel; Break Likely?

Key Highlights

· US Dollar after trading as high as 1.0327 failed to gain traction and is currently moving lower against the Swiss Franc.

· There is a descending channel formed on the hourly chart, which is acting as a resistance for the USDCHF pair.

· In the US, the Total Vehicle sales released by the Autodata Corp posted a reading of 18.19M in November 2015, compared with the forecast of 18.10M.

· In Australia, the Gross Domestic Product released by the Australian Bureau of Statistics posted an increase of 0.9% in Q3 2015, more than the forecast of 0.8%.

USDCHF Technical Analysis

The US Dollar enjoyed a nice ride against the Swiss Franc, and traded close to the 1.0320 resistance area. There is a descending channel formed on the hourly chart, which is taking the USDCHF pair lower.

Currently, the pair is trading near the 100 hourly simple moving average. If sellers gain momentum and take the pair lower below the channel support area, then a test of the last swing of 1.0224 is possible in the near term.

On the upside, the channel resistance area near 1.0280 holds the key and may continue to act as a hurdle for buyers.

US Total Vehicle Sales

The US Total Vehicle sales, which measures vehicle sales in the U.S and is considered as an indicator for consumer confidence was released by the Autodata Corp. The market was expecting a reading of 18.10M in November 2015. However, the outcome was a bit on the higher side. It posted a reading of 18.19M, but there was no major reaction noted in the US dollar after the release.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZDUSD Consolidating Before Break?
Key Highlights

· New Zealand Dollar dived towards the 0.6600 support area recently against the US Dollar where it just managed to find buyers.

· The NZDUSD pair is currently making an attempt to correct higher, but struggling to find momentum.

· There is a resistance formed near 0.6650-60 where sellers are defending the upside.

· Chinese Consumer Price Index released by the National Bureau of Statistics of China posted an increase of 1.5% in November 2015, whereas the market was expecting 1.4%.

NZDUSD Technical Analysis

The New Zealand Dollar was under pressure during this week against the US Dollar, as it fell close to the 0.6600 support area. The NZDUSD pair is currently holding the ground and forming a consolidation pattern.

On the upside, there is a monster resistance formed near 0.6650-60, as there is a bearish trend line protecting gains. Moreover, the 23.6% Fib retracement level of the last drop from the 0.6786 high to 0.6610 low is also acting as a hurdle for buyers. This is not all, as the 100 hourly simple moving average is also aligned above the trend line and resistance area to stall the upside move.

On the downside, the last low of 0.6610 may act as a support with an initial support around the 200 hourly MA.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBPUSD – Important Break ahead of Fed?

Key Highlights

· British Pound traded lower against the US Dollar and broke a major support trend line on the hourly chart.

· Can this be considered as an important break just ahead of the [URL deleted]fed interest rate decision?

· The GBPUSD pair traded as low as 1.5030, and currently struggling to hold the ground.

· US Total Net TIC Flows released by the US Department of Treasury posted a reading of $68.9B for October 2015, compared with the last reading of $-172.7B (revised).

GBPUSD Technical Analysis

The GBPUSD pair after climbing towards the 1.5240 resistance area found sellers for a downside move. There was a sharp downside reaction, taking the GBPUSD pair below an important support trend line on the hourly chart.

The pair has settled below the 200 and 100 hourly simple moving average, which is a sign that sellers are in control. If the pair attempts to recover from the current levels, then it may find resistance near the 200 MA, coinciding with the 38.2% Fib retracement level of the last drop from the 1.5239 high to 1.5028 low.

On the downside, a break below the recent low of 1.5028 could take the pair towards the all-important 1.50 support area. The hourly RSI is below the 50 level, which is a bearish sign.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

EURGBP – Critical Break Noted; More Upsides Ahead?

Key Highlights

· Euro managed to gain traction against the British Pound and traded above a major resistance area.

· There was a contracting triangle on the hourly chart, which was broken during the upside move.

· Today, the UK Gross Domestic Product will be released by the National Statistics, which is forecasted to increase by 0.5% in Q3 2015.

· Today, in New Zealand, the Trade balance released by Statistics New Zealand posted a trade deficit of $-3.678B, less than the forecast of $-3.760B in November 2015.

EURGBP Technical Analysis

The Euro showed a lot of positive signs recently, and managed to recover not only against the US Dollar, but also against the British Pound. There was a contracting triangle on the hourly chart, which was breached by buyers to open the doors for more gains in the near term.

The EURGBP pair traded a few pips above the 0.7400 resistance area and currently struggling to settle above it. There is a chance of a minor recovery or we can say a correction, which can be seen as a buying opportunity.

On the downside, the broken triangle resistance area may now act as a support and holds losses if the pair moves lower from the current levels.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD – Is This A Short-Term Correction?
Key Highlights

· Aussie Dollar is following a bullish trend line on the hourly chart against the US Dollar, and it looks like poised for more gains.

· The AUDUSD pair is currently correcting lower and heading towards the support trend line.

· Buyers may appear around the highlighted trend line and support area for another leg higher.

· Today, the US Pending Home Sales will be released by the National Association of Realtors, which is forecasted to increase by 0.5% in November 2015.

AUDUSD Technical Analysis

The AUDUSD pair recently spiked towards the 0.7300 level where sellers appeared to prevent the upside break. The pair is now moving lower and heading towards a bullish trend line on the hourly chart.

However, the pair is currently finding bids near the 50% Fib retracement level of the last wave from the 0.7243 low to 0.7301 high. Any further losses from the current levels may take the pair towards the highlighted trend line and support area.

The most important point is that the 100 hourly simple moving average is just below the trend line and support area. In short, there are many barriers for sellers on the way down. On the upside, an initial resistance is around 0.7300, followed by the 0.7340 area.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDNZD Looks To Trade Higher
Key Highlights

· Australian Dollar enjoyed decent gains against the New Zealand Dollar, and it looks set for a break higher.

· There is a minor bearish trend line formed on the hourly chart of AUDNZD, which is acting as a resistance.

· A break above the trend line resistance may take the pair towards the 1.0750 area.

· Australian AIG Performance of Services Index released by the Australian Industry Group posted a minor decline from the last reading of 48.2 to 46.3 in December 2015.

AUDNZD Technical Analysis

The AUDNZD pair gained recently and traded above the 1.0700 handle. There is a bullish trend line formed on the hourly chart, which provided support to the pair along with the 100 and 200 hourly simple moving average.

However, on the upside there is a bearish trend line, which is preventing gains. There was an attempt already to break it, but buyers failed.

The hourly RSI is above the 50 level, which is an encouraging sign. If the pair corrects lower from the current levels, then there are many support areas on the way down, including the 50% Fib retracement level of the last wave from the 1.0658 low to 1.0727 high

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'