Forex Market Commentary By TitanFX

[titanfx]

EURGBP – British Pound Weakness To Continue?

Key Highlights

· Recent economic releases in the UK failed to help the British Pound and it traded lower not only against the US dollar, but also against the Euro.

· EURGBP traded above 0.7400-50 resistance area, which pushed the pair higher in the short term.

· Today, the Euro Area Industrial Production will be released by the Eurostat, which is forecasted to decrease by 0.3% in November 2015.

· In terms of the yearly change, the Euro Area Industrial Production is forecasted to increase by 1.3% in November 2015.

EURGBP Technical Analysis

The Euro buyers look like under control against the British Pound. It is less due to strength in the Euro and more due to weakness in the British Pound. The GBPUSD kept falling this week, and as a result, there was some upside in the EURGBP pair.

The EURGBP pair traded as high as 0.7548 where it found sellers and started to correct lower. However, there is a major bullish trend line formed on the 4-hours chart, which is likely to act as a support area if the EURGBP pair moves down further.

The highlighted trend line and support area acted as a barrier for sellers on many occasions, and it is likely to do so moving ahead. As long as the pair is above it, there is a chance of another rally in EURGBP. However, if sellers manage to clear the trend line and support area, then a down-move is also possible.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDCAD – US Dollar Trend Overwhelmingly Positive

Key Highlights
· US Dollar traded higher against the Canadian Dollar, and it looks like more gains are feasible.
· USDCAD pair is testing the previous swing high of 1.4600, which is acting as a resistance.
· There are a couple of bullish trend lines on the 4-hours chart, which is acting as a support area for the USDCAD pair.
· Today, the US Consumer Price Index will be released by the US Bureau of Labor Statistics, which is forecasted to register no change in the December 2015, compared with the preceding month.

USDCAD Technical Analysis
The USDCAD pair enjoyed a nasty bullish run this week, as the pair traded as high as 1.4600 where it found sellers. There are a couple of bullish trend lines on the 4-hours chart, which are providing support to the pair, and can be seen as a buy area.

On the upside, a close above the 1.4600 area may call for a move towards the 1.4640-50 levels. On the downside, the trend line support area may play a crucial role.

The 4-hours RSI is above the 50 level, which is a sign that buyers are here to stay.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD – Looking At Monster Resistance 0.7020-40

Key Highlights
· Australian Dollar managed to trade higher during the past couple of days against the US Dollar.
· AUDUSD pair is facing a tough test, as there is a monster resistance formed near 0.7020-40 looking at the daily chart.
· Today, the Australian Consumer Price Index released by the RBA and republished by the Australian Bureau of Statistics posted a reading of in 0.4% Q4, 2015.
· In terms of the yearly change, the Australian Consumer Price Index rose 1.7% in Q4, 2015, than the forecast of 1.6%.

AUDUSD Technical Analysis
The AUDUSD pair after settling below the 0.7000 area found support near 0.6820. The pair is currently correcting higher, but facing several hurdles on the way up.

The most important one is around the 0.7020-40 area, as can be seen in the daily chart. The pair is facing as a tough time in breaking it.

A break above the highlighted resistance zone could ignite a rally towards the 50% Fib retracement level of the last drop from the 0.7326 high to 0.6824 low. On the other hand, a failure may send the pair back towards the 0.6940 levels where buyers might step in once again.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY – Perfect Failure, More Losses Ahead?
Key Highlights

· US Dollar failed around the 100-day simple moving average against the Japanese Yen and moved down.

· The USDJPY pair fell sharply, and it looks like sellers are in control in the short term.

· In the US, the Initial Jobless Claims report will released by the US Department of Labor, which is forecasted to increase from 278K to 280K

· In Japan today, the Foreign investment in Japan stocks posted a reading of ¥-85.4B.

· Moreover, the Japanese Foreign bond investment posted a reading of ¥-364.1B.

USDJPY Technical Analysis

The USDJPY pair started higher this week, but on the daily timeframe chart it found a monster resistance in the form of 100-day simple moving average. The 200-day SMA was also positioned around the same area.

Buyers failed to take the pair above the 100-day simple moving average, and as a result there was a sharp downside reaction. The pair even traded below the 118.00 once, and currently correcting higher. A new weekly low was formed near the 117.00 area.

If the pair continues to correct higher, then the next level hurdle for buyers could be around the 50% Fib retracement level of the last drop from the 121.67 high to 117.03 low.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDCHF Eyes Fed's Yellen For Next Move
Key Highlights

· US Dollar declined heavily against the Swiss Franc this week and even moved below the 0.9900-0.9800 support area.

· There was a support trend line formed on the daily chart, which was broken during the downside drift.

· Today, there is a major event in the US, as Fed's Yellen will testify that can set the US Dollar pace moving ahead.

· On Thursday, the Swiss Consumer Price Index will be issued by the Swiss Federal Statistical Office, which is forecasted to decrease by 0.4% in January 2016.

USDCHF Technical Analysis

The US dollar nosedived during the past few days against the Swiss Franc, and looks set for more declines in the near term. There was a major support trend line formed on the daily chart, which was broken to ignite selling pressure on USDCHF.

The USDCHF pair also moved below the 100-day simple moving average, suggesting the fact that sellers are here to stay. The pair is currently trading near the 200-day SMA, and it would be interesting to see whether buyers manage to hold it or not moving ahead.

A break below the 200-day SMA might put a lot of pressure on buyers and could take the pair further down.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY Stuck In Crucial Range, What’s Possible?
Key Highlights

· US Dollar traded higher yesterday against the Japanese Yen, but found sellers later on.

· There is a bullish trend line formed on the hourly chart, which is currently acting as a hurdle for sellers and protecting a break.

· In the US, the total Net TIC Flows released by the US Department of Treasury came in at $-29.4B in Dec 2015.

· Japanese Machinery New orders, released by the Cabinet Office posted a rise of 4.2% in Dec 2015, compared with Nov 2015.

USDJPY Technical Analysis

The USDJPY pair recently tested the 114.80-90 area where it found sellers and started to move down. The 200 hourly simple moving average played well and protected gains in USDJPY.

There is a bullish trend line formed on the hourly chart, which is currently acting as a hurdle for sellers and protecting a break. If sellers manage to clear the same, then a move towards the 100 hourly simple moving average is possible.

On the upside, the 200 MA may continue to act as a barrier for buyers. If there is a break above it, then the USDJPY pair may continue to trade higher.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD Looks Poised For More Losses
Key Highlights

· Aussie Dollar after making a short-term high against the US Dollar at 0.7258 moved lower.

· There were a couple of support trend lines on the hourly chart, which were broken to take the AUDUSD pair down.

· Australia’s Construction Work Done released by the Australian Bureau of Statistics posted a decline of 3.6% in Q4 2015, compared with the forecast of -2%.

· Australia’s Wage Price Index posted a rise of 2.2% in Q4 2015, less than the forecast of +2.3%.

AUDUSD Technical Analysis

The Aussie Dollar after a decent run against the US Dollar found resistance near 0.7250-60, and started to move down. There were a couple of support trend lines on the hourly chart, which were broken to open the doors for a downside move.

On the downside, the 100 hourly simple moving average can be seen as a support area, followed by the 200 SMA. Any further losses may take the AUDUSD pair towards the 0.7100 support area.

On the upside, the broken trend lines might act as a resistance and prevent the upside move in the short term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD Positive After Australia’s GDP Release
Key Highlights

· Australian Dollar is trading higher and gained bids during the Asian session against the US Dollar.

· There was a resistance trend line formed on the hourly chart of the AUDUSD pair, which was broken during the upside drift.

· Today, the Australian Gross Domestic Product released by the Australian Bureau of Statistics posted a rise of 0.6% in the fourth quarter of 2015.

· In terms of the yearly change, the Australian Gross Domestic Product gained by 3%.

AUDUSD Technical Analysis

The AUDUSD pair spiked today after the release of the GDP figures. The pair managed to clear a resistance trend line formed on the hourly chart, which opened the doors for more gains.

The pair may be heading towards a major resistance area of 0.7250-60 where sellers defended the upside move on many occasions previously.

It would be interesting to see how the pair trades when it reaches the highlighted resistance zone in the short term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDNZD Looks Poised For More Gains
Key Highlights

· Australian Dollar rocketed higher against the New Zealand Dollar and traded above the 1.1000 area.

· There was a resistance trend line formed on the 4-hours chart, which was breached recently by the bulls.

· New Zealand Electronic Card Retail Sales as reported by Statistics New Zealand posted a reading of 0.7% in Feb 2016.

· In terms of the yearly change, the New Zealand Electronic Card Retail Sales rose by 9.3%.

AUDNZD Technical Analysis

The Aussie Dollar enjoyed a nice ride against the Kiwi dollar recently, and also managed to clear a resistance trend line formed on the 4-hours chart. The pair traded as high as 1.1036 where it found sellers and after a few economic releases, there was a downside reaction in the pair.

The pair is currently testing the broken trend line and resistance area, which may act as a support for the pair. If the bulls fail to hold it, then a move towards the lower bullish trend line is possible in the near term.

On the upside, an initial resistance is around the 1.1000, followed by the recent high of 1.1036.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZDJPY To Remain Under Bearish Pressure
Key Highlights

· New Zealand Dollar remained under a bearish pressure against the Japanese Yen, and may continue to move down.

· There was a support trend line for the NZDJPY pair, which was breached by sellers to open the doors for more losses.

· In New Zealand, the Current Account released by the Statistics New Zealand posted a reading of $-2.614B, compared with the forecast of $-2.80B in Q4 2015.

· Moreover, the New Zealand Current Account - GDP Ratio posted a reading of -3.1%, compared with the forecast of -3.2%.

NZDJPY Technical Analysis

The New Zealand Dollar moved down against the Japanese yen, as the latter one gained heavily recently. There was a support trend line for the NZDJPY pair, which was broken during the downside drift.

Moreover, the pair also settled below the 100 and 200 simple moving averages on the 4-hours chart, signaling seller’s strength.

Currently, the NZDJPY pair is trading near another support trend line, which if breached may open the doors for more losses.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY – US Dollar In An Uptrend Against JPY?
Key Highlights

· Japanese Yen was one of the best performing currencies lately against the US Dollar.

· However, it looks like a recovery is starting for the US Dollar, and the greenback may continue trading higher.

· Today, the US number of New Home Sales will be released by the US Census Bureau, which is forecasted to post a reading of 0.510M in Feb 2016.

· Yesterday, the US Manufacturing Purchasing Managers Index (PMI) released by the Markit Economics posted a minor increase from 51.3 to 51.4 in March 2016.

USDJPY Technical Analysis

The US Dollar declined heavily this past week against the Japanese Yen, but it looks like it may recover in the near term. The USDJPY pair is currently trading higher and may be heading towards the 200 hourly simple moving average.

There is a bullish trend line formed on the hourly chart of the USDJPY pair, which is acting as a support area and can also be seen as a buy zone.

There is a chance that the pair may correct a few pips from the current levels, but it could then find support near the trend line and the 100 hourly simple moving average, as shown in the chart.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDCHF – Swiss Franc Continues To Gain Traction
Key Highlights

· US Dollar struggled against the Swiss Franc, and traded down below the 0.9700 support area.

· There was a major support trend line formed on the 4-hours chart of USDCHF, which was broken to clear the way for more losses.

· In the US, the Consumer Confidence released by the Conference Board posted an increase from 92.0 to 96.2 in March 2016, but failed to help USDCHF.

· Today, in Switzerland, the KOF Swiss Leading Indicator will be released by the Konjunkturforschungsstelle Swiss Institute for Business Cycle Research, which is forecasted to decline from 102.4 to 101.9 in March 2016.

USDCHF Technical Analysis

The US dollar traded down against the Swiss Franc and tested the 0.9660-50 levels. There was a bullish trend line formed on the 4-hours chart of the USDCHF pair, which was breached to open the doors for more losses.

Almost all technical indicators are suggesting more declines in the pair, so the bulls need to be very careful in the near term.

Any correction from the current levels can be seen as a sell opportunity, as 0.9680-0.9700 could act as a resistance.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY – US Dollar Sighting FOMC For Next Move
Key Highlights

· US Dollar tumbled against the Japanese Yen, and it may continue to weaken in the near term.

· There was a bullish trend line formed on the 4-hours chart of the USDJPY pair, which was cleared to set the pair for a decline.

· Today, in the U.S., the Federal Open Market Committee meeting minutes will be published, which may impact the US Dollar in the short term.

· Earlier today, the UK British Retail Consortium (BRC) Shop Price Index was released, which came in at -1.7% in Feb 2016.

USDJPY Technical Analysis

As mentioned, the US Dollar weakened a lot against the Japanese Yen lately, and was seen trading down towards the 110.00 area. Earlier, there was a bullish trend line formed on the 4-hours chart of the USDJPY pair, which was breached by sellers. A sharp downside happened after the break and the pair lost over 100 pips.

The pair just found support near the 110.00 area, and currently attempting to recover some ground in the near term.

It won’t be easy for the US Dollar to recover from the current levels, the USDJPY pair is positioned well below the 100 and 200 simple moving average on the 4-hours chart.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZDUSD – New Zealand Dollar Targets Fresh Highs
Key Highlights

· New Zealand climbed higher against the US Dollar, and looks set for more gains in the near term.

· There is a major bullish trend line formed on the 4-hours chart, which can be seen as a support area for NZDUSD if it corrects lower.

· In New Zealand, the Food Price Index (FPI) released by the Statistics New Zealand posted a reading of 0.5% in March 2016.

· In the US today, the Retail Sales report will be released by the US Census Bureau, which is forecasted to post a rise of 0.4% in March 2016.

NZDUSD Technical Analysis

There was a sharp upside move in the NZDUSD pair recently, taking it above the 0.6900 resistance area. There is a major bullish trend line formed on the 4-hours chart, which is acting as a bullish bias catalyst for the pair.

The pair has already moved above the 76.4% Fib retracement level of the last drop from the 0.6964 high to 0.6757 low, which means there is a chance of testing the last high of 0.6964 or even break it.

The next major resistance area on the upside is around the 0.7000 levels, which may act as a barrier for the bulls.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

EURJPY – Can Euro Continue To Gain Traction?
Key Highlights

· Euro after tumbling below the 122.00 support area against the Japanese Yen recovered well.

· There was a bearish trend line formed on the 4-hours chart of EURJPY pair, which was broken during the recent upside move.

· German Economic Sentiment published by the ZEW recently posted an increase from 4.3 to 11.2 in April 2016.

· In Japan, the Merchandise Trade Balance Total released by the Ministry of Finance posted a trade surplus of ¥755.0B in March 2016, compared with the forecast of ¥834.6B.

EURJPY Technical Analysis

The Euro this past week faced a lot of offers against the Japanese Yen, as it tumbled sharply to trade below 122.00. However, the EURJPY pair started recovering recently, and posted good gains.

There was a bearish trend line formed on the 4-hours chart of EURJPY pair, which was cleared by the Euro bulls recently to set the pace for more gains.

The pair is currently finding sellers near the 38.2% Fib retracement level of the last drop from the 128.21 high to 121.70 low. So, there is a chance of a minor correction back towards the broken trend line before the EURJPY starts to move higher once again.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY – US Dollar Uptrend To Continue Vs Yen?
Key Highlights

· US Dollar traded higher against the Japanese Yen, and closed above the 111.00 resistance area.

· There is a bullish trend line formed on the hourly chart of the USDJPY pair, which may act as a support area in the near term.

· In Japan, the Tokyo Consumer Price Index ex Fresh Food released by the Statistics Bureau posted a decline of 0.3%, just as the market expected in April 2016.

· Japanese Unemployment Rate which comes from the Ministry of Health, Labour and welfare and it's published by the Japan Statistics Bureau declined to 3.2% in March 2016.

USDJPY Technical Analysis

The US Dollar after yesterday’s fed interest rate decision started to move higher, and it looks like there are chances of more gains in the near term. There is a bullish trend line formed on the hourly chart of the USDJPY pair, which may provide support moving ahead.

On the upside, the bulls may target the 1.236 extension of the last drop from the 111.87 high to 110.66 low, which is at 112.15.

The hourly RSI is above the 50 level, which is positive sign, and points that the US Dollar buyers are in control.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZDUSD – NZ Dollar May Remain Under Bearish Pressure
Key Highlights

· New Zealand dollar struggled this week against the US Dollar and may continue to trade down.

· NZDUSD traded below the 0.6950 support area and also broke a major support trend line on the hourly chart.

· In New Zealand, the Employment Change released by the Statistics New Zealand posted a change of 1.2% in Q1 2016, more than the forecast of 0.7%.

· New Zealand Unemployment Rate came in at 5.7%, up from the last revised reading of 5.4% in Q1 2016.

NZDUSD Technical Analysis

The New Zealand dollar tumbled against the US Dollar recently, as most major Asian currencies were under a bearish pressure recently. Moreover, a rise in the unemployment rate in New Zealand also increased a bearish pressure on the NZ dollar.

NZDUSD traded down, cleared a major support area of 0.6950 and also broke a major support trend line on the hourly chart.

The pair also settled below the 100 and 200 hourly simple moving average, which is a bearish sign and calling for more losses in the near term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY – US Dollar Bulls Remain In Control Vs Japanese Yen
Key Highlights

· US dollar traded higher recently vs the Japanese yen, and broke a major resistance area of 107.80-108.00.

· The USDJPY pair is currently trading with a bullish sentiment, but may face sellers near 109.50-80.

· In Japan today, the Leading Economic Index will be released by the Cabinet Office, which is forecasted to decline from 96.8 to 96.4 in March 2016.

· In Australia, the Home Loans released by the Australian Bureau of Statistics posted a decline of in March 2016, compared with the forecast of -1.5%.

USDJPY Technical Analysis
The US Dollar after tumbling below the 106.00 support area found buyers and started to recover vs the Japanese Yen. There was a sharp rise in the USDJPY pair, as it also managed to break a major resistance area of 107.80-108.00.

The pair also closed above the 100 hourly simple moving average, but it is below the 200 SMA. Moreover, the 109.50-80 area also represents a crucial resistance zone.

So, we can say that the pair is now stuck between an important support area and a major resistance zone. Let us see if it can break the 109.50-80 area or not moving ahead.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZDUSD – Can New Zealand Dollar Recover?

Key Highlights
· New Zealand Dollar after trading as low as 0.6715 against the US Dollar found buyers, and currently attempting a recovery.

· However, the NZDUSD pair is below the 100 and 200 simple moving averages on the 4-hours chart, which can be a concern for buyers.

· New Zealand Producer Price Index Out released by the Statistics New Zealand posted a decrease of 0.2% in Q1 2016, compared with the forecast of +0.4%.

· NZ Producer Price Index Input came in at -1%, compared with the forecast of +0.3%.

NZDUSD Technical Analysis
The New Zealand Dollar recently traded as high as 0.6850 vs the US Dollar where NZDUSD found sellers and started to move down. The stated level represents a major resistance and acted as a major barrier for the bulls.

As mentioned, the pair is also below the 100 and 200 simple moving averages on the 4-hours chart, which is a bearish sign in the short term.

If the current trend continues, then there is a chance of NZDUSD moving down further and testing the last swing low of 0.6720.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY – US Dollar Primed For Lift-Off Vs Yen
Key Highlights
· US Dollar traded higher vs the Japanese Yen, and it looks like there are chances or more gains in the near term.

· There is a support trend line, and there is a resistance trend line formed on the hourly chart of the USDJPY pair, acting as a catalyst for the USD.

· Today in the US, the Services Purchasing Managers Index (PMI) will released by Markit Economics, which is forecasted to rise in May 2016.

· The US Goods Trade Balance will also be released by the US Bureau of Economic Analysis, which might impact the US dollar buyers moving ahead.

USDJPY Technical Analysis
The US Dollar is following a nice bullish trend line on the 4-hours chart, and if the current trend continues, there is a chance of more gains in the near term.

However, there is also a resistance trend line formed on the same chart, which may act as a hurdle for the USDJPY pair if it continues to move higher.

The 4-hours RSI is above the 50 level, which is a sign that the buyers are in control.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'