Forex Market Commentary By TitanFX

[titanfx]

GBPJPY – British Pound Looking For Momentum Vs Yen

Key Highlights
• The British Pound gained traction near 126.00 against the Japanese yen, and traded higher.
• There was a major triangle pattern on the 4-hours chart of GBPJPY, which is broken to clear the way for more upsides.
• Today, the UK Claimant Change figure will be released by the National Statistics, which is forecasted to post 2.6K in Sep 2016.
• The UK ILO Unemployment Rate is forecasted to remain stable at 4.9% in Sep 2016.

GBPJPY Technical Analysis
The British Pound recovered recently from the 126.00 support against the Japanese yen, and it looks like the GBPJPY pair may gain further in the short term.

The pair enjoyed a minor upside move, and managed to clear a major triangle pattern on the 4-hours chart. The pair is also above the 50% Fib retracement level of the last decline from the 129.61 high to 124.77 low, which is a positive sign.

The 4-hours RSI has moved above the 50 level, which means the British Pound buyers may attempt for further gains going forward in GBPJPY towards 128.00. On the downside, the broken triangle trend line may now act as a support area in the short term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD – Aussie Dollar at Major Crossroads Vs USD

Key Highlights
• The Aussie dollar this past week failed to settle above the 0.7740 resistance area against the US Dollar.
• There is a monster resistance formed near 0.7720-40, acting as a resistance for the AUDUSD pair.
• Today, the Australian Consumer Price Index released by the RBA and republished by the Australian Bureau of Statistics posted an increase of 0.7% in Q3 2016, compared with the forecast of 0.4%.
• The yearly change for the Australian Consumer Price Index came in at 1.3% in Q3 2016.

AUDUSD Technical Analysis
The Aussie Dollar was seen trading higher during this past week towards 0.7740 vs the US Dollar. However, the AUDUSD failed to gain momentum and declined. Can it trade higher this week?

If we have look at the 4-hours chart of AUDUSD, there is a monster resistance formed near 0.7720-40. It was the main reason for the failure this past week. The pair even registered a false break, and traded down.

The pair is once again testing the same resistance area, so we need to see if there can be a break or not moving ahead. A daily close above 0.7740 may call for further gains in AUDUSD.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZDUSD – New Zealand Gains As Unemployment Dips in NZ

Key Highlights
• The New Zealand dollar gained heavily during the past couple of hours and traded above the 0.7180 resistance.
• There is a bullish trend line formed on the 4-hours chart of NZDUSD, which can be seen as a buy zone on the downside.
• The New Zealand Employment Change released by the Statistics New Zealand posted a chance of 1.4% in Q3 2016.
• The Unemployment Rate posted a decline from the last revised rate of 5% to 4.9% in Q3 2016.

NZDUSD Technical Analysis
The New Zealand dollar recently managed to gain traction against the US Dollar to trade above a crucial resistance area of 0.7180. The NZDUSD pair may continue to gain pace and could challenge 0.7265 going forward.

When we look at the 4-hours chart of NZDUSD, there is a clear break above 0.7180 visible along with the 61.8% Fib retracement level of the last decline from the 0.7265 high to 0.7108 low.

So, there is a chance that the pair may continue to march higher, and could even test the full swing high of 0.7265. On the downside, there is a bullish trend line formed on the 4-hours chart, which may act as a support if the pair dips or corrects lower.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY – Can Dollar Overcome US Election Pressure?

Key Highlights
• The US Dollar spiked towards the 105.40 area against the Japanese yen, but found sellers.
• Earlier, the USDJPY pair broke a bullish trend line on the 4-hours, which ignited a downside move towards 102.50.
• Today, the Japanese Current Account released by the Ministry of Finance posted a trade surplus of ¥1,821.0B in Sep 2016, compared with the forecast of ¥1,960.2B.
• Moreover, the Japanese Bank lending, released by Bank of Japan posted a rise of 2.4% in Sep 2016.

USDJPY Technical Analysis
The US Dollar was seen nervous as the US presidential results start hitting the news wires. The USDJPY pair traded around 100 pips lower, and may continue to slide in the short term.

As can be seen in the 4-hours chart of USDJPY, the pair earlier broke a bullish trend line, which ignited a downside move. Later, the pair bounced back, but faced sellers near the same last swing high of 105.45.

Overall, the pair may be forming a double top pattern, which might result in further losses. So, if you are looking to trade USDJPY, be careful during the upcoming sessions.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZDJPY – New Zealand Dollar in Clear Uptrend versus Japanese Yen
Key Highlights
· The New Zealand dollar is following a nice bullish trend versus the Japanese yen, and currently trading above the 77.00 support.

· There is a monster bullish trend line formed on the 4-hours chart of NZDJPY, which may continue to act as a support.

· In New Zealand, the Retail Sales figure is lined up later this week by the Statistics New Zealand, which is forecasted to increase by 0.8% in Q3 2016.

· In Australia today, the Wage Price Index released by the Australian Bureau of Statistics posted a rise of 0.4% in Q3 2016, compared with the forecast of 0.5%.

NZDJPY Technical Analysis
The New Zealand dollar enjoyed a decent upside move during the past few days and traded above the 76.00-20 resistance area against the Japanese yen. The NZDJPY pair is currently in a bullish trend, and positioned for more gains.

As can be seen from the 4-hours chart of NZDJPY, there is a monster bullish trend line acting as a support. There was a break once, but it can considered as a false move.

On the downside, an initial support is around the 38.2% Fib retracement level of the last wave from the 75.76 low to 77.57 high. On the upside, a break above the recent high of 77.57 is needed for an upside move towards 77.50. Overall, it looks like as long as the pair is above the 4-hours chart bullish trend line, it may continue to trade higher.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDJPY – Aussie Dollar Looking For New High Vs Japanese Yen
Key Highlights
· The Aussie dollar climbed above the 82.00 resistance against the Japanese yen to clear the way for more gains.

· There is a major bullish trend line formed on the 4-hours chart of AUDJPY, which may act as support on the downside at 81.50.

· Recently, the pair broke a bearish trend line on the same chart at 81.60.

· Today, the Construction Work Done released by the Australian Bureau of Statistics posted a decrease of 4.9% in Q3 2016.

AUDJPY Technical Analysis
The Aussie dollar managed to climb higher versus the Japanese yen and closed above the 82.00 resistance. The AUDJPY pair remains in an uptrend and may continue to move higher.

The pair is trading higher and recently broke the 61.8% Fib retracement level of the last decline from the 82.59 high to 51.12 low. A bullish trend line on the 4-hours chart of AUDJPY acted as a support and pushed the pair higher.

On the upside, it looks like the pair may test the 1.236 extension of the last decline from the 82.59 high to 51.12 low at 82.94. On the downside, the pair remains supported near 81.50 and the highlighted bullish trend line.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD – Aussie Dollar Forming Short-term Top Vs USD?
Key Highlights
· The Aussie dollar recovered well after trading as low as 0.7310 against the US Dollar.

· The AUDUSD pair is currently facing a major resistance near a couple of trend lines formed on the 4-hours at 0.7480-0.7500.

· Today in Australia, the Building Permits released by the Australian Bureau of Statistics posted a decline of 12.6% in Oct 2016, compared with the forecast of 1.5%.

· In the US today, the ADP Employment Change figure will be released by the Automatic Data Processing, Inc., which is forecasted to register 160K in Nov 2016.

AUDUSD Technical Analysis
The Aussie dollar made a nice move from the 0.7310 low against the US Dollar and traded higher. The AUDUSD pair is currently facing resistance near 0.7480, and may correct lower.

On the upside, there is a clear resistance formed near 0.7480-0.7500, as there are a couple of trend lines formed on the 4-hours of AUDUSD, acting as a hurdle for the Aussie dollar buyers. Moreover, the 100 simple moving average is also just around the area.

So, the pair may correct lower before attempting an upside move once again. On the downside, the pair may find support near the 38.2% Fib retracement level of the last wave from the 0.7310 low to 0.7497 high.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZDUSD – Can Kiwi Dollar Surpass 0.7160 Resistance Vs USD?
Key Highlights
· The New Zealand Dollar managed to stay in an uptrend against the US Dollar with support at 0.7080.

· There is a crucial bullish trend line formed on the 4-hours chart of NZDUSD, which may act as a support if the pair moves down.

· The pair is well above the 100 simple moving average on the same chart, which is a positive sign.

· The New Zealand Manufacturing sales, released by Statistics New Zealand posted a mixed reading in Q3 2016.

NZDUSD Technical Analysis
The New Zealand dollar after finding bids near 0.7080 against the US Dollar traded higher. The NZDUSD pair is currently trading with positive bias, and remains supported on the downside.

At the moment, the 200 simple moving average is acting as a resistance on the 4-hours chart. A downside move may take the pair towards a crucial bullish trend line formed on the same chart, which could provide support.

On the upside, the pair found sellers many times near 0.7160. So, a break above it is needed for further gains. If the NZDUSD pair keeps finding buyers near the trend line support, there is a chance of a break above 0.7160 for a move towards 0.7200.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD – Aussie Dollar Breaks Crucial Support Vs Dollar Post Fed Rate Hike
Key Highlights
· The Aussie dollar broke a crucial support area at 0.7450 against the US dollar to ignite a downside move.

· There was a crucial bullish trend line formed on the 4-hours chart of AUDUSD, which was broken to open the doors for a bearish wave.

· The Fed interest rate was announced yesterday in which the central bank decided to increase rates from 0.5% to 0.75% as expected.

· Today in Australia, the Employment Change released by the Australian Bureau of Statistics posted a change of 39.1K in Nov 2016.

· The Australian Unemployment Rate increased from 5.6% to 5.7% in Nov 2016.

AUDUSD Technical Analysis
The Aussie dollar was seen trading higher against the US Dollar, as it moved above the 0.7400 resistance. Later, the AUDUSD pair faced a monster resistance at 0.7520 and then the fed rate hike sparked a sharp downside move.

Looking at the 4-hours chart of AUDUSD, there was a crucial bullish trend line formed. It acted as a support on many occasions, but was broken after the fed interest rate decision. On the upside, there was a monster resistance formed near 0.7520 with a bearish trend line and the 200 simple moving average. It acted as a resistance and ignited a downside move.

It looks like the AUDUSD pair has formed a downtrend with this break and may continue to move down.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZDUSD – New Zealand Dollar Under Heavy Selling Pressure Vs Dollar
Key Highlights
· The New Zealand dollar was crushed recently against the US Dollar for a move below 0.7000 and 0.6950.

· There was a critical bullish trend line on the 4-hours chart of NZDUSD, which was broken at 0.7140 to initiate a major downtrend.

· In New Zealand today, the Trade Balance released by the Statistics New Zealand posted a trade deficit of $-705M in Nov 2016.

· In terms of the yearly change, the New Zealand Trade deficit was $-3.18B in Nov 2016.

NZDUSD Technical Analysis
The New Zealand dollar posted heavy losses against the USD during the past few days. The NZDUSD fell continuously and broke the 0.7000 handle. It looks like there can be more declines moving ahead.

The downside move was initiated once the pair broke a critical bullish trend line on the 4-hours chart. The pair traded lower and even broke the 1.236 extension of the last wave from the 0.6971 low to 0.7273 high at 0.6909. It looks like the 1.618 extension of the same wave may be tested in the near term.

On the upside, an initial resistance is at 0.6950. However, the most important hurdle is at 0.7000 where sellers may take a stand if the pair corrects higher in the short term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD – Aussie Dollar Formed Bottom Near 0.7160 Vs Dollar?
Key Highlights
· The Aussie dollar after getting rejected many times near 0.7160 against the US Dollar, traded higher.

· The AUDUSD pair traded higher, and broke a bearish trend line at 0.7230 on the 4-hours chart.

· It looks like the pair has formed a bottom near 0.7160, and may continue to move higher.

· Today in Australia, the AiG Performance of Services Index released by the Australian Industry Group posted a rise from 51.1 to 57.7 in Nov 2016.

AUDUSD Technical Analysis
The Aussie dollar after trading lower against the US Dollar found support near 0.7150-60. The AUDUSD pair later started a recovery, broke a resistance at 0.7230, and now looks set for more gains.

As mentioned, there were many rejections near 0.7150-60, which later helped the pair in gaining bullish momentum. The pair surged higher, and broke a bearish trend line at 0.7230 on the 4-hours chart. Moreover, there was also a close above the 23.6% Fib retracement level of the last drop from the 0.7524 high to 0.7159 low.

The pair at the moment, trying to settle above the 100 simple moving average (4-hours chart), which acted as a resistance near 0.7260-80. A close above it may call for a move towards the 50% Fib retracement level of the last drop from the 0.7524 high to 0.7159 low at 0.7299.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY – A Look At The Daily Chart of Dollar To Yen
Key Highlights
· The US Dollar may be setting up a short-term top near 118.60 against the Japanese yen.

· There were two bullish trend lines on the daily chart of USDJPY, which were broken to clear the doors for more losses towards 116.00.

· The Japanese Consumer Confidence released by the Cabinet Office recently posted a rise from 40.9 to 43.1 in Dec 2016.

· In the US, the NFIB Small Business Economic Trends Index posted an increase from 98.4 to 105.8 in Dec 2016.

USDJPY Technical Analysis
The US Dollar faced sellers near 118.50-118.60 area against the Japanese yen, and traded lower. The USDJPY pair broke a major support area, and may decline further going forward towards 115.00.

Looking at the daily chart of USDJPY, the pair broke 117.00 and two bullish trend lines. It cleared the way for more declines, and if the break is real, there can be a move towards the 23.6% Fib retracement level of the last wave from the 101.19 low to 118.66 high.

The last few daily candles look bearish and pointing downsides. On the upside, the 117.00 level may now act as a resistance area. The daily RSI has also reached the 50 level, and just holding it. So, a downside move if initiated may accelerate towards 115.00 in the near term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBPUSD – British Pound Recovers Well From 1.2000 Vs Dollar
Key Highlights
· The British Pound after weakening towards 1.2000 against the US Dollar found support and traded higher.

· The GBPUSD pair bounced sharply, breaking the 1.2200 resistance and a couple of bearish trend lines on the 4-hours chart.

· Today, the UK Claimant Count Change figure will be released by the National Statistics, which is forecasted to post 3.7K in Dec 2016.

· In the US today, the Consumer Price Index will be released by the US Bureau of Labor Statistics, which is forecasted to increase by 0.3% in Dec 2016.

GBPUSD Technical Analysis
The British Pound suffered heavy losses earlier this week against the US Dollar. However, it looks like the GBPUSD pair is now recovering well from the 1.2000 support area.

The pair opened this week with a gap lower, and moved towards the 1.2000 handle, where buyers emerged. A nice upside move was initiated, as the pair managed to break a couple of bearish trend lines on the 4-hours chart.

Moreover, the pair also broke the 61.8% Fib retracement level of the last decline from the 1.2432 high to 1.1987 low, opening the doors for more gains. The next resistance on the upside is around the 100 simple moving average (H4) at 1.2400.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD – Can Aussie Dollar Extend Downsides Below 0.7550?
Key Highlights
· The Aussie dollar recently struggled to settle above 0.7600 against the US Dollar, and moved down.

· There was a monster bullish trend line on the 4-hours chart of AUDUSD, which was broken at 0.7570 to open the gates for more losses.

· Today, the Australian Consumer Price Index released by the RBA and republished by the Australian Bureau of Statistics posted an increase of 0.5% in Q4 2016.

· In terms of the yearly change, there was a rise of 1.5% in Q4 2016, compared with the +1.6% forecast.

AUDUSD Technical Analysis
The Aussie dollar after a massive upside move was seen struggling to hold above the 0.7600 level against the US Dollar. The AUDUSD moved down, and now may trade towards 0.7500.

During the downside move, the pair broke a monster bullish trend line on the 4-hours chart at 0.7570. If the break is real, there are chances of additional losses in the short term.

The next support on the downside lies at the 50% Fib retracement level of the last wave from the 0.7448 low to 0.7608 high at 0.7528. However, there lies a chance of a complete test of 0.7500.

On the upside, the pair may continue to face resistance near 0.7600. Only a daily close above 0.7600 could ignite further gains towards 0.7700 or 0.7800.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZDUSD – Can New Zealand Dollar Retain Bullish Bias Vs USD?
Key Highlights
· The New Zealand dollar gained a lot this week and moved above 0.7250 against the US Dollar.

· There is a monster bullish trend line with support at 0.7270 on the 4-hours chart of NZDUSD.

· Today, the New Zealand Employment Change figure for Q4 2016 was released by the Statistics New Zealand.

· There was a change of 0.8% in Q4 2016, compared with the 0.8% forecast, and 1.4% previous.

NZDUSD Technical Analysis
The New Zealand dollar was seen gaining pace vs the US Dollar, as it moved above 0.7250. There is a good trend formation in NZDUSD, which might take the pair further higher.

On the downside, the pair remains supported near 0.7270-0.7250. It’s because a bullish trend line is positioned at 0.7270 on the 4-hours chart. The stated support also coincides with the 61.8% Fib retracement level of the last leg from the 0.7222 low to 0.7350.

The pair is currently trading sharply lower, but the 0.7270 may provide support. As long as the trend line support is intact, the pair may bounce back. A break below 0.7250 might call for a trend change in the short term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY – Can US Dollar Recover Vs Japanese Yen?
Key Highlights
· The US Dollar suffered losses against the Japanese yen during the past few days and traded below 113.00.

· There are a couple of bearish trend lines on the 4-hours chart of USDJPY, which may act as a resistance on the upside near 113.00 and 113.90.

· Today, the Japanese Current Account released by the Ministry of Finance posted a trade surplus of ¥1,112.2B in Dec 2016, compared with the ¥1,294.5B forecast.

· The Japan Bank lending, released by Bank of Japan posted an increase of 2.5% in Jan 2017, compared with the +2.7% forecast.

USDJPY Technical Analysis
The US dollar faced a lot of selling pressure lately against the Japanese yen, and declined below 113.00. The USDJPY pair is currently recovering from 111.60, but may find resistance on the upside.

The pair is currently facing resistance near the 23.6% Fib retracement level of the decline from the 115.37 high to 111.59 low at 112.60. The same level also represents the last swing low. So, it is likely to act as a hurdle for further upsides.

There are also a couple of bearish trend lines on the 4-hours chart. They might act as a resistance near 113.00 and 113.90 if the pair continues to move higher. Overall, it looks like a recovery won’t be easy in USDJPY in the near term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

Key Highlights
· The Aussie dollar traded higher this week against the Japanese yen, but faces resistance near 87.50-70.

· The AUDJPY pair is likely forming a double top near 87.50, but there is a chance of a break higher as well.

· Today, the Australian Westpac Consumer Confidence released by the Faculty of Economics and Commerce Melbourne Institute posted an increase from 97.4 to 99.6 in Feb 2017.

· Later today, the US Consumer Price Index for Jan 2017 will be released by the US Bureau of Labor Statistics, which is forecasted to increase by 2.4% (YoY).

AUDJPY Technical Analysis
The Aussie dollar remained supported against the Japanese yen, but it looks like the AUDJPY is currently facing a monster resistance near 87.50-70.

The stated level was a resistance earlier, and once again acting as a barrier. A failure to break the 87.50 resistance might call for a double top pattern. If the pair starts a decline, there can be a test of a bullish trend line on the daily chart at 86.00.

On the other hand, if the pair breaks higher, there can be a move towards the 1.236 extension of the last decline from the 87.53 high to 83.74 low at 88.42.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD – Aussie Dollar At Risk of Further Downsides?
Key Highlights
· The Aussie dollar recently broke a major support at 0.7680 against the US Dollar.

· There was a bullish trend line break at 0.7685 on the 4-hours chart of AUDUSD, which has opened the doors for more declines.

· In Australia, the Wage Price Index (Q4 2016) released by the Australian Bureau of Statistics, posted an increase of 0.5%, compared with the +0.5% forecast.

· Today, the US Existing Home Sales for Jan 2017 will be released by the National Association of Realtors, forecast +1% vs the -2.8% previous.

AUDUSD Technical Analysis
The Aussie dollar looks like made a short-term top near 0.7730 against the US Dollar. The AUDUSD pair is now below 0.7700 and looks set for further downsides.

After trading as high as 0.7731, the pair moved down, and broke a bullish trend line break at 0.7685 on the 4-hours chart. The pair was also able to clear the 38.2% Fib retracement level of the last wave from the 0.7605 low to 0.7731 high.

So, it looks like the pair is heading further lower, and may test a bullish trend line at 0.7640. The trend line also coincides with the 100 simple moving average (H4). The Aussie dollar buyers might attempt to prevent the 0.7640-20 support area.

But, if they fail, there can be a push below the trend line support for a complete test of the 0.7600 handle.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD - Aussie Dollar Broke Crucial Support Vs US Dollar
Key Highlights
· The Aussie dollar remained below 0.7700 against the US Dollar, and broke 0.7670.

· The AUDUSD pair moved below a monster support area at 0.7670, formed with two bullish trend lines on the 4-hours chart.

· Today in Australia, the Gross Domestic Product for Q4 2016 released by the Australian Bureau of Statistics posted an increase of 1.1%.

· The yearly change in the GDP was 2.4%, better than the forecast of 1.9%.

AUDUSD Technical Analysis
The Aussie dollar struggled to trade above 0.7700 against the US Dollar, and it looks like the AUDUSD pair settled below a crucial juncture with support at 0.7670.

There was a monster support confluence area formed near 0.7670. There were two bullish trend lines at 0.7665 on the 4-hours chart. Plus, the 100 simple moving average was aligned with the trend lines at 0.7670.

The highlighted support area clearly was very important. A break and close below 0.7670 has opened the doors for further declines in AUDUSD. The same broken support at 0.7670 may now act as a resistance in the short term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY – US Dollar Target Additional Gains Vs Japanese Yen
Key Highlights
· The US Dollar stayed above the 113.50 support against the Japanese yen, and look to extend gains.

· The USDJPY pair needs to clear a bearish trend line with resistance at 114.50 on the 4-hours chart to extend gains.

· Today in Japan, the Gross Domestic Product for Q1 2017 was released by the Cabinet Office, which registered a growth rate of 0.3%, vs the 0.4% forecast.

· The Japan’s Current Account for Jan 2017 released by the Ministry of Finance posted a trade surplus of ¥65.5B, vs the ¥239.0B forecast.

USDJPY Technical Analysis
The US Dollar recovered well this past week against the Japanese yen to trade above 113.50. The USDJPY pair is now positioned well and looking to extend gains.

During the last upside move, the pair broke a bearish trend line at 113.30 on the 4-hours chart. Moreover, it settled above the 200 and 100 simple moving average (H4), forming a support near 113.40.

At the moment, the pair is struggling to clear a bearish trend line with resistance at 114.50. So, there is a chance that the pair might dip towards 113.50 or 113.40 before making an upside attempt in the near term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'