Forex Market Commentary By TitanFX

[titanfx]

USDJPY – US Dollar Remains In Downtrend Vs Japanese Yen
Key Highlights
· The US Dollar fell sharply during the past few days, and moved below the 114.00 support against the Japanese yen.

· The USDJPY pair also broke a bullish trend line with support at 113.10 on the 4-hours chart.

· Today, the Japanese Merchandise Trade Balance for Feb 2017 released by the Ministry of Finance posted a trade surplus of ¥813.4B.

· The Japanese Adjusted Merchandise Trade Balance for Feb 2017 posted a trade surplus of ¥680.3B.

USDJPY Technical Analysis
The US Dollar was under a lot of pressure, as it moved below the 112.00 support against the Japanese yen. The USDJPY pair is currently correcting, but likely to face sellers near 113.00.

During the downside move, the pair broke a bullish trend line with support at 113.10 on the 4-hours chart. It also moved below the 100 and 200 simple moving average at 113.80 and 113.49, signaling a downside move.

The pair traded as low as 111.49, and currently correcting. On the upside, the 23.6% Fib retracement level of the last decline from the 115.49 high to 111.49 low might act as a resistance. Moreover, there is also a bearish trend line at 113.25. It also coincides with the 38.2% Fib retracement level of the last decline from the 115.49 high to 111.49 low and 100 SMA.

So, there is a major resistance area formed near 113.20-113.40 where sellers might appear if the pair corrects higher.

-------------------------------------------
Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY – US Dollar Still In Trouble versus Japanese Yen
Key Highlights
· The US Dollar fell further against the Japanese yen, and moved below the 111.00 level.

· There are a couple of bearish trend lines with resistances at 111.10 and 111.30 formed on the hourly chart of USDJPY.

· The Japanese Retail Trade for Feb 2017 (YoY) released by the Ministry of Economy, Trade and Industry posted a rise of 0.1%.

· The Japanese Large Retailers' Sales registered a decline of 2.7% in Feb 2017, compared with the last -1.1%.

USDJPY Technical Analysis
The US Dollar after a short-term bounce towards 111.50 against the Japanese yen found sellers. The USDJPY is currently correcting higher, but likely to struggle near 111.50-80.

Once the pair broke the 112.00 support, it came under a lot of bearish pressure. As a result, there was a close below 111.00 as well with a new weekly low of 110.10. Later, the pair started a correction, but faced offers near the 23.6% Fib retracement level of the last decline from the 112.89 high to 110.10 low.

There are also a couple of bearish trend lines with resistances at 111.10 and 111.30 formed on the hourly chart. So, any upsides from the current levels might face sellers near 111.30.

On the downside, a test of 110.50 is likely if the current resistance stays intact.

-------------------------------------------
Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBPJPY – British Pound Trend Overwhelmingly Negative Vs Yen
Key Highlights
· The British Pound declined heavily from the 140.10 high against the Japanese Yen.

· There are two bearish trend lines with resistance 140 formed on the 4-hours chart of GBPJPY.

· Today, the UK British Retail Consortium (BRC) Shop Price Index released for March 2017 posted a decline of 0.8%.

· Today, the Japanese Services Purchasing Managers Index (PMI) for March 2017 released by Markit Economics posted a rise from 51.3 to 52.9.

GBPJPY Technical Analysis
The British Pound struggled a lot during the past few days near 140 against the Japanese yen. As a result, the GBPJPY pair traded lower and remains poised for a decline towards 136.

The pair faced continuous offers near 140, as there are two bearish trend lines on the 4-hours chart. Moreover, the pair also struggled near 100 and 200 simple moving average (H4) at 140.10 and 139.90. The pair fell sharply and declined below 139 and 138, and even below the last low of 137.51.

So, there are chances of a decline towards the 1.236 extension of the last leg from the 137.51 low to 140.08 high at 136.91.

-------------------------------------------
Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY – US Dollar To Japanese Yen Broke Crucial Support
Key Highlights
· The US Dollar struggle to move past 112.00 against the Japanese puts it at a risk of decline.

· There was a monster support formed at 110.00 on the 4-hours chart of USDJPY, which was broken during the recent decline.

· In Japan, the Domestic Corporate Goods Price Index for March 2017 (MoM) released by the Bank of Japan posted a rise of 0.2%.

· Moreover, Bank lending for March 2017 (YoY), released by Bank of Japan posted a rise of 3%.

USDJPY Technical Analysis
The US Dollar after trading close to the 111.60 level against the Japanese yen this past week failed and moved down. The USDJPY pair is currently trading lower, and broke a major support at 110.00.

The last failure in USDJPY was near 111.60. The stated level was aligned with the 61.8% Fib retracement level of the last decline from the 112.19 high to 110.12 low. Plus, there is a bearish trend line and 100 simple moving average at 111.50 on the 4-hours chart.

All these acted as a barrier and pushed the pair below 111.00. The pair is currently trading lower, and already broke a major support around 110.00. The stated level acted as a huge support many times, and a break below it means the pair is under heavy selling pressure.

The next important support on the downside is near 109.20 where buyers may take a stand. On the upside, the broken support at 110.00 might act as a resistance if the pair moves higher.

-------------------------------------------
Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZDUSD – New Zealand Dollar Poised For Gains Vs US Dollar
Key Highlights
· The New Zealand Dollar recovered well from the 0.6909 low against the US Dollar.

· A monster descending channel with resistance at 0.6970 on the 4-hours chart of NZDUSD was broken, opening the doors for more gains.

· Today in New Zealand, the Consumer Price Index for Q1 2017 (YoY) released by the Statistics New Zealand posted an increase of 2.2%.

· Today in the US, the Initial Jobless Claims (April 14, 2017) will be released by the US Department of Labor, which is forecasted to increase from 234K to 242K.

NZDUSD Technical Analysis
The New Zealand Dollar has likely formed a base against the US Dollar at 0.6900. The NZDUSD is likely to trade higher as long as above 0.7000 in the near term.

In the last analysis, we saw a monster descending channel with resistance at 0.6970 on the 4-hours chart of NZDUSD. The same descending channel was broken recently to clear the way for a move above 0.7000.

The pair gained strength and moved above the 50% Fib retracement level of the last decline from the 0.7089 high to 0.6909 low. The pair also moved above the 100 and 200 simple moving average at 0.6990 (H4).

These all are positive signs, and suggests that there are chances of more upsides towards 0.7050 in the near term.

-------------------------------------------
Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD – What’s Holding Aussie Dollar From Breaking 0.7600?
Key Highlights
· The Aussie Dollar recent upside attempt failed near the 100 simple moving average (H4) at 0.7585.

· There is a crucial bearish trend line with resistance at 0.7575 formed on the 4-hours chart of AUDUSD, acting as a hurdle.

· Today in Australia, the Consumer Price Index for Q1 2017 released by the RBA and republished by the Australian Bureau of Statistics posted an increase of 2.1%.

· The Quarterly change in the Consumer Price Index was 0.5%, compared with the +0.6% forecast.

AUDUSD Technical Analysis
The Aussie Dollar struggle to move past 0.7600 continued against the US Dollar. The AUDUSD pair is facing a major hurdle near 0.7580-0.7600, and it won’t be easy for buyers to clear it.

The pair failed on 2-3 occasions near the 100 simple moving average (H4) at 0.7610 and 0.7585. There is also a crucial bearish trend line with resistance at 0.7575 formed on the 4-hours chart.

Both the trend line and 100 SMA are preventing gains in AUDUSD above 0.7600. As long as the pair is below these, there can be more declines towards 0.7500.

The most important support on the downside is near 0.7470, which is the last swing low.

-------------------------------------------
Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBPUSD – Can British Pound Stay Above 1.2850 Vs US Dollar?
Key Highlights
· The British Pound after struggling to remain above the 1.2950 resistance against the US Dollar moved down.

· The GBPUSD pair is trading above a major bullish trend line with support at 1.2870 on the 4-hours chart.

GBPUSD Technical Analysis
The British Pound had a good last week against the US Dollar, as it moved above 1.2900. Later, the GBPUSD pair found resistance near 1.2965 and currently under minor bearish pressure.

The pair has already moved below the 23.6% Fib retracement level of the last wave from the 1.2756 low to 1.2965 high. So, there is a chance of further declines towards 1.2830-40.

At the moment, the pair is trading above a major bullish trend line with support at 1.2870 on the 4-hours chart. A close below it may call for a move below 1.2850 in the near term.

The next support in the mentioned scenario could be around the 61.8% Fib retracement level of the last wave from the 1.2756 low to 1.2965 high at 1.2836.

-------------------------------------------
Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZDUSD – New Zealand Dollar Downtrend Remains Intact
Key Highlights
· The New Zealand Dollar’s continuous failure to break 0.7050 against the US Dollar ignited a downside wave.

· There are two crucial bearish trend lines with resistance around 0.6920 on the 4-hours chart of NZDUSD.

NZDUSD Technical Analysis
The New Zealand Dollar faced heavy offers near 0.7050 against the US Dollar and started a downside move. The NZDUSD pair is now in a downtrend, eyeing a test of 0.6850.

The pair recently broke the 100 and 200 simple moving average (H4), and the 0.6980 support to ignite a decline. The pair traded as low as 0.6839 from where a correction was initiated.

The mentioned correction stopped near two crucial bearish trend lines with resistance around 0.6920 on the 4-hours chart.

NZDUSD resumed its downside move, and now trading below the 38.2% Fib retracement level of the last wave from 0.6839 low to 0.6945 high.

-------------------------------------------
Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBPUSD – Sterling Awaits UK’s Employment Report for Next Move
Key Highlights
· The British Pound struggled a lot to break the 1.2980-1.3000 resistance area against the US Dollar.

· The GBPUSD pair moved down, and broke a major bullish trend line at 1.2932 on the 4-hours chart.

GBPUSD Technical Analysis
The British Pound traded with a positive bias this past week versus the US Dollar with a close above 1.2750. However, the GBPUSD pair is now struggling to break the 1.2980-1.3000 resistance.

The pair attempted a break above 1.2985 on more than two occasions, but failed. It moved down and broke the 38.2% Fib retracement level of the last wave from the 1.2756 low to 1.2987 high.

Furthermore, there was a break below a major bullish trend line at 1.2932 on the 4-hours chart. At the moment, the pair is finding support near 1.2880-1.2900, but remains at a risk of more declines in the near term.

On the upside, an initial resistance is at 1.2940, followed by the all-important 1.2985.

-------------------------------------------
Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZD/USD – New Zealand Dollar Turns Bullish Vs US Dollar
Key Highlights
· The New Zealand Dollar broke a monster resistance at 0.6950 against the US Dollar to move into the bullish zone.

· The NZD/USD pair cleared an ascending channel pattern with resistance at 0.6980 to set the pace for more gains.

NZD/USD Technical Analysis
A major shift in the momentum noted for the New Zealand Dollar once it broke 0.6950 against the US Dollar. The NZD/USD pair is now trading with a positive bias, and looking to extend gains above 0.7000.

The pair after forming a base near 0.6820-50 started an uptrend. During the upside move, it broke many important resistances, including 0.7000.

It is now positioned above the 76.4% Fib retracement level of the last decline from the 0.7052 high to 0.6820 low. A close above the 100 and 200 simple moving averages (H4) and 0.6950 is a positive sign.

-------------------------------------------
Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBP/USD – British Pound Broke Uptrend Support Vs US Dollar?
Key Highlights
· The British Pound after trading as high as 1.3047 against the US Dollar made a downside move.

· The GBP/USD pair recently broke a crucial channel support at 1.2920 on the daily chart, which can be considered as a bearish break.

GBP/USD Technical Analysis
The British Pound moved above 1.3000 this past week against the US Dollar. Later, the GBP/USD pair made a short-term top at 1.3047, and broke a major support area for further declines.

Looking at the daily chart, the pair clearly had a good bullish run once it broke the 1.2760 resistance area. It formed an ascending channel, but recently broke it at 1.2920 to ignite a downside move.

The pair also cleared the 23.6% Fibonacci retracement level of the last wave from the 1.2365 low to 1.3047 high.

However, the British Pound buyers protected losses below 1.2770-60. The stated area was a major resistance, and now holding losses below 1.2750. As long as the pair is above the 1.2750 support, and the 38.2% Fibonacci retracement level of the last wave from the 1.2365 low to 1.3047 high, it may bounce back.

On the flip side, if there is a breakdown, GBP/USD could extend declines towards 1.2700.

-------------------------------------------
Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZD/USD – New Zealand Dollar Is Increasingly Bullish Vs USD
Key Highlights
· The New Zealand Dollar has formed a medium term bullish trend above 0.7100 against the US Dollar.

· There are two important bullish trend lines with support at 0.7100 and 0.7030 formed on the 4-hours chart of NZD/USD.

NZDUSD Technical Analysis
The New Zealand Dollar after a long struggle below 0.7000 against the US Dollar gained traction. The NZD/USD pair is now trading well in the bullish zone above 0.7100.

The upside move gained pace once the pair broke a key resistance zone at 0.6950. It gave an opening to buyers to push the pair above 0.7000 and the 100 and 200 simple moving averages (H4).

The pair even traded above the 0.7150 resistance and cleared an expanding triangle resistance at 0.7170. On the downside, there are two important bullish trend lines with support at 0.7100 and 0.7030 formed on the 4-hours chart.

-------------------------------------------
Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBP/USD – British Pound Declines Due to Delays in Brexit Talks
Key Highlights
· The British Pound came under a lot of pressure due to the UK’s general election result and Conservatives losing majority.

· The GBP/USD pair traded sharply lower during the past few days and broke a few important supports such as 1.2900 and 1.2770.

GBPUSD Technical Analysis
The British Pound was under a lot of selling pressure during the past few days and moved below 1.2800 against the US Dollar. More losses are likely in GBP/USD as long as it is below 1.2850.

Sellers managed to take the pair below a channel support at 1.2920. Later, UK’s election results ignited a sharp downside, taking the pair below 1.2800 towards 1.2635.

The pair traded as low as 1.2634 from where a recovery was initiated. On the upside, the broken support at 1.2770 may now act as a crucial resistance. It also coincides with the 38.2% Fib retracement level of the last decline from the 1.2977 high to 1.2634 low.

Overall, the pair remains in the bearish zone and may struggle to move past 1.2800 in the near term.
------------------------------------------
Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USD/CHF – US Dollar Positioning For Upside Break Vs Swiss Franc
Key Highlights
· The US Dollar has recovered well from the 0.9600-20 support against the Swiss Franc.

· The USD/CHF pair needs to break a major bearish trend line at 0.9760 to initiate an uptrend.

USDCHF Technical Analysis
The US Dollar after forming a base near 0.9600 against the Swiss Franc started an upside move. The USD/CHF pair traded above 0.9700, and now approaching a major upside break.

Looking at the 4-hours chart of USD/CHF, there is a crucial bearish trend line forming at 0.9760. Buyers need to successfully pierce the trend line with a close above 0.9760 to initiate an uptrend.

It has already cleared the 50% Fib retracement level of the last decline from the 0.9807 high to 0.9613 low and the 100 simple moving average (H4), which is a positive sign.

-------------------------------------------
Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBP/USD – Can British Pound Settle Above 1.2850 Vs US Dollar
Key Highlights
· The British Pound recovered well after trading a few pips below the 1.2600 handle against the US Dollar.

· The GBP/USD pair is correcting higher, but faces a crucial resistance on the upside near 1.2850.

GBPUSD Technical Analysis
The British Pound after declining below 1.2600 this past week versus the US Dollar formed a support base. The GBP/USD pair is currently recovering, but likely to struggle near the 1.2850 resistance.

During mid-June 2017, the pair broke a bullish trend line on the 4-hours chart and traded as low as 1.2588. Later, it started an upside move, and moved above 38.2% Fibonacci retracement level of the last drop from the 1.2977 high to 1.2588 low.

The upside move looks positive, as the pair traded above the 100 simple moving average (H4) and the 1.2800 handle. However, the 200 SMA and a bearish trend line around 1.2850 is acting as a hurdle.

-------------------------------------------
Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUD/USD – Aussie Dollar Breaks Key Support Area Vs US Dollar
Key Highlights
· The Aussie Dollar fell sharply after yesterday’s RBA monetary policy decision and broke a key support at 0.7625.

· The AUD/USD pair declined below a crucial bullish trend line at 0.7620 on the 4-hours chart.

AUDUSD Technical Analysis
Yesterday’s RBA monetary policy decision made a huge impact on the Aussie Dollar as it tumbled below the 0.7625 support against the US Dollar. AUD/USD now looks set for more declines below 0.7600.

There is a chance that the pair may soon break 0.7580 and the 100 simple moving average (H4) for further declines. The next major support is near the last swing low of 0.7540. On the upside, the broken support at 0.7625 may now act as a resistance.

-------------------------------------------
Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBP/USD – Can Cable Hold 1.2820 Ahead of Employment Report?
Key Highlights
· The British Pound was under renewed selling pressure and traded below 1.2920-00 against the US Dollar.

· There was a break below a major bullish trend line with support at 1.2945 on the 4-hours chart of GBP/USD.

GBPUSD Technical Analysis
The British Pound seems to be struggling to remain above 1.2900 against the US Dollar. The GBP/USD is currently trading lower and attempting a break below 1.2820-00.

Recently, cable succeeded in breaking a major bullish trend line with support at 1.2945 on the 4-hours chart. It traded below 1.2925 and currently holding the 1.2840-20 support area.

The 1.2820 support holds a lot of importance since it coincides with the 100 and 200 simple moving average (H4). Therefore, a close below 1.2800 might ignite heavy declines in GBP/USD in the near term.

-------------------------------------------
Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

EUR/JPY – Can Euro Hold This Vs Japanese Yen?
Key Highlights
· The Euro recently corrected lower towards the 129.00 support against the Japanese Yen.

· There are two important bullish trend lines with support at 129.00 forming on the 4-hours chart.

EURJPY Technical Analysis
After topping at 130.80, the Euro corrected lower against the Japanese Yen. The EUR/JPY pair is currently trading above 129.00, which must hold for a bounce back.

Looking at the 4 hours chart, there are two important bullish trend lines with support at 129.00. These trend lines hold a lot of importance for the current trend above 128.50 and the 100 simple moving average (H4).

On the upside, a break above the 61.8% Fib retracement level of the last decline from the 130.76 high to 128.48 low is needed for a retest of 130.50. The H4 RSI is now above 55 for EUR/JPY signaling bullish trend resumption.

-------------------------------------------
Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USD/CHF – US Dollar Upsides Capped By 0.9560 Vs Swiss Franc
Key Highlights
· The US Dollar after a strong decline towards 0.9440 against the Swiss Franc started a recovery.

· There is a crucial bearish trend line with resistance at 0.9560-70 forming on the 4-hours chart of USD/CHF.

USDCHF Technical Analysis
The US Dollar after a decline towards 0.9440 against the Swiss Franc found support. The USD/CHF pair is recovering, but facing a major resistance on the upside near 0.9560-70.

At the moment, the pair is near the 50% Fib retracement level of the last decline from the 0.9620 high to 0.9438 low. On the upside, there is a crucial bearish trend line with resistance at 0.9560-70 forming on the 4-hours chart.

Below the trend line, the 61.8% Fib retracement level of the last decline from the 0.9620 high to 0.9438 low is at 0.9551. Therefore, it seems like there is a major resistance forming near 0.9560.

------------------------------------------
Posted by Aayush Jindal - 'Titan FX Currency Analyst'