something interesting

<  BACK TO Market Analysis

PIG TODAY-09.02.2017-Tech Targets: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD - UOB

EUR/USD: Neutral: Immediate downward pressure towards 1.0615, possibly 1.0575.

EUR touched a low of 1.0638 yesterday before rebounding quickly. While the overall outlook for this pair is still viewed as neutral, shorter-term indicators suggest that the current pull-back from last week’s 1.0825/30 top has room to extend towards 1.0615, with lower odds for further extension to 1.0575. Resistance is at 1.0735 but only a move back above 1.0760 would indicate that the immediate downward pressure has eased.

GBP/USD: Neutral: In a 1.2350/1.2670 range.

There is not much to add as GBP traded in a relatively narrow 1.2475/1.2550 range yesterday. The recent choppy swings have resulted in a mixed outlook and the near-term direction is unclear. We turned neutral about one week ago and at this stage, there are no early indications that GBP is about to embark on a sustained directional move. In other words, we continue to hold a neutral view and expect choppy consolidation within a 1.2350/1.2670 range.

AUD/USD: Bullish: Diminished odds for further AUD strength.*

We turned bullish late last week when AUD moved clearly above 0.7600, anticipating a break above the major resistance at 0.7700 (weekly trend-line). The failure to move clearly above 0.7700 (high has been 0.7696) coupled with subsequent prolonged consolidation has resulted in a rapid loss in upward momentum. In order to hold on to the current bullish momentum, AUD need to ‘punch above’ 0.7700 soon or the odds for further AUD strength would continue to diminish. To put it another way, the bullish phase may come to a premature end unless we see a move above 0.7700 within these 1 to 2 days. Alternatively, a move below the trailing-stop at 0.7595 would also indicate that a short-term top is in place (indicating that AUD has moved into a correction/consolidation phase).

NZD/USD: Neutral: In a 0.7220/0.7370 range.

We indicated yesterday that the 3-week bullish phase in NZD has ended when 0.7280 was breached and were of the view that this pair has moved into a 0.7220/0.7370 consolidation phase. However, the sharp decline earlier this morning has resulted in a rapid improvement in downward momentum and from here, a move below 0.7220 would suggest that a deeper pull-back towards 0.7155/60 has started. This appears to be a likely scenario unless NZD can move and stay above 0.7330 within these couple of days. On a shorterterm note, 0.7280 is already a strong resistance.

USD/JPY: Neutral: Immediate downward pressure towards 111.30.

As noted in recent days, as long as 112.90 is not taken out, the immediate risk is tilted to the downside towards 111.30 (overnight low has been 111.61). That said, the lackluster price action has resulted in a quick loss in downward momentum and the odds further USD weakness have diminished considerably. However, only a move back above 112.90 would indicate that a temporary low is in place.

Source: efxnews.com

EUR/USD: Neutral: Immediate downward pressure towards 1.0615, possibly 1.0575.

EUR touched a low of 1.0638 yesterday before rebounding quickly. While the overall outlook for this pair is still viewed as neutral, shorter-term indicators suggest that the current pull-back from last week’s 1.0825/30 top has room to extend towards 1.0615, with lower odds for further extension to 1.0575. Resistance is at 1.0735 but only a move back above 1.0760 would indicate that the immediate downward pressure has eased.

GBP/USD: Neutral: In a 1.2350/1.2670 range.

There is not much to add as GBP traded in a relatively narrow 1.2475/1.2550 range yesterday. The recent choppy swings have resulted in a mixed outlook and the near-term direction is unclear. We turned neutral about one week ago and at this stage, there are no early indications that GBP is about to embark on a sustained directional move. In other words, we continue to hold a neutral view and expect choppy consolidation within a 1.2350/1.2670 range.

AUD/USD: Bullish: Diminished odds for further AUD strength.*

We turned bullish late last week when AUD moved clearly above 0.7600, anticipating a break above the major resistance at 0.7700 (weekly trend-line). The failure to move clearly above 0.7700 (high has been 0.7696) coupled with subsequent prolonged consolidation has resulted in a rapid loss in upward momentum. In order to hold on to the current bullish momentum, AUD need to ‘punch above’ 0.7700 soon or the odds for further AUD strength would continue to diminish. To put it another way, the bullish phase may come to a premature end unless we see a move above 0.7700 within these 1 to 2 days. Alternatively, a move below the trailing-stop at 0.7595 would also indicate that a short-term top is in place (indicating that AUD has moved into a correction/consolidation phase).

NZD/USD: Neutral: In a 0.7220/0.7370 range.

We indicated yesterday that the 3-week bullish phase in NZD has ended when 0.7280 was breached and were of the view that this pair has moved into a 0.7220/0.7370 consolidation phase. However, the sharp decline earlier this morning has resulted in a rapid improvement in downward momentum and from here, a move below 0.7220 would suggest that a deeper pull-back towards 0.7155/60 has started. This appears to be a likely scenario unless NZD can move and stay above 0.7330 within these couple of days. On a shorterterm note, 0.7280 is already a strong resistance.

USD/JPY: Neutral: Immediate downward pressure towards 111.30.

As noted in recent days, as long as 112.90 is not taken out, the immediate risk is tilted to the downside towards 111.30 (overnight low has been 111.61). That said, the lackluster price action has resulted in a quick loss in downward momentum and the odds further USD weakness have diminished considerably. However, only a move back above 112.90 would indicate that a temporary low is in place.

Source: efxnews.com

lastest Articles

Market Analysis
Big Earnings, Rate Decisions and US GDP once markets return from holiday
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
AUD/USD inches higher to 0.7160, but lacks follow-through
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY frozen near 111.90 ahead of US housing data
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Yen ignores BOJ operation, Good Friday quiet trading to extend
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD consolidates the slide near 1.1250, US retail sales eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY-18.04.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Company News
Easter Trading Schedule
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD is holding steady
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD: Recovery towards 1.3100 on its way ahead of UK CPI
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FX Today: Antipodeans rescued by strong China data; focus on UK/ Eurozone CPI
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB said not to have discusses further deposit rate cuts
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Aussie trips on dovish RBA minutes; eyes on UK wages, German ZEW
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY -16.04.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR shorts increased, GBP shorts trimmed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Managed Forex Accounts Weekly Results- April, week 15
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Dollar Softens Awaiting US Retail Sales
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD steadily climbs to session tops, aims to reclaim 1.3100 mark
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/GBP continues to consolidate
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY -12.04.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB: Press conference is an opportunity to inject confidence into the economy
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD continues to show signs of recovery
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY -10.04.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - 09.04.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD: Upside remains capped near 1.3070 amid Brexit stalemate
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Weekly Results
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD to remain steady around the ECB meeting – Danske Bank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Dollar Rises on Strong US Jobs Data
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold waits for US employment data near $1290
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB unlikely to provide much in terms of steps forward
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD probing daily highs near 1.1230 ahead of NFP
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
AUD: RBA and politics to keep a lid
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - 04.04.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD upside still capped by 1.1250, ECB eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - 03.04.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Brexit Secretary Stephen Barclay opens the door to a second referendum, GBP/USD holds high ground
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD rebounds to 1.1250 amid positive German yields, weaker USD
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Managed Forex Accounts Weekly Results
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Brexit amongst key market moving events today
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
April optimism could be key turning point for global growth
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/GBP breaks below the 100-day SMA to fresh lows near 0.8550
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/JPY Technical Analysis: Set-up remains in favor of bearish traders ahead of UK macro data/Brexit vote
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - 29.03.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
UK PM May's spokesman: Guaranteed way of leaving on May 22 is to win MV3 on Friday
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY finds support near 110, rebounds modestly ahead of US GDP data
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - 28.03.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
AUD/USD clings to gains near session tops, comfortable above 0.7100 handle
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY sticks to modest gains above 110.00 handle, but lacks follow-through
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - 25.03.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Dollar Recovers Fed Driven Losses on Safe-haven Flows
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB’s Draghi: International trade is main reason for slowdown
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BoE: No surprises here – Deutsche Bank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold climbs to session tops, further beyond $1310 level
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold loses momentum, edges lower toward $1300
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BOJ’s Kuroda: “We will mull more easing if price momentum is lost"
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOMC Preview: What 17 major banks are expecting from March meeting?
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - 19.03.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Technical Analysis: 18.03.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Fed is likely to signal just one more rate hike – Danske Bank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY -18.03.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD fades a knee-jerk bullish spike to levels beyond 1.3300 mark
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
AUD: RBA market pricing absorbed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: USD bounces alongside T-yields in Asia; UK politics/ Brexit in focus
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD remains bid and flirts with 1.1300, looks to Brexit, data
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - 13.03.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold adds to gains beyond $1300 mark, hits 1-1/2 week tops
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR: Shorts restrained
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY-12.03.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Brexit and US CPI amongst market movers today
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY -11.03.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/CAD struggles to gain positive traction, but holds above 1.3400 handle
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: Bounce is likely - Commerzbank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD Pound Fails to Capitalize on Dollar Stumble Ahead of Brexit Votes
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold clings to recovery gains above $1290
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB: All focus on TLTRO announcement
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US: Focus on Fed speak and trade data
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - 06.03.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BoC: Policy rate likely to remain unchanged - Rabobank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD slides back closer to session lows, focus shifts to Carney's testimony
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold consolidates in a range, hangs near 6-week lows
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Antipodeans slip on China woes; Eurozone/ UK services PMI eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD: Prohibitive?
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD drops to session low, bulls struggling to defend 1.3200 mark
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Risk-on amid US-China trade optimism; UK construction PMI – Up next
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Global growth hinges on China’s Big Week
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Technical Analysis: Bears await a sustained break below 1-month old trend-line support
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/JPY Technical Analysis: The cross now targets the key 200-day SMA
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Yen weakest in Asia risk-on; focus on UK PMI, Eurozone CPI
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold bears looking for a break of the $1,300/oz level to 38.2% Fibo target
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD turns flat below 1.14 as DXY clings to gains above 96
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - 28.02.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Oil: Prices stabilising
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Brexit to remain in focus this week
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold edges lower to $1325 level, focus remains on Powell’s testimony
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD within a tight range near 1.1350, focus on Powell
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold drops below $1330 as USD recovers modestly
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/JPY challenges 2-day highs near 125.80
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - 25.02.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/CAD Canadian Dollar Higher on Stronger Oil and Softer Dollar
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD eases from tops beyond 1.1350 post-IFO
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - 22.02.2019
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613