something interesting

<  BACK TO Market Analysis

FOREX Tech Targets

EUR/USD: Neutral (since 07 Aug 17, 1.1785): In a 1.1730/1.1885 range.

The rapid swing lower after the sharp rise on Monday (that hit a high of 1.1828) came as a surprise. For now, we continue to view the price action as part of a 1.1730/1.1885 consolidation range. However, a clear break below 1.1730 would suggest that the short-term pressure has shifted to the downside again even though any weakness is expected to encounter solid support at 1.1700 followed by the month-to-date low near 1.1660. 

GBP/USD: Bearish (since 07 Aug 17, 1.3045): Break below 1.2775 would shift focus to 1.2720.

Despite the perceived ‘diminished odds’ for further weakness, GBP lurched lower yesterday and edged below the July’s low of 1.2812 (overnight low of 1.2810). After languishing for several days, downward momentum has picked up again and the revised target of 1.2775 appears to be within reach. A clear break below this level would shift focus to 1.2720. On the upside, only a break of 1.2920 would indicate that the bearish phase that started on 07 Aug (spot at 1.3045) has ended

AUD/USD: Neutral (since 17 Aug 17, 0.7925): Break of rising trend-line could lead to a deeper decline.

AUD has been unable to make much headway on the upside after rebounding strongly from a low 0.7808 last week. The weak daily closing yesterday is enough to indicate that the mild upward pressure over the past several days has eased. From here, all eyes are on the rising trend-line support (connecting the lows of 0.7372 and 0.7570, see chart below) which is currently sitting at 0.7845/50 as a break of this level could presage a deeper decline below the 0.7808 low seen last week. At this stage, the odds for such a move are not high but would continue to improve unless AUD can move above 0.7960 in the next few days. On a shorter-term note, 0.7930 is already a strong resistance.

NZD/USD: Neutral (since 17 Aug 17, 0.7310): Break of 0.7235/40 would indicate a move below the month’s low of 0.7202.

After struggling to move above 0.7335 for the past several days, NZD dropped sharply yesterday to hit a low of 0.7274. The decline coupled with the weak daily closing has clearly shifted the pressure to the downside. The level to watch out for is at the trend-line support near 0.7235/40. This trend-line looks like the neck-line of a ‘head & shoulder’ formation and a break of this level would be a good indication that NZD is on the way to take to take out the July’s low of 0.7202 (next support at 0.7150). This scenario seems likely unless NZD can move above 0.7335 within these 1 to 2 days.

USD/JPY: Neutral (since 15 Aug 17, 110.10):  USD under pressure unless can reclaim 110.00.

The strong rebound from the support near 108.55/60 came as a surprise (this level was tested last Friday and on Monday but held both times). While the risk for further weakness has diminished, only a move back above 110.00 would indicate that the immediate downward pressure has eased. Until then, another attempt to challenge 108.55/60 is not ruled out just yet (even though this level is expected to continue to offer solid support). A move back above 110.00 would not change the current neutral outlook but USD is then expected to trade in a broad sideway consolidation range.  

Source: efxnews.com

EUR/USD: Neutral (since 07 Aug 17, 1.1785): In a 1.1730/1.1885 range.

The rapid swing lower after the sharp rise on Monday (that hit a high of 1.1828) came as a surprise. For now, we continue to view the price action as part of a 1.1730/1.1885 consolidation range. However, a clear break below 1.1730 would suggest that the short-term pressure has shifted to the downside again even though any weakness is expected to encounter solid support at 1.1700 followed by the month-to-date low near 1.1660. 

GBP/USD: Bearish (since 07 Aug 17, 1.3045): Break below 1.2775 would shift focus to 1.2720.

Despite the perceived ‘diminished odds’ for further weakness, GBP lurched lower yesterday and edged below the July’s low of 1.2812 (overnight low of 1.2810). After languishing for several days, downward momentum has picked up again and the revised target of 1.2775 appears to be within reach. A clear break below this level would shift focus to 1.2720. On the upside, only a break of 1.2920 would indicate that the bearish phase that started on 07 Aug (spot at 1.3045) has ended

AUD/USD: Neutral (since 17 Aug 17, 0.7925): Break of rising trend-line could lead to a deeper decline.

AUD has been unable to make much headway on the upside after rebounding strongly from a low 0.7808 last week. The weak daily closing yesterday is enough to indicate that the mild upward pressure over the past several days has eased. From here, all eyes are on the rising trend-line support (connecting the lows of 0.7372 and 0.7570, see chart below) which is currently sitting at 0.7845/50 as a break of this level could presage a deeper decline below the 0.7808 low seen last week. At this stage, the odds for such a move are not high but would continue to improve unless AUD can move above 0.7960 in the next few days. On a shorter-term note, 0.7930 is already a strong resistance.

NZD/USD: Neutral (since 17 Aug 17, 0.7310): Break of 0.7235/40 would indicate a move below the month’s low of 0.7202.

After struggling to move above 0.7335 for the past several days, NZD dropped sharply yesterday to hit a low of 0.7274. The decline coupled with the weak daily closing has clearly shifted the pressure to the downside. The level to watch out for is at the trend-line support near 0.7235/40. This trend-line looks like the neck-line of a ‘head & shoulder’ formation and a break of this level would be a good indication that NZD is on the way to take to take out the July’s low of 0.7202 (next support at 0.7150). This scenario seems likely unless NZD can move above 0.7335 within these 1 to 2 days.

USD/JPY: Neutral (since 15 Aug 17, 110.10):  USD under pressure unless can reclaim 110.00.

The strong rebound from the support near 108.55/60 came as a surprise (this level was tested last Friday and on Monday but held both times). While the risk for further weakness has diminished, only a move back above 110.00 would indicate that the immediate downward pressure has eased. Until then, another attempt to challenge 108.55/60 is not ruled out just yet (even though this level is expected to continue to offer solid support). A move back above 110.00 would not change the current neutral outlook but USD is then expected to trade in a broad sideway consolidation range.  

Source: efxnews.com

lastest Articles

Market Analysis
Forex Week Ahead – Bring on Earnings Season
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Crude Oil Futures: Upside looks limited
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB’s Lagarde: Economic recovery would be constrained, uncertain and fragmented
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Gold eyeing $1,800, dollar mixed, as coronavirus, Hong Kong peg move markets
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Price Analysis: Holds steady above $1775 level, bullish bias remains
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BOJ to project economic recovery in report next week – Reuters
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Chinese optimism downs dollar as investors ignore US coronavirus, data eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – Economic Reopening Continues
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Stocks' strength, dollar downing face Non-Farm Payrolls test as Trump endorses masks
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BoE's Haskel: Activity appears to be coming back faster than anticipated
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Company News
GBP Bank Account
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Gold shines, markets look for direction after a successful Q2, ahead of busy start to Q3
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold eases below $1770 level, downside seems limited
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: Europe fights coronavirus and stuns the dollar
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Markets attempt to shrug off grim coronavirus developments
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – Jitters Continue into Busy Week
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US Dollar Index clings to gains near 97.50 ahead of data
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB’s Lagarde: Economic recovery will be a complicated matter
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold sticks to the positive outlook
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD Price Analysis: Focus now shifted to 1.1170
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Dollar dominates, gold shines as coronavirus rages in the US, triple data release eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD Price Analysis: Rising bets for a test of 1.1400 and beyond
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD recedes from tops above 1.1300
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold: Falling US Real Yields fuels bull trend towards new highs at $1921 – Credit Suisse
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Risk rides the Navarro rollercoaster, Eurozone/ UK PMIs, virus stats in focus
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BoE is seen increasing further the size of QE – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Risk-recovery back in play, US dollar recedes with second-wave virus fears
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – Markets play tug-of-war with Covid-19 concerns and reopening momentum
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Coronavirus, weak data outweigh reopening optimism, BOE, jobless claims eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB's de Guindos: Better if EU aid is distributed via grants rather than loans
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Price Analysis: XAU/USD slumps toward $1,710 on improving risk sentiment
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Dollar up as health, geopolitics replace consumer optimism, Powell, COVID-19 data eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold clings to modest daily gains, around $1730 area
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Double stimulus talk downs dollar ahead of Powell's power-play, US retail sales
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Coronavirus concerns trigger dollar domination, commodity currencies climb down
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – Market Recovery Under Threat?
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Houston, we have a problem, US coronavirus, Fed gloom, crash markets, consumers eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Obsessed
Killing Hope ( Before it Kills You )
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Euro Fails at Resistance as Federal Reserve Expands Lending Program
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Can the dollar lick its wounds? Fed speculation, geopolitics, and data eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD: Brexit, coronavirus and protests to pressure the pound
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold: The beginning of the end, $1600 by Q3
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Dollar looking for a new direction after the excellent Non-Farm Payrolls, Lagarde eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – The Recovery Continues
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: 1.1333 initial target reached, aims 1.1495 March peak – Commerzbank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Crude Oil Futures: Cautiously positive
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Risk-on mood continues downing the dollar and yen, will Non-Farm Payrolls change that?
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Breaking: ECB leaves key rates unchanged, expands PEPP by €600 billion
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB press conference: Lagarde speech live stream – June 4
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Dollar struggles to recover as US protests calm, data beats, all eyes on ECB stimulus
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: Room for further gains, albeit with a temporary retreat
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Price Analysis: XAU/USD drops back to $1720 amid risk-on rally in equities
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: US unrest? Stocks remain restless, extend surge, dollar dives to new lows, top NFP hints eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Price Analysis: XAU/USD finds resistance near $1,745, drops toward $1,730
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Russian oil output falls to 9.39 million bpd in May, close to OPEC+ goal – Interfax
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD: Brexit breakthrough and US demonstrations over George Floyd death to boost the pound
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – Sino-US Tensions Come to the Fore
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Crude Oil Futures: Look neutral near-term
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Only a correction? Dollar trying to lick its wounds amid Sino-American tensions
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Company News
Archiving Inactive Accounts & Server Boost
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Trump urges states to open ‘ASAP’ as Dow surges
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Price Analysis: Battle lines well-defined, can it break higher?
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Vaccine, Opening optimism overwhelms dollar, Sino-American tensions ignored (for now)
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: At risk of extending its slide
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Russia to temporarily ban oil product imports – Interfax
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Dollar in demand amid high Sino-American tensions, thin liquidity expected
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – Reopening Momentum and China in focus
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BOE’s Ramsden: It is reasonable to have an open mind on negative rates
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOMC minutes: Ready to pump in extra stimulus – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Oil prices tumble alongside global equities amid fears about China turbulence
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
PBoC keeps extra easing on the table – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US Dollar Index Price Analysis: Door open to further retracements
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Price Forecast: XAU/USD Rally Loses Steam
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US Crude Oil Stocks Change at -5 million barrels in week ending May 15
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold: Investors continue buying the yellow metal
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Dollar decline resumes after breather due to vaccine doubts, Fed remains in focus
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Powell speech: Continuing to look at ways to accommodate additional borrowers
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Reasons for the US dollar weakness
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Price Analysis: Needs to recapture $1,747 to resume rally
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
After two months, regulators remove short-selling bans
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: The downside is more appealing than the upside
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Play down Powell and risk-on, markets also ignore Sino-American tensions, gold shines
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – More Easing on the Way
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
UK: Major downgrade to the GDP forecast – ABN Amro
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
RBNZ: Rates on hold, QE expanded – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Dollar dominates after Powell's push back, darkening global clouds, ahead of claims
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EIA: US Crude Oil Stocks Change at -0.7 million barrels in week ending May 8
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Breaking: FOMC Chairman Powell says additional policy measures may be needed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Euro Latest: EUR/USD Could Break Lower, Powell Speech in Focus
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Oil storage crisis fading on global production cuts and recovering demand
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Fed's Bullard: Cannot continue economic shutdown for too long
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Price Analysis: Sustains the bounce above $1700 ahead of US CPI
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold trades with modest gains, just above $1700 mark
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US Dollar in Favour vs EUR/USD & GBP/USD, CHF Bulls Rise - COT Report
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Markets shrug off horrible US jobs data, Bitcoin tumbles ahead of halving, lockdowns eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – Reopening economies appear to be the only trade in town
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold retreats from daily highs, steadies above $1,710
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Oil: A drop in value does not mean it is a bargain
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
NFP: The worst report is the best for the US dollar
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Australia heads for worst GDP contraction since at least 1960
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613