Technical Overview of EUR/USD and USD/CAD Currency Pair 

EUR USD 

EUR traded higher against USD and closed at 1.1096. 

• EUR/USD is gaining ground on broad-based dollar selling.
• The pair is closing on a crucial trendline hurdle at 1.1140.
• With gold rising amid trade optimism, a breakout looks likely. 

The easing of trade tensions is good news for Germany. The 18-month US-China trade war had pushed the Eurozone's manufacturing powerhouse and biggest economy to the brink of recession
. 
As a result, the dollar could continue to lose ground in Friday's European session – more so, as the equity market buoyancy is expected to continue with Amazon, the e-commerce giant, reporting record holiday season. 

According to the Analysis, pair is expected to find support at 1.1087 and a fall through could take it to the next support level of 1.1080. The pair is expected to find its first resistance at 1.1107 and a rise through could take it to the next resistance level of 1.1114.

 USD CAD 

USD traded lower against CAD and closed at 1.3121.
 
• USD/CAD on track for a test below 1.31 the figure on the firm commodity complex
.• Phase-one trade deal between the US and China is in the making, supporting commodity currencies.

 Funds are under pressure as the commodity complex catches a bid on the so-called 'phase-one' trade deal that is scheduled to be signed in January between the US and China. 

 The trade, ownership and technology practices of Chinese companies for the past two decades will not vanish overnight, nor will optimism of US and Canadian executives return with two signatures.   

According to the Analysis, pair is expected to find support at 1.3100 and a fall through could take it to the next support level of 1.3087. The pair is expected to find its first resistance at 1.3144, and a rise through could take it to the next resistance level of 1.3157. 

Important Economic Events of the Day 

• JPY: Retail Sales m/m
• USD: EIA Crude Oil Stocks Change
• USD: Baker Hughes US Oil Rig Count
• GBP: Nationwide HPI m/m 

More information about the release time of news and its impact visit Economic Calendar Page! 

Last edited by xtreamforex (12/27/2019 3:47 am)

Technical Overview of EUR/USD and GBP/USD Currency Pair

EUR /USD

EUR traded lower against USD and closed at 1.1193
 
The market is well placed to retest resistance at 1.1197- 1.1240 – namely the 55 week ma, the 2019-2020 down channel and the recent high. This guards the 200 week ma at 1.1360 which continues to represent a critical break point medium term.”
 
“Dips lower are well supported by the 55 and 20 day ma at 1.1095/1.1065 and the 3 month uptrend at 1.1045.”
“Failure at the uptrend would target the 1.0981 29th November low.”

According to the Analysis, pair is expected to find support at 1.1167 and a fall through could take it to the next support level of 1.1156 The pair is expected to find its first resistance at 1.1205 and a rise through could take it to the next resistance level of 1.1216.

GBP/ USD 

GBP traded higher against USD and closed at 1.3167
 
“We look for dips lower to remain well supported by the 55 day ma at 1.2987. The low on the 23rd December was 1.2908 and while above here we will assume an upside bias to retest the December high at 1.3515.”
 
“The December high at 1.3515 guards the September 2017 high and 38.2% retracement (of the move down from 2014) at 1.3658/68. This guards the more important 1.3918 2007 -2020 downtrend.”
 
According to the Analysis, pair is expected to find support at 1.2841 and a fall through could take it to the next support level of 1.2604. The pair is expected to find its first resistance at 1.3461, and a rise through could take it to the next resistance level of 1.3607.

Important Economic Events of the Day

• EUR Retail Sales m/m.
• EUR Retail Sales y/y.
• GBP 10-Year Treasury Gilt Auction.
• USD Trade Balance.

Last edited by xtreamforex (7/20/2021 2:37 am)

Technical Overview of EUR/USD and USD/JPY and Currency Pair
EUR USD

EUR traded higher against USD and closed at 1.1094

• Touch softer - closed up 0.05% after recording a fresh 1.1076 Jan low
• UK to set out goals for EU trade talks - PM Johnson's spokesman
• Charts show momentum studies, 5, 10 & 21 DMAs edging lower - negative setup
• 1.1080/85, 61.8% of the Nov-Dec bounce and Jan double bottom held on close
• Sustained 1.1075 break a bearish signal, next stop 1.1042 76.4% Nov-Dec rise
• 1.1113, 38.2% of the January dip and 5 DMA is initial resistance
• 1.1100 350M, 1.1125 230M, and 1.1140-50 1.5BLN strikes cap

• USD/JPY extends the recent losses despite BOJ holding its monetary policy intact while keeping forward guidance on interest rates intact.
• News of corona virus outbreak recently triggered risk-off; trade-positive news from the Chinese Commerce Ministry failed to please buyers.
• Geopolitical plays in the Middle East, trade headlines will welcome the US traders returning from the extended weekend.

• JPY BoJ Interest Rate Decision
• JPY BoJ Press Conference
• GBP Claimant Count Change
• EUR ZEW Economic Sentiment Indicator

Last edited by xtreamforex (7/20/2021 2:37 am)

Technical Overview of AUD/USD and USD/JPY Currency Pair
AUD/USD
·         AUD traded Higher against USD and closed at  0.6686
 
AUD/USD sustains the bounce above 0.6700 amid mixed Australian NAB Business Survey and Home Loan data. The spot draws support from a risk-on rally in the Asian stocks, as coronavirus fears take a back seat. 

• AUD/USD is reporting marginal gains despite below-forecast NAB data. 
• The 14-day RSI is reporting a bullish divergence. 
• Australia's Home Loan data bettered estimates by a big margin. 
• That alongside the uptick in the equities could help the Aussie eke out notable bounce. 
•  
• According to the Analysis, pair is expected to find support at 0.6673 and a fall through could take it to the next support level of 0.6663. The pair is expected to find its first resistance at 0.6703 and a rise through could take it to the next resistance level of 0.6713.

USD/JPY

• USD/JPY holds onto recovery gains from 21-day SMA.
• A sustained break of monthly high will divert the bulls towards the yearly top.
• 200-day SMA acts as key support.

• GBP  Manufacturing Production m/m
• GBP  GDP q/q
• GBP  GDP m/m
• GBP  GDP 3m/3m

Last edited by xtreamforex (7/20/2021 2:38 am)

Technical Overview of USD/JPY and AUD/USD Currency Pair
USD JPY

USD traded lower against JPY and closed at 110.42

USD/JPY stalls its bounce near 110.40 regions and meets fresh supply over the last hour, as the risk-off sentiment intensifies amid rising coronavirus risks and knocks-off the US 10-year Treasury yields to a new record low just above the 1.30% level.
•             USD/JPY printed a bullish inside day candlestick pattern on Wednesday.
•             The pair could find bids and challenge resistance at 110.70-111.00.
•             USD/JPY: Bulls and bears jostle below 111.00 amid coronavirus fears
•             USD/JPY fails to hold onto the previous day’s recovery gains.
•             Traders smell fears in the US President Donald Trump’s measured comments.
•             Coronavirus updates keep the risk-tone under pressure; US data will decorate the economic calendar.
•             USD/JPY drops back towards 110.00 as US 10-year Treasury yields hit record lows
According to the Analysis, pair is expected to find support at 110.18 and a fall through could take it to the next support level of 110.05. The pair is expected to find its first resistance at 110.62, and a rise through could take it to the next resistance level of 110.75.
 
AUD USD
[size=100]AUD traded higher against USD and closed at 0.6543.[/size]
AUD/USD extends the bounce above 0.6550 after Australia's Q4 Capex data release. The headline number missed forecasts; however, estimates for 2020/21 bettered expectations. The risk-off tone in the markets could cap the further upside in the spot.
 
•             AUD/USD looks oversold as per the daily chart RSI.
•             The 4-hour chart RSI is reporting a bullish divergence.
•             The broader trend remains bearish with the pair stuck in a falling channel.
•             AUD/USD may witness a corrective bounce as technical charts are signaling seller exhaustion.
 
The 4-hour chart RSI has charted higher lows, contradicting lower lows on price. That bullish divergence indicates the bearish momentum has ebbed. The inverted hammer seen on the 4-hour chart is also echoing similar sentiments.

According to the Analysis, pair is expected to find support at 0.6540 and a fall through could take it to the next support level of 0.6524. The pair is expected to find its first resistance at 0.6590 and a rise through could take it to the next resistance level of 0.6606.

More information about the release time of news and its impact visitEconomic Calendar Page!

Last edited by xtreamforex (7/20/2021 2:38 am)