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

USD JPY
USD traded lower against JPY and closed at 107.92
USD/JPY is currently trading largely unchanged on the day at 107.93, having faced rejection at 108.00 in Asia. The psychological resistance proved a tough nut to crack despite the uptick in the futures on the S&P 500.
According to the Analysis, pair is expected to find support at 107.88 and a fall through could take it to the next support level of 107.85. The pair is expected to find its first resistance at 108.00 and a rise through could take it to the next resistance level of 108.03.

USD CNY

USD traded higher against CNY and closed at 7.1218.
 
According to the Analysis, pair is expected to find support at 7.1192 and a fall through could take it to the next support level of 7.1146. The pair is expected to find its first resistance at 7.1344, and a rise through could take it to the next resistance level of 1.1390.
 
Important Economic Events of the Day

• JPY: Retail Sales m/m
• CNY: China Manufacturing Purchasing Managers Index (PMI)
• CNY: China Non-Manufacturing Purchasing Managers Index (PMI)
• GBP: United Kingdom Gross Domestic Product (GDP) q/qUSD: Pending Home Sales m/m

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

GBP USD

GBP traded lower against USD and closed at 1.2217.
 
GBP/USD remains within its 1.1950-1.2600 September range, but the downside looks vulnerable unless there is a surprise Brexit breakthrough, or a rout in the USD.
 
Since becoming PM, Johnson has been accused of talking to his Brexiteer electorate, rather than negotiating with the EU. His repetition of key phrases such as the 'surrender bill', used to describe the law making a hard Brexit illegal on Oct 31, is a case in point - this strategy was successful in the 2016 Brexit referendum.
 
Johnson insists the UK will exit the EU without a deal on Oct 31, but he committed in court to respect the law.
 
The GBP/USD pair now seems to have entered a bearish consolidation phase and was seen oscillating in a narrow band just above one-month lows set in the previous session. The incoming Brexit headlines might continue to influence ahead of FOMC meeting minutes.
 
According to the Analysis, pair is expected to find support at 1.2199 and a fall through could take it to the next support level of 1.2174. The pair is expected to find its first resistance at 1.2281 and a rise through could take it to the next resistance level of 1.2306.

EUR USD

EUR traded higher against USD and closed at 1.0954.
 
EUR/USD is reporting moderate gains, having defended key MA support. Fed's Powell said the central bank's balance sheet will expand again. American Dollar may find bids if the Fed minutes highlight growing split among policymakers.
 
According to the Analysis, pair is expected to find support at 1.0945 and a fall through could take it to the next support level of 1.0932. The pair is expected to find its first resistance at 1.0987, and a rise through could take it to the next resistance level of 1.1000.
 
Important Economic Events of the Day

• USD: Fed’s Chair Powell Speech
• USD: FOMC Minutes

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

EUR USD

EUR traded lower against USD and closed at 1.1169.
EUR/USD's may have a hard time extending preceding three week's rally, courtesy of warning Brexit optimism. The common currency may face selling pressure if the European Union announces retaliatory tariffs on imports from the US.
According to the Analysis, pair is expected to find support at 1.1150 and a fall through could take it to the next support level of 1.1146. The pair is expected to find its first resistance at 1.1164 and a rise through could take it to the next resistance level of 1.1168.

AUD USD

AUD traded higher against USD and closed at 0.6855

•          AUD/USD remains buoyant in Asia as hopes recede of an early RBA rate cut
•          Bolstered by last week's upbeat AU jobs data, increasingly gloomy US data
•          Australia home prices keep rising as auctions heat up in boost for economy
•          Chance of Nov rate cut pared back to just 17% compared to 34% a week ago

According to the Analysis, pair is expected to find support at 0.6842 and a fall through could take it to the next support level of 0.6839. The pair is expected to find its first resistance at 0.6854, and a rise through could take it to the next resistance level of 0.6857.

USD JPY

USD traded higher against JPY and closed at 108.42

Although 200-day SMA becomes the key upside for USD/JPY, the quote refrains from further declines while taking rounds to 108.50 during early Monday. The pair is seesaws around four day low.

According to the Analysis, pair is expected to find support at 108.32 and a fall through could take it to the next support level of 108.27. The pair is expected to find its first resistance at 108.50, and a rise through could take it to the next resistance level of 108.55.

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

EUR USD

EUR traded higher against USD and closed at 1.1021

• Early bounce on US data gives some relief to longs
• Pair heavy on safe haven flows but holds above 61.8 Fib of 1.0879-1.1180
• Daily RSI diverges & bull hammer forms, daily techs warn shorts
• Monthly RSI still falling, says downside momentum could resume
• Global growth concerns, soured risk could sink EUR/USD

• USD/JPY's breaks key props at 108.50 , close is key
• IMM USD/JPY specs long largely above 108 are at risk on 107.89/99 break
• Treasury yields sliding faster than JGBs, '20 Fed cuts pricing back in
• USD/JPY's topping formation reinforced by AUD/JPY's reversal
• Risk flows could change on a dime if trade deal gets completed, signed

• USD: Retail Sales m/m
• GBP: Retail Sales m/m
• NZD: Electronic Card Retail Sales m/m

Last edited by xtreamforex (11/15/2019 4:13 am)

Technical Overview of AUD/USD and NZD/USD Currency Pair
 
AUD USD
 
AUD traded higher against USD and closed at 0.6777.
 
FED Chair Speech affects USD depending on the speech rhetoric. If the speech is seen as an intention to raise the rates at the next FOMC meeting, this has a positive impact on USD and vice versa.
 
The FED Chair's statements have the greatest impact on the market compared to other members of the FED Board of Governors.
 
Reserve Bank of Australia (RBA) Governor Speech may contain information about the expected change in the bank's interest rates or in the monetary policy.
 
The Aussie dollar, a G-7 proxy for China, is not impressed by reports of US-China trade talks gaining momentum. AUD/USD failed to take out key average hurdle despite renewed trade optimism. RBA's Debelle said slower wage growth is a new norm in Australia.
 
According to the Analysis, pair is expected to find support at 0.6769 and a fall through could take it to the next support level of 0.6761. The pair is expected to find its first resistance at 0.6793 and a rise through could take it to the next resistance level of 0.6801.
 
NZD USD
 
NZD traded higher against USD and closed at 0.6416.
 
Retail Sales m/m reflects a change in New Zealand's retail sales in the reported month compared to the previous one. The calculation is adjusted for inflation. The index is often referred to as the consumer spending indicator, which allows assessing inflation in New Zealand. The indicator growth can have a positive effect on NZD quotes.
 
Consumer Confidence Index displays the level of consumer confidence in the stability of the country's economy. It is based on the data from the monthly survey of more than 5000 households and is designed to evaluate the relative financial status, purchasing power and confidence of an average consumer. The survey consists of five questions, two of which are associated with the current economic conditions, while three deal with expectations. Since 60% of the survey has to do with expectations, the indicator is considered to be a leading market indicator. The indicator growth assumes an increase in consumer spending.
 
•             NZD/USD is facing pullback risks after multiple failures at the 100-day MA hurdle.
•             A close above the key average will likely invite stronger buying pressures.
 
According to the Analysis, pair is expected to find support at 0.6400 and a fall through could take it to the next support level of 0.6392. The pair is expected to find its first resistance at 0.6426, and a rise through could take it to the next resistance level of 0.6434.
 
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