Highlight of the Day: Due to Geo Political Risk Spikes EUR and the Pound Remain in the Spot Light
Economic information is probably going to possess a comparatively muted impact on the majors through the day, with heightened geo-political risk to drive the EUR and also the GBP.
Earlier in the Day:
Economic data discharged through the Asian session this morning was on the lighter aspect yet again, with key stats restricted to Gregorian calendar month business confidence figures out of Australia.
For the Aussie Dollar, October’s NAB Business Confidence Index stood at 4, easing by 2 points from September’s 6.
• The business conditions index also fell by 2 points to +12, with business conditions holding well above the average, while business confidence sits below the average.
• October’s decline was attributed to the employment component
The Aussie Dollar moved from $0.71701 to $0.71736 upon release of the figures before rising to $0.7180 at the time of writing, a gain of 0.10% for the session.
Elsewhere, the Japanese Yen was up 0.11% to ¥113.71 against the U.S Dollar, with the Kiwi Dollar up 0.21% to $0.6724, the Kiwi Dollar finding support in spite of the risk off sentiment across the broader market, with the Asian equity markets on the slide following the overnight losses in the U.S.
The Day Ahead: For the EUR, economic data consist of finalized October inflation figures out of Germany that are unlikely to have a material impact on the EUR and November economic sentiment numbers out of Germany and the Eurozone, with influence hinged on the Italian Coalition government’s budget submission, which will remain the markets main area of focus.
The deadline is today and uncertainty has tanked the EUR over the last week, the EUR having fallen from $1.14 levels to $1.12 levels.
At the time of writing, the EUR was up 0.13% to $1.233, with noise from Italy and Brussels the key driver for the EUR through the day.
For the Pound, it’s a busier day on the data front, with key stats scheduled for release this morning including September’s wage growth and unemployment rate and October’s claimant count figures.
While the numbers traditionally have a material influence on the Pound, we can expect a relatively muted response this time around, with focus remaining on Brexit through the day, the Pound joining the EUR on a slide, with market jitters over a Brexit no deal weighing.
At the time of writing, the Pound was up 0.11% to $1.2863, with Brexit news the key driver through the day.
Across the Pond, there aren't any material stats regular for unleash, that leaves Capitol Hill because the key driver, whereas market sentiment towards Brexit and therefore the Italian government may offer more support for the dollar through the day ought to the wires deliver additional dangerous news.
At the time of writing, the dollar Spot Index was up zero.05% to 97.586, with Capitol Hill and geo-political risk in Europe remaining focus through the day.
For the Loonie, with another quiet day on the economic calendar front, fossil oil can still offer direction, with OPEC’s monthly report regular for unleash within the early afternoon.
The Loonie was up zero.09% to C$1.3235 against the U.S dollar at the time of writing, with fossil oil costs the key driver through the day.
Ahead of EZ CPI Today EUR/USD Moved off the Daily Highs While Brexit Continues to Weigh
EUR/USD was packed down all night over Brexit turmoil with UK ministers quitting their positions in protest to PM May's negotiated deal with the EU that successfully does not get together the UK's electorate's vote. 1. Technical Overview
The EUR/USD pair trades slightly up for the day, above the 38.2% retracement of its newest daily decline, with a gentle-positive tone in its 4 hours chart, as the price bounced rapidly after testing its 20 SMA, while technical indicators resumed their advances, maintaining their upward slopes in positive ground but under early highs. Furthermore, the pair remains below firmly bearish 100 and 200 SMA. The 50% retracement at 1.1355 is still in the way for a steeper improvement, while the bearish risk will enhance on a break below 1.1250, with scope then to retest the yearly low at 1.1215.
Support levels: 1.1280 1.1250 1.1215
Resistance levels: 1.1355 1.1390 1.1425
EUR/USD PRICE SENTIMENT TREND INDEX OB/OS INDEX VOLATILY INDEX
15M Bearish Neutral Low
1H Bullish Neutral Low
4H Bullish Neutral Shrinking
1D Strongly Bearish Neutral Low
1W Strongly Bearish Oversold Expanding
2. Fundamental Overview
The financial world was once again all about the UK and Brexit. Macroeconomic numbers received little consideration and had still less effect on prices. The EUR/USD pair has spent the day trading a few pips either side of 1.1300 level, not capable to create a center of attention from investors. The pair was not yet influenced by some market talks recommending that Italian chief economic advisor, Claudio Borghi, indicated that it was the EU that used made-up numbers to judge Italy's budget and not the other way around, adding that if the League party gets a popular in the next elections, Italy will be the next exiting the EU. There were numerous macroeconomic releases in the US but with mixed results that left depositors clueless. There were some headlines indicating that China made an offer to the US to try to move forward in trade discussions, which helped high yielding assets bounce from daily lows.
US Retail Sales were up by 0.8% MoM in October, beating expectations of 0.5%, even though the September figure was downwardly revised to -0.1%. The core reading, named Retail Sales Control Group was up by 0.3%, below the expected 0.4%. Unemployment claims for the week ended November 9 were up to 216K vs. the 212K expected. Also, the NY Empire State Manufacturing Index beat expectations by printing 23.3, while the Philadelphia one disappointed with 12.9. This Friday, the EU will publish the final readings of October inflation, foreseen up 0.2% MoM and 2.2% YoY, while the US will release October Industrial Production and Capacity Utilization.
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The combination of the tame inflation report, comments from Fed Chair Powell on cooling international demand and the dovish comments from Fed Vice Chair Clarida defining that the Fed is acquiring closer to neutral, are all signs the Fed may slow its speed of rate treks and this should be bearish for the U.S. Dollar.
Last week, the U.S. Dollar stopped up lower against a basket of the currencies. Nevertheless, it wasn’t a regular weakness, it was a technical finishing price exchange top, which means the selling was sober. If proved this week, we could see begin of a two to three-week rectification. Additionally, if the selling demands makes physically powerful over the near-term, we could even see alteration in trend to down.
Last week, the December U.S. Dollar Index settled at 96.333, down 0.401 or -0.41%.
Even though it is frequently said, that technical analysis precedes the fundamentals, this time the probably bearish chart example appears to be working in sync with a change in the fundamentals.
For years, we’ve read that the dollar is being supported by the difference of opinion in economic policy between the hawkish U.S. Federal Reserve and the dovish central banks. In other words, rising U.S. interest rates at a time when several central banks are still holding rates at historically low levels, have made the dollar a highly desirable asset.
We’ve also read that at times, the dollar was being treated as a safe-haven asset. The “go to” asset throughout times of financial pressure. This has been a well-liked asset theme in 2018 because of the heightened volatility in the stock market, political uncertainty in Washington and geopolitical indecision over Brexit and the simmering tension between Italy and the European Union. Moreover, the pressure created from the remaining trade dispute between the United States and China, has also illustrate investors into the relative safety of the U.S. Dollar.
Dollar fight backs at 16-month High
Early last week, the U.S. Dollar hit a 16-month high against a basket of currency. The move happened without much fanfare because investors have gotten used to the stronger dollar. The early rally was fueled by safe-haven flows ignited by political uncertainties in Europe and fears of an international financial brake.
The headlines told us that investor self-confidence had been eroded by “bitter trade tensions between the United States and China, fears of a no-deal Brexit, and a confrontation between Rome and Brussels over Italy’s deficit-deepening financial statement.” Three Factors Pressurethe d U.S. Dollar Last Week
The dollar index started strong on Monday, but many investors discounted the move because it was a U.S. holiday. Tuesday, the dollar index came to an end lower but inside the preceding day’s range. On Wednesday, the selling started. This move set the tone for the rest of the week.
What happened Wednesday that changed investor response?
Inflation May Not Be Overheating
The administration reported that U.S. consumer prices amplified by the majority in nine months in October. The report showed that the increase was supported by increase in the price of gasoline and rents. This further supported the conception that progressively rising inflation would likely keep the Federal Reserve on track to raise interest rates again in December.
Despite this potentially bullish news, the dollar finished lower. The reason for this was the news was stale. It didn’t reproduce the slouch in crude oil and gasoline prices. So moving further, we expect to see overall inflation slow in the months ahead. This news may also be a suggestion that inflation is not overheating. It may also put less pressure on the Fed to raise rates forcefully in 2019.
Powell Sees Risks Ahead
Comments from Federal Reserve Chairman Jerome Powell may have also weakened the U.S. Dollar. He said on November 14 that the financial system is performing well, but he sees potential risks in front. These risks contain a hold up in worldwide growth, the fading impact from tax cuts and the cumulative weight of the Fed’s own tightening financial policy.
Fed’s Clarida May Have Sealed Dollar’s Fate
On Friday, the dollar index chop down further, leading to the lower weekly close. The greenback sold off after Fed Vice-Chair Richard Clarida cautioned on global growth. Clarida said the Fed is getting closer to neutral and that there is “some evidence” that the international financial system is slowing.
The outlook for Dollar Bearish
The combination of the tame inflation report, comments from Fed Chair Powell on cooling global demand and the dovish comments from Fed Vice Chair Clarida stating the Fed is getting closer to neutral, are all signs the Fed may slow its pace of rate hikes and this should be bearish for the U.S. Dollar.For More information visit :-https://www.xtreamforex.com/academy/...op-u-s-dollar/
---------- Post added 11-20-2018 at 08:36 AM ---------- Previous post was 11-19-2018 at 09:01 AM ----------
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---------- Post added at 08:44 AM ---------- Previous post was at 08:36 AM ----------
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---------- Post added 11-21-2018 at 08:33 AM ---------- Previous post was 11-20-2018 at 08:44 AM ----------
EUR Breaks Support Amid broader Italian spreads and Firmer USD - US Market Open
MARKET IMPROVEMENT – USD Hits Best heights of the Day, while the Euro breaks through hold up
USD: The US Dollar has scratched back near the beginning losses to trade higher by 0.2%. As US equity markets go on with to plunge, bringing US surrenders and Fed rate hike expectations lower, the outlook for the US Dollar is softening. As it stands, market pricing for a December hike is at 72%, down from the +80% seen a few weeks back. Together with this, given the crowded net long positioning, the US Dollar is susceptible to extra losses. As mentioned last week, USD bearish bets may be best uttered through USDJPY shorts.
EUR: The Euro is on the edge at session lows, plunging under 1.14, having failed in front of the 1.15 handle. Fresh 2018 wide bond spreads between Italy and German has played an issue in the bearish price action seen this morning. The indecision regarding Italian government is set to amplify as tomorrow will see the EC provide their estimation on the Italian financial plan and given that little in the budget has been amended, it is possible that the EC will carry out an “extreme debt procedure”.
AUD / NZD: The sell-off across risk assets has seen the Australian Dollar under pressure with the currency sitting at 0.6850, down 0.4%. On the other hand, regardless of the throw in equity markets the Kiwi has not followed the Aussie and has been amazingly firm with notable selling in AUDNZD potentially explaining the Kiwi positive aspect.
Crude Oil: Ahead of the bi-annual OPEC meeting on December 6th, opportunities have been developing that the cartel will look to cut oil output (by roughly 1-1.4mbpd) in order to put off oversupply given the slowing demand increase, coupled with the surge in oil manufacture by the US (currently producing at a record 11.7mbpd). On the other hand, the rebound in oil prices had been short-lived as Russia stated that they would want to take a wait-and-see approach with regard to a potential supply cut. Since this statement by Russia, oil prices are off 1% as the need of cooperation from Russia dents sentiment in the energy complex, suggesting that the market is not buying the current plan by OPEC. For OPEC’s plan to lift oil prices, Russian involvement is needed to increase its impact. For more updates visit us :-https://www.xtreamforex.com/academy/...s-market-open/
Retail Sales Does Not Get Affected from Holiday Even, Increase in the Prices of Natural Gas, Economical Gasoline
I think Trump could cause the begin of a Santa Claus rally to save his management and enhance his re-election probability as early as December 1 if he hits a buy and sell deal with China at the G-20 summit in Argentina.
There are no major earning reports of major earning report as The U.S. financial market is closed for business on Thursday for the Thanksgiving holiday. This is expected to go ahead to a low volume directionless trade in the Forex markets. The banks in Japan are also on holiday, adding more to hopes of light trading and well-below average volatility.
On the other hand, even with the holiday, one can’t get away the markets. At some time throughout this short break you will be thinking about Black Friday retail sales, rising natural gas prices, low-priced crude oil and gasoline and a possible Santa Claus rally.
Focus Will be on Retailers
Although U.S. trading will resume on Friday, number and volatility are likely to be limited a second day, which is distinctive at the start of the more than month-long holiday period. Tomorrow is also Black Friday, which is a very essential day for U.S. retailers. The name says it all. It’s called Black Friday because sales are often large sufficient to make a business profitable, or put a retailer “in the black” for the year.
Being “in the black” is very essential this year to U.S. retailers. Just ask Sears, which is on the brink of bankruptcy. We all saw what take placed in the U.S. stock markets on Tuesday. The Dow dropped over 500 points and turned negative for the year. Traders said one of the factors driving the blue chip average lower was an earnings miss by U.S. retailer objective.
Target shares fell 10.5 percent after reporting weaker-than-expected earnings for the preceding quarter. The company also posted lighter-than-estimate same-store sales, which is a key metric for retailers.
The Target news broadens transversely the U.S. Retail sector rather speedily sending the SPDR S&P Retail ETF (XRT) down 3.4 percent. Other retailers like Kohl’s, L Brands and Macy’s also fell 9.2 percent, 17.7 percent and 3.4 percent, correspondingly.
So if you’re looking for the next event that could make or break the stock market into the end of the year, watch the Black Friday sales results.
Record Cold Could Limit Retail Sales in the East
If you live in the northern U.S. particularly on the East Coast then your option will be to shop or stay indoors. If you choose to shop then you’ll be helping the economy. If you choose to stay at home then you’ll be enjoying the heat created by costly natural gas.
Heating costs are expected to increase sharply this winter because natural gas inventories are well below their one-year and five-year averages. Additionally, winter has arrived weeks earlier this year, putting supply issues at the forefront.
Will There Be a Santa Claus Rally in the Stock Market?
I have not eliminated a Santa Claus Rally in the stock market just yet. Given the results of the mid-term elections, President Trump’s endorsement numbers, the threat of accusation, the Mueller investigation and warnings about a recession, I think Trump could trigger the start of a Santa Claus rally to save his presidency and increase his re-election chances as early as December 1 if he hits a trade deal with China at the G-20 summit in Argentina.
AUD/USD Technical Analysis: Cutting Away at the 100-Day SMA Resistance Line
• The AUD/USD is attempting a break higher than the 100-day simple moving average (SMA) obstacle of 0.7247, having bounced off strongly from the bullish (ascending) 20-day SMA of 0.7226 earlier today.
• The strong jump from the 20-day SMA has indeed neutralized the bearish outlook put forward by the rising channel breakdown witnessed on Nov. 20.
• A bullish restoration, however, would be authenticated above 0.73 (the neckline hurdle of the inverse head-and-shoulders pattern). That move could happen if the international equity markets trade on the offensive, as recommended by the 0.5 percent rise in the S&P 500 futures in Asia.
• The daily MACD has deviated in support of the bears. As a result, the probability of pair confirming bullish revival above 0.73 in the short-term is pretty low.
Trade War Rhetoric and Brexit Chatter to maintain the USD and GBP in Action
Trump talks of more tariffs as the G20 Summit come up to, with Brexit chatter ongoing to pin the Pound back on probabilities of the deal being thrown out.
Earlier in the Day:
Economic data discharged through the Asian session this morning was restricted to October trade figures out of New Zealand.
For the Kiwi Dollar, there was more bad news following some mainly disappointing 3rd quarter retail sales figures released on Monday, with the trade shortage widening in October, year-on-year, from NZ$5,330m to NZ$5,790m, which is the highest annual trade deficit since October 2007.
According to NZ Stats:
• Monthly introduces hit a record NZ$6.2bn in October, rising above September’s preceding record high NZ$5.9bn, the continued rise featured to higher prices for crude oil and a pullback in the Kiwi Dollar.
• Import values for October were NZ$758 (14%) higher than in October 2017, with the increase spread across a range of commodities, through petroleum and producers were the main contributor, up NZ$257m (68%).
• On the export front, total exports rose by NZ$303m (6.6%) in October to NZ$4.9bn compared with October 2017, with exports sitting at their highest level for any October month.
• The increase in exports was attributed to fruit exports (NZ$204m) and kiwifruit exports in particular (NZ$112m).
• The monthly trade insufficiency narrowed from NZ$1.596m to NZ$1.205m, which was inferior than a forecasted narrowing to an NZ$850m deficit.
At the time of writing, the Kiwi Dollar moved from $0.67734 to $0.67694 upon discharge of the figures before falling to $0.67761, marking a 0.13% loss for the session.
Elsewhere, the Japanese Yen stood at ¥113.43 against the U.S Dollar, a gain of 0.13% for the session, while the Aussie Dollar was down 0.03% to $0.7219, talk of Trump going at the forefront with the January 1st, 2019 tariffs a negative start to the day to weigh on risk appetite.
In the equity markets, the Hang Seng saw red early on, down 0.49%, while the rest of the majors held onto early gains, the Nikkei and CSI300 both up by 0.09%, while the ASX200 gained 0.36%, moderately reversing Monday’s slide, with the gains in the U.S and Europe providing little support ahead of the G20, as Trump lay’s down the fundamentals to trade talks with more tariff chatter at the start of the week.
The Day Ahead: For the EUR, economic data is limited to jobseeker numbers out of France that are unlikely to have a material impact on the EUR through the day, with focus likely to remain on Italy and general outlook towards the economic outlook, which could cause the ECB to pause on its financial policy plans for next year should conditions go down further.
At the time of writing, the EUR was up 0.03% to $1.1331, with geo-political risk and chatter on Italy the key drivers through the day.
For the Pound, it’s another quiet day on the data front, leaving the markets to continue to focus on Theresa May and her progress on home soil to convince MPs to shift on their current stance on the deal to drive through the Brexit deal in the announced 11th December parliamentary vote, the current vote count going heavily against Theresa May’s widely criticised deal.
At the time of writing, the Pound was down 0.14% at $1.2809, with Brexit news the key driver through the day.
Across the Pond, economic data released through the day incorporates September housing sector figures and November’s consumer self-assurance numbers.
While focus will likely stay behind on the consumer confidence numbers, which comes in the wake of the mid-term elections and a choppy period in the U.S equity markets, in housing sector number we will also anticipate some Dollar sensitivity, weaker house price development likely to consider on the Dollar.
On the policy front, FOMC members Bostic and George are planned to verbalize late in the day that could also manipulate, any continued increase in dovish FOMC members positively not supportive of a bullish Dollar.
At the time of writing, the Dollar Spot Index was down 0.01% to 97.06, with today’s stats and any trade war chatter ahead of Friday and Saturday’s G20 Summit likely to be the key drivers through the day.
For the Loonie, another quiet day ahead, leaves the Loonie in the hands of market risk appetite and direction in crude oil prices in particular.
The Loonie was down 0.04% to C$1.3260 against the U.S Dollar at the time of writing.
---------- Post added 11-28-2018 at 08:06 AM ---------- Previous post was 11-27-2018 at 08:25 AM ----------
Attention again goes in Put Options (Bearish Bets) as Gold Hits its 12-Day Low
Gold's price knock down to 12-day lows during the night trade, indicating an end of the corrective bounce from $1,196.
This Price Drop of Gold seems to have revived interest in Put Options.
• Gold knock down to $1,212 in the overnight trade - a point last seen on Nov. 16 - as the greenback picked up a bid on hawkish comments by Fed's Vice Chair Clarida.
• Notably, the drop to 12-day lows point towards the counteractive bounce from the Nov. 13 low of $1,196 has likely ended at $1,230 and the bears have reclaimed control.
• Adding credence to that view is the increase in implied instability premium for the XAU put options. As of writing, the XAU/USD three-month 25 delta risk turnarounds are trading at -0.125 in support of puts vs 0.325 in support of calls seen on Nov. 26
• The negative reading point towards the implied instability premium (or demand) for put options is more than that for calls.
• So, it appears safe to say that the options market has rotated bearish on the yellow metal. In other words, investors are likely expecting a deeper fall in gold and hence are buying downside defense.For more updates visit us at:-https://www.xtreamforex.com/academy/...ts-12-day-low/
---------- Post added 11-29-2018 at 07:54 AM ---------- Previous post was 11-28-2018 at 08:06 AM ----------
In Previous Three Days USD/JPY Hits Lowest Price Below 113.50
The USD/JPY pair recommenced its decline and breaks the 113.50 support in the Asian trading, as the USD bears recovered poise amid dovish remarks by the Fed Chair Powell while markets pay no attention to the risk-on action on the equities.
1. Technical Overview
The increasing momentum seen in the last few days continues easing according to technical readings in the 4 hours chart, where signs are in frank retracement straight from overbought readings and now nearing their midlines. The 100 SMA in the mentioned chart lacks directional force a few pips under the current level, at around 113.35, providing an instantaneous short-term support, as a break below it will likely worsen the decline. The 200 SMA is also aimless at around 112.90, with bulls possibly giving up on a break below this last.
Support levels: 113.35 112.90 112.55
Resistance levels: 113.75 114.05 114.50
SUPPORT & RESISTANCE USD/JPY
S1 113.720 W R3 115.870 S
S2 112.9000 M R2 114.8800 M
S3 111.9100 S R1 113.9600 W
---------- Post added 11-30-2018 at 07:38 AM ---------- Previous post was 11-29-2018 at 07:54 AM ----------
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According to analysis, The EUR/USD fell close to 90 pips on Friday, counteracting the bullish view put ahead by the outside-day reversal. That bearish move has founded Thursday's high of 1.1402 as the level to beat for the bulls, that is, the rally from the Nov. 28 low of 1.1267 is seen resuming above 1.1402.
Today Last Price: 1.1352
Today Daily change: 30 pips
Today Daily change %: 0.265%
Today Daily Open: 1.1322
GBP/USD GBP/USD Technical readings in the chart continue the risk twisted to the downward, as the pair is developing far under moving averages, while the RSI pointer resumed its decline, now gaining descending traction at around 42. The risk of a descending extension will add on a break below 1.2724, November 27th daily low.
Support levels: 1.2725 1.2690 1.2665
Resistance levels: 1.2770 1.2805 1.2840
According to Technical Readings the USD/JPY pair pared back increases to close the bullish opening gap, now roundabout near 113.55 regions on distinguished US dollar supply, as the US-China trade break boosts the demand for the riskier currencies.
Support levels: 113.20 112.90 112.55
Resistance levels: 113.60 114.05 114.50
---------- Post added 12-04-2018 at 07:48 AM ---------- Previous post was 12-03-2018 at 07:53 AM ----------
Cryptocurrency Market Overview: Bitcoin is running toward Multi Month Lows
• Bitcoin is down 3.4% after a sharp sell-off on Monday. • Altcoins are pulled down by Bitcoin underperformance.
• Bitcoin and other major digital assets continued the downside drift on Monday with a little break during Asian hours on Tuesday. The total market value of all digital coins in transmission dropped to $126B from $130B the day before. The green shoots of revitalization have died away amid resumed bearish feelings.
• Bitcoin is floating at $3,833 at the time of writing. While the price of the major digital coin has hardly changed since the beginning of Tuesday, it is 3.4% under the levels registered this time on Monday. BTC/USD is running fast towards multi-month low under $3,500.
• Ethereum stays at $107.7, over 4% lower on a day-to-day basis and remains same since the beginning of Tuesday. The third largest coin with a market value of $11.2B is awkwardly close to a significant $100.00. The coin is dragged down by Bitcoin deficit and overall bearish sentiments that grasped the market.
• Ripple's XRP is floating around $0.3500 handle, down 3.5% in recent 24 hours. The coin goes down as low as $0.3465 throughout early Asian hours but handled to improve since that time amid short-term bullish trend. However, the upside momentum is too weak to take the price well above the current $0.3500. For more information visit us:-https://xtreamforex.com/academy/cryp...ti-month-lows/
Technical Overview of EUR/USD, GBP/USD and USD/JPY Currency Pairs
The EUR traded lower against the USD and closed at 1.1341
The positive momentum in high-yielding assets triggered by weekend news related to the trade war was faded throughout the day, with most major indexes closing in the red.
Need to monitor ECB president Draghi’s Speech and its impact on the prices of Eur.
According to the Analysis, The pair is expected to find support at 1.13005, and a fall through could take it to the next support level of 1.12572. The pair is expected to find its first resistance at 1.14000, and a rise through could take it to the next resistance level of 1.14586. Precious Day range was 99.5 and Current Day Range is 23.1
The GBP traded lower against the USD and closed at 1.2711, after the Services Purchasing Managers' Index (PMI) is a diffusion index incorporating survey results provided by firms in the services sector throughout the country. According to the news, reading is above fifty which means service sector is expanding, but lower than expected forecast (53.3, 52.2) which is bearish for GBP.
The pair is expected to find support at 1.2686, and a fall through could take it to the next support level of 1.2669. The pair is expected to find its first resistance at 1.28122, and a rise through could take it to the next resistance level of 1.29147.
GBP/USD previous Day range was 180.1 and Current Day Range is 40.1
The USD strengthened 0.22% against the JPY and closed at 112.771.
The Japanese Yen has benefitted this week from a surge in risk aversion which has seen USD/JPY retreat all the way back down to the dominant uptrend line.
The pair is expected to find support at 112.343, and a fall through could take it to the next support level of 111.908. The pair is expected to find its first resistance at 113.422, and a rise through could take it to the next resistance level of 114.078.
---------- Post added 12-06-2018 at 08:50 AM ---------- Previous post was 12-05-2018 at 10:16 AM ----------
Technical Overview of EUR/USD, AUD/USD and USD/CAD Currency Pairs
The EUR traded a bit lower against the USD and closed at 1.1344
Need to monitor Fed’s Powell Speech and its impact on the prices of USD.
According to the Analysis, The pair is expected to find support at 1.13157, and a fall through could take it to the next support level of 1.12876. The pair is expected to find its first resistance at 1.13664, and a rise through could take it to the next resistance level of 1.13884. Precious Day range was 50 and Current Day Range is 12.6.
The AUD traded lower against the USD and closed at 0.7265, The trade balance released by the Australian Bureau of Statistics is the difference in the value of its imports and exports of Australian goods. Export data can give an important reflection of Australian growth, while imports provide an indication of domestic demand.
The pair is expected to find support at 0.72311, and a fall through could take it to the next support level of 0.71949. The pair is expected to find its first resistance at 0.73267, and a rise through could take it to the next resistance level of 0.73887.
AUD/USD previous Day range was 95.9 and Current Day Range is 55.7.
The USD strengthened 0.33% against the CAD and closed at 1.3353.
For CAD today’s events to keep an eye are Boc Governor Poloz Speech and Ivey Purchasing Managers Index s.a (Nov).
According to the analysis, USD/CAD pair is expected to find support at 1.32704, and a fall through could take it to the next support level of 1.31880. The pair is expected to find its first resistance at 1.34165, and a rise through could take it to the next resistance level of 1.34788.
Technical Overview of USD/CAD, AUD/USD and USD/JPY Currency Pairs
The USD traded a bit lower against the CAD and closed at 1.3319.
Today, 6:30, and at 12:45. The Deputy Governor of the Bank of Canada will speak in Istanbul, Turkey. He will have the opportunity to comment on the excellent jobs report published on Friday, which seems much better than the dovish tone of the BOC decision.
According to the Analysis, The pair is expected to find support at 1.32480, and a fall through could take it to the next support level of 1.31774. The pair is expected to find its first resistance at 1.33945, and a rise through could take it to the next resistance level of 1.34701. Previous Day range was 146.8 and Current Day Range is 36.9.
The AUD traded bit higher against the USD and closed at 0.7201.
JOLTS characterizes the US labor market. Index growth may have a positive effect on dollar quotes.
The pair is expected to find support at 0.71852, and a fall through could take it to the next support level of 0.71694. The pair is expected to find its first resistance at 0.72281, and a rise through could take it to the next resistance level of 0.72569.
AUD/USD previous Day range was 43.6 and Current Day Range is 44.9.
The USD traded lower against JPY and closed at 112.687.
Gross Domestic Product (GDP) q/q reflects the monetary value of all goods and services produced in Japan during a given quarter compared to the previous one. The calculation takes into account private consumption, government spending, the costs of all enterprises and net exports of the country.
GDP growth can have a positive effect on yen quotes.
According to the analysis, USD/JPY pair is expected to find support at 112.517, and a fall through could take it to the next support level of 112.350. The pair is expected to find its first resistance at 112.887, and a rise through could take it to the next resistance level of 113.090.
USD/JPY previous day range was 3700 and current day range is 4340.
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