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EUR/USD Technical Analysis: March 27, 2017
The positive figures of Manufacturing and Composite PMI from the countries, France, Europe and Germany offered some strength to the single European currency. Particularly, German index which attained the strongest level for almost six years. Meanwhile, the greenbacks obtained a weaker position after the treasury yields inch lower in which provided further support for euro.
The EURUSD continued to stay in the hands of the bulls on Friday. The EUR reached its lower limit in the ascending channel over the night and jumped higher. The price also spiked from the mark 1.0760 towards 1.0800 amid EU morning sessions and sit still in the New York trades.
The 4-hour chart determined that the pair resumed its development on top of the moving averages as the 100 and 50-EMA preserved a bullish pattern while 200-EMA came in neutral.
Resistance entered 1.0800, support touched 1.0750 region.
MACD indicator strengthened which showed a buy signal. RSI oscillator edged upwards.
In case the level 1.0800 broke, the next level would possibly be at 1.0850.
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EUR/USD Fundamental Analysis: March 28, 2017
The EUR/USD pair crashed during the previous session as the pair corrected its current upmove which has been the pair’s trend for the past few weeks. The USD finally recovered across the board, resulting to sellers taking advantage of this occurrence and selling the EUR. The dollar strength has helped to propel the pair’s value towards 1.0800 points, therefore eradicating the pair’s previous gains which was made last Monday.
Because of this, traders are now mulling over the fact that the EUR/USD pair could be in for more corrections as the sessions progresses. However, the market has no choice but to wait and see how the pair’s price action turns out in the next few days, particularly if whether the pair would continue its current trend of correction or if the pair backs down as it approaches its support barrier at 1.0800, where the currency pair is situated as of the moment. The USD remained weak last Friday up until Monday due to the repeated failed attempts of the Trump administration to pass the healthcare bill. However, the White House is now trying to make another attempt at passing the said bill after Republicans reached out to like-minded Democrats. In addition, the US economy continues to release a slew of strong economic data and this has caused the EUR/USD pair to fall further during the US trading session.
For today’s session, there are no expected releases coming from both the EU and the US economy. However, the month-end flows are expected to come anytime soon as March comes to a close, and since the USD’s strength is expected to persist today, the EUR/USD pair would continue to remain under pressure with the 1.0800 range remaining the essential barrier for the currency pair.
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AUD/USD Technical Analysis: March 29, 2017
The Australian dollar against the U.S. dollar declined in the beginning of Tuesday trading but turned around and found significant support level at 0.7587 with 61.8% Fibonacci retracement level. A bullish candle was seen and the market tries to move to higher towards the .7750 level and above.
Later on, the market was able to break higher than the 0.7648 resistance level completing the downtrend from 0.7749 to 0.7587 level. It is more favorable to buy this pair with chances for a breakout in the gold market which traders are trying to attain and if they are successful in doing so higher than $1262 level, this would give higher returns to the traders.
The current price could further go up towards the next target at 0.7700 zone while a break lower than the support level at 0.7587 could follow downtrend towards 0.7500 mark.
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USD/JPY Fundamental Analysis: March 30, 2017
The USD/JPY pair dropped in value during the previous session in spite of the US dollar’s strong outlook against other major currencies. The ambiguity in the US equity markets, as well as weak Treasury yields might have contributed to the weakness in the currency pair. A lot of investors are now going back to the safety of the Japanese yen, mostly because of the alarming concerns with regards to the French elections, Brexit negotiations, and Trump’s frustrated attempts to fulfill his campaign promises. The USD/JPY closed down the previous session at 111.042 points after decreasing by 0.083 points or-0.07%.
For Thursday’s session, investors will be waiting for the release of the US GDP data as well as jobless claims data, in addition to comments from Fed officials including Kaplan, Dudley, Williams, and Mester. But of these four officials, the statement coming from Dudley is touted as the most interesting due to his position in the FOMC as a permanent voter. Dudley is expected to discuss topics such as the Fed’s monetary policy and the present financial climate of the US economy.
For the meantime, it seems as if the Fed and bond investors have contrasting views with regards to the path of US interest rates. This could be partly attributed to bond investors overvaluing the Trump administration’s ability to help prop up the economy by way of highly-aggressive economic policies. The USD/JPY pair could receive additional support if the Republicans would manage to convince investors that they can actually turn Trump’s proposals into actual laws. However, any additional doubts with regards to Trump’s ability to fulfill his role as President could induce additional selling pressure.
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EUR/USD Technical Analysis: April 3, 2017
The US dollar is positioned near its weekly highs on Tuesday but the bullish tone of German jobless rate stalled its advancement which offered another leg to the common European currency.
Furthermore, the price maintained a bearish sentiment last Friday, however, the bears did not hold its stance longer favoring the bull to reversed few of its ground.
The price bounced towards the area of 1.0675 amid Asian session on Friday. The EURUSD made a reversal to the mark 1.0700 throughout the European trades.
The 4-hour chart showed the EUR/USD cut through the 100-EMA downwards while 100 and 200-EMAs directed upwards, showing the 50-EMA to drove downwards.
Resistance was seen at 1.0700, support entered at 1.0650.
The MACD histogram grew less which indicates a sell signal. RSI indicator spent the day around the oversold territory, confirming a renewed higher move.
Forecasts say a move on top of the immediate resistance involves higher chance of testing the region 1.0750. Alternatively, a sell-off has a probability to occur towards mark 1.0650.
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NZD/USD Technical Analysis: April 3, 2017
On Friday, the New Zealand currency was kept intact below the selling pressure on the back of the sluggish business confidence released by ANZ.
The suffering of kiwi extended its softening until Friday. The sellers ran out of steam despite maintaining the control and breaking under the level 0.7000. Moreover, they were able to drove the NZD/USD lower.
During the morning, the pair traded in a tight range, viewed in the middle points of 0.7000 and 0.6980.
According to the 4-hour chart, the spot crossed downwards to the 50-EMA and resumed its development under the moving averages. The 50 and 200-EMAs continued to move down while the 100-EMA steered higher.
Resistance touched the region 0.7000, support made an entry at 0.6950 mark.
The MACD weakened indicating strength for the sellers. In case the histogram stayed within the positive zone, the position of the buyers will strengthen. The RSI indicator is in the oversold levels.
The price was stuck in a range in order to get some steam used for further activities. There is a possibility of minor correction. Having broken the 0.7000, the radar will prompt 0.7050 level.
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