Technical Analysis
Canadian Jobs Data Solid: USD/CAD
The BOC will take note of the strong employment print, as they are currently the frontrunner to taper monetary policy!
The Canadian Employment Change for March was +301,100 vs and expectation of +100,000 and +259,200 in February. The number was strong across the board, with the breakdown split between +175,000...
NZDUSD Buyers Confront Short-Term Downtrend Line
NZDUSD has consolidated over the somewhat neutral Ichimoku cloud, after slightly improving from a recently formed floor at the 0.6942 level. The falling 200- and 100-period simple moving averages (SMAs) are shielding the bearish structure, while the climbing 50-period SMA is providing a footing for the price to recoup...
Dow Jones Index Bullish Breakout Aims At 35,000 Target
Dow Jones Index (US 30) is building a bull flag continuation chart pattern within a larger uptrend. A bullish breakout should confirm a push higher.
The US 30 chart needs a break above the resistance trend lines (orange) to confirm a continuation of the uptrend (green arrows).
On...
The Analytical Overview Of The Main Currency Pairs
The EUR/USD currency pair
Technical indicators of the currency pair:
Prev Open: 1.1866
Prev Close: 1.1912
% chg. over the last day: +0.39%
The euro rose against the US dollar on the back of negative data on the labor market. Following the data release, the Treasury yield fell to 1.62%, which supported the bulls...
GBP/USD Outlook: Bears Crack Key Supports And Look To Continue Larger Downtrend
Cable extends weakness into the fourth straight day and tested key support at 1.3670 (Mar 25 low / 100DMA) in early European trading on Friday.
Bears emerged from daily cloud (cloud base lays at 1.3712) after trading within thick cloud for two weeks, generating bearish signal for extension of six-week...
US 100 Index Stabilizes Marginally Below Record High
The US 100 index is stabilizing around the record high of 13,904, pausing the strong upside tendency. The technical indicators, though, are sending mixed signals, suggesting that the softness in the market may not over yet.
The RSI has turned lower near overbought levels, slightly below 70 indicating that the...
USDCAD’s Positive Impetus Curbed By 50-Day SMA And Cloud
USDCAD is struggling to tick higher after its recent positive propulsion off the 37½-month low of 1.2365. The descending simple moving averages (SMAs) are imposing the predominant bearish bias. Additionally, the fairly neutral demeanour of the Ichimoku lines is suggesting a phase where positive sentiment has become subdued, further...
USDCAD Awaiting Jobs Data
The US dollar is pressing towards the 1.2600 level against the Canadian dollar, ahead of today’s monthly jobs report from the Canadian economy. A weaker jobs report could cause the USDCAD pair to rise, with bulls likely to take aim at the 1.2740 resistance level. A stronger than expected...
USDJPY Buyers Return
The US dollar has bounced back fairly sharply against the Japanese yen currency after bulls stepped in from the 109.00 support level. Bearish MACD price divergence has now been reversed, setting the stage for further upside in the USDJPY pair. If bulls can rally the USDJPY pair back above...
AUD/USD Outlook: Aussie Slips On Vaccine Issues But The Action Is Still Within A Larger Range
The Australian dollar slipped in early Friday’s trading (down 0.65% for the session) pressured by worries about a slowdown in Australia’s coronavirus vaccine rollout, following the imposition of restrictions on the use of the AstraZeneca vaccine.
The sentiment on Australia’s strong economic recovery was soured as a slowdown in vaccine...
Elliott Wave Analysis: USD Making A Bearish Reversal, More Weakness After Rally
DXY has been recovering through the month of March but now the USD seems to be turning south after a decisive break below the trendline support connected up from 89.66 level. We see that turn very sharp and impulsive so it's an important structure that suggests more weakness is...
EUR/USD Breakout Towards 1.1950 On A Continuation Above 1.1890
The EUR/USD has retracted during the night after hitting the 1.1930 zone. We should see a further move up.
1.1890 zone is a breakout-retest area. If the impulse is positive along with enough momentum to the upside, we should see 1.1.1930 and 1.1950. We can also notice that the retracement...
CHF/JPY 4H Chart: Reveals Narrow Channel
The Swiss Franc has edged higher by 1.18% against the Japanese Yen since April 1. The currency pair revealed a narrow ascending channel pattern during this week's trading sessions.
As for the near future, the exchange rate could continue to surge in the narrow ascending channel. The potential target for...
CAD/CHF 4H Chart: Decline Likely To Continue
The Canadian Dollar has declined by 2.32% against the Swiss Franc since April 1. The currency pair breached the 50– and 200– period SMAs during this week's trading sessions.
All things being equal, the exchange rate is likely to edge lower during the following trading sessions. The potential target for...
GBPUSD Plunges Below 1.37, Bearish Bias Back On Cards
GBPUSD is plummeting beneath the 1.3700 round number and it touched again the seven-week low of 1.3670 today. The short-term moving averages are pointing all down suggesting more losses, while the technical indicators are extending its bearish movement. The RSI is sloping down in the negative territory, while the...
GOLD Passes March High
During the late hours of Thursday's trading, the price for gold reached above the 1,755.00 level, which is the high level of March. However, a follow up surge did not occur. Instead, the commodity price declined after sideways trading in the 1,755.00 and 1,759.00 zone. Due to that reason...
GBP/USD Extends Decline
During the early hours of Friday's trading, the GBP/USD passed the support zone above the 1.3720 level. This support kept the rate up since the middle of Wednesday's trading. The failing of the support resulted in a sharp move down.
In the near term future, the rate was expected to...
USD/JPY Found Support In 109.00
On Thursday, the currency exchange rate declined below the zone of 109.38/109.23. It eventually found support in the 109.00 level and started a recovery. During the morning hours of Friday's European trading, the USD/JPY had almost reached the resistance of the 109.60 level and the 55-hour simple moving average.
If...
EUR/USD Is Pushed By SMA
On Thursday, the support of the 55-hour simple moving average managed to push the EUR/USD up, as just before mid-day the rate started a surge. However, on Friday morning the rate bounced off the 1.1920 level and retraced back to the combined support of the 55-hour SMA and the...
USD/CAD Bounces Off Support
The US Dollar declined by 67 pips or 0.53% against the Canadian Dollar on Thursday. The currency pair breached the 50– and 200– hour simple moving averages during yesterday's trading session.
The exchange rate bounced off a support line formed by the lower boundary of an ascending channel pattern during...
GBP/JPY Declines To Continue
The Pound Sterling has continued to edge lower against the Japanese Yen since this week's trading sessions. The currency pair declined by 105 pips or 0.70% during Thursday's trading session.
Everything being equal, the GBP/JPY exchange rate is likely to continue to decline in a narrow descending channel pattern during...
AUD/USD Breakout Occurs
The Australian Dollar rose by 54 pips or 0.71% against the US Dollar on Thursday. The surge was stopped by a resistance line at the 0.7660 level during yesterday's trading session.
The AUD/USD exchange rate reversed from the 0.7660 area during the Asian session on Friday. A breakout occurs through...
EUR/JPY Could Edge Up
During the first half of Thursday's trading session, the Euro declined by 70 pips or 0.54% against the Yen. However, the currency pair rebounded from a support level at 129.65 at the end of the day.
All things being equal, the exchange rate is likely to continue to edge higher...
Daily Technical Analysis
EUR/USD
Current level - 1.1914
The pullback phase was limited to the level of 1.1865 and, as of the time of writing, the EUR/USD has recovered its recent losses. The currency pair breached the resistance zone at 1.1899 and the pair is currently holding above the mentioned level. The breach of...
GDX Elliott Wave View: Showing Corrective Bounce
Short term Elliott wave view in GDX suggests that it is doing a recovery from March 03, 2021 low in a corrective structure. The internals of that bounce is unfolding as Elliott wave zigzag structure where the first leg of the bounce ended in wave A at $34.48 high....
GBPJPY Eyes Nearby Key Support As Negative Risks Dominate
GBPJPY proved once again unable to pierce the long-term resistance line despite its quick rally, topping instead at 153.39 before plunging back below the 150.00 level.
Downside risks keep lingering in the background according to the RSI and the Stochastics, as the former has slipped below its 50 neutral mark...
Two Trades To Watch: FTSE, USD/CAD
FTSE looks to 7000, watch for overbought conditions
The FTSE has outperformed its peers across the week, rallying over 3% whilst in comparison the German Dax is looking a just 0.6% gains so far this week.
The strong vaccine rollout programme falling covid numbers and reopening of the UK economy on...
BTCUSD $57,000 Broken
Bitcoin has rebounded to the upside once again with the top coin breaking back above the $57,000 level as sellers failed to keep control. It is possible that the early week pullback in the BTCUSD pair helped form the final right-hand shoulder to complete an inverted head and shoulders...
GBPUSD Sterling Struggles
The British pound continues to struggle against the US dollar, following a short-lived corrective move back towards the 1.3780 resistance level. Selling pressure towards the GBPUSD pair is likely to increase dramatically if bears can break the 1.3670 level. It is worth noting that selling into short-term technical rebounds...
NZDUSD 0.7100 Still On Track
The New Zealand dollar is still holding firm against the US dollar currency, as the greenback remains under pressure across the board on the foreign exchange market. NZDUSD bulls may be preparing to test towards the neckline of a large head and shoulders pattern close to the 0.7100 level....