Sun, Jan 24, 2021 @ 15:34 GMT
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Elliott Wave View: Impulsive Rally In NZDUSD

Short Term Elliott Wave view in NZDUSD suggests the pair ended wave ((2)) pullback at 0.7093. This pullback ended correction of the cycle from September 24 low. Internal of wave ((2)) unfolded as a double three Elliott Wave structure. Wave (W) ended at 0.7144, wave (X) ended at 0.7239,...

Market Morning Briefing: Euro Is Headed Towards 1.22

STOCKS Dow, DAX and Nikkei remain stable at higher levels. While a sideways consolidation looks like a possibility, it will have to be seen if they can see an extended rise before a correction comes into play. Shanghai is hovering around its crucial resistance level of 3600 which has to...

USD/JPY Extends Losses, Recovery Could Face Hurdles

Key Highlights USD/JPY extended its decline below the 103.50 support. A major bearish trend line is forming with resistance near 103.80 on the 4-hours chart. The US Initial Jobless Claims in the week ending Jan 16, 2021 declined from 926K to 900K. The US Manufacturing PMI could decline from...

SARB Leaves Rates Unchanged Amid New Variant Of Coronavirus: USD/ZAR, GBP/ZAR

Little is discussed regarding the effect of the coronavirus (and its variant) on the South African economy. Earlier today, the South African Reserve Bank (SARB) left rates unchanged at 3.5%, a record low. The central bank had cut interest rates by 300 bps over the last year, however the...

Central Banks Ready and Willing

Stock markets are broadly flat on Thursday as numerous central banks held their first policy meetings of the year and earnings season continued. So much focus has been on the transition in Washington and Joe Biden's inauguration but today we've had multiple major monetary policy meetings, albeit no action from...

Sunset Market Commentary

Markets The ECB left key policy parameters unchanged. The deposit rate remains at a negative -0.5%. APP runs at a €20bn pace/month. Net bond buying under PEPP will continue until March 2022 while maturing securities will be rolled-over at least until end 2023. The ECB has repeatedly said they could...

Euro Recovers as ECB Sees Less Pronounced Downside Risk, Dollar Softens after Jobless Claims

Euro recovers mildly in early US session, after ECB said downside risks to the economic outlook are less pronounced. Though, it remains one of the worst performing for the week, together with Dollar, Yen and Swiss Franc. The greenback is clearly still under pressure for now, after worst than...

The Analytical Overview Of The Main Currency Pairs

The EUR/USD currency pair Technical indicators of the currency pair: Prev Open: 1.2126 Prev Close: 1.2105 % chg. over the last day: -0.17% EUR/USD was the weakest pair at the end of Wednesday. The day closed in the red despite the negative dynamics of the dollar index. This indicates significant pressure from the bears...

NZD/USD Breaks Channel

The New Zealand Dollar jumped by 73 basis points or 1.03% against the US Dollar on Wednesday. The currency pair breached the upper line of a descending channel pattern on Thursday morning. Given that a breakout has occurred, the exchange rate could continue to edge up during the following trading...

USD/CAD Breakout Occurs

The US Dollar fell by 120 basis points or 0.95% against the Canadian Dollar on Wednesday. A breakout occurred through the lower line of a narrow descending channel pattern during Wednesday's trading session. Technical indicators suggest selling signals on the daily time-frame chart. Most likely, the USD/CAD exchange rate could...

AUD/USD Remains Near Weekly R1

Australia's Dollar edged higher by 60 basis points or 0.78% against the US Dollar on Wednesday. The AUD/USD currency pair was pressured higher by the 50– hour simple moving average during yesterday's trading session. By and large, the exchange rate is likely to continue to surge in an ascending channel...

EUR/USD Broke Upper Channel Line

During Thursday morning hours, the EUR/USD currency pair broke the upper line of the medium-term descending channel. It is likely that the exchange rate could gain support from the 55-, 100– and 200-hour moving averages in the 1.2110/1.2135 area and trade upwards in the short term. The rate could target...

GBP/USD Tests Rising Wedge Pattern

During today's morning, the GBP/USD exchange rate has been testing the upper line of the rising wedge pattern. From a theoretical point of view, it is likely that the currency pair could bounce off and trade downwards within the predetermined pattern. Note that the pair could gain support from the...

USD/JPY Trades Below 103.60

Yesterday, the USD/JPY currency pair breached the symmetrical triangle pattern south. Given that the exchange rate is pressured by the 55-, 100– and 200-hour moving averages in the 103.80 area, it is likely that some downside potential could continue to prevail in the market. Note that the nearest support level—the...

Stocks, Pound Extend Gains And EUR/USD Steady As ECB Eyed

The EUR/USD was steady while the GBP/USD hit a new multi-year high on Thursday morning, as the US dollar fell further with more global indices hitting new record highs with investors remaining hopeful that lockdowns will end hopefully in the not-too-distant future with many developed countries rolling out COVID...

Wall Street At Fresh Record As Biden Sworn In, Euro Up Ahead Of ECB

Hopes of more stimulus and relief over Biden's peaceful transition lift sentiment US stocks close at new record highs as strong earnings add extra fuel Dollar skids again, euro bounces off lows ahead ECB decision Optimism high as Biden enters White House After four tumultuous years, Trump's presidency came to...

US Stimulus Weighs On US Dollar

The dollar wilts before the US stimulus trade The dollar index remained almost unchanged at 90.45 overnight, with much of the dollar’s retreat seen amongst the commodity-bloc currencies as opposed to the euro and sterling. The Australian, New Zealand and Canadian dollars all posting gains of around 0.70% with the...

USD/TRY Outlook: Lira May Rise Through Key Barriers If CBRT Stays On Hold Today

The USDTRY stands at the back foot for the third straight day but remains within three-week range between rising 200DMA (7.3534) and recovery top at 7.5384. Lira holding in a larger uptrend vs dollar, which extends into third straight month, after hitting its record low at 8.5816. Fresh lira’s strength has...

EUR/USD Outlook: Recovery Was So Far Limited, Unchanged ECB To Further Weigh On Risk Rally

The Euro remains constructive after recovery attempts ran out of steam under key Fibo barrier at 1.2166, resulting in bearish daily close on Wednesday. Strong reversal signals on bear-trap and hammer candle on Monday continue to underpin the single currency. Rising risk sentiment, presented by rally in stocks and commodities, is...

GBPUSD Breaking Out

The British pound has moved back above the 1.3700 level against the US dollar as traders turn increasingly bullish towards the pair. Continued gains above the 1.3700 level are likely to see the GBPUSD pair start moving into a much higher trading range. The main upside targets for the...

AUDUSD Targets January’s Top, But Will The Bulls Persist?

AUDUSD is buying the shortfall from January's top of 0.7819 thanks to the 20-day simple moving average (SMA), which managed to cancel bearish forces for the second time. The RSI has resumed its positive momentum above its 50 neutral mark, though the indicator continues to hold a downward direction, while...

EURUSD Consolidates After Correction Below 200-MA

EURUSD's recent bounce within a key support region, after a deep retraction below the 200-period simple moving average (SMA), seems to be curbed by the 50-period SMA. Promoting a paused bearish plunge is the falling 50-period SMA and the slight upturn in the 20-period SMA. Furthermore, the gliding 100-period SMA...

Daily Technical Analysis

EUR/USD Current level - 1.2124 The negative decline after the unsuccessful attempt at violating the resistance zone at 1.2141 was limited around the zone at 1.2097. During the early hours of today’s trading, the bulls took control and a new test of the aforementioned zone at 1.2141 could be expected. А...

GBP/USD Outlook: Cable Probes Through 1.3700 Zone For The Fourth Time

Cable is probing through 1.37 barrier for the fourth time in early Thursday's trading, after spike to new multi-month high at 1.3717 on Wednesday. Better than expected UK inflation data continue influence pound, along with rising optimism about speedy coronavirus vaccine rollout and weaker dollar. Monday's hammer candle after bears got...

GBP/USD Briefly Rises Above 1.3700 But Fails To Hold

The British pound sterling continued its bullish rally with prices briefly rising above the 1.3700 handle once again. However, the intraday gains were quickly scaled back as prices pulled back later in the day. As a result, the GBPUSD is currently trading within the sideways range of 1.3700 and 1.3611. The...

EUR/USD Reverses Near 1.2144, Will It Push Lower?

The euro currency is trading with some modest losses on Wednesday. The declines come after price action made a rebound just a few pips above the 1.2050 technical support. This rebound pushed prices to test their technical resistance level near 1.2144. Following this small rally, price action reversed gains. At the...

EURUSD ECB Day

The euro currency has come back under pressure against the US dollar, following a major technical rejection from the 1.2260 resistance zone. The price action surrounding the EURUSD pair is fairly bearish at the moment as traders continue to sell into rallies. With this in mind, EURUSD bears need...

GBPUSD 1.3700 Failure

The British pound has suffered a heavy rejection from the 1.3700 resistance level against the US dollar as buying interest around the highs of the year started to dry up. Technically, the GBPUSD pair continues to set bullish higher highs on the weekly time frame. Traders that are bullish...

ETHUSD Turning Bearish

Ethereum has failed to recover above the $1,400 resistance level, placing the second-largest cryptocurrency in a difficult technical position. Traders that are bearish towards the ETHUSD pair may look for multiple daily price closes below the $1,340 level before initiating sell positions. To the upside, multi-day price stabilization above...

Euro Vulnerable as ECB Awaited, Strong Risk-On Sentiment Continues

Euro recovers mildly today but stays as one the weakest, along with Dollar, Yen and Swiss Franc. Strong risk-on sentiments pushed major US indices to new records overnight. Commodity currencies are generally strong on the sentiments. Canadian Dollar was additionally lifted by the not-so-dovish BoC statement, but it's awaiting...