Sample Category Title

Daily Pivots: (S1) 1.3796; (P) 1.3835; (R1) 1.3876; More.....

With 1.4066 minor resistance intact, deeper fall is expected in GBP/USD for 1.3651 resistance turned support. It's still unsure whether decline from 1.4345 is correcting rise from 1.3038, or that from 1.1946, or it's reversing the trend. Break of 1.3651 will turn focus to key fibonacci level at 1.3429. On the upside, break of 1.4066 will turn bias back to the upside for retesting 1.4345 instead.

In the bigger picture, as long as 1.3038 support holds, medium term outlook in GBP/USD will remains bullish. Rise from 1.1946 is at least correcting the long term down from 2007 high at 2.1161. Further rally would be seen back to 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466. However, GBP/USD fails to sustain above 55 month EMA (now at 1.4279 so far. Break of 1.3038 support, will suggests that rise from 1.1946 has completed and will turn outlook bearish for retesting this low.

Daily Pivots: (S1) 0.9368; (P) 0.9386; (R1) 0.9409; More...

Intraday bias in USD/CHF remains neutral at this point. Again,here is no clear sign of trend reversal yet. Therefore, in case of another rise, we'd be cautious on strong resistance from 38.2% retracement of 1.0037 to 0.9254 at 0.9553 to limit upside and bring down trend resumption. On the downside, below 0.9339 minor support will turn bias to the downside for 0.9254. Nonetheless, firm break of 0.9553 will bring stronger rebound to 55 day EMA (now at 0.9599).

In the bigger picture, fall from 1.0342 is developing into a medium term down trend. Deeper decline should be seen to 100% projection of 1.0342 to 0.9420 from 1.0037 at 0.9115. Break will target 161.8% projection at 0.8545. In any case, sustained trading above 55 day EMA is needed to be the first sign of medium term reversal. Otherwise, outlook will stay bearish even in case of strong rebound.

Daily Pivots: (S1) 108.43; (P) 108.65; (R1) 108.88; More...

No change in USD/JPY's outlook. Intraday bias remains on the downside. Current fall from 114.73 is part of the pattern from 118.65 high and should target 106.48 fibonacci level. On the upside, break of 110.47 resistance is needed to indicate near term reversal. Otherwise, outlook will stay bearish in case of recovery.

In the bigger picture, current development argues that the corrective pattern from 118.65 is extending. There is risk of dropping further to 61.8% retracement of 98.97 to 118.65 at 106.48. But this level should provide strong support to contain downside and bring resumption of rise from 98.97. However, sustained break of 106.48 will now likely send USD/JPY through 98.97 to resume the corrective fall from 125.85 (2015 high).

Daily Pivots: (S1) 1.2549; (P) 1.2586; (R1) 1.2617; More....

No change in USD/CAD's outlook. Intraday bias stays neutral for consolidation below 1.2687 temporary top. Further rise is in favor as long as 1.2489 minor support holds. Above 1.2687 will extend the rise from 1.2246 to 1.2919 resistance next. However, below 1.2489 will turn bias back to the downside for 1.2246 again.

In the bigger picture, the rebound from 1.2246 is mixing up the medium term outlook. Nonetheless, USD/CAD is staying below falling 55 day EMA, hence, the bearish case is in favor. That is, fall from 1.4689 is not completed yet. Sustained break of 1.2061 key support will carry larger bearish implication and target 61.8% retracement of 0.9406 to 1.4689 at 1.1424. However, firm break of 1.2919 will revive the case of medium term reversal and turn outlook bullish.

For the 24 hours to 23:00 GMT, the AUD rose 0.43% against the USD and closed at 0.7862.

LME Copper prices rose 0.5% or $31.5/MT to $6786.5/MT. Aluminium prices declined 0.6% or $12.5/MT to $2129.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7873, with the AUD trading 0.14% higher against the USD from yesterday's close, following upbeat Australian economic data.

Data showed that Australia's NAB business confidence index advanced to a level of 12.0 in January, notching its highest level since April 2017, suggesting that firms are getting increasingly optimistic over their growth prospects in the wake of improving global economic conditions. In the previous month, the index had registered a revised reading of 10.0. Moreover, the nation's NAB business conditions index jumped to a level of 19.0 in January, pointing to strong business activity in the country and following a reading of 13.0 in the previous month.

The pair is expected to find support at 0.7831, and a fall through could take it to the next support level of 0.7788. The pair is expected to find its first resistance at 0.7895, and a rise through could take it to the next resistance level of 0.7916.

Going ahead, traders would keep a close watch on Australia's Westpac consumer confidence index for February, set to release overnight.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the EUR rose 0.12% against the USD and closed at 1.2297.

In economic news, data showed that budget surplus in the US narrowed more-than-anticipated to $49.2 billion in January, compared to a surplus of $51.3 billion in the prior month. Markets were expecting for a surplus of $51.0 billion.

Meanwhile, the US President, Donald Trump unveiled a plan to spend $200.0 billion over 10 years to revamp the nation’s infrastructure.

In the Asian session, at GMT0400, the pair is trading at 1.2296, with the EUR trading slightly lower against the USD from yesterday’s close.

The pair is expected to find support at 1.2252, and a fall through could take it to the next support level of 1.2207. The pair is expected to find its first resistance at 1.2324, and a rise through could take it to the next resistance level of 1.2351.

With no macroeconomic releases across the Euro-zone today, traders would look forward to the US NFIB small business optimism index for January, slated to release later in the day.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

.

For the 24 hours to 23:00 GMT, the GBP traded flat against the USD and closed at 1.3843.

Yesterday, the Bank of England’s (BoE) policymaker, Gertjan Vlieghe, suggested that a further hike in interest rates was probably needed if the global economic recovery and a pick-up in wages continued to offset headwinds from Brexit.

In the Asian session, at GMT0400, the pair is trading at 1.3846, with the GBP trading marginally higher against the USD from yesterday’s close.

The pair is expected to find support at 1.3803, and a fall through could take it to the next support level of 1.3759. The pair is expected to find its first resistance at 1.3883, and a rise through could take it to the next resistance level of 1.3919.

Trading trend in the Pound today is expected to be determined by UK’s consumer price inflation and producer price index data for January, slated to release in a few hours.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

For the 24 hours to 23:00 GMT, the USD slightly rose against the JPY and closed at 108.70.

In the Asian session, at GMT0400, the pair is trading at 108.59, with the USD trading 0.1% lower against the JPY from yesterday’s close.

The pair is expected to find support at 108.42, and a fall through could take it to the next support level of 108.24. The pair is expected to find its first resistance at 108.79, and a rise through could take it to the next resistance level of 108.98.

Looking forward, market participants would keep a close watch on Japan’s flash 4Q GDP data, due to release overnight.

The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.

For the 24 hours to 23:00 GMT, the USD rose 0.1% against the CHF and closed at 0.9391.

On the data front, Switzerland’s consumer price index (CPI) slid 0.1% on a monthly basis in January, less than market expectations for a fall of 0.2%. The CPI had registered a flat reading in the previous month.

In the Asian session, at GMT0400, the pair is trading at 0.9391, with the USD trading flat against the CHF from yesterday’s close.

The pair is expected to find support at 0.9369, and a fall through could take it to the next support level of 0.9348. The pair is expected to find its first resistance at 0.9407, and a rise through could take it to the next resistance level of 0.9424.

Moving ahead, Switzerland’s producer and import prices data for January, set to release in a few hours, will be on investors’ radar.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

For the 24 hours to 23:00 GMT, the USD rose 0.11% against the CAD and closed at 1.258.

In the Asian session, at GMT0400, the pair is trading at 1.2576, with the USD trading a tad lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.2548, and a fall through could take it to the next support level of 1.2519. The pair is expected to find its first resistance at 1.2614, and a rise through could take it to the next resistance level of 1.2651.

In absence of any macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.