Daily News & Market Analysis from FXTimes

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EURJPY – A Look At The Big Picture For Euro

Key Points
• The Euro recovered very well against the Japanese Yen and posted good weekly gains.
• However, the EURJPY pair is facing a major hurdle on the upside in the form of a bearish trend line on the daily chart.
• The German Services PMI was released by the Markit Economics today during the London session.
• The result was positive, as the preliminary reading posted a rise from 53.7 to 54.6 in July 2016.

Technical Analysis
The Euro after trading as low as 109.50 versus the Japanese yen surged higher and gained more than 400 pips. However, the upside may close to an end, as there is a major hurdle on the upside in the form of a bearish trend line on the daily chart.

EURJPYDaily.png


The pair is also trading around the 21 hourly simple moving average, which is acting as a resistance along with the 61.8% Fib retracement level of the last drop from the 124.19 high.

On the downside, the 116.50 level can be seen as a major support.
 

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EURAUD – Euro Poised For More Declines Versus Aussie Dollar

Key Points
• The Euro after a continuous struggle around the 1.4780 against the Aussie dollar failed and traded lower.
• There was a crucial bullish trend line formed on the hourly chart of the EURAUD pair, which was broken during the downside move.
• The German business sentiment index released by the CESifo Group posted a decline from 108.7 to 108.3 in July 2016.
• The German IFO Current Assessment on the other hand, posted a rise from 114.6 to 114.7 in July 2016.

Technical Analysis
The Euro enjoyed solid gains against the Aussie dollar until it found resistance near 1.4780. The EURAUD pair started to trade down, and also broke a crucial bullish trend line formed on the hourly chart.

EURAUDH1.png


The pair also settled below the 21 hourly simple moving average, which is bearish sign calling for more losses in EURAUD in the short term.

If the pair corrects higher from the current levels, then it can find sellers near the broken trend line and the 21 hourly SMA. So, one may consider selling with a stop above the 21 hourly SMA.
 

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USDCAD – US Dollar Poised For Break Versus Canadian Dollar

Key Points
• The US Dollar enjoyed solid gains against the Canadian dollar and looks set for more upsides.
• There is a bullish trend line formed on the hourly chart of the USDCAD pair, which is acting as a support area.
• On the upside, a break above the 1.3240 level could clear the way for a move towards 1.3300.
• The S&P/Case-Shiller Home Price Indices released by the Standard & Poor's posted a rise of 5.2% in Mya 2016, less than the forecast of 5.5%.

Technical Analysis
The US Dollar climbed higher this week against the Canadian dollar, and settled above the 1.3200 resistance area. The USDCAD pair is following a bullish trend line formed on the hourly chart, which is acting as a catalyst for an upside move.

USDCADH1.png


The same trend line is positioned with the 21 hourly simple moving average, suggesting the importance of the trend line support.

On the upside, the US Dollar buyers need to clear the 1.3240 resistance area for a move towards the 1.3300 level. On the other hand, a break below the trend line could ignite a correction towards 1.3150.
 

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GBPUSD – British Pound Under Bearish Pressure

Key Points
• The British Pound was crushed against the US Dollar and looks set for more losses in the near term.
• There is a bearish trend line formed on the hourly chart of the GBPUSD pair, which is acting as a resistance for the pair.
• The UK Gross Domestic Product was released by the National Statistics earlier today.
• The outcome was positive, as the preliminary reading came in at 0.6% in Q2 2016, compared with the forecast of 0.5%.

Technical Analysis
The British Pound traded lower against the US Dollar and tested an important support area of 1.3080, which provided bids. There is a bearish trend line formed on the hourly chart of the GBPUSD pair, which is stalling the upside move.

GBPUSDH1.png


The pair is below the 21 hourly simple moving average, which is a concern for the buyers in the short term.

On the downside, a break below the highlighted support area may call for more losses in the near term.
 

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AUDNZD – Can Aussie Dollar Continue With Recovery?

Key Points
• The Aussie dollar traded higher against the New Zealand dollar after testing the 1.0570 support area.
• There is a crucial support trend line formed on the hourly chart of the AUDNZD pair, acting as a barrier for more losses.
• Earlier today, the Australian Import Price Index was released by the Australian Bureau of Statistics.
• The outcome was mixed, as there was a decline of 1% in the IMI in Q2 2016, compared with the previous quarter.

Technical Analysis
The Aussie dollar after a downside ride against the New Zealand dollar towards the 1.0570 level found support and started to move higher. There was a crucial support trend line formed on the hourly chart of the AUDNZD pair, which prevented the downside move.

AUDNZDH1.png


The pair surged higher and broke the 23.6% Fib retracement level of the last drop from the 1.0724 high to the 1.0570 low.

On the upside, a successful close above the 21 hourly simple moving average is needed for more gains.
 

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EURCAD – Euro Remains In An Uptrend

Key Points
• The Euro enjoyed a lot of gains against the Canadian dollar lately, and it looks poised for more gains.
• There is a monster channel pattern formed on the hourly chart of the EURCAD pair, which is acting as a catalyst for the upside move.
• The Spanish Gross Domestic Product released by the National Institute of Statistics posted a rise of 3.2% in Q2 2016, more than the forecast.
• In terms of the quarterly change, there was a rise of 0.7% in Q2 2016, which was in line with the forecast.

Technical Analysis
The Euro continued to surge higher against the Canadian dollar, as it closed above the 1.4600 resistance area. Currently, the EURCAD pair is following a monster channel pattern formed on the hourly chart, which is pushing it higher.

EURCADH1.png


The pair is well above the 21 hourly simple moving average, and looks set for a ride higher in the near term.

On the upside, a break above the channel resistance area could take the pair towards 1.4660-1.4700.
 

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USDCHF – US Dollar Eyes Further Gains

Key Points
• The US dollar recently surged higher against the Swiss Franc and looks set for more gains.
• There was a crucial bearish trend line formed on the hourly chart of the USDCHF pair, which was surpassed by the bulls for an upside move.
• Today in Switzerland, the SECO Consumer Climate was released by the State Secretariat for Economic Affairs SECO.
• The outcome was positive, as instead of a decline in the index there was no change from -15 in Q3 2016.

Technical Analysis
The US dollar enjoyed a solid recovery against the Swiss Franc after trading as low as 0.9635. There was an upside thrust, as the USDCHF pair moved above a crucial bearish trend line formed on the hourly chart.

USDCHFH1.png


The pair looks like set to test the 1.618 extension of the last drop from the 0.9703 high to 0.9633 low where sellers may appear.

Overall, the pair remains in an uptrend and more gains looks feasible in the short term.
 

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EURUSD – Can Euro Break 21 Hourly SMA?

Key Points
• The Euro is currently consolidating against the US Dollar, and attempting to break the 21 hourly simple moving average.
• There is a contracting triangle pattern formed on the hourly chart of the EURUSD pair, which the Euro bulls are attempting to break.
• Earlier today, the German Trade Balance was released by the Statistisches Bundesamt Deutschland.
• The outcome was a bit disappointing, as there was a trade surplus of €21.7B in June 2016, less than the forecast of €22.1B.

Technical Analysis
The Euro after finding bids near 1.1070 against the US dollar on many occasions gained momentum and trade higher. The Euro bulls are currently attempting to take the EURUSD pair above a contracting triangle pattern formed hourly chart.

EURUSDH1.png


Moreover, the 21 hourly simple moving average is also acting as a resistance area for the Euro bulls and preventing an upside ride.

If the bulls succeed in breaking the 21 hourly simple moving average, then more gains are likely in the near term.
 

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EURUSD – Euro Remains Buy Dips Vs Dollar?

Key Points
• The Euro started a recovery against the US Dollar, and looks set for more gains moving ahead.
• There is a bullish trend line formed on the hourly chart of the EURUSD pair, which is acting as a support area for the pair.
• Earlier today, the German Gross Domestic Product was released by the Statistisches Bundesamt Deutschland.
• There was a rise of 0.4% in the GDP in Q2 2016, compared with the forecast of 0.2%.

Technical Analysis
The Euro recently traded as high as 1.1193 against the US Dollar where it found sellers and corrected lower. However, the downside found support near a bullish trend line formed on the hourly chart of the EURUSD pair.

EURUSDH1.png


The only thing is that the pair is now below the 21 hourly simple moving average, which may push the pair down once more.

Buying dips remain a good option as long as the pair is above the trend line support area.
 

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AUDUSD - Aussie Dollar Preparing For New Low Vs USD

Key Points
• The Aussie dollar is under a lot of bearish pressure against the US dollar, may continue to decline
• There was a bullish trend line on the hourly chart of the AUDUSD pair, which was broken during the downside move.
• In Australia, the Wage Price Index was released by the Australian Bureau of Statistics.
• The WPI came in at 0.5% in Q2 2016, just as the market expected, but failed to help the Aussie dollar.

AUDUSD Technical Analysis

The Aussie dollar after trading as high as 0.7746 found sellers and moved down. During the downside move, the AUDUSD pair closed below the 21 hourly simple moving average, and a bullish trend line on the hourly chart.

AUDUSDH1.png


The pair looks like heading towards the 1.236 extension of the last wave from the 0.7636 low to 0.7746 high.

On the upside, the broken trend line may now act as a resistance if the price corrects higher.
 

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AUDUSD – Aussie Dollar Heading Further Lower?

Key Points
• The Aussie dollar is trading with a bearish bias versus the US dollar and looks set for more losses.
• There is a bearish trend line formed on the hourly chart of the AUDUSD, which is acting as a resistance for the pair.
• The Conference Board Australia leading Index will soon be released by the Conference Board.
• The market is expecting an increase in the Conference Board Australia leading Index, which is a positive sign.

AUDUSD Technical Analysis
The Aussie dollar traded lower during the Asian session today against the US Dollar, as the market sentiment was against the AUD. There is a bearish trend line formed on the hourly chart of the AUDUSD, which is acting as a hurdle and preventing gains in the pair.

AUDUSDH1.png


Moreover, the pair is also below the 21 hourly simple moving average, which means the pair may decline further in the near term.

If the pair corrects higher from the current levels, then the 21 hourly SMA may act as a resistance zone. One may consider selling rallies as long as the pair is below the 50% Fib retracement level of the last drop from the 0.7720 high to 0.7583 low.
 

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NZDUSD – New Zealand Dollar Under Pressure Versus US Dollar

Key Points
• The New Zealand dollar moved down versus the US Dollar during the Asian session and was seen under a bearish pressure.
• There was a bullish trend line formed on the hourly chart of the NZDUSD pair, which was broken during the downside move.
• New Zealand Trade balance, released by Statistics New Zealand posted a trade deficit of $-3.03B in July 2016, more than the forecast.
• In terms of the monthly change, there was a deficit of $-433M in July 2016.

NZDUSD Technical Analysis
The New Zealand dollar was under bearish pressure recently against the US Dollar, and a result there was a downside move in NZDUSD. There was even a break below a bullish trend line formed on the hourly chart of the NZDUSD pair.

NZDUSDH1.png


The pair also moved below the 21 hourly simple moving average, which is currently acting as a resistance.

Selling rallies can be considered as long as the pair is below the 0.7300 resistance level.
 

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AUDNZD – Aussie Dollar To Remain In A Downtrend

Key Points
• The Aussie Dollar traded lower against the New Zealand dollar, and currently remains in a downtrend.
• There was a major bullish trend line on the hourly chart of the AUDNZD pair, which was broken during the recent downside.
• In New Zealand, the Business Confidence released by the ANZ posted a decline from 16.0 to 15.5 in July 2016.
• In Australia, the Private Sector Credit released by the Reserve Bank of Australia posted a rise of 0.4% in June 2016, just as the market expected.

AUDNZD Technical Analysis
The Aussie dollar traded lower recently against the New Zealand dollar and tested the 1.0359 low. The AUDNZD pair during the downside move also broke a major bullish trend line on the hourly chart.

AUDNZDH1.png


The pair is now well below the 21 hourly simple moving average and currently testing the 23.6% Fib retracement level of the last drop from the 1.0454 high to 1.0359 low.

One may consider selling rallies in AUDNZD around the 38.2% Fib retracement level of the last drop from the 1.0454 high to 1.0359 low.
 

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GBPJPY – British Pound Looks Set For Gains Vs Yen

Key Points
• The British Pound rocketed higher against the Japanese yen recently, and looks set for more gains.
• There was a monster breakout pattern formed on the 4-hours chart of the GBPJPY pair, which was broken during the recent upside move.
• In the UK, the PMI Construction was released by the Chartered Institute of Purchasing & Supply and Markit Economics.
• The outcome was positive, as there was a rise from the last reading of 45.9 to 49.2 in August 2016.

GBPJPY Technical Analysis
The British Pound traded higher recently versus the Japanese yen and tested the 138.00 level. Before the upside move, the GBPJPY pair broke a monster breakout pattern formed on the 4-hours chart in the form of a contracting triangle.

GBPJPYH4.png


The pair may dip a few pips from the current levels, but may find support near the 23.8% Fib retracement level of the last leg from the 133.34 low to 138.01 high.

On the upside, a break of the 138.00 level may push the pair towards 140.00.
 

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EURGBP Technical Analysis

Key Points
• The Euro moved down heavily against the British Pound and looks set for more losses going forward.
• There is a bearish trend line formed on the hourly chart of the EURGBP pair, which is acting as a hurdle for the Euro buyers.
• The Euro Zone PMI service released by the Markit Economics posted a decline from 53.1 to 52.8 in August 2016.
• The German Services PMI also posted a decline from 53.3 to 51.7 in August 2016.

EURGBP Technical Analysis
The Euro faced a lot of selling pressure versus the British Pound and traded towards the 0.8351 level. There is a bearish trend line formed on the hourly chart of the EURGBP pair. It is acting as a resistance and pushing the pair down.

EURGBPH1.png


Moreover, the 21 hourly simple moving average is also positioned around the same trend line to act as a barrier.

On the downside, the pair may head towards the 0.8351 level at least or even break it for a test of 0.8320.
 
 
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