Daily News & Market Analysis from FXTimes

[FXTimes]

EURGBP – Euro Facing An Uphill Task Vs British Pound

Key Points
• The Euro after moving towards 0.8860 against the British Pound found support and moved higher.
• There was a bearish trend line formed on the hourly chart of EURGBP, which was broken, but the pair faces another bearish trend line on the upside.
• Today in the Euro Zone, the German Factory orders figure was released by the Deutsche Bundesbank.
• The result was on the lower side, as the orders declined by 0.6% in Sep 2016, compared with the previous month.

EURGBP Technical Analysis
There was a downside move in the Euro from 0.9040 to 0.8860 against the British Pound, but later the EURGBP pair found support. The pair started moving higher, and then later broke a bearish trend line on the hourly chart.

However, there is another bearish trend line on the upside waiting to act as a barrier for the Euro bulls.

Moreover, the 38.2% Fib retracement level of the last drop from the 0.9044 high to 0.8859 low is also around the same trend line to act as a resistance.

 

[FXTimes]

USDCHF – Can US Dollar Remain In The Bullish Zone?

Key Points
• The US Dollar remained higher versus the Swiss Franc, and currently trading above the 0.9820 support area.
• There is a bullish trend line formed on the hourly chart of USDCHF, which is acting as a support at 0.9850.
• Today in the US, the Monthly Budget Statement was released by the Financial Management Service.
• The result was better than the forecast of $-80B, and came in at $-44B in Oct 2016.

USDCHF Technical Analysis
The US Dollar enjoyed a decent upside move against the Swiss Franc and closed above the 0.9800 handle. There was even a close above the 21 hourly simple moving average to trade as high as 0.9895.

The pair is currently correcting lower, and finding bids near a bullish trend line formed on the hourly chart of USDCHF at 0.9850. However, the most important support is near the 21 hourly simple moving average since it also positioned with the 23.6% Fib retracement level of the last leg from the 0.9549 low to 0.9895 high.

On the upside, a break above the last high of 0.9895 may open the doors for a move towards 0.9920.

 

[FXTimes]

GBPJPY – British Pound Remains Buy Vs Japanese Yen

Key Points
• The British Pound managed to trade higher above the 136.00 handle against the Japanese yen.
• There is currently a minor bullish trend line formed on the hourly chart of GBPJPY, acting as a support near 136.15.
• Today, the UK Claimant Change report was released by the National Statistics.
• The market was expecting a change of 2K in Oct 2016, but it came in at 9.8K, and the last reading was revised to 5.6K from 0.7K.

GBPJPY Technical Analysis
The British Pound traded higher so far this week against the Japanese yen, and broke a couple of important resistances like 135.60 and 136.00. The GBPJPY pair traded as high as 136.75 recently, and currently correcting lower.

On the downside, there is a minor bullish trend line formed on the hourly chart, which may act as a support near 136.15 and provide bids. Moreover, the 23.6% Fib retracement level of the last leg from the 134.19 low to 136.75 high is also around the same trend line.

So, if the pair dips from the current levels, then it is likely to find support near 136.15-00.

 

[FXTimes]

USDCAD – US Dollar Remains In An Uptrend Vs CAD

Key Points
• The US Dollar after a correction towards 1.3400 against the Canadian Dollar found support and traded higher.
• There was a break above a couple of important resistance levels like 1.3510 and 1.3540 in USDCAD.
• Today, the Canadian Consumer Price Index (CPI) will be released by the Statistics Canada.
• The market is positioned for a better CPI reading in Oct 2016 (+1.5%).

USDCAD Technical Analysis
The US Dollar gained traction against the Canadian dollar after trading as low as 1.3400. The USDCAD pair traded higher and broke a bearish trend line formed on the hourly chart at 1.3460, opening the doors for more gains.

The pair also managed to clear a couple of important resistance levels like 1.3510 and 1.3540. It traded as high as 1.3565, and currently correcting lower. An initial support on the downside is at 1.3530, which is act the 23.6% Fib retracement level of the last wave from the 1.3400 low to 1.3565 high.

On the upside, the most important resistance is near 1.3580. Buying dips may be considered as long as the pair is above 1.3500.

 

[FXTimes]

EURCAD – Euro Remains Sell on Rallies Vs Canadian Dollar

Key Points
• The Euro remained under a lot of bearish pressure versus the Canadian dollar, and traded as low as 1.4273.
• There is a bearish trend line formed on the hourly chart of EURCAD, which is acting as a major barrier on the upside.
• Today, the Canadian Wholesale Sales figure will be released by the Statistics Canada.
• The market is hoping for a rise of 0.4% in Sep 2016, compared with the last increase of 0.8%.

EURCAD Technical Analysis
The Euro recently declined from 1.4400 to 1.4273 against the Canadian dollar, and was seen under a bearish pressure. The EURCAD pair is currently recovering, and moved above the 23.6% Fib retracement level of the last drop from the 1.4377 high to 1.4273 low.

However, there is a major resistance on the upside in the form of a bearish trend line formed on the hourly chart of EURCAD at 1.4340-50. The 21 hourly simple moving average is also just below the stated levels. Moreover, the 61.8% Fib retracement level of the last drop from the 1.4377 high to 1.4273 low is also aligned.

So, the highlighted trend line resistance is a major hurdle on the way up for the pair, and may act as a selling area.

 

[FXTimes]

CADJPY – Can Canadian Dollar Continue Trading Higher?

Key Points
• The Canadian Dollar is in an uptrend and may continue to trade higher versus the Canadian Dollar.
• There is a crucial ascending channel pattern formed on the hourly chart of CADJPY, acting as a support for the pair.
• Today in Japan, the National Consumer Price Index was released by the Statistics Bureau.
• There outcome was positive, as there was a rise in the CPI by 0.1% in Oct 2016, compared with Oct 2015.

CADJPY Technical Analysis
The Canadian Dollar traded higher above 84.00 against the Japanese yen, and remained in an uptrend. There is a crucial ascending channel pattern formed on the hourly chart of CADJPY, which is acting as a catalyst and taking the pair higher.

Currently, the pair is trading near the channel trend line support and the 23.6% Fib retracement level of the last leg from the 83.19 low to 84.35 high.

If you are looking to enter a buy trade, then consider it near the channel support trend line on the hourly chart of 84.00.

 

[FXTimes]

EURAUD – Euro Remains Buy On Dips Vs Aussie Dollar

Key Points
• The Euro after trading below 1.4200 against the Aussie dollar found support and recovered.
• There was a monster bearish trend line formed on the hourly chart of EURAUD, which was broken during the upside move.
• Today in the Euro Zone, the Private loans figure was released by European Central Bank.
• There outcome was mixed, as there was an increase of 1.8% in Oct 2016, compared with Oct 2015.

EURAUD Technical Analysis
The Euro faced selling pressure lately against the Aussie dollar and traded below the 1.4200 level. Later, the EURAUD pair recovered, and broke a monster bearish trend line formed on the hourly chart.

The pair even traded towards the 1.4300 before starting a correction. It is currently testing the 61.8% Fib retracement level of the last wave from the 1.4180 low to 1.4310 high.

So, there is a high possibility of a bounce back in EURAUD in the short term. A move back towards the 1.4300 is likely where the Euro bulls may struggle to retain the bullish momentum.

 

[FXTimes]

NZDUSD – Kiwi Dollar Needs To Break 0.7120 For Further Gains

Key Points
• The New Zealand dollar remained in an uptrend against the US Dollar and looks poised for more gains.
• There is a major bullish trend line formed on the hourly chart of NZDUSD, which may act as a support on the downside at 0.7080.
• Today in New Zealand, the ANZ Commodity Price was released by the ANZ National Bank.
• There outcome was mixed, as there was an increase of 2.7% in Nov 2016, compared with the last reading of 0.7%.

NZDUSD Technical Analysis
The New Zealand Dollar managed to stay above the 0.7050 support area against the US dollar, and traded higher. There is a major bullish trend line formed on the hourly chart of NZDUSD, which is holding the current bullish trend near 0.7080.

As long as the pair is above the trend line, it may continue to gain momentum. The NZD buyers need to break the 61.8% Fib retracement level of the last drop from the 0.7148 high to 0.7069 low for further gains.

The only bearish sign is the fact that the hourly RSI is struggling to regain the 50 level.

 

[FXTimes]

EURCAD – Euro Range Bound Ahead of Break Vs CAD

Key Points
• The Euro remained higher against the Canadian Dollar with support on the downside at 1.4200.
• There is a breakout consolidation formed on the hourly chart of EURCAD, which could ignite the next move in the pair.
• Today in the Euro Zone, the French Nonfarm Payrolls (QoQ) report was released by INSEE.
• The result was in line with the forecast, as there was an increase of 0.3% in Q3 2016.

EURCAD Technical Analysis
The Euro recently traded towards 1.4300 against the Canadian dollar where it found resistance and started correcting lower. There is a breakout consolidation formed on the hourly chart of EURCAD, which may act as a catalyst for the next move in the near term.

The pair is above the 21 hourly simple moving average, and may be heading towards the triangle resistance area at 1.4280.

If there is a dip, then one may consider buying as long as the pair is above the triangle support area at 1.4210.

 

[FXTimes]

AUDNZD – Aussie Dollar May Retest the 1.0380 Support Vs NZD

Key Points
• The Aussie dollar recently traded higher against the New Zealand Dollar, but found resistance near 1.0462.
• There is a contracting triangle pattern formed on the hourly chart of AUDNZD, which is acting as a resistance and taking the pair down.
• Today in Australia, the House Price Index was released by the Australian Bureau of Statistics.
• The result was lower compared with the forecast of 2.3%, as it came in at 1.5% in Q3 2016.

AUDNZD Technical Analysis
The Aussie dollar has a solid support at 1.0380 against the Kiwi dollar. The AUDNZD pair attempted to break the stated level many times, but failed. Later, the pair started a recovery and traded as high as 1.0462.

The pair failed to hold the bullish momentum, and started a decline. There is a contracting triangle pattern formed on the hourly chart, which is currently acting as a resistance at 1.0415 and taking the pair down.

It looks like the pair may continue to move down, and retest the same 1.0380 support area where buyers might appear again.

 

[FXTimes]

GBPJPY – British Pound To Resume Its Uptrend Vs Yen

Key Points
• The British Pound after trading towards 148.50 against the Japanese yen found offers, and traded lower.
• There is a crucial bullish trend line formed on the hourly chart of GBPJPY, which may provide support at 146.00.
• Recently, the BOE interest rate was announced in the UK in which the central bank made no changes in the interest rates from 0.25%.
• The UK Retails Sales figure was also released by the National Statistics recently, which posted in line forecast reading.

GBPJPY Technical Analysis
The British Pound faced a lot of sellers around the 148.50 resistance against the Japanese yen, which resulted in a downside move. The failure also occurred after the BOE interest rate decision.

However, downside move found support just above a crucial bullish trend line formed on the hourly chart of GBPJPY at 146.00-30. The pair is currently recovering, and attempting to close above the 21 hourly simple moving average.

If all goes well, then there is a chance of GBPJPY gaining momentum and trading back above the 147.00 handle.

 

[FXTimes]

EURJPY – Euro To Face Resistance Near 123.00 Vs Japanese Yen

Key Points
• The Euro traded lower recently against the Japanese yen, but found support near 122.50-70.
• The EURJPY pair is once again moving higher, but most likely to face near 123.00, which is positioned around a bearish trend line formed on the hourly chart.
• In Japan today, the Merchandise Trade Balance Total was released by the Ministry of Finance.
• The result was on the lower side, as there was a trade surplus of ¥152.5B, less than the forecast of ¥227.4B in Nov 2016.

EURJPY Technical Analysis
The Euro struggled during the past two sessions against the Japanese yen and traded lower towards 122.50 where it found support. The stated level is a major support area, as it acted as a barrier for sellers on many occasions earlier.

The EURJPY pair is currently bouncing from the highlighted support, but likely to face sellers near 123.00, representing a bearish trend line formed on the hourly chart.

Moreover, the 50% Fib retracement level of the last wave from the 123.61 high to 122.46 low may act as a resistance near the same trend line.

 

[FXTimes]

USDCHF – US dollar To Retest 1.0210 Vs Swiss Franc?

Key Points
• The US Dollar is trading in a range against the Swiss Franc with a minor bearish bias.
• There is a contracting triangle pattern formed on the hourly chart of USDCHF with support on the downside at 1.0220.
• Recently in the US, the Initial Jobless Claims figure was released by the US Department of Labor.
• The result was on the lower side, as there was a rise from the last reading of 254K to 275K.

USDCHF Technical Analysis
The US Dollar remained under a minor bearish pressure against the Swiss Franc, and traded below 1.0250. There is a contracting triangle pattern formed on the hourly chart of USDCHF, which is currently acting as a range pattern with support near 1.0220.

The pair is currently struggling to break the 50% Fib retracement level of the last decline from the 1.0279 high to 1.0205 low.

So, there is a chance that the pair may dip from the current levels to test the 1.0220-10 support area. If sellers gain control, there is even a possibility of a new weekly low in USDCHF.

 

[FXTimes]

EURJPY – Can Euro Break 122.70 Vs Japanese Yen

Key Points
• The Euro traded towards the 122.40 support area against the Japanese yen recently.
• There is a short-term bullish trend line formed on the hourly chart of EURJPY, which acted as a support near 122.40.
• Today in Japan, the Unemployment Rate which comes from the Ministry of Health, Labour and welfare and was published by the Japan Statistics Bureau.
• The result was on the lower side, as there was an increase of from the last reading of 3% to 3.1% in Nov 2016.

EURJPY Technical Analysis
The Euro faced sellers recently against the Japanese yen, which resulted in a move towards the 122.40 level. The EURJPY pair found a short-term bullish trend line formed on the hourly chart around the stated level, and currently recovering.

However, the pair is currently facing a resistance near a bearish trend line and the 21 hourly simple moving average at 122.70.

Nevertheless, it looks like there is a chance of a break above the highlighted resistance near 122.70, which may result in a move towards the 123.00 handle.

 

[FXTimes]

AUDNZD – Aussie Dollar Poised For Further Gains Vs NZD

Key Points
• The Aussie dollar declined heavily recently to trade as low as 1.0342 against the Kiwi Dollar.
• Later, the AUDNZD pair started correcting higher, and broke a bearish trend line formed on the hourly chart at 1.0365.
• In Australia, the Private Sector Credit report was released by the Reserve Bank of Australia.
• The result was in line with the forecast, as there was rise of 0.5% in Nov 2016, compared with the previous month.

AUDNZD Technical Analysis
The Aussie dollar struggled recently against the Kiwi dollar, and traded below the 1.0400 support area. The AUDNZD pair traded as low as 1.0342 before starting a correction. The pair made a nice move recently and broke a bearish trend line formed on the hourly chart at 1.0365.

Moreover, the pair closed above the 21 hourly simple moving average. Now, a close above the 23.6% Fib retracement level of the last decline from the 1.0503 high to 1.0342 low may call for more gains.

If you are looking to buy, then consider it near the 21 hourly SMA with a stop below it.

 

[FXTimes]

EURUSD – Weekly Chart Points Clear Bearish Bias

Key Points
• The Euro recently started correction against the US Dollar, but likely to face sellers near 1.0465 and 1.0500.
• There are many resistance levels and trend lines on the weekly chart of EURUSD, waiting to act as a hurdle on the upside.
• Recently in the US, the Institute for Supply Management (ISM) Manufacturing Index was released.
• The result was better, as there was an increase in the index from the last reading of 53.2 to 54.7 in Dec 2016.

EURUSD Technical Analysis
The Euro recently gained bids near the 1.0350 level against the US Dollar, and started correcting higher. The upside move in EURUSD found sellers near the 23.6% Fib retracement level of the last decline from the 1.0870 high to 1.0340 low.

There are many resistances on the way up on the weekly chart of EURUSD at 1.0465 and 1.0500. If the pair continues to move higher, there is even a bearish trend line on the same chart.

On the downside, the most important support is near the last low of 1.0340. A break below it may push the pair towards 1.0300.

 

[FXTimes]

USDCHF – Is This Real Break In Dollar To Swiss Franc

Key Points
• The US Dollar recently managed to trade higher and broke the 1.0155 resistance area.
• The USDCHF pair also managed to break a bearish trend line at 1.0155 on the hourly chart to open the doors for more gains.
• Today, the Swiss Retail Sales report was released by the Swiss Federal Statistical Office.
• The result was better, as there was a rise of 0.9% in sales in Nov 2016, compared with the forecast of 0.4%.

USDCHF Technical Analysis
The US Dollar after trading as low as 1.0087 against the Swiss Franc found buyers and traded higher. The USDCHF pair traded above the 23.6% Fib retracement level of the last decline from the 1.0335 high to 1.0087 low.

Later, the pair also broke a bearish trend line at 1.0155 on the hourly chart along with the 21 hourly simple moving average to clear the way for more gains.

The pair is currently struggling near the 38.2% Fib retracement level of the last decline from the 1.0335 high to 1.0087 low. So, there is a chance of a minor dip before the pair continues to move higher.

 

[FXTimes]

EURJPY – Euro Looks To Gain Pace Above 122.15 Vs Yen

Key Points
• The Euro after a downside move towards 121.19 against the Japanese yen started recovering.
• There are two bearish trend lines on the hourly chart of EURJPY, out of which one is cleared and the pair is attempting to clear another at 122.15.
• Today, the Japanese Money Supply M2+CD was released by the Bank of Japan.
• The result was around the expectation, as there was a rise of 4% in Dec 2016, compared with the same month a year ago.

EURJPY Technical Analysis
The Euro recently declined against the Japanese yen for a move towards 121.20 where it found support. Later, the EURJPY pair moved higher, and broke a bearish trend line on the hourly chart at 121.80 along with the 21 hourly simple moving average.

The pair at the moment attempting to clear another bearish trend line at 122.15, which is also positioned with the 38.2% Fib retracement level of the last decline from the 123.72 high to 121.19 low.

If the pair succeeds in breaking the highlighted trend line resistance near 122.15, a move towards 122.45 is possible.

 

[FXTimes]

AUDNZD – Can Aussie Dollar Move Higher Vs Kiwi Dollar?

Key Points
• The Aussie Dollar remained elevated against the Kiwi Dollar, but struggling to clear the 1.0550-1.0570 resistance.
• There is a descending channel formed on the hourly chart of AUDNZD, which is taking the pair slowly down towards 1.0520.
• Today in Australia, the TD Securities Inflation was released by The University of Melbourne - Faculty of Economics and Commerce.
• The result was better, as there was an increase of 0.5% in Dec 2016, compared with Nov 2016.

AUDNZD Technical Analysis
The Aussie Dollar recently traded as high as 1.0571 against the Kiwi dollar where it found sellers and started moving down. There is a descending channel formed on the hourly chart of AUDNZD, which acting as a downside move catalyst and pushed the pair below 1.0550.

The pair is currently back higher, and attempting a break above the channel resistance area at 1.0545-1.0550. The pair is also above the 21 hourly simple moving average, which is a positive sign.

So, if there is a break above the channel resistance area, there could be a strong move towards the 1.0570 and 1.0600 in the short term.

 

[FXTimes]

Gold Analysis – Price Likely To Trade Higher Towards $1210-1212

Key Points
• Gold price after declining towards $1195 against the US Dollar found support and moved higher.
• There is a bearish trend line on the hourly chart of Gold, waiting on the upside near $1210-1212 to act as a resistance.
• Today in the US, the President Trump Speech is lined up, which may impact prices to a great extent.
• Recently, the Building Permits released by the US Census Bureau, at the Department of Commerce posted a disappointing reading of 1.210M in Dec 2016.

Gold Technical Analysis
We this week saw how Gold price decline from $1216 and traded below the $1200 support area against the US Dollar. However, it found support at $1195 and started trading higher. The price is now back higher, and trading above the 50% Fib retracement level of the last decline from the $1216 high to $1195 low.

Moreover, the price also moved above the $1205 resistance, but likely to face sellers near the 76.4% Fib retracement level of the last decline from the $1216 high to $1195 low.

On the upside, there is also a bearish trend line waiting near $1212 to act as a hurdle for more gains in Gold price.