Daily News & Market Analysis from FXTimes

[FXTimes]

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.

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.

 

[FXTimes]

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.

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.

 

[FXTimes]

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.

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.

 

[FXTimes]

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.

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.

 

[FXTimes]

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.

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.

 

[FXTimes]

AUDUSD – Aussie Dollar Completed Up Move Versus USD?

Key Points
• The Aussie dollar after a solid move towards the 0.7730 against the US Dollar found sellers and moved down.
• There was a monster bullish trend line formed on the hourly chart of the AUDUSD pair, which was broken during the recent downside move.
• Today, the Australia’s Home Loans report was released by the Australian Bureau of Statistics.
• The result was disappointing, as there was a decline of 4.2% in July 2016, compared with the forecast of -1.5%.

AUDUSD Technical Analysis
The Aussie dollar enjoyed a decent upside move this week against the US Dollar until it found sellers near the 0.7730 level. The AUDUSD pair started moving down and broke a monster bullish trend line formed on the hourly chart.

The pair also moved below the 21 hourly simple moving average, which may now act as a resistance.

So, the pair is likely to continue heading lower from the current levels or if it recovers, then sellers could take a stand near 21 SMA.

 

[FXTimes]

EURUSD – Euro Preparing For The Next Move

Key Points
• The Euro after trading as high as 1.1326 against the US Dollar started a correction phase.
• The EURUSD pair is currently consolidating and forming a contracting triangle pattern on the hourly chart.
• Today in the Euro Zone, the Italian Consumer Price Index was released by the Istat.
• The result was in line with the forecast, as there was a rise of 0.2% in the CPI in August 2016.

EURUSD Technical Analysis
The Euro traded positively recently and touched the 1.1326 level against the US Dollar. The EURUSD pair is currently correcting lower and forming a contracting triangle pattern on the hourly chart, which may provide us the next break.

The pair is currently attempting a close below the 21 hourly simple moving average, which could ignite a downside move.

One may consider trading with a break in EURUSD. Currently, looking at the indicators, the chances of a downside move are more.

 

[FXTimes]

USDJPY – Japanese Yen To Gain Further?

Key Points
• The US Dollar is currently facing sellers against the Japanese yen and remains at a risk.
• There is a descending channel pattern formed on the hourly chart of the USDJPY pair, which is pushing the price down.
• Recently, the US Initial Jobless Claims report was released by the US Department of Labor.
• The US Initial Jobless Claims posted an increase from the last reading of 259K to 260K.

USDJPY Technical Analysis
The US Dollar recently tested the 103.40 resistance zone versus the Japanese yen, but failed to sustain the momentum. As a result, there was a downside move below 102.40. The USDJPY pair is currently following a descending channel pattern formed on the hourly chart.

As long as the pair is in the highlighted channel pattern, it may continue to face sellers and could decline further.

There is even a chance of a break below 101.90 for a move towards 101.60.

 

[FXTimes]

NZDUSD – Can Kiwi Dollar Buyers Break This?

Key Points
• The New Zealand Dollar managed to pop higher from the 0.7240 low against the US dollar.
• There is a bearish trend line formed on the hourly chart of the NZDUSD pair, which is acting as a resistance for the buyers.
• In New Zealand today, the Confidence was released by Westpac New Zealand.
• The outcome was positive, as there was a rise from the last reading of 106 to 108 in Q3 2016.

NZDUSD Technical Analysis
The Kiwi dollar traded positively against the US Dollar recently and moved above the 0.7280 resistance area. However, the upside found sellers near a bearish trend line formed on the hourly chart of the NZDUSD pair.

The pair is now above the 21 hourly simple moving average, which is a positive sign and may act as a support area.

One may consider buying dips in the NZDUSD pair as long as it is above the 21 hourly SMA and look for a break of the trend line.

 

[FXTimes]

EURCAD – Euro Struggling To Hold Ground Vs Canadian Dollar

Key Points
• The Euro made a new low yesterday and traded below the 1.4650 support against the Canadian dollar.
• There is a bearish trend line formed on the hourly chart of the EURCAD pair, acting as a resistance.
• Today, the French Gross Domestic Product report was released by INSEE.
• The outcome was negative, as there was a decline of 0.15 in the GDP in Q2 2016.

EURCAD Technical Analysis
The Euro traded down recently against the Canadian dollar and tested the 1.4610 level. The EURCAD pair is currently attempting a recovery, but may face sellers near a bearish trend line formed on the hourly chart.

Moreover, the 23.6% Fib retracement level of the last drop from the 1.4752 high to 1.4612 low is also currently acting as a resistance.

On the downside, a break of the 1.4600 support may call for more losses may be towards 1.4560.

 

[FXTimes]

EURJPY – Euro Remains A Sell Until This Changes

Key Points
• The Euro made a couple of attempts to trade higher versus the Japanese yen, but sellers defended the upside successfully.
• There is a resistance trend line formed on the hourly chart of the EURJPY pair, which along with the 21 hourly simple moving average acting as a hurdle.
• Today in the Euro Zone, the Italian Business Confidence was released by the Istat.
• The result was positive, as there was a rise from the last reading of 101.1 to 101.9 in Sep 2016.

EURJPY Technical Analysis
The Euro fell from the 114.40 high versus the Japanese yen to trade near 112.00 where somehow the buyers prevented the downside move. The EURJPY pair managed to recover recently, but the upside was stalled near a resistance trend line formed on the hourly chart and the 21 hourly simple moving average.

The pair once again making an attempt to move higher, but the 21 hourly SMA is acting as a resistance.

On the downside, there is a bullish trend line formed, which is providing support. Overall, the pair may range trade before a break.

 

[FXTimes]

GBPCHF – British Pound Approaching Crucial Resistance Versus CHF

Key Points
• The British gained bids near 1.2505 against the Swiss Franc and traded higher.
• Earlier, the GBPCHF pair fell after breaking a bullish trend line formed on the hourly chart.
• Today in the UK, the Gross Domestic Product was released by the National Statistics.
• The result was above the forecast, as there was a rise of 0.7% Q2 2016.

GBPCHF Technical Analysis
The British Pound spiked higher against the Swiss Franc after the release of the Gross Domestic Product. The GBPCHF surged and broke the 23.6% Fib retracement level of the last drop from the 1.2676 high to 1.2505 low.

Before the GBPCHF pair under pressure and also fell below a bullish trend line formed on the hourly chart. The same trend line along with the 21 hourly simple moving average may act as a resistance.

There is a chance of a reaction near the highlighted resistance of 1.2600, but the bulls may also break it going forward.

 

[FXTimes]

EURJPY – Can Euro Buyers Break This Vs Yen?

Key Points
• The Euro is trading higher against the Japanese yen, and currently trading near a major resistance.
• There is a major resistance formed near 114.10, which is protecting an upside break.
• In Japan today, the Tankan Large All Industry Capital Expenditure was released by the Bank of Japan.
• There was an increase of 6.3% in Q2 2016, but the market was expecting 6.8%.

EURJPY Technical Analysis
The Euro after trading as low as 112.60 against the Japanese yen found buyers and started trading higher. The EURJPY pair broke the 21 hourly simple moving average to set a bullish trend.

However, the pair is currently facing a major resistance near 114.10, as can be seen from the hourly chart. It acted as a hurdle for the Euro bulls on many occasions.

If the Euro bulls succeed in breaking the highlighted trend line resistance zone, there are chances of more gains in the near term, may be towards 114.50.

 

[FXTimes]

GBPJPY – British Pound Suffering Continues Vs Japanese Yen

Key Points
• The British Pound declined heavily today, and broke the 130.00 support versus the Japanese yen.
• There was a decline of more than 4% in GBPJPY, talking the pair as low as 123.21.
• In the UK today, the Halifax House Price Index report was released by the HBOS.
• The outcome was positive, as it posted a rise of 0.1% in Sep 2016, compared with the previous month.

GBPJPY Technical Analysis
The British Pound was stumped today versus the Japanese yen, as it broke the 125.0 level and traded as low as 123.21. There was a tiny bullish trend line formed on the 4-hours chart of GBPJPY, which was broken during the recent downside move.

The pair recovered well after the recent losses, and currently trading above the 50% Fib retracement level of the last decline from the 132.23 high to 123.71 low.

However, there is no denial that the pair is under heavy bearish pressure and may move down once again.

 

[FXTimes]

USDCHF – US Dollar Poised For A New High Vs Swiss Franc

Key Points
• The US Dollar remained in an uptrend versus the Swiss Franc after a close above 0.9800.
• There is a monster bullish trend line formed on the 4-hours chart of the USDCHF pair, acting as an upside move catalyst.
• Today in Switzerland, the Producer and Import Prices was released by the Federal Statistical Office.
• The outcome was mixed, as there was a decline of 0.1% in Sep 2016, compared with Sep 2015.

USDCHF Technical Analysis
The US dollar recently climbed above the 0.9800 resistance against the Swiss Franc to clear the path for more gains. There is a monster bullish trend line formed on the 4-hours chart of the USDCHF pair, which is acting as a support on the downside at 0.9860.

On the upside, there is a chance of a new high as the pair may test the 1.236 extension of the last drop from the 0.9910 high to 0.9856 low.

As long as the pair is above the trend line support, one may consider buying near the 0.9870 support.

 

[FXTimes]

USDJPY – US Dollar Bulls May Attempt For New High Vs Yen

Key Points
• The US Dollar gained traction to trade above the 104.00 resistance area against the Japanese yen.
• There is currently a contracting triangle pattern formed on the hourly chart of USDJPY, which can ignite the next move soon.
• The Japanese Industrial Production was released by the Ministry of Economy, Trade and Industry today.
• The outcome was mixed, as there was a rise of 1.3% in August 2016, but less than the last increase of 1.5%.

USDJPY Technical Analysis
The US dollar traded above the 104.00 resistance area against the Japanese yen and also closed above the 21 hourly simple moving average. Currently, there is a contracting triangle pattern formed on the hourly chart of USDJPY.

The highlighted pattern may play a major role for the pair in the next move. The chances of a break higher are more since the market sentiment is favoring the greenback.

As long as the pair is above the 21 hourly simple moving average, the USD bulls may remain in action.

 

[FXTimes]

EURCHF – Euro Poised For More Losses Vs CHF

Key Points
• The Euro moved below the 1.0850 support versus the Swiss Franc to initiate a downtrend.
• There is a descending channel pattern formed on the hourly chart of EURCHF, which is currently acting as a resistance at 1.0845.
• In the Euro Zone today, the Greece current account figure was released by the Bank of Greece.
• The outcome was above the last reading, as there was a trade surplus of €1.821B in August 2016.

EURCHF Technical Analysis
The Euro declined recently and moved below the 1.0850 support against the Swiss Franc to trade as low as 1.0822. The EURCHF pair is currently recovering, which may not last long due to a descending channel pattern formed on the hourly chart.

The resistance trend line of the channel pattern is also coinciding with the 21 hourly simple moving average, suggesting that 1.0850-45 is a major hurdle for the Euro buyers.

As long as the pair is below the highlighted resistance area, it may continue to move down.

 

[FXTimes]

EURAUD – Euro Remains A Sell Vs Aussie Dollar

Key Points
• The Euro moved down recently after failing to break the 1.4320 level against the Aussie dollar.
• There is a bearish trend line formed on the hourly chart of EURAUD, which may at as a resistance on the upside near 1.4300.
• Today, the German Manufacturing Purchasing Managers Index (PMI) was released by the Markit economics.
• The outcome was above the forecast, as there was an increase from the last reading of 54.3 to 55.1 in Oct 2016 (preliminary).

EURAUD Technical Analysis
The Euro faced a lot of selling pressure near 1.4320 recently against the Aussie dollar and declined. There was a move towards the 76.4% Fib retracement level of the last wave from the 1.4229 low to 1.4322 high.

The EURAUD pair is currently attempting a recovery, but may find sellers near a bearish trend line formed on the hourly chart.

The same trend line is also aligned with the 21 hourly simple moving average to act as a perfect sell zone.

 

[FXTimes]

EURCAD – Euro Buyers In Control Vs Canadian Dollar

Key Points
• The Euro traded above the 1.4550 resistance against the Canadian dollar, and remained in an uptrend.
• There is a clear uptrend formed, which can be clearly seen with the trend lines formed on the hourly chart of EURCAD.
• Today, the Italian Business Confidence released by the Istat posted an increase from the last revised reading of 102.1 to 103 In Oct 2016.
• The Euro Zone M3 money supply released by the European Central Bank posted a change of 5% in Sep 2016 (3m).

EURCAD Technical Analysis
The Euro made a nice move this week versus the Canadian dollar and traded above the 1.4550 resistance area. There are a couple of important trend lines formed on the hourly chart of EURCAD, which are signaling a clear uptrend.

On the downside, the first bullish trend line is positioned with the 21 hourly simple moving average at 1.4565 to act as a support area.

Moreover, there is another bullish trend line, which may act as a monster barrier if the pair corrects lower. Overall, the pair may continue to trade higher, and may challenge the 1.4630 level.

 

[FXTimes]

USDJPY – US Dollar Remains Supported On the Downside

Key Points
• The US Dollar recently corrected lower after trading as high as 105.53 against the Japanese yen.
• There is an important support trend line formed on the hourly chart of USDJPY, acting as a barrier at 104.50.
• Today, the Japanese Industrial Production was released by the Ministry of Economy, Trade and Industry.
• The outcome was disappointing, as there was no change in Sep 2016 (preliminary), compared with the previous month.

USDJPY Technical Analysis
The US Dollar recently traded as high as 105.53 against the Japanese yen where it found offers and started trading lower. The USDJPY pair traded down, and tested an important support trend line formed on the hourly chart at 104.50.

The pair is once again moving higher, but facing sellers near the 21 hourly simple moving average.

So, there is a chance of another dip in the USDJPY pair, which may find buyers around the highlighted trend line and support. One may consider buying as long as the pair is above it.