Daily News & Market Analysis from FXTimes

[FXTimes]

USDJPY – US Dollar May Continue To Weaken Vs Japanese Yen

Key Points
• The US Dollar traded lower during the past two sessions against the Japanese yen, and declined below 114.00.
• There was a bullish trend line formed on the hourly chart of USDJPY, which was broken near 114.80 for a downside move.
• Today in Japan, the All Industry Activity Index was released by the Ministry of Economy, Trade and Industry.
• The result was positive, as there was a rise of 0.3% in Nov 2016, compared with the previous month.

USDJPY Technical Analysis
The Japanese yen managed to gain traction lately, which pushed the US Dollar down. The USDJPY pair traded lower and broke the 115.00 support area for a downside move. It later traded below the 114.00 support as well.

The pair during the downside move broke a bullish trend line formed on the hourly chart of USDJPY at 114.00, and also traded below the 100 hourly simple moving average. Lastly, the pair also closed below the 50% fib retracement level of the last wave from the 112.56 low to 115.62 high.

So, the USDJPY is in a downtrend, and any major recovery from the current levels may present selling opportunity near 114.00.

 

[FXTimes]

EURCAD – Euro Might Extend Downside Towards 1.3920 Vs CAD

Key Points
• The Euro started a downtrend after facing sellers near 1.4300 against the Canadian Dollar.
• There was a major bullish trend line broken at 1.4060 on the 4-hours chart of EURCAD.
• Today, the German Import price index report was released by Deutsche Bundesbank.
• The result was above the forecast, as the Import Price Index rose 1.9% in Dec 2016, compared with the +1.3% forecast.

EURCAD Technical Analysis
The Euro after completing an uptrend against the Canadian dollar near 1.4300 against the Canadian dollar found sellers and moved down. The EURCAD pair declined and moved below a major bullish trend line at 1.4060 on the 4-hours chart.

The pair also broke the 21 hourly simple moving average at 1.4115 for further declines in the near term. It is currently finding bids near 1.3960-1.3980, and may correct higher.

Even if the pair corrects higher, it remains in a downtrend. There is a high chance of EURCAD trading towards the 1.3920-1.3900 support area, which is a major pivot zone for the pair and where buyers may appear.

 

[FXTimes]

USDJPY – US Dollar Poised For More Gains Vs Yen

Key Points
• The US Dollar after trading as high as 115.37 against the Japanese yen found sellers and corrected lower.
• The USDJPY pair later found support near a bullish trend line at 114.25 on the hourly chart.
• Today, the Japanese Retail Trade report was released by the Ministry of Economy, Trade and Industry.
• The result was on the lower side, as there was change of +0.6% in Dec 2016, compared with the +1.3% forecast.

USDJPY Technical Analysis
The US Dollar remained in an uptrend against the Japanese yen. It recently traded close to 115.40 from there a correction was started. The correction wave extended towards the 114.25 support where the USDJPY pair found a bullish trend line on the hourly chart.

The pair is now back above the 21 hourly simple moving average at 114.65, and it looks like the pair may continue to move higher.

The next major resistance on the upside is near 115.00. Above it, the last swing high at 115.30-115.40 may act as a hurdle and prevent further gains.

 

[FXTimes]

GBPJPY – British Pound Remains Sell Vs Japanese Yen

Key Points
• The British Pound recently fell against the Japanese yen and closed below 142.00.
• During the downside move, the GBPJPY pair broke a bullish trend line at 142.60 on the hourly chart.
• Today in Japan, the Services Purchasing Managers Index (PMI) was released by Markit Economics.
• The result was on the lower side, as there was a decline from the last reading of 52.3 to 51.9 in Jan 2017.

GBPJPY Technical Analysis
The British Pound was under a minor bearish pressure against the Japanese, as it moved down below the 142.00 support area. There was also a close below the 21 hourly simple moving average, and a bullish trend line at 142.60 on the hourly chart of GBPJPY.

The pair traded as low as 140.70-140.80, which was the previous support as well. It found bids, and currently attempting a recovery from the 140.70 low.

At the moment, it is facing resistance near the 23.6% Fib retracement level of the last decline from the 144.13 high to 140.76 low. The next resistance is at 142.05, which is the 38.2% Fib level of the same wave.

 

[FXTimes]

EURJPY – Euro To Settle Below 121.00 Vs Yen Soon

Key Points
• The Euro was seen under bearish pressure recently against the Japanese yen, as it broke the 121.25 support area.
• There are a couple of bearish trend lines on the hourly chart of EURJPY at 121.30, which may continue to act as a resistance.
• Today in Japan, the Labor Cash Earnings was released by the Ministry of Health, Labour and Welfare.
• The result was not encouraging, as there was a rise of 0.1% in the Labor Cash Earnings in Dec 2016.

EURJPY Technical Analysis
The Euro was under selling pressure recently against the Japanese yen, as it declined below 121.30-20 support area. The EURJPY pair is currently poised for more declines may be towards the 1.236 extension of the last wave from the 121.01 low to 122.51 high.

So, the pair is likely to trade lower below 121.00 and trade near 120.66 in the short term. Any corrections may face resistance near a couple of bearish trend lines on the hourly chart of EURJPY at 121.30.

If you are planning to sell, consider it near 121.25 with a stop of a close above the 21 hourly simple moving average or 121.50.

 

[FXTimes]

GBPJPY – Buy Dips In British Pound To Japanese Yen

Key Points
• The British pound climbed higher recently against the Japanese yen to settle above 142.00.
• There is a crucial bullish trend line with support at 141.50 formed on the hourly chart of GBPJPY.
• Today in Japan, the Tertiary Industry Index was released by the Ministry of Economy, Trade and Industry.
• The result was below the forecast, as there was a decline of 0.4% in Dec 2016, lower than the last revised rise of 0.3%.

GBPJPY Technical Analysis
The British Pound gained momentum recently against the Japanese yen and started an uptrend from the 138.80 low. The GBPJPY pair moved higher, and broke the 21 hourly simple moving average and the 141.00 resistance.

The pair traded as high as 142.36, and currently correcting lower. It remains supported near the 23.6% fib retracement level of the last wave from the 139.80 low to 142.36 high.

There is also a crucial bullish trend line with support at 141.50 formed on the hourly chart of GBPJPY, which coincides with the 38.2% fib retracement level of the last wave from the 139.80 low to 142.36 high. So, there is a nice support formation starting from 141.76 to 141.40.

 

[FXTimes]

USDCAD – US Dollar To Remain Under Pressure Vs CAD

Key Points
• The US Dollar was seen under a bearish pressure against the Canadian dollar starting from 1.3212.
• The USDCAD pair is moving down, and following a bearish trend line on the hourly chart with resistance at 1.3120.
• Recently, the Canadian employment Change report was released by the Statistics Canada.
• The result was above the forecast, as the change was 48.3K in Jan 2017, compared with the 0.0K forecast.

USDCAD Technical Analysis
The Canadian dollar started gaining traction after the positive employment figures for Jan 2017. The USDCAD started moving down after facing resistance near 1.3210 and moved below 1.3150. The USDCAD is currently under pressure, and following a bearish trend line on the hourly chart with resistance at 1.3120.

The pair at the moment finding bids near 50% fib retracement level of the last wave from the 1.2992 low to 1.3212 high.

So, there is a chance of a minor bounce back, but the pair may face resistance near the 21 hourly simple moving average at 1.3110, and the highlighted bearish trend line at 1.3120.

 

[FXTimes]

AUDNZD – Buy With Break In Aussie Vs Kiwi Dollar

Key Points
• The Aussie dollar is currently consolidating gains against the Kiwi Dollar above 1.0675.
• The AUDNZD pair is likely to trade above the range resistance at 1.0700 for further gains.
• Today, the New Zealand Business NZ PMI for Jan 2017 was released by the Business NZ.
• The result was not as expected, as there was a decline from 54.5 to 51.6 in Feb 2017.

AUDNZD Technical Analysis
The Aussie Dollar was seen trading with a positive tone against the Kiwi Dollar and remained supported near 1.0660. There is a range pattern formed with a monster resistance near 1.0700.

The pair recently broke a bearish trend line on the hourly chart at 1.0665, and also moved above the 21 hourly simple moving average. So, there is a possibility that the pair may break the 1.0700 range resistance for further gains.

On the upside, the next resistance could be near the 1.618 extension of the last drop from the 1.0706 high to 1.0633 low at 1.0751. On the downside, the 21 hourly SMA at 1.0675 might now be considered as a buy area.

 

[FXTimes]

EURAUD – Euro Aims Recovery Towards 1.3880 Vs Aussie Dollar

Key Points
• The Euro after trading as high as 1.3901 against the Aussie dollar started correcting lower.
• A previous broken bearish trend line on the hourly chart of EURAUD is now acting as a support near 1.3810.
• Today, the German Producer Price Index for Jan 2017 was released by the Statistisches Bundesamt Deutschland.
• The result was better than the forecast, as there was a rise of 0.7% in Jan 2017, compared with the previous month.

EURAUD Technical Analysis
The Euro made a nice upside move towards 1.3900 recently against the Aussie dollar before finding resistance. The EURAUD pair is currently moving down, and trading near a broken bearish trend line on the hourly chart of EURAUD with support at 1.3810.

On the upside, there is a bearish trend line on the same chart with resistance at 1.3830. Also, the 21 hourly simple moving average is near 1.3840 to act as a resistance.

However, it looks like the pair is finding bids near 1.3820 and might move higher in the short term towards 1.3860-80. The pair may even test 1.3900 if it gains pace.

 

[FXTimes]

EURCHF – Euro Could Trade Lower Vs Swiss Franc

Key Points
• The Euro recently failed near 1.0670 against the Swiss Franc and traded lower.
• There is a major bearish trend line with resistance at 1.0650 on the 4-hours chart of EURCHF.
• Recently, the Swiss Industrial Production for Q4 2016 was released by the Swiss Statistics.
• The result was disappointing, as there was a decline of 1.2% in Q4 2016 (QoQ), compared with the last increase of 0.2% (revised).

EURCHF Technical Analysis
The Euro after a move towards 1.0680 against the Swiss Franc found sellers. During the upside move, it broke a bearish trend line at 1.0660, but failed to break another bearish trend line on the 4-hours chart at 1.0677.

As a result, there was a downside move, and the EURCHF pair was back below the first trend line and 1.0650. The pair is currently struggling to hold the 21 simple moving average and remain at risk of a move towards 1.0620.

On the upside, both the trend lines are important at 1.0660 and 1.0675. As long as the pair is below these resistance levels, there is a risk of a downside move towards 1.0620 or 1.0600.

 

[FXTimes]

EURCAD – Euro To Capitalize Towards 1.3900 Vs Canadian Dollar

Key Points
• The Euro recently fell towards 1.3825 against the Canadian Dollar where it found support.
• There is a crucial bearish trend line with resistance at 1.3900 on the hourly chart of EURCAD, which is preventing an upside break.
• This past week in Canada, the Consumer Price Index (CPI) for Jan 2017 was released by the Statistics Canada.
• The result was better than the forecast, as there was a rise of 2.1% in Jan 2017 (YoY), more than the forecast of 1.6%.

EURCAD Technical Analysis
The Euro faced a lot of offers against the Canadian dollar recently, resulting in a decline towards 1.3825 from there the EURCAD pair recovered. The pair is now above the 23.6% Fib retracement level of the last decline from the 1.3918 high to 1.3825 low.

However, the pair is struggling to close above the 21 simple moving average and the 50% Fib retracement level of the last decline from the 1.3918 high to 1.3825 low. Moreover, there is a crucial bearish trend line with resistance at 1.3900 on the hourly chart.

So, there is a chance of the EURCAD pair moving higher, but it is likely to face sellers near the 1.3900 handle.

 

[FXTimes]

EURCAD – Euro Remains Buy On Dips Vs Canadian Dollar

Key Points
• The Euro remains in an uptrend against the Canadian dollar with a close above 1.4150.
• There is a crucial bullish trend line support at 1.4150 formed on the hourly chart of the EURCAD pair.
• Today, the Euro Zone Sentix Investor Confidence was released by the Sentix GmbH for March 2017.
• The result was better than the forecast, as there was a rise to 20.7 from 17.4 in March 2017, compared with the forecast of 16.

EURCAD Technical Analysis
The Euro climbed higher during the past few days against the Canadian dollar and broke the 1.40 and 1.41 resistance levels. The EURCAD pair recently traded as high as 1.4239 from where a correction wave started.

The pair is currently trading near the 23.6% Fib retracement level of the move from the 1.4007 low to 1.4239 high. However, the most important support is near 1.4150 and a crucial bullish trend line on the hourly chart.

The 21 hourly simple moving average and the 38.2% Fib retracement level of the move from the 1.4007 low to 1.4239 high are also near 1.4150 to provide support in the short term.

 

[FXTimes]

USDJPY – US Dollar To Extend Rise Towards 115.60 Vs Japanese Yen

Key Points
• The US Dollar surged higher today and traded above 115.00 against the Japanese yen.
• There are two bullish trend lines with support at 115.15 and 114.80 formed on the hourly chart of USDJPY.
• Today, the Japanese Business Survey Index (BSI) Large Manufacturing for Q1 2017 released by the Ministry of Finance posted a decline from 7.5 to 1.1.
• Later today, the US NFP figure for Feb 2017 will be published. Forecast is 190K and may impact the USD to a great extent.

USDJPY Technical Analysis
The US Dollar maintained a bullish bias against the Japanese yen, and moved above the 114.80 and 115.00 resistance levels. The USDJPY is already above the 1.236 extension of the last drop from the 114.79 high to 113.56 low.

So, there is a chance of it moving towards the 1.618 extension of the last drop from the 114.79 high to 113.56 low at 115.53 or even 115.60.

On the downside, the pair remains well supported near two bullish trend lines at 115.15 and 114.80.

 

[FXTimes]

EURCHF – Euro Testing Crucial Resistance Near 1.0750 Vs CHF

Key Points
• The Euro remained above the 1.0680 support against the Swiss Franc, and traded higher.
• There is a bullish trend line with support at 1.0680 formed on the hourly chart of EURCHF.
• Today in the Euro Area, the quarterly Labour Cost for Q4 2016 was released by Eurostat.
• The result was above the forecast, as there was a rise of 1.6% in Q4 2016, compared with the last +1.4% (revised).

EURCHF Technical Analysis
The Euro after failing near 1.0825 against the Swiss Franc declined, and moved below 1.0800. However, the EURCHF pair found a bullish trend line with support at 1.0680 on the hourly chart, which acted as a barrier and prevented further losses.

The pair recovered, and moved above the 23.6% Fib retracement level of the last decline from the 1.0825 high to 1.0684 low. It is now above the 21 hourly simple moving average at 1.0730.

At the moment, the pair is attempting a break above a monster resistance at 1.0750, which is also around the 38.2% Fib retracement level of the last decline from the 1.0825 high to 1.0684 low. A break could push the pair towards 1.0800.

 

[FXTimes]

USDCHF – US Dollar Remains Sell On Rallies Vs Swiss Franc

Key Points
• The US Dollar weakened below the 0.9900 level against the Swiss franc, and tested 0.9840.
• There are two bearish trend lines with resistance near 0.9880 formed on the hourly chart of USDCHF.
• In the US today, the Dallas Fed Texas Manufacturing Index for March 2017 will be released by the Federal Reserve Bank of Dallas.
• The market is expecting no major change in the index from the last reading of 24.5 in March 2017.

USDCHF Technical Analysis
The US Dollar declined heavily against the Swiss Franc and moved below the 0.9900 support area. The USDCHF pair tumbled and tested the 0.9830-40 support area where it found buyers, and started a short-term recovery.

On the upside, the pair faces two bearish trend lines with resistance near 0.9880 on the hourly chart. The same trend line resistance also coincides with the 23.6% Fib retracement level of the last decline from the 0.9959 high to 0.9836 low.

Any further gains could push the pair towards the 50% Fib retracement level of the last decline from the 0.9959 high to 0.9836 low at 0.9900 where sellers may appear and take a stand to protect more gains. On the downside, a break below 0.9830 might call for a move towards 0.9800.

 

[FXTimes]

EURJPY – Euro Decline To Escalate Vs Japanese Yen

Key Points
• The Euro moved down and broke the 119.00 support area against the Japanese yen.
• There is a bearish trend line formed with resistance at 119.10 on the hourly chart of EURJPY.
• In the Euro Zone today, the Manufacturing Purchasing Managers Index (PMI) for March 2017 was released by the Markit Economics.
• The result was in line with the forecast, as the Euro Zone Manufacturing PMI was stable at 56.2 in March 2017.

EURJPY Technical Analysis
The Euro weakened today against the Japanese yen and moved below a major support area of 119.00. The stated level acted as a buy zone earlier, and now it may act as a resistance near 119.00 and 119.10.

On the upside, there is a bearish trend line formed with resistance at 119.10 on the hourly chart of EURJPY. The same trend line is coinciding with the 21 hourly simple moving average at 119.20.

So, if the pair moves higher, it may present selling opportunities near 119.10 and 119.20 as long as it is below the trend line and 21 hourly SMA.

 

[FXTimes]

AUDNZD – Aussie Dollar Downtrend To Continue Vs Kiwi Dollar

Key Points
• The Aussie dollar remained in a solid downtrend, and traded below 1.0820 against the Kiwi Dollar.
• There is a support trend line at 1.0790 on the hourly chart, which is currently preventing further losses in AUDNZD.
• Today in Australia, the HIA/AiG Performance of Construction Index for March 2017 was released by the Australian Industry Group and the Housing Industry Association.
• The outcome was lower than the last reading of 53.1, as there was decline to 51.2 in the Construction Index.

AUDNZD Technical Analysis
The Aussie dollar faced a lot of selling pressure recently, pushing it below the 1.0850 and 1.0820 supports against the Kiwi Dollar. The AUDNZD pair is currently trading just below 1.0800, and finding support near a trend line at 1.0790 on the hourly chart.

The pair is likely to break the trend line support at 1.0790 for further declines. There is a chance of a move towards the 1.618 extension of the last wave from the 1.0811 low to 1.0899 high at 1.0757.

If there is a correction from the current levels, then the 1.0820 area may now act as a resistance, followed by the 1.0850 level.

 

[FXTimes]

EURGBP – Can Euro Hold This Vs British Pound?

Key Points
• The Euro traded mostly in a range with resistance at 0.8580-90 against the British Pound.
• There is a contacting triangle pattern with support at 0.8530 formed on the hourly chart of EURGBP.
• Today in the Euro Zone, the Sentix Investor Confidence for April 2017 was released by the Sentix GmbH.
• The outcome was better than the forecast, as the index increased from 20.7 to 23.9 in April 2017.

EURGBP Technical Analysis
The Euro made a couple of attempts to trade above the 0.8600 level against the British Pound, but failed near 0.8580 and 0.8590. It looks like the EURGBP pair is currently forming a contacting triangle pattern with support at 0.8530 on the hourly chart.

At the moment, the pair is below the 21 hourly simple moving average, and testing the triangle support zone at 0.8530. A break below it could spark more losses towards 0.8500.

On the upside, an initial resistance is near the 21 hourly SMA and the 38.2% Fib retracement level of the last decline from the 0.8580 high to 0.8529 low.

 

[FXTimes]

AUDUSD – Aussie Dollar About To Break Higher Vs US Dollar

Key Points
• The Aussie Dollar surged higher towards 0.7600 against the US Dollar before starting a consolidation.
• There is a major bullish trend line with support at 0.7575 formed on the hourly chart of AUDUSD.
• Earlier today, the Chinese Retail Sales report for Feb 2017 (YoY) was released by the National Bureau of Statistics of China.
• The outcome was better than the forecast, as the Chinese Retail Sales rose 10.9% in Feb 2017 (YoY), more than the last +9.5%.

AUDUSD Technical Analysis
The Aussie Dollar started a solid uptrend from the 0.7473 low against the US Dollar, and moved above the 0.7500 and 0.7575 resistance levels. The AUDUSD pair traded as high as 0.7595 where it found resistance and moved down.

The pair traded below the 23.6% Fib retracement level of the last wave from the 0.7473 low to 0.7595 high, but was able to find support around a major bullish trend line at 0.7575 formed on the hourly chart.

The pair may bounce back soon as it is also above the 21 hourly simple moving average and the 0.7575 support area.

 

[FXTimes]

CADJPY- Risk On Sentiment Pushing CAD to JPY Higher

Key Points
• The Canadian Dollar gained traction and moved above 81.50 against the Japanese Yen, considering the positive French election outcome.
• The CADJPY pair is now well above a bearish trend line with resistance at 81.05 on the hourly chart.
• Recently in Japan, the Leading Economic Index for April 2017 was released by the Cabinet Office.
• The outcome was better than the forecast, as there was a rise in the index from the last revised reading of 104.7 to 104.8 in April 2017.

CADJPY Technical Analysis
The Canadian Dollar opened with a gap up to 81.85 against the Japanese Yen. Most Yen pairs opened higher, and it looks like CADJPY posted good gains above 81.50. The pair traded as high as 81.85, and started correcting lower.

The pair moved down and traded towards the 23.6% Fib retracement level of the last wave from the 80.57 low to 81.85 high where it found support and moved higher once again.

The pair is now well above the 81.20 resistance, and a bearish trend line with resistance at 81.05 on the hourly chart. These are positive signs, and means the pair may continue to head higher as long as above 81.20 or 81.00.