Daily News & Market Analysis from FXTimes

[FXTimes]

EURCAD – Euro Setting Up For Another Break Vs Canadian Dollar

Key Points
• The Euro moved towards 1.4900 against the Canadian Dollar before correcting lower.
• There is a critical contracting triangle pattern with support at 1.4780 formed on the hourly chart of EURCAD.
• Today in the Euro Zone, the French Gross Domestic Product for Q1 2017 (Preliminary) was released by INSEE.
• The outcome was below the forecast, as there was an increase of 0.3% in the GDP, less than the last revised 0.5%.

EURCAD Technical Analysis
The Euro moved higher this week against the Canadian Dollar and traded as high as 1.4907. Later, the EURCAD pair started a correction, and tested the 1.4750 support zone. At the moment, the pair is trading inside a critical contracting triangle pattern with support at 1.4780 on the hourly chart.

It is well above the 38.2% Fib retracement level of the last decline from the 1.4892 high to 1.4754 low, which is a positive sign.

The pair is also above the 21 hourly simple moving average at 1.4810, but struggling to remain above the 50% Fib retracement level of the last decline from the 1.4892 high to 1.4754 low at 1.4825.

 

[FXTimes]

USDCHF – Is This Real Break In US Dollar To Swiss Franc?

Key Points
• The US Dollar after forming support at 0.9890 against the Swiss Franc moved higher.
• The USDCHF pair broke a bearish trend line with resistance at 0.9945 on the hourly chart.
• Today in Switzerland, the Retail Sales for March 2017 (YoY) was released by the Swiss Federal Statistical Office.
• The outcome was above the forecast, as there was a rise of 2.1% in sales in March 2017, more than the forecast of 1%.

USDCHF Technical Analysis
The US Dollar slowly moved down this past week and traded towards 0.9900 against the Swiss Franc. The USDCHF pair later formed support at 0.9890 and moved above the 50% Fib retracement level of the last decline from the 0.9958 high to 0.9887 low.

The upside move was strong as the pair broke a bearish trend line with resistance at 0.9945 on the hourly chart and moved above the 76.4% Fib retracement level of the last decline from the 0.9958 high to 0.9887 low.

The pair is currently around the last swing high at 0.9950. So, it may correct a few pips lower before it makes an attempt to break 0.9960.

 

[FXTimes]

NZDUSD – Can New Zealand Dollar Continue To Hold 0.6850?

Key Points
• The New Zealand Dollar collapsed recently towards 0.6850 against the US Dollar where it found support.
• The NZDUSD pair is currently finding it hard to settle above a bearish trend line with resistance at 0.6875 on the hourly chart.

NZDUSD Technical Analysis
The New Zealand Dollar faced a lot of sellers recently and moved down below 0.6900 against the US Dollar. However, a major support area at 0.6850-40 came into the picture and prevented losses. It acted as a crucial support and pushed the NZDUSD pair back above 0.6860.

However, the pair is currently finding it hard to settle above a bearish trend line with resistance at 0.6875 on the hourly chart.

Moreover, the 21 hourly simple moving average along with the 38.2% Fib retracement level of the last decline from the 0.6968 high to 0.6839 is also acting as a resistance at 0.6888.

 

[FXTimes]

USDJPY – US Dollar To Break Higher Soon Vs Japanese Yen?

Key Points
• The US Dollar gained bids recently and moved above 122.50 against the Japanese Yen.
• The USDJPY pair is currently trading inside a breakout pattern with resistance at 122.90 on the hourly chart.

USDJPY Technical Analysis
The US Dollar was seen struggling to clear the 113.00 resistance area against the Japanese Yen. It resulted in a minor correction, and the pair traded as low as 122.09 form where it started moving higher once again.

The pair is now once again near the same resistance, and formed a breakout pattern with resistance at 122.90 on the hourly chart.

The pair may dip a few pips towards the 23.6% Fib retracement level of the last wave from the 112.09 low to 112.92. However, it likely to find support near the 21 simple moving average at 112.60 for another upside wave.

 

[FXTimes]

EURGBP – Uptrend Initiated For Euro to British Pound

Key Points
• The Euro managed to pop higher after trading towards 0.8380 against the British Pound.
• The EURGBP pair recently broke a few crucial bearish trend lines with resistance at 0.8400 on the hourly chart.

EURGBP Technical Analysis
The Euro after a nasty decline towards 0.8380 against the British Pound found support and started an upside move. The EURGBP pair broke many hurdles recently like the 21 hourly simple moving average and a few crucial bearish trend lines with resistance at 0.8400 on the hourly chart.

The pair moved above the 38.2% Fib retracement level of the last decline from the 0.8509 high to 0.8382 low.

At the moment, the pair is struggling to break 0.8450 and the 50% Fib retracement level of the last decline from the 0.8509 high to 0.8382 low. So, there is a chance of a minor dip towards 0.8420-30 before the pair resumes its uptrend.

 

[FXTimes]

EURCHF – Euro Struggling To Hold Gains Vs Swiss Franc

Key Points
• The Euro made a nice upside move and traded close to the 1.10 handle against the Swiss Franc.
• The EURCHF pair is currently correcting lower and formed an expanding triangle with support at 1.0920 on the hourly chart.

EURCHF Technical Analysis
The Euro was in a decent uptrend, as it moved above the 1.0960 resistance against the Swiss Franc. The EURCHF pair traded close to the 1.10 handle where it faced offers and moved down to trade below the 21 hourly simple moving average.

The pair fell towards 1.0920, and formed an expanding triangle on the hourly chart. It is currently finding resistance near the 21 hourly simple moving average and the 50% Fib retracement level of the last drop from the 1.0987 high to 1.0920 low.

A break above the 21 hourly simple moving average or 1.0950 might ignite an upside move back towards the 1.0980 level.

 

[FXTimes]

USDCHF – US Monstrous Decline Looks Real vs Swiss Franc

Key Points
• The US Dollar traded sharply lower this week and tumbled by more than 200 pips towards 0.9760 against the Swiss Franc.
• There are two bearish trend lines formed at 0.9820 and 0.9835 on the hourly chart of USDCHF.

USDCHF Technical Analysis
The US Dollar was under a lot of pressure and traded sharply lower this week by more than 200 pips from the 1.0070 swing high against the Swiss Franc. The USDCHF pair declined and broke support levels like 1.0000, 0.9900 and 0.9850.

The pair even broke the 21 hourly simple moving average to trade as low as 0.9759 where it found support and currently consolidating.

The pair is currently correcting higher and may face resistance near the 21 hourly simple moving average, and two bearish trend lines at 0.9820 and 0.9835 on the hourly chart. The 23.6% Fib retracement level of the last decline from the 1.0070 high to 0.9759 low at 0.9834 may also act as a resistance.

 

[FXTimes]

CADJPY – Canadian Dollar Extends Recovery Above 82.00 Vs Yen

Key Points
• The Canadian Dollar after declining close to the 80.50 support against the Japanese Yen started a recovery.
• There CADJPY pair started an upside move, and broke a bearish trend line at 81.75 on the hourly chart.

CADJPY Technical Analysis
The Canadian Dollar was under pressure this past week as it dived from 83.53 to well below 81.00 towards the 80.50 support against the Japanese Yen. Later, the CADJPY pair found support and moved above the 81.00 handle.

The pair is now above the 21 hourly simple moving average and the 38.2% Fib retracement level of the last decline from the 83.53 high to 80.65 low.

There was also a break above a bearish trend line at 81.75 on the hourly chart. At the moment, the pair is trading near the 61.8% Fib retracement level of the last decline from the 83.53 high to 80.65 low. A break above 82.50 is needed for a move towards 83.00 in the near term.

 

[FXTimes]

EURGBP – Euro to Move above 0.8750 Vs British Pound?

Key Points
• The Euro remains in an uptrend vs the British Pound with a close above the 0.8680 resistance.
• There is a major bullish trend line with support at 0.8700 formed on the hourly chart of EURGBP.

EURGBP Technical Analysis
The Euro climbed higher recently, and broke the 0.8650 and 0.8680 resistance levels vs the British Pound. The EURGBP pair traded positively and with a close above 0.8700 tested the 0.8750 resistance where it faced offers.

It moved down, and currently trading near a major bullish trend line with support at 0.8700 on the hourly chart. The 21 hourly simple moving average and the 38.2% Fib retracement level of the last wave from the 0.8602 low to 0.8751 high is also around 0.8695.

So, we can say there is a major support at 0.8700-0.8695. As long as the pair is above these, it may rise back towards 0.8750 or 0.8780.

 

[FXTimes]

GBPJPY – Can British Pound Recover Above 142.50 Vs Japanese Yen

Key Points
• The British Pound made a downside move below 143.00 against the Japanese Yen, and later found support at 141.95.
• The GBPJPY pair is currently attempting a break above a bearish trend line at 142.42 on the hourly chart.

GBPJPY Technical Analysis
The British Pound after trading as high as 143.95 against the Japanese Yen faced resistance, and started a downside move. The GBPJPY pair traded lower and moved below the 143.50 and 143.00 support levels to trade as low as 141.95.

The pair also broke the 21 hourly simple moving average and 142.60 support during the downside. At the moment, the pair is consolidating in a range and facing resistance near the 23.6% Fib retracement level of the last decline from the 143.95 high to 141.95 low.

The pair is also facing a bearish trend line at 142.42 on the hourly chart. Once there is a break and close above 142.50, the pair could test the 50% Fib retracement level of the last decline from the 143.95 high to 141.95 low at 142.95.

 

[FXTimes]

AUDUSD – Aussie Dollar Remains Range Bound Vs US Dollar

Key Points
• The Aussie Dollar is trading in a range above the 0.7525 support against the US Dollar.
• There is a solid bullish trend line with support at 0.7530 forming on the hourly chart of AUDUSD.

AUDUSD Technical Analysis
The Aussie Dollar is trading in a bullish zone above the 0.7525 support against the US Dollar. There is a clear range pattern formed on the hourly chart of AUDUSD with resistance on the upside at 0.7565.

On the downside, the pair is currently following a solid bullish trend line with support at 0.7530 on the hourly chart and the 21 hourly simple moving average. Below the trend line, the range support is at 0.7525.

As long as the trend line support at 0.7530 and 0.7525 level is intact, the pair is likely to gain traction and move above the 0.7565 resistance.

 

[FXTimes]

AUDUSD – Aussie Dollar Poised For Further Declines Vs US Dollar

Key Points
• The Aussie Dollar made a top at 0.7620 against the US Dollar and currently under selling pressure.
• There was a break below a crucial bullish trend line with support at 0.7585 on the hourly chart of AUDUSD.

AUDUSD Technical Analysis
The Aussie Dollar traded higher recently towards 0.7620-40 against the US Dollar, but faced a lot of offers and started a downside move. The GBPUSD pair made two attempts to break 1.2820, but failed and moved down sharply below the 1.2750 support.

During the downside, the pair also broke the 0.7586 and 0.7570 supports and traded as low as 0.7549. It may correct a few pips higher, but most likely to face sellers near the 50% Fib retracement level of the last decline from the 0.7622 high to 0.7549 low.

 

[FXTimes]

GBPCHF – British Pound To Gain Pace Vs Swiss Franc above 1.2380

Key Points
• The British Pound started an uptrend from the 1.2260 level against the Swiss Franc and likely to trade higher in the near term.
• There was a contracting triangle pattern with resistance at 1.2350 on the hourly chart of GBPCHF, which was broken recently towards the upside.

GBPCHF Technical Analysis
The British Pound was seen trading higher from the 1.2260 swing low against the Swiss Franc, which later got traction. The GBPCHF pair moved higher and broke the 21 hourly simple moving average and the 23.6% Fib retracement level of the last decline from the 1.2465 high to 1.2263 low.

The pair also broke a contracting triangle pattern with resistance at 1.2350 on the hourly chart and the 38.2% Fib retracement level of the last decline from the 1.2465 high to 1.2263 low.

The next hurdle is the 1.2370 level, which is just above the 50% Fib retracement level of the last decline from the 1.2465 high to 1.2263 low. A break and close above the 1.2370-80 levels could ignite an upside move above the 1.2400 handle.

 

[willissom1]

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