Forex Market Commentary By TitanFX

[titanfx]

AUDUSD Continues To Remain Under Pressure

Key Highlights
• AUDUSD cleared a major triangle pattern on the 4-hours chart to initiate a bear leg.
• There is a chance that the AUDUSD pair may test the all-important 0.7000 support area moving ahead.
• Australian trade balance released by the Australian Bureau of Statistics posted a trade deficit of -2,906M in November 2015.
• Australian Building Permits report was also released, which highlighted a decline of 12.7% in November 2015.

AUDUSD Technical Analysis
The Aussie Dollar was seen under a lot of bearish pressure throughout the past couple of days against the US Dollar. There was a major support trend line of a triangle pattern on the 4-hours chart, which was broken to clear the way for more losses.

The AUDUSD pair settled below the 100 and 200 simple moving average on the 4-hours chart, and currently trading way below it. The pair is likely heading towards the 0.7000 support area where it is likely to find buyers.

On the upside, if the pair corrects higher, then an initial resistance could be around the 38.2% Fib retracement level of the last drop from the 0.7330 high. However, the 0.7160-80 area can be seen as a major hurdle for more upsides in the near term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZDUSD Facing Barrier For More Gains

Key Highlights
• The New Zealand Dollar attempted a couple of times to trade higher against the US dollar, but failed to sustain momentum.
• NZDUSD pair traded below 0.6500 today, and looks set for more losses in the near term.
• The New Zealand Electronic Card Retail Sales as reported by Statistics New Zealand posted a decrease of 0.2% in December 2015, compared with the last rise of 0.3%.
• In terms of the yearly change, the New Zealand Electronic Card Retail Sales rose 5.3%, compared with the last increase of 3.7%.

NZDUSD Technical Analysis
The NZDUSD pair recently cleared a bullish trend line on the hourly chart, which was acting as a support. Also, the pair settled below the 0.6500 support area, which means buyers are struggling to gain momentum.

There is also a bearish trend line formed on the hourly chart, which may act as a barrier if the pair corrects higher from the current levels, as the 100 simple moving average is also positioned around it.

On the downside, the recent low of 0.6465 is a short-term support, which if breached may ignite more losses in the near term. The hourly RSI is well below the 50 level, suggesting the pair is facing a lot of selling pressure.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY Approaching Crucial Resistance Area

Key Highlights
• US Dollar after trading as low as 115.92 against the US Dollar managed to correct higher.
• USDJPY is heading towards a major resistance area where sellers may emerge.
• Japanese Foreign bond investment released by Ministry of Finance posted a reading of ¥-358.3B, compared with the last reading of ¥323.1B.
• Today, the US Initial Jobless Claims will be released by the US Department of Labor, which is forecasted to register a decline from the last reading of 284K to 278K.

USDJPY Technical Analysis
The USDJPY pair recently dived closer to the 116.00 area where buyers just managed to defend losses. The pair is currently correcting higher, but may face a lot of barriers on the way up. There are a couple of bearish trend lines on the 4-hours chart, which acted as a hurdle for buyers on many occasions earlier.

If the pair trades closer to the highlighted trend line and resistance area, then it would be interesting to see how sellers react.

The 4-hours RSI is just touching the 50 level, and a break above it may encourage buyers in the short term to take the pair higher.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZDUSD Lower Post RBNZ Rate Decision

Key Highlights
• New Zealand Dollar moved lower after the RBNZ announced the interest rates.
• NZDUSD pair broke a major support trend line on the hourly chart, which is now acting as a resistance.
• Today, the RBNZ Interest Rate Decision was announced by the Reserve Bank of New Zealand in which the central bank kept the rates at 2.5%.
• The New Zealand Trade Balance released by the Statistics New Zealand posted a trade deficit of $-53M in December 2015, compared with the preceding month.
• In terms of the yearly change, the New Zealand Trade Balance posted a trade deficit of $-3.549B.

NZDUSD Technical Analysis
The NZDUSD pair was down after the rate decision, as sellers got a reason to weaken the pair. There was a major support trend line on the hourly chart, which was broken during the downside drift.

The pair traded as low as 0.6410, and after the release of the Trade Balance report, the NZDUSD pair gained bids.

However, the broken trend line is now acting as a resistance and preventing gains. It looks like the pair may break it to move higher, but might face sellers once again near the 0.6460 level. The 200 hourly simple moving average is positioned around the stated level.

RBNZ Interest Rate Decision
Today, the RBNZ Interest Rate Decision was announced by the Reserve Bank of New Zealand. The market was not expecting any change in rates of 2.5%. The result was as expected, as the central bank kept rates at 2.5%. However, the dovish tone of the central bank pushed the Kiwi Dollar down.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZDJPY – Can New Zealand Dollar Climb?

Key Highlights
• New Zealand Dollar after trading lower against the Japanese Yen found support near a major bullish trend line formed on the 4-hours chart.
• There is a major support formed near 77.60, which if holds may push the NZDJPY pair higher.
• Today, the New Zealand Employment Change was reported by the Statistics New Zealand, which posted a change of 0.9% in the fourth quarter of 2015.
• Moreover, the New Zealand Unemployment Rate posted a reading of 5.3%, down from 6%.

NZDJPY Technical Analysis
The NZDJPY pair recently dived and tested the 77.60 support area where there were a couple of bullish trend lines waiting to act as a support area. Moreover, the 50% Fib retracement level of the last leg from the 75.99 low to 79.37 high also acted as a barrier for sellers and prevented a downside break.

The pair is now moving higher and showing a few positive signs. On the upside, the most important resistance is around the 200 simple moving average (H4). Only a break above it could take the pair further higher.

On the downside, we need to keep an eye on the highlighted trend line and support area, as a break below it could call for more losses.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZDUSD Poised For More Gains

Key Highlights
• New Zealand Dollar enjoyed a decent rally against the US Dollar, and currently challenging the 0.6710-40 resistance area.
• There is a support trend line formed on the 4-hours chart, which may play a major role for buyers and sellers in the short term.
• Today, the US Initial Jobless Claims will be released by the US Department of Labor, which is forecasted to decrease from 285K to 281K.
• Earlier today, the New Zealand Business NZ PMI released by the Business NZ came in at 57.9 in January 2016, up from the last reading of 56.7.

NZDUSD Technical Analysis
The NZDUSD pair showed a lot of positive signs this week, as it climbed higher and formed a bullish pattern. There is a support trend line formed on the 4-hours chart of the NZDUSD pair, which is acting as a barrier for sellers and buy zone for buyers.

The NZDUSD pair is also comfortably above the 100 and 200 simple moving averages on the 4-hours chart, which is a sign that buyers are here to stay.

On the upside, buyers need to watch for the 0.7700-50 area, as it acted as a resistance many times, and only a daily close above it could take the pair higher in the near term. On the downside, the 0.6620-00 can be seen as a crucial support area, followed by 200 SMA (H4).

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

EURJPY: Tough For Euro Buyers To Take It Higher?

Key Highlights
• Euro had a bad week so far against the Japanese yen, as mostly it weakened and failed to gain.
• There is a contracting triangle structure forming on the 4-hours chart, which may be broken to pave the way for a downside move.
• Japanese Merchandise Trade Balance Total released by the Ministry of Finance posted a trade deficit of ¥-645.9B in Jan 2016, compared with the forecast of ¥-680.2B.
• Japanese imports and exports came in at -18% and -12.9% respectively in Jan 2016.

EURJPY Technical Analysis
The Euro moved down against the Japanese Yen, and traded towards the 125.70-80 support area where it found buyers. The EURJPY pair is currently correcting higher, and forming a contracting triangle structure forming on the 4-hours chart.

The pair is struggling to hold the triangle support area, which means there is a high probability of the Euro sellers breaking it and taking the pair down in the short term.

On the downside, we need to keep an eye on the 125.70-80 support area, as a break below it could take the pair towards the 125.00 levels.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBPUSD Down and Out; Hits 7-year Low

Key Highlights
• British Pound continued to trade down, and created a new 7-year low against the US dollar.
• GBPUSD broke the 1.40 level and it looks like set for more losses in the near term.
• All the tension and drama in the UK and the Euro Zone regarding the Brexit ignited a solid downside reaction in the British Pound.
• In the UK, the Gross Domestic Product report will be released by the National Statistics, which is forecasted to post an increase of 0.5% in Q4 2015.

GBPUSD Technical Analysis
The British Pound continued to suffer heavy losses against most major currencies, and it looks like it may continue its slide against the US Dollar. The GBPUSD pair is already down and out, plus trading below the 1.4000 levels.

The GBPUSD created a new 7-year low and still it looks like the bears are not done yet. There is a lot of pressure on the British Pound bulls, and that is the reason why the GBPUSD might even break the 1.3900 level.

Any minor correction from the current levels may be considered as a sell opportunity in the near term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

EURJPY Facing Monster Resistance Near 100 SMA

Key Highlights
• Euro after weakening against the Japanese Yen found support near 123.00 and traded higher.
• There were a couple of support trend lines formed on the hourly chart of the EURJPY pair, which acted as a barrier for more losses.
• Today, the Euro Zone PMI service will be released by the Markit Economics, which is forecasted to remain at 53 in Feb 2016.
• In Japan today, the Foreign investment in Japan stocks posted a reading of ¥-1,015.9B, compared with the last figure ¥-441B.

EURJPY Technical Analysis
The EURJPY pair after trading lower to test the 123.00 support area found support near a couple of support trend lines formed on the hourly chart.

The pair is currently attempting to recover and trading near the 100 hourly simple moving average, which is acting as a hurdle for the bulls.

The 200 hourly SMA is also just above the 100 SMA. So, we can say there is a major resistance near 123.70-80 area for EURJPY. A break above it is needed for the pair to move higher.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBPUSD May Be Heading Towards Breakdown

Key Highlights
• British Pound recently recovered a few pips and traded above the 1.4220 resistance area against the US Dollar.
• The pair is currently trading near a support trend line on the hourly chart, which may play a crucial role moving ahead.
• In the UK, the RICS Housing Price Balance survey released by the Royal Institution of Chartered Surveyors came in at 50%, compared with the forecast of 51%.
• In China, the Consumer Price Index is released by the National Bureau of Statistics of China posted a rise of 1.6%, compared with forecast of 1.1%.

GBPUSD Technical Analysis
The British pound managed to gain traction recently, as the GBPUSD pair traded as high as 1.4282. It is now correcting lower, but trading near a support trend line on the hourly chart, which may act as a hurdle for the bears.

However, if sellers manage to take the pair below the trend line and support area, then there is a chance of a move back towards the 1.4120 level.

The GBPUSD pair is also testing the 100 hourly simple moving average that may act as a pivot in the short term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDJPY – Can Aussie Dollar Continue Higher?

Key Highlights
• Australian Dollar is trading higher against the Japanese Yen, and may continue to trade with a positive tone.
• There is a bullish trend line formed on the hourly chart of the AUDJPY pair, which acted as a support and pushed the pair back up.
• In Japan, the Merchandise Trade Balance Total released by the Ministry of Finance posted a trade surplus of ¥242.8B in Feb 2016, compared with a forecast of a ¥388.6B trade surplus.
• In Australia, the Employment Change released by the Australian Bureau of Statistics posted a change of 0.3K in Feb 2016, compared with the forecast of 10.0K.

AUDJPY Technical Analysis
The Aussie Dollar traded higher against the Japanese Yen during the past couple of sessions, and even managed to close above the 100 and 200 hourly simple moving average.

There is a bullish trend line formed on the hourly chart of the AUDJPY pair, which earlier acted as a barrier and pushed the pair higher.

Currently, the AUDJPY pair trading around the 85.60-80 resistance area, which means there is a chance of a minor correction before it moves higher once again.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZDUSD – Downsides To Continue As Dollar Recovers?

Key Highlights
• New Zealand Dollar after a recovery against the US Dollar started to trade lower once again.
• There is a descending channel pattern formed on the hourly chart of the NZDUSD pair, which is acting as a reason for the downside move.
• Today, the New Zealand Trade Balance released by the Statistics New Zealand posted a trade deficit of $-3.32B in Feb 2016, whereas the forecast was $-3.57B.
• New Zealand imports and exports came in at $3.91B and $4.25B respectively in Feb 2016.

NZDUSD Technical Analysis
The New Zealand Dollar looks like made a top near 0.6870 against the US Dollar and may continue in a downtrend. There is a descending channel pattern formed on the hourly chart of the NZDUSD pair, which is acting as a catalyst for more losses.

The pair is now below the 100 and 200 hourly simple moving average, which may act as a resistance if the pair attempts to correct higher as shown in the chart.

On the downside, the next major support lies at 0.6640, followed by 0.6620.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD – Can Aussie Dollar Bulls Make It?

Key Highlights
• Aussie Dollar managed to trade higher against the US Dollar, but facing a major resistance near 0.7700-20.
• There is an ascending channel pattern formed on the hourly chart, which can be seen as a catalyst for the next move.
• Earlier today, the Australian AiG performance of the Mfg Index released by the Australian Industry Group came in at 58.1 in March 2016.
• Today, the US nonfarm payrolls will be released by the US Department of Labor, which is forecasted to post a reading of 205K in March 2016.

AUDUSD Technical Analysis
The Australian Dollar traded around 20 pips above the 0.7700 level against the US Dollar where it found sellers and started to move down. There is an ascending channel pattern formed on the hourly chart of the AUDUSD pair, which may provide us the next move.

A break below the channel support area may call for a start of a correction phase, else a break above the channel might ignite more gains.

If the Aussie dollar bulls wants to retain the bullish bias, then they have to protect the channel support area in the short term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

EURGBP – Euro Remains In Uptrend Vs British Pound

Key Highlights
• Euro traded higher against the British pound and gained heavily recently to trade above 0.8020.
• There is a bullish trend line formed on the hourly chart of the EURGBP pair, which is acting as a monster support and pushing the pair higher.
• Today, in the Euro Zone, the ECB Monetary Policy Meeting Accounts will be released, which may impact the Euro.
• Today in the UK, the Halifax House Price Index will be released by the HBOS, which is forecasted to register a decline in March 2016.

EURGBP Technical Analysis
The Euro gained heavily recently against the British Pound, and yesterday even attempted to settle above the 0.8100 area, but failed. There is a bullish trend line formed on the hourly chart of the EURGBP pair, which can be seen as a monster support area for the current bullish trend.

As long as the pair is above the highlighted trend line and support area, the chances of it gaining further is a lot more in the near term.

On the upside, a break above the 0.8100 area could take the pair towards the 0.8150 resistance area where sellers may appear.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDJPY – Aussie Dollar To Decline Post Employment Report?

Key Highlights
• Aussie Dollar after solid gains against the Japanese yen found sellers near the 83.95 area.
• There are a couple of bullish trend lines formed on the hourly chart of AUDJPY, and out of which one was broken.
• In Australia, the Employment Change released by the Australian Bureau of Statistics posted a reading of 26.1K for the month of March 2016.
• Australian Unemployment Rate came in at 5.7% in March 2016, down from 5.8%.

AUDJPY Technical Analysis
The Aussie dollar after trading higher against the Japanese Yen towards the 83.95 area found sellers and started to move down. The AUDJPY pair also broke a bullish trend line formed on the hourly chart, which is not a good sign for the bulls in the short term.

The pair is currently attempting to break the 23.6% Fib retracement level of the last wave from the 81.86 low to 83.94 high. A break below it could further ignite a downside move in AUDJPY.

There is another bullish trend line formed on the hourly chart, which may be seen as the next support area for the pair.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZDUSD – Kiwi Dollar Eyeing More Losses?

Key Highlights
• New Zealand Dollar after setting a short-term top against the US Dollar at 0.7050 started to move down.
• There is a descending channel pattern formed on the hourly chart of the NZDUSD pair, which is acting as a catalyst for the downside move.
• New Zealand Visitor Arrivals released by the Statistics New Zealand posted a reading of 18% in March 2016.
• In the US, the Initial Jobless Claims will be released by the US Department of Labor today, which is forecasted to increase from 253K to 263K.

NZDUSD Technical Analysis
The New Zealand dollar after enjoying a good upside ride against the US Dollar found sellers near 0.7050 and started to move down. There is a currently a descending channel pattern formed on the hourly chart of the NZDUSD pair, which is taking the pair down.

The pair is currently trading near the 100 hourly simple moving average where it may find buyers in the short term. However, there is a chance of the pair breaking it and moving towards the 200 SMA.

On the upside, the channel resistance trend line holds the key, followed by the 0.7000 levels as a hurdle.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD – Aussie Dollar Crushed Post CPI Report

Key Highlights
• Australian Dollar traded down against the US Dollar, and looks set for more declines.
• There was a major support area at 0.7700 in AUDUSD, which was broken during the downside drift.
• Australian Consumer Price Index released by the RBA and republished by the Australian Bureau of Statistics posted a decline of 0.2% in Q1 2016, compared with the forecast of +0.3%.
• The yearly Consumer Price Index of Australia posted a rise of 1.3%.

AUDUSD Technical Analysis
The AUDUSD pair was trading with a positive tone until the release of the CPI report. The report missed the forecast completely, and as a result, there was a downside move in the Aussie Dollar.

The pair also broke a major support area of 0.7700 and looks set for more declines in the near term, as it is now below the 100 and 200 hourly simple moving averages.

The next target for the sellers can be the 1.618 extension of the last leg from the 0.7691 low to 0.7764 high.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

Gold Buyers Sighting US Nonfarm Payrolls For Next Move

Key Highlights
• Gold prices gained vs the US Dollar recently, and traded above the $1250 level.
• The price also broke a major resistance area near $1260, which may now act as a support if Gold moves down from the current levels.
• On Friday, in the US, the nonfarm payrolls figure will be released by the US Department of Labor, which is forecasted to post a reading of 200K in April 2016.
• The US Unemployment Rate is expected to remain stable at 5% in April 2016.

Gold Price Technical Analysis
Gold price after forming a bottom near $1200 started to trade higher. During the upside move, the price managed to break an important resistance area near $1260. Moreover, the price is now trading well above the 200 and 100 simple moving average on the 4-hours chart, which is a bullish sign.

There is a bullish trend line formed on the 4-hours chart, which acted as a support earlier, and if the price moves down from the current levels, then it may find bids near it.

On the upside, a crucial resistance lies at $1300, which acted as a hurdle for buyers once and it would be interesting to see whether they can manage to clear it in the second attempt or not. A lot depends on the incoming data from the US this week.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBPUSD – British Pound Bulls Await BOE Meeting Minutes

Key Highlights
• British Pound after trading as low as 1.4373 vs the US Dollar found support, and started to consolidate.
• There is a bearish trend line formed on the hourly chart of GBPUSD, which is acting as a barrier for more gains.
• Earlier today, the RICS Housing Price Balance survey released by the Royal Institution of Chartered Surveyors posted a reading of 41% in April 2016.
• Today, there are many important economic releases in the UK, which may impact the British Pound in the short term.

GBPUSD Technical Analysis
The British Pound managed to gain bids near an important support area of 1.4380-70 and started to recover. However, the upside move was stalled near a bearish trend line formed on the hourly chart of GBPUSD.

The pair is again moving down, and it looks like the British Pound sellers are here to stay. If there is an hourly close below the 100 simple moving average, then a retest of 1.4380 is possible.

On the upside, the highlighted trend line and resistance hold a lot of importance and may continue to act as a hurdle for the bulls.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD – Aussie Dollar Nosedives Post Employment Report

Key Highlights
• Australian Dollar remained under a lot of bearish pressure vs the US Dollar recently, and traded below 0.7300.
• There is a bearish trend line formed on the hourly chart of the AUDUSD pair, which earlier acted as a downside move catalyst.
• Australian Employment Change released by the Australian Bureau of Statistics posted a reading of 10.8K in April 2016, compared with the forecast of 12.5K.
• Australian Unemployment Rate came in at 5.7%, whereas the market was expecting 5.8%.

AUDUSD Technical Analysis
The Aussie Dollar recently broke a major support area of 0.7250 vs the US Dollar and traded as low as 0.7207 after the Australian Employment Change report.

There is a bearish trend line formed on the hourly chart of the AUDUSD pair, which earlier acted as a resistance and pushed the pair down.

There is a chance of a minor correction in the near term, but the Aussie dollar may struggle near the broken support area of 0.7250, which might now act as a resistance.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'