Forex Market Commentary By TitanFX

[titanfx]

EURJPY – Euro Heading Towards Monster Resistance

Key Highlights
• Euro after trading below the 122.50 support area vs the Japanese Yen managed to recover.
• There was a triangle pattern break on the 4-hours chart of EURJPY, which may act as a resistance moving ahead.
• Spanish Gross Domestic Product will be released by the National Institute of Statistics today, which is forecasted to increase by 3.4% in Q1 2016.
• Most yen traders will be eyeing a major release in the form of National Consumer Price Index by the Statistics Bureau, which might impact JPY in the near term.

EURJPY Technical Analysis
The Euro was seen under a lot of bearish pressure recently vs the Japanese Yen, as it traded below the 122.50 support area. There was a contracting triangle pattern formed on the 4-hours chart of EURJPY, which was cleared by sellers during the recent downside move.

The pair is also well below the 100 and 200 hourly simple moving average, which is a negative sign for the bulls, and may push the pair down.

A break below the recent low of 122.25 may take the pair towards the 122.00 level, where the bulls may take a stand.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBPUSD – British Pound To Continue Its Downtrend?

Key Highlights
• British Pound weakened a lot vs the US Dollar recently and traded below the 1.4500 support area.
• There was a support trend line on the hourly chart of the GBPUSD pair, which was broken during the downside move.
• In the UK today, the PMI Construction will be released by the Chartered Institute of Purchasing & Supply and Markit Economics, which is forecasted to post a minor decrease from 52 to 51.9 in May 2016.
• In the US, the ADP Employment Change report will be released by the Automatic Data Processing, Inc., and is forecasted to post a reading of 178K in May 2016.

GBPUSD Technical Analysis
The British Pound this week traded a few pips above the 1.4700 level vs the US Dollar, but failed to settle above it. There was a sharp downside move after the failure, and the GBPUSD pair closed below the 100 and 200 hourly simple moving average.

There was also a break below a support trend line on the hourly chart of the GBPUSD pair. Overall, there was a lot of bearish pressure on the pair, which may continue in the short term.

On the upside, a recovery may face sellers near the 23.6% fib retracement level of the last drop from the 1.4728 high to 1.4385 low.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBPJPY – Brexit Fears To Keep Pound Under Pressure

Key Highlights
• British Pound after a minor recovery against the Japanese yen traded down and remained under a bearish pressure.
• Brexit fears are in play for the British Pound, which may continue to impact the market sentiment.
• There was a bullish trend line break noted on the hourly chart of the GBPJPY pair.
• In Japan today, the Machinery New orders, released by the Cabinet Office posted a decline of 11% in April 2016, compared with the forecast of -3.8%.
• UK trade balance will be released by the National Statistics today, which is forecasted to post a deficit of £-11.2B in April 2016.

GBPJPY Technical Analysis
The British Pound managed to trade near the 158.00 level against the Japanese yen recently, but it failed to hold the upside momentum and started to move down. During the downside move, the GBPJPY pair broke a bullish trend line on the hourly chart.

After the break, the pair tested the 61.8% fib retracement level of the last wave from the 152.93 low to 157.91 high.

It looks like the GBPJPY pair may continue to trade lower and may even test the last swing low of 153.00.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDJPY – Australia’s Employment Report Aftermath & Its Impact

Key Highlights
• Aussie dollar managed to recover during the past couple of sessions vs the Japanese yen.
• However, the AUDJPY pair still remains below a couple of important resistance levels, which may continue to act as a hurdle.
• Australian Employment Change released by the Australian Bureau of Statistics posted a change of 17.9K in May 2016, compared with the forecast of 15.0K.
• Australia’s Unemployment Rate came in at 5.7% in May 2016, unchanged from the last reading.

AUDJPY Technical Analysis
The Aussie dollar after trading lower towards 77.50 against the Japanese yen managed to recover. However, the upside was stalled near the 38.2% Fib retracement level of the last drop from the 80.29 high to 77.49 low.

Moreover, on the upside both the 100 and 200 simple moving averages on the 4-hours chart are positioned to act as a resistance.

On the downside, the highlighted triangle pattern support trend line might server as a support for AUDJPY in the near term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZDJPY - Risk of Bounce Grows for New Zealand Dollar

Key Highlights
• New Zealand dollar slowly and steadily moved higher against the Japanese yen, and closed above the 100 and 200 simple moving average on the 4-hours chart.
• There was a contracting triangle pattern formed on the 4-hours chart, which was cleared during the recent upside move.
• Japanese Foreign investment in Japan stocks figures reported by Ministry of Finance came in at ¥-231.1B.
• Japanese Foreign bond investment posted a reading of ¥-457.7B, compared with the last reading of ¥867.8B.

NZDJPY Technical Analysis
The New Zealand dollar after dropping sharply towards 72.30 against the Japanese Yen recovered, and then settled above the 100 and 200 simple moving average on the 4-hours chart.

There was a contracting breakout triangle pattern formed on the 4-hours chart, which was broken during the recent upside move. It means there are chances of NZDJPY trading higher in the near term.

On the upside, the 76.4% Fib retracement level of the last leg from the 76.34 high to 72.29 low is acting as a resistance area.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD – Can Recent Rally Hold In Aussie Dollar?

Key Highlights
• Aussie dollar after trading close to the 0.7300 area against the US Dollar found support and recovered.
• There is a bullish trend line formed on the 4-hours chart of the AUDUSD pair, which acted as a support area.
• In Australia, the Private Sector Credit released by the Reserve Bank of Australia posted a rise of 0.4% in May 2016.
• In the US today, the Initial Jobless Claims will be released by the US Department of Labor, which is forecasted to post a minor rise from the last reading of 259K.

AUDUSD Technical Analysis
The Aussie dollar post the Brexit decision traded from the 0.7640 high to 0.7303 low against the US Dollar. However, the AUDUSD pair found support around a bullish trend line formed on the 4-hours chart and started to recover.

Moreover, the 200 simple moving average (H4 chart) also acted as a support area along with the trend line. The pair is also above the 100 SMA as of writing, and may act as a support on the downside.

On the upside, the 50% Fib retracement level of the last drop from the 0.7646 high to 0.7303 low may act as a resistance. The H4 RSI is above the 50 level, which is a positive sign and may take the pair higher in the short term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY – Japanese Yen Continued To Enjoy Gains Vs USD

Key Highlights
• The US Dollar traded this week with a bearish bias versus the Japanese yen, and traded below a major support area of 101.80.
• The USDJPY pair even broke a support trend line formed on the 4-hours chart to open the doors for more losses.
• Earlier today, the foreign investment in Japan stocks data was released by Ministry of Finance, which came posted a reading of ¥113.9B.
• Moreover, the Japanese Foreign bond investment came in at ¥428.2B.

USDJPY Technical Analysis
The US Dollar after a recovery towards the 103.00-40 levels against the Japanese yen found sellers and started to move down once again. The USDJPY pair even broke a major support area of 101.80, which may now act as a resistance.

Moreover, the pair also broke a support trend line of a channel pattern formed on the 4-hours chart, which ignited sharp loses.

No doubt, the USDJPY pair is under a bearish pressure, and if sellers up the momentum, there is even a chance of it moving below the all-important 100.00 level in the short term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBPJPY – British Pound Recovery Facing Crucial Resistance

Key Highlights
• The British Pound recovered sharply against the Japanese yen, and broke a couple of short-term resistance levels.
• However, the GBPJPY pair is currently facing a major resistance in the form of the 100 simple moving average on the 4-hours chart.
• In the UK, the RICS Housing Price Balance survey released by the Royal Institution of Chartered Surveyors posted a change of 16% in June 2016, compared with the forecast of 8%.
• In Australia, the Employment Change released by the Australian Bureau of Statistics posted a reading of 7.9K in June 2016, compared with the expectation of 10K.

GBPJPY Technical Analysis
The British Pound after a monstrous decline towards the 129.00 level against the Japanese yen recovered well. The GBPJPY pair is currently trading positive, but facing a major hurdle on the upside.

As it can be seen in the 4-hours chart of the GBPJPY pair, the 100 simple moving average is acting as a resistance for further gains and could push the pair down.

On the downside, the 137.00 level can be considered as a support area where the bulls may attempt to stop any further losses.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

EURJPY – Euro Poised For Continued Strength Versus Yen

Key Highlights
• The Euro recovered well against the Japanese yen post the Brexit decision decline and currently looks set for more gains.
• There is a bullish trend line formed on the 4-hours chart of the EURJPY pair acting as a support.
• Today in the Euro Zone, the ECB Interest Rate Decision will be announced by the European Central Bank.
• The market is not expecting any change in the interest rates, and no change in policy is expected.

EURJPY Technical Analysis
The Euro had a decent upside move against the Japanese yen recently, and traded above 118.00. It looks like the EURJPY pair is poised for more gains going forward.

There is a bullish trend line formed on the 4-hours chart of the EURJPY pair, which is acting as a barrier for the bears and pushing the pair higher. The most important point is that the pair is now above the 100 and 200 simple moving average (H4 chart).

It is also above the 61.8% Fib retracement level of the last drop from the 122.00 high to 109.50 low, which is a bullish sign for the Euro buyers.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY – Can US Dollar Retain Bullish Bias Versus Yen?

Key Highlights
• The US dollar managed to gain traction this week against the Japanese yen, but can the USDJPY pair continue to trade higher?
• There was a major bullish trend line break noted on the 4-hours chart of the USDJPY pair.
• In Japan, the Securities investment, released by Ministry of Finance posted a reading of ¥679.3B.
• In the US today, the Initial Jobless Claims will be released by the US Department of Labor, which is forecasted to increase from 253K to 260K.

USDJPY Technical Analysis
The US Dollar is in an uptrend against the Japanese yen if we have a look at a higher time frame chart. However, in the short term, there is a chance of a minor downside reaction in the USDJPY pair.

There was a bullish trend line formed on the 4-hours chart, which was recently broken by the bears. The pair moved down, but found support around the 100 simple moving average.

The pair bounced, and then found offers near the broken trend line, which is acting as a resistance area. The pair may move down once again towards the 100 SMA where the bulls must defend the downside in order to maintain the bullish trend.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDJPY – Aussie Dollar Looks Poised For Further Declines

Key Highlights
• The Aussie dollar was crushed recently versus the Japanese yen, as the AUDJPY pair traded below 77.00. Can it test 76.00?
• There was a bearish trend line formed on the hourly chart of the AUDJPY pair, which was acting as a downside move catalyst.
• In Australia, the Retail Sales released by the Australian Bureau of Statistics posted a rise of 0.1% in June 2016, compared with the forecast of 0.4%.
• In Japan, the foreign investment in Japan stocks released by Ministry of Finance came in at ¥312.1B.

AUDJPY Technical Analysis
The Aussie dollar tumbled recently and traded below the 77.00 support area. The AUDJPY pair was earlier following a bearish trend line formed on the hourly chart, but later broke it

The pair tested the 38.2% Fib retracement level of the last drop from the 78.18 high to 76.50 low and found sellers. It is currently moving down and may test the broken trend line, which might act as a support area.

On the downside, the 76.50 support area holds a lot of importance. A break below it could clear the way for more declines in the near term, which may take the pair towards 76.00.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GOLD At Clear Risk of Further Upsides

Key Highlights
• Gold price rallied recently against the US dollar and traded above the $1340 level.
• There is a monster bearish trend on the 4-hours chart of GOLD, waiting to act as a barrier for buyers.
• Today in the US, the Initial Jobless Claims figure will be reported by the US Department of Labor.
• The market is expecting a decline in claims from 269K to 265K.

Gold Price Technical Analysis
This week Gold price enjoyed decent gains against the US Dollar and traded above $1340. Going forward, it looks set for more upsides in the near term.

However, the upside move won’t be easy for the bulls, as there is a monster bearish trend on the 4-hours chart of GOLD. It may act as a barrier, and prevent an upside break. It earlier acted as a major resistance and prevented a move above $1365-80 on many occasions.

On the other hand, the price remains supported on the downside. Both the 100 and 200 simple moving average on the 4-hours chart are acting as a support area. There is also a bullish trend line aligned with both SMAs. Overall, it looks like there is a chance of more upsides in Gold moving ahead.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

EURJPY - Breakdown Looks like the Real Deal Vs Japanese Yen

Key Highlights
• Euro traded lower against the Japanese yen, and remained under a lot of selling pressure.
• There is a major bearish trend line formed on the 4-hours chart of the EURJPY pair, which is acting as a barrier for the Euro bulls.
• The Japanese Merchandise Trade Balance Total released by the Ministry of Finance earlier today posted a trade surplus of ¥317.6B in July 2016.
• The Japanese Adjusted Merchandise Trade Balance posted a trade surplus of ¥513.5B.

EURJPY Pair Technical Analysis
The Euro after trading as low as 112.30 against the Japanese yen recovered. However, the recovery in EURJPY could not gain momentum as the Euro sellers remained in action.

Every time the EURJPY pair climbed or recovered higher, it found sellers near a major bearish trend line formed on the 4-hours chart. Moreover, the 100 simple moving average on the same chart is also acting as a resistance along with the trend line.

In short, the pair remains under pressure and may trade further down from the current levels.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD – Aussie Dollar Remains a Sell Until this Changes

Key Highlights
• The Aussie dollar traded lower during the past few days versus the US Dollar and remained under pressure.
• There is a major bearish trend line formed on the 4-hours chart of the AUDUSD pair, which acted as a barrier for buyers.
• The pair is now below the 100 simple moving average (H4), which is a bearish sign.
• The Australian Retail Sales released by the Australian Bureau of Statistics posted no change in July 2016, compared with the forecast of a 0.3% rise.

AUDUSD Pair Technical Analysis
The Aussie dollar continued its downward streak against the US Dollar, and it looks like the AUDUSD pair may decline further in the near term. There was a move below the 100 simple moving average on the 4-hours chart, which ignited a downside wave.

Moreover, there is a major bearish trend line formed on the same chart, which pushed the pair lower. The pair also broke the 61.8% Fib retracement level of the last wave from the 0.7420 low to 0.7756 high. So, there is a chance of it moving towards the last swing low of 0.7420.

On the upside, the most important resistance is near 0.7580-0.7600, which may be considered as a sell area in the short term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY – Japanese Yen Buyers Back In Control

Key Highlights
• The US Dollar after a solid ride against the Japanese yen found sellers and moved down.
• There was a move below the 200 simple moving average on the 4-hours chart of USDJPY, which is a bearish sign.
• Today in Japan, the Gross Domestic Product figure was released by the Cabinet Office.
• The forecast was slated for no change in Q2 2016, but there was a rise of 0.2%.

USDJPY Technical Analysis

The US Dollar after a solid ride towards the 104.30 level against the Japanese yen faced selling pressure, and as a result, the USDJPY pair is now in a downtrend.

The USDJPY pair recently broke the 200 simple moving average on the 4-hours chart, which may ignite more losses. Furthermore, there was a move below the 38.2% Fib retracement level of the last leg from the 99.54 low to 104.31 high as well.

So, there is a chance of the pair to move down further. On the downside, there is a major support trend line waiting to provide bids. It must hold if the US Dollar buyers want to contain losses moving forward in USDJPY.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY – US Dollar Remains Buy On Dips Vs Japanese Yen

Key Highlights
• US Dollar managed to bounce recently against the Japanese Yen from a perfect technical support.
• There is a bullish trend line formed on the 4-hours chart of USDJPY, which acted as a barrier for sellers and pushed the pair back up.
• Today in Japan, the Foreign investment in Japan stocks figure was released by Ministry of Finance, which posted a reading of ¥-479.0B.
• Moreover, the Japanese Foreign bond investment posted a reading of ¥-607.6B.

USDJPY Technical Analysis
The US Dollar recently traded close to the 101.50 level where it found support versus the Japanese yen. The USDJPY pair is currently recovering and looks set for more gains.

The recent upside move in USDJPY was convincing, as it came from a technical level. There is a bullish trend line on the 4-hours chart of USDJPY along with the 100 simple moving average around the same level, which acted as a support area.

At the moment, the pair is in the 4th wave and may test the bullish trend line support where buyers might take a stand. As long as the pair is above it, there is a chance of another rally in the near term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY – Dollar Set For Further Declines Vs Japanese Yen Post Fed Decision

Key Highlights
• The US Dollar remained in a downtrend against the Japanese yen, and may slide further.
• When we look at the daily chart of the USDJPY pair, then there is a major bearish trend line protecting the upside move.
• The fed interest rate decision was announced recently in which the central bank kept the interest rate at 0.5%.
• The RBNZ Interest Rate Decision was announced by the Reserve Bank of New Zealand in which the central bank kept the interest rate at 2%.

USDJPY Technical Analysis
The US Dollar remained under a lot pressure during the past few days against the Japanese yen, and the daily chart of the USDJPY pair points more weakness in the near term.

As can be seen in the chart, there is a major bearish trend line on the daily chart of the USDJPY pair. It acted as a major resistance for the US dollar buyers on many occasions, and prevented gains recently as well.

So, there is a high possibility that the USDJPY pair may continue to decline in the near term, and could even test the last swing low of 99.45. The Japanese yen sellers seem to be in control and may remain for some time.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBPUSD – British Pound Sighting Recovery; US GDP Next

Key Highlights
• The British Pound managed to gain bids near 1.2920 versus the US Dollar and started recovering.
• The GBPUSD pair is facing an uphill task and resistance, which may stop the recent upside move.
• Today, the UK will witness the release of Consumer Credit by the Bank of England, which is forecasted to post £1.400B in August 2016.
• The US Gross Domestic Product Annualized report will be published by the US Bureau of Economic Analysis later today.

GBPUSD Technical Analysis
The British Pound fell towards 1.2920 against the US Dollar this past week where somehow the bulls prevented further losses. The GBPUSD pair is currently recovering, but can it last long?

The GBPUSD is clearly approaching a major resistance area, as can be seen from the 4-hours chart. There is a bearish trend line on the upside, which also coincides with a major resistance at 1.3050.

The 61.8% Fib retracement level of the last drop from the 1.3120 high to 1.2920 low is also around the same resistance area. So, the GBPUSD pair is likely to face selling pressure near 1.3050, if there is a short-term upside.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBPJPY – British Pound May Continue To Bleed Vs Yen and Dollar

Key Highlights
• The British Pound declined heavily recently not only against the US dollar, but faced sellers against the Japanese yen as well.
• There are two bearish trend lines formed on the 4-hours chart of the GBPJPY pair, which may act as a resistance in the short term.
• The GBPUSD pair also remains under heavy selling pressure, and created a new 31 year old lately.
• In Japan, the Foreign bond investment released by Ministry of Finance came in at ¥-636.8B, compared with the last reading of ¥1,178.6B.

GBPJPY Technical Analysis
The British Pound was under a lot of bearish pressure due to Brexit trade talks. The GBPUSD and GBPJPY pair declined. Let’s see how much more losses we may witness going forward.

The GBPJPY pair after trading lower found support at 129.64, and started recovering. However, the upside move may be limited. As can be seen in the 4-hours chart, there are two bearish trend lines formed.

If the pair continues to correct higher, then these trend lines may act as a hurdle and prevent a recovery around 131.80-132.00. It looks like sellers remain in control, and may continue to put a lot of pressure on the bulls.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBPUSD – Can British Pound Recover From Recent Losses?

Key Highlights
• The British Pound faced a lot of selling pressure lately versus the US Dollar for a decline below 1.2400.
• There is a major bearish trend line formed on the hourly chart of GBPUSD, acting as a resistance near 1.2280-1.2300.
• Today, the UK RICS Housing Price Balance survey released by the Royal Institution of Chartered Surveyors posted an increase of 17% in Sep 2016, compared with the forecast of 14%.
• The Initial Jobless Claims are lined up later today by the US Department of Labor with forecast of 254K (up from the last 249K).

GBPUSD Technical Analysis
The British Pound declined heavily earlier this week versus the US Dollar, and it looks like a recovery in GBPUSD won’t be easy in the short term.

As can be seen in the hourly chart of GBPUSD, there is a major bearish trend line formed, which is acting as a resistance and preventing an upside move. Moreover, the 50% fib retracement level of the last decline from the 1.2477 high to 1.2091 low also acted as a barrier recently.

It looks like it won’t be easy for the GBP buyers to break it in the near term, which means there are chances of more losses moving ahead.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'