Forex Market Commentary By TitanFX

[titanfx]

GBPUSD – Can British Pound Retest 1.2600 Vs US Dollar?

Key Highlights
• The British Pound traded with positive bias during the past few days and moved above 1.2400 against the US Dollar.
• The GBPUSD pair also broke a bearish trend line with resistance at 124.00 on the daily chart.
• The pair may now head towards another bearish trend line with resistance at 1.2580-1.2600 on the same chart.
• The UK Retail Sales figure for Feb 2017 will be released by the National Statistics today, which is forecasted to post an increase of 2.6% (YoY).

GBPUSD Technical Analysis
The British Pound continuing rejection near 1.2100 against the US Dollar ignited a rally. The GBPUSD is now trading with positive bias, and looks poised for gains towards 1.2600.

Initially, the pair cleared the 23.6% Fib retracement level of the last decline from the 1.2706 high to 1.2106 low. It ignited further gains, and the pair broke a bearish trend line with resistance at 124.00 on the daily chart.

It also moved above the 100-day simple moving average and the 50% Fib retracement level of the last decline from the 1.2706 high to 1.2106 low. These are positive signs, suggesting more gains above 1.2550 in the near term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD – Aussie Dollar Recovery Won’t Be Easy Vs US Dollar

Key Highlights
• The Aussie Dollar after failing once again near 0.7740-50 against the US Dollar, dropped sharply.
• The AUDUSD pair broke a bullish trend line with support at 0.7650 on the 4-hours chart.
• The Australian HIA New Home Sales for Feb 2017 (MoM) released by the Housing Industry Association posted a rise of 0.2%.
• Today, the US Gross Domestic Product for Q4 2016 will be released by the US Bureau of Economic Analysis, which is forecasted to increase by 2%.

AUDUSD Technical Analysis
The Aussie dollar was seen struggling after its failure to close above the 0.7750 resistance against the US Dollar. The AUDUSD pair moved down, now faces resistance near 0.7700.

During the downside move, the pair broke a bullish trend line with support at 0.7650 on the 4-hours chart. Later, there was a close below the 100 simple moving average as well, but soon the pair recovered.

It is now trading above the 100 SMA at 0.7620, and climbed above the 38.2% Fib retracement level of the last decline from the 0.7749 high to 0.7587 low.

So, there is a chance of it moving towards 0.7680 or 0.7700. However, it is likely to face sellers near the stated levels. On the downside, the most important support is near the 100 SMA at 0.7620. Overall, the pair could recover a few pips, but may continue to struggle.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

Can Gold Price Maintain Bullish Bias Vs US Dollar?

Key Highlights
• There was a rise in Gold price towards $1260 against the US Dollar, suggesting positive signs.
• There is a nice bullish trend line with support at $1246 formed on the hourly chart of XAU/USD.
• This week’s NFP release on Friday may impact Gold price for a push either above $1260 or below $1240.
• Today, the US Initial Jobless Claims (March 31 week) will be released by the US Department of Labor, which is forecasted to decrease from 258K to 250K.

Gold Price Technical Analysis
We saw a steady increase in Gold price during the past few days against the US Dollar above $1200. The price is currently under a correction, but remains supported near $1245.

The recent failure near $1261 was crucial, as the same level acted as a resistance on many occasions. It is already below the 23.6% Fib retracement level of the last wave from the $1239 low to $1261 high. However, there is a nice bullish trend line with support at $1246 on the hourly chart, waiting to act as barrier for more downsides.

In my view, as long as the price is above $1240, it remains supported. But, at the same time breaking $1260 won’t be easy.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD – Aussie Dollar In Medium Term Downtrend Vs USD?

Key Highlights
• The Aussie dollar struggled on many occasions to break 0.7740-0.7750 against the US Dollar.
• It looks like a major double top pattern near 0.7740 on the daily chart of AUDUSD, igniting a downside move.
• In Australia, the Employment Change figure for March 2017 released by the Australian Bureau of Statistics posted 60.9K, compared with the forecast of 20.0K.
• The Unemployment Rate came in at 5.9% in March 2017, just as the market expected.

AUDUSD Technical Analysis
The Aussie dollar had a bad past few days, as it moved down by around 200 pips against the US Dollar from the 0.7748 high. Going forward, more losses are possible in AUDUSD if the pair remains below 0.7550.

One important point is that the pair is likely forming a major double top pattern near 0.7740 on the daily chart. The pair already moved down and broke the 23.6% Fib retracement level of the last wave from the 0.7159 low to 0.7748 high.

Moreover, the pair also attempted a close below the 100-day simple moving average at 0.7550. So, the pair may later make an attempt to settle below the 50% Fib retracement level of the last wave from the 0.7159 low to 0.7748 high. On the downside, the next important support is at 0.7400.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY – US Dollar Recovery A Real Deal Vs Japanese Yen

Key Highlights
• The US Dollar declined below 109.00 this past week against the Japanese Yen before finding support.
• A recovery is underway, but the USDJPY pair is likely to face resistance near 109.50 and a bearish trend line on the 4-hour chart.
• Today in Japan, the Nikkei Manufacturing PMI for April 2017 (Preliminary) was released, which posted a rise from 52.4 to 52.8.
• Today in the US, the Manufacturing Purchasing Managers Index (PMI) for April 2017 (Preliminary) will be released by the Markit Economics, which is forecasted to increase from 53.3 to 53.5.

USDJPY Technical Analysis
The US Dollar decline against the Japanese Yen found support near 108.20. At the moment, the USDJPY pair is under a recovery, but can it continue to correct higher in the near term?

The pair recently broke the 23.6% Fib retracement level of the last decline from the 111.57 high to 108.13 low. However, the most important move was above a contracting triangle pattern at 108.80.

If the highlighted break is true, there are chances of more gains in the near term towards 110.00. However, a monster bearish trend line and previous support at 110.00 is waiting to act as a resistance.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBPJPY – British Pound Turned Bullish Vs Japanese Yen

Key Highlights
• The British Pound gained bids during the past few days, and moved above 141.00 against the Japanese Yen.
• There was a crucial bearish trend line with resistance at 138.60 on the daily chart of GBPJPY, which was broken recently.
• Today in Japan, the Foreign bond investment (April 21, 2017) released by Ministry of Finance posted ¥-1,283.8B, compared with the last ¥-796.2B.
• The Japanese Foreign investment in Japan stocks (April 21, 2017) posted ¥258.4B, compared with the last ¥315.2B.

GBPJPY Technical Analysis
The British Pound was in a long-term downtrend against the Japanese until it found support at 135.60. Later, the GBPJPY pair gained bids, and moved above the 141.00 resistance.

During the upside move, the pair broke a crucial bearish trend line with resistance at 138.60 on the daily chart. It also moved above the 100-day simple moving average at 141.17.

These are positive signs, as the pair now above the 38.2% Fib retracement level of the last decline from the 148.43 high to 135.62 low.
There are high chances of it moving further higher towards the 61.8% Fib retracement level of the last decline from the 148.43 high to 135.62 low at 145.40 in the medium term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

AUDUSD – Aussie Dollar Struggle To Continue Vs US Dollar

Key Highlights
• The Aussie Dollar remained under pressure with resistance at 0.7550 and 0.7460 against the US Dollar.
• There is a monster bearish trend line resistance formed at 0.7540-50 on the 4-hours chart of AUDUSD.

AUDUSD Technical Analysis
The Aussie Dollar failed on many occasions to remain above 0.7550 against the US Dollar. As a result, the AUDUSD pair is now at risk of a break below 0.7440.

The pair recently failed near a monster bearish trend line resistance at 0.7540-50 on the 4-hours chart. The 100 simple moving average (H4), currently at 0.7530 also played its part well.

There was a downside move initiated after AUDUSD failed to break 0.7540-50. It moved down sharply and currently trading near the 1.236 extension of the last wave from the 0.7440 low to 0.7556 high.

If it continues to move down, there can be a break below 0.7400 with a chance of AUDUSD testing 0.7365.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY – US Dollar Targets Fresh High Vs Japanese Yen

Key Highlights
• The US Dollar remains in a solid uptrend with a close above 112.80 against the Japanese Yen.
• There is a monster support formed on the downside near 113.00 with two bullish trend lines on the 4-hours chart of USDJPY.

USDJPY Technical Analysis
The US Dollar after a break above 112.80 gained pace against the Japanese Yen and moved towards 114.40. The USDJPY pair traded as high as 114.32 from where a tiny correction is initiated.

The pair may head towards the 23.6% Fib retracement level of the last wave from 112.08 low to 114.32 high. On the downside, there are many supports, starting with 113.40 to 113.20.

There are also two bullish trend lines on the 4-hours chart of USDJPY at 113.00, waiting to act as a hurdle for sellers if the pair moves down.

So, if the pair corrects lower, it may find support anywhere from 113.40 to 113.00. On the upside, a break above 114.30 might call for a push towards 114.80 in the near term.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USDJPY – US Dollar Establish a Bearish Trend Vs Japanese Yen

Key Highlights
• The US Dollar has formed a short-term top near 114.37 against the Japanese Yen.
• The USDJPY moved down sharply, and broke a major bullish trend line at 113.50 on the 4-hours chart.

USDJPY Technical Analysis
There were continuous gains in the US Dollar from the 110.00 swing low against the Japanese Yen. However, it looks like USDJPY struggled above 114.00, and now forming a bearish trend.

The pair traded as high as 114.37 where it failed, and moved down. During the downside move, there was a break below the 23.6% Fib retracement level of the last wave from the 109.59 low to 114.37 high.

However, the most important move was below a major bullish trend line at 113.50 on the 4-hours chart. It has opened the doors for more declines.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USD/CHF – Can US Dollar Recover Above 0.9800 Vs Swiss Franc?

Key Highlights
• The US Dollar faced a lot of selling pressure during the past few days and declined below 0.9800 vs the Swiss Franc.
• The USD/CHF pair made a major top on 11th May 2017 above 1.0080 and started a bear trend.

USD/CHF Technical Analysis
The US Dollar after a solid uptrend formed a top near 1.0080 vs the Swiss Franc. The USD/CHF pair declined heavily and moved down by more than 300 pips before finding support at 0.9700.

At the moment, the pair is forming a base above 0.9700, and building a correction pattern. A move above 0.9715 was positive, but the pair faces many hurdles on the upside.

The first resistance is near a bearish trend line at 0.9780 on the 4-hour chart. Second, the 23.6% Fib retracement level of the last decline from the 1.0998 high to 0.9691 low at 0.9787.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USD/JPY – US Dollar Approaching Crucial Break Vs Japanese Yen

Key Highlights
• The US Dollar remains in a downtrend against the Japanese Yen as long as below 111.40.
• There is a major bearish trend line with resistance at 111.40-50 formed on the 4-hours chart of USD/JPY.

USD/JPY Technical Analysis
The US Dollar struggled lately against the Japanese Yen and moved below 111.50. The USD/JPY pair now faces a major challenge on the upside at 111.40 for a push towards 113.00.

After a sharp decline towards 110.00, the pair found support and started consolidating. The pair started a recovery and moved towards 112.12 where it faced offers, and traded lower.

At the moment, the pair is again struggling below 111.50. There is a major bearish trend line with resistance at 111.40-50 formed on the 4-hours chart.

The 100 simple moving average on the same chart is at 111.42, suggesting the importance of the 111.40-50 resistance. As long as there is no break and close above 111.50, USD/JPY remains at risk.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst

 

[titanfx]

NZD/USD – Monster Bullish Break Sighted For NZD on Weekly Chart

Key Highlights
• The New Zealand Dollar after forming a base near 0.6850 against the US Dollar started an uptrend.
• The NZD/USD pair has cleared two important bearish trend lines on the weekly chart at 0.7150 to signal a major bullish trend.

NZDUSD Technical Analysis
Looking at the big picture, the New Zealand Dollar might have turned bullish above the 0.7150 level versus the US Dollar. The NZDUSD broke many barriers near 0.7150 to set the current uptrend.

On the downside, the pair formed a solid base above 0.6850 before starting an upside move. It recently cleared two important bearish trend lines on the weekly chart at 0.7150.

Additionally, the pair has almost surpassed the 38.2% Fib retracement level of the last decline from the 0.8835 high to 0.6189 low.

These all are positive signs, and suggest further gains in NZDUSD above 0.7200. The next hurdle could be near the 50% Fib retracement level of the last decline from the 0.8835 high to 0.6189 low at 0.7500.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

EUR/JPY – Can Euro Move Above 124.50 Vs Japanese Yen?

Key Highlights
• The Euro this week struggled to break a crucial resistance near 124.60 against the Japanese Yen, and moved down.
• A bearish trend line at 124.60 on the 4-hours chart of EUR/JPY prevented upsides, and pushed the pair down.

EURJPY Technical Analysis
The Euro made a short-term top near 124.60 against the Japanese Yen this week. The EUR/JPY pair is currently trading lower, but might attempt another a retest of the 124.50-60 resistance.

Looking at the 4-hours chart of EUR/JPY, there is a key bearish trend line at 124.50-60. It recently acted as a hurdle for more gains and pushed the pair lower towards 123.65.

The pair is currently holding the 100 simple moving average (H4) at 123.85, and may correct higher towards the trend line resistance. However, upsides remain limited near 124.40-60.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZD/USD – New Zealand Dollar Eyeing Break above 0.7340

Key Highlights
• The New Zealand Dollar traded with a positive bias recently and moved above 0.7250 against the US Dollar.
• There is a crucial bullish trend line with support at 0.7275 forming on the 4-hours chart of NZD/USD.

NZDUSD Technical Analysis
The New Zealand Dollar maintained a decent bullish trend and moved above 0.7250 against the US Dollar. The NZD/USD pair is currently moving higher and looking to break the 0.7340 resistance.

Looking at the 4-hours chart of NZD/USD, it is quite clear that the pair started a major uptrend from the 0.7000 handle. It traded above a few key levels like 0.7100 and 0.7200.

It is currently following a crucial bullish trend line with support at 0.7275. The pair recently corrected lower from 0.7343 and almost tested the trend line support.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

USD/CAD – Can US Dollar Recover Above 1.3000 Vs Canadian Dollar?

Key Highlights
• The US Dollar faced a lot of selling pressure lately and moved below 1.3100 against the Canadian Dollar.
• There is a key bearish trend line with resistance at 1.3080 forming on the 4-hours chart of USD/CAD.

USDCAD Technical Analysis
The US Dollar declined sharply during the end of June 2017 towards 1.2900 against the Canadian Dollar. The USDCAD pair remains in the bearish zone with resistances as 1.3000 and 1.3050.

Before the downside began, the pair broke a major bullish trend line at 1.3230 on the 4-hours chart. It ignited a sharp decline and the pair traded as low as 1.2912.

A correction is underway at the moment with resistance near a descending channel at 1.2995. The 23.6% Fib retracement level of the last decline from the 1.3260 high to 1.2912 low is also around the channel resistance.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBP/JPY – British Pound Made Top at 147.80 Vs Japanese Yen?

Key Highlights
• The British Pound after a solid uptrend found resistance just below 148.00 against the Japanese yen.
• The GBP/JPY pair has likely made a short-term top at 147.80 since it broke major support at 146.85 on the 4-hours chart.

GBPJPY Technical Analysis
The British Pound started a major uptrend in June 2017 from the 139.00 handle against the Japanese yen. Now, it seems like the GBP/JPY pair is completing a wave with top near 147.80.

After trading as high as 147.77, the pair faced heavy offers and started moving lower. It declined below two important bullish trend lines at 146.85 on the 4-hours chart.

So, it may correct a few pips higher in the near term, but likely to face sellers near 146.40 or 147.00. On the downside, the next major support is at 144.30 and the 100 simple moving average (H4).

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

Gold Price Remains Supported Near $1230 Vs US Dollar
Key Highlights
• Gold price traded higher and broke a major resistance at $1230 against the US Dollar.
• There is a crucial support forming on the downside near $1230-1228 on the 4-hours chart.

Gold Price Technical Analysis
Gold price after forming a bottom near $1204 versus the US Dollar started moving higher. It recently broke major resistance at $1230 to gain bullish momentum.

Looking at the 4 hours chart, there was a break above a key bearish trend line at $1231. The price also cleared the 100 simple moving average and the $1230 pivot to trade towards $1245.

The price traded as high as $1244.56 before starting a correction. On the downside, there a crucial support forming near $1230-1228 with the help of a bullish trend line and the 100 SMA.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

GBP/USD – Cable Trades Positive Post Fed Rate Decision

Key Highlights
• The British Pound remained in an uptrend and recently moved above 1.3120 against the US Dollar.
• There are two important bullish trend lines with support near 1.3030 and 1.2980 forming on the 4-hours chart of GBP/USD.

GBPUSD Technical Analysis
The British Pound made decent ground against the US Dollar and traded above 1.3000 and 1.3100. The GBP/USD pair remains in an uptrend with supports such as 1.3110, 1.3080 and 1.3030.

The pair recently broke a major resistance area near 1.3100-1.3110, opening the doors for more gains. There was even a break above a short-term connecting bearish trend line at 1.3060 on the 4-hours chart.

On the downside, there two important bullish trend lines with support near 1.3030 and 1.2980 forming on the same chart.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

EUR/JPY – Euro Forming Major Top At 131.40 Vs Japanese Yen

Key Highlights
• The Euro is carving a major top near 131.40 against the Japanese Yen.
• There was a break below two important bullish trend lines at 130.50 on the daily chart of EUR/JPY.

EURJPY Technical Analysis
The Euro surged higher in June and July 2017 against the Japanese Yen above 131.00. August 2017 seems to be a bearish month for EUR/JPY, as the pair is carving a top near 131.40.

Looking at the daily chart of EUR/JPY, there are clear bearish candles near 131.00-131.40. There was also a break below two important bullish trend lines at 130.50.

The pair has moved below the 23.6% Fib retracement level of the last wave from the 122.39 low to 131.40 high. So, there are high chances of EUR/JPY trading further lower towards 127.00.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'

 

[titanfx]

NZD/USD – Kiwi Dollar Back In Uptrend; Faces Challenge Near 0.7350-90

• The New Zealand Dollar after trading as low as 0.7223, formed support against the US Dollar and recovered well.
• There was a break above a major bearish trend line at 0.7300 on the 4-hours chart of NZD/USD.
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NZD/USD Technical Analysis
The New Zealand Dollar likely formed a bottom near 0.7220 this week against the US Dollar. The NZD/USD pair is back in the bullish zone and might soon face sellers near 0.7350-0.7390.

The pair recently made a nice upside move and cleared the 23.6% Fib retracement level of the last decline from the 0.7558 high to 0.7223 low. Buyers also succeeded in breaking a major bearish trend line at 0.7300 on the 4-hours chart.

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Posted by Aayush Jindal - 'Titan FX Currency Analyst'