Daily Market Analysis

USD/CHF: Bearish engulfing candle driving the price towards the support

USD/CHF produced a bearish engulfing candle on the daily chart yesterday. The price upon finding its double top resistance produced two bearish candles consecutively followed by a bullish inside bar. Yesterday’s bearish candle has set a strong bearish tone; thus, the sellers may look to go short in the daily chart. Major intraday charts such as the H4 and the H1 look good for the bear as well. Let us now have a look at those three charts. Chart 1 USD/CHF Daily Chart The chart shows that the price had a rejection at 0.97605 twice. Upon producing a shooting star, the price headed towards the South with one more candle. It then produced a bullish inside bar followed by yesterday’s bearish engulfing candle. The sellers may go short below 0.96655. The price may find its next support around 0.95935. Chart 2 USD/CHF H4 Chart The chart shows that the price made a strong bearish move and breached the level of 0.97000. The pair is trading around the breakout level now. If the price produces a bearish reversal candle, the sellers may go short and drive the price towards the South. The price may find its next support around 0.96110. On the contrary, if the resistance is breached, the price may head towards the North and find its resistance around 0.97155. Chart 3 USD/CHF H1 Chart The H1 chart shows that the price made a strong bearish move and had a bounce at 0.96680. Upon producing a bullish engulfing candle, the

Read More

Daily F.X.Analysis, May 13 – UK GDP and Fed Chair Speak In Focus! 

The dollar is trading with a neutral bias as the US April Inflation data showed that it fell more than the expectations and made the U.S. dollar weaker against Euro currency. The forecasted value of CPI was -0.7%, which in actual came as -0.8%. The Core CPI came as -0.4% in the month of April against the forecasted -0.2%. Let’s wait for Fed Chair’s speech today. Economic Calendar          BTC/USD – Daily Analysis The BTC/USD prices continue to consolidate with in the same trading range of 9,000 – 8,600 level. The BTC/USD price prolongs restoration over $8,900 but declines below $9,000. Gains over $9,000 would open the way to barter with the resistance at $9,532. Bitcoin buyers are eventually rising from their hiding following a grisly four days.  The largest cryptocurrency has fought with improvement from the weekend lows at $8,100. Nevertheless, progress has been made towards $9,000 after the seller congestion zone at $8,900 was cleared. The BTC/USD is trading at $8,910, following a trivial improvement from a high of $8,979. The BTCUSD is particularly bullish while trading over the $8,700 mark, key resistance is located at the $9,400 and the $10,000 marks. If the BTCUSD pair trades beneath the $8,700, sellers may examine the $8,000 and $7,000 support marks. At the moment, the volatility in the leading cryptocurrency is notably high. Nevertheless, from a technical perspective, Bitcoin’s downside is maintained by the assembly created by the 61.8% Fibonacci level and the 200-day SMA. Today, a bearish

Read More

AUD/USD Heading North – Three White Soldiers In Play!

The AUD/USD pair was closed at 0.64880 after placing a high of 0.65611 and a low of 0.6456. Overall the movement of AUD/USD remained bearish throughout the day. On the back of the risk-on market sentiment, the US dollar gained traction after easing in lockdown from countries across the globe. The fears of the second wave of COVID-19 has kept US dollar higher on Monday. The US dollar index raised more than1% and reached above 100 level on Monday.  The strength of the US dollar weighed on AUD/USD prices on the starting day of the week. However, adding in the downfall of Aussie could also be attributed to a new trade war between China & Australia. In response to this, Scott Morrison, the Australian PM, said on Monday that if the plan of China to impose tariffs on barley imports was connected to the broader diplomatic dispute over the investigation into coronavirus origin, then he would be very disappointed. Besides, the Australian government has signaled that it would take the case to WTO if China would follow the planned duties of around 80% on barley imports. Aussie lost its traction after the increasing tensions between China & Australia. Weakened Aussie dragged down the prices of AUD/USD further to a point near 0.654 level on Monday. Fig 1 – AUDUSD 4H Chart Daily Technical Levels Support Resistance 0.6441      0.6545 0.6396      0.6606 0.6336      0.6650 Pivot Point: 0.6501 Technically, the AUD/USD is trading with a bullish bias,

Read More

USD/CAD Slips to Form Three Black Crows – Quick Trade Idea!

During Tuesday’s Asian session, the USD/CAD currency pair erasing its early-day gains to 3-weeks high but still trading above the key 1.40 psychological mark. The currency pair extended its previous day’s strong intraday recovery move from the 1.3900 marks and rose above mid-1.4000 earlier in the morning. However, multiple factors like weaker U.S. dollar and rise in the oil prices kees the currency pair gains limited. At this particular time, the USD/CAD currency pair is currently trading at 1.4014 and consolidates in the range between the 1.4002 – 1.4064. The commodity-linked currency Loonie came under pressure after the WTI prices fell, and hence, USD/CAD started to move in an upward direction to post gains. Furthermore, adding in the upward movement of USD/CAD pair prices was the strength of the U.S. dollar across the board on Monday amid the increased U.S. Treasury Yields. The U.S. Dollar Index, which measures the value of the dollar against a basket of six currencies, rose 1.03% on that day and reached to 100.27. There was no economic data from USD or CAD side on Monday, so the movement of pair was attributed to the WTI crude oil prices or broad-based U.S. dollar strength. On News front, the Deputy PM of Canada, Chrystia Freeland, said that Canada and the U.S. were working on plans to deal with the increased cross-border traffic after both countries have eased down in restrictions. Canada almost reached near the death toll of 5000 by standing at 4871; the total cases of

Read More

USD/JPY: Eying on the next breakout

USD/JPY has been bullish on the daily chart for the last three trading days. Yesterday’s candle came out as a long bullish candle closing within a significant level of resistance. This may make the pair consolidate around the level before making its next move. However, major intraday charts suggest that the pair may continue its bullish move today as well. Let us now have a look at those three major charts. Chart 1 USD/JPY Daily Chart The chart shows that the price after being bearish had a bounce at 106.085 and headed towards the North finding its resistance at 107.815. The reversal candle came out like a spinning top. The bear looked strong till then. However, the next two candles came out as bullish candles with a long body having no upper shadow. The buyers on the daily chart may want to wait for the price to consolidate and produce a bullish reversal candle to go long in the pair. Chart 2 USD/JPY H4 Chart The H4 chart shows that the price made a strong bullish move before finding its resistance around 107.800. Upon producing a shooting star, it headed towards the South. The level of 107.730 has been working as support. As of writing, the price has been bullish in the last candle. If the level produces a bullish reversal candle, the buyers may go long in the pair above 107.800. The price may find its next resistance around 108.445. Chart 3 USD/JPY H1 Chart The H1 chart shows

Read More

Daily F.X.Analysis, May 12 – Mixed Risk Sentiments In-Play, Eyes on U.S. Retail Sales! 

During the last week on Friday, the data from the U.S. showed the unemployment rate climbed to 14.7% from the expected 16% and again supported the U.S. dollar. The Average Hourly Earnings from the U.S. also increased to 4.7% from expected0.5% and supported the dollar. On the news front, the eyes will remain on the European industrial production figures, but the event is a medium impact, and it may not drive sharp selling or buying in the market today. Economic Calendar         BTC/USD – Daily Analysis Yesterday, the BTC/USD opened with a vast gap, falling sharply below 10K psychological resistance level to 8,500 support zone. Currently, the leading crypto pair is gaining support at this level and has closed a Doji candle above the 8,500 level.  The BTC/USD prices have declined towards the $8,000 support mark after being discarded from the psychological $10,000 resistance mark during the weekend. Looking forward to this week, the BTCUSD sellers seem dominant, and they may target the $6,500 mark if they can drive a violation of BTC price below the $8,000 support zone this week.  The BTCUSD is particularly bullish while trading over the $8,700 mark, key resistance is located at the $9,400 and the $10,000 marks. If the BTCUSD pair trades beneath the $8,700, sellers may examine the $8,000 and $7,000 support marks. At the moment, the volatility in the leading cryptocurrency is notably high. Nevertheless, from a technical perspective, Bitcoin’s downside is maintained by the assembly created by the 61.8% Fibonacci

Read More

USD/CAD Is Ready for Retracement – Who’s Up for It?

The USD/CAD was closed at 1.39218 after placing a high of 1.39902 and a low of 1.39084. Overall the movement of USD/CAD remained bearish throughout the day. At 17:17 GMT, the Housing Starts in April increased to 171K against the expectations of 107K and supported Canadian Dollar. At 17:30 GMT, the Employment Change reported that during April, Canada lost 1993.8K jobs, which were expected to be 4000K. The Unemployment Rate from Canada increased to 13% against the expected increase to 18%. The Building Permits in March was reported to be 13.2% down, when the expected drop was 20.1%.  The number of houses that started construction in April increased, better than expected fall in the job loss during April and better than expected rise of unemployment rate along with the better than expected decline in the building permits from Canada during March, all helped CAD to gain strength against U.S. dollar on Friday. Strong CAD due to strong employment data dragged down the USD/CAD pair and extended the losses of the pair at the ending day of the week.  Furthermore, the recovery in Crude Oil prices on Friday due to risk-on market sentiment after the easing of lockdown measures and increased demand for oil also added in the strength of commodity-linked currency Loonie and further weighed on USD/CAD prices on Friday. Meanwhile, the USD was also supportive of its better than expected employment data on Friday. The Average Hourly Earnings from the United States recorded at 4.7% during April, whereas 0.5%

Read More

EUR/CHF: Is the pair getting ready for more bearish move?

EUR/CHF has been in consolidation on the daily chart for the last four trading days. The pair upon finding its resistance around 1.05960 made a bearish move and had a bounce at a support zone where the price had a bounce earlier as well. However, Friday’s candle came out as a bearish engulfing candle. Thus the sellers may look to go short in the pair. Let us now have a look at three major charts. Chart 1 EUR/CHF Daily Chart The chart shows that the price has been bearish on the daily chart for many days. It had a bounce around 1.05960 twice. Thus, the price has been in consolidation around the level. Since Friday’s candle came out as a bearish engulfing candle after consolidation, the pair may get bearish again. The daily sellers may go short below the level of 1.05180. The price may find its next support around 1.03510. On the other hand, the price is at a triple bottom. Thus, a bullish reversal candle may change the equation and push the price towards the North. If the chart gets bullish, it may find its next resistance 1.05960. Chart 2 EUR/CHF H4 Chart The H4 chart shows that the price produced a bearish inside bar at 1.05460, which is a flipped resistance. The price had a rejection earlier; thus, a breakout at 1.05215 would be considered as a breakout at a double top’s neckline. This may attract the H4 sellers to go short in the pair and drive

Read More

Daily F.X. Analysis, May 11 – Stronger Dollar Sentiment Amid Positive NFP! 

During the last week on Friday, the data from the U.S. showed the unemployment rate climbed to 14.7% from the expected 16% and again supported the U.S. dollar. The Average Hourly Earnings from the U.S. also increased to 4.7% from expected0.5% and supported the dollar. On the news front, the eyes will remain on the European industrial production figures, but the event is a medium impact, and it may not drive sharp selling or buying in the market today. Economic Calendar          BTC/USD – Daily Analysis The BTC/USD prices have declined towards the $8,000 support mark after being discarded from the psychological $10,000 resistance mark during the weekend. Looking forward to this week, the BTCUSD sellers seem dominant, and they may target the $6,500 mark if they can drive a violation of BTC price below the $8,000 support zone this week.  The BTCUSD is particularly bullish while trading over the $8,700 mark, key resistance is located at the $9,400 and the $10,000 marks. If the BTCUSD pair trades beneath the $8,700, sellers may examine the $8,000 and $7,000 support marks. At the moment, the volatility in the leading cryptocurrency is notably high. Nevertheless, from a technical perspective, Bitcoin’s downside is maintained by the assembly created by the 61.8% Fibonacci level and the 200-day SMA. Today, a bearish breakout of 8,500 level may extend selling bias until the next support level of 8,230.  BTC/USD – Daily Technical Levels Support Resistance  8,054       9,485 7,376      10,239 6,622 

Read More

Daily F.X. Analysis, May 08 – Big Day, the U.S. Non-farm Payroll Ahead! 

The U.S. dollar lost its traction after the release of Unemployment Claims for last week. Around 3.1M people reported to file claims for jobless benefits from the U.S. on Thursday and weighed on the U.S. dollar. However, it’s going to be a busy day for the U.S. dollar in the wake of high impacted labor market figures, which are due during the U.S. session today.  Economic Calendar        BTC/USD – Daily Analysis The BTC/USD is on the verge of a major breakout over a key mark of resistance after it examined $9,400 once again during yesterday evening. All of the dominoes have apparently fallen into position for BTC/USD as it advances its third block reward splitting in 11 years, with several traders demanding that it will work as an impetus for the bull market. The major level of resistance to look out for is $9,550, as this begins back to the $20,000 top in December 2017 with denials occurring along the way at $13,150, $12,500, and $10,500. Being able to achieve a daily or weekly over $9,550 would imply a clear change in the market from May when Bitcoin dropped to as low as $3,850. If a move to the upside occurs this weekend, it will symbolize a period of bullish trading above the coming weeks with targets commencing to begin over $13,000. BTC/USD – Daily Technical Levels Support Resistance  9,332      10,367 8,669     10,739 8,297     11,403 Pivot Point 9,704 BTC/USD – Daily Forecast The BTC/USD

Read More
Top