Tag: Technical Outlook

Daily F.X.Analysis, May 15 – Braces for European GDP & Retail Sales In Focus! 

On Friday, U.S. President Donald Trump said that a strong U.S. dollar would be very helpful in the recovery phase after coronavirus. Furthermore, the pair failed to benefit from German’s better than expected Inflation data from April. Investors were more concerned about the Eurozone’s largest economy, whose inflation was continuously falling below from the ECB’s […]

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AUD/USD Dropped Below Mid-0.6400s – Dollar Weakens Amid Jobless Claims!  

The AUD/USD currency pair failed to stop its previous 4-session losing streak and dropped just below mid-0.6400s, mainly due to the risk-off market sentiment, which keeps the risker assets, including Aussie dollar under pressure. The broad-based U.S. dollar strength also weighed on the currency pair and contributed to the currency pair earlier declines.  The AUD/USD […]

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AUD/USD Stays On Bullish Track – Is It going to Violate 0.6500?

The AUD/USD pair is flashing green and struggling to hit above the 0.6500 level while taking bids near the 0.6485 level and representing 0.20% gains on the day mainly due to the fresh selling in the U.S. dollar.  The improving risk sentiment in the market also providing support to the Australian dollar an keeps the currency pair bullish. The AUD/USD is trading at 0.6483 and consolidates in the range between the 0.6451 – 0.6492. However, the traders are keenly awaiting the Federal Reserve Chairman Jerome Powell’s speech on economic issues. The greenback looking flat and struggles to gain any meaningful traction by the expectations that the Fed might be required to drive interest rates below zero. However, the expectations for negative Fed rates further bolstered after the U.S. President Donald Trump on Tuesday urged the U.S. central bank to do more policy easing. While the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, stood at 99.90 at 2:50 AM ET (0650 GMT). The reason for the risk-on market sentiment could be attributed to the Better-than-expected UK growth numbers. The fresh ease in the Australian-China trade tensions also keeps the market light, with S&P 500 futures turn positive above 2,800 levels.  Moreover, the latest gains in the gold prices and copper prices also contributed to the commodity-currency, the Aussie bullish omentum. Meanwhile, markets digest the in-line with estimates Australian Wage Price Index data released in Asia. Fig 1 – AUDUSD 4H Chart Technically, the AUD/USD

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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

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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

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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 

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