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  • Technical Overview of USD/CAD and EUR/USD Currency Pair

    USD CAD

    USD traded lower against CAD and closed at 1.3048.

    USD/CAD is trimming gains on reports calling a victory for Canada's PM Trudeau. The pair may come under pressure if Trudeau forms a minority government with NDP's support.

    Canada Retail Sales m/m show changes in the value of goods sold in retail stores in the specified month compared to the previous month. The indicator is calculated based on statistics from several thousand retail stores, and the data is then extrapolated to the whole country.

    The indicator evaluates the consumer activity and inflation. The indicator growth can have a positive effect on CAD quotes.

    Canada Core Retail Sales m/m reflects the change in retail sales in the reported month compared to the previous one. The indicator is calculated based on statistics from retail stores of different types and sizes. The index calculation does not include sales of autos and spare parts.
    Retails Sales are an indicator of consumer activity in Canada, and an important component of national GDP. The indicator growth can have a positive effect on CAD quotes.

    According to the Analysis, pair is expected to find support at 1.3077 and a fall through could take it to the next support level of 1.3063. The pair is expected to find its first resistance at 1.3123 and a rise through could take it to the next resistance level of 1.3137.

    EUR USD

    EUR traded higher against USD and closed at 1.1148.
    • Positive risk extends in Asia, E-mini S&P +0.1% and AsiaxJP stocks +0.3%
    • Flat in a low key 1.1147/1.1156 range - fundamentals unchanged look to techs
    • Charts - daily momentum studies, 5, 10 & 21 MAs head higher - bullish setup
    • Sustained cloud break, 1st since July - 1.1104 horizontal cloud top supports
    According to the Analysis, pair is expected to find support at 1.1142 and a fall through could take it to the next support level of 1.1132. The pair is expected to find its first resistance at 1.1172, and a rise through could take it to the next resistance level of 1.1182.

    Important Economic Events of the Day
    • CAD: Retail Sales m/m
    • CAD: Core Retail Sales m/m
    • USD: Existing Home Sales
    For More information about the release time of news and its impact visit Economic Calendar Page!

    Comment


    • Technical Overview of EUR/USD and USD/JPY Currency Pair

      EUR USD

      EUR traded higher against USD and closed at 1.1021
      • Early bounce on US data gives some relief to longs
      • Pair heavy on safe haven flows but holds above 61.8 Fib of 1.0879-1.1180
      • EUR/JPY & EUR/CNH sales help keep pair pinned just above day's low
      • USD/JPY & US equities sell-off sharply, EUR/USD spikes up near 1.1020
      • Daily RSI diverges & bull hammer forms, daily techs warn shorts
      • Monthly RSI still falling, says downside momentum could resume
      • Global growth concerns, soured risk could sink EUR/USD
      According to the Analysis, pair is expected to find support at 1.1010 and a fall through could take it to the next support level of 1.0972. The pair is expected to find its first resistance at 1.1132 and a rise through could take it to the next resistance level of 1.1170.

      USD JPY

      USD traded higher against JPY and closed at 108.39.
      • USD/JPY's breaks key props at 108.50 , close is key
      • IMM USD/JPY specs long largely above 108 are at risk on 107.89/99 break
      • Treasury yields sliding faster than JGBs, '20 Fed cuts pricing back in
      • USD/JPY's topping formation reinforced by AUD/JPY's reversal
      • Risk flows could change on a dime if trade deal gets completed, signed
      According to the Analysis, pair is expected to find support at 108.57 and a fall through could take it to the next support level of 108.56. The pair is expected to find its first resistance at 108.59, and a rise through could take it to the next resistance level of 108.60.

      Important Economic Events of the Week (11 Nov, 19 to 15 Nov, 19)
      • USD: Retail Sales m/m
      • GBP: Retail Sales m/m
      • NZD: RBNZ Interest Rate Decision
      • NZD: Electronic Card Retail Sales m/m
      • For More information about the release time of news and its impact visit Economic Calendar Page!

      Comment


      • Technical Overview of AUD/USD and GBP/USD Currency Pair

        AUD USD

        AUD traded higher against USD and closed at 0.6784
        • Flat in a quiet tight 0.6785/0.6795 range as options contain
        • 0.6785-95 1.1BLN and 0.6900 500M strikes dominated in Asia
        • Risk bounce in Asia after a soft week, Nikkei +0.6%, AsiaxJP +0.3%
        • Charts - momentum studies, 5, 10 & 21 DMAs head south - bearish setup
        • Dip recently stalled at 0.6769, which remains pivotal and vulnerable
        • NY 0.6783 low and earlier 0.6795 high initial support and resistance
        According to the Analysis, pair is expected to find support at 0.6786 and a fall through could take it to the next support level of 0.6785. The pair is expected to find its first resistance at 0.6788 and a rise through could take it to the next resistance level of 0.6789.

        GBP USD

        GBP traded higher against USD and closed at 1.2913.
        • Cable saw steady interest and trades +0.1% in a 1.2903/1.2921 range
        • Conservatives to raise property purchase tax for non-UK residents
        • A revenue raiser that will be popular with UK voters
        • FT's poll tracker, Conservatives hot favorites, +13pts from +11 over Labour
        • Charts - 5, 10 & 21 DMAs gently edge higher - modest topside bias
        • Six week 1.2770/1.3012 range looks set to extend unless the USD trends
        According to the Analysis, pair is expected to find support at 1.2917 and a fall through could take it to the next support level of 1.2916. The pair is expected to find its first resistance at 1.2923, and a rise through could take it to the next resistance level of 1.2924.

        Important Economic Events of the Week (18 Nov, 19 to 24 Nov, 19)
        • CAD: Core Retail Sales m/m
        • EUR: ECB President Lagarde Speech
        • EUR: GDP q/q
        • SGD: GDP q/q
        • USD: EIA Crude Oil Stocks Change
        For More information about the release time of news and its impact visit Economic Calendar Page!


        Comment


        • Technical Overview of AUD/USD and NZD/USD Currency Pair

          AUD USD

          AUD traded higher against USD and closed at 0.6777.

          FED Chair Speech affects USD depending on the speech rhetoric. If the speech is seen as an intention to raise the rates at the next FOMC meeting, this has a positive impact on USD and vice versa.

          The FED Chair's statements have the greatest impact on the market compared to other members of the FED Board of Governors.

          Reserve Bank of Australia (RBA) Governor Speech may contain information about the expected change in the bank's interest rates or in the monetary policy.

          The Aussie dollar, a G-7 proxy for China, is not impressed by reports of US-China trade talks gaining momentum. AUD/USD failed to take out key average hurdle despite renewed trade optimism. RBA's Debelle said slower wage growth is a new norm in Australia.

          According to the Analysis, pair is expected to find support at 0.6769 and a fall through could take it to the next support level of 0.6761. The pair is expected to find its first resistance at 0.6793 and a rise through could take it to the next resistance level of 0.6801.

          NZD USD

          NZD traded higher against USD and closed at 0.6416.

          Retail Sales m/m reflects a change in New Zealand's retail sales in the reported month compared to the previous one. The calculation is adjusted for inflation. The index is often referred to as the consumer spending indicator, which allows assessing inflation in New Zealand. The indicator growth can have a positive effect on NZD quotes.

          Consumer Confidence Index displays the level of consumer confidence in the stability of the country's economy. It is based on the data from the monthly survey of more than 5000 households and is designed to evaluate the relative financial status, purchasing power and confidence of an average consumer. The survey consists of five questions, two of which are associated with the current economic conditions, while three deal with expectations. Since 60% of the survey has to do with expectations, the indicator is considered to be a leading market indicator. The indicator growth assumes an increase in consumer spending.

          • NZD/USD is facing pullback risks after multiple failures at the 100-day MA hurdle.
          • A close above the key average will likely invite stronger buying pressures.

          According to the Analysis, pair is expected to find support at 0.6400 and a fall through could take it to the next support level of 0.6392. The pair is expected to find its first resistance at 0.6426, and a rise through could take it to the next resistance level of 0.6434.

          For More information about the release time of news and its impact visit Economic Calendar Page!

          Comment


          • Technical Overview of GBP/USD and USD/JPY Currency Pair

            GBP USD

            GBP traded higher against USD and closed at 1.3155.
            • Flat in a 1.3153/1.3161 range, but decent interest once Asia fully opened
            • EUR/GBP saw modest volumes with a very tight 0.8438/0.8341 range
            • Conservative election victory expectations attracted fresh demand this week
            • Initial significant resistance at 1.3168/90, 50% 2018/19 fall and May high
            • 1.3168 capped in NY, but is under pressure - strong resistance into 1.3200
            • Close above 1.3200 would be a strong positive into the election next week
            • Sustained 1.3200 break would open the door to the 1.3380 2019 high in March
            • Close below the prior 1.3000 range high needed to undermine topside bias
            According to the Analysis, pair is expected to find support at 1.3120 and a fall through could take it to the next support level of 1.3105. The pair is expected to find its first resistance at 1.3166 and a rise through could take it to the next resistance level of 1.3181.

            USD JPY

            USD traded lower against JPY and closed at 108.75.

            USD/JPY's CTA positioning and notes that it's mainly close to neutral and sidelined around current levels.
            "CTAs having held back on going long in the USD/JPY market (buying USD and selling yen) during the recent risk-on phase, they have managed to avoid simultaneous stock selling and yen buying.

            CTAs' USD/JPY positions are close to neutral at present, and they are not currently moving either to buy or to sell.

            "With the latent risk of yen appreciation being suppressed, if fundamentals-oriented investors begin tentatively dip-buying below 23,000, this downward move by the Nikkei 225 could be brought to a close relatively soon.

            According to the Analysis, pair is expected to find support at 108.66 and a fall through could take it to the next support level of 108.58. The pair is expected to find its first resistance at 108.92, and a rise through could take it to the next resistance level of 109.00.

            Important Economic Events of the day
            • JPY: Household Spending y/y
            • USD: Nonfarm Payrolls
            • USD: Baker Hughes US Oil Rig Count
            • CAD: Employment Change
            For More information about the release time of news and its impact visit Economic Calendar Page!

            Comment


            • Technical Overview of EUR/USD and GBP/USD Currency Pair

              EUR USD

              EUR traded higher against USD and closed at 1.1128.
              • EUR/USD stalls its strong intraday rally near 1.1200 round-figure mark.
              • Acceptance above 200-DMA support prospects for additional gains.
              The EUR/USD pair maintained its strong bid tone through the early European session on Friday, albeit has retreated around 20-25 pips from the 1.1200 handle, or four-month tops.

              Extremely overbought conditions on hourly charts seemed to be the only factor that kept a lid on any strong follow-through, rather prompted some profit-taking at higher levels.

              According to the Analysis, pair is expected to find support at 1.1125 and a fall through could take it to the next support level of 1.1102. The pair is expected to find its first resistance at 1.1199 and a rise through could take it to the next resistance level of 1.1222

              GBP USD

              GBP traded higher against USD and closed at 1.3162.
              • Trades close to the top of a 1.3162/1.3516 range, after a hectic session
              • EUR/GBP is at the base of a 0.8278/0.8426 with huge flow for Asia
              • Bids at 1.3450 provided a base after initial jump - 1.3450 1BLN strikes
              • Early results support the exit poll prediction of an 86 Boris landslide
              • EU welcomes a strong UK mandate into upcoming trade talks
              • Charts show GBP trending higher, but over stretched short term
              • Stunning Conservative victory will totally change UK politics
              According to the Analysis, pair is expected to find support at 1.3170 and a fall through could take it to the next support level of 1.3061. The pair is expected to find its first resistance at 1.3524, and a rise through could take it to the next resistance level of 1.3633.

              Important Economic Events of the day
              • EUR: EU Leaders Summit
              • JPY: BoJ Tankan Large Manufacturing Index
              • USD: Retail Sales m/m
              • USD: Retail Inventories m/m
              For More information about the release time of news and its impact visit Economic Calendar Page!

              Comment


              • Technical Overview of EUR/USD and USD/CAD Currency Pair

                EUR USD

                EUR traded higher against USD and closed at 1.1096.

                • EUR/USD is gaining ground on broad-based dollar selling.
                • The pair is closing on a crucial trendline hurdle at 1.1140.
                • With gold rising amid trade optimism, a breakout looks likely.

                The easing of trade tensions is good news for Germany. The 18-month US-China trade war had pushed the Eurozone's manufacturing powerhouse and biggest economy to the brink of recession.

                As a result, the dollar could continue to lose ground in Friday's European session – more so, as the equity market buoyancy is expected to continue with Amazon, the e-commerce giant, reporting record holiday season.

                According to the Analysis, pair is expected to find support at 1.1087 and a fall through could take it to the next support level of 1.1080. The pair is expected to find its first resistance at 1.1107 and a rise through could take it to the next resistance level of 1.1114.

                USD CAD

                USD traded lower against CAD and closed at 1.3121.

                • USD/CAD on track for a test below 1.31 the figure on firm commodity complex.
                • Phase-one trade deal between the US and China is in the making, supporting commodity currencies.

                Funds are under pressure as the commodity complex catches a bid on the so-called 'phase-one' trade deal that is scheduled to be signed in January between the US and China.

                The trade, ownership and technology practices of Chinese companies for the past two decades will not vanish overnight, nor will optimism of US and Canadian executives return with two signatures.

                According to the Analysis, pair is expected to find support at 1.3100 and a fall through could take it to the next support level of 1.3087. The pair is expected to find its first resistance at 1.3144, and a rise through could take it to the next resistance level of 1.3157.

                Important Economic Events of the Day

                • JPY: Retail Sales m/m
                • USD: EIA Crude Oil Stocks Change
                • USD: Baker Hughes US Oil Rig Count
                • GBP: Nationwide HPI m/m

                More information about the release time of news and its impact visit Economic Calendar Page!

                Comment


                • Technical Overview of EUR/USD and GBP / USD Currency Pair

                  EUR /USD

                  EUR traded Higher against USD and closed at 1.1175.

                  EUR/USD is attempting a convincing break above 1.12 amid broad-based US dollar weakness.

                  The currency pair is currently trading at 1.1196, representing a 0.20% gain on the day, having hit a high of 1.1210 in Asia.
                  Dollar's bearish trend continued in Asia and looks to have legs, as gold, a hard currency, is reporting a 3% gain on a month-to-date basis in dollar terms and is expected to put on a good show next year. The trend in the gold market is widely used as an indicator to confirm the bullish/bearish price action in the US dollar.
                  EUR/USD's bullish case looks stronger with the weekly chart reporting an upside break of the trendline connecting September 2018 and June 2019 highs.

                  According to the Analysis, pair is expected to find support at 1.1196 and a fall through could take it to the next support level of 1.1195. The pair is expected to find its first resistance at 1.1200 and a rise through could take it to the next resistance level of 1.1201.

                  GBP / USD

                  GBP traded higher against USD and closed at 1.3076
                  • GBP/USD remains on the front foot for the fifth consecutive day to the highest since December 19.
                  • The Brexit party leader Nigel Farage’s former adviser Trixy Sanderson signaled the EU’s preparations for a no-deal departure.
                  • The market lost interest in the greenback as phase-one calls rise but US-China political divide remains.

                  According to the Analysis, pair is expected to find support at 1.3075 and a fall through could take it to the next support level of 1.3068. The pair is expected to find its first resistance at 1.3097, and a rise through could take it to the next resistance level of 1.3104.

                  Important Economic Events of the Day
                  • USD: Pending Home Sales m/m
                  • USD: Pending Home Sales y/y
                  • USD: Goods Trade Balance
                  For More information about the release time of news and its impact visit Economic Calendar Page!
                  Last edited by xtreamforex26; 12-30-2019, 06:21 AM.

                  Comment


                  • Technical Overview of EUR/USD and GBP / USD Currency Pair

                    EUR /USD

                    EUR traded lower against USD and closed at 1.1193
                    • The market is well placed to retest resistance at 1.1197- 1.1240 – namely the 55-week ma, the 2019-2020 down channel, and the recent high. This guards the 200-week ma at 1.1360 which continues to represent a critical breakpoint medium term.”
                    • “Dips lower are well supported by the 55 and 20-day ma at 1.1095/1.1065 and the 3-month uptrend at 1.1045.
                    • Failure at the uptrend would target the 1.0981 29th November low.”
                    • According to the Analysis, pair is expected to find support at 1.1167 and a fall through could take it to the next support level of 1.1156 The pair is expected to find its first resistance at 1.1205 and a rise through could take it to the next resistance level of 1.1216.
                    GBP / USD

                    GBP traded higher against USD and closed at 1.3167
                    • “We look for dips lower to remain well supported by the 55-day ma at 1.2987. The low on the 23rd December was 1.2908 and while above here we will assume an upside bias to retest the December high at 1.3515.”
                    • “The December high at 1.3515 guards the September 2017 high and 38.2% retracement (of the move down from 2014) at 1.3658/68. This guards the more important 1.3918 2007 -2020 downtrend.”
                    • According to the Analysis, pair is expected to find support at 1.2841 and a fall through could take it to the next support level of 1.2604. The pair is expected to find its first resistance at 1.3461, and a rise through could take it to the next resistance level of 1.3607.
                    Important Economic Events of the Day
                    • EUR Retail Sales m/m.
                    • EUR Retail Sales y/y.
                    • GBP 10-Year Treasury Gilt Auction.
                    • USD Trade Balance.
                    More information about the release time of news and its impact visit Economic Calendar Page!


                    Comment


                    • Technical Overview of GBP/USD and EUR/USD Currency Pair

                      GBP USD

                      GBP traded higher against USD and closed at 1.3017.

                      GBP/USD looks to extend the bounce towards 1.3050 ahead of the UK CPI report, as broad-based US dollar weakness and bullish technical set up underpin the sentiment around the spot.
                      • Flat - closed up 0.2%, as expectations of a Jan BoE cut cooled
                      • Inflation data on today and retail sales Friday will be key for sterling
                      • Despite bounce daily charts are negative, though at the low end of recent ranges
                      • Momentum studies, 5, 10 & 21 DMAs head lower and 21 day Bolli bands slip
                      • 1.2900, December low then 1.2887 lower 21 day Bolli band are major support

                      According to the Analysis, pair is expected to find support at 1.2973 and a fall through could take it to the next support level of 1.2954. The pair is expected to find its first resistance at 1.3033, and a rise through could take it to the next resistance level of 1.3052.

                      EUR USD

                      EUR traded higher against USD and closed at 1.1127.
                      • EUR/USD barely moved in Asia trading in a 1.1126/31 range
                      • Most of the action in regionals as USD moved up on Mnuchin comments\
                      • Resistance at 10-day MA at 1.1140 with option selling ahead of 1.1150
                      • Large option maturities 1.1100/50 defining a recent range
                      • Break above 1.1150 targets 61.8 fibo of 1.1240/1.1085 at 1.1181
                      • EZ IP later today, but US-China trade deal likely to be the main event

                      According to the Analysis, pair is expected to find support at 1.1111 and a fall through could take it to the next support level of 1.1101. The pair is expected to find its first resistance at 1.1141 and a rise through could take it to the next resistance level of 1.1151.

                      Economic Events of the Day
                      • USD EIA Crude Oil Stocks Change
                      • USD EIA Cushing Crude Oil Stocks Change
                      • USD FOMC Member Harker Speech
                      More information about the release time of news and its impact visit Economic Calendar Page!

                      Comment

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