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Technical Overview of USD/CNH Currency Pair
USD CNH
USD traded higher against CNH and closed at 6.9286
G-20 Meeting Ahead on 28th June for US China Issues!
4 Possible outcomes at the coming G20 meeting:
(1) President Xi does not show at the G20 and the US imposes more tariffs - USDCNH likely breaks 7.00 fairly quickly.
(2) Xi and Trump meet but talks do not go well and US threatens further tariffs - USDCNH likely breaks 7.00 but more gradually.
(3) Status quo scenario: Xi and Trump meet, agree to disagree, tariffs go up as planned but USDCNH likely tests 7.00 later in July.
(4) Max bull scenario: Xi and Trump meet, agree to re-start negotiations in coming weeks, risk bounces, USDCNH to 6.80-85.
According to the Analysis, The USD/CNH is expected to find support at 6.92356, and a fall through could take it to the next support level of 6.91848. The pair is expected to find its first resistance at 6.93474, and a rise through could take it to the next resistance level of 6.94084.
For Detailed analysis visit XtreamForex YouTube Channel.
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Technical Overview of AUD/USD, CHF/JPY, AUD/CAD and EUR/JPY Currency Pair
AUD USD
AUD traded higher against USD and closed at 0.6869.
1 - 1 month long consolidation 0.6850-0.7000 threatens to be below because of the rate cut news.
2 - RBA will be cutting rates to 0.75% till November.
3 - On a daily chart we see a perfect resistance trend line indicating a downwards movement
4 - On daily chart the 1Month long support level can be seen
5 - The pair is below Yearly, Quarterly, Weekly and monthly pivots
6 - We can expect a bearish sentiment in the AUD till November as we know there may be massive rate cuts (4) Max bull scenario: Xi and Trump meet, agree to re-start negotiations in coming weeks, risk bounces, USDCNH to 6.80-85.
According to the Analysis, The AUD/USD is expected to find support at 0.68478, and a fall through could take it to the next support level of 0.68260. The pair is expected to find its first resistance at 0.69046, and a rise through could take it to the next resistance level of 0.69396.
CHF JPYAUD CAD
AUD traded higher against CAD and closed at 0.9212.
Fundamentally we know that AUD is weaker due to 2 rate cuts expected in 2019 and low to 0.75% basis points. Hence we can compare it with the strength of CAD.
Here we see that the pair has found a support at the low from 01.03.2019.
As this is a very major support and has been the low of last year, we may expect a short term bounce but the Fundamental bias is towards South.
According to the Analysis, The CHF/JPY is expected to find support at 0.91924, and a fall through could take it to the next support level of 0.91728. The pair is expected to find its first resistance at 0.92257, and a rise through could take it to the next resistance level of 0.92394.
EUR JPY
EUR traded higher against JPY and closed at 121.677.
Risk Aversion is an open secret now. We all know that the investors are after the strength of CHF and JPY. Here in the EURJPY we see 5 bullish candles moving ahead to the 5-day ADR
Monthly Pivot
Weekly Pivot
So, we can expect a breakout from the ADR high or
A low volume test candle signaling a bearish continuation.
According to the Analysis, The EUR/JPY is expected to find support at 121.422, and a fall through could take it to the next support level of 121.168. The pair is expected to find its first resistance at 122.095, and a rise through could take it to the next resistance level of 122.514.
Fundamentals of the DayChina is Stabilizing itself to face any sort of bad effect of the meeting.
For Detailed analysis visit XtreamForex YouTube Channel.
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Technical Overview of EUR/USD, USD/JPY and EUR/JPY Currency Pair
EUR USD
EUR traded higher against USD and closed at 1.1193.
Long-term trend: Down
EUR USD still moving within 8 years of falling trend channel.
Short-term trend: Neutral
Breaking below solid support around 1.1220.
According to the Analysis, pair is expected to find support at 1.11686, and a fall through could take it to the next support level of 1.11442. The pair is expected to find its first resistance at 1.12301, and a rise through could take it to the next resistance level of 1.12672.
USD JPY
USD traded lower against JPY and closed at 108.442.
Long-term trend: Down
On the verge of completing a large triangle on the downside.
Short-term trend: Down
Developing a bear flag formation, indicating a continuation of the downtrend.
According to the Analysis, pair is expected to find support at 108.108, and a fall through could take it to the next support level of 107.774. The pair is expected to find its first resistance at 108.726, and a rise through could take it to the next resistance level of 109.010.
EUR JPY
EUR traded lower against JPY and closed at 121.376.
Long-term trend: Down
A test of the solid horizontal support around 111.95 should be expected.
Short-term trend: Down
The picture is weakening, waiting for a break below the crucial support around 120.90.
According to the Analysis, pair is expected to find support at 121.003, and a fall through could take it to the next support level of 120.629. The pair is expected to find its first resistance at 121.808, and a rise through could take it to the next resistance level of 122.239.
Key Fundamentals of the Day
G10: Markets Consolidate Ahead Of FOMC; AUD/NZD: Downside- FX market is likely to consolidate ahead of the Fed
- While flagging a scope for further downside in AUD/NZD
- In anticipation of another RBA cut.
- At the central bank coming policy meeting.
Trump comments on Trade War- The US President Donald Trump announced on Tuesday that the US and Chinese trade talk teams will restart talks ahead of the G20 summit.
- This could result in a down fall in the USD/CNH Pair
Facebook goes into cryptocurrencies- On Tuesday, it was announced by Facebook that the company plans to launch its Cryptocurrency, which is named Libra.
- Moreover, the social network will offer crypto wallets named Calibra.
For Detailed analysis visit XtreamForex YouTube Channel.
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Technical Overview of GBP/USD, and AUD/USD Currency Pair
GBP USDAUD USD
AUD traded higher against USD and closed at 0.6919.
Black Rock Inc. is shorting the Australian dollar.
The currency has been out of favor this year as the RBA turned dovish and cut rates for the first time in three years.
The central bank trimmed its cash rate by 25 basis points to 1.25% on June 4, with Governor Philip saying the decision would help reduce unemployment and boost inflation.
According to the Analysis, pair is expected to find support at 0.68858, and a fall through could take it to the next support level of 0.68523. The pair is expected to find its first resistance at 0.69441, and a rise through could take it to the next resistance level of 0.69689.
Key Fundamentals of the DayFor Detailed analysis visit XtreamForex YouTube Channel.
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Technical Overview of USD/JPY, EUR/USD and AUD/USD Currency Pair
USD JPYEUR USDAUD USD
AUD traded lower against USD and closed at 0.6958.
RBA Maintains Call For Infrastructure Investment.
Rate cuts at low yield levels may not be enough to boost economy.
Quantitative Easing may be done.
According to the Analysis, pair is expected to find support at 0.69354, and a fall through could take it to the next support level of 0.69122. The pair is expected to find its first resistance at 0.69750, and a rise through could take it to the next resistance level of 0.69914.
Key Fundamentals of the Day
Gold- Fed is seen cutting rates by a 50bp in July
Analysts at Morgan Stanley raises their gold price forecast for the second half of this year and the year after, in the face of the dovish Fed rate expectations, broad dollar weakness, global economic slowdown and falling US rates.
Real yields close to zero would reduce demand for yielding USD assets, could increase the demand for gold.
The negative territory could generate considerable further upside for gold's price.
Gold price forecast to average USD 1,435 in H2 of this year and USD 1,338 in 2020.
For Detailed analysis visit XtreamForex YouTube Channel.
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Technical Overview of EUR/USD and GBP/USD Currency Pair
EUR USDGBP USD
GBP traded lower against USD and closed at 1.2675.
Pair @ support from previous 3 week Pivot.
Pair @ support from Pivot support candle.
Preparing for Pre G-20 Meeting.
Resistance @ pivot resistance candle.
Resistance @ Monthly Pivot.
According to the Analysis, pair is expected to find support at 1.26366, and a fall through could take it to the next support level of 1.25980. The pair is expected to find its first resistance at 1.27488, and a rise through could take it to the next resistance level of 1.28224.
Key Fundamentals of the Day- The dollar fell against most major currencies on Tuesday, hitting a three-month low against the euro.
- As expectations of multiple decreases of U.S. interest rates by the Federal Reserve have spurred selling of the U.S. currency.
- Growing tensions between Iran and the United States stoked fresh safe-haven buying of the yen.
- President Donald Trump believes the U.S. dollar is too strong, and the euro is.
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Technical Overview of EUR/CHF, EUR/JPY and AUD/JPY Currency Pair
EUR CHF
EUR traded higher against CHF and closed at 1.1116.
Long-term trend: Neutral. The weekly close below support around 1.1130 suggests further selling pressure.
Short-term trend: Down. The consolidation below the lower end trading of the trading range around 1.1150 is bearish.
According to the Analysis, pair is expected to find support at 1.10864 and a fall through could take it to the next support level of 1.10571. The pair is expected to find its first resistance at 1.11345, and a rise through could take it to the next resistance level of 1.11533.
EUR JPY
EUR traded higher against JPY and closed at 122.527.
Long-term trend: Down. A test of the solid horizontal support around 111.95 should be expected.
Short-term trend: Neutral. Higher prices are still possible, although the upside potential remains limited.
According to the Analysis, pair is expected to find support at 121.983, and a fall through could take it to the next support level of 121.440. The pair is expected to find its first resistance at 122.848, and a rise through could take it to the next resistance level of 123.170.
AUD JPY
AUD traded higher against JPY and closed at 75.271.
Long-term trend: Down. Long-term solid horizontal support comes in around 72.15.
Short-term trend: Neutral: Bottoming scenario confirmed by breaking upper end falling trend channel
around 74.70.
According to the Analysis, pair is expected to find support at 74.745, and a fall through could take it to the next support level of 74.220. The pair is expected to find its first resistance at 75.572, and a rise through could take it to the next resistance level of 75.874.
For Detailed analysis visit XtreamForex YouTube Channel.
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Technical Overview of USD/CNH, USD/CHF and USD/CAD Currency Pair
USD CNH
USD traded higher against CNH and closed at 6.8679.According to the Analysis, pair is expected to find support at 6.85980 and a fall through could take it to the next support level of 6.85170. The pair is expected to find its first resistance at 6.87757, and a rise through could take it to the next resistance level of 6.88724.
USD CHF
USD traded higher against CHF and closed at 0.9764.
According to the Analysis, pair is expected to find support at 0.97432, and a fall through could take it to the next support level of 0.97225. The pair is expected to find its first resistance at 0.97793, and a rise through could take it to the next resistance level of 0.97947.
USD CAD
USD traded higher against CAD and closed at 1.3099.
According to the Analysis, pair is expected to find support at 1.30715, and a fall through could take it to the next support level of 1.30440. The pair is expected to find its first resistance at 1.31142, and a rise through could take it to the next resistance level of 1.31294.
Major Economic Events of the Day- The Caixin China Manufacturing PMI, released by Market, is based on data compiled from monthly replies to questionnaires sent to purchasing executives in over 400 private manufacturing sector companies.
- The Institute for Supply Management (ISM) Manufacturing Index shows business conditions in the US manufacturing sector It is a significant indicator of the overall economic condition in US. A result above 50 is seen as positive (or bullish) for the USD, whereas a result below 50 is seen as negative (or bearish).
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Technical Overview of AUD/USD Currency Pair
AUD USD
AUD traded higher against USD and closed at 0.6963.
The Reserve Bank of Australia (RBA), as was widely expected, decided to cut interest rates for the second month in a row to a historic low level of 1.0% at its July monetary policy meeting held this Tuesday.
The decision was on expected lines and hence, did little to prompt any fresh selling around the Australian Dollar, with the AUD/USD pair holding steady above mid-0.6900s.
According to the Analysis, pair is expected to find support at 0.69344 and a fall through could take it to the next support level of 0.69057. The pair is expected to find its first resistance at 0.70132, and a rise through could take it to the next resistance level of 0.70633.
Major Economic Events of the DayFor Detailed analysis visit XtreamForex YouTube Channel.
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Technical Overview of GBP/USD and EUR/JPY Currency Pair
GBP USD
GBP traded higher against USD and closed at 1.2527.
GBP/USD - Charts Suggest the 2019 Low Is Vulnerable.
D1 and H4 200 EMA Heads to south.
Broke D1 Ib towards the down side.
Broke the Quarter Support and Month Support.
Series of Lower Lows and Lower Highs.
According to the Analysis, pair is expected to find support at 1.24759 and a fall through could take it to the next support level of 1.24252. The pair is expected to find its first resistance at 1.25822, and a rise through could take it to the next resistance level of 1.26378.
EUR JPY
EUR traded lower against JPY and closed at 121.779.
EUR/JPY: Scope for Retesting 120.82.
D1 and H4 200 EMA Heads to south.
Broke D1 Ib towards the down side.
It's in range but projects towards the down side.
According to the Analysis, pair is expected to find support at 121.596 and a fall through could take it to the next support level of 121.414. The pair is expected to find its first resistance at 121.943, and a rise through could take it to the next resistance level of 122.108.
Major Economic Events of the Day
Bank of Japan Governor Haruhiko Kuroda will hold a press conference about monetary policies in Tokyo. Mr Kuroda exercises general control over the Bank's business. He is in charge of the Internal Auditors' Office.
For Detailed analysis visit XtreamForex YouTube Channel.
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Technical Overview of EUR/USD and AUD/USD and GBP/NZD Currency Pair
EUR USD
EUR traded higher against USD and closed at 1.1208.
EUR is expected to trade sideways, likely within a 1.1190/1.1230 range.
According to the Analysis, pair is expected to find support at 1.11943 and a fall through could take it to the next support level of 1.11810. The pair is expected to find its first resistance at 1.12198, and a rise through could take it to the next resistance level of 1.12320.
AUD USD
AUD traded lower against USD and closed at 0.6926.
AUD/USD - Edges Lower After Weak Consumer Confidence
Bears Seem Confident Ahead Of Fed
According to the Analysis, pair is expected to find support at 0.69059 and a fall through could take it to the next support level of 0.68858. The pair is expected to find its first resistance at 0.69604, and a rise through could take it to the next resistance level of 0.69948.
GBP NZDMajor Economic Events of the DayFor Detailed analysis visit XtreamForex YouTube Channel.
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Technical Overview of USD/CAD and USD/JPY Currency Pair
USD CAD
USD traded lower against CAD and closed at 1.3069.
Trades near the yearly-low (1.3037) even though the Bank of Canada (BoC) endorses a wait-and-see approach for monetary policy, and recent price action keeps the downside targets on the radar as the exchange rate fails to break out of the monthly opening range.
According to the Analysis, pair is expected to find support at 1.30436 and a fall through could take it to the next support level of 1.30179. The pair is expected to find its first resistance at 1.30931, and a rise through could take it to the next resistance level of 1.31169.
USD JPY
USD traded lower against JPY and closed at 108.487.
USD/JPY to find support from yields may face resistance above 109.00.
Its approaching resistance level and fundamentally the weakness of USD may drive the pair lower.
According to the Analysis, pair is expected to find support at 108.053 and a fall through could take it to the next support level of 107.618. The pair is expected to find its first resistance at 108.726, and a rise through could take it to the next resistance level of 108.964.
For Detailed analysis visit XtreamForex YouTube Channel.
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Technical Overview of AUD/USD and USD/JPY Currency Pair
AUD USD
AUD traded higher against USD and closed at 0.7022.
Maintain a bullish data; Staying Long is more favorable as compared to short. Daily chart has a break above close above 10 EMA. Targets may be 0.73, Daily High and Weekly High has also been breached over night. Looking for a break meaningfully above resistance earlier this week at 0.7036 and remain long AUDUSD targeting 0.7300.
According to the Analysis, pair is expected to find support at 0.69868 and a fall through could take it to the next support level of 0.69515. The pair is expected to find its first resistance at 0.70409, and a rise through could take it to the next resistance level of 0.70597.
USD JPY
USD traded higher against JPY and closed at 107.885.
3 - Bearish Days for the Dollar, Expectations are the Rate cut by end of July.
Bearish sentiment leads the currency against the basket of CHF and JPY.
Selling rallies may be a positive approach in trading the safe-heaven. The basket trades below Quarterly and Yearly Pivots.
According to the Analysis, pair is expected to find support at 107.589 and a fall through could take it to the next support level of 107.292. The pair is expected to find its first resistance at 108.394, and a rise through could take it to the next resistance level of 108.902.
Major Events of the Day
NZD: Consumer Price Index (YoY) (Q2)
Consumer Price Index released by the Statistics New Zealand is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services . The purchase power of NZD is dragged down by inflation. The CPI is a key indicator to measure inflation and changes in purchasing trends. A high reading is seen as positive (or bullish) for the NZD, while a low reading is seen as negative.
CNY: Gross Domestic Product (QoQ) (Q2)
The Gross Domestic Product (GDP) released by the National Bureau of Statistics of China studies the gross value of all goods and services produced by China. The indicator presents the pace at which the Chinese economy is growing or decreasing. As the Chinese economy has influence on the global economy, this economic event would have an impact on the Forex market. Generally speaking, a high reading is seen as positive (or bullish) for the CNY, while a low reading is seen as negative (or Bearish).
For Detailed analysis visit XtreamForex YouTube Channel.
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