Daily Market Analysis from ForexMart

[Andrea ForexMart]

GBP/USD Technical Analysis: March 6, 2017

 

The downbeat data of UK non-manufacturing PMI coupled with the growing expectation for the rate increase in US occurred on the back of British currency’s 6-week low recovery versus the greenbacks. Moreover, the sterling resumed its period of consolidation during the Asian trades took place on Friday. The price traded range-bound lower in a tight range of 50 pips. The sellers were able to push the GBP towards 1.2200 as it became active throughout the morning EU trades.

 

The 4-hour chart continued its development under the moving averages while the 50, 100 and 200-EMAs drove lower. Meanwhile, the 100 and 50-EMA made a downward crossover to the 200-EMA. Resistance is seen at 1.2300, support highlighted 1.2200.

 

The MACD histogram weakened which indicates seller’s strength. RSI came in the oversold territory, en route south.

 

Technicals are expected to support a downward extension to 1.2200 level. The final break would suggest further weakness at 1.2150 region. The possible minor correction still predicted to happen if the spot appeared to be oversold. In order to ease the downward pressure, buyers may push the price through the mark 1.2300.

[Andrea ForexMart]

EUR/USD Technical Analysis: March 7, 2017

 

The common European currency strengthened on the back of the dollar retracement since investors did some profit-taking subsequent to the rally that occurred last week. The greenbacks continued to gain strength amid growing expectations about rate hike in line with the Fed meeting scheduled on March 14-15. All eyes are now turned to French presidential elections.

 

The EURUSD stayed in a downward channel yesterday. Failure to break beyond the level 1.0550 would pull back some buying interest which could lead the spot upwards. Meanwhile, a soft tone near the USD provided an opportunity for Euro’s recovery.

 

The EUR have rallied into certain regions till it touched the upper limit of 1.0650 range. The barrier stalled bull’s activity as they initiated period of consolidation. The renewed selling pressure crop up during the late of Europe and push the major below the marks 1.0600 to 1.0580.

As outlined in the 4-hour chart, the 100-EMA were being tested by euro in the morning.

Moreover, the 100-EMA moved lower while the 50-EMA headed upwards and the 200-EMA maintained a mild bearish tone. Resistance lies at 1.0600, support entered 1.0550.

 

The MACD decreased confirming a sell signal. RSI oscillator is confined in the oversold readings and favoring a downtrend.

 

Maintaining a level under 1.0600 may regain the 1.0550 support level.

[Andrea ForexMart]

USD/CAD Technical Analysis: March 9, 2017

 

The Canadian dollar was able to preserve its stance compared with the US dollar yesterday. The loonie received some support from the positive figures of Trade Balance a few days ago. Investors wait with expectation for the statistics of US labor market which could establish a route for the USD/CAD.

 

The pair was trading flat and toggled in the middle of the Wednesday night session. The price is positioned in tight channels of  1.3400 - 1.3430 all throughout the night.

Moreover, the USD resumed its short-term bullish trajectory during the earlier trades. The major further pulled out from the 1.3400 region and rallied higher heading to 1.3470.

 

As rolled out from the 4-hour chart, the price was developing beyond the moving averages. It further mentioned the 100 and 50-EMAs preserved its bullish pattern while 200-EMA move over the neutral grounds. Resistance touched 1.3470 mark, support hit 1.3400.

 

The MACD histogram is positioned within the same level confirming buyer’s strength. RSI oscillator hovered near the overbought readings and expected to support a fresh upward movement

 

The bullish market structure is expected to remain in its place in the short-term. Bulls’ next target is at 1.3470.

[Andrea ForexMart]

GBP/USD Technical Analysis: March 9, 2017

 

The House of Lords decided to allow the Parliament to exercise a veto with regards to the management of the Prime Minister towards the European Union. This resolution made some impact to the British currency. Moreover, Theresa May has to face another difficulty with the Brexit negations.

 

The sterling remained flat during the Asian hours. The sellers spend the whole night accumulating strength for another support and pushed the price lower in the morning.

 

The spot was removed from the region 1.2200 and progress lower prior to the opening of London session. The Cable was able to hold 1.2150 amid noon trades. As mentioned in 4-hour chart, the price resumed its development under the moving averages. The 50, 100 and 200-EMAs headed downwards. Resistance is seen at 1.220, support highlighted 1.2100.

 

The MACD indicator decline as the sellers gained strength. RSI belong in the undervalued zone and expected to favor for a new lower trend.

 

Based on the current flow, a scenario where a downward movement at 1.2100 is considered.

[Andrea ForexMart]

EUR/USD Technical Analysis: March 9, 2017

 

The trend of EURUSD made little changes prior to the onset of ECB monetary policy meeting. The German Industrial Production came in green which provided minor support for the European currency.

 

The bears continued to dominate the market on Wednesday. During the whole night of trading, the sellers persist in pushing the major lower and touching 1.0550 level in the earlier trades. While European traders struggled to break the mentioned handle.

 

The 4-hour chart showed the pair cut through the 50-EMA towards a lower point. The timeframe also outlined the price was situated under the moving averages and directed downwards.

 

Resistances landed at 1.0600, support is at 1.0500.

 

The MACD histogram has its seat in the centerline. An entry towards the negative zone will signal increasing strength for the sellers. The positive territory, on the other side, will indicate buyer’s control within the market. RSI hovered around the neutral territory.

Any action under the 1.0550 region would trigger bearishness to 1.0500 mark.

[Andrea ForexMart]

EUR/USD Technical Analysis: March 13, 2017

 

The single European currency was able to remain in the driver’s seat following the hawkish remarks from ECB President, Mario Draghi. Moreover, the broad-based retracement of the greens open doors for the euro to recover few of its losses.

 

The current rebound from region 1.0525 that pulled away the euro from the red. The EUR have sustained its winning position on Friday. The buyers were able to push 1.0600 during EU opening and advanced towards 1.0615 during the latter part of the day.

 

The 4-hour chart presented the 100 and 50-EMA to ascend and come nearer to the 200-EMA. Moreover, the 50-EMA shifted towards the upper level, 100-EMA appeared neutral and the 200-EMA preserved a bearish trend. Resistance touched 1.0650, support is at 1.0600.

 

The MACD histogram came in the positive territory. Upon maintaining this grounds, buyers will gain more strength. RSI headed north indicating an upward impetus.

 

The euro indicated an overbought condition. Forecasts say that pullback is expected within the market in the near-term. The next focus is at 1.0550 mark.

[Andrea ForexMart]

GBP/USD Technical Analysis: March 17, 2017

 

The market mainly focused on the meeting of the Bank of England about its monetary policy decision. Investors anticipate that regulator will keep an unchanged rate and does not assume any other surprising events.

 

The market became bearish yesterday. Investors believe that the sterling should be lifted on top of 1.2300. The major stayed near the barrier and moved downwards during the first part of the day. The Cable preserved an ask tone throughout the day.

 

According to the 4-hour chart, the GBP/USD broke the 50-EMA and tested 100-EMA afterwards. At the same, the 100 and 200-EMAs drove lower while the 50-EMA came in neutral.

Resistance is found at 1.2300 level, support is at 1.2200.

 

The histogram made its entry to the positive territory. Upon maintaining this position the buyer’s strength will increase. The RSI consolidated alongside the overbought readings.

Moving downwards near the 1.2200 level would the be the next possible scenario.

[Andrea ForexMart]

AUD/USD Technical Analysis: March 20, 2017

 

There is no expected economic release scheduled from the Australian dollar on Friday. Investors were in a wait-and-see mode for the RBA Meeting minutes scheduled on Tuesday. Moreover, the offered tone near the greenbacks provided strength for the Aussie.

 

Buyers found a hurdle around 0.7700 but needed to leave off their gains.The major rebounded and stalled on top of 0.7660.

 

A bout of renewed buying pressure came up during Friday’s Asian session. The AUD/USD were pulled back by the buyers towards 0.7700 removing its current losses.

 

The 4-hour chart determines the price continuously develop above the moving averages as the 200 and 50-EMA directed higher while 100-EMA seems neutral. Resistance entered 0.7700 level, support holds 0.7650 mark.

 

The histogram preserved in the same region favoring buyer’s strength. RSI indicator is situated close to the overvalued area which confirms another move lower.

 

After making a gap on top of 0.7700, the next will be 0.7750. Failure to post its fresh gains could possibly occur some profit taking. The AUD would likely weaken reaching 0.7600-0.7620.

[Andrea ForexMart]

GBP/USD Technical Analysis: March 20, 2017

 

The upside bias continued to exist until Friday. Buyers stalled its activity during the night. Moreover, the night correction was considered as a profit-taking action of buyers who failure to hold its place.

 

Bulls became active in the morning trades pushing the major near 1.2400 region and slowed down further. In line with the presentation of the 4-hour chart, the price cross above the 100-EMA and confined under the 200-EMA. Meanwhile, the 200 and 100-EMAs remained to be in a bearish pattern, 50-EMA directed up as mentioned in the chart. Resistance highlighted 1.2400, support entered 1.2300.

 

MACD indicator strengthened confirming for a buy signal. The RSI consolidated around the positive area.

 

Should the GBP/USD pair accomplish to breakout from the 1.2400 mark, the next focus is 1.2500 resistance region. However, there is an outside chance for a move on top of 1.2400 due to an overbought condition. Due to this probable scenario, the Cable is expected to reverse at 1.2300.

[Andrea ForexMart]

EUR/USD Technical Analysis: March 20, 2017

 

The Eurozone Trade Balance, particularly in Italy, presented negative results. While the greenbacks sentiment remained to be a major driver of the markets. The US dollar kept its stance near its lows on the back of slightly hawkish remarks of J. Yellen.

 

The common European currency spiked amid the post session of New York last Thursday. The buyers lead the price higher and broke the level 1.0750. On one side, bulls successfully edged higher towards 1.0770 in the latter part of the day and decided to stop.

 

The spot kept intact in a narrow range over the 1.0750 region. The neutral position was preserved amid morning session.

 

The 4-hour chart presented the price to develop beyond the moving averages, as the 50-EMA showed an upward crossover to the 200-EMA. The 50 and 100-EMAs advanced upwards while 200-EMA is found neutral. Resistance is at 1.0800, support lies at 1.0750.

 

The MACD histogram increased which suggested a buy signal. RSI have seen consolidated within the positive zone.

 

It is expected that the outlook, in general, will remain to be bullish due to ascending trend en route 1.0800. Nevertheless, there still a possibility of reversal towards  1.0720-1.0700.

[Andrea ForexMart]

USD/CAD Fundamental Analysis: March 21, 2017

 

The USD/CAD pair merely continued its weak trading streak within a limited trading range as the currency pair awaits clues on its price action as dictated by its fundamental indicators. Previously, the USD/CAD pair had already dropped in value last week following the FOMC rate statement, which disappointed investors in general, and since then the currency pair has been unable to make any significant progress and if the pair does move forward, it will be more of a consolidation in order to recover its recent losses than any move towards a definite direction.

 

The USD/CAD is currently trading at just over 1.3350 points, with the market expecting the currency pair to consolidate within the 1.3300-1.3400 region. The pair is expected to return to its wider trading range and could possibly reach 1.3000 points in the near future. The USD/CAD pair, along with other major currency pairs, are expected to consolidate within a much higher range in spite of their collectively high volatility levels.

 

The Canadian economy has been consistently releasing a slew of positive economic data, and this is expected to be very good news for the Canadian dollar and could cause the USD/CAD pair to retreat to 1.3000 points. For today’s session, Canada will be releasing its core retail sales data, which will be closely monitored by market players as this will be an important gauge on the overall health of the Canadian economy. If the data meets market expectations, then the USD/CAD pair could retreat towards 1.3300 points and could be poised for more retractions depending on the strength of the said retail sales data.

[Andrea ForexMart]

AUD/USD Technical Analysis: March 23, 2017

 

The risk-off market sentiment alongside the softening of copper and other commodities affected the Australian dollar on Wednesday.

 

On Wednesday, the AUDUSD was neutral following the sell-off occurred on Tuesday. The sellers found a hurdle around 0.7650 mark. The handle slowed down the seller’s movement and the price was rejected. The spot was confined near the region as its progresses in an aimless manner.

 

The commodity-linked pair tested the 50 and 200-EMA while the 50-EMA crossed on top of the 100-EMA touching the 200-EMA as shown in the 4-hour chart. Also, the 50-EMA  preserved a bullish pattern while the 100-EMA shifted downwards while the 200-EMA showed signs of being neutral.

 

Resistance entered 0.7700, support is at 0.7650.

 

The MACD declined which confirmed the weak position of the buyers. RSI oscillator en route downwards.

 

A break to 0.7600 region will pass the attention to the level 0.7550.

[Andrea ForexMart]

USD/CAD Technical Analysis: March 27, 2017

 

The Canadian currency was unable to sustain its upside momentum as it currently endures the continuous weakening following the weak prices of crude oil.

The greenbacks rebounded 1.3330 and reversed towards 1.3375 in which the buying impetus seems short-lived. The price headed back in the mid-session of Asia and begin to retreat afterward.

 

The pair continued to decline amid early European trades and attempted to cut through the 50-EMA, nevertheless, failed to do so which caused it to reenter under the moving averages. Furthermore, the 50-EMA remain to move lower, 100-EMA appeared neutral and the 200-EMA headed upwards.

 

Resistance covered 1.3400, support is at 1.3330.

 

The MACD histogram was spotted at the centerline. On one side, an entry in the positive territory will favor buyers’ strength and on the negative grounds will allow sellers seize the control within the market. RSI was confined in the neutral area.

 

A break under 1.3330 mark would indicate further weakening towards support level 1.3260.

[Andrea ForexMart]

GBP/USD Technical Analysis: March 27, 2017

 

The recovery of the greenbacks coupled with the BBA Mortgage Approvals of UK place pressure towards the British currency on Friday.

 

The Cable secured its bullish market position on Friday. The spot leaves the upper limit of the channel in the night and slowed down near its lower limit during the morning session of Europe. The GBPUSD kept steady amid the day maintaining its seat close to the 1.2500 region.

 

The 4-hour timeframe illustrated the major stayed aloft moving averages, seeing the 100 and 50-EMAs to drive higher while 200-EMA turned neutral.

 

Resistance touched 1.2500, support hit 1.2400.

 

The MACD indicator grew less presenting weak position of the buyers. RSI oscillator sits next to the overbought grounds, confirming for a higher move.

 

A move over the 1.2500 level would likely take an advance move towards 1.2600 mark.

[Andrea ForexMart]

EUR/USD Technical Analysis: March 27, 2017

 

The positive figures of Manufacturing and Composite PMI from the countries, France, Europe and Germany offered some strength to the single European currency. Particularly, German index which attained the strongest level for almost six years. Meanwhile, the greenbacks obtained a weaker position after the treasury yields inch lower in which provided further support for euro.

 

The  EURUSD continued to stay in the hands of the bulls on Friday. The EUR reached its lower limit in the ascending channel over the night and jumped higher. The price also spiked from the mark 1.0760 towards 1.0800 amid EU morning sessions and sit still in the New York trades.

 

The 4-hour chart determined that the pair resumed its development on top of the moving averages as the 100 and 50-EMA preserved a bullish pattern while 200-EMA came in neutral.

 

Resistance entered 1.0800, support touched 1.0750 region.

 

MACD indicator strengthened which showed a buy signal. RSI oscillator edged upwards.

 

In case the level 1.0800 broke, the next level would possibly be at 1.0850.

[Andrea ForexMart]

AUD/USD Technical Analysis: March 29, 2017

 

The Australian dollar against the U.S. dollar declined in the beginning of Tuesday trading but turned around and found significant support level at 0.7587 with 61.8% Fibonacci retracement level. A bullish candle was seen and the market tries to move to higher towards the .7750 level and above.

 

Later on, the market was able to break higher than the 0.7648 resistance level completing the downtrend from 0.7749 to 0.7587 level. It is more favorable to buy this pair with chances for a breakout in the gold market which traders are trying to attain and if they are successful in doing so higher than $1262 level, this would give higher returns to the traders.

 

The current price could further go up towards the next target at 0.7700 zone while a break lower than the support level at 0.7587 could follow downtrend towards 0.7500 mark.  

[Andrea ForexMart]

USD/CAD Technical Analysis: March 30, 2017

 

The commodity-linked pair is confined to a familiar range yesterday. The price was positioned in the middle points of  1.3400 and 1.3350 within the day.

The overnight recovery slowed down in the earlier trades as the spot attained the channel’s upper limit.

 

The morning session triggered renewed bearish tone. The greenbacks dropped sharply near the lower limit eliminating its gains throughout the night. Sellers unsuccessfully move downwards and hovered in the range.

 

In the 4-hour chart, the spot was sandwiched in the 100 and 50-EMA during the first part of the day. Meanwhile, the 50-EMA drove higher, 100-EMA shifted down and the 200-EMA preserved a bullish pattern.

 

Resistance is at 1.3400, support holds 1.3330 mark.

 

The MAcd indicator stayed on its previous level, favoring strength for the buyers. The RSI oscillator descended.

 

As mentioned in the same timeframe, technicals confirm a downwards continuation to 1.3330.

[Andrea ForexMart]

EUR/USD Technical Analysis: April 3, 2017

 

The US dollar is positioned near its weekly highs on Tuesday but the bullish tone of German jobless rate stalled its advancement which offered another leg to the common European currency.

 

Furthermore, the price maintained a bearish sentiment last Friday, however, the bears did not hold its stance longer favoring the bull to reversed few of its ground.

 

The price bounced towards the area of 1.0675 amid Asian session on Friday. The EURUSD made a reversal to the mark 1.0700 throughout the European trades.

 

The 4-hour chart showed the EUR/USD cut through the 100-EMA downwards while 100 and 200-EMAs directed upwards, showing the 50-EMA to drove downwards.

 

Resistance was seen at 1.0700, support entered at 1.0650.

 

The MACD histogram grew less which indicates a sell signal. RSI indicator spent the day around the oversold territory, confirming a renewed higher move.

 

Forecasts say a move on top of the immediate resistance involves higher chance of testing the region 1.0750. Alternatively, a sell-off has a probability to occur towards mark 1.0650.

[Andrea ForexMart]

GBP/USD Technical Analysis: April 3, 2017

 

The renewed figures of British Gross Domestic Product saddened the investors as it presented lower than expected results. The report stalled the current recovery which pushed the spot downwards.

 

The Cable started the day with a bullish tone. Traders successfully lead the price near the resistance level 1.2500 where the spot met new offers. The GBP/USD stirred away from the barrier in the mid-session of Asian hours and sustained a downward sentiment amid European trades.

 

The price moved close the mark 1.2450 in the middle part of the day in which the sterling lost its selling impetus.

 

The 4-hour chart pointed out the 50-EMA being tested by the major. Meanwhile, the 50 and 100-EMAs preserved its bullish pattern, alongside the 200-EMA to appear neutral.

 

Resistance touched 1.2500, support entered 1.2400.

 

The MACD histogram increased indicating weak seller’s position. The RSI maintained its position within the neutral grounds.

 

The major is seen struggling with an aim to build towards the recovery gains. A break over the region 1.2500, the next focus would probably the 1.2600 mark.

[Andrea ForexMart]

NZD/USD Technical Analysis: April 3, 2017

 

On Friday, the New Zealand currency was kept intact below the selling pressure on the back of the sluggish business confidence released by ANZ.

 

The suffering of kiwi extended its softening until Friday. The sellers ran out of steam despite maintaining the control and breaking under the level 0.7000. Moreover, they were able to drove the NZD/USD lower.

 

During the morning, the pair traded in a tight range, viewed in the middle points of 0.7000 and 0.6980.

 

According to the 4-hour chart, the spot crossed downwards to the 50-EMA and resumed its development under the moving averages. The 50 and 200-EMAs continued to move down while the 100-EMA steered higher.

 

Resistance touched the region 0.7000, support made an entry at 0.6950 mark.

 

The MACD weakened indicating strength for the sellers. In case the histogram stayed within the positive zone, the position of the buyers will strengthen. The RSI indicator is in the oversold levels.

 

The price was stuck in a range in order to get some steam used for further activities. There is a possibility of minor correction. Having broken the 0.7000, the radar will prompt 0.7050 level.

[Andrea ForexMart]

 

USD/CAD Fundamental Analysis: April 4, 2017

 

The USD/CAD pair had a fairly good trading session yesterday as it tested its range highs and is now trading at just under its range highs. The USD/CAD is expected to remain within the 1.3300-1.3400 region as of the moment and this was very evident during yesterday’s session. The market is now waiting for the string of economic data set to be released within this week. The market is now in a ranging and consolidation mood as traders prepare themselves for the possible repercussions of this said release of various economic data.

 

Oil prices dropped a bit below $51 yesterday, which is one of the main reasons behind the sudden weakness in the Canadian dollar. The Canadian economy is highly dependent on oil prices and as such, an increase in oil prices would mean an increase in the CAD and vice versa. And since oil prices dropped yesterday, this resulted to a weak CAD as well and caused the USD/CAD pair to go above 1.3350 points before moving towards its range highs of 1.3400 points. The currency pair was then met with a lot of selloffs, and although yesterday was a generally very dismal trading session, volatility levels are expected to increase today as several economic data are scheduled to be released within the week.

 

The Canadian Trade Balance Data will be released today, and the market will be monitoring this reading since this is a very essential economic basis for the Canadian economy especially due to its trade relationship with US. This is expected to increase volatility in the pair and could cause the USD/CAD to break through 1.3400 and could even reach 1.3500 points.

[Andrea ForexMart]

GBP/JPY Technical Analysis: April 6, 2017

 

The British pound against the Japanese yen broke in the upper channel during the Wednesday session which is a sign of consolidation. The market will most likely try to reach the 140 handle but there is a noise down below for a long-term pressure. A break lower than the 50% Fibonacci retracement level gives a bearish bias which would push the trend to fall towards the 134 handle. Overall the pair gives a choppy atmosphere and with trading activity moving fast. With the ongoing Brexit process, this would affect the trading for this pair.

[Andrea ForexMart]

NZD/USD Technical Analysis: April 7, 2017

 

The New Zealand dollar surged following a break higher than the peak of the hammer during the Thursday session. A strong resistance level is found at 0.70 handle. It is anticipated for the pair to have a volatility and it could increase towards the 0.71 handle when the jobs data comes out and break higher than 0.70 mark. There could also be reversals and the support level to position close to the 0.69 handle. Nevertheless, traders should expect volatility for today’s trading session.

[Andrea ForexMart]

EUR/USD Technical Analysis: April 10, 2017

 

The European currency was kept intact below the pressured area against its U.S peer which would likely post further losses. Germany released a mixed data while exports and imports did not meet traders’ expectations. The strong figures of Trade Balance have given support for the EUR. On the other hand, the dovish remarks of ECB President, Draghi place pressure on the major.

 

The entire perspective showed moderate changes on Friday. The EUR/USD stayed near the neutral spot during the morning session as its trades close to the lower end of its weekly narrow range. Moreover, the sellers came in active in the first part of the day pulling the spot downwards. The major cut through the level 1.0650 touching 1.0630 amid late trading of Europe.

Renewed selling pressure occurred prior the New York open. Sellers were able to direct the price through the points 1.0610-1.0600.

 

The price settled under the moving averages as registered in the 4-hour chart, 100 and 50-EMAs turned lower while 200-EMA continued to heads up.

 

Resistance reached 1.0650 area, support highlighted 1.0600 region.

 

The MACD histogram softened which signaled sellers’ strength. RSI headed southwards confirming a current downtrend.

 

The spot is expected to resume a bearish tone within a short period of time. A break under 1.0600 is awaited as it may trigger for a lower support.

[Andrea ForexMart]

AUD/USD Technical Analysis: April 10, 2017

 

The Australian dollar became weak on Friday along the sluggish statistics of Performance of Construction Index. Meanwhile, the risk off sentiment amid Asian session have put pressure on risk assets including treasury yields, equities, and the Aussie.

 

The pair continued to be well offered last Friday and resumed a negative sentiment throughout the day. The AUD leave the region 0.7550 during the night trades extending its bearish impetus within the day.

 

The sellers were able to reach the 0.7515 mark and rebounded. The major hovered over its session lows until the outset of North American hours.

 

As indicated in the 4-hour chart, the AUD/USD is positioned under the moving averages which shifted lower. Resistance holds 0.7550, support pierced into 0.7500.

 

The MACD histogram sustained its level affirming sellers’ strength. RSI indicator is found near the oversold territory which signaled a lover move.

 

Forecast says the pair would continue to decline within a short period of time. We still expect for a further move towards 0.7500.