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Daily Market Analysis from ForexMart


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#341
Andrea ForexMart

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GBP/JPY Technical Analysis: July 11, 2017

 

The British pound attempted to soar against the Japanese yen but failed as it pulled back to the 147 level. The market has been advancing in the long term more like grinding and gain from small increments.

 

It seems that the market is going to decline for any particular period of time since the Bank of Japan will most likely maintain its low borrowing rates for long-term. Whilst the Bank of England might increase its rates in near-term and after some time, the price could break towards the 150 level. Currently, it is a little bit over extended laterally that makes grinding a way to gain impetus and proceed to the upper channel for long-term.

 

Buying dips would be an ideal to gain in short-term but restricted to not so good moves (20 to 30 pips is attainable). However, if it breaks lower than the 146 level then this could proceed lower towards the 145 handle which can be more supportive compared to the areas being tested as of the moment.

 

It may be a bit difficult to trade the GBP/JPY pair yet the market signals that they favor the uptrend.  Hence, it is best to hold shorting this pair especially since the 150 is being strongly resistive. However, if this has been gapped, the market could rally much higher for an extended period.

 

For now, the short-term profits in the market could get bigger once it gains momentum but it still requires more patience to trade this pair in the market.  


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#342
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EUR/GBP Technical Analysis: July 12, 2017

 

The Euro against the British pound pair declined at the beginning of Tuesday session as it reached the 0.88 level below. Although, there is a significant amount of support found in the market as a whole as it has been in the previous resistance. Hence, it is reasonable for the trend to bounce off.

 

After the comments of the Monetary Policy Committee member Broadbent, traders began selling the pair as it has been less hawkish than anticipated. Although, this is quite an overreaction. Towards the end of the day, the 0.89 level is being attained which offers a bit of resistance. Hence, pullbacks may be the best way to move forward while the 0.90 level is being resistive for long-term which could appeal more to traders.

 

Buying in the dips is the recommended to enter the market where they see pullbacks to be valuable. Hence, traders are beginning to sell the British currency first.

 

The 1.28 level is being massively supportive in the GBP/USD pair. If it persists in having a support level in the said area then it could not reach the 0.90 level immediately. However, if the British pound breaks down, this will be a significant move for the U.S. dollar which will put a negative pressure on this pair particularly to the British pound as a whole.

 

Both currency markets should be observed but would be relative to each other. It is not advisable to sell this market due to the impulsive attitude is seen for the day.


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#343
Andrea ForexMart

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EUR/USD Technical Analysis: July 13, 2017


The euro-dollar was able to clear the level 1.1488 followed by the strong data of the EMU production while the ECB Governing Council member, Ignazio Visco emphasized again that the European region should have a stronger expansionary policy.


The exchange rate had reversed its direction during the latter part of the session, then whipsawed after the testimony of Fed Chair Janet Yellen in front of Congress. The exchange rate further increased, however, failed to preserve its gains after an upward movement towards the 1.1489 region which is currently the resistance. The support of the pair can be found on the 10-day moving average at 1.1404 mark.


The momentum gained the neutral position while the MACD histogram is printed near the zero level and the index further prints in the black with a flat trajectory which indicates consolidation.

The rate consolidates continuously after the break out and hovered in the bull flag continuation pattern which is a respite that prompts higher.

 

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#344
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GBP/USD Technical Analysis: July 18, 2017

 

The British currency slightly weakened on Monday as traders returned to the market. The market is trying to re-enter the break out level to look for additional buyers. This is because of the  “profit collecting” in the near-term.

 

Moreover, we can take advantage by searching for a bounce. The 1.30 region would likely be offering lots of support which is previously known to be resistive.

 

The US dollar has recently become competitive and it looks like it will resume because of the tightening policy of the Fed Reserve which seems to be slightly firm than expected.

 

The sterling was oversold for the past few months which led the people to conclude that the British exit isn’t that critical. However, it doesn’t mean that this will not undermine the British economy or maybe the market just reacted exaggeratedly with regards to the vote.

 

Having said that, the market would still continue to search for more buyers for the pound and the next goal can be found above the consolidation area which was previously part of 1.3450 level. It does not necessarily mean that it would be so easy and will acquire some pullbacks because the market remains to be volatile but there are longer-term buyers who start collecting GBP since it has lower cost in the past.

 

When the economy of Britain was able to fully recover, the GBP will depreciate hence many traders will find a way to raise the value of one of the world’s strongest economies.


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#345
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USD/JPY Technical Analysis: July 20, 2017

 

The U.S. dollar against the Japanese yen moved sideways in the beginning of the Wednesday session followed by a breakdown towards 112 level. It further goes down towards the 111.50 region where sellers are anticipated to be seen. The 111 level offers sufficient support although the “real” support is found around the 110 handle.

 

This area is presumed to have a buying pressure while the short-term sellers will persist on pushing the price down. As long as it stays over the 112.50 region, the sellers will have the leverage. If the market successfully breaks above the said level, the trend could be reversed and reach towards the 113 handle. A break above it would then push the price towards 114 level.

 

The 112 level is a significant level in this chart and the market will persist to be highly volatile. On the other hand, the U.S. dollar will be at a disadvantage because of interest rate issue. Overall, the market will proceed with a selloff as the trend rallies.

 

For the long term, buyers can be seen close to the 110 handle in consideration of technical outlook. Volatility will remain which is usually the case and the pair will persist to be highly sensitive to the major news will be released from the Federal Reserve. It is possible to for both buyers and sellers to get what they want after some time. There are different positions possible for various traders as the volatility picks up in the market.


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#346
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EUR/USD Technical Analysis: July 25, 2017

 

The yields across the eurozone weakened while the US dollar make further progress and the 10-year bund yields moved lower at 0.50% as the spreads of the euro area narrowed, following the sluggish results of the PMI readings based on the doubts of M.Draghi to get involve with the QE tapering.

 

The fresh dip in long yields influenced the EURUSD, however, the remarks from Mersch yesterday verified the postponement and not the cancellation of the QE. Moreover, the ECB will reduce the volume of its asset-buying program which is expected to start earlier in 2018.

 

The euro-dollar pair rallied to its renewed 23-month high around 1.1694 level and headed lower amid the balance of the trading hours to close the day.

 

The support for the pair entered the 1.1523 region that is near the 10-day moving average. The resistance reached the 1.1717 mark near the highs of August 2015.

 

The momentum is still positive as the moving average convergence divergence (MACD) index prints in the black linked with an ascending trajectory and seen pointing to a higher exchange rate.


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#347
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EUR/GBP Technical Analysis: July 31, 2017

 

The Euro against the British pound surged during the Friday session although there some resistance found close to the 0.8960 level. The market had a roll over for the few hours but was limited by the resistance level. There is much support found below that proceeds to market higher.

 

The next target would the 0.90 level and if the price breaks more and pushes the price towards 0.92 level for long-term. The 0.89 level below persists to be supportive that makes a breakdown far to happen. As shown in the weekly chart, the market sees the 0.89 level to be the support level.

 

Traders proceed to buy on the lows as it persists in supporting the euro currency. A breakout of both currencies occurred against the U.S. dollar although the market favors the euro more which is reflected in the pair. After some time, there is a lot of volatility in the market directed upward.

 

Shorting this pair may not be ideal but the once the price breaks higher than the 0.90 level. Buyers will turn more hostile as the psychological level of resistance. However, if the price gaps below the 0.89 level which is extraordinarily bearish that would adjust the short-term trend.


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#348
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GBP/USD Technical Analysis: August 2, 2017

 

There is high volatility during the Tuesday session as it reached the 1.3250 level but was reversed later on. It seems that the 1.32 level is being supportive as the trend proceed moving higher.

 

A break lower would push the market for a support towards 1.3150 level then to 1.31 level. The British pound is going to be sensitive to a lot of noise which is anticipated as amid the negotiations from the European Union and the United Kingdom. Hence, traders should be cautious of the of any abrupt changes in this pair.

 

The bullishness could persist for the long term. Although, this has been quite extended in the present time. A pullback opens more opportunity to make use of the current value. The market could target for a 1.3450 level above which the peak of the consolidation for the past few months.

 

However, if the market successfully gaps higher than the 1.3450 level, the next retest would be at 1.35 handle. A breakout would mean large bullish tone but it will not be long before the currency starts to rally once again. There will be high volatility from the start until this period ends.


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#349
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EUR/USD Technical Analysis: August 4, 2017

 

The results of the European yields were mixed as it restricted the uptrend of the euro which signifies that Draghi has successfully kept the rates low. The ECB sees the need for the continuous support because of the less than expected result of the PMI. The European retail sales set in stronger than anticipated but this was countered by high jobless claims.

 

The EUR/USD was not able to surpass yesterday’s range but was able to increase the support level. Nevertheless, the trend persists to be positive with the support close to the 10-day Moving Average at 1.1747. The resistance level is seen close to the weekly highs at 1.1910.  

 

Overall, the momentum is optimistic with the MACD histogram shown a black indicator with an upward sloping direction that could lead to a higher exchange rate. The RSI positioned higher with the price indicating a positive momentum upward. Currently, the price is set at 77 which is higher than the trigger level 70 to enter the overbought area. Hence, a correction is possible to occur.


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#350
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EUR/USD Technical Analysis: August 8, 2017

 

The US payrolls data came in stronger than expected on Friday which buoyed the greenbacks and reacquires some of its gains yesterday. The German Industrial production unexpectedly declined but was able to maintain the single European currency.

 

The move made by the administration of Donald Trump relative to tax incentives help the dollar to bolster and must sustain the interest rates.

 

The inflation in the eurozone and the United States is expected to be released on Friday, this further support trader to determine whether growth will overrun inflation outlook.

 

The EURUSD edged a little bit higher yesterday and bounced off the support at 1.1774 region near the 10-day moving average. The resistance entered the 1.1910 level around the highs last week.

 

The momentum of the euro-dollar pair became negative while the MACD histogram developed a crossover sell signal. This appeared due to the spread that crosses under the 9-day moving average of the spread. The indicator jumped from positive to negative zone and confirmed a sell signal. The index prints in the red with a descending trajectory pointing to lower prices for the EURUSD.


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#351
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EUR/USD Technical Analysis: August 10, 2017

 

The Euro against the U.S. dollar moved sideways during the Wednesday session and consolidates higher than the 1.17 level. If a breakout occurs higher than the 1.1765 level, the trend goes climb higher.

 

For long-term, the trend has not successfully declined enough to sustain the level. There have been two impulsive moves headed downward and there is a chance for this to further decline. If a breaks down lower than the 1.1680 level, the price could further go down towards 1.16 level.

There is significant volatility in the market as it abruptly moves sideways and adjusted higher or lower as traders have made an unexpected move. During this time of the year, there is usually low liquidity since most senior is a holiday in big trading desks. Hence, this leaves the market a bit dormant.


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