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EUR/USD nearing 38.2% of April - May decline
Market focus went from political woes in Italy and existential fears back to ECB and normalization of monetary policy as EUR/USD bounced from 1.15 and keeps grinding up. 1.185 area (includes 38.2% retracement of April - May decline) is where some resistance is likely to be encountered. 1.17 - 1.175 should now hold if bulls are to remain in control.
USD/JPY to remain near current levels throughout June
Technical Tools
Support and resistance (S/R). Price levels, trendlines and Fibonacci retracements. Price action, candlestick and chart patterns. Simple moving averages (SMA). Commitments of traders (COT) indicator, which displays speculative positioning in FX futures market, used as a proxy for speculative positioning in spot FX market.
Weekly Chart
The pair broke below strong 115.50 - 116 support zone which was holding it since late 2014. The decline has seen 100 week SMA, 2013 - 2014 trendli…
Support and resistance (S/R). Price levels, trendlines and Fibonacci retracements. Price action, candlestick and chart patterns. Simple moving averages (SMA). Commitments of traders (COT) indicator, which displays speculative positioning in FX futures market, used as a proxy for speculative positioning in spot FX market.
Weekly Chart
The pair broke below strong 115.50 - 116 support zone which was holding it since late 2014. The decline has seen 100 week SMA, 2013 - 2014 trendli…
Is 110 - 115 the new range for USD/JPY?
Technical Tools
Support and resistance (S/R). Price levels, trendlines and Fibonacci retracements. Price action, candlestick and chart patterns. Simple moving averages (SMA). Commitments of traders (COT) indicator, which displays speculative positioning in FX futures market, used as a proxy for speculative positioning in spot FX market.
Weekly Chart
The pair broke below strong 115.50 - 116 support zone that was holding it since late 2014. The decline has seen 100 week SMA, 2013 - 2014 trendlin…
Support and resistance (S/R). Price levels, trendlines and Fibonacci retracements. Price action, candlestick and chart patterns. Simple moving averages (SMA). Commitments of traders (COT) indicator, which displays speculative positioning in FX futures market, used as a proxy for speculative positioning in spot FX market.
Weekly Chart
The pair broke below strong 115.50 - 116 support zone that was holding it since late 2014. The decline has seen 100 week SMA, 2013 - 2014 trendlin…
Kiwi lower on RBNZ rate cut
RBNZ (un)expectedly cut its Official Cash Rate overnight to 3.25% from 3.50%, citing risks to inflation and demand outlooks. It appears that the bank entered an easing cycle, although they've said that further decisions will be data dependant.
Kiwi gapped more than 150 pips as the data were released in the most illiquid time of the day. After an unconvincing bounce, the pair continued lower and is currently attempting to sustain a break below the big 0.70 level. Below there, the next stronger su…
Kiwi gapped more than 150 pips as the data were released in the most illiquid time of the day. After an unconvincing bounce, the pair continued lower and is currently attempting to sustain a break below the big 0.70 level. Below there, the next stronger su…
EURo surges ahead of the ECB meeting
Euro jumped 150 pips yesterday, after details of today's Draghi speech were released to the hedge fund community tick-up in CPI and in anticipation of a deal between Greece and its creditors.
The pair stalled ahead of 1.12 and 61.8% Retracement of May 15th to May 27th decline (1.1219). On the downside, support was found just above the broken Weekly Resistance 2 (1.1130), but the stronger may come in between 1.1075 and 1.1100 (100 DMA, Daily Pivot Point, 38.2% Retracement of yesterday's rally, Mo…
The pair stalled ahead of 1.12 and 61.8% Retracement of May 15th to May 27th decline (1.1219). On the downside, support was found just above the broken Weekly Resistance 2 (1.1130), but the stronger may come in between 1.1075 and 1.1100 (100 DMA, Daily Pivot Point, 38.2% Retracement of yesterday's rally, Mo…
USD/CAD will consolidate gains
Monthly chart:
The pair is in uptrend since 2011. It broke 38.2% retracement (of the 2002 to 2007 decline) in January and then traded around 50.0% retracement for nearly three months. In April, the pair broke back down and continued lower to clear the stops below 1.20 level. The confluence of the broken trendline (drawn off 2003, 2004 and 2009 highs) and 38.2% retracement shall offer further support ahead of 20 month SMA, should the pair continue lower.
Weekly chart:
After range support at 1.235…
The pair is in uptrend since 2011. It broke 38.2% retracement (of the 2002 to 2007 decline) in January and then traded around 50.0% retracement for nearly three months. In April, the pair broke back down and continued lower to clear the stops below 1.20 level. The confluence of the broken trendline (drawn off 2003, 2004 and 2009 highs) and 38.2% retracement shall offer further support ahead of 20 month SMA, should the pair continue lower.
Weekly chart:
After range support at 1.235…
Kiwi to the lowest since 2011
Kiwi broke below February low at 0.7176 yesterday and traded down to 0.7129, to the lowest in four years. Weaker than expected ANZ Business Confidence overnight didn't help it and the pair is hanging above the lows.
March 2011 low at 0.7113 is the first big level to watch before 0.70 big figure level and 38.2% retracement (of the 2011 to 2011 uptrend) near 0.6950.
March 2011 low at 0.7113 is the first big level to watch before 0.70 big figure level and 38.2% retracement (of the 2011 to 2011 uptrend) near 0.6950.
EURo relentless
After it looked like the Euro will pull back into the weekend and perhaps close near Daily Low, it then reversed sharply on the release of much weaker than expected Michigan Consumer Sentiment index. Michigan Inflation Expectations jumped to 2.9% from 2.6%, but the market shrugged that off. I suspect the pair would have rallied anyway, but perhaps not that strongly if the release had came out better.
Michigan Consumer Sentiment: 88.6 vs. 96.0 expected, 95.9 previous
Michigan Consumer Expectation…
Michigan Consumer Sentiment: 88.6 vs. 96.0 expected, 95.9 previous
Michigan Consumer Expectation…