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After lively sessions yesterday, major currency pairs took a breather overnight. Except for, perhaps, USD/JPY which keeps grinding up, in tandem with U.S. treasuries (10's traded 3.13%). The pair is approaching a major resistance, the trendline drawn off of 2015, 2016 and 2017 highs. Broken 110 level and 200 DMA near 110.15 should now act as a firm support.
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USD/JPY making another shot at 110
USD/JPY was deflected by the strong resistance area 110 - 110.5 (February high, 200 DMA, 50 WMA) last week, after briefly trading above the big figure. There was enough demand in the 108.5 - 109 area (100 DMA) and with Iran risk out of the way, the pair can now make another shot at the resistance. U.S. PPI (today) and CPI (tomorrow) inflation reports could provide some fuel for the rally.
NZD/USD likely to find some support into 0.70
New Zealand dollar has been one of the worst performing currencies in the past two weeks. From a high near 0.74 on Friday 13th it fell to as low as 0.7060 yesterday, that's 340 pips or 4.8%. 0.70 - 0.705 area will likely offer some support. In the event of a retracement, 0.71 - 0.715 is where I'd expect at least some resistance.
GBP rallies on Brexit deal progress
Pound pairs rallied yesterday as E.U. and U.K. reached an important Brexit milestone. GBP/USD ran stops above 1.40 and is currently holding above the big figure. It's a big week for GBP data-wise, starting with inflation today, jobs tomorrow and retail sales on Thursday, along with BOE meeting and E.U. summit. 50 DMA has to hold if the momentum is to remain in place. In broader terms, 1.375 - 1.425 range still in play.
Kiwi to trade above 0.70 by February
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
NZD/USD confirmed the 0.685 support as 2015 - 2016 support/resistance line held twice. The pair briefly traded above 200 week SMA, 50.0% retracement…
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
NZD/USD confirmed the 0.685 support as 2015 - 2016 support/resistance line held twice. The pair briefly traded above 200 week SMA, 50.0% retracement…
Kiwi to stay below 0.70 in December
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
NZD/USD confirmed the 0.685 support as 2015 - 2016 support/resistance line held twice. The pair briefly traded above 200 week SMA, 50.0% retracement…
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
NZD/USD confirmed the 0.685 support as 2015 - 2016 support/resistance line held twice. The pair briefly traded above 200 week SMA, 50.0% retracement…
Aussie breaks below 38.2% retracement
AUD/USD fell 50 pips overnight, after the release of weaker than expected Wage Price Index. 38.2% retracement of the 2016 - 2017 upswing now looks properly broken. 0.75 - 0.755 area is the next major support. It includes 2016 - 2017 trendline, the big figure, and is backed by 50.0% retracement.
RBA complains about Australian dollar strength
In line with expectations, RBA once again held cash rate on the record low of 1.5%. The statement from governor Lowe was longer than usual, though the message didn't differ much from the previous one. There was a whole new paragraph dedicated to Australian dollar and how its strength would not benefit the economy.
The pair dropped about 20 pips instantly and then squeezed higher but wasn't able to overcome overnight high. Sellers stepped back in and the pair is currently trading just below 0.80.…
The pair dropped about 20 pips instantly and then squeezed higher but wasn't able to overcome overnight high. Sellers stepped back in and the pair is currently trading just below 0.80.…
EURo breaks above 2015 - 2016 trendline
Euro just broke above the trendline, drawn off of 2015 and 2016 highs, helped by the continued drama in U.S. politics. The pair appears ready to attack the big figure at 1.15, that has been capping it since early 2015.
Last year's high (1.1615) is the next target ahead of the 2015 high (1.1715) which is backed by 38.2% retracement of the 2014 - 2016 downswing. Broken 1.1430 - 1.1450 area should now offer initial support.
Last year's high (1.1615) is the next target ahead of the 2015 high (1.1715) which is backed by 38.2% retracement of the 2014 - 2016 downswing. Broken 1.1430 - 1.1450 area should now offer initial support.
Cable knocking on 1.30
British pound was not in focus during the past several days but has been underpinned by GBP/JPY and GBP/CHF buying. It has taken advantage of the U.S. dollar weakness this morning. BOE QIR tomorrow is the main thing to prepare for.
GBP/USD is knocking on the big figure (1.30) again. A break above would likely trigger some buy stops. 23.6% retracement of the 2014 - 2016 downtrend is the next target. Area around 1.29 is the initial support and then stronger one near 1.2830.
GBP/USD is knocking on the big figure (1.30) again. A break above would likely trigger some buy stops. 23.6% retracement of the 2014 - 2016 downtrend is the next target. Area around 1.29 is the initial support and then stronger one near 1.2830.