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Forex Analysis Analize forex market trends by using specific method of common analysis. This forum discuss about them in depth.

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  #531  
Old 24-05-2017, 03:51 PM
Andrea ForexMart Andrea ForexMart is offline
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Default USD/CAD Technical Analysis: May 23, 2017

The USDCAD experience volatility during Monday’s session and had an attempt to rally, however, it made a reversal plunging under the region 1.35. The pair is relative to the crude oil markets and received a significant support upon the opening, while the OPEC seems to move nearer the deal regarding production cuts.

Having said that, the greens decline versus its Canadian counterpart which is the proxy of currency traders against the oil markets.

The ability to break down around it will allow the market to reach the 1.34 handle. However, a cut through the top of 1.3550 area will touch above the range of 1.36. This range is significant for the longer-term charts, and a broke within that area enable the market to drive upwards.

The volatile market is expected to continue considering the current condition of the oil coupled with Canada’s housing that brought an impact as well.

Sellers have executed a significant action as well which could give a chance to break 1.3550. But there is no such opportunity to initiate a long move, except that the higher timeframes (daily or weekly charts) could obtain a longer-term signal

According to forecasts, rallies will resume and will be providing opportunities to sell towards a market that experienced a lower grind in the previous sessions. Lastly, a gapped in the upside has to be accompanied by the oil markets that were rolled over.
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  #532  
Old 24-05-2017, 05:44 PM
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Default AUD/USD Technical Analysis: May 24, 2017

The Australian currency against the U.S. dollar broke above the 0.75 level but was also reversed soon after. If the price breaks lower than the 0.7450 region, the price would further decline. This is also similar for the long-term trades.

The gold market directly influences the pair including the risk appetite for these trades. However, it seems that the gold market is not performing well. The raw material trades from Australia supplied within Asia is also falling since there is low demand for copper and iron which are the fundamental trades of the country.

In a long-term trend, it seems that the market sustains the current trading condition. Its downtrend could attain up to 0.70 level for long-term. If the price breaks higher than the 0.7525 region, it could reach its way about the 0.7750 level for a longer term.

However, reaching the said level won’t be easy. Although, the market usually change position in a bullish pattern and makes it more complicated when the market worries. This is what anticipated to happen when the price soars that makes pullbacks not surprising anymore. The uptrend line is noticeable on the hourly chart and a break lower than the 0.7450 level would bring the price down with an increase in bearish pressure.
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  #533  
Old 24-05-2017, 06:52 PM
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Default USD/JPY Technical Analysis: May 24, 2017

The U.S. dollar against the Japanese yen had a calm trading During the Tuesday session. The price rallied higher because massive support found at 111 level. The market tries to push it higher towards the 111.50 region and this could even go higher reaching towards the 112.50 level above which has been a significant psychological region previously.

With the fluctuation in the stock market, traders should monitor the indices especially the S&P 500 because of its high sensitivity to risk appetite. This would hint the next move in the trading market as there is a high correlation between the two. The Japanese yen being a safe haven asset would bring about greater risk appetite when it proceeded with a sell-off. This is a positive indication since a massive bullish candle was formed during the day.

If the price breaks higher than the 112.50 level, the current long-term uptrend will be sustained. This is a strong indicator but the market could attempt more than once to be successful as the market would most likely climb higher.

However, when the price breaks lower than the 112.50 level instead, the massive support will remain as of how it was in the past. The stock market is gaining momentum which could also push the price higher for long-term with a strong correlation with the stocks. Hence, traders should monitor changes not only in forex market but also in the stock market.
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  #534  
Old 24-05-2017, 10:26 PM
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  #535  
Old Yesterday, 04:01 PM
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Default USD/CAD Fundamental Analysis: May 26, 2017

The USD/CAD pair has been projected to be highly dependent on the state of oil prices as well as the OPEC meeting held yesterday, and in fact, the loonie skyrocketed in value as the OPEC meeting concluded yesterday’s meeting on a somewhat dismal note as far as the markets were concerned.

The market had initially hoped that the OPEC members would approve an extension of the production cuts since the majority of them are expecting deeper production cuts in the future. However, what the OPEC members did was to extend the production cut deal for another 9 months, with both Iran and Libya given an approval to maintain its current status quo. This turned out to be a huge disappointment for the market in general, and this caused oil prices to drop after a large selloff occurred. This was then especially unfavorable for the Canadian dollar, particularly for the Canadian economy as its fate relies on oil prices. As of the moment, the USD/CAD pair has reverted by 80 pips as the loonie starts to drop in value. The currency pair was also propped up even more by the dollar strength and now the pair is back at its support-turned-resistance level of 1.3500 points. The market will now be monitoring how this pair closes down this week’s session since if it manages to close down at over 1.3500 points, then this is an indicator that the bulls have regained control of the pair and the USD/CAD could possibly be poised for more increases. On the other hand, if the pair closes down at under 1.3500 points, then this means that the bears are now dominating the pair and the market might have to brace themselves for more selling at least in the short-term.

The US economy will be releasing its durable goods data and its Preliminary GDP data within the day, although traders are advised to sit back and wait for the session to close down before making any significant moves.
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  #536  
Old Yesterday, 04:16 PM
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Default GBP/USD Fundamental Analysis: May 26, 2017

The strength of the greenback has been the dominant market trend during the previous trading session. In addition, the bulls of the GBP/USD pair are also having a hard time with regards to keeping the value of the cable pair afloat, which is seen on how the bulls had repeatedly attempted and failed to break through 1.3030 points even though the USD has clearly dropped in value. This development shows just how the bears are slowly gaining the upper hand with regards to taking control of the cable pair.

But on the bright side, the drop in the cable pair’s value was not as much of a crash as initially expected since the pair’s drop has been somewhat slow and steady. But then again the corrections of the pair is now starting to get more significant, while its reversions are becoming more and more shallow, which is an indication that the pair’s bears are indeed taking over the currency pair. The GBP/USD pair was unable to even reach the 1.3000 range as the greenback starts to regain more strength due to the market re-pricing the interest rate hike next month.

For today’s trading session, the market is expecting the release of the Preliminary GDP data and the durable goods data from the US, while the British economy is not scheduled to have any economic releases for today. The GBP/USD pair is then expected to remain under pressure for the entirety of today’s trading session.
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  #537  
Old Yesterday, 05:00 PM
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Default EUR/GBP Technical Analysis: May 26, 2017

The Euro against the British pound had a very choppy trading during the Thursday session as the market is attempting to push the price higher which could eventually break later on. There are also some pullbacks seen in the short-term which supports the current trend and gather enough impetus and volume to reach higher levels. If the price breaks higher than the 0.8675 region, the current trend will move upward reaching the 0.88 level that is relevant for long-term as shown in the charts.

Those reversals would gain more appeal to the buyers as it closes near the 0.86 support level which was supportive in the past. There’s an option to wait for a breakout first to lift it higher which implies bullishness in the trend which is beneficial for buyers.

The market is choppy influenced by the two economies and commentaries from both countries bringing a lot of noise in the market. Yet, the trend remains resilient as it is directed upwards although there are pullbacks every now and then. If the price breaks lower than the 0.8550 region, the market is anticipated to roll over. This is most probably because of major events which are usually unexpectedly fast when it happen. Overall, the buyers seem to dominate the market.
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