Daily Technical Analysis by XtreamForex

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Technical Overview of AUD/USD, USD/JPY and GBP/USD Currency Pairs

AUD USD

The AUD traded higher against the USD and closed at 0.7111.

According to the Analysis, Four hour chart shows that the pair is expected to find support at 0.70786, and a fall through could take it to the next support level of 0.70463. The pair is expected to find its first resistance at 0.71299, and a rise through could take it to the next resistance level of 0.71489.

Previous Day range was 51.3 and Current Day Range is 19.5.

USD JPY

The USD traded higher against the JPY and closed at 109.956.

The pair is expected to find support at 109.702, and a fall through could take it to the next support level of 109.448. The pair is expected to find its first resistance at 110.223, and a rise through could take it to the next resistance level of 110.490.

USD JPY previous Day range was 5210 and Current Day Range is 3280.

GBP USD

The GBP traded lower against USD and closed at 1.3191.

According to the analysis, pair is expected to find support at 1.31516, and a fall through could take it to the next support level of 1.31124. The pair is expected to find its first resistance at 1.32369, and a rise through could take it to the next resistance level of 1.32830.

GBP USD previous day range was 85.3 and current day range is 41.

 

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Technical Overview of USD/JPY, USD/CAD and AUD/USD Currency Pairs

USD JPY

The USD traded lower against the JPY and closed at 110.507.

The Tokyo Consumer Price Index released by the Statistics Bureau is a measure of price movements obtained by comparison of the retail prices of a representative shopping basket of goods and services, excluding fresh food. The index captures inflation in Tokyo. The purchase power of JPY is dragged down by inflation. Generally a high reading is seen as positive for the JPY.

According to the Analysis, Four hour chart shows that the pair is expected to find support at 110.260, and a fall through could take it to the next support level of 110.014. The pair is expected to find its first resistance at 110.730, and a rise through could take it to the next resistance level of 110.954.

Previous Day range was 4700 and Current Day Range is 4110.

USD CAD

The USD traded lower against the CAD and closed at 1.3408.

The Gross Domestic Product Annualized released by the US Bureau of Economic Analysis shows the monetary value of all the goods, services and structures produced within a country in a given period of time. GDP Annualized is a gross measure of market activity because it indicates the pace at which a country's economy is growing or decreasing. Generally speaking, a high reading or a better than expected number is seen as positive for the USD, while a low reading is negative.

The pair is expected to find support at 1.33769, and a fall through could take it to the next support level of 1.33456. The pair is expected to find its first resistance at 1.34395, and a rise through could take it to the next resistance level of 1.34708.

USD CAD previous Day range was 62.6 and Current Day Range is 22.1.

AUD USD

The AUD traded higher against USD and closed at 0.7083.

According to the analysis, pair is expected to find support at 0.70535, and a fall through could take it to the next support level of 0.70244. The pair is expected to find its first resistance at 0.71265, and a rise through could take it to the next resistance level of 0.71704.

AUD USD previous day range was 73 and current day range is 25.9.
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Technical Overview of EUR/USD,
USD/CAD and GBP/USD Currency Pairs

EUR USD

The EUR traded higher against the USD and closed at 1.1218.

The core Consumer Price Index released by Eurostat is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services excluding the volatile components like food, energy, alcohol and tobacco. The core CPI is a key indicator to measure inflation and changes in purchasing trends. Generally, a high reading is seen as positive or bullish for the EUR, while a low reading is seen as negative.

The Euro Zone CPI released by the Eurostat captures the changes in the price of goods and services. The CPI is a significant way to measure changes in purchasing trends and inflation in the Euro Zone. Generally, a high reading anticipates a hawkish attitude which will be positive (or bullish) for the EUR, while a low reading is seen as negative (or bearish).

According to the Analysis, The pair is expected to find support at 1.12030, and a fall through could take it to the next support level of 1.11883. The pair is expected to find its first resistance at 1.12392, and a rise through could take it to the next resistance level of 1.12607.

Previous Day range was 36.2 and Current Day Range is 13.3.

USD CAD

The USD traded higher against the CAD and closed at 1.3352.

The Institute for Supply Management (ISM) Manufacturing Index shows business conditions in the US manufacturing sector It is a significant indicator of the overall economic condition in US. A result above 50 is seen as positive (or bullish) for the USD, whereas a result below 50 is seen as negative (or bearish).

The pair is expected to find support at 1.33149, and a fall through could take it to the next support level of 1.32777. The pair is expected to find its first resistance at 1.34157, and a rise through could take it to the next resistance level of 1.34793.

USD CAD previous Day range was 100.8 and Current Day Range is 15.2.

GBP USD

The GBP traded higher against USD and closed at 1.3027.

The UK Parliament will decide whether the UK PM May's Brexit Plan is valid or not. In the case the Parliament don't approve it, chances of a hard Brexit will increase exponentially.
According to the analysis, pair is expected to find support at 1.29584, and a fall through could take it to the next support level of 1.28898. The pair is expected to find its first resistance at 1.31142, and a rise through could take it to the next resistance level of 1.32014.

GBP USD previous day range was 155.8 and current day range is 31.2.
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Weekly Forecast of Crude Oil (USOil.x)

Oil ignores the bearish API inventory report released day before yesterday and hit five-month highs a few minutes before press time.
OPEC's output hit a four-year low in March. The Energy Information Administration is expected to show the US oil inventories dropped last week.

US crude oil inventories unexpectedly rose by 3 million barrels last week, the American Petroleum Institute said on Tuesday. Oil prices, however, have shrugged off the bearish inventory report, and continue to cheer the OPEC-led supply cuts.

According to the analysis, USOil.x pair is expected to find support at 61.91, and a fall through could take it to the next support level of 61.21. The pair is expected to find its first resistance at 63.02, and a rise through could take it to the next resistance level of 63.43.

USOil.x previous day range was 11100 and current day range is 4300.

The Energy Information Administration (EIA) data due later today is expected to show the US crude inventories dropped 100,000 barrels last week. A bigger drawdown could end up pushing WTI higher to $63.59 (resistance of the June 2018 low as per the weekly chart).
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Technical Overview of EUR/USD, NZD/USD and GBP/USD Currency Pairs

EUR USD

The EUR traded higher against the USD and closed at 1.122.

Nonfarm Payrolls present the number of new jobs created during the given month, in all non-agricultural sectors of the U.S.

The indicator growth can have a positive effect on dollar quotes.

According to the Analysis, The pair is expected to find support at 1.12015, and a fall through could take it to the next support level of 1.11832. The pair is expected to find its first resistance at 1.12427, and a rise through could take it to the next resistance level of 1.12656.

Previous Day range was 41.2 and Current Day Range is 11.6.

NZD USD

The NZD traded higher against the USD and closed at 0.6752.

The Average Hourly Earnings released by the US Department of Labor is a significant indicator of labor cost inflation and of the tightness of labor markets. The Federal Reserve Board pays close attention to when setting interest rates. A high reading is also positive for the USD, while a low reading is negative.

The pair is expected to find support at 0.67336, and a fall through could take it to the next support level of 0.67150. The pair is expected to find its first resistance at 0.67850, and a rise through could take it to the next resistance level of 0.68178.

NZD USD previous Day range was 51.4 and Current Day Range is 15.1.

GBP USD

The GBP traded higher against USD and closed at 1.3071.

According to the analysis, pair is expected to find support at 1.30236, and a fall through could take it to the next support level of 1.29759. The pair is expected to find its first resistance at 1.31539, and a rise through could take it to the next resistance level of 1.32365.

GBP USD previous day range was 130.3 and current day range is 23.5.
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Technical Overview of USD/JPY,EUR/USD and AUD/USD Currency Pairs

USD JPY

The USD traded lower against the JPY and closed at 111.709.

BOJ Governor Speech is an event having the greatest impact on JPY among all public statements made by the Japanese regulator. The Governor's rhetoric reflects the official position of the Bank of Japan.

If some hints at tightening the monetary policy by the Bank of Japan are detected in the Governor speech, it may affect JPY positively.

According to the Analysis, The pair is expected to find support at 111.594, and a fall through could take it to the next support level of 111.479. The pair is expected to find its first resistance at 111.820, and a rise through could take it to the next resistance level of 111.931.

Previous Day range was 2260 and Current Day Range is 3820.

EUR USD

The EUR traded higher against the USD and closed at 1.1216.

The pair is expected to find support at 1.12035, and a fall through could take it to the next support level of 1.11908. The pair is expected to find its first resistance at 1.12355, and a rise through could take it to the next resistance level of 1.12548.

EUR USD previous Day range was 32 and Current Day Range is 21.3.

AUD USD

The AUD traded lower against USD and closed at 0.7106.

According to the analysis, pair is expected to find support at 0.70880, and a fall through could take it to the next support level of 0.70704. The pair is expected to find its first resistance at 0.71274, and a rise through could take it to the next resistance level of 0.71492.

AUD USD previous day range was 39.4 and current day range is 21.1.
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Technical Overview of GBP/USD, NZD/USD and AUD/CAD Currency Pairs

GBP USD

The GBP traded higher against the USD and closed at 1.3048.

The European Council is set to meet in Brussels to discuss Brexit one day ahead of the deadline, trying to come to an agreement on an extension or the UK withdrawal from the EU. This meeting involves the Heads of State and Government of European Union member states.

The Consumer Price Index (CPI) Ex Food & Energy released by the US Department of Labor Statistics is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. Those volatile products such as food and energy are excluded in order to capture an accurate calculation. Generally speaking, a high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or Bearish).

According to the Analysis, The pair is expected to find support at 1.30122, and a fall through could take it to the next support level of 1.29763. The pair is expected to find its first resistance at 1.31008, and a rise through could take it to the next resistance level of 1.31535.

Previous Day range was 88.6 and Current Day Range is 19.2.
NZD USD

The NZD traded higher against the USD and closed at 0.674.

The Consumer Price Index (CPI) Ex Food & Energy released by the US Department of Labor Statistics is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. Those volatile products such as food and energy are excluded in order to capture an accurate calculation. Generally speaking, a high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or Bearish).

The pair is expected to find support at 0.67315, and a fall through could take it to the next support level of 0.67232. The pair is expected to find its first resistance at 0.67531, and a rise through could take it to the next resistance level of 0.67664.

NZD USD previous Day range was 21.6 and Current Day Range is 14.6.

AUD USD

The AUD traded higher against USD and closed at 0.7121.

FOMC stands for The Federal Open Market Committee that organizes 8 meetings in a year and reviews economic and financial conditions, determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth. FOMC Minutes are released by the Board of Governors of the Federal Reserve and are a clear guide to the future US interest rate policy.

According to the analysis, pair is expected to find support at 0.71092, and a fall through could take it to the next support level of 0.70973. The pair is expected to find its first resistance at 0.71425, and a rise through could take it to the next resistance level of 0.71639.

AUD USD previous day range was 33.3 and current day range is 33.1.
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Technical Overview of EUR/USD, GBP/USD and AUD/USD Currency Pairs

EUR USD

The EUR traded higher against the USD and closed at 1.1298.

The Economic Sentiment published by the Zentrum für Europäische Wirtschaftsforschung measures the institutional investor sentiment, reflecting the difference between the share of investors that are optimistic and the share of analysts that are pessimistic. Generally speaking, an optimistic view is considered as positive (or bullish) for the EUR, whereas a pessimistic view is considered as negative (or bearish).

According to the Analysis, The pair is expected to find support at 1.12584, and a fall through could take it to the next support level of 1.12189. The pair is expected to find its first resistance at 1.13304, and a rise through could take it to the next resistance level of 1.13629.

Previous Day range was 72 and Current Day Range is 15.

GBP USD

The GBP traded higher against the USD and closed at 1.3071.

The Average Earing Excluding Bonus released by the National Statistics is a key short-term indicator of how levels of pay are changing within the UK economy. It can be seen as a measure of growth in "basic pay". Generally speaking, the positive earnings growth anticipates positive (or bullish) for the GBP, whereas a low reading is seen as negative (or bearish).

The ILO Unemployment Rate released by the National Statistics is the number of unemployed workers divided by the total civilian labor force. It is a leading indicator for the UK Economy. If the rate is up, it indicates a lack of expansion within the U.K. labor market. As a result, a rise leads to weaken the U.K. economy. Generally, a decrease of the figure is positive (or bullish) for the GBP, while an increase is negative.

The pair is expected to find support at 1.30368, and a fall through could take it to the next support level of 1.30023. The pair is expected to find its first resistance at 1.31180, and a rise through could take it to the next resistance level of 1.31647.

GBP USD previous Day range was 81.2 and Current Day Range is 32.2.

AUD USD

The AUD traded higher against USD and closed at 0.7171.

The minutes of the Reserve Bank of Australia meetings are published two weeks after the interest rate decision. The minutes give a full account of the policy discussion, including differences of view. They also record the votes of the individual members of the Committee. Generally speaking, if the RBA is hawkish about the inflationary outlook for the economy, then the markets see a higher possibility of a rate increase, and that is positive for the AUD.

According to the analysis, pair is expected to find support at 0.71273, and a fall through could take it to the next support level of 0.70835. The pair is expected to find its first resistance at 0.72035, and a rise through could take it to the next resistance level of 0.72359.

AUD USD previous day range was 76.2 and current day range is 15.9.

 

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Technical Overview of NZD/USD, USD/JPY and USD/CHF Currency Pairs

NZD USD

The NZD traded lower against the USD and closed at 0.6762.

Consumer Price Index released by the Statistics New Zealand is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services . The purchase power of NZD is dragged down by inflation. The CPI is a key indicator to measure inflation and changes in purchasing trends. A high reading is seen as positive (or bullish) for the NZD, while a low reading is seen as negative.

According to the Analysis, The pair is expected to find support at 0.67471, and a fall through could take it to the next support level of 0.67326. The pair is expected to find its first resistance at 0.67794, and a rise through could take it to the next resistance level of 0.67972.

Previous Day range was 32.3 and Current Day Range is 27.5.

USD JPY

The USD traded lower against the JPY and closed at 112.033.

Eric Rosengren has been President and CEO of the Federal Reserve Bank of Boston since July 2007. Previously he headed the Bank’s supervision, regulation, and credit group, and was active in domestic and international regulatory policy.

Tertiary Industry Index released by the Ministry of Economy, Trade and Industry indicates the domestic service sector in Japan such as information and communication, electricity, gas heat and water, services, transport, wholesale and retail trade, finance and insurance ,and welfare. As the Japanese economy relies upon its exports, this event is expected to generate low volatility for the JPY. Generally, a high reading is positive (or bullish) for the JPY, while a low reading is negative (or bearish).

The pair is expected to find support at 111.918, and a fall through could take it to the next support level of 111.803. The pair is expected to find its first resistance at 112.120, and a rise through could take it to the next resistance level of 112.207.

USD JPY previous Day range was 2020 and Current Day Range is 1520.

USD CHF

The USD traded lower against CHF and closed at 1.0039.
According to the analysis, pair is expected to find support at 1.00169, and a fall through could take it to the next support level of 0.99944. The pair is expected to find its first resistance at 1.00539, and a rise through could take it to the next resistance level of 1.00684.

USD CHF previous day range was 37 and current day range is 14.3.

 

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Technical Overview of USD/CAD, GBP/USD and USD/JPY Currency Pairs

USD CAD

The USD traded lower against the CAD and closed at 1.335.

Consumer Price Index Core is released by the Bank of Canada. “Core” CPI excludes fruits, vegetables, gasoline, fuel oil, natural gas, mortgage interest, intercity transportation, and tobacco products. These volatile core 8 are considered as the key indicator for inflation in Canada. Generally speaking, a high reading anticipates a hawkish attitude by the BoC, and that is said to be positive (or bullish) for the CAD.

According to the Analysis, The pair is expected to find support at 1.33294, and a fall through could take it to the next support level of 1.33094. The pair is expected to find its first resistance at 1.33861, and a rise through could take it to the next resistance level of 1.34228.

Previous Day range was 56.7 and Current Day Range is 44.2.


GBP USD

The GBP traded higher against the USD and closed at 1.3043.

Mark Carney is Governor of the Bank of England and Chairman of the Monetary Policy Committee, Financial Policy Committee and the Board of the Prudential Regulation Authority. His appointment as Governor was approved by Her Majesty the Queen on 26 November 2012. The Governor joined the Bank on 1 July 2013.

The Consumer Price Index released by the National Statistics is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. The purchase power of GBP is dragged down by inflation. The CPI is a key indicator to measure inflation and changes in purchasing trends. Generally, a high reading is seen as positive (or bullish) for the GBP, while a low reading is seen as negative (or Bearish).

The pair is expected to find support at 1.30231, and a fall through could take it to the next support level of 1.30031. The pair is expected to find its first resistance at 1.30812, and a rise through could take it to the next resistance level of 1.31193.

GBP USD previous Day range was 58.1 and Current Day Range is 34.7.

USD JPY

The USD traded lower against JPY and closed at 112.012.

James Bullard is the President of the Federal Reserve Bank of St. Louis. Dr. Bullard took office on April 1, 2008, as the twelfth chief executive of the Eighth District Federal Reserve Bank, at St. Louis. He is currently serving a full term that began March 1, 2011. In 2013, he serves as a voting member of the Federal Open Market Committee.

According to the analysis, pair is expected to find support at 111.892, and a fall through could take it to the next support level of 111.772. The pair is expected to find its first resistance at 112.087, and a rise through could take it to the next resistance level of 112.162.

USD JPY previous day range was 1950 and current day range is 2410.