Exness Technical Daily

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Although there are analysts in forex trading as well, they have no effect on exchange rates.

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EURJPY reversed from our selling area as expected, remain bearish
Sell below 113.25. Stop loss at 114.00. Take profit at 112.10.
Reason for the trading strategy (technically):
Price has reached our major resistance at 113.50 (Fibonacci retracement, horizontal overlap resistance, Fibonacci projection) and reversed off it perfectly. We start to sell more below 113.25 resistance for a further drop to 112.10.
RSI (21) is seeing major resistance from our descending resistance line showing that our bearish move is still in progress.

Disclaimer:The publication of Analytics is a marketing communication and does not constitute investment advice or research. Its content represents the general views of our experts and does not consider individual readers’ personal circumstances, investment experience, or current financial situation. The Analytics is not prepared in accordance with legal requirements promoting independent investment research, and Exness is not subject to any prohibition on dealing before the release of the Analytics. Readers should consider the possibility that they may incur losses. Therefore, Exness is not liable for any losses incurred due to the use of its Analytics

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EURJPY profit target reached, remain bearish

EURJPY
Sept. 30, 2016, 05:48
Sell below 114.00. Stop loss at 114.75. Take profit at 112.25.

Reason for the trading strategy (technically):

Price reached our profit target again perfectly. We remain bearish looking to sell on major resistance at 114.00 (Fibonacci retracement, horizontal pullback resistance) for a continued drop to 112.25.

RSI (21) is below 71% resistance. We expect some fluctuation but ultimately for RSI to continue dropping with price.

Reason for the trading strategy (fundamentally):

The major news vent driving EUR today is the Euro-Zone Consumer Price Index (CPI). CPI is the key gauge for inflation in the Euro Zone.*When the CPI is high, it indicates that significant inflationary pressures exist in Euro Zone economies. This puts pressure on the European Central Bank to raise interest rates, an action which will result in the strengthening of the Euro. When CPI comes out lower than expected the ECB is expected to lower interest rates, or keep them lower, to encourage economic growth.*Forecasts point towards an increase which means that we should be expecting the Euro to strengthen, which goes against our EURJPY bearish view, hence it is better to exercise caution with this currency pair.

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EURUSD formed a bullish reversal, start buying

EURUSD
Sept. 30, 2016, 05:46
Buy above 1.1200. Stop loss at 1.1150. Take profit at 1.1275.

Reason for the trading strategy (technically):

We remain bullish above 1.1200 major support (horizontal pullback support, Fibonacci retracement) with price forming a bullish reversal pattern giving us confidence for a new bounce up to 1.1275.

RSI (34) is above an ascending support line.

Reason for the trading strategy (fundamentally):

The major news vent driving EUR today is the Euro-Zone Consumer Price Index (CPI).CPI is the key gauge for inflation in the Euro Zone.*When the CPI is high, it indicates that significant inflationary pressures exist in Euro Zone economies. This puts pressure on the European Central Bank to raise interest rates, an action which will result in the strengthening of the Euro. When CPI comes out lower than expected the ECB is expected to lower interest rates, or keep them lower, to encourage economic growth.*Forecasts point towards an increase which means that we should be expecting the Euro to strengthen, which goes in line with our EURUSD bullish view.

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USDJPY remain bullish waiting for double bottom reversal

USDJPY
Sept. 30, 2016, 05:43
Buy above 101.25. Stop loss at 100.80. Take profit at 102.10.

Reason for the trading strategy (technically):

We remain bullish with the break of major 101.25 resistance (horizontal resistance, Fibonacci retracement) with a double bottom reversal confirming the push up to 102.10.

RSI (34) has made a bullish exit triggering a bullish move from here.

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EURJPY right at major resistance again, start selling

EURJPY
Oct. 3, 2016, 08:03
Sell below 114.00. Stop loss at 114.75. Take profit at 112.25.

Reason for the trading strategy (technically):

Price almost reached our profit target again perfectly. We remain bearish looking to sell on major resistance at 114.00 (Fibonacci retracement, horizontal pullback resistance) for a continued drop to 112.25.

RSI (34) is approaching 59% resistance where we expect a reaction from.

Stochastics (21,3,3) is approaching a major area of resistance where we expect a reaction from.

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AUDNZD dropped to buying level perfectly start buying now

Cross rate
Oct. 7, 2016, 03:19
Buy above 1.0575. Stop loss at 1.0555. Take profit at 1.0635.

Reason for the trading strategy (technically):

Price dropped to our buying level of 1.0575 major support (Fibonacci retracement, horizontal overlap support) perfectly as expected and we expect a push up from here.

RSI (34) is on pullback support.


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AUDUSD has dropped perfectly to buying level as expected, start buying now

AUDUSD
Oct. 7, 2016, 03:20

Buy above 0.7575. Stop loss at 0.7525. Take profit at 0.7645.

Reason for the trading strategy (technically):

Price has dropped perfectly as expected to our major support at 0.7575 (Fibonacci projection, Fibonacci retracement, horizontal support) where we expect a bounce from for a push up to 0.7645.

Stochastics (21,3,3) has bounced off 12% support triggering a bullish move.

Reason for the trading strategy (fundamentally):

The major news item affecting U.S. markets today is the change in Non-Farm Payrolls (NFP). Forecasts based on eight leading indicators for NFP generally point to a solid jobs report which comes from jobless claims (lowest since 1970s), continuing claims (highest since 2000), employment component of ISM (strongest since October 2015) and consumer confidence is at a 9 year high. All this point to a stronger NFP which means a stronger USD. This means our bullish AUDUSD is against this view, hence it is important to exercise caution in this trade.


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USDJPY right below major resistance, prepare to start selling

USDJPY
Oct. 7, 2016, 03:22

Sell below 104.25. Stop loss at 104.75. Take profit at 102.75.

Reason for the trading strategy (technically):

Price has reached our profit target from yesterday again. It is time we start selling below 103.65 major resistance (Fibonacci projection, Fibonacci retracement) for a push down to 102.55 before we might see another rise.

RSI (21) is in an overbought area where we expect a reversal from.

Stochastic (21,3,3) is in an overbought area where we expect a reversal from.

Reason for the trading strategy (fundamentally):

The major news item affecting U.S. markets today is the change in Non-Farm Payrolls (NFP). Forecasts based on eight leading indicators for NFP generally point to a solid jobs report which comes from jobless claims (lowest since 1970s), continuing claims (highest since 2000), employment component of ISM (strongest since October 2015) and consumer confidence is at a 9 year high. All this point to a stronger NFP which means a stronger USD. This means our bearish USDJPY is against this view, hence it is important to exercise caution in this trade.


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EURAUD remains bullish

EURAUD
Oct. 10, 2016, 05:00
Buy above 1.4715. Stop loss at 1.4670. Take profit at 1.4845.

Reason for the trading strategy (technically):

We look to buy above 1.4715 support (channel exit) for a push up to 1.4845.

RSI (21) has made a bullish exit as expected and this keeps our bullish view on EURAUD.