Technical Levels Of Major Pairs

Technical levels About Major Pairs

EUR/TRY 1H Chart: Pair Trades Near Long-Term Channel (14-Nov-2017    at   03:29:22 pm)

The common European currency continues its long-term appreciation against the Turkish Lira. As a result, the pair is constantly pushing its ultimate high northwards. During the past three months, the Euro is stranded in an ascending wedge. However, it seems that a breakout is likely to occur soon, as the upper boundary of this pattern has been unreachable for the last week and a half. In addition, the rate has approached the upper boundary of a senior channel circa 4.57 which has bounded the rate since mid-2014. Along the way, the Euro faces a strong resistance of the weekly and monthly R1 at 4.55. Given the pair’s long-term appreciation, it would not be surprising if this bullish movement continues to prevail. However, it is more likely that a pair retraces from the senior channel just to cool off its high levels.

CHF/SGD 1H Chart: Channels Prevail (14-Nov-2017    at   03:28:30 pm)

CHF/SGD has been guided by two opposite channels. The senior formation has restricted the pair in a descending movement since late May. After bouncing off its bottom boundary two weeks ago, the pair formed a junior channel up along the way. These two patterns suggest that the pair should appreciate during the following two weeks, at least. This assumption is reinforced by the fact that the rate might try to move away from the 1.3560 mark—its lowest level since early 2015. In the short-term, however, the rate is likely to trade relatively sideways, given the movement of a minor three-day channel (drawn with dashed lines). The rate might hold this consolidation phase during this week and then resume its upward movement. A near-term upside target is the weekly R2 and the monthly PP circa 1.3780.

EUR/USD Analysis: Trades At 1.1675 (14-Nov-2017    at   03:20:04 pm)

In line with expectations, the common European currency continues to advance against the Dollar in one-week long ascending channel. However, there is a need to notice that yesterday fluctuations of the rate started to narrow down, which indicates on transformation of the current pattern into the rising wedge formation. Most likely a breakout will happen as soon as the currency rate will hit the 23.6% Fibonacci retracement level located at 1.1679. On the other hand, the rising 55-hour SMA might constrain the exchange rate from rapid falling. However, the above scenario might be altered due to the ECB President Draghi and the Fed Chair Yellen discussion at the Central Bank Communications Conference.

GBP/USD Analysis: Anticipates British Inflation Release (14-Nov-2017    at   03:18:56 pm)

Recovery of the Pound after rapid fall on Monday was neutralized by a combination of the 55-, 100- and 200-hour SMAs. From the southern direction the same function was exercised by support zone near the 1.3112 mark. In other words, the cable moved horizontally, anticipating the release of the British inflation data. At the moment, the rating is moving to the bottom, but if the released data beats expectations, market reaction might be large enough to bypass the above moving averages and elevate the rate to the weekly PP at 1.3160. In the opposite scenario, the sell-off of Sterling might be so active, that the currency rate will pass through the monthly S1 at 1.3072 and stop only near the 0% retracement level at 1.3039 and then resume the plunge towards the bottom edge of large descending channel

USD/JPY Analysis: Heads To North In Ascending Channel (14-Nov-2017    at   03:15:33 pm)

In result of the previous trading session previously dominant descending channel ceased to exist, as the currency rate broke through its upper boundary that was additionally protected by the 100-hour SMA. As a result, now movement of the pair is guided by the four-day long ascending channel. However, that pattern might not sustain for long, as the exchange rate is approaching towards another combined resistance formed by the 200-hour SMA and the weekly PP at 113.80. Unless the buck receives a proper impulse, for instance, from the Fed Chair Yellen speech at the Central Bank Communications Conference, it is expected to fail to advance any further. On the other hand, the rapid fall might not happen as well, as the southern side is additionally backed up by a combination of the 55- and 100-hour SMAs.

XAU/USD Analysis: Forms Minor Triangle Pattern (14-Nov-2017    at   03:08:19 pm)

Early hours of this trading session showed that yesterday’s attempt to return the price of gold back to the pre-fall 1,283.90 level failed. In particular, the exchange rate did not manage to bypass the monthly PP at 1,279.41 that was additionally backed up by the slipping 55- and 100-hour SMAs. In the meantime, the fact that it also failed to fall below the slope whose fourth confirmation point lies near the 1,275.80 level indicate on existence of a small ascending triangle formation. If this assumption is true, then the pair is expected to climb to the 1,279.00 mark. However, then a breakout most probably is going to occur in the opposite direction due to pressure from the above moving averages. But if traders give more weight to the larger rising wedge pattern, the pair is likely to break to the top.

GBPUSD Is Neutral In The Short-Term With Key Support At 1.3000 (14-Nov-2017    at   02:58:20 pm)

GBPUSD is neutral in the short-term and trading in a range between 1.3026 and 1.3337 following a decline from 1.3656. The RSI and MACD are neutral as momentum has weakened, suggesting the consolidation phase is expected to continue in the near term.

Technical Outlook: USDJPY – Bulls Pressure Pivotal 114.00 Resistance Zone (14-Nov-2017    at   02:39:33 pm)

The pair extends recovery from 113.22 higher base on Tuesday and probes through 10SMA barrier at 113.80. Bounce from 113.09 correction low so far retraced 50% of 114.73/113.09 pullback and needs sustained break above 113.90/114.10 barriers (daily Tenkan-sen / Fibo 61.8% of 114.73/113.09 downleg) to confirm reversal and expose key barrier at 114.73 (06 Nov peak).

Technical Outlook: GBPUSD Holds Negative Tone Under Daily Cloud, UK Data In Focus (14-Nov-2017    at   02:36:40 pm)

Cable is in directionless mode in early Tuesday's trading but maintaining negative bias following Monday's bearish close and awaiting UK data for fresh signals. Rising 100SMA and Fibo 61.8% of 1.2773/1.3655 (1.3112/10) are marking immediate supports which kept the downside protected in past few sessions despite multiple spikes lower.

Technical Outlook: EURUSD Advances After Strong German Q3 GDP, Data From EU In Focus (14-Nov-2017    at   02:35:05 pm)

The Euro holds firm tone on Tuesday and rose to three-week high on bullish acceleration after upbeat German GDP data (Q3 GDP 0.8% vs 0.6% f/c/prev). Bullish signals were generated on advance through 20SMA (1.1674) and broken neckline (1.1685) for probes above 1.1700 handle towards 30SMA (1.1715) and 100SMA (1.1731).

GBPUSD Still Bearish Below 1.3130 Level (14-Nov-2017    at   02:26:29 pm)

The British pound continues to trade in a narrow range against the U.S dollar, ahead of the release of key October inflation data from the United Kingdom economy. The GBPUSD pair currently trades around the 1.3115 technical level, as traders remain cautious about the volatile CPI data. This morning's UK inflation release takes on extra importance, as the Bank of England watches inflation closely, and may decide to hike interest rates again, if inflation in the United Kingdom remains elevated.

EURUSD Further Intraday Bullish Above 1.1655 (14-Nov-2017    at   02:20:59 pm)

The euro continues to advance against the U.S dollar, hitting 1.1675, as investors move away from commodity related currencies, and into euros. The EURUSD pair currently trades close to the November 3rd Non-farm payrolls high, as buyers continue to support any dip lower in the single-currency. During the European trading session, ECB President and FED Chair Jent Yellen will be speaking, we also see the releases of key inflation data from Germany and the United States economies, which promises to set the tone for the trading day.

XAUUSD Intraday Analysis (14-Nov-2017    at   01:48:12 pm)

XAUUSD (1276.67): Gold prices posted a modest bounce off the initial test of support near 1274.70. However, the bounce was short lived as price action was seen falling back to this level. We expect that further downside is possible on a breakdown below the 1274.70 support. This will push gold prices lower towards the 1270.00 handle. Alternately, in the event that the support level holds out, gold prices could remain trading sideways. Further direction could be established on a breakout above 1285.00 to the upside and below 1274.70 support.

USDJPY Intraday Analysis (14-Nov-2017    at   01:47:31 pm)

USDJPY (113.60): The USDJPY continues to remain trading flat with price action seen hovering near the breakout level from the rising wedge pattern formed on the daily chart. With price failing to break out from the resistance level near 114.31 - 114.07 we expect the consolidation to continue near this level. Support is seen at 113.00 which could be tested in the near term. The BoJ Governor Kuroda is expected to speak today followed by the quarterly GDP numbers coming out from Japan. These events could potentially bring some volatility to the currency pair and help establish a short-term direction in the currency pair.

EURUSD Intraday Analysis (14-Nov-2017    at   01:46:46 pm)

EURUSD (1.1672): The EURUSD has been inching higher gradually over the past four sessions. Price action remains steady near the main resistance level of 1.1672 region. The rally back to this level invalidates the bearish flag pattern. The bounce off the support level near 1.1552 suggests that EURUSD could remain caught in the range. However, a breakout above 1.1688 could suggest a retracement in price with further gains expected above this level. To the downside, the risks are limited unless EURUSD manages to breach past the previous support level that has been established.

Daily Wave Analysis: GBP/USD Bearish Breakout Faces Bullish ABC Zigzag (14-Nov-2017    at   11:58:52 am)

The GBP/USD broke above and below the local triangle pattern (dotted lines) but the major support (blue) and resistance (red) trend lines are still intact. A breakout is needed before a larger directional move can be expected.

Elliott Wave View: CADJPY (14-Nov-2017    at   11:54:07 am)

CADJPY Elliott Wave view suggests that the decline to 87.78 ended Minor wave X. Pair starts a new rally from there as a double three Elliott Wave structure where Minute wave ((w)) ended at 89.8. Minute wave ((x)) pullback is currently in progress to correct cycle from 10/31 low in 3, 7, or 11 swing before the rally resumes, provided that pivot at 10/31 low (87.78) stays intact. Subdivision of Minute wave ((x)) is unfolding also as a double three Elliott Wave structure where Minutte wave (w) ended at 88.96 and Minutte wave (x) ended at 89.64. Near term, while bounces stay below 89.8, expect pair to extend lower in Minutte wave (y) of ((x)) towards 88.56 – 88.76 area before pair resumes the rally higher or at least bounce in 3 waves. We don’t like selling the pair.

Market Morning Briefing: The Pound Dipped To 1.3061 (14-Nov-2017    at   08:50:53 am)

The Pound (1.3115) dipped to 1.3061 yesterday but did not test 1.3000. Look for an overall range of 1.30-32 over the next few days with chances of fresh bullishness. The Aussie (0.7634) may have potential for a rise towards 0.77 if the immediate Support at 0.7600 continues to hold. Else, in case of a break below 0.76, it can dip to 0.75 first.

Daily Technical Analysis: EURUSD, GBPUSD, USDJPY, USDCHF (14-Nov-2017    at   08:21:12 am)

The EURUSD didn't make significant movement yesterday. The bias remains neutral in nearest term. Price has been moving sideways for the last two weeks between 1.1670/90 – 1.1555 as you can see on my H1 chart below suggests a consolidation phase. A clear break above 1.1670/90 would expose 1.1725 or higher but as long as stay below 1.1900 I remain bearish as a part of the “head and shoulders” bearish scenario on daily chart. On the downside, a clear break and daily close below 1.1555 would expose 1.1450 region.

AUD/USD Breaks Down, Eyes Lower Lows (14-Nov-2017    at   07:50:11 am)

AUD/USD tentatively broke down on Monday below a key chart pattern, indicating a potential continuation of the downtrend that has been in place since early September. This tentative breakdown occurs ahead of key inflation data from the U.S. in the form of the Producer Price Index on Tuesday and the Consumer Price Index on Wednesday, as well as critical employment data from Australia on Thursday.