Daily Trades Levels Of Major Pairs

Markets Subdued Amid Holiday Trading (27-Dec-2017    at   01:46:37 pm)

The markets were relatively quiet yesterday with most of Europe closed while the economic data from the U.S. were scant. The S&P/CS housing price index data rose 6.4%, beating estimates of 6.3%. However, the Richmond Fed manufacturing index showed a decline as the index fell to 20, down from 30 and below estimates of 22.

Dollar Hits 3-Week Low As Commodity Currencies Gain Ground (27-Dec-2017    at   01:43:11 pm)

The dollar index continued retreating, recording a three-week low. Meanwhile, commodity currencies, including the loonie, aussie and the kiwi, were posting multi-week highs versus the greenback.

Bitcoin Recovers As Markets Enter Sleep Mode (27-Dec-2017    at   12:47:56 pm)

With most financial markets in vacation mode, Bitcoin is the only currency making big moves in a holiday-thinned trading week. After crashing by more than $8,000 from an all-time high, Bitcoin is up 3.5% at the time of writing. Although the recent plunge frightened many bitcoin fans, when looking at the relatively short history of bitcoin trading, the price action seems just normal. During 2017 the cryptocurrency crashed by 30% or more six times. Every fall was followed by huge price appreciation until it peaked on 17 December.

Market Update - Asian Session: Equity Volume Remains Light (27-Dec-2017    at   12:33:13 pm)

General Themes: Asia indices trade mixed, in line with the NY session. Energy companies outperform. Chipmakers in South Korea rebound

Aussie Trading On A Stronger Footing This Morning (27-Dec-2017    at   12:28:36 pm)

The pair is expected to find support at 0.7721, and a fall through could take it to the next support level of 0.7702. The pair is expected to find its first resistance at 0.775, and a rise through could take it to the next resistance level of 0.7760.

German GfK Consumer Sentiment Surprisingly Advanced In January (27-Dec-2017    at   12:27:42 pm)

The pair is expected to find support at 1.1847, and a fall through could take it to the next support level of 1.1831. The pair is expected to find its first resistance at 1.1879, and a rise through could take it to the next resistance level of 1.1895.

UK's Economy Expanded As Initially Estimated In 3Q 2017 (27-Dec-2017    at   12:26:55 pm)

The pair is expected to find support at 1.3354, and a fall through could take it to the next support level of 1.3331. The pair is expected to find its first resistance at 1.3395, and a rise through could take it to the next resistance level of 1.3413.

Japan's Jobless Rate Surprisingly Declined To A 24-Year Low Level In November (27-Dec-2017    at   12:26:06 pm)

The pair is expected to find support at 113.13, and a fall through could take it to the next support level of 113.01. The pair is expected to find its first resistance at 113.37, and a rise through could take it to the next resistance level of 113.49.

Swiss Franc Trading A Tad Higher In The Morning Session (27-Dec-2017    at   12:22:30 pm)

The pair is expected to find support at 0.9883, and a fall through could take it to the next support level of 0.9871. The pair is expected to find its first resistance at 0.9912, and a rise through could take it to the next resistance level of 0.9929.

Canada's Economic Growth Unexpectedly Stalled In October (27-Dec-2017    at   12:20:10 pm)

The pair is expected to find support at 1.2671, and a fall through could take it to the next support level of 1.2655. The pair is expected to find its first resistance at 1.2715, and a rise through could take it to the next resistance level of 1.2743.

Technical Outlook: EURUSD Trades In Extended Consolidation At 1.1860 Zone (27-Dec-2017    at   02:05:31 pm)

The Euro trades in extended consolidation within 1.1860 zone on Wednesday, with near-term focus turned towards initial target at 1.1900. The pair probes again above cracked pivot at 1.1867 (Fibo 61.8% of 1.1961/1.1717 pullback) as previous attempts did not result in clear break. Technical studies remain supportive, as multiple MA's bull-crosses and bullish momentum on daily chart continue to underpin. Sustained break above 1.1867/1.1900 Fibo barriers (61.8%/76.4%) is needed to open way for retest of key short-term resistance at 1.1961 (27 Nov high). On the other side, repeated rejections under 1.1900 would be initial signal of stall of recovery leg from 1.1737 (18 Dec low), with return and close below 1.1820 (converged 20/30 SMA's), to generate stronger bearish signal. Daily cloud twists next week (1.1793) and could attract for fresh weakness.

NZDUSD Intraday Analysis (27-Dec-2017    at   01:53:41 pm)

NZDUSD (0.7052): The New Zealand dollar managed to consolidate above the 0.7023 level. After breaking out higher above this level, price action briefly dipped to establish support. The current bullish momentum is expected to push NZDUSD to the upside as it approaches the next key resistance level of 0.7062. Price action could either continue to the upside on a successful breakout above this resistance level. Alternately, a reversal here could see price turning flat and trading within the range.

USDJPY Intraday Analysis (27-Dec-2017    at   01:52:50 pm)

USDJPY (113.22): The USDJPY continues to trade flat with yesterday's session closing with a doji pattern once again. Price initially opened lower but the U.S. dollar quickly recovered to the fill gap but only to close flat on the day. Yesterday's doji marks a third consecutive day of trading flat. On the 4-hour chart time frame, USDJPY is likely to find support near the 113.00 level. Establishing support at this level could potentially indicate further upside in price. However, USDJPY will need to breakout above the previous highs posted near 113.60 in order to post further gains.

EURUSD Intraday Analysis (27-Dec-2017    at   01:52:11 pm)

EURUSD (1.1871): The EURUSD closed with a doji candlestick pattern on the daily session yesterday. Price action was seen consolidating above the 1.1843 - 1.1822 level of support which indicates further upside in price. On the 4-hour chart, the EURUSD is likely to break the consolidation to the upside with the potential bull flag pattern. Immediate resistance at 1.1920 is likely to be the near term upside target in price. Alternately, in the event that EURUSD fails to break higher, we could expect price action to continue trading flat above the support level.

USDJPY Retains Short-Term Neutral Stance Around 50-Day MA (27-Dec-2017    at   12:53:40 pm)

USDJPY retains a short-term neutral stance on the daily chart, confirmed by the flat technical indicators. The RSI is neutral, while the 50 and 200-day moving averages are moving sideways. In the bigger picture, the pair has been trading in a range between 108 and 114 since March and is currently located in the upper end of this range.

Daily Wave Analysis: EUR/USD Challenges 1.19 Resistance And Rising Wedge Pattern (27-Dec-2017    at   12:46:02 pm)

The EUR/USD is building a rising wedge chart pattern (red/blue lines). A bullish breakout could indicate a continuation of the uptrend whereas a bearish reversal could send the EUR/USD lower to test the wave 2 vs 1 (pink) and the Fib levels of wave Y (purple).

Elliott Wave View: Nasdaq Upside Resumes (27-Dec-2017    at   10:38:12 am)

Nasdaq Short Term Elliott Wave view suggests that the decline to 6232.3 ended Intermediate wave (4). Up from there, Nasdaq has resumed the rally higher as a double three Elliott Wave structure. The first leg Intermediate wave W unfolded also as a double three Elliott Wave structure where Minute wave ((w)) ended at 6427.75, Minute wave ((x)) ended at 6383, and Minute wave ((y)) of W ended at 6545.75.