Get started

US-DOLLAR

EUR/USD bounces off dominant supportThe EUR/USD currency exchange remains predictable, as another target was reached during Tuesday’s trading session. As it can be observed on the chart, the Euro reached the support line of the medium term descending channel pattern against the US Dollar. On Wednesday various events can be expected. First of all, a new short term ascending pattern should be spotted. Secondly, as the pair has reached above the resistance of the weekly S1, the rate will set out to test the resistance of the various hourly SMAs, which are located near the 1.1770 mark. However, it is most likely that the resistance of the simple moving averages will be passed.
Long
by UnknownUnicorn890690
Gold set to continue to declineThe decline of the commodity price continues, as expected. The bullion is reaching for the 1,270 mark, which it will most likely reach during Tuesday’s trading session. However, just above that level the support of the 200-hour SMA was located at the 1,271 level on Tuesday morning. In addition, it could be observed that the SMA is not likely to move, as it had set a horizontal direction. It can be expected that the bullion will retreat down to this support level. However, the afterwards direction is likely going to be dictated by political events and this weeks scheduled events like the release of the FOMC meeting minutes.
FX_IDC:XAUUSDShort
by UnknownUnicorn890690
EUR/USD finds support at 1.1725 markAs it was expected, the EUR/USD currency pair is continuing the decline. On Tuesday morning the pair suddenly reached the support of the weekly S1, which is located at the 1.1726 level. The move was expected to occur, and it came into reality, as the 100-hour SMA was passed at the 1.1770 level. The currency pair rebounded against the mentioned weekly support level. However, it is still to be expected that the rate will decline. The reason for that is the fact that the pair remains in a medium term descending channel pattern. Most likely in the near future the pair will go for the support of the pattern. On Tuesday the support of the channel was already located below the 1.17 mark.
Short
by UnknownUnicorn890690
AUD/USD rebounds from 0.7916Daily outlook - AUD/USD rebounds from 0.7916 Contrary to expectations, an impulse created by a release of data on the US CPI last Friday was strong enough to drive the currency rate to the 0.7916 level, where it was eventually stopped by the 200-hour SMA. Since the surge was caused by a reaction on fundamental event, today the buck should try to restore some of the lost positions. For this reason, it is expected, firstly, to target the 0.7861 mark, from which the advance had begun, and, then, the 0.7845 level. This daily scenario is supported by the slightly increased bearish market sentiment, which currently amounts 59%. In addition to that, a summary of technical indicators also send a strong sell signal. Finally, today is a silent day in terms of macroeconomic data releases from both sides of the Pacific.
by UnknownUnicorn890690
USD/CAD finds support at 1.2674Daily outlook - USD/CAD finds support at 1.2674 In accordance with one of the scenarios expressed on Friday, the USD/CAD currency pair found support at the 1.2674 level. After spending some in a limbo between this support and a resistance set up by the updated weekly PP at 1.2689, it made an expected breakout to the top. However, now, when the markets a sleepy, the pair has stuck again between the 55-hour SMA from the top and the 100-hour SMA from the bottom. Market sentiment remains 72% bullish, an aggregate technical indicator also send a strong buy signal for the upcoming day. Such clues allow assuming that the pair will try to surge to the 1.2748 level that not only represents a point, from which the Friday downfall has started, but also the weekly R1. In case the pair will suddenly choose the opposite direction, the drop should be neutralized by the approaching 200-hour SMA.
by UnknownUnicorn890690
USD/MXN 1H Chart: Channel DownUSD/MXN 1H Chart: Channel Down The American Dollar was trading against the Mexican Peso in a medium-term ascending channel. However, after a data release on the US CPI the buck entered into a seven hour downfall and lost 1.3% in value. Such depreciation led to appearance of the current short-term descending channel with two reaction highs and once reaction low. Since the pattern has not formed completely, the currency pair is expected to continue to move within it at least until the weekly S1 at 17.7187. Afterwards, a rebound might happen. On the other hand, by that time the rate might experience additional pressure from the approached 55-hour SMA, which could impede the climb upstairs. Finally, there is a need to take into account that due to narrowness of the channel it might be prematurely distorted by any news coming from North America.
by UnknownUnicorn890690
XAU/USD set for more gainsIt can be observed on the hourly chart for the yellow metal that the bullion broke out of the descending channel pattern to the upside. Due to that reason it can be assumed that more gains are to be scored, as on Thursday morning the commodity price fluctuated just below the 1,280 mark. The 1,280 mark seemed to pose some sort of rather weak but still notable resistance. This recent breakout, which was initially not expected, occurred due to fundamental reasons. The recent quarrels between the United States and North Korea have created a sort of run to safety. Moreover, it reversed the recent fundamental strengthening of the US Dollar after the JOLTS Jobs Openings release.
FX_IDC:XAUUSDLong
by UnknownUnicorn890690
NZD/USD tries to reach 0.7310Daily outlook - NZD/USD tries to reach 0.7310 The rest of the previous trading session the New Zealand Dollar expectedly spent in a gradual advance against the US Dollar, trying to reach the weekly S2 at 0.7310. At the moment, it still has not reached the target even with the help from a release of information on the US CPI. On the other hand, such slow movement is in line with the general market sentiment, which is only 55% bearish, as well as with the summary of various technical indicators, which projected horizontal movement. It is quite possible that the pair will manage to bypass the above-mentioned resistance and jump towards the 100-hour SMA near 0.7319. If the surge will be stopped at this points, that would be a final evidence of existence of a falling wedge.
by UnknownUnicorn890690
USD/CAD trades around 1.2676Daily outlook - USD/CAD trades around 1.2676 Tuesday’s evening the currency exchange rate spent in an expected horizontal movement along the 55-hour SMA towards the bottom trend-line of an active ascending channel. At some moment, the pair has entered into a four hour downfall and has practically sneaked from the pattern. However, a combination of the above support line and moving average should be enough to force the pair to change direction. As 70% of traders continue to hold long positions, in the short run the Greenback is expected to continue to appreciate against the Loonie towards the weekly R1 at 1.2238. The summary of technical indicators supports this scenario by sending clear buy signal. But even if the pair oversteps the pattern’s boundary, the drop should not go below the monthly PP at 1.2636 and the 100-hour SMA.
by UnknownUnicorn890690