Usdindex!!
USDJPY TO REMAIN RANGE BOUND?USDJPY looks likely to remain rangebound as price looks to be forming a bearish engulfing candle on the daily timeframe.
This is largely down to the current JPY strength which could be caused by some risk off coming back into the market.
If the JPY strength continues we can look for potential range trading opportunities back into the lows.
VIDEO ANALYSIS: USD STRENGTH TO CONTINUE?In this video update, we take a look at the recent USD strength after the recent FOMC interest rate decision.
The need for the Fed to cut rates has slowed and become less aggressive because of the recent good data.
Fed Chairman Powell continued his hawkish outlook in the press conference which has helped sustain the
USD rally. A close above the highs will be key to see any further upside.
VIDEO ANALYSIS: USDCAD TO 1.2900? USDCAD lined up with our strategy trade at the end of day close. In this video, we discuss the current reasons
for taking the trade, how we can manage the positions and what to do going forward.
If price continues the downtrend we expect to see the key demand zone of 1.2900 tested before the end of the year.
DXY (USD index) near SELL ZoneThe price is near Key Level 98.33.
We can open SELL in Zone after fake breakout and daily candle close under Level.
VIDEO ANALYSIS: DXY TO BREAK MONTHLY HIGHS?The USD strength continues despite the likelihood that the Federal Reserve will cut rates by 25bps this week.
The key for any break or bounce here will be left in the hands of the fomc press conference. If the FED is aggressive with
the way they want to cut rates then we should see USD weakness. If they feel there is no need to cut rates so aggressively then
a breakout higher is likely. Despite the current strength, the technicals are suggesting a potential reversal could form here.
USD going 89 from 96 So FOCUS on LONG TERMHello, we forecast USD index to fall to 0.89 level over a year range, so always tale the sell of highs, the buy lows will be correction. THUMPS UP
US JOBS DATA LIFTS USD The NFP numbers came in strong for the US which saw a spike in the price
of the USD Index. This data could be seen to have put a dampener on investors
minds in how quickly the Federal Reserve is to cut rates in the future.
If the data continues to be good for the US the need to cut rates could be pushed
back.
GBPUSD INVERSE HEAD AND SHOULDERS PATTERNGBPUSD technically could form an inverse head and shoulders pattern if the daily timeframe
forms a bullish candle here. Typically if an inverse head and shoulders pattern forms the left
shoulder acts as a key support area.
GBP will likely remain under pressure and any long trades will need to be taken with lower risk
in mind.
EURUSD BACK AT KEY HIGHSEURUSD is back into the key highs, the Fibonacci retracement tool shows that price
is currently testing the 61.8 fib. If the 4hr timeframe finds support here and produces
bullish price action we can look for a long opportunity back into the highs with extended
targets of the 127.2 fib extension.
USD TO CONTINUE LOWER?The USD Index has formed new lows and we expected the price to pullback into them before seeing
another move. Looking at the market technically the Fibonacci retracement tool has highlighted
a key zone between the lows and 50% fib as resistance. If we see bearish price action here we could
look for short opportunities into the next demand zone.
USD INDEX Analysis 30/6/19H4 chart
D1 chart
29/6/19
Weekly still bullish trend until price break the weekly support line (black), candle close doji, potential higher retracement for daily.
Daily bearish trend, currently rebounce from Daily support.
H4 sideway movement after big bearish movement & retrace from daily support area.
BIAS still bearish movement BUT short term price stalling.
BIG NEWS : G20 meeting & 1st week OPEC
FED's Easing Cycle Has Opened Path for DXY To HIT 93.00 Level !For the last several months we have seen the USD rise against all major currencies and while this was happening we were technically starting to get warning signs of BEARISH DIVERGENCE in the RSI! Fundamentally the US Economy remained strong back then with little worries regarding the trade war and geopolitical issues.
The markets thought that the economy wont be impacted by the trade war in a long run as a trade deal could be reached soon but its been months and the saga still goes on. The US economic data has been under achieving and the FED instead of raising rates to a possible two times this year has switched its course to cutting them. A MAJOR DOVISH SWITCH!
As this happened, the USD Index fell from the highs and has now comfortably broken the triangle's lower trendline and the weekly price has also closed below the EMA 50. All this indicates a strong trend switch is now in play and we could see the price potentially drop towards 93.00 where the next trendline is present. 93.00 also is a concrete support drawn from the monthly charts which has been respected on numerous occasions.
As the time goes, the picture will be more clear and clear but one thing is clear, FED's easing cycle will surely be the main driver for DXY downfall to 93.00!
Many predicted that the yellow metal will rise this year and boy they were not wrong as many major central banks have switched to easing cycle. Should the FED keep easing to support the economy we could see the yellow metal reach new highs and SAFEHAVEN FX currencies such CHF and JPY Appreciate against other currencies.
USDCHF FINDS SHORT-TERM SUPPORTPrice has been down trending on USDCHF nicely and we expect this to continue however
the price is currently finding support at the key lows. If we see a daily bullish close here we
can expect the price to pull back into the lows before seeing the trend continue.
VIDEO ANALYSIS: EURUSD KEY SUPPLY AND DEMAND ZONES In this video update, we take a look at EURUSD and USD Index to continue looking for the USD weakness.
Price on the USD Index has recently tested 96.00 which could see some buyers step back in short-term into
the previous structure lows. EURUSD has broken higher and is heading towards a key supply zone where we
could see price retrace into the key highs before going long.
USDNOK TO FALL ON HIGHER OIL PRICESWe recently discussed a long opportunity on OIL and as prices push higher we
could look to buy the Norwegian Krona. The USDNOK has formed a lower low on
the daily timeframe and could head towards the key weekly demand zone.
We will be looking for retracements into key resistance zone for short opportunities.
FED DOVISH TONE PRICED IN...WHAT WILL HAPPEN TO THE USD?In this video update, we discuss the two scenarios ahead of this meeting and what could
happen if the Fed discuss further cuts in the future or if they downplay the need to cut rates going forward.
Inflationary data suggest a cut is likely but will FED chair Powell want to open the flood gates for the USD bears.
We are not so sure...
