Daily Forex News

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xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Mon May 24, 2021 11:25 am

A Busy Economic Calendar Puts the EUR, the Loonie, the Pound, and the U.S Dollar in Focus

Technical Market Analysis

EUR/USD

Looking out to the pair, the price has already given the dip of 30 pips as the US dollar strengthened, by the mid of Thursday noon EUR/USD had been pushed up by the SMA to the resistance price of 1.2200. We can say that the pair will remain on the front foot around 1.2230 during the early morning today, later we have seen there was the decline of 0.5% of our dollar, On the monetary policy front, ECB president Lagarde is also scheduled to speak, major key levels of the pairs are as follow
Support level 1.2226
Resistance level 1.2239

GBP/USD

We can say that GBPUSD maintains a bullish bias in the short term picture, The pair opened at a higher price and quickly retreated toward the session’s low near 1.4169 giving the movement of 30 pips, Currently, the pair is trading at 1.4177 down of 0.08% on the day.
support level 1.4166
Resistance level 1.4181

AUD/USD

The Australian employment data largely disappointed yesterday giving the sharp decrease of 30,600 jobs against an expected gain of 15,000 jobs for April. Although there was a boost overnight following the slide on the greenback, the unemployment rate falls to 5.5%. Today we can see stable movement at 0.7756 and it could give the range between 0.78-0.7750 region for now. If there will be a break on any of these prices, it will give clarity on future movements
Support level 0.7746
Resistance level 0.7770

XAU/USD

The commodity is witnessed down on Friday morning in Asia Session as an improving outlook for Investors, however, dollar weakness and growth in Inflationary pressure capped losses. The latest update for the commodity is while bouncing off the intraday low, gold prints mild losses which is 0.10% coming around 1875.40 during Friday’s Asian session. Giving the consolidated gains, here are the levels it can witness today
Support level 1870.34
Resistance level 1878.44.

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xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Tue May 25, 2021 8:34 am

Market analysis for 25th May 2021

EUR/USD

A bullish trend for the EURUSD pair is expected with an optimal forecast of 1.2279 and with daily volatility of 0.47%. The successive gains in the pair are credited to the downbeat performance of the US dollar. The higher point for the pair was $1.2215 yesterday, giving a positive outlook for further gains. But today the pair is giving the narrow range of 1.2210-30 staying close to the February highs. On the hourly chart, EUR/USD is still trading above the MA line (200) H1 ($1.2165). The situation is similar to the four-hour chart.

GBP/USD

Today, The pair is trading in the range of 1.4110-70, On the hourly chart, the pair is testing MA(200) H1 (1.4130) moving average line, but on the four-hour chart, it will be neutral. The main scenario for the pair’s promotion is the session high of 1.4170 and maybe can reach 1.4235. Looking out for the alternative scenario, if the support of 1.4080-1.4100 is broken, then the pair may fall to 1.4005.

NZD/USD

Kiwi Dollar recently broke the trendline, which is now in focus following the overnight higher move. The pair also now against its 20-day SMA. If the pair manages to break back above trendline resistance, then we can see the new higher highs. Alternatively, a move lower would look for support at 61.8%. With the strong momentum, line favoring NZDUSD bulls, the quote’s run-up towards another trend line resistance, around 0.7255 becomes imminent. Though any upside needs to cross 0.7270 before challenging the monthly top near 0.7305.

XAU/USD

Gold prices have held the multi-month bull flag resistance, which is increasing the confidence that a march back to all-time highs has begun. This boost in gold has been noticed after the weakness in US Treasury yields. The XAUUSD pair started the week on a firm footing and extended its technical buying pressure. Resistance of the pair may target 1902 giving the Fibonacci retracement level of 61.80%. Support is seen near the 200 SMA at 1845.

xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Wed May 26, 2021 7:13 am

Market update for today

EUR/USD

The market opening gave a slow start for EUR/USD to open below 1.2200, speaking the trend for today. further rise is expected with the 1.2050 support intact. watching the sluggish upside movement, a break of 1.2244 will resume the rise from 1.1703 to retest 1.2348 high. In corresponding scenario, the break of 1.2050 will delay the bullish case. Looking out to the big picture, the reluctance of Federal Reserve Officials to signal a recalibration of policy gave the boost in the economy, these conditions are going to favor the pair giving the bullish scenario.

GBP/USD

The pair have been seen picking the recovery to 1.14152, which is 0.03% intraday. ahead of today’s opening of the London session. In doing so, the pair is taking hints from the upbeat risk reversal for the recovery moves from a short-term support line. On the upside, the decisive break of 1.4240 will again lead uptrend for 1.4376 key resistance. This break will carry larger bullish implications giving the target of 38.2% retracement Speaking of an alternate scenario, the break of 1.4098 support will delay the bullish outlook.

USD/JPY

The USDJPY pair remained depressed heading into the European session. Watching the intraday bias in the pair, the movement of the pair will be neutral as the trading range continues. On upside above 109.77, it will resume the rebound from 107.47 to retest 110.95 high. On the downside, the break of 108.34 will turn bias back to the downside for 107.47 support. The US dollar rose 37 pips against the Japanese yen on Friday. All things being equal, the exchange rate could continue to edge higher. A possible target for the pair will be near the 103.30 area.

XAU/USD

Watching out the commodity, Gold is meeting critical monthly resistance. Gold edged higher during the early part of trading action today. Giving the four-month high of $1887, before pulling back slightly. Watching out the US Manufacturing and service PMI data which was stronger than expected boosted the inflation outlook. Meanwhile, the US Dollar index is hovering near a three-month low of 90.02, lending support to the yellow metal.

xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Fri May 28, 2021 7:51 am

TECHNICAL OVERVIEW 28TH MAY

EUR/USD

EUR/USD recently broke the level of 1.22. trending upwards. The currency pair is moving towards the support zone of 1.21500 and the next resistance zone is at 1.23200. Look for buying opportunities for the pair if it bounces up the support zone of 1.21500. the previous day, mainly on US Dollar, rebound ahead of the key inflation figures and budget announcements. The US inflation figures are likely to favor the US dollar, upbeat expectations from the budget may tame the greenback’s upside, likely restricting EUR/USD losses.

GBP/USD

GBP/USD recently bounced up from the key level of 1.41 after the hawkish remark made by a BANK OF ENGLAND committee member that if the current furlough program were to end smoothly by the end of this year, it will likely to appropriate for the central bank to increase rate next year. The currency pair is testing to break above the key level of 1.42. Its next support is at 1.40000 and the next resistance zone is at 1.43500—look for buying opportunities if it breaks above the key level of 1.42

AUD/USD

AUD/USD is ranging across—it was announced yesterday that Australia’s Victoria states will be going under 1-week lockdown in an attempt to contain the COVID outbreak in Melbourne. AUD/USD’s next support zone is at 0.75500 and the next resistance zone is at 0.78000. Look for selling opportunities for the pair. The pair is holding the lower ground below 0.7750, although clinging to its recent trading range. The US Dollar sees renewed buying interest, despite the risk-on mood fueled by president Biden’s spending plans. All eyes on US Core PCE Index

XAU/USD

The US Dollar is creeping higher, while the price of gold is trading down some 0.11% on the day, slipping below the hourly 10 EMA from a high of $1898 to print $1894, the low for a day so far. However, from a daily perspective, the emphasis on the upside following what appears to be a meanwhile and healthy correction in an otherwise strongly bullish environment.

xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Tue Jun 01, 2021 12:03 pm

MARKET UPDATES 1ST JUNE 2021

EURUSD

EURUSD is looking neutral in the near term. Once the pair will reach a level above 1.2230. it can gain bullish potential, while bears could take over on a break below 1.2165. Overall the pair is trending upwards, some reports including German Preliminary CPI data, which was released yesterday indicated the continued rise in German’s inflation in may albeit at a slightly slower rate.
Also, the eurozone Unemployment Rate data will be released later at the same time. The next support zone of the pair is at 1.21500 and the next resistance zone is at 1.23200. Look for the buying opportunities of eurusd.

GBPUSD

Bank of England Governor Bailey will be speaking later at 2300 (GMT+ 8). During this time volatility can be seen in GBP. The pair is currently testing to break above the key level of 1.42, giving the next support zone at 1.40000 and the next resistance zone at 1.43500. Once the key level of 1.42 will be broken, look for short-term selling opportunities of GBPUSD. Moving on, the traders will keep their eyes on the risk catalysts and the US Dollar moves ahead of the US ISM data. The UK PMI for May is expected to confirm a 61.9 initial forecast, which is exciting for the traders.

USDJPY

Recently the pair bounced down from the key level of 110. The Japanese Consumer Confidence data released yesterday indicated the slight decline in the level of confidence of the surveyed households on the Japanese economic conditions. Also, the Japanese Housing Starts released yesterday, a strong increase in the number of new residential buildings that began construction. The next support zone is at 108.500 and the next resistance zone is at 110.800, look for the selling opportunities of USDJPY.

USDCAD

USDJPY bounces off intraday low but stays under pressure towards short-term support line, Recently the pair failed to break the resistance zone of 1.21000. The OPEC-JMMC meetings will be held today and we can see the volatility in CAD. Also the Canadian Manufacturing PMI data will be released later at 2130 GMT+ 8. USDCAD’s next support zone is at 1.19000 and the next resistance zone is at 1.21000. Look for short-term selling opportunities of USDCAD. The pair sellers justify sustained trading below short-term resistance lines and descending Momentum line.

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xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Wed Jun 02, 2021 6:57 am

Looking for the Technical perspective for the day

EUR/USD

EUR/USD remains sidelines around 1.2215 during the initial hours of Wednesday’s Asian session. The Eurozone CPI flash estimate data released yesterday indicated an increase in Annual inflation. Also, the Eurozone Unemployment Rate data released has indicated a slight decrease in the jobless rate. The next support zone will be at 1.21500 and the next resistance zone is at 1.23200, look for buying opportunities for the pair.GBP/USD

If we see the pair, it recently broke the level of 1.42. While market optimism towards the UK economic outlook continues to provide support, COVID-19 news updates will influence. News of new strains of the coronavirus weighed on the Pound early in the week. We can see the next support zone at 1.40000 and the next resistance zone at 1.43500, although we can look for short-term selling opportunities for the pair, overall the pair will be trending upwards.

AUD/USD

AUD/USD is the major pair to focus on today. During the monetary policy meeting yesterday, the Reserve Bank of Australia (RBA) kept interest rates at 0.10% while maintaining quantitative easing (QE) at its current settings. Currently, AUD/USD is following towards the resistance zone of 0.78000 next the next support zone is at 0.75500. Look for selling opportunities of AUD/USD if it bounces off the resistance zone of 0.78000. Therefore, the pair is in the big picture for now.

GOLD (XAU/USD)

GOLD remains subdued at around 1.900 today, the metal dropped the most in three weeks. Moving on, a light calendar and cautious sentiment ahead of Friday’s key US Nonfarm Payrolls can keep the metal chained but the Fedspeak may boost up short-term traders, the price rallied to score a fresh daily high following a retest of the support structure.

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Re: Daily Forex News

Postby xtreamforex » Fri Jun 04, 2021 11:08 am

Technical update 4th June

EUR/USD

Currently, EUR/USD is testing the support zone of 1.21500, if the pair breaks this level then look for short-term selling opportunities until the release of the U.S jobs reports later in 2030 (GMT+8). Overall, the pair is trending upwards. Even if the euro experiences temporary momentum on upcoming data, The economists don’t see that big move being sustained in the face of a gradually more hawkish tone from fed.

GBP/USD

GBP/USD is currently testing to break below the key level of 1.41. Its next support zone is at 1.40000 and the next resistance zone is at 1.43500. If the pair breaks this level then look for short-term selling opportunities of GBPUSD up until the release of the U.S jobs report later at 2030 (GMT+8).GBP/USD remains pressured around 1.41, consolidating its losses.

AUD/USD

The pair has reached the 0.7675 pivots as the dollar strengthens across the board, We can expect Aussie to fall potentially to 0.7394, overall the pair is ranging across. Recently the pair broke the level of 0.77. The Australian Retail Sales m/m data (Actual: 1.1%, Forecast: 1.1%, Previous: 1.1%) released yesterday indicated an increase in consumer spending at the same rate as the previous month, The pair’s next support zone is at 0.75500 and the next resistance zone is at 0.78000, look for short-term selling opportunities of the pair until the release of U.S jobs report later at 2030 (GMT +8).

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Re: Daily Forex News

Postby xtreamforex » Tue Jun 08, 2021 4:49 am

Technical Market Update 8th June

EUR/USD

The pair is sloping nearby to the support line around 1.2165, The upward closing off the trend line from May which was close to 1.2115 also challenges the EUR/USD sellers before directing them to the support near 1.2095. The bearish trend below 1.2095 will make the pair vulnerable to retest last month’s swing near 1.2050 and 1.1985, on an alternate, a clear upside break around 1.2200 propels the quote to confirm the bullish chart formation.

GBP/USD

The British Pound remained at the key level above 1.4080 against the US Dollar. The pair formed a base above 1.4100 and started the fresh increase. A successful break above the level of 1.4250 could set the pace for a larger increase. The next support is near the 1.4080 level, below which the pair could test 1.4000. Overall, the pair is likely to rise further if it breaks the 1.4200 resistance.

USD/CAD

The pair is currently moving towards the resistance zone of 1.21000. The next support zone is at 1.19000. Look for short-term selling opportunities of the USDCAD, the pair is shaping for bullish bias according to the confluence of recent hourly price action, The hourly conditions are bullish with the move from overnight taking presumed to the critical level of resistance. Overall the pair is ranging across.

USD/JPY

The pair recently broke below the key level of 110 after a weak NFP report. The pair retreated from the high of 109.64 to close near the lower levels at 109.19 in the New York session The Japanese final GDP data released earlier today indicated an upwards revision in the economic growth during the first quarter. The Japanese Economy Watchers Sentiment data will be released later at 1300 (GMT). The next support zone is at 110.800, Look for short-term selling opportunities.

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Re: Daily Forex News

Postby xtreamforex » Wed Jun 09, 2021 4:50 am

Technical update 9th June

EUR/USD

Currently, the pair is moving towards the support zone of 1.21500 and the next resistance is at 1.23200. The Eurozone and German ZEW economic sentiments data released yesterday indicated a decline in the level from the surveyed investors. Look for buying opportunities of EUR/USD if it bounces up from the support zone of 1.21500, Bears aim for ascending trend line from April, bulls have a bumpy road, so overall we can say that pair is ranging across.

GBP/USD

The pair pares the previous day’s losses around 1.4150 during the quiet Asian session on Wednesday. GBP/USD remains between 1.4110 and 1.4200 regions which were established since May end. Friday’s low acted as extra filters. The next support zone of the pair will be at 1.4000 and resistance will be at 1.43500. The pair already slipped below 50 and 100 SMA, on a short-term basis, look for buying opportunities but overall the pair is ranging across.

USD/CAD

The pair rose for the first time in three days on Tuesday. Currently, the loonie pair is moving towards the resistance zone of 1.21000, and the support zone is at 1.19000. The pair seesaws around 1.2115 amid a sluggish Asian morning on Wednesday. The Bank of Canada will be announcing its Monetary policy decision later at 2200 (GMT+8). The main point of attention is the BOC’s view on the recent lockdown and whether it is still looking at further QE tapering, Look for short-term selling opportunities for the pair.

AUD/USD

AUD/USD is easing towards 0.7700 after China is said to consider price controls on coal prices. The Aussie Dollar ended a second week unchanged against the greenback area at 0.7740. The Australian NAB Business Confidence data released yesterday indicated a decline in the surveyed businesses on current business conditions. Next support zone if the pair is at 0.7550 and resistance will be at 0.78000, look for short-term buying opportunities of AUD/USD.

xtreamforex
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Re: Daily Forex News

Postby xtreamforex » Thu Jun 10, 2021 6:49 am

Technical Market update 10th June

EUR/USD

EUR/USD stays pressured around the key level of 1.2180-75 amid the early Asian session on Thursday. The pair refreshed weekly top the previous day before reversing from 1.2218. Recently the pair failed to break the key level of 1.22. The ECB will be announcing its monetary policy decision later in 1945 (GMT+8). A press conference will also be held in 2030 (GMT+8). We can expect the volatility in EUR during this time. The pair is moving towards the support zone of 1.21500 and the next resistance zone is at 1.23200. Look for the buying opportunities of EURUSD if it bounces up from the support zone of 1.21500.GBP/USD

Recently the pair weakened after the EU threatened to take retaliatory actions on the UK for the latter’s refusal to implement post-Brexit trading arrangements in Northern Ireland. BOE committee member Haldane will be speaking later in 2005 (GMT+8). During this time, we can expect volatility in GBP. Currently, the pair is moving towards the key level of 1.41. Its next support zone is at 1.40000 and the next resistance zone is at 1.43500. Look for short-term selling opportunities of GBPUSD if it breaks below the key level of 1.41. Overall the pair is ranging across.

AUD/USD

AUD/USD is trading little changed above the level of 0.7700. The next support zone of the pair is at 0.75500 and the next resistance zone is at 0.78000. The Australian Inflation Expectations data released earlier today indicated an increase in the expectation of future inflation. US-China agrees to push forward trade, investment ties. US treasury yields remain pressured near March lows while the US Dollar trades firmer ahead of the all-important US CPI data. Look for short-term buying opportunities for the pair.

USD/CAD

Currently, the pair is testing the resistance zone of 1.21000 and the next support zone will be at 1.19000. During the monetary policy meeting yesterday, the BOC held policy unchanged. The Central Bank acknowledged that economic growth was robust despite the second wave of the COVID virus. The pair is trading flat on the day so far. Nonetheless, the BoC remains optimistic in a strong economic rebound as vaccinations are administered at a faster pace and lockdown restrictions are likely going to be eased. Look for short-term buying opportunities if it breaks the resistance zone of 1.21000.

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