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The USD/CAD pair is trading with a selling bias at 1.2619 level, facing an immediate resistance around 1.2630 level. The USD/CAD pair is stuck in between a narrow trading range of 1.2630 - 1.2612 level on the two-hourly timeframes. On the lower side, a bearish breakout of 1.2612 level can extend selling bias until the next support level of 1.2580 level. Conversely, an upward crossover of 1.2630 can send the USD/CAD pair further higher until the 1.2665 level. The MACD and RSI are in support of the selling trend today.
The USD/JPY continues to trade sideways in between a wide trading range of 104.340 – 103.560. The USD/JPY has formed a sideways channel on the 4-hour timeframe, and it has the chance of leading the pair towards the next resistance level of 104.800 upon the breakout of 104.810. The 50 periods EMA supports the bullish trend, and we may have odds of taking a buying trade over the 103.570 level today. Good luck!
The AUD/USD currency pair maintained its previous session bullish bias and hit the intra-day high around above mid-0.7700 level mainly due to the all-time high gains in S&P 500 futures, which lent strong support to the perceived risk currency Australian dollar and contributed to the currency pair gains. The market trading sentiment was being supported by the hopes for additional U.S. fiscal stimulus measures and optimism over the rollout of COVID-19 vaccines. Moreover, the currency pair gains were further bolstered by the broad-based U.S. dollar bearish bias, which was triggered by multiple factors.
The market's news is likely to offer high impact events from the U.S., while the major focus will remain on the Philly Fed Manufacturing Index and Unemployment Claims. U.S. dollar may exhibit mixed bias until the release of these events as Philly fed manufacturing is expected to perform badly, and the Jobless claims are likely to perform well.
As trading in the currency market may be a completely dissimilar experience for different traders, a single piece of advice may also apply differently across different people’s careers. If you feel that a specific set of instructions is not working out for you, while others seem to be doing quite well following the exact same steps, understand that there are more things at play aside from technical suggestions and tools.
On the news front, the eyes will remain on the U.K. Monetary Policy reports due during the late European hours. BOE isn't expected to change the rates, and it may keep them at 0.10%; however, it will be important to see MPC Official Bank Rate Votes. Besides, the European Final CPI data will remain in focus today.
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The eyes will remain on the European German ZEW Economic Sentiment data and the Current Account figures from Europe on the news front. All of the figures are expected to have a mixed impact, which may put sideways in the single currency Euro. Besides this, the eyes will stay on the German Final CPI figures.
The AUD/JPY pair traded bearish, falling from 79.77 level to trade low at 79.50. On the lower side, the AUD/JPY may find support at the 79.50 level, and a bearish breakout of this level can extend selling bias until the 79.14 level. The 10 & 20 periods EMA are supporting selling bias, along with the 50 MACD and RSI indicators. Let's follow a trading plan below:
The AUD/USD failed to stop its previous session bearish moves and hit the one-week around well below 0.7700 level. The cautious sentiment ahead of U.S. President-elect Joe Biden’s office term, as well as the lack of major data/events and a long weekend in the U.S., played their major in undermining the market trading sentiment. The AUD/USD currency pair is currently trading at 0.7669 and consolidating in the range between 0.7659 - 0.7711.
The market may offer thin trading volume and volatility on the back of a holiday in the U.S. The U.S. banks will be closed in observance of Martin Luther King Day. However, the German Buba report will be in focus today to predict price action.
The GBPJPY cross declined on Friday trading session dragged 0.70% after the price surpassed the psychological barrier of 142, being the highest level reached since early September 2020.
On the news front, it's going to be a busy Friday as the U.K. economy is due to release its GDP figures, which are expected to perform negatively, and this may add selling pressure on the Sterling. Later during the U.S. session, the U.S. retail sales may drive further price action in the dollar related pairs.
The GBP/USD is trading at 1.3692, and it has closed a Doji candle on the four hourly timeframes, and it may extend a bearish correction in the GBP/USD pair. On the lower side, the support stays at 1.3636 and resistance at 1.3692 and 1.3720 today. The GBP/USD pair’s 10 & 20 periods EMA is supporting bullish bias in the Sterling. The MACD and RSI support bullish bias; therefore, bullish bias dominates over the 1.3646 level today.
The AUD/NZD pair is trading with a bullish bias at 1.07901 level, facing immediate support at 1.07820 level. On the higher side, the pair may find resistance at the 1.07990 level, and a bullish crossover of 1.0799 level can extend the buying trend until the 1.0810 level. The MACD is closing histograms over 0, suggesting bullish bias in the AUD/NZD pair. In any case, the pair can drop until the 1.0782 level before extending further higher. Here's a trade plan...
On Thursday, the AUD/USD trades bullish at 0.7767, and an upward violation of the 0.7778 mark is likely to extend the bullish trend until the next target of the 0.7818 mark. Whereas the support holds around the 0.7722 mark. The RSI and MACD are suggesting bullish sentiment; thus, we have begun a buying trade at the 0.7750 mark.
The EURAUD cross is advancing in its incomplete third wave from a mid-term downward sequence that remains in play. Follow with us on what the Elliott wave theory tells about its next movement.
The eyes will remain on the ECB Monetary Policy Meeting Accounts due during the late European session on the data front. Alongside, the U.S. Unemployment Claims and Fed Chair Powell Speaks will remain in highlights today.
The EUR/JPY is trading with a bearish bias at the 126.497 level, violating the support level of 126.497, which now is working as a resistance for the EUR/JPY pair. On the lower side, the EUR/JPY pair may find support at the 126.250 level, and further support can be expected at 126.100. The MACD value has crossed below 0, supporting selling bias as histograms are being formed under zero. The recent bearish engulfing candle on the hourly timeframe suggests strong odds of selling the EUR/JPY pair. Let's consider selling trades in the EUR/JPY today.
The GBP/JPY pair trades with a bullish bias at 142.090 level ever since it has violated the triple top resistance level of 141.296. On the higher side, the GBP/JPY pair soar until the next target level of 142.510. The GBP/JPY pair's technical side is supporting strong bullish bias as the 10 & 20 periods EMA are in support of the buying trend. Here's a quick trade plan...
The AUD/USD closed at 0.77738 after placing a high of 0.77772 and a low of 0.76865. The AUD/USD pair recovered on Tuesday after the US dollar came under fresh pressure due to the US's rising political risks.
The EUR/GBP pair is trading with a bearish bias at a 0.8930 level, having violated the support level of 0.8940. The Euro seems to get weaker as the European countries have tightened measures to fight coronavirus after a brief relaxation over the Christmas and New Year period. They have re-imposed lockdowns, closed shops and offices, and introduced laws to make it easier for governments to impose further restrictions to battle the pandemic.
On the news front, eyes will remain on the ECB President Lagarde Speaks as she may discuss the upcoming monetary policy event; however, the major focus will remain on the U.S. Inflation rates, which may help determine the further direction of the U.S. dollar.
The AUD/USD pair was closed at 0.76953 after placing a high of 0.77604 and a low of 0.76658. AUD/USD pair dropped on Monday amid the rising US dollar prices and the improved risk-off market sentiment in the market. The risk-sensitive Australian dollar suffered due to the rising risk-off market sentiment after the world's second-largest economy entered into restrictions as the number of coronavirus cases rose rapidly. China saw almost 18 new imported infections from overseas, and on Monday, the country in northeastern Heilongjiang province moved into lockdown after reporting new coronavirus infections. It weighed on the risk sentiment that ultimately plunged the risk-sensitive Aussie and dragged the pair AUD/USD on the downside.
35679 and a low of 1.34507. The GBP/USD pair lost ground on Monday and dropped to a fresh 2-weeks lowest level amid the broad-based US dollar strength. The GBP/USD witnessed some selling for the fourth consecutive session on Monday and extended its retracement slide from 33-months highs. The momentum dragged the GBP/USD pair further below as the strong rally in the US Treasury bond yields supported the US dollar. The greenback recovered from nearly three-year lowest level after the treasury yields rally amid the hopes of additional US fiscal stimulus measures. Investors started pricing in the prospects for a more aggressive US fiscal spending in 2021 after the Democratic sweep in the US Senate runoff elections in Georgia.
The yellow metal managed to stop its overnight losses and drew some fresh bids around above mid-$1,800 level as the prevalent downbeat market trading sentiment, triggered by the worsening coronavirus (COVID-19) conditions Sino-US tussle, underpinned the safe-haven metal prices. Though, the equity market losses were further bolstered after the Chinese planned to extend the Hong Kong crackdown after the arrests of nearly 50 democrats during last week, which in turn, provided some additional support to the yellow metal prices.
On the fundamental side, the economic calendar is likely to offer a thin trading volume, and it may offer thin volatility to the market. However, the focus can remain on the MPC Member Broadbent Speaks due to the European session today.
The US Dollar Index reveals exhaustion signals of its bearish trend. A trend that remains in progress since the currency basket topped at 102.992 pm mid-March 2020. Follow with us what signs show the Greenback to expect a rally during the first quarter of the year.
The strength in the U.S. dollar also dragged the EUR/USD pair lower to the 1.2175 level. For the moment, the EUR/USD is gaining support at the 1.2175 level, and below this, it can dip further until the 1.2130 level. On the higher side, the pair may face resistance at the 1.2216 level. The RSI and MACD support bullish correction, and these may cause a bounce off in the EUR/USD pair until the 1.2216 level. Below 1.2216, we can again see a dip in EUR/USD.
The AUD/USD closed at 0.77665 after placing a high of 0.77984 and a low of 0.77280. The currency pair AUD/USD remained flat throughout the day on Friday and closed its day at the same level it began its day with as the risk rally pushed the pair higher and the US dollar strength dragged the pair AUD/USD lower at the same time.
On the news side, the European Sentix Investor Confidence will be in focus, along with speeches from UK MPC Member Tenreyro, and the U.S. FOMC Member Bostic will remain in highlights. The U.S. dollar was also strong on the board, mainly because of the rising U.S. treasury yields that rose more than 3% on the day. The unemployment rate and average hourly earnings data from the U.S. support the greenback.
The big picture of the USDCAD pair shows a bullish divergence suggesting the exhaustion of the current bearish trend that remains active since past March 2020 when the price topped at 1.46674 and began to decline in a complex corrective pattern. Follow with us what's next for Lonnie.
The AUD/USD pair was closed at 0.77661 after placing a high of 0.78171 and a low of 0.77661. After rising for two consecutive days, the AUD/USD pair dropped on Thursday amid the US dollar's strength and rising safe-haven demand in the market.
The USD/CAD pair was closed at 1.26879 after placing a high of 1.27334 and a low of 1.26633. The USD/CAD pair rose on Thursday due to a strong rebound of the US dollar and Canada's negative economic data.
The eyes will remain on the U.S. NFP data on the news side, which is expected to report a slight drop from 638K to 500K during the previous month. Besides, the U.S. Average Hourly Earnings m/m and Unemployment Rate will also remain the main highlight of the day, and these may determine the USD trend for today and next week. Let's wait for the news.
The USD/CAD pair was closed at 1.26766 after placing a high of 1.27234 and a low of 1.26297. Despite the continuous rise in crude oil prices, the USD/CAD pair posted gains on Wednesday amid the rebound in US dollar prices. After the two-day OPEC+ meeting, Saudi Arabia announced that they would be voluntarily cutting their output in February and March that will amount to 1 million barrels per day. West Texas Intermediate (WTI) 's barrel gained more than 5% and preserved its bullish momentum on Wednesday. The Crude oil prices reached $50.9 per barrel on Wednesday to their highest level in more than ten months and gave strength to commodity-linked Loonie that capped further upside in the currency pair USD/CAD pair.
The AUD/USD pair was closed at 0.78063 after placing a high of 0.78199 and a low of 0.77329. The AUD/USD pair continued its bullish momentum on Wednesday and extended its gains amid the anticipated Democratic win in the US Senate runoff elections in Georgia.
It's going to be a busy day from the news front, as the market will be focusing on the German Factory Orders m/m, ECB Economic Bulletin, Retail Sales, and CPI figures from the Eurozone economy that can drive price action in the Euro pairs during the UK session. On the other hand, the dollar's movement can be influenced by Unemployment Claims and ISM Services PMI scheduled to be released during the US session.
The GBPJPY cross continues moving in an incomplete long-term sideways corrective pattern of Intermediate degree that remains active since the price found support at 124.786 in early October 2016. The Elliott wave sequence in progress suggests the possibility of a new decline for the coming trading sessions.
The AUD/USD pair was closed at 0.77604 after placing a high of 0.7773 and a low of 0.76607. Despite the positive macroeconomic data from the US and the rising demand for safe-haven, the currency pair AUD/USD rose higher onboard amid the US dollar's weakness. The greenback weakened after the beginning of the American session, and the US Dollar Index fell to its two-year lowest level at 89.44 on Tuesday ahead of the Georgia runoff election's result. The Senate election will decide who will control the upper chamber of the US Congress. The incoming Democratic President, Joe Biden, will need the two seats to control the US Senate. The Republican Party has been controlling the US Senate since 2014, and if the Democratic Party wins this election, it would be beneficial for them.
The USD/CAD pair was closed at 1.26689 after placing a high of 1.27909 and a low of 1.26556. The currency pair USD/CAD fell to its lowest since 2018 April on rising crude oil prices and the US dollar weakness. Despite Canada's negative economic data and positive data from the US side, the currency pair USD/CAD still moved in the downward direction on Tuesday as investors' focus was shifted on the OPEC meeting and Georgia's runoff elections.
On the news front, eyes will remain on the Services PMI figures from the Eurozone, U.K., and the United States. Almost all economic figures are expected to perform better than previous months, perhaps due to a lockdown lift. Price action will depend upon any surprise changes in the PMI figures. Later today, the U.S. ADP figures will also drive some volatility in the market.
The USD/CAD currency pair failed to stop its Asian session losing streak and remain depressed around the 1.2735 level, mainly due to the U.S. dollar weakness. However, the prevalent downtrend in the greenback is mainly tied to the Federal Reserve's expectations would keep rates low for a prolonged period. Meanwhile, the optimism over a possible coronavirus vaccine and the probability of an additional U.S. financial aid package also played its major role in weakening the greenback, which adds further burden around the currency pair.
During Tuesday's European trading session, the AUD/USD currency pair succeeded to extend its previous session winning streak and caught some further bids around above 0.7700 level mainly due to the fresh upticks in S&P 500 futures, which tend to underpin the perceived risk currency Australian dollar and contributes to the currency pair gains. Hence, the market trading sentiment got support from the fresh hopes of the coronavirus vaccine and the U.S. covid stimulus.
The GBPUSD pair advances in an incomplete Elliott Wave Irregular Flat pattern that began on September 01st when the Pound found resistance at 1.34832. Currently, the price action moves in its wave (b) of Minuette degree identified in blue, suggesting a potential decline in the coming trading sessions.
The AUD/USD continues trading bullish at the 0.7740 level, heading further higher, but only if the Aussie gets to violate the 0.7740 resistance level. The dollar seems to get weaker amid a rising number of coronavirus cases despite the vaccine rollout raised fears and supported the appeal for safe-haven, but the dollar is getting weaker. Ultimately weighed on the risk-sensitive Aussie that added in the losses of the AUDUSD pair.
During Monday's Asian trading session, the precious metal managed to extend its early-day positive performance and remained bullish around above the $1,920 level as the sharp rise in global COVID-19 cases and the possibility of more countries imposing tighter restrictions tend to underpin the safe-haven yellow metal. Meanwhile, the broad-based U.S. dollar weakness, triggered by the market upbeat mood, also played its key role in underpinning the gold prices as the price of gold is inversely related to the price of the U.S. dollar. However, the market trading sentiment was being supported by the optimism surrounding the coronavirus (COVID-19) vaccine, Brexit headlines, and the U.S. covid aid package.