Signals will list Live Trading Signals with Entry, Stop-loss, and Profit Targets (Future addition)
The Japanese cross EUR/JPY is on a bullish run, having crossed over 50 periods EMA at 115.551. As for the Japanese economic data is concerned, the Monetary Base for the year from Japan showed a decline to 2.3% against the expectations of 4.5% and weighed on JPY, which resulted in the upward movement of the EUR/JPY pair.
USDCAD Limit Buy entry at 1.4050 with a target of 1.4525 and SL of 1.3980
On Thursday, the single currency euro slipped to its weakest level in a month following data, which showed a dramatic slowdown in the Eurozone's economic activity. The business activity is mostly halted by government-imposed lockdowns to prevent the coronavirus pandemic.
The USD/JPY has violated the horizontal support level of 108.300, which can ve seen on the 4-hour chart. Closing of candles below this level may extend selling bias until 107.450 as the demand for safe-haven assets remains solid.
The USD/CAD pair slipped sharply to form the double bottom pattern around 1.3864 level on the 4-hour chart. The primary reason behind a sharp sell-off in the USD/CAD pair is the risk-on market sentiment, which is increasing demand for crude oil following the report of successful clinical trials of Gilead Sciences' retroviral drug Remdesivir. The drug will be used to treat those infected by COVID-19, and investors are expecting the market will be back to its feet once this medicine gets success.
The USD/JPY currency pair traded bullish to hit the three-months high at 108.94 before declining to 108.40. As of writing, the USD/JPY currency pair is trading near the 108.40s and
The USD/CAD pair was closed at 1.40460 after placing a high of 1.41406 and a low of 1.40318. Overall the movement of the USD/CAD pair remained bearish throughout the day. After posting gains for the last 3 days, the USD/CAD pair dropped on Thursday amid the increased demand for crude oil. WTI Crude Oil gained ground after the International Energy Agency (IEA) improved its oil demand outlook for 2020. Oil prices rose to $27.92 barrel on Thursday and gave strength to commodity-linked currency-Loonie.
During the Asian session, the precious metal gold was trading at 1,713 area. Technically, gold has entered the overbought zone, and it may help show us a slight bearish retracement below 1,718 area until 23.8% Fibonacci retracement level of 1,705 before showing further bullish trends in the market.
The EUR/JPY is trading bearish, falling from 118.650 to 117 area in the wake of stronger Japanese yen and weaker Euro. On the fundamental's front, most of the news is anti-Euro, and it's likely to drive the selling trend in the Euro.
The EUR/JPY is trading bearish at 116.450, having violated the support level of 116.600 level. Holding below this strong resistance can extend selling bias until 115.650 areas in the coming days. It's the COVID 19, which is consistently impacting the exchange rate of the EUR/JPY pair.
The GBP/USD trades bullish around 1.2030 in the wake of less dovish than expected monetary policy decisions. The central bank left the interest rate unchanged at 0.10%. However, it has warned that the measure and term of the economic collapse arising from the coronavirus pandemic will be "wide and dramatic but should eventually prove short-lived."
The USD/JPY failed to stop its four-day declining streak and witnessed some further selling near two-weeks lows at 106.65 level, mainly due to the cautious mood around the equity markets, which strengthens the Japanese yen's safe-haven demand and sent the pair down.
The GBP/USD prices are on a bearish mode, falling from 1.2400 level to 1.23700 area. Overall, the pair was supported around 1.2400 zones, but since this level is already violated, the Cable has strong odds of falling further until the 1.2290 area.
USDJPY Buy Stop Pending Order
During the U.S. session, the USD/CHF pair is exhibiting some dramatic bullish movement as it's prices are trading at 0.9745. What's more surprising is, the U.S. unemployment claims figures are even worse than economists had expected, despite this, the U.S. dollar is gaining bullish momentum.
The EUR/JPY is trading at 117.150, holding mostly below a strong resistance level of 117.350, which is extended by the double top pattern. On the 4 hour timeframe, EUR/JPY may find a hard time breaking above 117.350 resistance due to an increased level of uncertainty and safe-haven appeal in the market. Alongside, a series of weaker than expected services PMI figures from the Eurozone may weigh on the EUR/JPY currency pair.
The EUR/USD prices were closed at 1.09228 after placing a high of 1.09759 and a low of 1.09020. Overall the movement of the EUR/USD pair remained bullish throughout the day.
Chart EUR/JPY H1 Chart
The AUD/USD pair is trading with a bullish bias on Wednesday, soaring from 0.6190 to 0.6220. Bullish bias in Aussie triggered over a better coronavirus scenario in China, especially after China lifted Wuhan city's lockdown. Australia's parliament passed an emergency A$130 billion stimulus package to combat the economy from the coronavirus pandemic, which is helping limit deeper declines and keep the pair above 0.6190 support.
The EUR/CHF is facing strong resistance around 1.05730, which is mostly extended by a downward trendline on the 4-hour timeframe. The 50 periods EMA is keeping the EUR/CHF pair around 1.0578. The Euro as a signal currency is still staying bearish in the wake of an increased number of COVID 19 cases around the globe.
The AUD/USD surged 1.1% to a three-week high of 0.6237 as positive news regarding COVID 19 from china is motivating investors fo buy Aussie. The AUD/USD currency pair instantly gained around 30-35 pips from daily lows and is currently placed in the neutral territory, around the 0.6230 regions as the market attention now turns to the U.S. macro releases.
The EUR/JPY is trading with a bearish bias around 117.150, holding below strong support to become a resistance level of 117.350, which is extended by the descending triangle pattern.
The EUR/CHF is trading in a selling channel, having dropped from 1.0520 level heading to test the triple bottom support zone of 1.0509. The demand for safe-haven appears to have increased due to the increased number of coronavirus cases around the globe. The strength of the single currency Euro is also keeping the pair supported. Most of the selling in the single currency euro rise in the wake of the dovish ECB monetary policy stance in the wake of the COVID19 crises.
Yesterday on Thursday, the ETH/USD pair had exhibited dramatic bullish momentum on the daily timeframe, which leads Ethereum prices to soar to 174.68 resistance level. With this, the ETH/USD pair formed an ascending triangle pattern, which can be seen on the daily chart, and it is extending substantial resistance around 174.68 along with support at 164.
Bitcoin had a sharp reversal movement early morning today. This movement is creating an engulfing candle in the daily chart. The hourly chart shows a complex reversal formation followed by a large bullish candle which creates a morning star figure on strong volume.
This is a USD CAD short trade where the price action has formed a V shaped reversal and where a modest stop loss is incorporated to lower the risk.
The EUR/JPY is trading bearish at 116.850, falling below the triple top resistance level of 117.500. The broad-based selling pressure of the Euro made it difficult for the EUR/JPY pair to come out of the negative territory. The 10 Year US Treasury bond yield added in the downfall of USD/JPY when it fell more than 2% on Friday.
Earlier today, the NZD/USD trading signal got into losses and closed at stop-loss, costing us 60 red pips, even before we could update about its setup. The market is quite uncertain today and moving sideways without any clear setup. Anyways, now let's take a look at the USD/CAD pair as it's been on the move since the U.S. session has begun.
The USD/CAD pair was closed at 1.40160 after placing a high of 1.40424 and a low of 1.39000. Overall the movement of the USD/CAD pair remained bullish throughout the day.
The USD/CAD is trading with a bearish bias at 1.3970 level since the pair has violated the descending triangle pattern, which supported the pair around 1.4000. It seems like most of the selling is triggered in the wake of increased crude oil prices. The WTI prices soared despite on-going worries about oversupply and a lack of storage space across the world. These concerns come after the most significant US exchange-traded fund said it would sell all its front-month crude contracts to avoid further losses, which eventually weakened the Canadian dollar.
The EUR/USD prices were closed at 1.08066 after placing a high of 1.08504 and a low of 1.08004. Overall the movement of the EUR/USD pair remained bearish throughout the day.