Technical Overview of AUD/USD and USD/CAD Currency Pair
AUD USD
AUD traded lower against USD and closed at 0.6749.
The bid tone around the US dollar strengthened across the board, now pushing AUD/USD back into the red to hit four-week lows near 0.6740. The focus now shifts to the RBA rate decision while poor Australian housing data and US-China trade uncertainty continue to weigh.
According to the Analysis, pair is expected to find support at 0.6743 and a fall through could take it to the next support level of 0.6736. The pair is expected to find its first resistance at 0.6765 and a rise through could take it to the next resistance level of 0.6772.
USD CAD
USD traded higher against CAD and closed at 1.3239.
With its failure to cross 1.3263/65 resistance-confluence, USD/CAD drops back towards near-term horizontal support as it trades near 1.3240 during the Asian session on Tuesday. Three-week-old horizontal-line restricts immediate downside.
According to the Analysis, pair is expected to find support at 1.3228 and a fall through could take it to the next support level of 1.3220. The pair is expected to find its first resistance at 1.3256, and a rise through could take it to the next resistance level of 1.3264.
Important Economic Events of the Day
· JPY: Bank of Japan (BoJ) Tankan Large Manufacturing Index
· JPY: Bank of Japan (BoJ) Tankan Large Non-Manufacturing Index
· AUD: Reserve Bank of Australia (RBA) Interest Rate Decision
· AUD: Reserve Bank of Australia (RBA) Governor Lowe Speech
· CAD: Canada Gross Domestic Product (GDP) m/m
· USD: ISM United States Manufacturing Purchasing Managers Index (PMI)
For More information about the release time of news and its impact visit Economic Calendar Page!
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Technical Overview of EUR/USD and AUD/USD Currency Pair
EUR USD
EUR traded lower against USD and closed at 1.0964.
EUR/USD again aims for 1.0987 resistance - confluence while taking the bids to 1.0980 amid the initial trading session on Friday. 23.6% Fibonacci retracement, immediate support-line questions pair’s declines.
According to the Analysis, pair is expected to find support at 1.0949 and a fall through could take it to the next support level of 1.0935. The pair is expected to find its first resistance at 1.0993 and a rise through could take it to the next resistance level of 1.1007.
AUD USD
AUD traded higher against USD and closed at 0.6741.
AUD/USD is keeping gains despite the weaker-than-expected Aussie retail sales data. The pair may extend gains on dovish Federal Reserve expectations. RBA's Financial Stability Report cites housing market as key risk to the economy.
According to the Analysis, pair is expected to find support at 0.6713 and a fall through could take it to the next support level of 0.6701. The pair is expected to find its first resistance at 0.6753, and a rise through could take it to the next resistance level of 0.6765.
Important Economic Events of the Day
· AUD: Australia Retail Sales m/m
· USD: United States Nonfarm Payrolls
· CAD: Ivey Canada Purchasing Managers Index (PMI)
· USD: Federal Reserve System (Fed) Chair Powell Speech
For More information about the release time of news and its impact visit Economic Calendar Page!
Technical Overview of GBP/USD and EUR/USD Currency Pair
GBP USD
GBP traded lower against USD and closed at 1.2217.
GBP/USD remains within its 1.1950-1.2600 September range, but the downside looks vulnerable unless there is a surprise Brexit breakthrough, or a rout in the USD.
Since becoming PM, Johnson has been accused of talking to his Brexiteer electorate, rather than negotiating with the EU. His repetition of key phrases such as the 'surrender bill', used to describe the law making a hard Brexit illegal on Oct 31, is a case in point - this strategy was successful in the 2016 Brexit referendum.
Johnson insists the UK will exit the EU without a deal on Oct 31, but he committed in court to respect the law.
The GBP/USD pair now seems to have entered a bearish consolidation phase and was seen oscillating in a narrow band just above one-month lows set in the previous session. The incoming Brexit headlines might continue to influence ahead of FOMC meeting minutes.
According to the Analysis, pair is expected to find support at 1.2199 and a fall through could take it to the next support level of 1.2174. The pair is expected to find its first resistance at 1.2281 and a rise through could take it to the next resistance level of 1.2306.
EUR USD
EUR traded higher against USD and closed at 1.0954.
EUR/USD is reporting moderate gains, having defended key MA support. Fed's Powell said the central bank's balance sheet will expand again. American Dollar may find bids if the Fed minutes highlight growing split among policymakers.
According to the Analysis, pair is expected to find support at 1.0945 and a fall through could take it to the next support level of 1.0932. The pair is expected to find its first resistance at 1.0987, and a rise through could take it to the next resistance level of 1.1000.
Important Economic Events of the Day
· USD: Fed’s Chair Powell Speech
· USD: FOMC Minutes
For More information about the release time of news and its impact visit Economic Calendar Page!
Technical Overview of AUD/USD and GBP/USD Currency Pair
AUD USD
AUD traded lower against USD and closed at 0.6752.
· AUD/USD -0.25% as China reacts to US House taking hard line over Hong Kong
· China says US House should stop interfering in HKG
· Undermined by weak AXJ currencies as PBOC Yuan fix on high side of forecasts
The "retail sales control group", published by US Census Bureau, represents the total industry sales that are used to prepare the estimates of PCE for most goods.
According to the Analysis, pair is expected to find support at 0.6744 and a fall through could take it to the next support level of 0.6733. The pair is expected to find its first resistance at 0.6780 and a rise through could take it to the next resistance level of 0.6791.
GBP USD
GBP traded lower against USD and closed at 1.2786.
The Consumer Price Index released by the National Statistics is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. The purchase power of GBP is dragged down by inflation. The CPI is a key indicator to measure inflation and changes in purchasing trends. Generally, a high reading is seen as positive (or bullish) for the GBP, while a low reading is seen as negative (or Bearish).
According to the Analysis, pair is expected to find support at 1.2646 and a fall through could take it to the next support level of 1.2600. The pair is expected to find its first resistance at 1.2796, and a rise through could take it to the next resistance level of 1.2842.
Important Economic Events of the Day
· GBP: Consumer Price Index (YoY) (Sep)
· GBP: BoEs Governor Carney Speech
· USD: Retail Sales Control Group (Sep)
· CAD: BoCs Consumer Price Index Core (YoY) (Sep)
For More information about the release time of news and its impact visit Economic Calendar Page!
Technical Overview of EUR/USD, AUD/USD and USD/JPY Currency Pair
EUR USD
EUR traded lower against USD and closed at 1.1169.
EUR/USD's may have a hard time extending preceding three week's rally, courtesy of warning Brexit optimism. The common currency may face selling pressure if the European Union announces retaliatory tariffs on imports from the US.
According to the Analysis, pair is expected to find support at 1.1150 and a fall through could take it to the next support level of 1.1146. The pair is expected to find its first resistance at 1.1164 and a rise through could take it to the next resistance level of 1.1168.
AUD USD
AUD traded higher against USD and closed at 0.6855
• AUD/USD remains buoyant in Asia as hopes recede of an early RBA rate cut
• Bolstered by last week's upbeat AU jobs data, increasingly gloomy US data
• Australia home prices keep rising as auctions heat up in boost for economy
• Chance of Nov rate cut pared back to just 17% compared to 34% a week ago
According to the Analysis, pair is expected to find support at 0.6842 and a fall through could take it to the next support level of 0.6839. The pair is expected to find its first resistance at 0.6854, and a rise through could take it to the next resistance level of 0.6857.
USD JPY
USD traded higher against JPY and closed at 108.42
Although 200-day SMA becomes the key upside for USD/JPY, the quote refrains from further declines while taking rounds to 108.50 during early Monday. The pair is seesaws around four day low.
According to the Analysis, pair is expected to find support at 108.32 and a fall through could take it to the next support level of 108.27. The pair is expected to find its first resistance at 108.50, and a rise through could take it to the next resistance level of 108.55.
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Technical Overview of USD/CAD and EUR/USD Currency Pair
USD CAD
USD traded lower against CAD and closed at 1.3048.
USD/CAD is trimming gains on reports calling a victory for Canada's PM Trudeau. The pair may come under pressure if Trudeau forms a minority government with NDP's support.
Canada Retail Sales m/m show changes in the value of goods sold in retail stores in the specified month compared to the previous month. The indicator is calculated based on statistics from several thousand retail stores, and the data is then extrapolated to the whole country.
The indicator evaluates the consumer activity and inflation. The indicator growth can have a positive effect on CAD quotes.
Canada Core Retail Sales m/m reflects the change in retail sales in the reported month compared to the previous one. The indicator is calculated based on statistics from retail stores of different types and sizes. The index calculation does not include sales of autos and spare parts.
Retails Sales are an indicator of consumer activity in Canada, and an important component of national GDP. The indicator growth can have a positive effect on CAD quotes.
According to the Analysis, pair is expected to find support at 1.3077 and a fall through could take it to the next support level of 1.3063. The pair is expected to find its first resistance at 1.3123 and a rise through could take it to the next resistance level of 1.3137.
EUR USD
EUR traded higher against USD and closed at 1.1148.
· Positive risk extends in Asia, E-mini S&P +0.1% and AsiaxJP stocks +0.3%
· Flat in a low key 1.1147/1.1156 range - fundamentals unchanged look to techs
· Charts - daily momentum studies, 5, 10 & 21 MAs head higher - bullish setup
· Sustained cloud break, 1st since July - 1.1104 horizontal cloud top supports
According to the Analysis, pair is expected to find support at 1.1142 and a fall through could take it to the next support level of 1.1132. The pair is expected to find its first resistance at 1.1172, and a rise through could take it to the next resistance level of 1.1182.
Important Economic Events of the Day
· CAD: Retail Sales m/m
· CAD: Core Retail Sales m/m
· USD: Existing Home Sales
For More information about the release time of news and its impact visit Economic Calendar Page!
Technical Overview of EUR/USD and USD/JPY Currency Pair
EUR USD
EUR traded higher against USD and closed at 1.1021
· Early bounce on US data gives some relief to longs
· Pair heavy on safe haven flows but holds above 61.8 Fib of 1.0879-1.1180
· Daily RSI diverges & bull hammer forms, daily techs warn shorts
· Monthly RSI still falling, says downside momentum could resume
· Global growth concerns, soured risk could sink EUR/USD
According to the Analysis, pair is expected to find support at 1.1010 and a fall through could take it to the next support level of 1.0972. The pair is expected to find its first resistance at 1.1132 and a rise through could take it to the next resistance level of 1.1170.
USD JPY
USD traded higher against JPY and closed at 108.39.
· USD/JPY's breaks key props at 108.50 , close is key
· IMM USD/JPY specs long largely above 108 are at risk on 107.89/99 break
· Treasury yields sliding faster than JGBs, '20 Fed cuts pricing back in
· USD/JPY's topping formation reinforced by AUD/JPY's reversal
· Risk flows could change on a dime if trade deal gets completed, signed
According to the Analysis, pair is expected to find support at 108.57 and a fall through could take it to the next support level of 108.56. The pair is expected to find its first resistance at 108.59, and a rise through could take it to the next resistance level of 108.60.
Important Economic Events of the Week (11 Nov, 19 to 15 Nov, 19)
· USD: Retail Sales m/m
· GBP: Retail Sales m/m
· NZD: Electronic Card Retail Sales m/m
For More information about the release time of news and its impact visit Economic Calendar Page!
Technical Overview of AUD/USD and GBP/USD Currency Pair
AUD USD
AUD traded higher against USD and closed at 0.6784
· Flat in a quiet tight 0.6785/0.6795 range as options contain
· 0.6785-95 1.1BLN and 0.6900 500M strikes dominated in Asia
· Risk bounce in Asia after a soft week, Nikkei +0.6%, AsiaxJP +0.3%
· Charts - momentum studies, 5, 10 & 21 DMAs head south - bearish setup
· Dip recently stalled at 0.6769, which remains pivotal and vulnerable
· NY 0.6783 low and earlier 0.6795 high initial support and resistance
According to the Analysis, pair is expected to find support at 0.6786 and a fall through could take it to the next support level of 0.6785. The pair is expected to find its first resistance at 0.6788 and a rise through could take it to the next resistance level of 0.6789.
GBP USD
GBP traded higher against USD and closed at 1.2913.
· Cable saw steady interest and trades +0.1% in a 1.2903/1.2921 range
· Conservatives to raise property purchase tax for non-UK residents
· A revenue raiser that will be popular with UK voters
· FT's poll tracker, Conservatives hot favorites, +13pts from +11 over Labour
· Charts - 5, 10 & 21 DMAs gently edge higher - modest topside bias
· Six week 1.2770/1.3012 range looks set to extend unless the USD trends
According to the Analysis, pair is expected to find support at 1.2917 and a fall through could take it to the next support level of 1.2916. The pair is expected to find its first resistance at 1.2923, and a rise through could take it to the next resistance level of 1.2924.
Important Economic Events of the Week (18 Nov, 19 to 24 Nov, 19)
· CAD: Core Retail Sales m/m
· EUR: ECB President Lagarde Speech
· EUR: GDP q/q
· SGD: GDP q/q
· USD: EIA Crude Oil Stocks Change
For More information about the release time of news and its impact visit Economic Calendar Page!
Technical Overview of AUD/USD and NZD/USD Currency Pair
AUD USD
AUD traded higher against USD and closed at 0.6777.
FED Chair Speech affects USD depending on the speech rhetoric. If the speech is seen as an intention to raise the rates at the next FOMC meeting, this has a positive impact on USD and vice versa.
The FED Chair's statements have the greatest impact on the market compared to other members of the FED Board of Governors.
Reserve Bank of Australia (RBA) Governor Speech may contain information about the expected change in the bank's interest rates or in the monetary policy.
The Aussie dollar, a G-7 proxy for China, is not impressed by reports of US-China trade talks gaining momentum. AUD/USD failed to take out key average hurdle despite renewed trade optimism. RBA's Debelle said slower wage growth is a new norm in Australia.
According to the Analysis, pair is expected to find support at 0.6769 and a fall through could take it to the next support level of 0.6761. The pair is expected to find its first resistance at 0.6793 and a rise through could take it to the next resistance level of 0.6801.
NZD USD
NZD traded higher against USD and closed at 0.6416.
Retail Sales m/m reflects a change in New Zealand's retail sales in the reported month compared to the previous one. The calculation is adjusted for inflation. The index is often referred to as the consumer spending indicator, which allows assessing inflation in New Zealand. The indicator growth can have a positive effect on NZD quotes.
Consumer Confidence Index displays the level of consumer confidence in the stability of the country's economy. It is based on the data from the monthly survey of more than 5000 households and is designed to evaluate the relative financial status, purchasing power and confidence of an average consumer. The survey consists of five questions, two of which are associated with the current economic conditions, while three deal with expectations. Since 60% of the survey has to do with expectations, the indicator is considered to be a leading market indicator. The indicator growth assumes an increase in consumer spending.
• NZD/USD is facing pullback risks after multiple failures at the 100-day MA hurdle.
• A close above the key average will likely invite stronger buying pressures.
According to the Analysis, pair is expected to find support at 0.6400 and a fall through could take it to the next support level of 0.6392. The pair is expected to find its first resistance at 0.6426, and a rise through could take it to the next resistance level of 0.6434.
For More information about the release time of news and its impact visit Economic Calendar Page!
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