2018-08-07
EUR/JPY is currently quite impulsive with the bullish gains which occurred after the recent impulsive bearish pressure in the pair. As of the recent economic reports on the EURO side as well as the Trade War and Brexit tension, JPY has been quite stronger over EURO earlier.
Despite the worse economic reports, today EURO managed to gain certain momentum in the process which is expected to lead to further gains in the coming days. Today EURO German Industrial Production report was published with decrease to -0.9% from the previous value of 2.4% which is expected to be at -0.5%, German Trade Balance decreased to 19.3B from the previous figure of 20.4B which was expected to be at 21.4B and French Trade Balance was also published with decrease to -6.2B from the previous figure of -6.0B which was expected to increase to -5.6B.
On the JPY side, today JPY Household Spending report was published as expected at -1.2% increase from the previous value of -3.9% and Average Cash Earnings increased to 3.6% from the previous value of 2.1% which was expected to decrease to 1.7%. Later JPY Leading Indicators report was published with a decrease to 105.2% from the previous value of 106.9% which was expected to be at 105.4%.
As of the current scenario, JPY economic reports were far better than of the EURO's but failed to maintain the momentum it had earlier which does indicate the shifting of the market sentiment at the current market situation. Despite certain tensions, the gains of EURO is currently indicating further bullish momentum in the pair for the coming days.
Now let us look at the technical view. The price is currently residing at the support area of 128.50 where the Kumo Cloud support also working as confluence for the situation as well. The market is quite volatile but being above 128.50 area with a daily close after an indecisive candle is expected to push the price higher with strong momentum in the coming days. As the price remains above 128.50 area with a daily close, the bullish bias is expected to continue further with target towards 1.3100-1.3200 area.
SUPPORT: 1.2850
RESISTANCE: 1.3100, 1.3200
BIAS: BULLISH
MOMENTUM: VOLATILE
USD/JPY Approaching Support, Prepare For A Bounce!
2018-08-07
USD/JPY is approaching its support at 110.59 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal swing low support) where we expect price to bounce to its resistance at 112.18 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) is approaching its support at 4.8% where a corresponding bounce is expected. Ichimoku cloud is also showing signs of downward pressure.
Buy above 110.59. Stop loss 109.96. Take profit at 112.18.
#theforexarmy #forexsigns #forexsignals #forexfamily #forexgroup #forexhelp #forexcourse #forextrade #forexdaily #forexmoney #forexentourage #forextrading #forex #forexhelptrading #forexscalping #babypips #forexfactory #forexlife #forextrader #financialfreedom #daytrader #scalper #swingtrader #fx #currency #pips #technicalanalysis #forexmarket
EUR/GBP Testing Resistance, Prepare For Reversal!
2018-08-07
EUR/GBP is testing its resistance at 0.8932 (61.8% Fibonacci extension, 61.8% & 76.4% Fibonacci retracement, horizontal swing high resistance) where a reversal to its support at 0.88911 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support) is expected.
Stochastic (89, 5, 3) has reversed off its resistance at 95% where a corresponding drop is expected.
EUR/GBP is testing its resistance where we expect to see a reversal.
Sell below 0.8932. Stop loss at 0.8959. Take profit at 0.8891.
#theforexarmy #forexsigns #forexsignals #forexfamily #forexgroup #forexhelp #forexcourse #forextrade #forexdaily #forexmoney #forexentourage #forextrading #forex #forexhelptrading #forexscalping #babypips #forexfactory #forexlife #forextrader #financialfreedom #daytrader #scalper #swingtrader #fx #currency #pips #technicalanalysis #forexmarket
Fundamental Analysis of USD/CAD for August 7, 2018
2018-08-07
USD/CAD has been quite corrective with the bearish momentum recently which is expected to lead to certain bullish intervention in the coming days. Though USD has been quite impulsive with the recent gains over most of the majors in the market, it failed to gain momentum over CAD ahead of the Employment report to be published this week.
This week on Friday, CAD Employment Change and Unemployment Rate report is going to be published which is expected to have an optimistic outcome in the coming days. Though no official forecasts have been provided yet but having Trade War tension fading off with NAFTA, CAD is expected to perform better having better GDP result published last with an increase to 0.5% from the previous value of 0.1% and better Trade Balance result as well with an increase to -0.6B from the previous figure of -2.7B. Today CAD Ivery PMI report is going to be published which is also expected to have an optimistic result with an increase to 64.2 from the previous figure of 63.1.
On the other hand, ahead of PPI and CPI report to be published this week, today USD JOLTS Job Opening report is going to be published which is expected to increase to 6.74M from the previous figure of 6.64M and IBD/TIPP Economic Optimism is also expected to increase to 57.2 from the previous figure of 56.4.
As of the current scenario, both currencies of the pair are awaiting the upcoming high impact economic reports to be published which is expected to inject certain volatility in the pair with definite momentum on either side. If CAD manages to provide better economic results in the coming days further bearish pressure is expected in the pair or else USD is expected to continue with a strong counter leading to impulsive bullish momentum in the pair for the coming weeks.
Now let us look at the technical view. The price has formed a Bullish Continuous Divergence along the corrective phase which is expected to push the price higher towards the resistance area of 1.33-1.34 in the coming days. As the price residing above 1.2900-50 support area with a daily close, the bullish bias is expected to continue further.
SUPPORT: 1.2900-50
RESISTANCE: 1.3300, 1.3400
BIAS: BULLISH
MOMENTUM: VOLATILE
Get Bonus No Deposite in your Trading Account now and add this currency pair to your forex portfolio, enjoy your trading with us!
No comments:
Post a Comment