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Daily Forex News By XtreamForex

Dollar Steadied Against Major Currencies; Bitcoin Tumbled On China’s Verdict

The Dollar Stabilized versus major currencies on Wednesday as traders were waiting for U.S. Federal Reserve minutes, Although bitcoin dropped after China halted its financial institutions from offering services related to cryptocurrency assets.

The minutes from the Fed’s most recent meeting is going to take place later on Wednesday are assumed to validate that policymakers are perhaps not ready to increase the rates.

The U.S currency traded at $1.2076 against the Canadian dollar close to its weakest since May 2015.

The GBP bought $1.4187, which was near its strongest level since late February.

The EUR was constant at $1.2231.
The dollar slightly moved at 108.96 against the yen and 0.8974 against the Swiss franc.
Previous week Data showing U.S. consumer prices increased 4.2% in April from a year earlier, was the quickest development in more than a decade, boosting concerns the Fed will have to commence raising interest rates earlier.

Fed policymakers confirmed that the rise is short-lived and repeated that they expect rates to remain flat, though not all are convinced by the Fed’s line.

The Dollar Index traces the U.S. Currency against a basket of six major currencies was valued at 89.732.

CAD and GBP Elevated as the expectations for policy tightening in Canada and the progressive lifting of all the restriction of coronavirus in Britain. However, any favorable inflation can lead the Dollar to recover from some of its losses.

In the cryptocurrency market, bitcoin plunged below the closely-watched $40,000-mark to a three-month low of $39,000.
Ether dropped by more than 13% to $2,900, which is a two-week low.

Managerial uncertainty has appeared as an adverse factor after China banned its financial systems from offering cryptocurrency registration, trading, clearing, and settlement in a blow to investors who were betting that digital assets will gain mainstream status.

Read More : Daily & Weekly Analysis on XtreamForex
 
The Dollar weakened as Fed Minutes Sign at Narrow Discussion

The dollar dropped on Thursday morning in Asia as the U.S. Federal Reserve meeting minutes unveiled that policymakers recommended a slowdown of bond purchase due to a sign of hastening inflation.

The U.S. Dollar Index traces the greenback against a basket of other currencies slightly down 0.08% to 90.123

The USD/JPY pair dropped 0.07% to 109.14 as April’s trade data released earlier in the day surpassed expectations.
Exports expanded 38.0% year-on-year, Imports improved 12.8% year-on-year and the trade balance remains at JPY225.3 billion.

The AUD/USD pair trimmed up 0.17% to 0.7740. Employment data for April released earlier in the day said that the employment change declined by 30,600 in April while the unemployment rate dropped to 5.5%.
The NZD/USD pair slightly up 0.13% to 0.7176.

The USD/CNY pair inched up 0.07% to 6.4385, with the People’s Bank of China releasing the loan prime rate earlier in the day.

The GBP/USD pair slightly up 0.01% to 1.4114.

Investors are shocked by the verdict of Fed Chairman Jerome Powell and other Fed official has mentioned again that the Fed dovish policy will remain unchanged as any rise in inflation would be temporary.

Read More : Daily & Weekly Analysis on XtreamForex
 
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.

Read More : Daily & Weekly Analysis on XtreamForex
 
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.

Read More : Daily & Weekly Analysis on XtreamForex
 
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.

Read More : Daily & Weekly Analysis on XtreamForex
 
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.

Read More : Daily & Weekly Analysis on XtreamForex
 
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.

Read More : Daily & Weekly Analysis on XtreamForex
 
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.

Read More : Daily & Weekly Analysis on XtreamForex
 
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).

Read More : Daily & Weekly Analysis on XtreamForex
 
TECHNICAL MARKET ANALYSIS 7th JUNE

EUR/USD


EUR/USD is currently strengthened after the release of the weaker than expected U.S. jobs report. The Eurozone Retail Sales data released last Friday indicated a decline in consumer spending in April. The pair is testing the support zone of 1.21500 and the resistance will be at 1.23200, look for short-term buying opportunities of EURUSD if it rejects the support zone of 1.21500, overall we can say that the pair is ranging across.

GBP/USD

The GBP/USD bounced up from the key level of 1.41 after the release of Lower than expected U.S jobs report. The UK construction PMI data which was released last Friday indicated the prolonged expansion of the construction sector in May at the fastest pace since data collection started. Currently, the pair is moving towards the key level of 1.42, its next support zone is at 1.40000 and the next resistance zone is at 1.43500. Look for short-term buying opportunities for the pair if it breaks above the key level of 1.42.

USD/JPY

The pair trades on a muted tone on the first trading day of the new week extends the previous week’s losses and remains subdued. Yen suffers from its downbeat economic outlook. The pair broke below the key level of 110 after the NFP release. The Japanese Final GDP q/q data will be released tomorrow at 0750 (GMT+8). The pair’s next support zone is at 108.500 and the next resistance is at 110.800. Overall, the pair is trending upwards.

XAU/USD

Gold extends early Asian pullback to refresh intraday low around 1887$, down 0.23% on a day, during Monday’s initial trading session. Gold ended 1.1% higher on Friday to $1,891.39 following a recovery from the $1,856.04 lows to a high of $1,896.24 highs after US Non farm Payrolls data showed hiring increased below what was expected. For gold specifically, it is worth taking into consideration waning demand flows from India and China.

Read More : Daily & Weekly Analysis on XtreamForex
 
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.

Read More : Daily & Weekly Analysis on XtreamForex
 
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.

Read More : Daily & Weekly Analysis on XtreamForex
 
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.

Read More : Daily & Weekly Analysis on XtreamForex
 
TECHNICAL MARKET ANALYSIS 11th JUNE

EUR/USD


EUR/USD pair is modestly up, currently trading in the 1.2190 price zone. The pair recently bounced off the support zone of 1.21500. Day 1 of the G7 meetings will be held today. And day 2 and day 3 will be held on the weekend. The next support zone is at 1.23200. The near-term picture of the pair is neutral-to-bullish, but momentum is still missing. In the 4 hour chart, the pair is still trading within directionless, moving averages. The EUR/USD pair is up but below the 1.2200 figure, with the greenback shedding ground against most of its major rivals. As widely anticipated, the European Central Bank left rates and its easing programs unchanged in its June decision. Look for short-term buying opportunities of EURUSD.

AUD/USD

The pair is ranging across. The G7 meeting which will be held today will bring volatility to the market. AUD/USD is holding steady around 0.7750, as a cautious market mood pauses the US dollar’s decline. Most Australian banks will be closed next Monday in observance of the Queen’s Birthday. So expect lower trading volatility and volume during the usual Australian market hours. The next support zone is at 0.75500 and the next resistance zone is at 0.78000. Look for short-term selling opportunities of AUD/USD.

GBP/USD

GBP/USD recently bounced up from the key level of 1.41. We can expect volatility during the G7 meeting. The next support zone, the pair is approaching is at 1.40000 and the next resistance zone is at 1.43500. Bank of England Governor Bailey will be speaking later at 1630 (GMT+8), which will bring more volatility to the market. Below 1.4080, the next levels to watch are 1.4055 and 1.4010, which supported the pair in May. Some resistance is at 1.4110, which provided support earlier in the week, and then the recent high of 1.4190. Further above, 1.4220 and 1.4250 await the bulls.

USD/JPY

The USD/JPY pair touched the intraday high of 109.79 in the New York session, however failed to sustain this level. The selling pressure on the dollar keeps the pair off the cliff in the initial Asian session. The next support zone is at 108.500 and the next resistance zone is at 110.800. In the near-term scenario, the pair is neutral with the risk skewed to the upside. The 4-hour chart shows that it is developing above directionless moving averages. Further gains are likely on a break above 109.67, bears will likely take over on a break below 108.90. Look for short-term buying opportunities for the pair.

Read More : Daily & Weekly Analysis on XtreamForex
 
Technical Market update 14th June

EUR/USD


Recently the pair broke the support zone of 1.21500. Initial bias is now on the downside within the week for 1.1985 support first. Break there’ll confirm that the consolidation pattern from 1.2348 has started the third leg. A deeper fall would then be seen back to 1.1703 support. On the upside, above 1.2265 will resume the rise from 1.1703 to retest 1.2348 high. From the technical point of view we can say, the next support zone will be at 1.19700 and thus subsequent resistance zone is at 1.21500. Look for selling opportunities of EUR/USD.

GBP/USD

Recently, GBP/USD trended down into the key level of 1.41. BOE Governor Bailey goes to be speaking later at 2100 (GMT+8), during this point, there could even be volatility in GBP. Currently, the pair is hovering above the key level of 1.41. Its next support zone is at 1.40000 and thus subsequent resistance zone is at 1.43500. Search for short-term selling opportunities of GBP/USD if it breaks below the key level of 1.41.GBP/USD holds lower ground within a monthly trading range. UK government up for a four-week extension to June 21 unlock deadline amid Delta variant fears.

USD/JPY

USD/JPY is on the verge of a restest of the 110.00 level. Bulls have pierced the hourly resistance and broken 15-min structure. USD/JPY is on the way to the 110 area because the US dollar continues to firm following Friday’s bullish performance. Overall, USD/JPY is trending upwards. USD/JPY’s next support zone is at 108.500 and therefore the next resistance zone is at 110.800. search for buying opportunities of USD/JPY. Corrective rise from 107.47 could have completed at 110.32 already. Risk will stay the downside, and an opportunity of 109.17 will target 108.55 support first. Break there should indicate that pattern from 110.95 has started the third leg already and target 107.47 support next.

XAU/USD

Gold price is bearing the brunt of the persisting upbeat tone seen around the US dollar, as investors flock to the haven before the FOMC decision within the week. gold is trading at weekly lows near $1863, down 0.69% on the day. The yellow metal dropped by over 1% vs the US dollar on Friday with XAU/USD falling from a high of $1,903.12 to a low of $1,874.54. there is a confluence of the prior resistance from back in late January near $1,870. On a test of the globe, the upside is getting to be vulnerable to a correction to the prior lows of 1,884/88 during a mean reversion of the bearish impulse.

Read More : Daily & Weekly Analysis on XtreamForex
 
TECHNICAL UPDATE 15th JUNE

EUR/USD


EUR/USD bounced up from the key level of 1.21. USD’s next support zone is at 1.19700 and thus the subsequent resistance zone is at 1.21500. look for selling opportunities of EUR/USD. The EUR/USD pair is marginally higher at the beginning of the week, trading above the 1.2100 thresholds. The EUR/USD pair has limited bullish potential, according to intraday technical readings. The 4-hour chart shows that the pair keeps developing below all of its moving averages. retracement ratio at 1.1986, and therefore the H1 chart showing signs of demand for lower prices before resistance at 1.2132, retesting 1.21 is feasible, from a short-term technical standpoint.

GBP/USD

Recently, GBP/USD did not break below the key level of 1.41. Earlier today, UK Prime Minister Boris Johnson delayed the lockdown lifting by four weeks to 19 July. The UK employment data are going to be released later at 1400 (GMT+8). Average Earnings Index 3m/y (Forecast: 4.9%, Previous: 4.0%) Claimant Count Change (Forecast: 25.0K, Previous: -15.1K) Unemployment Rate (Forecast: 4.7%, Previous: 4.8%) Bank of England Governor Bailey are going to be speaking later in 2015 (GMT+8). During this point, there could also be volatility in GBP. Currently, GBP/USD is hovering above the key level of 1.41. Its next support zone is at 1.40000 and therefore the next resistance zone is at 1.43500. Look for short-term selling opportunities of GBP/USD if it breaks below the key level of 1.41.

USD/CAD

The Canadian Housing Starts data (Forecast: 271K, Previous: 269K) are getting to be released later in 2015 (GMT+8). USD/CAD’s next support zone is at 1.21000 and thus subsequent resistance zone is at 1.22400. USD/CAD fades late Monday’s bounce off 1.2128 amid Tuesday’s sluggish Asian session. The Loonie pair drops to the intraday low of 1.2137, down 0.05%, during the two-day pullback from the monthly high, flashed on Friday. Though, USD/CAD bulls need a sustained break of 1.2150 to once aim for one-month-old horizontal resistance surrounding 1.2180. during a case where the pair rises past-1.2180, the 1.2200 thresholds and thus the mid-May high near 1.2205 may test the upside momentum before accelerating the run-up towards April’s low near 1.2265. search for buying opportunities of USD/CAD.

AUD/USD

Recently, AUD/USD bounced up from the key level of 0.77. The Federal Reserve Bank of Australia (RBA) is going to be releasing the minutes for the previous monetary policy meeting later at 0930 (GMT+8). AUD/USD’s next support zone is at 0.75500 and therefore the next resistance zone is at 0.78000.
Look for buying opportunities of AUD/USD. AUD/USD remains on the rear foot, down 0.08% while refreshing intraday low to 0.7705, after the RBA minutes reiterate policymakers’ cautious mood during early Tuesday. The Australian dollar has been struggling against the US Dollar lately, riding a trendline from the May swing high lower after briefly surging above the previous resistance level.

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Technical Market Analysis 16th June

EUR/USD


Generally, EUR/USD is running across. As of late, EUR/USD bobbed off the opposition zone of 1.21500. EUR/USD’s next support zone is at 1.19700 and the following obstruction zone is at 1.21500. Search for momentary selling chances of EUR/USD up until the U.S. FOMC meeting tomorrow at 0200 (GMT+8). The EUR/USD pair exchanges at everyday lows, a couple of pips over the 1.2100 imprint. The close term picture is bearish. The 4-hour outline shows that the pair withdrew from around a bearish 20 SMA, which heads solidly lower underneath the more extended ones.

GBP/USD

As of late, GBP/USD broke underneath the critical degree of 1.41. The UK business information delivered yesterday demonstrated a general inspirational perspective in the UK occupations market. The number of individuals guaranteeing joblessness benefits declined rather than a normal increment. As of now, GBP/USD is climbing towards a vital degree of 1.41. Its next help zone is at 1.40000 and the following obstruction zone is at 1.43500. Search for transient selling chances of GBP/USD up until the U.S. FOMC meeting tomorrow at 0200 (GMT+8). While the currency pair stumbled over the 200 Simple Moving Average on the four-hour diagram, energy is just barely to the disadvantage. Bears are in the number one spot, however, bulls may in any case give a battle.

USD/CAD

Generally speaking, USD/CAD is moving upwards. As of late, USD/CAD moved up and bobbed down from the vital degree of 1.22. The Canadian Housing Starts information (Actual: 276K, Forecast: 271K, Previous: 267K amended from 269K) delivered yesterday demonstrated an increment in the number of private structures that started development in May.
Bank of Canada Governor Macklem will be talking tomorrow at 0645 (GMT+8). During this time, there might be unpredictability in CAD.

USD/CAD’s next to help zone is at 1.21000 and the following opposition zone is at 1.22400. Search for transient purchasing chances of USD/CAD up until the U.S. FOMC meeting tomorrow at 0200 (GMT+8).

AUD/USD

Generally speaking, AUD/USD is going across. As of late, AUD/USD broke underneath the vital level of 0.77.
The Reserve Bank of Australia Governor Lowe will be talking tomorrow at 0810 (GMT+8). During this time, there might be instability in AUD.
The Australian work information will be delivered tomorrow at 0930 (GMT+8). AUD/USD’s next support zone is at 0.75500 and the following obstruction zone is at 0.78000. Search for transient selling chances of AUD/USD up until the U.S. FOMC meeting tomorrow at 0200 (GMT+8).

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TECHNICAL UPDATE 21TH JUNE

EUR/USD


In general, EUR/USD is moving downwards. As of late, EUR/USD broke beneath the critical resistance of 1.19.
European Central Bank President Lagarde will be talking later in 2030 (GMT+8).
Likewise, she will affirm before the European Parliament Economic and Monetary Affairs Committee at 2215 (GMT+8). During these occasions, there might be unpredictability in EUR.
EUR/USD’s next support zone is at 1.17900 and the following opposition zone is at 1.19700. Search for selling chances of EUR/USD. Specialized pointers keep up their bearish slants inside oversold readings. The close term picture is likewise bearish, as per the 4-hour graph, notwithstanding a few indications of weariness during outrageous oversold conditions. A pullback towards the 1.1920 value zone is conceivable, even though as long as it holds underneath it, the danger stays slanted to the disadvantage.

GBP/USD

A reasonable disadvantage break of the 100-day EMA and a climbing pattern line from December 2020, separately around 1.3900 and 1.3985, coordinates GBP/USD towards late January 2021 tops encompassing 1.3760. As of late, GBP/USD moved down into the support zone of 1.38000.
The UK Retail Sales m/m information (Actual: – 1.4%, Forecast: 1.5%, Previous: 9.2%) delivered last Friday showed a decrease in customer spending in May.
Search for selling chances of GBP/USD on the off chance that it breaks the help zone of 1.38000.

USD/JPY

USD/JPY keeps on moving the vertical way, a pattern set in the second seven-day stretch of June. After making a low at 107.47 in late April, the pair is rising consistently with YTD in the center. Yen limits misfortunes on its place of refuge claim regardless of BOJ no show. Generally, USD/JPY is moving upwards.
During their money-related approach meeting last Friday, the Bank of Japan (BoJ) held financial arrangements unaltered. Also, the national bank has broadened its pandemic-help program by a half year to offer monetary help to firms.
USD/JPY’s next support zone is at 108.500 and the following resistance zone is at 110.800.
Search for transient buying chances of USD/JPY.

AUD/USD

Generally, AUD/USD is moving downwards. As of late, AUD/USD broke the help zone of 0.75500.

The Australian Retail Sales m/m information (Forecast: TBA. Past: 1.1%) will be delivered later at 0930 (GMT+8).

Presently, AUD/USD is trying to break over the vital degree of 0.75. Its next help zone is at 0.73900 and the following opposition zone is at 0. 75500.

Search for selling chances of AUD/USD if it neglects to break over the critical degree of 0.75. the past support line from December around 0.7580, confines momentary AUD/USD potential gain, which thusly keeps the bear coordinated to August 2020 top close to 0.7420-15.

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