KeytoMarkets

KeytoMarkets

USDCAD rejected at the supply zone 1.2920-1.3000 on Tuesday and has changed the direction sharply. Today’s catalyst is the Canada employment data. www.keytomarkets.com Ahead of today’s job data, the price tested the 100EA and 50.0% fib reaction (1.2527-1.3000 rally). After the recent retracement, we are shifting our near-term view from bearish to...

KeytoMarkets Updated 

The underperformance of the EURUSD has been continuing for the four weeks in a row and tested the support level. Even with a DXY breakout, we are not too bearish EURUSD, our near-term support zone spread between 1.1900 and 1.1850 below this 1.1750 exists. On the other side, resistance seems to be at 1.1980 and 1.2050. Noting that the 161.08 fe (below chart)...

KeytoMarkets

After a false move on Tuesday session, the price changed the direction and produce a decent bullish breakout in European session. While holding Tuesday low we expect a bullish reaction to 86.35>87.00. In an extreme case 89.00 too possible.

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EURNZD reached a high of 1.7158 after Orr said “The Official Cash Rate (OCR) will remain at 1.75 percent for some time to come. The direction of our next move is equally balanced, up or down”. The cross has a parallel resistance seems at 1.7210 above this 1.7260. The nose will be elevated further if settles above 1.7260 for 1.7400 and 1.7500, on the flip side...

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RBNZ and the BOE are the key risk events to the cross. www.keytomarkets.com We expect high volatility than normal, sell ONLY below the swing low. While holding 1.9180 on a closing basis, the short term rebound could trigger to 1.9400. To limit the risk, use sl below 1.9180.

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The daily study RSI has been marking a higher low pattern addition to this, the oscillator just has been turned bullish. Risk to the bullish view is " Mega Thursday". While holding the 147.00-146.80 we could expect a short-term rally to 149.00. Alternatively, fails to hold then 145.00 is an open target. Monthly support spread between 145.00-144.80.

KeytoMarkets Updated 

A bullish break could confirm the next leg up target at 788$.00-800.00$

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The major EURUSD tested the 61.8% fib reaction (1.1550-1.2555 rally). The daily RSI already in oversold territory whereas the oscillator is remaining bearish. Today's EZ CPI and tomorrow's NFP are the catalysts. We expect the trading range is likely to be between 1.1900-1.2060. View: Limited downside

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GBPUSD has down for three weeks in a row. Since Brexit, this pattern repeated for seven times (below chart). Will the cable pause the free fall next week? If now the run will last for 5 or 6 or 7 weeks (based on the given chart).

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Oil price was strengthening again on Monday and closed above the five-day minor range. Brent has been moving higher for four weeks in a row. From January 2016 lows, the run last extended to five-weeks in December, October, August 2017 and again in May and February 2016. Moving to technical resistance, on the weekly chart, the 161.08 fe seems to be at 76.00$ and...

KeytoMarkets

The weekly chart pack summarizes forex market trends and provides some insights about the near-term trading patterns. With regard to Friday’s closing price couple of forex pairs are testing key support levels. We are particularly interested in AUDUSD, EURUSD, GBPUSD, USDJPY, USDCAD, and NZDUSD. In our last week’s chart pack article, our downside targets were...

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GBPUSD testing near-term key support zone, 1.3870 it's 20MA (week) and1.3860 it's 100MA. The 80.0% of the fib reaction @1.3840. The bulls need to climb above 1.4000 to escape further correction The A-B-C corrective pattern is aiming at 1.3750

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NZDUSD has plunged about 5.40 percent year to date, but would still need to fall another few pips to erase all of the 2018 gains. In our weekly chart pack (Mon) we forecasted for 0.7100 whereas the cross-posted a low at 0.7055. The cross has closed below the previous day’s low for 7 days in a row. The run last extended to 7 days on 01 March 2017 and down for...

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USDJPY stays at key resistance at 109.60 it’s 200EA above here would face another resistance at 110.30 it’s 200MA. The daily RSI reading has been consolidating at 70.0 overbought levels and the oscillator is approaching overbought but still bullish. Recent dollar action has been helping the USJDPY to race North for five straight weeks (below chart). Based on...

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The cross fell to the lowest level since July 2017 and tested the weekly pivotal. The price action has been sitting above big support 1.0480 and the three-year ascending trendline. The daily oscillator has been turning into a bullish mode and the RSI study is nearly oversold at 33.00. Intraday support: 1.0490< 1.0430 Over the medium term, 1.0325-1.0370 should...

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Since our last week’s bullish forecast, the oil price was up by 3.7% hits four-year high. The oil price started the Q2 on a bullish note and extending the gains led by the news from U.S sanctions against oil exporting nations. We continue to see the price may surge to 77.50$ its 161.8% FE (61.60-71.35-61.58$). Noting that, the daily RSI (below chart) has been...

KeytoMarkets

With regard to Friday’s closing price couple of forex pairs are sitting tad above key support level. We are particularly interested in AUDUSD, NZDUSD, and EURUSD, all are pointing to the South. www.keytomarkets.com

KeytoMarkets Updated 

The cross was rejected again at 200MA and has broken below the parallel support 0.7744. The daily and weekly studies RSI and oscillator are remaining bearish. After breaking the parallel support, we forecast two targets pointing to 0.7670 and 0.7640 its 100MA (weekly).