Dropping below 1.1000 has proved detrimental for EUR/USD – which extends its downfall and fails at every recovery attempt. Some thought that the breach of the round number late on Friday was only an end-of-month event – but they were proved wrong. The world's most popular currency pair hit 1.0930 – the lowest since May 2017.
GBP/USD is adding to Friday’s losses and is now recording new daily/weekly lows in the vicinity of 1.2080.
Both economic and geopolitical fears have been weighing on the Euro (EUR) and Australian Dollar (AUD) this week, and as a result the Euro to Australian Dollar (EUR/AUD) exchange rate has seen mixed, narrow movement. As German recession fears flared up last week, EUR/AUD tumbled back from near its best levels all year, sliding from the level of 1.6500 to 1.6363.
Oil has been supported this week by strong compliance in the so-called OPEC+ pact on output restraint, a large draw in U.S. crude inventories and increasing tensions between Washington and Tehran. However, WTI is still down 15% from April highs. The ongoing trade conflict raises concerns that the negative economic impact will damage global demand for crude.
Last week, GBP/JPY corrected higher creating a higher high at 130.70 – its highest level in three weeks however, the pair closed on Friday with a Doji pattern reflecting the market’s indecision at this stage.
The driver for the trade was for the interest rate differential between the two currencies to widen with Canada hiking interest rates earlier than New Zealand. While the differential between the two has widen, this is more to do with New Zealand cutting rates before Canada – so the right reason but the wrong way for it to happen!!
The pair is currently at 0.8968 resistance. According to my technical analysis, I think it will move towards the daily targets of 0.8940-0.8910.
Friday’s surge in EUR/USD followed a series of events that made it clear that progress was not being made in the trade war between the US and China. Yesterday, this sentiment shifted as President Trump said that trade talks will resume. The Euro, being a funding currency, has been susceptible to risk and has seen fairly wild swings on the back of the recent...
The pair, which started the day with a decline, is now at the support level. If the chart breaks down the "107.67" level, the next target will be "107.20".
The GBP/USD pair extended its steady intraday decline and is currently placed at the lower end of its daily trading range, around the 1.2235 region.
The USD / CHF, which closed on Friday, started the week with an uptrend and saw strong support at the "1.9714" level. He started the week with strong support. The graph is now pulling back the broken Trend Channel. And the completed Elliot , "A and B" correction wave took place. Now the last wave of the Correction, the wave "C", is moving towards completion.
The pair, which started the week with a drop, is moving towards the level of resistance and Trend channel. According to my Technical Analysis, if the chart rises to the "1.6335" level, the correction wave of the Elliot B may also fall back to "1.6170" (C wave). This is also expected to complete the 4th wave of Elliot Impulse.
GBP/USD broke above an important resistance level found at 1.2190. The pair has given back just over half of the gain from the sudden move higher. However, it remains above the resistance level now turned support. In the session ahead, bulls will want to keep the pair above 1.2190 to maintain the upward momentum from yesterday.
The pair, which started with the rise of the day, will make a correction towards the end of the day. In the chart we see the trend channel, the unfinished Harmonic formation, and the Elliot heading towards the 3rd wave. Although my Technical Analysis is in this direction, the price is expected to rise to 0.7442.
The pair, which fell in the morning hours, is shifting to a horizontal trend. According to my technical analysis, the graph can be reached up to 1.1832, and it can then go up to 1.2043.
The EUR/USD pair reached at 1.1064 earlier today, the lowest intraday level since August 1st and then bounced to the upside hitting fresh daily high at 1.1100.
Supported by recovering market sentiment on Monday, the USD/CHF pair climbed to its highest level since August 5 at 0.9822 earlier today but struggled to preserve its bullish momentum and retraced a portion of its daily gains. As of writing, the pair was still up 0.25% on the day at 0.9805.
The pair, which declined in the middle of the day, saw resistance at 1.7251. According to my technical analysis, the price will go down to 1.7045.