Daily Technical Outlook ForexTime ( FXTM )

Technical Outlook

GBP/USD

The British pound traded lower overnight and prices did a re-test of 1.2185/70 support zone before to jump following the European open.

Cable managed to trim its daily losses, reinforcing the probability of a potential bullish reversal in the short-term, the pair showed a strong engulfing candle in the 4-hour chart, in the meantime prices are testing a big resistance located around 1.2250 level.

Meanwhile, technical indicators turned positive, which can lead to another extension to the upside towards 1.2270 barrier (61.8% retracement from 1.2330 peak), before the current rally stall.

Traders should focus on 1.2220 low in the first degree, followed by 1.2185 low in the next degree. Therefore, as long as the pair continue to trade above this demand zone, the trend will remain bullish in the near-term.

Moreover, a break above 1.2270 level should expose last week high at 1.2330.





Source : http://www.forextime.com/market-analysis

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Technical Outlook

USD/JPY

The pair continue to trade sideways in the near-term between 104.20 in the upside and 103.50 in the downside.

Therefore, traders should wait for a clear break outside of this range bound to have more clues about the coming price action.

Looking at the hourly chart, the pair showed a 3-wave corrective structure from 104.60 peak during last week and managed to bounce from 103.15 support followed by another rebound from the 61.8% retracement of the short-term cycle that comes from 103.15 low to 104.20 high.

This technical picture is showing that the bulls are still in the control of this pair and a daily close above 104.20 high can clear the path for another rally in the direction of last week high. In the opposite, a breakdown below 103.50 support should expose 103.15 area.





Source : http://www.forextime.com/market-analysis

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Technical Outlook

USD/CAD

The pair end last week on a very positive note as prices succeeded to overtake the weekly resistance of 1.3300, boosted by weak inflation data from Canada.

As of now, bulls may continue to push prices in the direction of 1.3400 barrier in the coming days, and if the pair retrace lower, then we expect strong buyers to appear around 1.3290/70 zone for another big rally.

The technical indicators remain strongly bullish, which reinforces the odds for a continuation higher. In the flipside, only a daily close below 1.3220 support will cancel this positive outlook.





Source : http://www.forextime.com/market-analysis

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Technical Outlook

AUD/USD

The Aussie failed to break above 0.7730 daily resistance and has showed a strong bearish engulfing candle during last Thursday, which may call for a larger correction to the downside soon.

In addition, we have seen a big decline in commodity currencies across the board, which give more support to this correlation analysis.

Technically, the recent price action took the form of a reversal head and shoulders pattern, therefore, another re-test of 0.7580/70 support zone is likely as far as 0.7650 resistance is intact.

In the opposite, a daily close above this peak will weaken the bearish momentum.






Source : http://www.forextime.com/market-analysis

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Technical Outlook

NZD/USD

After the big bounce seen in the kiwi since the beginning of last week, the pair has reached a key technical resistance located at 0.7260, which represent the 50% retracement of the entire cycle that comes from 0.7482 peak to 0.7031 low before to begin a deeper correction to the downside.

In the hourly chart, the move back towards 0.7180/70 support zone did not provided strong support for the pair, which increase the possibility of a deeper correction in the direction of 0.7120 daily support.

In the other side, an hourly close above 0.7267 peak is needed to confirm another rally in the direction of 0.7306 resistance. To conclude, the pair remain bullish in the daily chat, however, the hourly chart turned negative, consequently we prefer to stay away from this pair for the time being until we get a clear technical picture soon.





Source : http://www.forextime.com/market-analysis

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Daily Technical Outlook -October 27-

EUR/USD

The Euro bounced during yesterday after reaching a major support located at 1.0850 in the weekly chart. However, the current recovery can be short-lived as long as prices continue to trade below 1.1040peak, which represents the post-ECB high.

Looking at near-term price action, the single currency is likely to extend its correction to around 1.0965/1.0986 resistance zone, before a new impulsive to the downside begin.

In the meantime, another scenario should be in mind, if prices manage to hold below yesterday peak, which stands at 1.0945, then another dip below 1.0890-70 support zone can be expected.

Overall, the pair remain under pressure from a med-term standpoint, and only a daily close above 1.1040 level will cancel this negative outlook.




Source : http://www.forextime.com/market-analysis

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Daily Technical Outlook -October 27-

GBP/USD

Cable succeed to jump during the European trading session today, boosted by strong GDP figures in the U.K and we have seen the pair reaching a high of 1.2270 before to retreat sharply in the U.S session.

In the coming hours, a downside continuation is likely as the Sterling remain weak below 1.2330 peak. Consequently, any rally is likely to be temporary and the we should see another attempt to break below 1.2155 daily support soon.

In the short-term, the next levels of interest stand between 1.2195/1.2200 zone and we should see strong sellers around these levels if the pair manage to bounce overnight. While in the downside, a breakdown below 1.2155 support may clear the path for as low as 1.2080.




Source : http://www.forextime.com/market-analysis

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Daily Technical Outlook -October 27-

AUD/USD

The Australian Dollar recent rally stalled around 0.7700 psychological barrier yesterday as prices showed a strong negative rejection candle in the daily chart, which reinforced the odds of a potential bearish reversal today.

For the time being, the pair is testing a major support level located at 0.7585 level and a clear breakdown below it will confirm that the hourly chart has turned bearish again. Meanwhile, further weakness is expected in the following hours, which can send the pair towards 0.7500 handle.

From a wider angle, the Aussie still bullish as the technical picture is showing an intact higher low structure that began from 0.7143 low. However, when looking at the RSI indicator, a hidden bearish divergence can be a heavy signal about a strong retracement to the downside yet to come.

In the opposite, a 4-hour close above 0.7635 resistance will invalidate the current expectations.




Source : http://www.forextime.com/market-analysis

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Daily Technical Outlook -October 27-

USD/CAD

The pair broke above its daily range that kept prices sideways for more than two-month. Prices overtook 1.3300 barrier which represented the upper side of the recent rangebound, sending a clear message to traders that the pair is likely to extend its positive momentum towards the 1.3450 resistance zone.

With that in mind, buying the dips was the preferred strategy for most of market participants despite yesterday’s drop following crude Oil inventories. The pair fell to reach a low at 1.3315 which coincide with the 61.8% retracement of the entire cycle that comes from 1.3380 peak to 1.3276 low before to begin another wave to the upside, reinforcing the bullish outlook in USD/CAD.

As we can see, the higher low/ higher high structure remains clear and as far as 1.3276 support is in place, new highs for the month of October are expected and traders should focus on 1.3450 resistance as an ideal target to end a bullish cycle in the 4-hour chart.




Source : http://www.forextime.com/market-analysis

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Daily Technical Outlook -October 27-

USD/JPY

The pair turned positive in the daily chart for the first time in more than 6-month as prices succeed to break above 104.50 resistance zone. A weekly close above this resistance should increase the probability for a re-test of 107.50 barrier.

As of now we will watch 105.60-106.30 resistance zone carefully, as it represents the profit taking area for bulls which may lead to a deeper correction in the coming days. However, the trend is likely to remain bullish above 104.00 psychological support.

In the flipside, a daily close below 104.00 support, is likely to extend the decline towards 103.50 followed by 103.15 support in extension.

To conclude, the pair managed to break the bearish trendline that comes from 111.60 high in the weekly chart, in addition the recent price action took the form of a consolidation triangle that confirmed the bullish reversal as prices broke higher from this pattern.





Source : http://www.forextime.com/market-analysis

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Daily Technical Outlook -October 27-

NZD/USD

The Kiwi sold-off from 0.7260 level as expected, which represent the 50% retracement of the entire cycle that comes from 0.7482 peak to 0.7031 low. Therefore, a pause in the bullish momentum is likely, and the pair may enter into a short-term corrective phase.

In the hourly chart, the pair broke below 0.7130 support level and for the time being, another acceleration in the direction of 0.7025 weekly support is highly anticipated. In the other side, an hourly close above 0.7184 peak is needed to confirm a new rally in the direction of 0.7306 resistance.

Regarding the short-term price action, a breakdown below 0.7107 support should be the trigger for further decline in the direction of 0.7075 followed by 0.7025 weekly support as mentioned above.




Source : http://www.forextime.com/market-analysis

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FX Market weekly outlook 31-10 to 4-11-2016

EUR/USD

The Euro ended last week in the positive territory after we saw strong support around the 1.0850 area. Looking at the technical picture for this pair, we can see that the daily trend remains below 1.1280 peak, therefore the current recovery is likely to be short-lived.

Regarding the short-term price action, the single currency showed a double zigzag corrective pattern with another extension higher in the focus that can reach as high as 1.1030/40 before the decline resume. In the meantime, a clear bullish engulfing candle emerged in the weekly chart, which reinforces the probability of a larger correction to the upside in the coming days. As of the week ahead, traders should focus on the mentioned above resistance zone, from where strong sellers may appear. In extension, a daily close above this zone, should clear the path for a re-test of the 50-61.8% retracement from 1.1280 high, located between 1.1065-1.1116. In the opposite, a daily close below 1.0900-1.0880 zone is needed to confirm that the bearish momentum renewed.




Source : http://www.forextime.com/market-analysis

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FX Market weekly outlook 31-10 to 4-11-2016

GBP/USD

Cable continue to trade sideways in the hourly chart between 1.2330 in the upside and 1.2085 support in the downside, which keeps the short-term view unclear for the time being.

Meanwhile, we will focus on 1.2113 support level in the coming days as it represents Friday low and a breakdown below it may trigger another decline towards the major support of 1.2085, while a daily close below this figure will confirm a big plunge in the British pound for the days ahead.

In the other side, a move back above 1.2200 handle will expose 1.2250/70 resistance zone while a daily close above it should confirm a temporary bottom in this pair, and at that time another rally in the direction of 1.2330 peak cannot be ruled out.

Overall, the short-term trend is neutral in this pair, consequently, we should wait for the break of one of those key technical levels to get more clues about the future possible price action.


4-HOUR CHART:





1HOUR CHART :




Source : http://www.forextime.com/market-analysis

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FX Market weekly outlook 31-10 to 4-11-2016

AUD/USD

The Australian Dollar recent rally stalled around 0.7700 psychological barrier on Wednesday, despite strong inflation data in Australia, which reinforced the odds of a potential bearish reversal recently.

However, as far as 0.7500 support is in place, the pair may continue to trade sideways in the coming days until a breakdown below this major support happens. In the near-term, momentum indicators remain in the negative territory.

Technically, a correction to the upside may find strong sellers around 0.7605-0.7616 zone as bears are likely to protect 0.7652 hourly barrier, in the opposite, only a breakout above this level should unwind the recent downside pressure.

To summarize, the trend remains neutral in the daily chart while the hourly chart still bearish.





Source : http://www.forextime.com/market-analysis

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FX Market weekly outlook 31-10 to 4-11-2016

USD/CAD

The pair traded in line with our expectations during the previous week and prices managed to extend its gains above 1.3400 handle. As of now, we may see some correction to the downside in early Asian trading, that can offer new buying opportunities for bulls.

The bullish cycle in the daily chart is not over yet, and we can see another acceleration towards 1.3450 zone as far as the pair continue to trade above 1.3310 low. In the short-term, 1.3370/50 levels turned support, and we will wait to see the market reaction once we reach this zone in the coming hours.

From a wider angle, the pair still bullish as the price action from 1.2760 support is showing that the preference remain in favor of buying the dips. USD/CAD is showing a clean higher-low structure from 1.3000 support (Post-Boc low) and over the med-term the outlook will remain positive above this psychological support.





Source : http://www.forextime.com/market-analysis

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FX Market weekly outlook 31-10 to 4-11-2016

USD/JPY

The pair turned positive in the daily chart for the first time in more than 6-month as prices succeed to break above 104.50 resistance zone. The probability for a re-test of 107.50 barrier remain high, however key technical resistance zone was reached during last week, which stands between 105.55 and 106.00, consequently a deeper correction to the downside is highly anticipated in the beginning of this week before the bullish trend resume.

As of now, we will watch 104.13-103.80 support zone carefully, as it represents the nearest support area for bulls. In the flipside, a daily close below the mentioned above support zone, is likely to extend the decline towards 103.50 followed by 103.15 support in extension.

To conclude, the pair managed to break the bearish trendline that comes from 111.60 high in the weekly chart, in addition the recent price action took the form of a consolidation triangle that confirmed the bullish reversal as prices broke higher from this pattern. Therefore, unless we see a weekly close below 102.80 support, the upside momentum will remain strong.





Source : http://www.forextime.com/market-analysis

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FX Market weekly outlook 31-10 to 4-11-2016

NZD/USD

The Kiwi showed a double bottom pattern in the hourly chart near 0.7108 support, which may lead to another wave to the upside in the beginning of this week.

In the hourly chart, the pair continue to respect the lower-high structure seen from 0.7486 peak, consequently the upside momentum is likely to remain limited in the coming hours. From a short-term perspective, 0.7185 is the next level of interest and a clear breakout above it is need to confirm a re-test of 0.7260 barrier again.

Finally, the trend remains bearish despite the potential double bottom pattern seen during last Friday. In this case, bears should look for a continuation lower as long as prices continue to trade below 0.7260 peak. In the meantime, a daily close below 0.7108 support will cancel the bullish reversal scenario and should support the negative outlook.





Source : http://www.forextime.com/market-analysis

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