Suggestion XtreamForex Technical Analysis

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Technical Overview of NZD/USD, USD/JPY and USD/CHF Currency Pairs

NZD USD

The NZD traded lower against the USD and closed at 0.6762.

Consumer Price Index released by the Statistics New Zealand is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services . The purchase power of NZD is dragged down by inflation. The CPI is a key indicator to measure inflation and changes in purchasing trends. A high reading is seen as positive (or bullish) for the NZD, while a low reading is seen as negative.

According to the Analysis, The pair is expected to find support at 0.67471, and a fall through could take it to the next support level of 0.67326. The pair is expected to find its first resistance at 0.67794, and a rise through could take it to the next resistance level of 0.67972.

Previous Day range was 32.3 and Current Day Range is 27.5.

USD JPY

The USD traded lower against the JPY and closed at 112.033.

Eric Rosengren has been President and CEO of the Federal Reserve Bank of Boston since July 2007. Previously he headed the Bank’s supervision, regulation, and credit group, and was active in domestic and international regulatory policy.

Tertiary Industry Index released by the Ministry of Economy, Trade and Industry indicates the domestic service sector in Japan such as information and communication, electricity, gas heat and water, services, transport, wholesale and retail trade, finance and insurance ,and welfare. As the Japanese economy relies upon its exports, this event is expected to generate low volatility for the JPY. Generally, a high reading is positive (or bullish) for the JPY, while a low reading is negative (or bearish).

The pair is expected to find support at 111.918, and a fall through could take it to the next support level of 111.803. The pair is expected to find its first resistance at 112.120, and a rise through could take it to the next resistance level of 112.207.

USD JPY previous Day range was 2020 and Current Day Range is 1520.

USD CHF

The USD traded lower against CHF and closed at 1.0039.

According to the analysis, pair is expected to find support at 1.00169, and a fall through could take it to the next support level of 0.99944. The pair is expected to find its first resistance at 1.00539, and a rise through could take it to the next resistance level of 1.00684.

USD CHF previous day range was 37 and current day range is 14.3.
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Technical Overview of USD/CAD, GBP/USD and USD/JPY Currency Pairs

USD CAD

The USD traded lower against the CAD and closed at 1.335.

Consumer Price Index Core is released by the Bank of Canada. “Core” CPI excludes fruits, vegetables, gasoline, fuel oil, natural gas, mortgage interest, intercity transportation, and tobacco products. These volatile core 8 are considered as the key indicator for inflation in Canada. Generally speaking, a high reading anticipates a hawkish attitude by the BoC, and that is said to be positive (or bullish) for the CAD.

According to the Analysis, The pair is expected to find support at 1.33294, and a fall through could take it to the next support level of 1.33094. The pair is expected to find its first resistance at 1.33861, and a rise through could take it to the next resistance level of 1.34228.

Previous Day range was 56.7 and Current Day Range is 44.2.

GBP USD

The GBP traded higher against the USD and closed at 1.3043.

Mark Carney is Governor of the Bank of England and Chairman of the Monetary Policy Committee, Financial Policy Committee and the Board of the Prudential Regulation Authority. His appointment as Governor was approved by Her Majesty the Queen on 26 November 2012. The Governor joined the Bank on 1 July 2013.

The Consumer Price Index released by the National Statistics is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. The purchase power of GBP is dragged down by inflation. The CPI is a key indicator to measure inflation and changes in purchasing trends. Generally, a high reading is seen as positive (or bullish) for the GBP, while a low reading is seen as negative (or Bearish).

The pair is expected to find support at 1.30231, and a fall through could take it to the next support level of 1.30031. The pair is expected to find its first resistance at 1.30812, and a rise through could take it to the next resistance level of 1.31193.

GBP USD previous Day range was 58.1 and Current Day Range is 34.7.

USD JPY

The USD traded lower against JPY and closed at 112.012.

James Bullard is the President of the Federal Reserve Bank of St. Louis. Dr. Bullard took office on April 1, 2008, as the twelfth chief executive of the Eighth District Federal Reserve Bank, at St. Louis. He is currently serving a full term that began March 1, 2011. In 2013, he serves as a voting member of the Federal Open Market Committee.

According to the analysis, pair is expected to find support at 111.892, and a fall through could take it to the next support level of 111.772. The pair is expected to find its first resistance at 112.087, and a rise through could take it to the next resistance level of 112.162.

USD JPY previous day range was 1950 and current day range is 2410.
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Technical Overview of CHF/JPY, USD/CHF and EUR/USD Currency Pairs

CHF JPY

The CHF traded lower against the JPY and closed at 109.923.

CHFJPY has formed a MB/IB on D1. It is in confluence with Yearly and Quarter Pivot.
Keep in mind that both the currencies may share equal strength in short term due to weakness in USD( Yet to come).

According to the Analysis, The pair is expected to find support at 109.592, and a fall through could take it to the next support level of 109.261. The pair is expected to find its first resistance at 110.127, and a rise through could take it to the next resistance level of 110.331.

Previous Day range was 5350 and Current Day Range is 3170.

USD CHF

The USD traded higher against the CHF and closed at 1.0200.

The pair has already stretched above 2618 %. Now it has formed MB/IB and is in confluence with the Quarter/Year Pivot Levels. A breakout towards up or down may eventually change the trend.

The pair is expected to find support at 1.01727, and a fall through could take it to the next support level of 1.01453. The pair is expected to find its first resistance at 1.02234, and a rise through could take it to the next resistance level of 1.02467.

USD CHF previous Day range was 50.7 and Current Day Range is 16.5.

EUR USD

The EUR traded higher against USD and closed at 1.1154.

The Pair formed a No Demand No Supply. VPOC level, 61% retracement & Quarter Pivot is in confluence at the market zone. A retracement may lead to further selling or alternatively it may make a new Impulse leg.

According to the analysis, pair is expected to find support at 1.11210, and a fall through could take it to the next support level of 1.10882. The pair is expected to find its first resistance at 1.12063, and a rise through could take it to the next resistance level of 1.12588.

EUR USD previous day range was 85.3 and current day range is 15.5.
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Technical Overview of USD/CAD, USD/CHF, EUR/GBP and USD/JPY Currency Pairs

USD CAD

The USD traded lower against the CAD and closed at 1.3485.
The pair stalls at the Quarter Pivot and Monthly Pivot. It also made a Bullish Climax at the Resistance Level. Keep in mind that Pair had also completed Bullish AB=CD Pattern.

According to the Analysis, The pair is expected to find support at 1.34719, and a fall through could take it to the next support level of 1.34591. The pair is expected to find its first resistance at 1.35070, and a rise through could take it to the next resistance level of 1.35293.

Previous Day range was 35.1 and Current Day Range is 18.2.

USD CHF

The USD traded lower against the CHF and closed at 1.0202.
The pair stalls at the Quarter Pivot and Monthly Pivot. It’s in a Mother bar In side bar Formation

The daily Moving Average presents a Bullish Momentum( after the resistances are broken)
Or else there shall be a successful close below the daily Moving Average to go further down.

The pair is expected to find support at 1.01873, and a fall through could take it to the next support level of 1.01728. The pair is expected to find its first resistance at 1.02219, and a rise through could take it to the next resistance level of 1.02420.

USD CHF previous Day range was 34.6 and Current Day Range is 9.9.

EUR GBP

The EUR traded higher against GBP and closed at 0.8628.
The pair stalls at the Quarter Pivot and Monthly Pivot. It also made a Double Top,

Iy closed below the D1 Moving Average. As we know the weakness in EURO is present so, this pair can follow the Classic Double Top Pattern.
According to the analysis, pair is expected to find support at 0.86182, and a fall through could take it to the next support level of 0.86080. The pair is expected to find its first resistance at 0.86462, and a rise through could take it to the next resistance level of 0.86640.

EUR GBP previous day range was 28 and current day range is 8.9.

USD JPY

The USD traded higher against JPY and closed at 111.603.

The pair stalls at the Quarter Pivot and Monthly Pivot. It’s in a range now. But pair started to move. Best option is to wait for pivot breakouts...
According to the analysis, pair is expected to find support at 111.235, and a fall through could take it to the next support level of 110.866. The pair is expected to find its first resistance at 112.105, and a rise through could take it to the next resistance level of 112.606.

USD JPY previous day range was 8700 and current day range is 3360.
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[XtreamForex]

Technical Overview of USD/JPY, GBP/USD and GBP/CHF Currency Pairs

USD JPY

The USD traded lower against the JPY and closed at 111.641.

USDJPY formed series of HH and HL then now over night it made LL
A series of H & LL is start of a new downtrend
The Support from D1 trend line has also broken and has been tested also

Scenario 1: In order to Go Bullish it needs to Break the Yearly Resistance 112.075
Scenario 2: In order to be bearish it needs to push through the Quarterly 111.49

According to the Analysis, The pair is expected to find support at 111.488, and a fall through could take it to the next support level of 111.334. The pair is expected to find its first resistance at 111.846, and a rise through could take it to the next resistance level of 112.050.

Previous Day range was 3580 and Current Day Range is 1340.

GBP USD

The GBP traded higher against the USD and closed at 1.2932.
GBPUSD RESPECTING the resistance from D1 resistance trend line.

Now the pair stalls on the Quarterly Pivots Level
As it can be seen that the pair made a series of LH and LL so a down trend is expected.
Alternatively a bullish trend may start after the Daily Trend Line Resistance is broken...

The pair is expected to find support at 1.29087, and a fall through could take it to the next support level of 1.28858. The pair is expected to find its first resistance at 1.29506, and a rise through could take it to the next resistance level of 1.29696.

GBP USD previous Day range was 41.9 and Current Day Range is 23.4.

GBP CHF

The GBP traded higher against CHF and closed at 1.3186.
GBPCHF broke the daily support trend line.

The pair stalls @ Quarterly and yearly Pivot As marked. If the pair breaks the 127 extension then it may bre bullish or else in the alternate scenario if the price breaks the low of Daily support then a DOUBLE TOP may have to form.

According to the analysis, pair is expected to find support at 1.31600, and a fall through could take it to the next support level of 1.31346. The pair is expected to find its first resistance at 1.32064, and a rise through could take it to the next resistance level of 1.32274.

GBP CHF previous day range was 46.4 and current day range is 23.2.
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Technical Overview of EUR/CHF, NZD/USD and GBP/CHF Currency Pairs

EUR CHF

The EUR traded higher against the CHF and closed at 1.1392.

1- Mother bar @ Middle Quarter Resistance 2
2-The top is the 786 Level retracement
3- The D1 Trend line has also broken. Indicating a Bearish Movement

Scenario 1: If there is a bearish breakout of Mother bar followed by a test with low volume then we may see an AB= CD pattern, With D point in confluence with the Middle Quarter Resistance 1.

Scenario 2: If there is a bullish breakout above the yearly Pivot with a low volume retest then we may see a new Impulse leg which then extend or make a Double Top.

According to the Analysis, The pair is expected to find support at 1.13750, and a fall through could take it to the next support level of 1.13577. The pair is expected to find its first resistance at 1.14244, and a rise through could take it to the next resistance level of 1.14565.

Previous Day range was 49.4 and Current Day Range is 23.9.

NZD USD

The NZD traded higher against the USD and closed at 0.662.

1- H4 Mother bar @MSup1Q1
2-The 61% Level retracement

Scenario 1: If there is a bearish breakout of Mother bar followed by a test with low volume then we may see an AB= CD pattern, With D point in confluence with the Msup1Y1 & Msup1Q1

Scenario 2: If there is a bullish breakout above the yearly Pivot with a low volume retest then we may see a new Impulse leg which then extend or make a Double Top.

The pair is expected to find support at 0.65978, and a fall through could take it to the next support level of 0.65754. The pair is expected to find its first resistance at 0.66608, and a rise through could take it to the next resistance level of 0.67014.

NZD USD previous Day range was 63 and Current Day Range is 27.5.

GBP CHF

The GBP traded higher against CHF and closed at 1.3278.

1- An Effort candle followed by climax candle.
2- Formed candles @ the previous month resistance
3- Followed by no demand no supply
4- Followed by vpoc with low volume

Scenario1: If the pair retraces to the no demand no supply area with low volume then we may see a downward movement.
Scenario 2: If we see a bullish breakout then we will need further conformations to go long.

According to the analysis, pair is expected to find support at 1.32556, and a fall through could take it to the next support level of 1.32332. The pair is expected to find its first resistance at 1.33018, and a rise through could take it to the next resistance level of 1.33256.

GBP CHF previous day range was 46.2 and current day range is 50.1.
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Technical Overview of GBP/JPY and AUD/NZD Currency Pairs

GBP JPY

The GBP traded higher against the JPY and closed at 146.344.
GBPJPY @ a very strong resistance

Reasons

1- The Long Blue candle Represents Climax candle (indicating that smart money may be interested in selling).

2- Abcd formed @ 127Extension.

3- 127 level in confluence with trendline of Pivot Candles.

4- Price approaching the Middle Resistance 1 of 1st Quarter.

5- RSI H4 & D1 Already in Over Bought level.

6- High of Previous Daily & Weekly Candle also Broken.

So Scenarios

If we see A Low Volume Test (two bullish candles followed by a bearish one with low volume then we can expect selling).

If we break above the 161 Level with 2 bearish candles followed by 1 bullish low volume candle may resume uptrend.

According to the Analysis, The pair is expected to find support at 145.254, and a fall through could take it to the next support level of 144.164. The pair is expected to find its first resistance at 146.951, and a rise through could take it to the next resistance level of 147.558.

GBP JPY Previous Day range was 16970 and Current Day Range is 9510.

AUD NZD

The AUD traded higher against the NZD and closed at 1.0572.

The Pair Formed
1- Mother bar in side bar @ the Quarterly Resistance, Previous Month Resistance and Monthly Pivot Levels. It’s in a range for now.
2- 55 and 21 Period Moving average has a downward slope.
3- Pair has made a series of LH and LL and the Trendline from the PIVOT CANDLES has been formed.

Scenarios

1- A break below the Low of Mother bar may continue the trend.
Or
2- A break above the Mother bar High may have a change in bias towards the up side.

The pair is expected to find support at 1.05557, and a fall through could take it to the next support level of 1.05396. The pair is expected to find its first resistance at 1.05833, and a rise through could take it to the next resistance level of 1.05948.


AUD NZD previous Day range was 27.6 and Current Day Range is 32.4.
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Technical Overview of AUD/CHF and EUR/AUD Currency Pair

AUD CHF

The AUD traded lower against the CHF and closed at 0.7128.
It’s an interesting pair; let’s see what it has for us today. The same Directions apply to almost all of the AUD pairs.

1-It formed A daily Motherboard Inside bar
2- It’s in confluence with Yearly Pivots
3- It’s in confluence with Quarter Pivots
4- It’s in confluence with Month Pivots
5- The Pair has been making a series of LL and LH.
6- The Pivotal Trend line has broken to the upside.
7- The Trendline has been Tested

Scenario 1-If we get a break above the 0.7160 -0.7175 Zone of Year/Quarter & Month Pivot then we may Expect to move UP
Scenario 2- If we break the lows of Mother bar Inside bar then we may go Down

According to the Analysis, The pair is expected to find support at 0.71082, and a fall through could take it to the next support level of 0.70884. The pair is expected to find its first resistance at 0.71540, and a rise through could take it to the next resistance level of 0.71800.

AUD CHF Previous Day range was 45.8 and Current Day Range is 26.7.

EUR AUD

The EUR traded higher against the AUD and closed at 1.6011.
Pair has formed

1 - It formed a daily Mother bar Inside bar.
2 - It’s in confluence with Yearly Pivots.
3 - It’s in confluence with Quarter Pivots.
4 - Range of Quarter and Year Pivots.

5 - The Pair has been making a series of HH and HL.
6 - Break Above or below the 127 Extension may lead pair to the short term trend.

According to the Analysis, The pair is expected to find support at 1.59644, and a fall through could take it to the next support level of 1.59184. The pair is expected to find its first resistance at 1.60376, and a rise through could take it to the next resistance level of 1.60648.

EUR AUD Previous Day range was 73.2 and Current Day Range is 62.
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Technical Overview of EUR/NZD, GBP/CHF and NZD/CAD Currency Pair

EUR NZD

The EUR traded higher against the NZD and closed at 1.7028.

The pair formed a Motherbar Insidebar

The pair is stalling @ yearly Pivots

The yearly Pivots is same as Previous Quarter Pivot

The pair is stalling @ Resistance Quarter

The Pair is forming Series of HH and HL

Scenario

1- A break above the Yearly pivot Followed by a Low-Volume Test may from a bullish Trend
2- A break below MResQ1 may lead the pair downward

According to the Analysis, The pair is expected to find support at 1.69899, and a fall through could take it to the next support level of 1.69516. The pair is expected to find its first resistance at 1.70580, and a rise through could take it to the next resistance level of 1.70878.

EUR NZD Previous Day range was 68.1 and Current Day Range is 79.8.

GBP CHF

The GBP traded higher against the CHF and closed at 1.315.
The pair formed a Motherbar Insidebar.

The pair is stalling @ Res1 yearly Pivots.

The pair is stalling @ Resistance1 Quarter.

The Pair is forming Series of HH and HL.

Scenario

1- A break above the Yearly Res1 Followed by a Low-Volume Test may from a BEARISH Trend.
2- A break above MResQ1 may lead the pair UP.

According to the Analysis, The pair is expected to find support at 1.31221, and a fall through could take it to the next support level of 1.30944. The pair is expected to find its first resistance at 1.31987, and a rise through could take it to the next resistance level of 1.32476.
GBP CHF Previous Day range was 76.6 and Current Day Range is 45.8.

NZD CAD

The NZD traded lower against the CAD and closed at 0.8853.

The pair formed a Motherbar Insidebar.

The pair is stalling @ Res1 yearly Pivots.

The pair is stalling @ support 1 Quarter.

The Pair is forming Series of LH and LL.

Scenario

1- A break above the Yearly Res1 Followed by a Low-Volume Test may from a BEARISH Trend.
2- A break above high of Motherbar then may lead the pair UP.

According to the Analysis, The pair is expected to find support at 0.88325, and a fall through could take it to the next support level of 0.88121. The pair is expected to find its first resistance at 0.88831, and a rise through could take it to the next resistance level of 0.89133.
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Technical Overview of EUR/JPY and EUR/NZD Currency Pair

EUR JPY

The EUR traded lower against the JPY and closed at 122.724.

1 - Formed a Motherbar Inside bar @ D1.
2 – Broke the Quarterly Pivot to the down side.
3 - Making a series of LH and LL.
4 - Main Trend Down.

Break above 127 Extension may form a Bullish Momentum.
Break below 127 Extension may form a Bearish Momentum.

According to the Analysis, The pair is expected to find support at 122.518, and a fall through could take it to the next support level of 122.311. The pair is expected to find its first resistance at 122.944, and a rise through could take it to the next resistance level of 123.163.

EUR JPY Previous Day range was 4260 and Current Day Range is 5250.

EUR NZD

The EUR traded higher against the NZD and closed at 1.7093.

1 - Formed a Motherbar Inside bar @ D1.
2 - Stalls at the Yearly Pivot.
3 - Making a series of HH and HL.

Break above 127 Extension may form a Bullish Momentum
Break below 127 Extension may form a Bearish Momentum

According to the Analysis, The pair is expected to find support at 1.70420, and a fall through could take it to the next support level of 1.69906. The pair is expected to find its first resistance at 1.71337, and a rise through could take it to the next resistance level of 1.71740.

EUR NZD Previous Day range was 91.7 and Current Day Range is 33.6.

Fundamental Events over Night
1 - The dollar held near a two-week high against its peers on Friday, supported by strong U.S. economic data and a bounce in Treasury yields.
2 - Pound falls below $1.28 as pressure builds on May to go.
3 - The Australian Dollar depreciated against the US Dollar, following the Australian Employment data set release on Thursday.

 

[XtreamForex]

Technical Overview of GBP/JPY and GBP/USD Currency Pair

GBP JPY

The GBP traded higher against the JPY and closed at 139.972.

The Pair formed
1 - Formed a Motherbar Inside bar @ D1.
2 - Stalls at the Yearly Support.
3 - Making a series of LH and LL.

Break above 127 Extension may form a Bullish Momentum.
Break below 127 Extension may form a Bearish Momentum.

Currency Strength Meter shows that JPY is the weakest for now.

According to the Analysis, The pair is expected to find support at 139.595, and a fall through could take it to the next support level of 139.215. The pair is expected to find its first resistance at 140.420, and a rise through could take it to the next resistance level of 140.869.

GBP JPY Previous Day range was 8250 and Current Day Range is 4340.

GBP USD

The GBP traded lower against the USD and closed at 1.2721.

The Pair formed
1 - Formed a Motherbar Inside bar @ D1
2 - Stalls at the Yearly Support and The Quarter Support
3 - Making a series of LH and LL

Break above 127 Extension may form a Bullish Momentum.
Break below 127 Extension may form a Bearish Momentum.

Currency Strength Meter shows that GBP is the Strongest for now

According to the Analysis, The pair is expected to find support at 1.27044, and a fall through could take it to the next support level of 1.26881. The pair is expected to find its first resistance at 1.27470, and a rise through could take it to the next resistance level of 1.27733.

GBP USD Previous Day range was 42.6 and Current Day Range is 15.6.

Fundamental Overview
POUND: Faces the biggest Weekly drop of the year 2019.
AUD/USD drops 20 pips after RBA minutes talk of rate.
AUD/JPY weakens to revisit 76.00 as RBA minutes seem dovish.

 

[XtreamForex]

Technical Overview of USD/JPY, EUR/AUD and EUR/JPY Currency Pair

USD JPY

The USD traded higher against the JPY and closed at 110.345.

1- In past it formed a Motherbar Insidebar after a decline of 296 pips, It was in a phase of Accumulation.
2 - Now its above the 60/80 Ema.
3 - Here again it formed a Motherbar Insidebar.
4 - Making a series of HH and HL.
5 - 5 Day ADR High is 110.84 and Low is 109.76 , Roughly 110 pip.
6 - Its above the Quarter and Year Pivot and is stalling @
a- 5 Day ADR High
b- Middle Support –1 Month
C- High of the motherbar/insidebar

Break above the 127 Extension of the motherbar high may trigger buying opportunities
Alternatively
Break of the Lower ADR value may resume the previous trend.

According to the Analysis, The pair is expected to find support at 110.182, and a fall through could take it to the next support level of 110.018. The pair is expected to find its first resistance at 110.566, and a rise through could take it to the next resistance level of 110.786.

USD JPY Previous Day range was 3840 and Current Day Range is 2370.

EUR AUD

The EUR traded higher against the AUD and closed at 1.6201.

I have been watching this pair since 4 days as it has many aspects laying inside it

1 - Making a series of HH and HL
2 - Formed a Motherbar Inside bar @ D1
3 - In confluence with
Quarter Pivot
Yearly and Quarter Resistance
5 DAY ADR
4 - Formed a Support Trend Line

Break above 127 Extension may form a Bullish Momentum.
Break below 127 Extension may form a Bearish Momentum.

According to the Analysis, The pair is expected to find support at 1.61838, and a fall through could take it to the next support level of 1.61670. The pair is expected to find its first resistance at 1.62278, and a rise through could take it to the next resistance level of 1.62550.

EUR AUD Previous Day range was 44 and Current Day Range is 39.4.

EUR JPY

The EUR traded lower against the JPY and closed at 123.03.

EURJPY what is this Pair upto?

1 - In past it formed a Motherbar Insidebar after a decline of 296 pips.
2 - Now its above the 60/80 Ema.
3 - Here again it formed a Motherbar Insidebar.
4 - Making a series of HH and HL.
5 - 5 Day ADR High is 123.63 and Low is 122.39, Roughly 150 pip.
6 - It stalling @ Quarter Pivot &
a - 5 Day ADR High
b - Middle Support –1 Month
C - High of the mother bar/in side bar

Break above the 127 Extension of the mother bar high may trigger buying opportunities
Alternatively
Break of the Lower ADR value may resume the previous trend.

According to the Analysis, The pair is expected to find support at 122.837, and a fall through could take it to the next support level of 122.645. The pair is expected to find its first resistance at 123.362, and a rise through could take it to the next resistance level of 123.695.

EUR JPY Previous Day range was 5250 and Current Day Range is 2890.

 

[XtreamForex]

Technical Overview of EUR/AUD Currency Pair

EUR AUD

The EUR traded higher against the AUD and closed at 1.6201.

I have been watching this pair since 4 days as it has many aspects lying inside it.

1 - Making a series of HH and HL.
2 - Formed a Motherbar Inside bar @ D1.
3 - In confluence with.
Quarter Pivot
Yearly and Quarter Resistance
5 DAY ADR
4 - Formed A Support Trend Line.

Break above 127 Extension may form a Bullish Momentum.

Break below 127 Extension may form a Bearish Momentum.

According to the Analysis, The pair is expected to find support at 1.61709, and a fall through could take it to the next support level of 1.61406. The pair is expected to find its first resistance at 1.62347, and a rise through could take it to the next resistance level of 1.62682.

EUR AUD Previous Day range was 63.8 and Current Day Range is 61.3.

Fundamental Overview

Market is Over Extended

1 - We may see a Weakness in GBP as 3 of its High Impact news are not in a positive zone.
2 - Westpac Now Forecasts 3 RBA Interest-Rate Cuts in 2019.
3 - It confirmed that market is in a state of Risk Aversion/Risk Off.

 

[XtreamForex]

Technical Overview of GBP/USD Currency Pair

GBP USD

The GBP traded higher against the USD and closed at 1.2711.

1) The pair closed in its weekly value areas.
2) A bullish sentiment after test of the VPOC may take the market upwards to the VPOC of last week and last 5th week.
3) Pair is in between its 5 DAY ADR levels.
4) Pair is continuously making high volume candles.
5) Breakout zones are drawn on chart.

According to the Analysis, The pair is expected to find support at 1.26608, and a fall through could take it to the next support level of 1.26110. The pair is expected to find its first resistance at 1.27464, and a rise through could take it to the next resistance level of 1.27822.

GBP USD Previous Day range was 85.6 and Current Day Range is 29.6.

Fundamental Overview

1 - GBP/USD - Boosted Slightly After PM May Resigns.
2 - GBP: Time To Start Trimming Shorts, adding long GBPCHF.

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Technical Overview of USD/JPY and EUR/AUD Currency Pair

USD JPY

The USD traded lower against the JPY and closed at 109.483.

1) Pair stalls between the quarter and year pivot.
2) Keep in mind that market is in RISK AVERSION.
3) Breakout of 127 extension may lead the pair to a short trend.

According to the Analysis, The pair is expected to find support at 109.314, and a fall through could take it to the next support level of 109.144. The pair is expected to find its first resistance at 109.618, and a rise through could take it to the next resistance level of 109.752.

USD JPY Previous Day range was 3040 and Current Day Range is 2010.

EUR AUD

The EUR traded lower against the AUD and closed at 1.6176.

1) PIVOT support line broken.
2) Market is below the golden cross EMA.
3) 127 Extensions level may decide the move direction.

According to the Analysis, The pair is expected to find support at 1.61570, and a fall through could take it to the next support level of 1.61376. The pair is expected to find its first resistance at 1.61917, and a rise through could take it to the next resistance level of 1.62070.

EUR AUD Previous Day range was 34.7 and Current Day Range is 47.

 

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Technical Overview of AUD/JPY Currency Pair

AUD JPY

The AUD traded higher against the JPY and closed at 75.703.

1) Pair in a tight range.
2) Pair forms a Support @ 77.50.
3) keep in mind that AUD announces time rate Cut in 2019 and total 4 times till 2020.
4) So it makes no sense to waiting for resistance to be broker as we know JPY is safe heaven in this RISK Aversion state.

According to the Analysis, The pair is expected to find support at 75.517, and a fall through could take it to the next support level of 75.330. The pair is expected to find its first resistance at 75.919, and a rise through could take it to the next resistance level of 76.134.

AUD JPY Previous Day range was 4020 and Current Day Range is 2230.

Economic Events

1) RBNZ Financial Stability Report (It provides insights into the bank's view of inflation, growth, and other economic conditions that will affect interest rates in the future).
2) Bank of Canada (BOC) Interest Rate Announcement.
3) GBP/USD: UK’s political uncertainty favors bears targeting 1.2600.

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Overview of Gold – Bearish Sentiment Seen in This Week

The XAU traded lower against the USD and closed at 1280.34.

What do we have in the shiny material?
1) Bearish ABCD Pattern.
2) "C" @ 50% Retracement.
3) "C" @ Monthly Pivot.
4) "C" @ the Value Area Low of - 2 Week.
5) "C" forms a Double Top in it - self, followed by 61.8% retracement.
6) Forms a support trendline from D1 Pivot Candles.

Scenarios:

1. Bulls need to break above Month Pivot.
2. Bears need to break below the D1 support trend line.

According to the Analysis, The XAU/USD pair is expected to find support at 1277.77, and a fall through could take it to the next support level of 1275.20. The pair is expected to find its first resistance at 1284.25, and a rise through could take it to the next resistance level of 1288.16.

XAU USD Previous Day range was 6.48 and Current Day Range is 31100.

 

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Technical Overview of the Commodities Gold and Silver

Overview of Gold

1) It is expected, that the price for gold could continue to decline. A potential downside target is the support level at 1,273 & Stalls @ the monthly pivot.
2) As it has formed a Large Bullish High volume Candle, It represents that the aggressive news buying is over and if the Highs r not broken then we may see it to decline again.
3) It’s making a series of Lower Highs and Lower Lows, Representing a declining position.
4) It’s in a formation of Gartley Pattern.
5) The D1 Price and Change in Candle Chart below For May 2019. We can see whenever the price and change in candle r in close proximity with each other they repell, triggering a change in trend.

Overview of Silver
1) It is expected, that the price for silver could continue to decline.
2) From the past 10 weeks, Silver is declining and making a series of Lower Lows and Higher Lows.
3) Now the Metal made a High Volume Candle.
4) At the Weekly Pivot.
5) Below the Last week Pivot.
6) At the previous and current Value Area High.
7) Test of 20 EMA from Daily 1 Chart.
8) A break below close below candle may trigger a selling bias again.
9) With Strong support @ SUP1 Week 1 = 14.38.
10) With Strong Support @ SUP2 Month 1 =14.36.

https://xtreamforex.com/academy/technical-overview-of-the-commodities-gold-and-silver/

 

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Technical Overview of AUD/CAD and AUD/CHF Currency Pair

AUD CAD

The AUD traded higher against the CAD and closed at 0.9174.

1-After making a down move of 406 pips, the pair begin ascending.
2 - It’s above the 60/80 ema.
3 - Its above the weekly and monthly Pivot.
4 - It formed a Double Top Pattern, A breakout above the 127 Extension may lead the pair to covet the space made by 406 Pip down Move.
5 - If we have a look at the Futures data then we may see that the slope of AUD is towards UP side and CAD is towards Down.

According to the Analysis, The pair is expected to find support at 0.93363, and a fall through could take it to the next support level of 0.92984. The pair is expected to find its first resistance at 0.94012, and a rise through could take it to the next resistance level of 0.94282.

AUD CAD Previous Day range was 64.9 and Current Day Range is 30.3.

AUD CHF

The AUD traded lower against the CHF and closed at 0.6941.
1 - The Pair formed a double top.
2 - It could not breach the Up extension off 127 hence it confirms a double top.
3 - The 60/80 ema is facing towards down.
4 - Fundamentally as we know market is in Risk Off Scenario so we can gain help from the strength of Safe Heaven CHF to support this trade.
5 - A space with many Open orders left to cover while going towards the down side remaining.
6 - Pair is below the Yearly, Quarterly, Monthly and weekly forming a Proper Sync formation of trend.

According to the Analysis, The pair is expected to find support at 0.69279, and a fall through could take it to the next support level of 0.69151. The pair is expected to find its first resistance at 0.69624, and a rise through could take it to the next resistance level of 0.69841.

AUD CHF Previous Day range was 34.5 and Current Day Range is 37.1.

Weekly Briefing

On Sunday, the Chinese government published a paper in which it was announced that China will not back off in the US-China trade war despite recent tariffs.
The Chinese securities and markets regulators announced that the impact of trade wars on financial markets can be controlled.
This may Strengthen The CNY because a few days earlier the officials said that those who short the CNY will face many Losses.

The Saudi Arabian Monetary Authority stated on Sunday steady slowdown of world economy growth could negatively affect oil market and, as a result, the country's economy temps of growth. It signals that when there will be instability then Who WILL BUY OIL? The Supply may exceed Demand.

The J.P. Morgan analytics department stated on Saturday that escalating trade tensions with China and other countries could force the Federal Reserve to hike interest rates two more times in 2019- High interest Rate = Strength of the Economy

A fundamental surge has occurred. Due to another Trump tariff announcement the USD dropped like a brick. As a result of that commodity prices have jumped. Gold touched the 1,300.00 level on Friday.

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Technical Overview of USD/JPY and NZD/CAD Currency Pair

USD JPY

The USD traded higher against the JPY and closed at 108.055.

• The pair formed an AB= CD pattern.
• It’s below Yearly, Quarterly and Monthly pivot.
• NO Price Action Signal.
• It broke the Pivot support trend line.
• But
• Fundamentally as we know that Safe Heaven is in demand and USD has announced a rate cut so we can assume to sell on the rallies.
• As we can see the VPOC level 108.22 is a good Value area to go short.
• This may be a purely fundamental trade if shorts take over the market.

According to the Analysis, The pair is expected to find support at 107.809, and a fall through could take it to the next support level of 107.564. The pair is expected to find its first resistance at 108.372, and a rise through could take it to the next resistance level of 108.690.

USD JPY Previous Day range was 5630 and Current Day Range is 3320.

NZD CAD

• The NZD traded lower against the CAD and closed at 0.8864.
• The main trend heads towards North.
• Pivot support trendline formed.
• Price successfully trading above the current and previous weekly pivot level.
• Price breached towards north the - 3 week Pivots.
• A Buy on the dips will be preferable.
• For now
• NZD is the strongest and USD and CAD are Weakest.

According to the Analysis, The pair is expected to find support at 0.88309, and a fall through could take it to the next support level of 0.87977. The pair is expected to find its first resistance at 0.88876, and a rise through could take it to the next resistance level of 0.89111.

NZD CAD Previous Day range was 56.7 and Current Day Range is 30.6.

Morning Briefing

• The U.S. dollar fell on Monday after St. Louis Federal Reserve President James Bullard said an interest rate cut "may be warranted soon," given the rising economic risk posed by global trade tensions as well as weak U.S. inflation.
• Hedge funds stepped up their negative bets on sterling.
• While sterling edged further off five-month lows on Monday, rising 0.15% to $1.2645, short positions are slowly building up in the background, reflecting growing uncertainty among investors on the outlook for the British economy.
• Short positions are at their highest level since March 17.
• The RBA is expected to cut the cash rate on Tuesday to a new record low of 1.25%. We expect a follow-up cut in August, with the risk of additional stimulus by early 2020.
• ING discusses EUR/USD: We are still expecting a downside breakout below the crucial horizontal support around 1.1115 in the coming weeks. This will trigger a serious Sell signal
• EUR/USD Bulls May Retreat If ECB Tilts Dovish On Thursday.
• Squawk: Prefer to sell USD/JPY on rallies, while maintains a long NZD/CAD as its trade of this week targeting a move towards 0.8950.

Overview of Gold

• From a theoretical point of view, it is expected, that a reversal south could occur in the nearest future.
• In this case, the rate has to surpass the 1,309.31 level.
• If the given support level holds, it is likely, that gold could trade sideways between it and the upper channel line.
• It is unlikely, that the price for gold could jump higher than 1,333.68 due to the resistance of the Q1 R1.
• Gold is above the yearly and Quarterly Pivots.
• Better to wait for the Metal to form a Double Top and Fill the space it made.
• Technically if we look at the Futures Data then we see that the data is making a formation of Double Top. If we break the neck line then we may have a down movement.
• On the other hand we can see downwards slope in the USD Futures a crossover may strengthen USD.

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