Archive for Forex and Currency News

The Analytical Overview of the Main Currency Pairs on 2021.04.14

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.1909
  • Prev Close: 1.1947
  • % chg. over the last day: +0.32%

The euro continued to rise against the US dollar on the back of strong ZEW performance and higher yields on German Bonds. Also, the previous comments of Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen provide support for the bulls in the euro.

Trading recommendations
  • Support levels: 1.1836, 1.1704
  • Resistance levels: 1.1990, 1.2113

The main scenario for EUR/USD is buying. The technical picture looks bullish. The MACD is above zero, while convergence has formed, indicating a greater likelihood of growth. The ADX is reacting strongly to the northern impulse, showing a rise in bullish pressure.

Alternative scenario: if the price consolidates below the level of 1.1905, the pair may return to the decline to 1.1836.

EUR/USD
There is no news feed for today.

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.3738
  • Prev Close: 1.3748
  • % chg. over the last day: +0.07%

The sterling rose on Tuesday amid continuing correction in the US dollar and strong manufacturing output. The Office for National Statistics reported industrial growth in February by 1.3%, while economists’ forecast was 0.5%.

Trading recommendations
  • Support levels: 1.3705, 1.3680
  • Resistance levels: 1.3848, 1.3929

The main scenario in GBP/USD is buying. The pair came close to the first support level and rebounded. The ADX reacted strongly to Tuesday’s northern impulse, indicating an increase in bullish pressure.

Alternative scenario: if the pair consolidates below 1.3735, the pound may move to decline to 1.3680.

GBP/USD
There is no news feed for today.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.38
  • Prev Close: 109.05
  • % chg. over the last day: -0.31%

On Tuesday, the dollar-yen pair continued to decline amid a correction in the dollar index and US Treasuries, the yield of which fell to 1.63%. The market experiences an increased demand for defensive assets, including gold, Swiss franc, and yen.

Trading recommendations
  • Support levels: 108.35, 107.08
  • Resistance levels: 110.32, 110.98

The main scenario is selling. The price is still fixed below the moving averages. The MACD fell below zero, and convergence formed on the chart, indicating a continuation of the decline. The ADX shows the growth of the bearish trend potential. By a combination of factors, there is a signal for a further fall in the pair.

An alternative scenario implies the price fixing above 109.40. In this case, the pair may resume growth to 110.32.

USD/JPY
There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.2559
  • Prev Close: 1.2531
  • % chg. over the last day: -0.22%

Continuing to trade in a narrow sideways range, the pair came under pressure, as oil prices for WTI rose to $60.80 per barrel. The decline in the dollar index puts additional pressure on the pair.

Trading recommendations
  • Support levels: 1.2522, 1.2501
  • Resistance levels: 1.2629, 1.2646

The main scenario is trading in a sideways range between 1.2522 and 1.2629. Specifications are mixed. The price is below the moving averages, although the ADX has reacted to the northern impulse. The MACD is below zero. By a combination of factors, the signal is neutral.

Alternative scenario: if the price consolidates below 1.2522, the pair may resume its decline to 1.2501. A breakout of 1.2563 will indicate a further growth to 1.2626.

USD/CAD
News feed for 2021.04.14:
  • – US Crude Oil Reserves at 17:30 (GMT+3).

by JustForex

 

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

The MSCI continues to rise amid investor optimism about the global economic recovery while the dollar declines

by JustForex

The majority of Asian stocks rose on Wednesday, following the US stocks and bonds. Investors ignored higher-than-forecasted inflation in the US and focused on the global economic recovery.

Japanese stocks were the exception, falling in light of a slow rollout of the vaccination program. However, the MSCI Global Index climbed to a record high.

European contracts rallied, and US stock futures held steady near highs. The White House said the US vaccination campaign would continue despite the suspension of vaccines from Johnson & Johnson due to emerging health concerns.

Treasury bonds have stabilized. Treasuries yield is around 1.63%. German Bonds are around -0.30%. The US dollar continues to decline, while the New Zealand dollar’s growth is in the lead among the G10 currencies. Oil rose above $60 a barrel.

The latest data showing that US consumer prices rose more than expected last month did not make much of an impact, given the distortion associated with the price collapse a year earlier. Investors remain confident that the recovery continues, supported by central banks and government spending.

“A lot of growth and inflation have already been priced into the market,” said Emily Roland, investment strategist at John Hancock Investment Management. In her opinion, any surge in inflation in the next two quarters will not have a significant impact on the market.

Main market quotes:

S&P 500 (F) 4,134.88 +2.13 (+0.05%)

Dow Jones 33,677.27 -68.13 (-0.20%)

DAX 15,234.36 +19.36 (+0.13%)

FTSE 100 6,890.49 +1.37 (+0.02%)

USD Index 91.748 -0.096 (-0.10%)

Important events:
  • – US Crude Oil Reserves at 17:30 (GMT+3).

by JustForex

 

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Intraday Market Analysis – Testing Daily Support

By Orbex

USDCHF retreats to major support

usdchf

The US dollar is treading water as traders await inflation data which would dictate the next movement.

The greenback has fallen back to test the medium-term support (0.9210) from the daily chart after a three-month-long rally.

An RSI divergence right above the key level is a sign that the correction has lost its momentum. Though a bullish breakout above 0.9280 will be needed to confirm a reversal.

To the downside, a drop below the said support would trigger a new round of sell-off towards 0.9140.

XAUUSD looks for support

xauusd

Gold is striving to consolidate its latest gains after a fall in US yields last week. After having established a solid support base at 1677, the price has rallied back to March’s high at 1757.

A bullish breakout could lead to a sharp recovery as a result of triggering stop-losses and momentum buying.

But for now, an overbought RSI has prompted profit-taking within the supply area. 1730 is the first line of defense as the metal pulls back to rebuild support.

A deeper correction may lead to test 1710.

US 30 rises along the trendline

The Dow Jones flies high after Chairman Jerome Powell expressed his optimism in an interview that the US economy was set for a strong rebound.

Following a breakout above its latest consolidation range (33250), the index has been grinding up along a rising trendline.

The psychological level of 33400 would be the next target for the bulls. Though an overshot RSI may lead to a temporary pullback.

The 30-hour moving average is the immediate support. Further down, 33510 along the trendline may see more buying interests.

By Orbex

Fibonacci Retracements Analysis 13.04.2021 (EURUSD, USDJPY)

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset is correcting upwards after a convergence on MACD. After reaching 38.2% fibo, EURUSD is consolidating. In this case, the asset is expected to continue growing towards 50.0% and 61.8% fibo at 1.1974 and 1.2037 respectively. After the correction is over, the instrument may start a new decline to break the low at 1.1704 and then the mid-term 38.2% fibo at 1.1695.

EURUSD_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

In the H1 chart, the pair is consolidating and correcting downwards. It has already tested 23.6% fibo twice but a divergence on MACD may indicate that the short-term correctional decline may yet continue. The next downside targets may be 38.2% and 50.0% fibo at 1.1842 and 1.1815 respectively. A breakout of the local high at 1.1927 will result in a further ascending correction.

EURUSD_H1
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

USDJPY, “US Dollar vs. Japanese Yen”

As we can see in the H4 chart, the correctional descending wave has tested 23.6% fibo after a divergence on MACD, which resulted in a rebound. Such a rebound may lead to a new rising wave towards the high at 110.97, a breakout of which may result in a further uptrend to reach the long-term fractal high at 111.71. However, if the asset fails to break the high, the market may start a new decline towards 38.2% and 50.0% fibo at 107.77 and 106.78 respectively.

USDJPY_H4
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

The H1 chart shows a more detailed structure of the current ascending movement after a convergence on MACD. By now, the pair has already reached 38.2% fibo and may later continue rising towards 50.0%, 61.8%, and 76.0% fibo at 109.98, 110.22, and 110.50 respectively. The key support is the low at 109.00.

USDJPY_H1

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Japanese Candlesticks Analysis 13.04.2021 (GOLD, NZDUSD, GBPUSD)

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the ascending tendency continues. After forming several reversal patterns, such as Shooting Star, close to the resistance level, XAUUSD may reverse and start a new pullback towards the support area. In this case, the correctional target may be at 1710.50. At the same time, an opposite scenario implies that the price may continue growing to reach 1745.00 without testing the support level.

XAUUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

NZDUSD, “New Zealand vs US Dollar”

As we can see in the H4 chart, the pair is still moving sideways. By now, NZDUSD has formed several reversal patterns, such as Engulfing, close to the resistance level. The next downside target may be at 0.6950. Later, the price may test the support area, break it, and continue moving downwards. However, an alternative scenario implies that the price may grow towards 0.7070 before resuming its decline.

NZDUSD
Risk Warning: the result of previous trading operations do not guarantee the same results in the future

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the asset is forming another correction within the descending tendency. By now, GBPUSD has formed several reversal patterns, such as Hammer, not far from the support area. At the moment, the pair may reverse and resume growing. In this case, the upside target may be at 1.3795. After that, the instrument may rebound from the resistance area and resume the descending tendency. Still, there might be an alternative scenario, according to which the asset may continue falling towards 1.3650 without testing the resistance area.

GBPUSD

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

The Analytical Overview of the Main Currency Pairs on 2021.04.13

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.1897
  • Prev Close: 1.1910
  • % chg. over the last day: +0.11%

The euro rose against the US dollar on the back of an increase in the trade balance. As trading volumes at the end of the week were significantly reduced, the currencies of the 10 group entered a correction phase.

Trading recommendations
  • Support levels: 1.1836, 1.1704
  • Resistance levels: 1.1915, 1.1990

The main scenario for EUR/USD is selling. The technical picture looks bearish. The MACD is near zero, and divergence has formed, which indicates an approaching correction. The ADX is reacting strongly to the southern impulse, showing an increase in bearish pressure.

Alternative scenario: if the price manages to gain a foothold above the level of 1.1915, the pair may return to growth to 1.1990.

EUR/USD
News feed for 2021.04.13:
  • – The ZEW Indicator of Economic Sentiment in Germany (Apr) at 12:00 (GMT+3);
  • – The US Core Consumer Price Index (CPI) (m/m) (Mar) at 15:30 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.3706
  • Prev Close: 1.3737
  • % chg. over the last day: +0.23%

The sterling rose amid the correction of the US dollar. However, the situation with the vaccine from AstraZeneca, which could undermine the vaccination program in the UK, still puts pressure on the British currency.

Trading recommendations
  • Support levels: 1.3705, 1.3680
  • Resistance levels: 1.3848, 1.3929

The main scenario for GBP/USD is selling. The pair has come close to the first support level. As long as the price is below the moving averages, the risk of a breakout is high. But the ADX shows a decrease in the potential of the southern trend. A divergence has formed on the MACD. It indicates a possible temporary stop in southward movement.

Alternative scenario: if the pair consolidates above 1.3800, the pound may move upward to 1.3848.

GBP/USD
There is no news feed for today.

The USD/JPY currency pair

Technical indicators of the currency pair:
  • Prev Open: 109.68
  • Prev Close: 109.37
  • % chg. over the last day: -0.28%

The dollar-yen pair rose on Monday amid a correction in the dollar index and US Treasuries, the yield of which rose to 1.70%. The market has seen a decrease in demand for defensive assets, including gold, Swiss franc, and yen.

Trading recommendations
  • Support levels: 108.35, 107.08
  • Resistance levels: 110.32, 110.98

The main scenario is trading in a sideways range. The price is still fixed below the moving averages. The MACD is near zero, and convergence has formed on the chart, which indicates a possible stop of the decline. At the same time, the ADX shows a decline in the bearish trend potential. By a combination of factors, there is a signal for sideways movement within the day.

The alternative scenario implies the price fixing above 109.90. In this case, the pair may resume growth to 110.32.

USD/JPY
News feed for 2021.04.13:
  • – The US Core Consumer Price Index (CPI) (m/m) (Mar) at 15:30 (GMT+3).

The USD/CAD currency pair

Technical indicators of the currency pair:
  • Prev Open: 1.2528
  • Prev Close: 1.2560
  • % chg. over the last day: +0.25%

The pair continues to trade in a narrow sideways range, as oil quotes have stabilized around $59 per barrel. The slight decrease was due to the continuing decline in the dollar index.

Trading recommendations
  • Support levels: 1.2554, 1.2501
  • Resistance levels: 1.2629, 1.2646

The main scenario is trading in a sideways range between 1.2554 and 1.2629. Specifications are mixed. The price is stuck between moving averages. The MACD is near zero. The ADX shows a strong reaction to a decline in quotations, which indicates a risk of a breakdown of the first support level.

Alternative scenario: if the price manages to consolidate below 1.2554, the pair may resume its decline to 1.2501. A breakout of 1.2629 would indicate an advance to 1.2646 or higher.

USD/CAD
There is no news feed for today.

by JustForex

 

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Technical Outlook: GBPUSD poised for breakdown?

By Lukman Otunuga Research Analyst, ForexTime

Pound bulls were on a roll yesterday after England moved into the second stage of the government’s roadmap out of lockdown.

While many countries across the globe were tightening lockdown restrictions amid surging Covid-19 cases, the UK was doing the complete opposite. Non-essential retail, restaurants, and pubs with outdoor spaces were reopened. Given how the easing of restrictions is expected to spark a surge in consumer spending, this development is likely to boost confidence in the UK’s economic recovery.

The key question is whether this will be enough to support the British Pound in the short to medium term. Since the start of April, Sterling has weakened against every single G10 currency, shedding over 1.70% against the Euro.

Easing lockdown restrictions is a welcome development for Sterling. However, political risk in the form of the upcoming Scottish parliamentary elections and concerns relating to AstraZeneca Plc’s shot could throw a proverbial wrench in the works for bulls. On top of this, an appreciating Dollar may ensure the GBPUSD remains trapped in the current bearish channel on the daily charts.

A quick look at the fundamentals

The UK GDP report this morning revealed that the economy expanded less-than-expected in February. Growth expanded 0.4% month-on-month as lockdown restrictions remained. Although this was below the 0.5% expectations, it was a solid improvement from the -2.9% in January. Industrial production and manufacturing production figures both exceeded market expectations by rising 1.0% and 1.3%, respectively month-on-month. Unsurpsingly, the Pound offered a muted reaction with prices trading around 1.3745 as of writing.

Technicals swing in favour of bears….

From a technical perspective, the GBPUSD remains under pressure on the daily charts. Prices are trading below the 20 Simple Moving Average while the MACD trades below 0. There seems to be support around the 1.3670 level which is coincidentally above the 100 Simple Moving Average. A solid breakdown and daily close below this level could open the doors towards 1.3570 and 1.3500.

Should 1.3670 prove to be reliable support, a rebound back towards 1.3900 could be a possibility.

For my intraday traders, a potential breakout opportunity is forming on the hourly timeframe. Support can be found at 1.3725 while resistance at 1.3770. If Pound bulls are still in the game, prices may venture towards the 1.3770 level before testing 1.3800. Alternatively, an hourly close under 1.3725 could open the doors towards 1.3670.

Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.


Forex-Time-LogoArticle by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Technical Outlook: Yen Crosses In Focus

By Lukman Otunuga Research Analyst, ForexTime

The Japanese Yen snatched our attention today after appreciating against almost every single G10 currency.

As investors adopted a cautious stance ahead of the earnings season, global stock markets retreated from record highs with the general risk-off mode boosting appetite for safe-haven currencies

The Swiss franc also performed well on Monday, gaining ground against its major counterparts excluding the British Pound and Japanese Yen. Interestingly, the Dollar slipped towards a three-week low while Sterling rallied across the board as the UK officially eased some of its lockdown restrictions.

This could be a wild week for yen crosses as the risk pendulum swings back and forth. Not only do we have earnings season but speeches from financial heavyweights, important economic reports and the third wave of Covid-19 sweeping through Europe.

USDJPY breakout on the horizon?

The USDJPY remains bullish on the daily charts as there have been consistently higher highs and higher lows. However, prices are trading within a range with resistance around 109.84 and support at 109.00. A solid break below the 109.00 support could signal the end of the bullish trend with the next key point of interest at 108.30. Alternatively, a strong move above 109.84 is likely to open the doors towards the 2021 high of 110.956.

GBPJPY make or break?

Ok, the title sounds slightly dramatic but this could be a turning point for the GBPJPY. After dropping over 300 pips last week, it looks like bears are turning serious. Should the 150.00 region act as reliable support, this could become the new higher low that pushes prices back towards 152.00. Alternatively, a solid breakdown and daily close under 150.00 could result in a selloff towards 148.50 and lower.

EURJPY presses against 130.50

The title says it all. The EURJPY remains bullish on the daily charts. Prices are trading above the 20 Simple Moving Average while the MACD is above 0. A solid breakout above 130.50 could open a path towards 131.70. Should 130.50 prove to be a stubborn resistance (yet again) a decline back towards 129.50 and 128.30 will be on the cards.

Disclaimer: The content in this article comprises personal opinions and should not be construed as containing personal and/or other investment advice and/or an offer of and/or solicitation for any transactions in financial instruments and/or a guarantee and/or prediction of future performance. ForexTime (FXTM), its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness, of any information or data made available and assume no liability as to any loss arising from any investment based on the same.


Forex-Time-LogoArticle by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

Arox Capital Review

What is Arox Capital?

Arox Capital is a multi-asset trading platform offering access to a broad range of benefits for traders wanting to leverage the opportunities emerging across the financial markets. It was founded in 2018 and since the first day the brand witnessed impressive growth due to competitive conditions.

Traders working with this brand can enjoy ultra-fast order execution, an industry-leading trade engine, and strong security. Arox Capital wants to create a dynamic yet innovative ecosystem where users with different backgrounds can find the right tools and features. At first glance, it appears to have a very client-centric approach, so it would be appropriate to see what other features are worth noting.

Arox Capital logo

Arox Capital Assets

The Arox Capital trading products are diversified, covering some of the largest and popular markets in the world:

  • Forex
  • Indices
  • Commodities
  • Stocks
  • Cryptocurrencies

Access to as many trading instruments as possible should be available with any brand, given the activity seen in the financial markets. With an account at Arox Capital, traders can find the right assets for them, based on country of residence or trading style. Variable spreads start at 0.1 pips, but you should keep in mind that the trading account type and the market liquidity can have an impact on these values.

Trading Software

Thanks to the Arox Capital WebTrader, a unique trading experience can be provided. This is a platform accessible via a browser that can be the right choice for both professionals and those just getting started. At first glance, it is a simple and intuitive platform, well-structured so there won’t be any issues in finding the trading tools or placing trades fast.

Arox Capital WebTrader

The platform works the same on desktop, laptop, or mobile devices, which means traders won’t need to worry about hardware specs or compatibility. Multiple chart types and execution modes, risk management tools, and other features like making deposits or changing account settings, make the Arox Capital WebTrader a versatile and multi-functional trading solution.  This is the only option currently available with the broker.

Arox Capital Account Types

When speaking about the Arox Capital trading accounts, diversity is the first word that comes to mind. Not only because there are 5 account options available, but also due to the broad range of features available.

Arox Capital trading accounts

Regardless of choice, all accounts will benefit from online chat support, funds stored in segregated bank accounts, STP/ no dealing desk execution, and plenty of educational resources. Trading live with Arox Capital is available from deposits of 200 euros, even though the broker recommends a bronze account to start from a low of 1000 euros.

Traders can start small and test the live trading conditions without any other roadblocks and increase their accounts once they’re sure this is the right place to be. In terms of the account types, it is important to consider that for each larger account, new premium features are unlocked.  To fund an account or make withdrawals, traders can use credit/debit cards, wire transfers, or popular e-wallets.

Pros

  • A variety of trading products available for all customers
  • Resources provided by Trading Central
  • Strong financial security granted

Cons

  • Not all asset classes are covered at Arox Capital
  • Traders need to consider potential geographical restrictions
  • Standard trading commissions for Bronze and Silver accounts

Arox Capital Review Conclusion

Considering the favorable conditions in the financial markets combined with the diversity of trading benefits associated with the Arox Capital, it would be fair to assume this is a broker to watch by all retail traders. The customer-centric approach and constant upgrades are making this a place where financial markets are affordable for everyone.

By Taylor Wilman

Intraday Market Analysis – Last Chance To Rebound

By Orbex

GBPUSD meets critical support

gbpusd

The pound falls back as traders take profit after a strong performance from the start of the year.

The price action has retreated to March’s low at 1.3670, a support on the daily chart to keep the uptrend intact. The pair is likely to consolidate from that major level while the RSI recovers from the sub-30 area.

1.3770 is the immediate resistance and a bullish breakout may convince buyers that the correction is over.

To the downside, 1.3600 would be the target if the pair struggles to find bids.

USDCAD struggles to bounce higher

usdcad

A fall in Canada’s unemployment rate from 8.2 % to 7.5 % in March helped lift the loonie against its US counterpart.

The pair has met strong selling pressure around the supply area (1.2640) found on the daily chart.

An overbought RSI has prompted short-term traders to take profit. However, the price’s subsequent failure to make a higher high signals weakness in the past week’s rally.

A drop below 1.2535 could trigger a broader sell-off in the continuation of the downtrend with 1.2470 as the next target.

EURAUD pierces through multiple resistances

euraud

The Aussie was spoiled by the government’s restrictions on the AstraZeneca vaccine which would delay its vaccination campaign.

After bouncing off a three-year low (1.5260) the euro has been building up its momentum. The latest surge above the key resistance at 1.5600 suggests that buyers are gaining confidence and aiming for 1.5690.

An overbought RSI might temper the optimism and 1.5530 is first support in case of a pullback. As long as the price is above the base of the recent rally (1.5430), the bias will remain bullish.

By Orbex