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NZD/USD rose above March high (0.7350) this week. Technically it's still contained in a wider 0.715 - 0.745 range but with momentum on the bulls' side. If the upper extreme gives way, last year's high (0.7550) will be the next target. 50 DMA should hold as a support.
al_dcdemo's Blog
USD/CAD finds equilibrium near 1.25 level
Canadian dollar has been less driven by oil prices recently. 530-pip move from the lows near 1.2050 could be seen as a correction of excessive monetary policy tightening expectations. Uncertainty surrounding NAFTA has been another headwind.
The pair found equilibrium in a range centered on 1.25 level. 1.24 - 1.2430 is the range support and 1.2570 - 1.26 is the resistance. A convincing break of either extreme will signal the direction for the next leg.
The pair found equilibrium in a range centered on 1.25 level. 1.24 - 1.2430 is the range support and 1.2570 - 1.26 is the resistance. A convincing break of either extreme will signal the direction for the next leg.
EURo pauses after Friday's fireworks
There was quite some activity in some majors this morning. Aussie rallied after RBA held rates steady and released a neutral statement. Cable spiked about 180 pips after a large order in thin liquidity went through on no particular news.
Euro, however, has been trading in 1.1325 - 1.14 range since last Friday, mostly pinned to 1.1350. The range top is the initial resistance before 1.145 - 1.15 (early April highs, 2015 highs) and then 1.1575 - 1.1625 (May high, 2005 low). 1.1315 (50 DMA) is the i…
Euro, however, has been trading in 1.1325 - 1.14 range since last Friday, mostly pinned to 1.1350. The range top is the initial resistance before 1.145 - 1.15 (early April highs, 2015 highs) and then 1.1575 - 1.1625 (May high, 2005 low). 1.1315 (50 DMA) is the i…
Cable in the middle of last week's range
After it tried both the upside and the downside in yesterday's trading, Cable settled in the middle of the day's range and the middle of the last week's range. Recent polls show Remain vote firmly ahead but concerns have been mounting that it is not only the potential Brexit that has been holding U.K. GDP growth down.
Technically, 50 DMA crossed above 100 DMA last week and the two levels now nicely coincide with May low, making area near 1.4350 a decent support. On the upside, 1.4660 (May 19th h…
Technically, 50 DMA crossed above 100 DMA last week and the two levels now nicely coincide with May low, making area near 1.4350 a decent support. On the upside, 1.4660 (May 19th h…
Kiwi still in range but buying pressure noted
It was a good day for commodity currencies and Kiwi was no exception. It rose to the upper extreme of the February range between 0.6550 and 0.6750.
The pair is currently holding above 50, 100, 200 DMA and 2014 - 2015 trendline, which may encourage buyers to lift it above the aforementioned range and towards 0.69 - 0.70 in the days ahead.
The pair is currently holding above 50, 100, 200 DMA and 2014 - 2015 trendline, which may encourage buyers to lift it above the aforementioned range and towards 0.69 - 0.70 in the days ahead.
USD/CAD may have enough fuel for a new high
Monthly chart
The pair is in uptrend since 2011. It broke above 38.2% retracement (of the 2002 to 2007 decline) in January and then traded around 50.0% retracement for nearly three months. In April, the pair pulled back deep enough to clear stops below 1.20. The confluence of the broken trendline (drawn off 2003, 2004 and 2009 highs) and 38.2% retracement wasn't even properly retested before the pair resumed the uptrend.
Weekly chart
During the pullback in late April and early May, lower tails …
The pair is in uptrend since 2011. It broke above 38.2% retracement (of the 2002 to 2007 decline) in January and then traded around 50.0% retracement for nearly three months. In April, the pair pulled back deep enough to clear stops below 1.20. The confluence of the broken trendline (drawn off 2003, 2004 and 2009 highs) and 38.2% retracement wasn't even properly retested before the pair resumed the uptrend.
Weekly chart
During the pullback in late April and early May, lower tails …
GBP/USD to continue to grind lower
Monthly chart
Medium term downtrend has broken longer term trendline that supported the pair in 2009, 2010 and 2013. The pair appears to have bottomed just above 1.4550 and the corrective rally that followed ran out of puff ahead of 1.60. Confluence of the broken trendline, 20 month SMA, 50 month SMA and 1.60 level remains the first obstacle to overcome on the way up ahead of 100 and 200 month SMA.
Weekly chart
Strength of the reversal from the April low is more apparent on the weekly chart. Th…
Medium term downtrend has broken longer term trendline that supported the pair in 2009, 2010 and 2013. The pair appears to have bottomed just above 1.4550 and the corrective rally that followed ran out of puff ahead of 1.60. Confluence of the broken trendline, 20 month SMA, 50 month SMA and 1.60 level remains the first obstacle to overcome on the way up ahead of 100 and 200 month SMA.
Weekly chart
Strength of the reversal from the April low is more apparent on the weekly chart. Th…
Yen pulling back
After a fake move to the upside on Monday, Yen has been heading lower. It posted four consecutive days of losses and has given back more than half of the gains that it made since last Friday's NFP report.
122 is the level to watch. If it holds, the pair may rally again to retest 124 - 125 in the days ahead. If it gives way, a return to 118 - 122 range will become the most likely scenario. A lot of that will depend on what stock markets will do in the near future.
122 is the level to watch. If it holds, the pair may rally again to retest 124 - 125 in the days ahead. If it gives way, a return to 118 - 122 range will become the most likely scenario. A lot of that will depend on what stock markets will do in the near future.
GBP/USD to stay well supported
Monthly chart
Medium term downtrend has broken longer term trendline that supported the pair in 2009, 2010 and 2013. The pair appears to have bottomed just above 1.4550 and the corrective rally ran out of puff ahead of 1.60. Confluence of the broken trendline, 50 week SMA, 20 week SMA and 1.60 level remains the first obstacle to overcome on the way up ahead of 100 and 200 day SMA.
Weekly chart
The strength of the reversal from the April low is more apparent on the weekly chart. The pair travele…
Medium term downtrend has broken longer term trendline that supported the pair in 2009, 2010 and 2013. The pair appears to have bottomed just above 1.4550 and the corrective rally ran out of puff ahead of 1.60. Confluence of the broken trendline, 50 week SMA, 20 week SMA and 1.60 level remains the first obstacle to overcome on the way up ahead of 100 and 200 day SMA.
Weekly chart
The strength of the reversal from the April low is more apparent on the weekly chart. The pair travele…
Yen remains range-bound
Yen rose more than two cents last week. It traded up to 121.50 and closed above 200 DMA. However, it has been falling since the beginning of this week, to as low as 120.15 in today's trading, before stalling.
The big figure (120), also the mid point of the 118 - 122 range, shall hold if the pair wants to maintain bullish bias. On a break below, retest of the lower extreme of the range will come back into focus.
The big figure (120), also the mid point of the 118 - 122 range, shall hold if the pair wants to maintain bullish bias. On a break below, retest of the lower extreme of the range will come back into focus.