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NZD/USD Technical Analysis: Support Under Fire as RBNZ Nears

The New Zealand Dollar has dropped to the bottom of monthly range support before the RBNZ monetary policy announcement. The central bank may trigger a breakout marking resumption of the dominant bearish price trend, defined by a series of lower highs and lows set from mid-April.
From here, a daily close below the 0.6688-0.6726 area opens the door for a test of the 38.2% Fibonacci expansion at 0.6573. Alternatively, a push above support-turned-resistance at 0.6851 would invalidate the near-term d…
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AUD/USDTechnical Analysis: Range Floor in Focus as RBA Looms

The Australian Dollar is edging toward the bottom of a two-month consolidation range ahead of the looming RBA monetary policy announcement. The currency has struggled to establish near-term direction against its US counterpart but overall trend positioning argues for a firmly bearish bias.
From here, a daily close below chart inflection point support at 0.7335 paves the way for a challenge of double bottom support in the 0.7145-65 area. Alternatively, a push above resistance in the 0.7452-61 zon…
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USD/CHF: bulls are counterattacking

Recommendation:
BUY 0.9915
SL 0.986
TP1 1.0015 TP2 1.0055 TP3 1.0195
On the daily chart, USD/CHF keeps forming “Wolfe waves” pattern. The inability of bears to return the pair inside the long-term descending channel pointed at their weakness. To continue the rally towards 1.0195 and higher, the pair has to return inside the short-term trade channel.
On H1, USD/CHF is consolidating in the 0.9825-0.9915 area. A break of its upper border will mean the triggering of the “Broadening wedge” pattern.…
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EUR/USD Technical Analysis: Euro Down Trend Back in Play?

The Euro may be on the verge of resuming the down move started in mid-May against the US Dollar following a brief corrective upswing. Looking at the four-hour chart, prices are on the verse of clearing counter-trend support after failing to breach resistance in the 1.1821-47 area.
Zooming out to the daily chart, a down move that takes prices back below the 1.1642-1.1723 area marked by the 14.6% and 23.6% Fibonacci retracement levels would open the door for another challenge of the 1.1527-77 zon…
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USD/JPY: pair to achieve the next resistance

The lower 'Window' acted as support, so there's a 'High Wave' pattern. Therefore, the pair is likely going to achieve the next resistance at 110.27. If a pullback from this level forms afterwards, there'll be a moment for another decline towards the closest support at 109.63.
There's a bullish 'Three Methods' pattern, so the market is likely going to continue moving up in the short term. In this case, if a pullback from the nearest support at 109.87 happens next, there'll be a green light for …
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AUD/USD reversed from resistance area

  • AUD/USD reversed from resistance area
  • Next sell target - 0.7500
AUD/USD recently reversed down from the resistance area lying between the pivotal resistance level 0.7640 (former support from March), upper daily Bollinger Band and the 38.2% Fibonacci correction of the extended downward correction from the end of January. The downward reversal from this resistance area stopped the previous short-term correction (C). AUD/USD is expected to fall further toward the sell target at the next support level…
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USD/CAD reversed from resistance zone

  • USD/CAD reversed from resistance zone
  • Next sell target - 1.2750
USD/CAD recently reversed down from the resistance zone lying between the key resistance level 1.3000 and upper daily Bollinger Band. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Shooting Star – which marked the start of the active intermediate impulse wave (3). USD/CAD is expected to fall further toward the next sell target at the next support level 1.2750 (low of the previo…
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EUR/USD Technical Analysis: Euro Upswing Keeps Downtrend Intact

The Euro has mounted a spirited recovery against the US Dollar since finding a bottom near the 1.15 figure but the overall trend points firmly lower. Turning to the monthly chart, recent gains appear to be corrective within the confines of a decade-long decline resumed in early May.
Sizing up immediate positioning, prices are poised to test the 38.2% Fibonacci retracement at 1.1855. A break above that confirmed on a daily closing basis exposes the 1.1930-62 area, a congestion region reinforced b…
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EUR/USD

The EUR/USD pair has rallied significantly during the trading session on Wednesday, reaching towards the 1.18 level. I suspect that we will continue to see bullish pressure, but a short-term pullback might be necessary to build up the momentum to break above the 1.18 handle. I think that the market should continue to be bullish in the short term and could get super charged if the Italians come to some type of consensus. Beyond that, there is talk of the ECB leaving quantitative easing sooner rat…
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AUD/USD Technical Analysis: Upswing Fizzles, Down Trend Holds

The Australian Dollar still looks to be locked in a down trend against its US counterpart after an attempted breakout fizzled out. AUD/USD scored the largest one-day gain in 10 months and even narrowly broke above a falling channel top, but prices quickly backtracked after touching more formidable resistance.
To overcome the bearish bias, buyers would need to clear former support in the 0.7643-60 area and then overturn April’s breach of long-term trend support set from January 2016 lows, now in …
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