Re: Daily Market Analysis by ForexMart

[AppleFX]

EUR/USD Technical Analysis: April 6, 2017

The weak Eurozone PMI place pressure on the common European currency yesterday. The EUR/USD fixates on the release of ADP employment report and FOMC minutes later this day.

The EUR appeared neutral in the morning. The price moves in a familiar trading range positioned between the points 1.0650 and 1.0670.

The rebound occurred on Tuesday supported the spot to reach the upper limit of the range by which the upward momentum dwindled. The pair trailed the band’s upper limit and advance lower in the middle of the day amid EU hours.

As specified in the 4-hour chart, the pair rebounded below the 200-EMA and the 50-EMA resumed a downward trend. While the 200 and 100-EMA drove higher.

Resistance is found at 1.0700 region, support hit 1.0650 mark.

The MACD histogram strengthened which showed weakening for the positions of sellers. The RSI headed northwards confirming a current upward impetus.

It is recommended to remain neutral unless clear signals were obtained. A break in the 1.0650 area targets the next level at 1.0600. Should a rebound occurred within the mentioned range allows the buyers to regain the control and posting the market near 1.0750.

[AppleFX]

EUR/USD Fundamental Analysis: April 6, 2017

The EUR/USD pair is yet again trapped within a very limited trading range, which has been the pair’s dominant trend ever since the start of the week. The slew of economic data from the US economy did little to push the currency pair through its current range, although it has tested both barriers but has not yet come close to breaking through this particular range. However, the market is expecting the currency pair to make a breakthrough anytime within this week, and a break in any direction is expected to be very large-scale, with runs possibly occurring.

The EUR/USD pair traded tightly during the Tokyo and London sessions yesterday as it awaited for the release of economic data from the US. The ADP employment report was the first to come out, with the said data exceeding initial market expectations of less than 200K after it came out at 250K. Although last month’s reading was revised as a result, 250K is still a very strong average if we take into consideration the reading for the two previous months. This also marked the continuation of a steady stream of positive data from the US economy. In addition, this also put the EUR/USD pair under pressure and tested its range lows of 1.0630 although it made a small recovery towards the end of the session.

Next up was the release of the FOMC meeting minutes, which was very lackluster as it did not contain any relevant information for traders. The said minutes contained only balance sheet discussions and did not induce enough volatility for the EUR/USD pair. The USD was also put under pressure as the majority of House members expressed major uncertainties with regards to Trump’s tax plans, and this has helped the EUR/USD to recover towards 1.0680 points.

For today’s session, there are no major news releases from the EU economy although the US will be releasing its unemployment claims data. The USD is expected to remain under pressure for the duration of today’s session, with the EUR/USD remaining afloat and could possibly break through its range highs at any point within today’s session.

[AppleFX]

GBP/USD Fundamental Analysis: April 6, 2017

The GBP/USD pair continued its current trend of trading within 1.2400 and 1.2500 points, something which is already pretty much anticipated by analysts yesterday. The GBP/USD pair is expected to break through this trap any time now, but even if it does manage to surpass this particular range, there is still a lot of resistance and support amounts on both barriers and the currency pair is not expected to go far in terms of its range. It would take a lot of clearing up for the Brexit process including its ongoing negotiations before the market can form a substantial opinion regarding the current status of the British economy, and only then will the sterling pound be able to move towards a specific direction.

The UK Services PMI data was released yesterday and came in at a much better reading than what was expected in the first place. This has then helped to offset the imbalance caused by Monday’s PMI data, which was generally a disappointment to the market. The ADP employment report also exceeded market expectations and this has caused the GBP/USD pair to test its bottom range at 1.2450 but was still unable to surpass this particular boundary. The FOMC minutes then got released during the latter part of yesterday’s session, although this had almost no effect on market volatility. There were also news regarding concerns surrounding Trump’s tax plans, and this has put significant downwards pressure on the US dollar and caused the GBP/USD pair to advance towards 1.2500 points.

There are no major news releases expected from the British economy although we do have the US unemployment claims data set to be released later today. The SUD is most likely to remain under pressure today, and the GBP/USD pair could possibly test 1.2500 points, and could even reach 1.2600 points if it manages to break through its current range.

[AppleFX]

USD/CAD Fundamental Analysis: April 6, 2017

The USD/CAD surged in value during yesterday’s session following a series of strong US data and a drop in oil prices. Although the US dollar decreased significantly as a reaction to a very disappointing FOMC meeting minutes, it has still somewhat managed to maintain its grip on its advantaged against the Canadian dollar and is currently trading at its safe zone of just under 1.3450 points and could possibly be poised for more gains within the day. The pair’s bulls are currently at ease since the USD/CAD has managed to surpass its range highs of 1.3400 points. However, there is still the heavy resistance found at 1.3500 points which could possibly be overtaken by the pair’s bears.

The ADP employment change data from the US came out on a very impressive note yesterday, and this has enabled the USD/CAD pair to break the 1.3400 barrier. The pair was also generally unaffected by the dismal FOMC meeting minutes, and was even unshaken by Trump’s tax plans which are currently in hot water from House members. The major reason for this is the CAD’s significant backing from a drop in oil prices after it fell from $52 and is now priced at just $51. This was mostly because of the API data which exhibited a major buildup, bearing bad news for the CAD and thereby pushing the pair towards its range highs of 1.3450 points.

The Canadian economy is not set to release any important economic data until tomorrow, while the US will be releasing its unemployment claims data today. The USD/CAD pair is then expected to merely exhibit ranging and consolidation for the time being.

[AppleFX]

GBP/JPY Technical Analysis: April 6, 2017

The British pound against the Japanese yen broke in the upper channel during the Wednesday session which is a sign of consolidation. The market will most likely try to reach the 140 handle but there is a noise down below for a long-term pressure. A break lower than the 50% Fibonacci retracement level gives a bearish bias which would push the trend to fall towards the 134 handle. Overall the pair gives a choppy atmosphere and with trading activity moving fast. With the ongoing Brexit process, this would affect the trading for this pair.

[AppleFX]

GBP/USD Technical Analysis: April 7, 2017

The national currency of Britain remained neutral in the morning. The GBP/USD stayed within its fresh highs during the night. The major was selling aggressively during the first part of the day as the price declined near 1.2460 level.

Having renewed its sessions lows the spot cool down. Meanwhile, the British pound was unable to resume its advancement and turned back in the mark amid late session of Europe.

A renewed selling pressure emerged prior the onset of New York hours. The major lost its strength as it moves towards the region 1.2420.

The spot kept intact around the 50-EMA while 100-EMA trailed lower determined in the 4-hour chart. Furthermore, the 50 and 200-EMA came in neutral.

Resistance is found at 1.2500 mark, support entered 1.2400 region.

The MACD histogram lies at the centerline. On one side, the indicator entered the positive grounds, it will show increasing strength of the buyers and on the other hand, a return to the negative territory would let the sellers be in the driver’s seat. RSI alighted neutral.

The bullishness remain unless we witness a break on top of 1.2450 range. Buyers struggled to regain 1.2500 in the next sessions. Otherwise, the 1.2400 area is considered the next intraday support and probably a bearish objective.

[AppleFX]

USD/CAD Fundamental Analysis: April 17, 2017

The USD/CAD pair has continued to trade within a very limited range of 150-200 pips, which has been the pair’s dominant trend for the past few weeks. The currency pair was unable to make a breakthrough on both sides in spite of the several economic data released which is pushing the currency pair on both sides, proving to be very frustrating for the currency pair’s traders, particularly for those who want to trade with the USD/CAD pair in the long run. Now that the market is entering the latter half of the month, the USD/CAD pair is expected to range and consolidate in the coming weeks.

Last week, the US dollar dropped across the board following comments from Trump concerning the dollar strength as well as the weak interest rates of the nation’s economy. In addition, the BoC has also maintained their current rates and has refused to give out any hints with regards to the central bank’s main course of action. This has then caused the USD/CAD pair to drop down to 1.3300 points and seemed poised to reach 1.3000 points. However, as last week came to a close, the dollar was able to regain its footing, causing it to recover against the Canadian dollar and causing the USD/CAD pair to revert to the 1.3200-1.3400 trading range as it was able to secure a strong profit taking as last week came to a close. In addition, oil prices also surged last week and has managed to settle within $53-$55, ensuring that the USD/.CAD pair remains within its tight trading range.

For this week, the Canadian economy will be releasing its CPI data as well as the unemployment claims data and the oil inventory data from the US economy. These are not expected to bring in additional volatility for the USD/CAD pair and should put the currency pair within its current trend of ranging and consolidation.

[AppleFX]

GBP/USD Fundamental Analysis: April 17, 2017

The GBP/USD pair had a very stellar trading week last week as the US dollar crashed during the first part of last week. Although the USD has somewhat managed to recover its losses as the week came to a close, the sterling pound bulls had already held their ground, causing the currency pair to close down last week on a much higher note and just over the significant support barrier at 1.2500 points. This week is looking to be pretty hopeful as far as the GBP/USD pair is concerned especially with a string of important economic events set to be released within the week.

The dollar crashed last week as a result of Trump’s comments with regards to dollar and FX rates and this has caused the dollar to undergo a major selloff immediately after the comments were released. In addition, Trump had already more or less confirmed that the US will not be considering China as a currency manipulator, adding this to the list of campaign promises he had failed to carry out. This caused another dollar selling and sent the GBP/USD pair soaring through 1.2500 and reaching 1.2600 points. More than half of the currency pair’s increase was retracted, however, as the currency pair was met with major sells as it reached 1.2600 points.

For this week, The US will be releasing some small-scale economic data while the UK economy will be observing a market holiday on Monday but will be releasing its retail sales data and Carney’s speaking engagement will commence during the latter part of this week. However, currency traders are not expected to commit themselves too much on the GBP/USD pair since there are still a lot of uncertainties on the Brexit process, and any reversion can be seen as a stable place for a selloff.

[AppleFX]

EUR/USD Fundamental Analysis: April 17, 2017

The EUR/USD pair again exhibited a ranging and consolidation action for the second consecutive week as the currency pair was unable to make any significant progress on both directions. There were a handful of economic and geopolitical events that were released last week but these had virtually no effect on the currency pair as the EUR/USD pair merely stuck to its current range even though the pair’s buyers and sellers wrested control of the currency pair from each other.

The highlight of last week’s economic data was Trump’s comments wherein he stated that he preferred the US economy to have relatively low interest rates for as long as realistically possible, which means that it is highly likely that he will appoint dovish Fed officials, sending a shock throughout the market who are expecting more interest rate hikes in the months to come. He also added that the USD’s value is a tad bit too strong as compared to other currencies which are kept weak on purpose by their respective economies, and this backfooted the dollar and sent the EUR/USD pair from 1.0600 to 1.0700 points. However, upon reaching 1.0700 the currency pair was met with a lot of selling, and as the US economy released some pretty good data this has caused the EUR/USD pair to revert to 1.0600 and is now currently situated at just over this particular range.

For this week, there are no expected releases coming from the EU economy although the US will be releasing its unemployment claims data and the Manufacturing index data. These are not expected to impact the currency pair and as such, the EUR/USD pair is expected to continue its current trend of ranging and consolidation for the duration of the next two weeks.

[AppleFX]

USD/JPY Technical Analysis: April 17, 2017

The U.S. dollar against the Japanese yen was seen to decline during the Friday session as it moved towards the 108 handle. This opens selling opportunities for near-term as it broke lower than the 50% Fibonacci retracement level while the 50-day Exponential Moving Average transverse lower than the 100-day Exponential Moving Average.


Although, sellers momentum stopped after reaching the 109.00 mark and tried to reclaim the said position after a flat trend during the Thursday session. The pressure grew in during the morning session. The Resistance level was seen at 110.00 while the support positioned at 109.00 mark.


If the pair broke lower than the 108 handle, there is a high possibility for the pair to reach the 105 level. Traders might think twice to buy in short-term and to pay attention for a possible reversal in the price trend. There is still a shot to turn around for a bearish impetus but expect the pair to fall if it will extend lower than the 109.00 level.

[AppleFX]

AUD/USD Technical Analysis: April 17, 2017

The Australian dollar against the U.S. dollar surged during the Friday session as there is a little rebound seen because of gold and its associated geopolitical risks. Moreover, the high value of the dollar as described by President Trump has worsened the situation that pulled the greenback down compared to a basket of currencies. On a bright side, there is still a chance for the price to break in the higher that the trading range on Wednesday last week, towards the 0.7750 and even higher. This would support the reversals of the pair.

[AppleFX]

AUD/USD Technical Analysis: April 19, 2017

The Australian dollar against the U.S. dollar declined during the Tuesday session intersecting the 200-day Exponential Moving Average. There is a significant support found below at 0.75 level and a sign of supportive candle pattern indicates buying opportunity. If the price breaks above the shooting star on Monday session, this signals a bullish tone. Hence, it is much favorable to go long for this pair. The gold market could support this pair which is influential for this pair.

The pair broke lower than the 0.7535 support level indicating that the price moves upward from 0.7473 up to 0.7610 zone. This could further go down towards the next testing at 0.7473 support level and a breakdown in the said level will complete the downtrend indicating a continuation from 0.7749 mark towards 0.7300 area.

[AppleFX]

GBP/USD Technical Analysis: April 19, 2017

The British pound versus the U.S. dollar sustained the bid tone during the Tuesday Asian session. The price climbed from 1.2550 during the night and proceeded towards the 1.2600 level the next morning. The pound rebounded moved downhill during the post-London open. It almost reached the 1.2500 level as the trend turned bullish again. It surged upwards reversing losses as it broke exceeding the 1.2600 mark.

The Resistance level came in at 1.2700 while the support level was seen at 1.2600 mark. If the market is capable of sustaining the psychological levels higher than the 1.2600, the buyers will have the upper hand towards 1.2700.

[AppleFX]

EUR/USD Technical Analysis: April 19, 2017

The Euro against U.S. dollar rallied with the increased pressure because of a drop in U.S. yields after lesser than expected data. The Housing data also declined while the Industrial production met expectations. The overall European market is in tension as the pair skyrocketed after the unexpected announcement of Theresa may for a snap election on June 8.

The Prime Minister announced a general election seeking a strong approval from the public with the ongoing Brexit negotiation with the European Union. She knows that she has the upper hand and would not be difficult to place in polls. The major opposition party Labour has formally supported Brexit amid the referendum while the Liberal party is antagonistic towards it. The pound was seen to whipsaw as it initially slumped then climbed higher.

The latest French polls showed Macron leading against Le Pen and Melenchon comes third. The U.S. chain store sales climbed to 0.7% this week following a rebound last week after a 1.7% drop on April 1. The U.S. housing began to decline by 6.8% to 1.215 million in March removing all the 5.0% rebound to 1.303 million from 1.288 million in February. The U.S. industrial production rose 0.5% in March meeting expectations, propelled by 8.6% increase in utility output caused by the need for heating amid winter storms.

The pair climbed higher as it breaks above the Resistance level which now becomes the short-term support at 1.0693 level in the 10-day Moving Average. The next support comes in at 1.0569 level. The Resistance level is seen to be close to a downward slope trend line that links in the highs in November following the U.S. elections with the high levels this March close to 1.0850 level. If the price closes much higher than the said level, the next testing would be at 1.0906 level.

The MACD index showed a positive crossover signaling to buy for traders following a negative move prior. The spread seen in the 12-day Moving Average subtracted the 26-MA crossed above the 9-day Moving Average. The index price activity moved in an upward trajectory sloping line which means a higher exchange rate.

It stayed within a narrow 15-pips trading range in the beginning of the day. The Euro is trying to gain momentum to go higher but the sellers limited the rate to 1.0650 level. The spot plays within the area for the whole night during the European session. The resistance comes in at 1.0650 level while the support positioned at 1.0600 mark. It seems that the pair would maintain in a red mark but a move lower than the 1.0600 level would trigger a bearish trend towards the 1.0570 mark.

[AppleFX]

GBP/USD Fundamental Analysis: April 19, 2017

The GBP/USD pair soared on back of UK PM Theresa May’s call for a snap election during yesterday’s session. The cable pair increased exponentially in value after surging from its previous level of 1.2520 points to 1.2900 points. The currency pair started out initially small but a sudden surge in volatility caused the pair to skyrocket towards 1.2900 points and is now currently situated at just over 1.2800 points, the highest level that the pair has reached so far this 2017.

One of the main reasons behind this surge in the GBP/USD pair is the fact that Theresa May called for a snap election immediately after invoking Article 50, which means that there is basically no turning back as far as the Brexit process is concerned, ergo the said elections are not really high up on the list of the UK’s Brexit timetable. A snap election amidst a turmoil in the UK economy also means that she could possibly emerge victorious with a strong mandate included. This could induce more power to the PM’s position, especially with the ongoing negotiations over the Brexit process.

For today’s session, there are no expected releases from the UK economy and the current trend of the GBP/USD pair is expected to manifest up until today. The cable pair is now up against a strong selling range and traders should throw caution to a possible correction at the resistance level of 1.2650 in the short term period.

[AppleFX]

EUR/USD Fundamental Analysis: April 19, 2017

The EUR/USD pair was able to take advantage of the news that came out during yesterday’s session pertaining to Theresa May’s call for a snap election this coming June 2017. But on a logical perspective, it seems unnatural that both the sterling pound and the euro are benefitting from this bit of news, since the GBP’s reaction is based on the possibility that the snap elections will enable Theresa May to tighten her grip on her current position as Prime Minister and give her more influence on the Brexit negotiations against EU officials, and this should cause the euro to drop even further.

The only plausible reason behind this phenomenon is the recent drop in the USD’s value as the Trump administration continue to increase international tension amide threats to DPRK. So with the dollar weakness across the board, the EUR/USD pair was able to advance from 1.0650 points to exceeding 1.0700 and even going past 1.0730 before finally settling down to trade at just over 1.0700 points as of the moment.

For today’s session, there are no expected releases from both the EU economy and the US economy and this bullish outlook for the EUR/USD pair is expected to continue throughout the duration of today’s session and could possibly induce the pair to advance towards 1.0750 where it is expected to be met by a lot of selling activity.

[AppleFX]

USD/JPY Fundamental Analysis: April 19, 2017

The USD/JPY pair crashed yesterday as investors reacted to a very disappointing US economic data amid the beginning of talks between the US and the Japanese economy. The currency pair closed down the previous session at 108.430 points after dropping by -0.44% or 0.474 points. As of the moment, the currency pair is trading at 108.584 points after increasing by +0.14% or 0.154 points.

The US homebuilding data dropped significantly last month as construction across the Midwest recorded its biggest loss within a three-year period, which caused US Treasury yields to crash and has subsequently affected the performance of the US dollar. USD/JPY investors are also now monitoring the ongoing talks between US and Japan as this could leave hints with regards to the future direction of US trade policies under the very protectionist Trump administration. The USD/JPY pair is expected to remain under pressure if US Treasury yields continue its current downward trend. In addition, a flight to safety is also expected if the stock market exhibits another follow-through. Traders are then advised to continue monitoring for possible twists in earnings data which could dictate the price direction of the stock market. The recent plunge in IBM stocks at 5% as well as a very dismal earnings data could possibly affect today’s session.

For today’s session, investors are expected to react to the release of the most recent Fed Beige book, along with the US Treasury yields and stocks to be released prior to the Beige book data.

[AppleFX]

EUR/USD Fundamental Analysis: April 20, 2017

The EUR/USD pair encountered a lot of selling pressure after it reached the 1.0750 trading range and was unable to make any significant progress beyond this particular region. The currency pair has tried in vain to break through this range and has since then resorted to consolidating between 1.0750 and 1.0700 region for the duration of yesterday’s session, with the pair’s bulls mostly responsible for maintaining the pair’s position within its range highs.

There were no economic news released during the previous session and this is why the EUR/USD pair merely engaged in a ranging and consolidating mode with a bullish undertone for the US dollar. The USD strength was not that pronounced and was only able to induce a minor correction in the EUR/USD pair. However, there are some members of the ECB that are saying that economic speculations in the eurozone could possibly exceed market expectations, however this did not make a significant dent in the current value of the EUR/USD pair. The 1.0750 trading range could possibly be a good position for the pair’s bears to push the currency pair down, where the selling is expected to surge. The currency pair could also possibly correct towards 1.0600 unless a major market phenomenon shocks the market yet again.

For today’s trading session, the US will be releasing its unemployment claims data as well as its Manufacturing Index data while there are no expected releases from the EU economy. The US Treasury secretary will also be making a speech within the day and this is expected to increase today’s market volatility. On the other hand, the USD is expected to hold its ground and the currency pair will most likely remain within its current range.

[AppleFX]

GBP/USD Fundamental Analysis: April 20, 2017

The market had a generally slow day yesterday as there were no significant events and economic news that could have lent some measure of volatility into the market. But the GBP/USD pair is grateful for this breather especially since it has previously bore the brunt of consecutive hits which brought the pair’s value on a much lower level. The effect of Tuesday’s polls announcement was felt during the first few hours of yesterday’s session as the cable pair was able to surpass 1.2800 points but then immediately corrected and was unable to make any progress beyond this particular region.

The 1.2800-1.2850 region for the GBP/USD pair has been characterized with major selling and this has brought the currency pair down towards 1.2800 and is now trading at just over 1.2750 points. The GBP/USD pair is now expected to encounter a somewhat bumpy trading as traders are now starting to assess the effect of the recent snap elections announcement and if this will have an impact on the Brexit negotiations. There is a very stable resistance barrier at 1.2800 points and now that the cable pair is still very prone to corrections, the currency pair could possibly move towards the now-support level of 1.2650 points.

For today’s session, US will be releasing its unemployment claims data as well as its manufacturing index data. A string of speeches is also expected from the BOE governor and the US Treasury Secretary and these are all expected to add up on the pair’s volatility levels. A bumpy trading trend is expected on both directions of 1.2800 points for the entirety of today’s session.

[AppleFX]

USD/CAD Fundamental Analysis: April 20, 2017

The USD/CAD pair is now steadily making its way towards the 1.3500 trading range where it is expected to be met with a lot of selling activity. After spending a long time within a very tight range of 150-200 pips, the currency pair has now managed to push itself towards 1.3400 and is now placed at just 1.3480 points. But then again the pair’s bears will now be more interested once it reaches 1.3500 points as there are a lot of selling on this region and they would be able to use as leverage the strong resistance on that particular range which has beaten down several buyers ever since 2016.

The most recent weakness in the Canadian dollar is mostly attributed to a very dismal housing data, which clocked in some brand new home purchases. This was even more magnified by a drop in oil prices, which plummeted to 4% during the previous session. And since the country’s economy is highly dependent on oil prices, any weakness would automatically translate to a weak CAD as well. This has manifested yesterday and brought the USD/CAD pair towards 1.3450 and even towards 1.3500 points. The reason behind the retreat of oil prices is due to concerns on whether the oil production cut agreement would still be effective even as the first half of 2017 ends, and this has induced a major downward pressure on the USD/CAD pair. This pressure on the pair could possibly continue as the market will now be watching whether oil prices would go beyond the highly critical region of $50.

There are no major news expected today from the Canadian economy but we do have the unemployment claims and manufacturing index from the US. If the USD manages to stay afloat, then the USD/CAD pair will be safe at its current range.

[AppleFX]

EUR/USD Technical Analysis: April 20, 2017

The Euro against the U.S. dollar was traded in a limited range following a breakout higher than the 10-day Moving Average on Tuesday. It abated during the night trading session while the U.S. dollar is recuperating. However, this is only a fleeting moment as the buyers dominated again the market comes morning. The uptrend impetus also stopped during the mid-European session. Instead, the price reversed and declined towards the 1.0700 region.

A major support is found between 1.0640 and 1.0750 region while the Resistance level positioned between 1.0750 and 1.0906 area. It maintains its uptrend from 1.0569 level following a consolidation at 1.0737 region. It is anticipated that this could further go up in the next trading sessions towards the next target at 1.0800 area. A clear break lower than the short-term support at 1.0670 completes the uptrend. However, if this does not proceed higher, a profit-taking will take place towards 1.0680 level.

Overall, there is a good momentum as shown in the MACD index with signs of crossover signaling to buy this pair coming from a negative territory. However, it shows a downwards sloping trajectory in the hourly chart. The price activity is in the black which is anticipated to move in an upward sloping trajectory implying a higher exchange rate.

On the other hand, the RSI indicator stayed in a neutral range with a reading of 54 that is a form of consolidation. The hourly chart is showing signs for a bullish trend hinting for a next rebound.

[AppleFX]

USD/CAD Fundamental Analysis: April 24, 2017

The USD/CAD pair had a somewhat strong performance last week as the currency pair started out within its range and looked to consolidate. However, the pair only managed to break through the very tough resistance region of 1.3400 towards the end of the week, with the pair finally advancing towards 1.3500 points, which has been tagged several times as a highly crucial region since it has prevented the USD/CAD pair to make any significant progress in the past few months, with the bulls failing again and again to break through this range in spite of their various efforts. The rally of the USD/CAD pair was attributed partly to the USD’s strength after reports that the Trump administration is still very much interested in implementing a tax plan, with the said tax plan getting implemented possibly within this year. In addition, Trump could possibly outline the details of the corporate tax plan within the week and this could further boost the value of the USD/CAD pair.

The USD/CAD pair was also influenced by the recent drop in oil prices. Oil prices had started out as initially strong, but then eventually dropped after concerns on whether oil producers would still push through with the production cut deals as the market approaches the midyear. This then enabled the value of the USD/CAD pair to reach 1.3500 points where it is currently located.

For this week, the Canadian economy will be releasing its GDP data as well as retail sales data, while the US economy will be releasing its advanced GDP data. If the USD/CAD pair manages to breakthrough cleanly its current region, then the USD/CAD pair could possibly march towards 1.4000 points, although traders should be wary of a possible ranging and consolidation action.

[AppleFX]

EUR/USD Technical Analysis: April 25, 2017

The currency pair EURUSD breaks upwards towards its renewed highs in 2017 during the Monday opening. The upward momentum reached 1.0900 region and weakened afterward.

The spot became sluggish shortly after that event, falling to the level 1.0850.

Meanwhile, sellers attempted to regain the area but did not succeed because the handle was fully protected by the buyers.

Moreover, sellers continued to strive for the level in the morning. Resistance came in at 1.0900 mark, support approached the 1.0850 range.

According to forecasts, it is probable to consider downward movement near 1.0800 region. The euro is also possible to struggle to fill the gap for the next sessions. In case the buyers remained in control, it will direct the EUR/USD beside 1.0900.

[AppleFX]

GBP/USD Technical Analysis: April 25, 2017

The British currency became bearish even after it started with a positive stance. The major climb higher during the opening touching the mark 1.2835. But the upward impetus dwindled eventually.

Amid Asian trades, sellers began to drive the price downwards and sent the GBPUSD towards 1.280 level. The pair eyes some renewed bids within the range and successfully reversed its night losses during the middle of the day.

Moreover, the situation, in general, showed similar condition in the morning while the Cable remained to trade in sideways. Resistance is at 1.2900 region, support highlighted 1.2800 area.

Should the sellers break the 1.2800 mark and the support at 1.2700 will probably the next bearish target.

[AppleFX]

AUD/USD Technical Analysis: April 25, 2017

The AUDUSD is kept intact in the pressured area on Tuesday morning as the North Korean issues recurred. While investors have a light spirit due to high paying assets.

Moreover, traders felt slightly nervous on the back of White House invitation to the U.S Senate with regards on the briefing of N.Korea’s situation scheduled on Wednesday.

The flight-to-safety buying will send investors away from Australian Dollar which is one of the currency with high risk and will settle on gold and Japanese Yen which are considered safe haven assets.

Based on the daily swing chart, the main trend is descending. A move with .7610 will help the trend to edge higher. The closing on Monday ended up at .7568 which made a 50% level near .7576 resistance region. This was followed by .7600 and .7611 retracement levels.

Found in the downside is the immediate support .7541 which is a long-term Fibonacci level while .7525 short-term Fibonacci level is followed.

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