Daily Technical Outlook ForexTime ( FXTM )

Daily Technical FXTM

USD/JPY

The pair turned from neutral to slightly bearish in the hourly chart as prices dropped below 101.70 support in early European trading session.

Therefore, another extension lower in the direction of 101.35 support level is expected, meanwhile, when looking at today’s price action, the pair needs further bearish momentum to confirm a potential break lower. In the meantime, from a market correlation angle, we can see that the Dollar is quite strong in the near-term against a basket of G10 currencies, which can support Dollar/Yen from falling.

In the daily chart, the pair found strong resistance near the 61.8% retracement of the entire decline that began from 107.50 peak, which stands at 104.45 level and therefore, a downside continuation is possible in the coming days.

As of now, the bullish momentum seen recently has faded and a daily close below 101.35/20 support zone would be ideal for another sell-off that can reach 100.50 major support.

In the flipside, only a breakout above 103.35 peak will confirm a major bullish reversal in the pair.

Support: 101.35-101.20-100.50

Resistance: 102.15-102.45-102.95






Source : http://www.forextime.com/market-analysis

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Daily Technical FXTM

USD/CAD

The pair fell to reach as low as 1.3133 level before to recover by the end of the U.S session, forming a strong daily bullish candle for tomorrow.

The pair erased the entire losses and succeeded to end the day in the Green territory.

Therefore, the downside potential in USD/CAD is likely to remain limited and as far as 1.3025 low is in place, new high can be seen very soon.

The next levels of interest are sitting at 1.3235 followed by 1.3250 crucial resistance.

A break above this zone can send the Dollar/CAD to as high as 1.3430 level in the coming days.

Support: 1.3136-1.3120-1.3025

Resistance: 1.3235-1.3250-1.3370





Source : http://www.forextime.com/market-analysis

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Daily Technical FXTM

AUD/USD

The Australian Dollar managed to bounce on Monday as prices succeeded to overtake the 0.7500 handle again.

Despite that, momentum indicators are still calling for additional weakness in the pair as far as 0.7740 peak is in place.

In the hourly chart, the recent rally stalled at September13 resistance, which stands at 0.7567 and we should continue to see further decline in the coming hours especially if the Aussie succeed to break below 0.7500 psychological support for the second time.

In the other side, only a daily close above 0.7567 peak will unwind the selling pressure and another jump in the direction of 0.7725 weekly resistance can happen.

Support: 0.7507-0.7440-0.7420

Resistance: 0.7567-0.7589-0.7620





Source : http://www.forextime.com/market-analysis

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Daily Technical FXTM

Gold

The Yellow metal lost its force in the near-term as both global equities and the U.S Dollar strengthened recently, reducing the demand for safe havens like Gold and Silver.

Technically, prices remain under pressure in the hourly chart, as Gold failed to overtake 1357 hourly resistance. Looking at the recent price action, since forming a top at $1375 per ounce, prices have printed a series of lower highs, which shows the weakness in gold for the short-term.

As of now, the focus will be on 1300 psychological support ahead of FED rate decision this week and a break below it will trigger a big sell-off in the yellow metal with targets around 1286$.

In the flipside, if prices bounce and manage to overtake 1327-1331 resistance zone, then we can say that gold has found a real bottom around 1300 support and prices should be ready for a re-test of 1357 resistance.

Support: 1306-1300-1286

Resistance: 1327-1331-1353






Source : http://www.forextime.com/market-analysis

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Daily Technical Outlook

EUR/USD

The Euro remain steady in the near-term after prices showed a double bottom formation around 1.1125 support. The single currency traded higher by the end of the week, however, the pair found strong resistance at 1.1250 level, which represents the 50% fibonacci retracement from 1.1365 peak coupled with the bearish trendline in the hourly chart. Therefore, prices are likely to consolidate in a sideways manner until we see a clear breakout above this barrier, which will open the path of 1.1328 resistance followed by a re-test of 1.1365 area in extension.
In the opposite, only a daily close below 1.1125 support should put the pair under pressure again.




Source : http://www.forextime.com/market-analysis

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Daily Technical Outlook

GBP/USD

Cable sold-off sharply on Friday as prices managed to break below the 1.3000 psychological support, the pair has made a fresh weekly low at 1.2915 before to stabilize around 1.2960 level. Looking at the recent price action, we have seen a strong bearish engulfing candle in the daily chart, which may clear the path for further weakness in the pair towards 1.2865 weekly support followed by 2016 low, which stands at 1.2795. Meanwhile, the pair still need to show a daily close below 1.2945 support to confirm the next wave to the downside.
Finally, if prices manage to recover during the beginning of next week, then we will look for resistance around 1.3020/45 area before the selloff resume. This scenario is valid as far as 1.3120 peak is intact.






Source : http://www.forextime.com/market-analysis

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Daily Technical Outlook

USD/JPY

From a technical standpoint, the pair remain clearly oversold in the short-term; in the meantime, we continue to see strong reaction each time the pair is trying to break below 100.00 psychological support. This level is important to Bank of Japan officials, and we may still see some interventions from time to time around this level.

Looking at the recent price action, the pair failed near 102.80 resistance level and extended its decline below the 101.00 daily support, which cleared the path for a big sell-off that reached as low as 100.10 following the recent FOMC rate decision.

In the near-term, momentum indicators started to show some positive signs; however, the current jump can be defined as a dead cat bounce as the pair remain strongly bearish below 102.80 peak. Therefore, this recovery can be short-lived and we expect strong sellers to appear between 101.20/101.45 resistance zone, before to see a downside reaction again.

In extension, a break above this zone should open the way to a re-test of 101.75 resistance..

Finally, the picture remain negative in the daily chart as prices keep printing lower highs since early 2016 peak and consequently, the selling pressure is likely to resume when the fundamental dynamics converge again.






Source : http://www.forextime.com/market-analysis

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Daily Technical Outlook

USD/CAD

The pair continue to fight for a clear direction in the near-term, volatility increased on Friday as Saudis do not see output deal for Oil.

Technically, prices fell on Wednesday to retrace 50% of the entire recovery seen from
1.2762 low before to bounce strongly from this level, which coincide with the 1.3000 handle.
Consequently, the outlook has turned positive again in the hourly chart, and another attempt to break above 1.3250 barrier is likely during the week ahead.
If the pair succeed to overtake this crucial resistance, then traders should expect a big rally in the coming days that can target as high as 1.3430-1.3500 zone as the current market environment can be ideal for such a break higher, with Oil under pressure and commodity currencies sideways to higher.
In the flip side, a breakdown below 1.3000 psychological support should cancel this positive outlook.





Source : http://www.forextime.com/market-analysis

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Daily Technical Outlook

Gold

The yellow metal managed to preserve 1300 handle, which is considered as a major support in the daily chart. Gold benefited from dovish FED comments to recover from its recent losses, breaking above 1328 short-term resistance and reaching a high of $1344 per ounce on Friday.
This level represents the 61.8% retracement of the bearish cycle that comes from 1367 peak to 1302 low, consequently, a downside correction can be seen early next week.
Looking at the biggest picture, gold remain bullish as far as prices keep trading above 1300 psychological support, however we still need to see a clear breakout above 1352/1357 resistance zone to confirm another extension higher towards 1367 level followed by 2016 high at $1375 per ounce.
In the near-term, if prices correct lower, then we will look for support around 1328/1300 zone before a new bullish cycle begin.






Source : http://www.forextime.com/market-analysis

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Daily Technical Outlook

Dollar index

Technically, the Dollar remain steady despite that the U.S Manufacturing PMI came out less than expected in September.
Bulls managed to protect the 95.00 daily support and for the time being, the focus is on 95.55 near-term barrier as a break above it should send prices higher towards 96.00 handle.
Recently, the Dollar index broke above its bearish trend line that comes from 97.60 peak reinforcing the bullish outlook in the near-term and the recent bounce can be considered as a positive sign as traders began to digest the recent statement from the FED. Therefore, the selling pressure may unwind in the coming days.

As of now, it is clear that market participants are pricing on a rate hike in December, meanwhile, the U.S dollar can resume its advance towards the mentioned above zone.
In the downside, only a daily close below 94.90 support will put the Dollar under pressure again.






Source : http://www.forextime.com/market-analysis

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Daily Technical Outlook

AUD/USD

The Australian Dollar jumped from the 50% retracement of the cycle that comes from 0.7760 peak to 0.7150 low, and continue to print higher lows in the daily chart, which keeps the bullish trend intact in this pair.

Prices succeeded to overtake 0.7620 resistance level, and by now, a move back in the direction of 0.7575/60 area should offer fresh long opportunities for buyers. In the near-term, the pair should trade sideways as momentum indicators are sitting in the overbought territories and we will focus on the key levels to determine the next directional move.

To summarize, the pair is bullish in the daily chart while the hourly chart is sideways to positive and as far as 0.7550/70 zone is intact, another rally cannot be ruled out in the following days.







Source : http://www.forextime.com/market-analysis

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Daily Technical Outlook

USD/CAD

Beginning with USD/CAD, the pair failed to break above 1.3280/1.3300 monthly resistance zone and turned sharply after prices dropped below 1.3194 support. The pair has reached a high of 1.3278 following crude oil inventories release before the sell-off begin. The move was fast because of the surprise effect following the output-cap deal and by now the pair the outlook has become strongly bearish in the short-term.

Technically, momentum indicators turned negative and a continuation lower is likely in the coming hours. Regarding the next levels of interest, the selling pressure should send prices to as low as 1.3000 psychological support while a recovery towards 1.3155/1.3172 zone is likely to cap any rally attempt.

To conclude, as far as 1.3225 peak is intact in the hourly chart, the trend should stay bearish.





Source : http://www.forextime.com/market-analysis

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Daily Technical Outlook

AUD/USD

The Australian Dollar remain one the strongest currencies this year and a new rally towards 2016 peak is likely in the following days.

Looking at the recent price action, the pair continue to respect the higher lows structure seen from 0.7150 support, consequently, the preference should be to the upside. In the hourly chart, as far as 0.7640 low is in place, the pair should continue to gain ground in the direction of 0.7730 resistance while a drop to 0.7675/60 support zone should find strong buyers.





Source : http://www.forextime.com/market-analysis

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Daily Technical Outlook

NZD/USD

After falling to a low of 0.7232 earlier today, the kiwi managed to bounce strongly on the back of OPEC recent deal. From a technical standpoint, the pair remain overbought in the near-term and as long as 0.7320 high is intact, we expect prices to keep trading sideways until a clear breakout above the mentioned above resistance level happens.

In the opposite, a daily close below 0.7210/20 support zone should confirm a change in the short-term positive trend.





Source : http://www.forextime.com/market-analysis

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Daily Technical Outlook

Crude Oil (WTI)


Oil rallied more than 5% reinforcing the scenario of a double bottom patter near $44.20 per barrel. In the meantime, prices succeeded to overtake a major resistance level located at 46.50 level, which may clear the path for further advance in the direction of 47.75 barrier.

In the other side, a move to 46.50 may offer fresh long opportunities for bulls and therefore this former resistance is likely to turn as a support in the coming hours.

From a wider angle, Oil is trading sideways in the weekly chart and only a clear break above $51.00/51.75 per barrel will confirm that prices have bottomed for this year and a big recovery can be expected in the coming months. In the meantime, if we look at the theoretical target of the recent double bottom reversal pattern, we can see that 48.90 represents this price objective and coincide with a former resistance level.

To summarize, Oil outlook turned positive for the time being and the recent rally can extend to as high as $49 per barrel as far as 44.20 low is in place.







Source : http://www.forextime.com/market-analysis

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Daily Technical Outlook

EUR/USD

The single currency was the only major currency to rise against the Dollar despite Deutsche bank fears.

The Euro bulls managed to protect 1.1125 daily support as prices jumped above the 1.1200 handle after finding a low around 1.1138 level. Therefore, the outlook remain slightly positive in the hourly chart and another re-test of 1.1250 barrier is likely in the coming hours. Meanwhile, the daily trend is clearly neutral and we will wait for additional momentum before to confirm the next directional move.

From an intraday perspective, traders should focus on 1.1175 level in the downside and 1.1238 level ahead of U.S ADP figures.






Source : http://www.forextime.com/market-analysis

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Daily Technical Outlook

GBP/USD

The Sterling continue to weaken after breaking below 1.2798 low, which represented the lowest level for this year. This breakdown reinforced the negative outlook for the British pound that began following the Brexit decision.

Technically, the pair is bearish in both the daily and the hourly charts, however, the RSI indicator stands at the oversold territory, and an upside correction cannot be ruled out in the near future.

Looking at the wave structure, 1.2617 is considered as the theoretical target completion for the bearish cycle that began from 1.3445 peak, and should give some support to the pair once reached.

As of now, traders are likely to keep selling rallies around 1.2770/85 zone to play a continuation of the main negative trend. In the opposite, only a daily close above 1.2850 will cancel this negative scenario.






Source : http://www.forextime.com/market-analysis

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Daily Technical Outlook

USD/CAD

The pair bounced strongly yesterday despite Oil strength as commodity currencies were weak across the board.

From a technical point of view, the pair should remain well supported above 1.3130 low and another wave higher is expected as prices managed to overtake 1.3195resistance level.

If the pair resume its upside momentum, then we will look for resistance around 1.3250 level, from where the pair may stabilize before to continue its advance. In the flipside, a drop below 1.3170 should expose 1.3145/30 zone.

Overall, the pair remain bullish in the daily chart as prices continue to respect the higher low structure that began from 1.3000 psychological support.






Source : http://www.forextime.com/market-analysis

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Daily Technical Outlook

USD/JPY

The Japanese Yen weakened against the U.S Dollar since the beginning of this week, as prices failed several time to break below 100.00 major support.

In addition, the pair succeeded to break above the bearish trend line drawn from 104.35 peak and to overtake 102.80 hourly resistance (Post BoJ high), which reinforces a continuation higher in the coming hours in the direction of 103.35/50 resistance zone.

The pair turned bullish in the short-term, and as far as 102.00 low is in place, the preference should be for longs.






Source : http://www.forextime.com/market-analysis

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Daily Technical Outlook

NZD/USD

The New Zealand fell sharply after we saw a big rejection from 0.7300 barrier during yesterday’s U.S trading session. The pair showed a head and shoulders reversal pattern in the daily chart, which can extend the sell-off in the coming hours.

The broken neckline was located at 0.7203 level and a pullback to around this level should offer another selling opportunity for bears. The next level of interest stands at 0.7154, which represents the 61.8% retracement of the entire rally seen from 0.6950 low.

Therefore, the outlook is strongly bearish in this pair and the upside momentum should remain limited below 0.7215 peak, while the theoretical target for this formation stands at 0.6930 area.






Source : http://www.forextime.com/market-analysis

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