Daily Technical Outlook ForexTime ( FXTM )

FX Weekly Technical Outlook (10 to 14October 2016)

EUR/USD

The Euro remain strong compared to a basket of major currencies as the single currency managed to protect 1.1100 psychological support despite the recent strength seen in the U.S Dollar during last week.

Technically, the pair keep trading inside a wide range that comes from 1.1250 resistance to 1.1120/1.1100 support zone and only a clear break outside of this sideways formation, should provide more clues about the future price action in the coming days. Consequently, our view remain neutral regarding this pair.

Looking at the levels of interest for the week ahead, traders should focus on 1.1240/50 in the upside while in the downside, a breakdown below 1.1150 should open the way for further downside in the direction of 1.1100 handle.





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

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FX Weekly Technical Outlook (10 to 14October 2016)

GBP/USD

The pair fell to lowest level since March 1985 during early Asian session trading as algorithms intensified the sell-off.

The Sterling sank to as low as 1.1841 shown in Bloomberg reinforcing the bearish outlook that followed the recent Brexit decision. As of now, it is clear that cable remain under pressure, however traders should approach this pair very cautiously in the coming days as we have seen a strong bounce from the lows.

From a technical standpoint, the pair should follow two different paths in the near-term. Either a recovery towards 1.2540/60 before the sell-off or a continuation lower if 1.2485 peak holds.

For the second scenario, a daily close below 1.2225 support is needed for another dip in the direction of 1.2060/1.1960 support zone, from where a potential major low is likely to be found in the coming days.

Overall, the pair remain strongly bearish in both the hourly and the daily chart, which keeps the preference for selling rallies instead of buying the dips. In the opposite, a break above 1.2770 peak should confirm a potential bullish reversal.





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

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FX Weekly Technical Outlook (10 to 14October 2016)

USD/JPY

The Japanese Yen has weakened significantly last week as traders began to book profits on their short positions since the beginning of this third quarter.

Technically, the short-term trend has turned bullish and as far as prices keep trading above 100.75 support, another extension higher remain possible. Therefore, if Friday’s drop continue during the beginning of the coming week, then we expect strong buyers to appear around 102.10/101.65 zone as these levels represents the 50-61.8% fibonacci retracement of the entire recovery that began from 100.08 low.

In the flipside, a daily close above the psychological of 104.00 is necessary to support the reversal outlook.

From a wider angle, the daily trend still bearish and as far as 104.30 peak is intact , the probability of a major bullish reversal reversal will remain weak.





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

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FX Weekly Technical Outlook (10 to 14October 2016)

USD/CAD

The pair ended last week on a positive note as prices managed to overtake 1.3280 weekly resistance despite strong employment figures from Canada on Friday.

The pair fell to a low of 1.3185 following the release before to bounce strongly, reinforcing the positive outlook in the short-term. Consequently, as far as this low remain in place, another rally in the direction of 1.3400/1.3430 resistance zone remain highly possible during the week ahead.

In addition, Oil prices began to show some signs of weakness around $50 psychological resistance, which can give another push to USD/CAD.

Looking at the daily chart, the pair has been in a consolidation phase for more than 3weeks and we have seen on Friday a daily close above the 200daily moving average, signaling that bulls have potentially won the battle and overtook the control of this pair for the time being. In the meantime, the weekly RSI indicator crossed above its 50 neutrality zone while the candle close showed a strong bullish engulfing for the previous 2weeks.

To summarize, the pair is ready for a big rally in the coming days and only a close below 1.3185/50 support zone will cancel this positive view.






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

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FX Weekly Technical Outlook (10 to 14October 2016)

AUD/USD

The Aussie retreated below 0.7590 daily support after the pair showed a potential head and shoulders reversal pattern. In addition, prices broke below the mentioned above support as it represent the neckline for this bearish formation. Therefore, prices should remain under pressure in the near-term and another wave lower should begin towards 0.7530 support.

In the opposite, the negative picture should remain unchanged as far as 0.7645 peak is in place.

To conclude, the Australian Dollar began to lose its bullish momentum and a confirmation for the negative signals given in the previous week is expected. Traders should focus on 0.7645 resistance as only a break above it will cancel any negative attempt.




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

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FX Weekly Technical Outlook (10 to 14October 2016)

NZD/USD

The New Zealand Dollar was one of the worst performer in the recent days. Prices have confirmed the head and shoulders pattern shown in the 4hour chart, as the break below 0.7200 psychological support triggered a big sell-off in the kiwi.

For the week ahead, we expect the weakness to resume in this pair, however when looking at momentum indicators we can a clear oversold condition, which can lead to an upside correction in the short-term. This potential recovery can reach as high as 0.7220/45 zone before to find strong resistance for another extension lower in the direction of 0.7085 weekly support.

In the other side, the bearish outlook will remain strong as far as 0.7310/30 barrier is intact.





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

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Daily Technical Outlook -October 12-

EUR/USD

The Euro traded sharply lower yesterday after bears managed to send prices below the daily range that was located between 1.1250 resistance in the upside and 1.1120 support in the downside.

The single currency broke below 1.1100 handle, which is likely to clear the path for further weakness in the direction of 1.0950 support, meanwhile we can see some buyers around 1.1000 psychological support, therefore, a short-term correction cannot be ruled out in the coming hours.

As of now, 1.1100/20 zone turned resistance in the hourly chart, and prices should remain under pressure below it. Looking at the level of interests following the FOMC meeting minutes today, 1.1060/80 is seen as a major barrier and in case the pair manage to recover from yesterday’s losses then we expect the decline to resume from there.




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

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Daily Technical Outlook -October 12-

GBP/USD

The Sterling remain under pressure from a med-term perspective, however the pair has reached a key technical support yesterday around 1.2085, which represents the 61.8% retracement of the recent bounce from the flash crash low. Consequently, we may see some stabilization in the next days, in the meantime, as far as 1.2330 peak is in place, the downside risks will persist.

In the near-term, the focus should be on 1.2200 support level followed by 1.2165 in extension as a break below this zone will trigger another sell-off in the direction of 1.2085 low.







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

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Daily Technical Outlook -October 12-

USD/CAD

The pair continue to fight in the short-term as the lack of bullish momentum keep the outlook neutral in the hourly chart. In the same time, we can see that prices respect the higher lows structure that began from 1.3000 low and have already bounced from the 50% retracement related to that cycle yesterday. Therefore, another attempt to break above 1.3270/80 resistance zone is likely in the coming hours and only a daily close above this barrier will confirm that the short-term trend has turned from sideways to bullish.

In the daily chart, 1.3400 area remain a theoretical target for this pair in the coming days unless a daily close below 1.3130 support happens.





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

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Daily Technical Outlook -October 12-

USD/JPY

The pair has confirmed the bullish reversal signs showed in the previous week as prices succeeded to overtake 104.00 barrier today. Consequently, the focus shifted to 104.40 resistance as it represents a major resistance level seen from early September. Therefore, traders should focus on this level to confirm another extension to the upside that can reach as high as 105.60 area in the coming days.

In the opposite, any drop should be short-lived as far as 102.40 low is in place, and a re-test of 104.00 former resistance may see new buyers again.

To summarize, the daily trend turned bullish for the time being and we will wait for a clear break above 104.40 peak to confirm a new rally towards 105.60/106.00 area.





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

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Daily Technical Outlook -October 12-

AUD/USD

The Australian Dollar traded slightly higher on the back of profit taking that followed last week sell-off. Looking at the recent price action, the pair broke below a major support which stands at 0.7590 level, confirming a reversal in the near-term trend.

As of now, as far as prices keep trading below 0.7625/45 resistance zone, a re-test of 0.7530 support is likely followed by a drop in the direction of 0.7475 daily support.

Overall, the trend remains bullish in the daily chart, however the hourly chart is calling for further weakness in the pair and only a daily close above 0.7645 resistance will cancel the negative outlook.






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

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Daily Technical Outlook -October 12-

NZD/USD

The Kiwi still considered as one of the weakest currencies in the FX market since last week, the pair showed a clear head and shoulders pattern reversal pattern that has been confirmed with the break below 0.7200 handle.

Actually, the sentiment remains bearish below the mentioned above level, which turned resistance in the hourly and therefore, a continuation lower in the direction of 0.7000 psychological support is likely in the coming days. In the opposite, if the pair manage to bounce during the Asian session, then we will look for resistance around 0.7120/40 zone which represent the 50/61.8% retracement of the recent bounce from 0.7043 low to 0.7200 peak.





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

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Daily Technical Outlook -October 12-

Gold

The yellow metal has lost its bullish momentum after prices broke below 1300 psychological support. For the time being, prices stabilized around 1250 hourly support (June low), however the negative momentum remain strong and is still calling for further weakness in the coming days.

Consequently, prices can take two different paths in the next hours, either a correction higher in the direction of 1260 barrier before to resume the decline, or a downside continuation which will be confirmed with a breakdown below 1250 support.

In both cases, another dip towards $1235 per ounce is expected as far as 1277 high is in place.





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

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Daily Technical Outlook -October 17-

EUR/USD

The Euro ended last week in the negative territory after prices showed a strong bearish engulfing candle in the weekly chart.

Looking at the week ahead, the technical picture remain strongly bearish and a continuation lower towards 1.0910 major support is likely as long as the pair continue to trade below 1.1100 handle. In the short-term, the next level of interest stands at 1.1060 and only a break above this peak should weaken the negative outlook.

As of today, 1.1010/20 represent the hourly resistance zone for the Euro while a breakdown below 1.0970/60 support levels can trigger another sell-off in the coming hours.




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

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Daily Technical Outlook -October 17-

GBP/USD

Cable remain weak in both the med-term and the short-term charts, therefore, any recovery may be short-lived below 1.2270 peak.

In the coming hours, the focus should be on 1.2130 support as a daily close below it, should confirm that sellers have overtook the control of this pair again, and prices can be ready to begin a new wave to the downside.

From an intraday perspective, 1.2198 is considered as a strong barrier and at least a 4-hour close above it is needed in order to begin talking about a potential bullish reversal in the short-term.

In extension, a breakdown below 1.2130 support is likely to clear the path for 1.2090/80 area.




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

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Daily Technical Outlook -October 17-

AUD/USD

The Australian Dollar managed to bounce strongly during last Friday as bulls succeeded to preserve the 0.7500 psychological support.

In the meantime, the recent recovery stalled around 0.7645 hourly resistance, which keep the short-term view neutral for the time being. Meanwhile, the daily technical picture is giving more support to the positive side as the pair continue to respect the higher low structure that began from 0.7140 monthly support.

In addition, traders should be aware that volatility might increase overnight ahead the RBA meeting minutes.

Now let us review the possible scenarios for the following hours:

A move back towards 0.7575/60 support area can be the beginning of a new impulsive wave to the upside that can reach 0.7690 peak later.

In the opposite, a 4-hour close above 0.7645 resistance can be a very strong positive signal and prices can continue trading higher towards 0.7690 peak without any correction from the current levels.

The invalidation of this scenario will come with a clear breakdown below 0.7530 daily support.




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

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Daily Technical Outlook -October 17-

USD/CAD

After several attempts to overtake 1.3300 psychological barrier, the pair fell sharply as bearish momentum increased significantly during yesterday.

In addition, the pair break below 1.3218 hourly support registered following the FOMC meeting minutes of last week, reinforcing the bearish outlook in the short-term. In the meantime, prices are testing a major support located at 1.3100 and a break below it should lead to further decline in the direction of 1.3070 level in the coming days.

Looking at the short-term price action, 1.3185/1.3205 zone has turned resistance and we should see strong sellers around it.

To conclude, momentum indicators turned negative in this pair, which keep the outlook bearish for the week ahead with potential targets around 1.3070 followed by 1.3000 weekly support.

In the opposite, only a daily close above 1.3220 level will cancel this bearish scenario.





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

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Daily Technical Outlook -October 17-

USD/JPY

The pair remain bullish for the time being as long as prices keep trading above 102.80 support.

However, it is important to note that the daily trend still negative and traders have to wait for a daily close above 104.50/60 zone to confirm an effective bullish reversal in the daily chart.

As we can see, sellers continue to cap the current rally as bullish momentum faded. Therefore, another wave to the downside remain possible in the coming hours especially if prices manage to break below 103.78 support.

If the current drop happen, then we will look for support around 103.60/30 while a daily close below this zone should warn about a topping formation at 104.50 daily resistance, which can lead to a re-test of 102.80 support again.

In the flipside, a daily close above 104.50 resistance should trigger a big rally in the direction of 105.60 level.






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

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Daily Technical Outlook -October 17-

Gold

Gold prices stabilized in the recent days after the big sell-off seen in the previous two weeks, meanwhile, as far as the Dollar index remain strong and speculation for U.S rate hike by the end of this year still high, the yellow metal is likely to remain under pressure.

Technically, the fight is taking place between 1262 barrier in the upside and 1246/41 zone in the downside, which keep the short-term view neutral for the time being.

From a wider angle, the daily trend still strongly bearish and as far as 1277 high is intact a continuation lower in the direction of $1235 seems ideal to end a bearish cycle from 1317 peak.

In the flipside a daily close above 1277 should warn about a potential reversal in gold prices, otherwise, downside risks should persist.





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

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Technical Outlook

EUR/USD

We have seen a slow start for the FX market today despite some economic releases that come from the Eurozone.

In Germany, all the preliminary readings for the Manufacturing, the services and the composite PMI’S showed an increase during October. The services PMI jumped to 54.1 up from 50.9 registered previously, the Manufacturing sector overtook estimates of 54.4 and showed a figure of 55.1, while the composite PMI increased to 55.1 against 52.8 only in September.

These figures gave some demand to the single currency, which managed to bounce during the European trading. The Euro found a low around 1.0860 support before to trade higher in the direction of 1.0894 level.

Looking at the actual technical picture, the pair remain bearish from both a short and med-term perspective. This view has strengthened last week after prices succeeded to decline below the 1.0910 weekly support, bringing a strong negative signal for this pair.

As of the week ahead, 1.0912 is seen as the short-term barrier while 1.0945/50 resistance zone is key for the future price action. Therefore, a move back towards the mentioned above zone is likely to see new sellers trying to push prices lower for another impulsive wave in the direction of 1.08000 psychological support.

To conclude, the Euro still under pressure below 1.1040 peak in the daily chart, consequently the upside momentum should remain limited in the coming days unless a close above this high occur.






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

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