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AUD/USD Forecast – Aussie Dollar Eyeing More Gains Vs US Dollar

AUD/USD Forecast – Aussie Dollar Eyeing More Gains Vs US Dollar

  • – The Aussie Dollar made a nice upside move and traded above 0.7280 against the US Dollar.
  • – There is a major bullish trend line in place with support at 0.7285 on the hourly chart of the AUD/USD pair.
  • – Recently in the US, the Initial Jobless Claims report for the week ending Sep 15, 2018 was released by the US Department of Labor.
  • – The outcome was better than the forecast of 210K as there was a decline in claims to 201K.

US Initial Jobless Claims

Recently in the US, the Initial Jobless Claims report for the week ending Sep 15, 2018 was released by the US Department of Labor. The market was positioned for a rise from the last reading of 204K to 210K.

 

The actual result was better than the forecast of 210K as there was a decline in the Initial Jobless Claims to 201K. The report added that:

 

The 4-week moving average was 205,750, a decrease of 2,250 from the previous week’s unrevised average of 208,000. This is the lowest level for this average since December 6, 1969 when it was 204,500.

 

The AUD/USD pair was not impacted much and the pair seems to be placed nicely in a positive zone above the 0.7280 support.

 

AUD/USD Technical Analysis

The Aussie Dollar formed a decent support near the 0.7150 level and started an upside move against the US Dollar. The AUD/USD pair gained traction, broke the 0.7200 and 0.7250 resistances, and also settled above the 100 hourly simple moving average.

 

AUD/USD Technical Analysis Aussie Dollar US Dollar

 

The pair cleared the 0.7280 resistance and it recently traded as high as 0.7297. At the moment, the pair is correcting lower and it already broke the 23.6% fib retracement level of the last wave from the 0.7254 low to 0.7297 high.

 

Moreover, there is a major bullish trend line in place with support at 0.7285 on the hourly chart of the AUD/USD pair. The trend line support is well above the 50% fib retracement level of the last wave from the 0.7254 low to 0.7297 high.

 

Therefore, if the pair corrects lower from the current levels, it is likely to find support above 0.7280. Below this, AUD/USD could retest the 0.7250 support. On the upside, a break above 0.7300 could push the pair towards 0.7340.

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NZD/USD Forecast – New Zealand Dollar Surging Higher Vs US Dollar

NZD/USD Forecast – New Zealand Dollar Surging Higher Vs US Dollar

  • – The New Zealand Dollar is placed nicely above the 0.6600 support against the US Dollar.
  • – There is a crucial bullish trend line in place with support at 0.6605 on the hourly chart of the NZD/USD pair.
  • – Recently in New Zealand, the Gross Domestic Product for Q2 2018 was released by the Statistics New Zealand.
  • – The outcome was above the forecast of 0.8% as there was a rise in the GDP by 1% (QoQ).

New Zealand’s Gross Domestic Product

Recently in New Zealand, the Gross Domestic Product for Q2 2018 was released by the Statistics New Zealand. The market was positioned for a rise of around 0.8% in the GDP compared with the previous quarter.

 

The actual result was above the forecast of 0.8% as there was a rise in the GDP by 1%. Looking at the yearly change, there was a rise of around 2.8% in Q2 2018, more than the forecast of 2.5% and better than the last revised reading of 2.6%.

 

The NZD/USD pair made a nice upside move and it is currently placed nicely above the 0.6600 and 0.6610 support levels.

 

NZD/USD Technical Analysis

The New Zealand Dollar started a decent upside move from the $0.6530 swing low against the US Dollar. The NZD/USD pair gained traction, traded above the 0.6600 resistance, and also settled above the 100 hourly simple moving average.

 

NZD/USD Technical Analysis New Zealand Dollar US Dollar

 

The pair even broke the 0.6625 and 0.6630 resistance levels. The recent high was 0.6651 before the pair started trading in a range. An initial support is near the 23.6% Fib retracement level of the last wave from the 0.6600 low to 0.6651 high.

 

During the rise, the pair broke a connecting bearish trend line at 0.6620, which could now act as a support. Moreover, there is a crucial bullish trend line in place with support at 0.6605 on the hourly chart of the NZD/USD pair.

 

An intermediate support is near the 50% Fib retracement level of the last wave from the 0.6600 low to 0.6651 high at 0.6626. Therefore, dips remains supported above the 0.6600 level in the near term. On the upside, a break above 0.6650 could push the pair towards 0.6675.

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EUR/USD Forecast – Euro Remains Supported On Dips Vs US Dollar

EUR/USD Forecast – Euro Remains Supported On Dips Vs US Dollar

  • – The Euro jumped higher recently and broke the 1.1640 and 1.1650 resistances against the US Dollar.
  • – There is a major bullish trend line in place with support at 1.1650 on the hourly chart of EUR/USD.
  • – Recently in the US, the Initial Jobless Claims report for the week ending Sep 8, 2018 was released by the US Department of Labor.
  • – The outcome was above the market forecast of 210K as there was a decline in claims to 204K.

US Initial Jobless Claims

Recently in the US, the Initial Jobless Claims report for the week ending Sep 8, 2018 was released by the US Department of Labor. The market was looking for a minor rise from the last reading of 203K to 210K.

 

The actual result was above the market forecast of 210K as there was a decline in claims to 204K. However, the last reading was revised up from 203K to 205K. The report added that:

 

The advance number for seasonally adjusted insured unemployment during the week ending September 1 was 1,696,000, a decrease of 15,000 from the previous week’s revised level.

 

The EUR/USD pair remained in a nice uptrend and it recently cleared a couple of hurdles near 1.1650 to move into a bullish zone.

 

EUR/USD Technical Analysis

The Euro formed a solid support near the 1.1560 level and started a nice upward move against the US Dollar. The EUR/USD pair climbed higher, broke the 1.1620 and 1.1650 resistances, and also settled above the 100 hourly simple moving average.

 

EUR/USD Technical Analysis Euro US Dollar

 

The upside move was strong as the pair even broke the 1.1680 resistance and traded as high as 1.1700. At the moment, the pair is consolidating gains above the 1.1680 level. An initial support is near the 23.6% Fib retracement level of the last wave from the 1.1606 low to 1.1700 high.

 

Below the 1.1675-80 support area, the next major support is near the 1.1650 zone, which was a resistance earlier. The 50% Fib retracement level of the last wave from the 1.1606 low to 1.1700 high is also around 1.1654.

 

Therefore, any dips from the current levels towards the 1.1650 level are likely to find a strong buying interest. On the upside, a break above 1.1700 could push EUR/USD towards 1.1740.

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GBP/USD Forecast –British Pound Eyeing Further Gains Above 1.3080 Vs US Dollar

GBP/USD Forecast –British Pound Eyeing Further Gains Above 1.3080 Vs US Dollar

  • – The British Pound is trading nicely above the 1.3000 support area against the US Dollar.
  • – There is a major bullish trend line in place with support at 1.3020 on the hourly chart of the GBP/USD pair.
  • – Recently in China, the new loans figure for August 2018 was released by People’s Bank of China.
  • – The outcome was below the market forecast of 1,300B as the new loans came in at 1,280B.

 

China’s New Loans Report

Recently in China, the new loans figure for August 2018 was released by People’s Bank of China. The market was positioned for the new loans figure to be around 1,300B in August 2018.

 

The actual result was below the market forecast of 1,300B as the new loans came in at 1,280B. This was also below the last reading of 1,450B. Looking at the M2 Money Supply, there was a rise of 8.2% in August 2018 (YoY), less than the forecast of 8.5%.

 

The GBP/USD pair is currently placed nicely in an uptrend above the 1.3000 handle and it seems like the pair could make an attempt to climb above 1.3100.

 

GBP/USD Technical Analysis

The British Pound recently found support near the 1.2910 level against the US Dollar. The GBP/USD pair started an upside move, broke the 1.2950 and 1.3000 resistance levels, and finally settled above the 100 hourly simple moving average.

 

GBP/USD Technical Analysis British Pound US Dollar

 

The pair even broke the 1.3050 resistance and traded as high as 1.3082. Later, there was a downside correction and the pair broke the 23.6% Fib retracement level of the last wave from the 1.2979 low to 1.3082 high.

 

However, there are many supports on the downside near the 1.3030 and 1.3020 levels. The 50% Fib retracement level of the last wave from the 1.2979 low to 1.3082 high is an initial support near the 1.3030 level.

 

Moreover, there is a major bullish trend line in place with support at 1.3020 on the hourly chart of the GBP/USD pair. The trend line support is also above the 100 hourly SMA and the 1.3000 handle. Therefore, if the pair corrects lower, it could find support near 1.3020. On the upside, it may soon make an attempt to break the 1.3080 and 1.3100 resistance levels.

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Crude Oil Price Could Gain Above $70 Vs US Dollar

Crude Oil Price Could Gain Above $70 Vs US Dollar

  • – Crude oil price is gaining momentum above the $68.00 resistance against the US Dollar.
  • – There was a break above two bearish trend lines with resistance at $67.50 and $67.75 on the hourly chart.
  • – Recently in the US, the API Weekly Crude Oil Stock report for the week ending September 7, 2018 was released.
  • – As per the report, the US crude oil inventories declined by around 8.636 million barrels.

 

API Weekly Crude Oil Stock

Recently in the US, the API Weekly Crude Oil Stock report for the week ending September 7, 2018 was released. The market was positioned for a decline in the US crude oil inventories by around 5 million barrels.

 

However, the actual result was above the market forecast as the US crude oil inventories declined by around 8.636 million barrels to 395.9 million barrels.

 

The price gained upside momentum after the release and it moved above the $68.00 and $69.00 resistance levels.

 

Oil Price Technical Analysis

There was a decent support base formed near the $66.70 level by crude oil price against the US Dollar. The price partially formed a double bottom pattern near $66.70 and started an upside move above the $67.00 resistance.

 

Oil Price Technical Analysis

 

The price climbed above the $68.00 resistance and also settled above the 100 hourly simple moving average. Moreover, there was a break above two bearish trend lines with resistance at $67.50 and $67.75 on the hourly chart.

 

Furthermore, there was a break above the 61.8% Fib retracement level of the last decline from the $71.13 high to $66.70 low. It opened the doors for more gains and the price moved above the $69.20, $69.40 and $69.50 resistance levels.

 

The next resistance for buyers is near the $70.00 level and the 76.4% Fib retracement level of the last decline from the $71.13 high to $66.70 low. Once there is a break above the $70.00, $70.08 and $70.20 levels, the price is likely to surge towards the $71.00 level. If buyers remain in control, the price may even test the $71.13 high in the near term.

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Gold Price Is At Risk of More Losses Below $1,190 Vs US Dollar

Gold Price Is At Risk of More Losses Below $1,190 Vs US Dollar

  • – Gold price started a downside move from well above the $1,200 pivot level against the US Dollar.
  • – There is a short-term breakout pattern in place with resistance at $1,195 on the hourly chart of gold versus the USD.
  • – Recently in the US, the Consumer Credit Change figure for July 2018 was released by the Board of Governors of the Federal Reserve.
  • – The outcome was above the forecast of $13.00B as the Consumer Credit Change came in at $16.64B.

US Consumer Credit Change

Recently in the US, the Consumer Credit Change figure for July 2018 was released by the Board of Governors of the Federal Reserve. The market was looking for a change of around $13.00B compared with the last reading of $10.21B.

 

The actual result was above the forecast of $13.00B as the Consumer Credit Change came in at $16.64B. However, the last reading was revised down from $10.21B to $8.46B.

 

Gold price recently moved below the $1,200 support level and it seems like it remains at a risk of more declines below the $1,190 level.

 

Gold Price Technical Analysis

Gold price recently faced a strong selling interest near the $1,205-1,206 resistance zone against the US Dollar. The price started a downside move, broke the $1,200 pivot level, and also settled below the 100 hourly simple moving average.

 

Gold Price Technical Analysis

 

The price traded as low as $1,191 and later started an upward correction. It moved above the 23.6% Fib retracement level of the last slide from the $1,206 high to $1,191 low. However, the upside move was capped by the $1,198 level and the 100 hourly SMA.

 

Moreover, the 50% Fib retracement level of the last slide from the $1,206 high to $1,191 low also acted as a resistance. At the outset, there is a short-term breakout pattern in place with resistance at $1,195 on the hourly chart of gold versus the USD.

 

Therefore, the price is likely to make the next move either above $1,195 or below $1,191. On the upside, above $1,195, the price could move back above $1,200. On the other hand, a break below $1,191 may push the price towards the $1,180 support area.

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USD/JPY Forecast – US Dollar Could Decline Further Vs Japanese Yen

USD/JPY Forecast – US Dollar Could Decline Further Vs Japanese Yen

  • – The US Dollar corrected higher recently, but it faced resistance near 111.20 against the Japanese Yen.
  • – There is a key bearish trend line in place with resistance at 111.08 on the hourly chart of the USD/JPY pair.
  • – Recently in Japan, the Gross Domestic Product report for Q2 2018 was released by the Cabinet Office.
  • – The outcome was around the market forecast as the GDP increased 0.7% in Q2 2018 (QoQ).

 

Japan’s Gross Domestic Product

Recently in the US, the Gross Domestic Product report for Q2 2018 was released by the Cabinet Office. The market was positioned for a rise of around 0.7% in the GDP in Q2 2018 compared with the previous quarter.

 

The actual result was around the market forecast as the GDP increased 0.7% in Q2 2018. This was much better than the last reading of 0.5%. Looking at the annual change, there was a rise of 3% in the GDP, better than the forecast of 2.6% and much more than the last 1.9%.

 

The USD/JPY pair recently struggled to break the 111.20 resistance area and it seems like it could decline in the short term.

 

USD/JPY Technical Analysis

The US Dollar formed a top this past week around the 111.75 level and declined against the Japanese Yen. The USD/JPY pair fell, broke a major bullish trend line with support at 111.25 and traded below the 110.50 support area.

 

USD/JPY Technical Analysis US Dollar Japanese Yen

 

The pair traded as low as 110.37 and settled below the 100 hourly simple moving average. Later, the pair started an upside correction and moved above the 111.00 level plus the 50% Fib retracement level of the last decline from the 111.75 high to 110.37 low.

 

However, the pair faced a strong resistance near the 111.20 level and a key bearish trend line with current resistance at 111.08 on the hourly chart. Moreover, the 61.8% Fib retracement level of the last decline from the 111.75 high to 110.37 low acted as a resistance.

 

The pair failed to gain traction and moved down below 111.05. It seems like buyers are struggling to gain traction, which could result in more losses towards 111.80 or 110.65 in the near term. On the flip side, a break above 111.20 may push the pair towards 111.50.

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EUR/USD Forecast – Euro Is Near Make or Break Levels Vs US Dollar

EUR/USD Forecast – Euro Is Near Make or Break Levels Vs US Dollar

  • – The Euro recovered recently and moved above the 1.1600 resistance against the US Dollar.
  • – There are two major bearish trend lines formed with resistance at 1.1650 on the hourly chart of EUR/USD.
  • – Recently in the US, the Services Purchasing Managers Index (PMI) for August 2018 was released by Markit Economics.
  • – The outcome was below the market forecast of 55.2 as there was a decline in the PMI from 55.2 to 54.8.

US Services PMI

Recently in the US, the Services Purchasing Managers Index (PMI) for August 2018 was released by Markit Economics. The market was looking for no change in the PMI from 55.2 in August 2018.

 

The actual result was below the market forecast of 55.2 as there was a decline in the PMI from 55.2 to 54.8. Moreover, both output and new business expand at softer rates in August 2018. The report added that:

 

The latest survey data signalled a weaker rise in business activity across the U.S. service sector. Output growth softened to a four-month low and dipped below the long-run series trend. The rate of new business growth softened to an eight-month low, despite remaining strong overall.

 

The EUR/USD pair is currently placed nicely above the 1.1600 support, but it is facing a tough resistance near the 1.1650 zone.

 

EUR/USD Technical Analysis

The Euro found a decent support near the 1.1540 level and recovered against the US Dollar. The EUR/USD pair traded above the 1.1580 and 1.1600 resistance levels plus settled above the 100 hourly simple moving average.

 

EUR/USD Technical Analysis Euro US Dollar

 

However, the upside move was capped by the 1.1650-60 resistance area. Moreover, there are two major bearish trend lines formed with resistance at 1.1650 on the hourly chart of EUR/USD. The pair corrected lower and traded below the 1.1630 level.

 

There was also a break below the 23.6% Fib retracement level of the last wave from the 1.1542 low to 1.1658 high. However, the pair is finding bids near the 1.1600 level and the 100 hourly SMA.

 

Additionally, the 50% Fib retracement level of the last wave from the 1.1542 low to 1.1658 high is also at 1.1600. Therefore, the 1.1600 support could play a major role in the near term. Overall, it seems like the pair is preparing for the next move either above 1.1650 or below 1.1600. Above 1.1650, it could test 1.1700 or below 1.1600, it may test 1.1550.

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GBP/USD Forecast – Can British Pound Break This Vs US Dollar?

GBP/USD Forecast – Can British Pound Break This Vs US Dollar?

  • – The British Pound jumped higher sharply from the 1.2784 swing low against the US Dollar.
  • – There is a crucial bearish trend line in place with resistance at 1.2965 on the hourly chart of the GBP/USD pair.
  • – Recently in the US, the Trade Balance report for July 2018 was released by the Bureau of Economic Analysis and the U.S. Census Bureau.
  • – The outcome was around the market forecast as there was a trade deficit of $-50.1B.

 

US Trade Balance

Recently in the US, the Trade Balance report for July 2018 was released by the Bureau of Economic Analysis and the U.S. Census Bureau. The market was positioned for a trade deficit of around $-50.1B, more than the last deficit.

 

The actual result was around the market forecast as there was a trade deficit of $-50.1B, which was more than the last revised trade deficit of $-45.7B. The report added that:

 

The July increase in the goods and services deficit reflected an increase in the goods deficit of $4.2 billion to $73.1 billion and a decrease in the services surplus of $0.1 billion to $23.1 billion.

 

The GBP/USD pair recently climbed higher above the 1.2900 level, but it seems like the pair is facing a tough resistance near the 1.2960-70 zone.

 

GBP/USD Technical Analysis

The British Pound was under a lot of pressure below the 1.2900 earlier this week against the US Dollar. The GBP/USD pair traded below the 1.2800 level, but later buyers appeared near the 1.2785 level and pushed the pair higher.

 

GBP/USD Technical Analysis British Pound US Dollar

 

The pair jumped higher sharply and broke the 1.2900 resistance and the 100 hourly simple moving average. It even broke the 1.2950 resistance, but it faced a strong resistance near a crucial bearish trend line with current resistance at 1.2965 on the hourly chart.

 

The pair declined and traded below the 1.2900 support level. However, the 50% Fib retracement level of the last wave from the 1.2784 low to 1.2983 high acted as a support. GBP/USD is once again rising and it could soon retest the same bearish trend line.

 

However, to gain traction, the pair has to move above the trend line resistance and the 1.2980 level. If it fails once again, it could retest or even break the 1.2900 support level in the near term.

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Gold Price Could Struggle to Recover above $1,196 Vs US Dollar

Gold Price Could Struggle to Recover above $1,196 Vs US Dollar

  • – Gold price faced selling pressure recently and declined below $1,200 against the US Dollar.
  • – There are two bearish trend lines in place with resistance at $1,196 and $1,201 on the hourly chart of gold versus the USD.
  • – Recently in China, the Caixin Services PMI report was released by Markit Economics.
  • – The outcome was below the forecast of 52.7 as there was a decline in the PMI from 52.8 to 51.5.

Chinese Caixin Services PMI

Recently in China, the Caixin Services PMI report was released by Markit Economics. The market was looking for a decline in the PMI from the last reading of 52.8 to 52.7.

 

The actual result was below the forecast of 52.7 as there was a decline in the PMI from 52.8 to 51.5. Moreover, the Composite Output Index declined from the last reading of 52.3 to a five-month low of 52.0.

 

Gold price recently declined towards the $1,190 support area and it is currently attempting a recovery towards the $1,200 resistance.

 

Gold Price Technical Analysis

Gold price started a downside move from well above the $1,205 level against the US Dollar. The price declined below the $1,200 and $1,195 support levels plus it also settled below the 100 hourly simple moving average.

 

Gold Price Technical Analysis

 

The price traded as low as $1,189 and it is currently correcting higher. At the outset, the price is testing the 23.6% Fib retracement level of the last decline from the $1,208 high to $1,189 low. However, there is a strong resistance formed near $1,196.

 

There are also two bearish trend lines in place with resistance at $1,196 and $1,201 on the hourly chart of gold versus the USD. The second trend line is near the 100 hourly SMA and the 50% Fib retracement level of the last decline from the $1,208 high to $1,189 low.

 

Therefore, if the price continues to move higher, it won’t be easy for buyers to clear the $1,196 and $1,200 resistance levels. On the other hand, if the price moves down, it could break the $1,189 swing low and trade towards the next support near the $1,184 level.

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