LMFX PAMM


EUR/USD Forecast – Euro to Surpass 1.1900 Vs US Dollar?

EUR/USD Forecast – Euro to Surpass 1.1900 Vs US Dollar?

  • – The Euro gained bullish momentum this week and was able to move above the 1.1820 resistance against the US Dollar.
  • – There was a break above a key bearish trend line at 1.1780 on the hourly chart of EUR/USD.
  • – Recently in the Euro Zone, the Manufacturing Purchasing Managers Index (PMI) for Nov 2017 (Prelim) was released by the Markit Economics.
  • – The outcome was above the forecast of 58.3 as there was a rise in the PMI from 58.5 to 60.0.

 

Euro Zone Manufacturing PMI

Recently in the Euro Zone, the Manufacturing Purchasing Managers Index (PMI) for Nov 2017 (Prelim) was released by the Markit Economics. The market was positioned for a decline in the PMI from 58.5 to 58.3 in Nov 2017.

 

The actual result was above the forecast of 58.3 as there was a rise in the PMI from 58.5 to 60.0. Moreover, the Euro Zone Composite Output Index was up from the last reading of 56.0 to 57.5 in Nov 2017. The report added:

 

The eurozone economy is showing signs of picking up momentum in the fourth quarter, with multi-year highs seen for all main indicators of output, demand, employment and inflation in November.

 

The EUR/USD pair remains in a nice uptrend and it might continue to move higher towards 1.1900 in the near term.

 

EUR/USD Technical Analysis

The Euro started a decent uptrend from the 1.1710 swing low against the US Dollar. The EUR/USD pair made a nice upside move and traded above the 1.1780 and 1.1820 resistance levels, and is currently placed well above 1.1840 and the 100 hourly simple moving average.

 

EUR/USD Technical Analysis Euro US Dollar

 

The pair was able to break a key bearish trend line at 1.1780 on the hourly chart, which has opened the doors for more gains. The pair traded as high as 1.1855 and is currently trading in a range. An ascending channel is forming with current support at 1.1850.

 

The pair is likely to accelerate higher and it will most likely test the 1.1900 level. On the downside, the channel support is also near the 23.6% Fib retracement level of the last wave from the 1.1735 low to 1.1865 high.

 

As long as the pair is above the 1.1820 support, it remains in an uptrend with next targets as 1.1900 and 1.1910.

Tags: , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

AUD/USD Forecast – Can Aussie Dollar Move Above 0.7600 Vs US Dollar

AUD/USD Forecast – Can Aussie Dollar Move Above 0.7600 Vs US Dollar

  • – The Aussie Dollar is currently facing a major resistance near 0.7580-0.7600 against the US Dollar.
  • – There is an important bearish trend line forming with resistance at 0.7585 on the hourly chart of AUD/USD.
  • – Recently in Australia, the Construction Work Done in Q3 2017 was released by the Australian Bureau of Statistics.
  • – The outcome was above the forecast of -2.1% as there was an increase of 15.7% in Q3 2017.

Australia’s Construction Work Done

Recently in Australia, the Construction Work Done in Q3 2017 was released by the Australian Bureau of Statistics. The market was positioned for a decline of 2.1% in the Construction Work Done in Q3 2017.

 

The actual result was above the forecast of -2.1% as there was an increase of 15.7% in Q3 2017. The last reading was also revised up from +9.3% to +9.8%. The report added that:

 

The trend estimate for total construction work done rose 0.6% in the September quarter 2017. The seasonally adjusted estimate for total construction work done rose 15.7% to $61,863.2m in the September quarter.

 

Overall, the AUD/USD pair is trading with a positive bias, but it has to break 0.7600 to move in the bullish zone.

 

AUD/USD Technical Analysis

The Aussie Dollar traded lower recently and tested the 0.7535-0.7540 support area against the US Dollar. Later, the AUD/USD pair started a consolidation and finally made an upside move towards the 0.7600 resistance and the 100 hourly simple moving average.

 

AUD/USD Technical Analysis Aussie Dollar US Dollar

 

The pair failed to move above the 0.7585-0.7600 resistance area and is current back below the 100 hourly SMA. It is currently trading below the 23.6% Fib retracement level of the last wave from the 0.7531 low to 0.7588 high.

 

An initial support on the downside is around 0.7560 and the 50% Fib retracement level of the last wave from the 0.7531 low to 0.7588 high. As long as the pair is above the 0.7550-40 support, it might make another attempt to break the 0.7600 resistance.

 

Buyers need to push the pair above 0.7585 and 0.7600 in order to place AUD/USD in the bullish zone. The next stop could be near the 0.7640 level.

Tags: , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

EUR/JPY Forecast – Can Euro Break This Vs Japanese Yen?

EUR/JPY Forecast – Can Euro Break This Vs Japanese Yen?

  • – The Euro declined recently and traded below the 132.50 support against the Japanese Yen.
  • – There is a major bearish trend line forming with resistance near 132.45 on the hourly chart of EUR/JPY.
  • – Today in Japan, the All Industry Activity Index for Sep 2017 was released by the Ministry of Economy, Trade and Industry.
  • – The outcome was below the forecast of -0.4%, as there was a decline of 0.5% in the index (MoM).

 

Japan’s All Industry Activity Index

Today in Japan, the All Industry Activity Index for Sep 2017 was released by the Ministry of Economy, Trade and Industry. The market was positioned for a decline of 0.4% in the index compared with the previous month.

 

However, the actual result was below the forecast of -0.4%, as there was a decline of 0.5% in the index. It was also well below the last increase of 0.1%. The Indices of Construction Industry Activity was down by 2.3% in Sep 2017, and the Indices of Industrial Production was down by 1%.

 

EUR/JPY Technical Analysis

The Euro started a major downside move from the 133.88 swing high against the Japanese Yen. The EUR/JPY pair declined and broke a couple of important support levels such as 132.60 and 132.00. It even traded below the 131.50 support and the 100 hourly simple moving average.

 

EUR/JPY Technical Analysis Euro Japanese Yen

 

The pair traded as low as 131.17 and later started an upside correction. It has moved above the 23.6% Fib retracement level of the last decline from the 133.88 high to 131.17 low. However, the broken support near 132.40-50 is now acting as a resistance. There is also a major bearish trend line forming with resistance near 132.45 on the hourly chart of EUR/JPY.

 

Moreover, the 50% Fib retracement level of the last decline from the 133.88 high to 131.17 low is near 132.55 and the 100 hourly SMA. Therefore, there are many resistances on the upside for EUR/JPY and it won’t be easy for the pair to move past 132.60.

 

In the short term, selling rallies can be opted near 132.45 and 132.60 as long as there is break and close above the 100 hourly SMA.

Tags: , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

NZD/USD Forecast – New Zealand Dollar Remains Sell on Rallies Vs US Dollar

NZD/USD Forecast – New Zealand Dollar Remains Sell on Rallies Vs US Dollar

  • – The New Zealand Dollar declined recently and traded below 0.6800 against the US Dollar.
  • – There are two bearish trend lines forming with resistance at 0.6845 on the hourly chart of the NZDUSD pair.
  • – Today in New Zealand, the Food Price Index (FPI) for Oct 2017 was released by the Statistics New Zealand.
  • – The outcome was below the market forecast of -1% as there was a decline in the index by 1.1%.

 

New Zealand Food Price Index

Today in New Zealand, the Food Price Index (FPI) for Oct 2017 was released by the Statistics New Zealand. The market was looking for a decline of 1% in Oct 2017 compared with the previous month.

 

The actual result was below the market forecast of -1% as there was a decline in the index by 1.1%. This was also well above the last decline of 0.2%. The report added that:

 

Butter prices led the way again – up 62 percent from the same time last year. Milk and cheese prices also increased (up 7.5 and 12 percent respectively) and had large contributions to the increase in food prices seen in the year to October 2017.

 

Overall, the NZD/USD pair is likely to correct higher in the near term, but it might face sellers near 0.6840-50.

 

NZD/USD Technical Analysis

The New Zealand Dollar started a downside move from the 0.6980 resistance against the US Dollar. The NZD/USD pair declined heavily, traded below the 0.6900 and 0.6800 levels, and also settled below the 100 hourly simple moving average.

 

NZD/USD Technical Analysis New Zealand Dollar US Dollar

 

The pair traded as low as 0.6780 and it is currently correcting higher. It is trading near the 23.6% Fib retracement level of the last decline from the 0.6882 high to 0.6780 low. On the upside, there are two bearish trend lines forming with resistance at 0.6845 on the hourly chart.

 

Moreover, the 50% Fib retracement level of the last decline from the 0.6882 high to 0.6780 low near 0.6830 is also a major resistance for buyers in the short term.

 

Overall, if the pair continues to move higher, then it will most likely face sellers near the 0.7830 and 0.7845 resistance levels.

Tags: , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

EUR/USD Forecast – Euro Eyeing Further Gains Vs US Dollar?

EUR/USD Forecast – Euro Eyeing Further Gains Vs US Dollar?

  • – The Euro is in an uptrend above the 1.1750 support area against the US Dollar.
  • – There is a major bullish trend line forming with support at 1.1755 on the hourly chart of EUR/USD.
  • – Recently in the US, the Industrial Production for Oct 2017 was released by the Board of Governors of the Federal Reserve.
  • – The outcome was above the forecast of +0.5% as there was a rise of 0.9% in the Industrial Production.

 

US Industrial Production

Recently in the US, the Industrial Production for Oct 2017 was released by the Board of Governors of the Federal Reserve. The market was positioned for a 0.5% rise in the Industrial Production in Oct 2017 compared with the previous month.

 

The actual result was above the forecast of +0.5% as there was a rise of 0.9% in the Industrial Production. It was even above the last revised reading of +0.4%. The report added:

 

The index for utilities rose 2.0 percent, but mining output fell 1.3 percent, as Hurricane Nate caused a sharp but short-lived decline in oil and gas drilling and extraction.

 

The EUR/USD corrected a few pips, but the overall trend is positive as long as the pair is above 1.1750.

 

EUR/USD Technical Analysis

The Euro maintained a bid tone this week above 1.1700 against the US Dollar. The EUR/USD pair started an upside move and was able to move above the 1.1700 and 1.1750 resistance levels to close above the 100 hourly simple moving average.

 

EUR/USD Technical Analysis Euro US Dollar

 

The pair recently traded as high as 1.1860 and later started a downside correction. It moved below the 23.6% Fib retracement level of the last wave from the 1.1664 low to 1.1860 high. However, the downside move was limited by the 1.1760 support and the 50% Fib retracement level of the last wave from the 1.1664 low to 1.1860 high.

 

There is also a major bullish trend line forming with support at 1.1755 on the hourly chart, which is also positioned near the 100 hourly SMA. The pair is once again gaining momentum above 1.1780 and looks set to continue moving higher.

 

Any dips from the current levels toward 1.1780 and 1.1760 can be seen as a buying opportunity in the near term.

Tags: , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

GBP/USD Forecast – Can British Pound Break 1.3200 Vs US Dollar?

GBP/USD Forecast – Can British Pound Break 1.3200 Vs US Dollar?

  • – The British Pound is slowly moving higher from the 1.3070 swing low against the US Dollar.
  • – There is a monster bearish trend line forming with resistance at 1.3190-1.3200 on the hourly chart of the GBP/USD pair.
  • – Today in the US, the Net Long-Term TIC Flows report for Sep 2017 was released by the US Department of Treasury.
  • – The outcome was above the forecast of $34.6B as the net flows were $80.9B.

 

US Net Long-Term TIC Flows

Recently in the US, the Net Long-Term TIC Flows report for Sep 2017 was released by the US Department of Treasury. The market was positioned for the Net Long-Term TIC Flows to be around $34.6B compared with the last $67.2B.

 

The actual result was above the forecast of $34.6B as the net flows were $80.9B. The last reading was also revised up from $67.2B to $73.2B. Moreover, the total Net TIC Flows posted a rise from the last revised reading of $130.2B to $51.3B. The report added that:

 

The sum total in September of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC outflow of $51.3 billion.  Of this, net foreign private outflows were $17.3 billion, and net foreign official outflows were $34.0 billion.

 

Overall, the GBP/USD pair may find it very difficult to move above the 1.3200 resistance in the near term.

 

GBP/USD Technical Analysis

The British Pound after a major decline found support near 1.3070 against the US Dollar. Later, the GBP/USD pair started an upside move and traded above the 1.3100 handle and settled above the 100 hourly simple moving average.

 

GBP/USD Technical Analysis British Pound US Dollar

 

At the moment, the pair is above 1.3150, but facing a monster bearish trend line with resistance at 1.3190-1.3200 on the hourly chart. The same trend line prevented gains on many occasions and now stopping a break above 1.3200. The pair is currently correcting lower and moved below the 23.6% Fib retracement level of the last wave from the 1.3133 low to 1.3187 high.

 

On the downside, there is a connecting trend line support at 1.3150 along with the 100 hourly SMA. An intermediate support is near the 50% Fib retracement level of the last wave from the 1.3133 low to 1.3187 high at 1.3160.

 

As long as the pair is above the 1.3150 support and the 100 hourly SMA, there can be an attempt to move above 1.3200 in the near term.

Tags: , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

AUD/USD Forecast – Can Aussie Dollar Break This Vs US Dollar?

AUD/USD Forecast – Can Aussie Dollar Break This Vs US Dollar?

  • – The Aussie Dollar traded lower recently and moved below the 0.7650 support against the US Dollar.
  • – There is a major bearish trend line forming with resistance at 0.7640 on the hourly chart of AUD/USD.
  • – Recently in Australia, the National Australia Bank Business Confidence for Oct 2017 was released.
  • – The outcome was above the forecast of 7 as the National Australia Bank Business Confidence came in at 8.

Australia’s National Australia Bank Business Confidence

Recently in Australia, the National Australia Bank Business Confidence for Oct 2017 was released. The market was positioned for no change in the index from the last reading of 7.

 

The actual result was above the forecast of 7 as the National Australia Bank Business Confidence came in at 8. The last reading was also revised up from 7 to 8. Looking at the National Australia Bank Business Conditions index, there was a sharp rise from the last reading of 14 to 21.

 

Overall, the AUD/USD pair attempt an upside break above the 0.7640 level if it manages to stay above the 0.7610-0.7600 support.

 

AUD/USD Technical Analysis

The Aussie Dollar started a new downside wave from the 0.7694 swing high against the US Dollar. The AUD/USD pair moved below the 0.7660 and 0.7650 support levels and is currently trading well below the 100 hourly simple moving average.

 

AUD/USD Technical Analysis Aussie Dollar US Dollar

 

The pair traded as low as 0.7608 from where a correction was initiated. It is currently trading near the 23.6% Fib retracement level of the last drop from the 0.7694 high to 0.7608 low, and attempting an upside break above a major bearish trend line with resistance at 0.7640 on the hourly chart.

 

A close above the trend line resistance and the 0.7650 level could trigger more gains. The 0.7650 level is also around the 50% Fib retracement level of the last drop from the 0.7694 high to 0.7608 low. Above 0.7650, the 100 hourly SMA is near 0.7660 to act as a hurdle.

 

Overall, there is a chance of AUD/USD breaking the 0.7640 level, but it is facing many resistances on the upside.

Tags: , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

USD/JPY Forecast – US Dollar To Trade Higher Vs Japanese Yen?

USD/JPY Forecast – US Dollar To Trade Higher Vs Japanese Yen?

  • – The US Dollar found support near 113.10 against the Japanese Yen and moved higher.
  • – There was a break above two bearish trend lines with resistance near 113.40 on the hourly chart of the USD/JPY pair.
  • – Today in Japan, the Domestic Corporate Goods Price Index for Oct 2017 was released by the Bank of Japan.
  • – The outcome was above the forecast of +3.1% as there was an increase in the index by 3.4% (YoY).

 

Japanese Domestic Corporate Goods Price Index

Today in Japan, the Domestic Corporate Goods Price Index for Oct 2017 was released by the Bank of Japan. The market was positioned for the index to increase by 3.1% compared with the same month a year ago.

 

The outcome was above the forecast of +3.1% as there was an increase in the index by 3.4%, which is also better than the last +3%. Looking at the monthly change, there was a rise of 0.3% in the index, which was better than the forecast of +0.1% and also above the last +0.2%.

 

The USD/JPY pair is currently in the positive zone, and if it moves above 113.75, there can be more gains in the near term.

 

USD/JPY Technical Analysis

The US Dollar after a slow and steady decline traded below the 114.00 handle against the Japanese yen. The USD/JPY pair traded toward the 113.00 handle and formed a low at 113.08 before starting an upside correction

 

USD/JPY Technical Analysis US Dollar Japanese Yen

 

The pair has moved above the 23.6% Fib retracement level of the last decline from the 114.73 high to 113.08 low and cleared two bearish trend lines with resistance near 113.40 on the hourly chart. At present, the pair is trading near the 113.70-75 resistance and the 100 hourly simple moving average.

 

Moreover, the 38.2% Fib retracement level of the last decline from the 114.73 high to 113.08 low is near 113.71. Therefore, a close above 113.75 is needed for more gains in USD/JPY.

 

On the upside, the next upside target could be 113.95 and the 114.10 levels. On the downside, the 113.50 level is a decent support followed by the 113.10 swing low.

Tags: , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

EUR/USD Forecast – Euro Remains in Uptrend Vs US Dollar?

EUR/USD Forecast – Euro Remains in Uptrend Vs US Dollar?

  • – The Euro is moving nicely and is currently above the 1.1600 level against the US Dollar.
  • – There is a major bullish trend line forming with support at 1.1615 on the hourly chart of EUR/USD.
  • – Recently in the US, the Initial Jobless Claims for the week ending 4th Nov 2017 were released by the US Department of Labor.
  • – The outcome was below the forecast of 231K, as claims posted were 239K.

 

US Initial Jobless Claims

Recently in the US, the Initial Jobless Claims for the week ending 4th Nov 2017 were released by the US Department of Labor. The market was positioned for a rise in the claims from the last reading of 229K to 231K.

 

The actual result was below the forecast of 231K, as there was a rise in claims from 229K to 239K. The report added:

 

The 4-week moving average was 231,250, a decrease of 1,250 from the previous week’s unrevised average of 232,500. This is the lowest level for this average since March 31, 1973 when it was 227,750.

 

The EUR/USD gained traction lately and it seems like the pair might trade further above 1.1655 in the near term.

 

EUR/USD Technical Analysis

The Euro traded with a positive bias recently after trading as low as 1.1553 against the US Dollar. The EUR/USD pair started an upside move from 1.1553 and traded above the 1.1600 handle to settle above the 100 hourly simple moving average.

 

EUR/USD Technical Analysis Euro US Dollar

 

The pair recently traded as high as 1.1655 and is currently consolidating. On the downside, an initial support is around the 23.6% Fib retracement level of the last wave from the 1.1553 low to 1.1655 high. There is also a bullish trend line forming with support at 1.1615 on the hourly chart.

 

The trend line support is near the 38.2% Fib retracement level of the last wave from the 1.1553 low to 1.1655 high. Therefore, there are chances of 1.1615 acting as a decent support and buy zone in the near term.

 

Any corrections from the current levels toward the 1.1615 level can be considered as a buying opportunity, however, the pair needs to stay above the 1.1600 handle.

Tags: , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

NZD/USD Forecast – New Zealand Dollar Gains Vs US Dollar After RBNZ

NZD/USD Forecast – New Zealand Dollar Gains Vs US Dollar After RBNZ

  • – The New Zealand Dollar is gaining upside momentum above 0.6950 against the US Dollar.
  • – There is a key bullish trend line forming with support at 0.6920 on the hourly chart of the NZDUSD pair.
  • – Today in New Zealand, the RBNZ Interest Rate Decision Nov 2017 was announced by the Reserve Bank of New Zealand.
  • – The outcome was around the market forecast, as there was no change in rates in Nov 2017 from 1.75%.

 

RBNZ Interest Rate Decision

Today in New Zealand, the RBNZ Interest Rate Decision Nov 2017 was announced by the Reserve Bank of New Zealand. The market was looking for no change in rates in Nov 2017 from 1.75%.

 

The actual result was in line with the market forecast of 1.75%. There was also a slight less dovish tone this time by the central bank in November’s statement. The statement added that:

 

GDP in the June quarter grew broadly in line with expectations, following relative weakness in the previous two quarters. Employment growth has been strong and GDP growth is projected to strengthen, with a weaker outlook for housing and construction offset by accommodative monetary policy, the continued high terms of trade, and increased fiscal stimulus.

 

Overall, the NZD/USD pair might continue to gain pace and it could even trade towards 0.7000 in the near term.

 

NZD/USD Technical Analysis

The New Zealand Dollar after forming a bottom around the 0.6880-0.6890 levels against the US Dollar started an upside move. The NZD/USD pair traded higher and was able to settle above the 0.6920 resistance and the 100 hourly simple moving average.

 

NZD/USD Technical Analysis New Zealand Dollar US Dollar

 

At the moment, the pair is attempting a close above a major resistance area near 0.6950. Should there be a close above 0.6950, there can be an upside move toward 0.7000. On the downside, there is a key bullish trend line forming with support at 0.6920 on the hourly chart.

 

Moreover, the 38.2% Fib retracement level of the last wave from the 0.6890 low to 0.6973 high would also act as a support in the near term, and can be seen as a buy zone above 0.6940.

 

Overall, the pair remains in an uptrend and it is likely to gain further momentum above the 0.6970 level in the near term.

Tags: , , ,

Like what you've read?

Join thousands of other traders who receive our newsletter containing; market updates, tutorials, learning articles, strategies and more.

Previous Entry   Next Entry

Join Our Newsletter:


Make the trade

US Traders Welcome