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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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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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EUR/JPY Forecast – Euro At Risk of More Declines Vs Japanese Yen

EUR/JPY Forecast – Euro At Risk of More Declines Vs Japanese Yen

  • – The Euro declined recently and broke the 129.40 support area against the Japanese Yen.
  • – There is a major bearish trend line formed with resistance at 129.00 on the hourly chart of EUR/JPY.
  • – Today in Japan, the Monetary Base report for August 2018 was released by the Bank of Japan.
  • – The outcome was above the market forecast of 6.3% as there was a rise in the Monetary Base by 6.9% (YoY).

 

Japan’s Monetary Base

Today in Japan, the Monetary Base report for August 2018 was released by the Bank of Japan. The market was looking for a rise in the Monetary Base by around 6.3% in August 2018 compared with the same month a year ago.

 

However, the actual result was above the market forecast of 6.3% as there was a rise in the Monetary Base by 6.9%. However, August’s reading was below the last increase of 7%.

 

The EUR/JPY pair recently found support near the 128.50 level and it is currently correcting higher towards the 129.00 resistance.

 

EUR/JPY Technical Analysis

The Euro topped below the 131.00 level recently against the Japanese Yen. The EUR/JPY pair traded as high as 130.86 and later started a downside move. The pair declined, broke the 129.80 and 129.40 support levels, and finally settled below the 100 hourly simple moving average.

 

EUR/JPY Technical Analysis Euro Japanese Yen

 

The pair even broke the 128.80 support area and traded as low as 128.55. Later, the pair corrected higher and tested the 23.6% Fib retracement level of the last drop from the 130.86 high to 128.55 low. However, buyers struggled to clear the 129.00 resistance zone.

 

More importantly, there is a major bearish trend line formed with resistance at 129.00 on the hourly chart of EUR/JPY. A break above the trend line resistance could open the doors for a larger correction towards the 129.80 resistance and the 50% Fib retracement level of the last drop from the 130.86 high to 128.55 low.

 

On the other hand, if the pair fails to move above the 129.00 resistance, it could resume its decline. A break below the recent low of 128.55 may perhaps push the pair towards the 128.00 handle.

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AUD/USD Forecast – Aussie Dollar Could Correct In Short Term Vs US Dollar

AUD/USD Forecast – Aussie Dollar Could Correct In Short Term Vs US Dollar

  • – The Aussie Dollar declined heavily and broke the 0.7200 support area against the US Dollar.
  • – There is a major bearish trend line in place with resistance at 0.7235 on the hourly chart of the AUD/USD pair.
  • – Recently in Australia, the Retail Sales report for July 2018 was released by the Australian Bureau of Statistics.
  • – The outcome was below the forecast of +0.3% as there was no change in the retail sales (MoM).

Australia’s Retail Sales

Recently in Australia, the Retail Sales report for July 2018 was released by the Australian Bureau of Statistics. The market was positioned for a rise of 0.3% in the retail sales compared with the previous month.

 

The actual result was below the forecast of +0.3% as there was no change in the retail sales. Looking at the trend estimate, the retail sales increased 0.3% in July 2018, similar to the last reading. The report added that:

 

The following industries rose in trend terms in July 2018: Food retailing (0.4%), other retailing (0.4%), Clothing, footwear and personal accessory retailing (0.5%), Cafes, restaurants and takeaway food services (0.3%), and Department stores (0.1%). Household goods retailing was relatively unchanged (0.0%).

 

The AUD/USD pair recently found support near the 0.7165 level and it seems like the pair could correct higher in the near term.

 

AUD/USD Technical Analysis

The Aussie Dollar faced a lot of selling interest near the 0.7350-0.7360 zone against the US Dollar. The AUD/USD pair started a downside move, broke the 0.7300 and 0.7250 support levels, and also settled below the 100 hourly simple moving average.

 

AUD/USD Technical Analysis Aussie Dollar US Dollar Chart

 

The pair even broke the 0.7200 support area and it almost tested the 0.7150 support.  A low was formed at 0.7165 and the pair is currently correcting higher. An initial resistance is near the 23.6% fib retracement level of the last decline from the 0.7302 high to 0.7165 low.

 

Above the 0.7190 and 0.7200 resistance levels, there is a major bearish trend line in place with resistance at 0.7235 on the hourly chart of the AUD/USD pair.

 

Therefore, if the pair corrects higher from the current levels, it is likely to face sellers near the 0.7200 and 0.7235 levels. On the downside, a break below the 0.7165 low could push the pair back towards the 0.7120 level.

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EUR/USD Forecast – Euro Could Correct lower Toward 1.1600 Vs US Dollar

EUR/USD Forecast – Euro Could Correct lower Toward 1.1600 Vs US Dollar

  • – The Euro traded above the 1.1730 level before correcting lower against the US Dollar.
  • – There was a break below an important bullish trend line with support at 1.1688 on the hourly chart of EUR/USD.
  • – Recently in the US, the Initial Jobless Claims figure for the week ending August 25, 2018 was released by the US Department of Labor.
  • – The outcome was better than the forecast of 214K as the initial jobless claims came in at 213K.

US Initial Jobless Claims

Recently in the US, the Initial Jobless Claims figure for the week ending August 25, 2018 was released by the US Department of Labor. The market was looking for a rise in claims from the last reading of 210K to 214K.

 

The actual result was better than the forecast of 214K as the initial jobless claims increased from the last reading of 210K to 213K, 1K less than the forecast. The report added that:

 

The advance number for seasonally adjusted insured unemployment during the week ending August 18 was 1,708,000, a decrease of 20,000 from the previous week’s revised level. The previous week’s level was revised up 1,000 from 1,727,000 to 1,728,000.

 

The EUR/USD pair started a downside correction below the 1.1700 level and it seems like the pair could extend the current correction towards the 1.1620 and 1.1600 levels.

 

EUR/USD Technical Analysis

The Euro traded higher this week and moved above the 1.1680 resistance area against the US Dollar. The EUR/USD pair even traded above the 1.1700 level and traded as high as 1.1733 before facing sellers.

 

EUR/USD Technical Analysis Euro Dollar

 

The pair started a downside correction and declined below the 1.1700 level. There was also a break below the 1.1680 level and the 100 hourly simple moving average. Moreover, the pair declined below the 50% Fib retracement level of the last wave from the 1.1594 low to 1.1733 high.

 

Additionally, there was a break below an important bullish trend line with support at 1.1688 on the hourly chart of EUR/USD. The pair tested the 1.1650 support and the 61.8% Fib retracement level of the last wave from the 1.1594 low to 1.1733 high.

 

It is currently consolidating losses and is facing sellers near the 1.1680 level and the 100 hourly SMA. It seems like the pair may continue to decline towards the 1.1600-1.1620 area as long as it is below the 1.1680 resistance.

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