TECH TARGETS: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD – UOB

EUR/USD: Neutral: Odds for a move above 1.0870/75 are not high.

The 1.0825/30 level that we have talked about since Thursday was finally met with an overnight high of 1.0825. Shorter-term upward momentum is slowing down and while a move above 1.0825/30 would not be surprising, the odds for a break above last December high of 1.0870/75 are not high. Support is at 1.0745 but only a move back below 1.0715 would indicate that a short-term top is in place.

GBP/USD: Bullish: To take half-profit at 1.2545/50.

GBP hit an overnight high of 1.2507 before closing on a strong note. The bullish phase that started on Monday  is still intact. However, from a shorter-term perspective, the rally appears to be running ‘too fast, too soon’ and those who are long should look to book half-profit at 1.2545/50, just below the 1.2570 high seen in late February. Stop-loss is unchanged at 1.2340.

AUD/USD: Neutral: In a 0.7600/0.7730 range.

There is not much to add as we continue to view the current movement as part of a 0.7600/0.7730 consolidation phase even though the immediate bias is for a probe lower towards the low end of the expected 0.7600/0.7730 range. Looking further ahead, as long as there is no sustained drop below 0.7600, we expect the current consolidation to be resolved to the upside.

NZD/USD: Neutral: In a 0.6950/0.7090 range.

As highlighted yesterday, NZD has likely made a short-term top at 0.7090 earlier this week. The current price action is viewed as part of a consolidation phase that could last for several days. Overall, expect sideway trading from here, likely between 0.6950 and 0.7090.

USD/JPY: Neutral: No signs of stabilization just yet.

While we expected USD to extend its decline towards 111.05/10, the pace of the drop and the ease of which this level is taken out came as a surprise (overnight low of 110.71). Despite being severely oversold, there is no sign of stabilization just yet and further weakness towards the psychology level of 110.00 is not ruled out. Overall, this pair is expected to stay under pressure unless it can move above stay above 112.50.

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FOREX and COMEX Market Updates

GOLD

Gold markets although positive overall had a negative session on Wednesday. We are getting signals for an initial uptrend. A break above a recent high from yesterday is giving us the confidence to say that the market might reach the $1150 level. At present, the money is flowing into the market and with time it might go higher. We are currently looking for pullbacks to enter long positions. Given enough time, we believe that we will go much higher than that, and it appears that money is starting to flow into this market.

SILVER

Silver markets due to a support at the $14.40 level was able to turn an initial fall and form a Hammer. The bullish tendencies of a hammer suggest that the traders might take this market higher. A sound strategy for entering long positions would be to wait for the $14.60 level to be breached. Any pullback that occurs at this moment, should be overall supportive.

CRUDE OIL

Crude Oil prices climbed higher on Wednesday inspite of a larger than expected build in inventories. The 10-day Moving Average is currently showing a support in the vicinity of 30.17 level whereas a resistance level seems to be present near the downtrend line at the 34.25 level. The overall momentum seems to be negative whereas the MACD(Moving Average Convergence Divergence) is currently somewhat indecisive. The RSI(Relative Strength Index) too is indecisive. The present scenario seems to be made for short positions.

EUR/USD

The EUR/USD stepped up due to the announcement by the Federal Reserve that the federal rates would remain unchanged for the time being; however they did express their doubts on whether the inflation would reach their target goal. Although a degree of relaxation cold be scene but the overall scenario was not as dovish as expected. Hence, march can be expected to be a tough ride. The 10-day Moving Average acted as the support for the rate at 1.0870 whereas resistance is seen at 1.10.

GBP/USD

The GBP/USD has continued with its downtrend during the Trading session on Wednesday, as the bears seems to be holding the reigns of the overall market. Due to the downtrend, we would be looking to short the market on short term rallies and at breakouts below the bottom of the range for the day. Due to the expected Preliminary GDP numbers in the day and the strengthening US dollars, we are not taking any long positions for the time being.

AUD/USD

The AUD/USD climbed higher during the day on Wednesday, breaking above the most recent resistance. However, the 50% Fibonacci Retracement, level still posed a massive resistance in the later half of the trading session; hence we remain focused on short positions. Following that we have an uptrend line that we had previously breached which is in close proximity with the 61.8% Retracement level. Hence, we need to be extra cautious in choosing our positions. At the moment, the wise move will be to look for exhaustive candles in order to start selling again.

USD/JPY

The USD/JPY went up during the trading hours on Wednesday, crossing the 1118.50 level. We will believe the the market is all poised to climb up, if it breaks above the top of the range. The first stop of the ascend would be the 20.50 level. Our suggestion would be to buy supportive candles at lower levels.

Most Active Forex Pairs of the day & Technical Analysis

GBPUSD

The GBP/USD pair rallied during the initial hours on Monday, but took a U-turn and formed a negative candle. We have a negative omen with the shooting star appearing at the bottom of the down trend and as a result, we arrive at the conclusion that any break down below the bottom of the range will continue to push this market down towards 1.45 level. We are not entering long position until we are above the 1.50 level, Which seems highly unlikely in the present scenario. 3 Days Free  Trail Signals

EURUSD

The EUR/USD pair got whipsawed on Monday and generated an outside day with a closing below the previous days low. The exchange rate felt the heat due to pressure despite a minor increase in the Eurozone manufacturing PMI numbers as the traders grabbed US dollar for safety from the rapid decline in the Chinese Equity market. We have a Resistance in the neighborhood of 20-day Moving Average at 1.0918, while a support is present at 1.0780. The MACD(Moving Average Convergence Divergence) indicator is signalling negative momentum.

AUDUSD

The AUD/USD pair slipped on Monday, and checked the depth of the ascending triangle we have been exploiting till now. At the present moment, we are not sure when the buyers might enter, hence our hesitation in taking short positions. Short positions would be tempting if cross 0.71 level and then we might as well enter them the Australian Dollar is not getting any help from the old markets which is an anomaly and as a result a breakdown may occur.

USDJPY

The USD/JPY pair fell during the course on Monday as Asian problems continued to pester. The Chinese lost 7% during their stock market training day, and that would have had people running towards the Japanese yen, due to it being considered a “safety currency” due to the fact its normally used as a proxy for Chinese market.

We fell below to test the 118.50 level that happens to be the bottom of the consolidation for the moth of August; however resistance in the zone forced us to turn back and form a hammer. Hence, we would be taking a long position as soon as we cross the top of the hammer.

On the flip side, if we break down below to118.50 level, that could attract the sellers and things might heat up as we reach the 116 zone. At present we are pitching for the buyers and hope for a upside breakout.

Daily Forex Technical Analysis Report

GBPUSD

The GBP/USD made a spike from the 1.48 zone on Wednesday. However, the resistive nature of $1.49 level has recently been quite frequently exhibited, hence we suspect the downtrend might continue for the moment. Currently we are looking to make profits through short positions. 1.50 level might be considered as a ceiling, hence our interest in Long positions will be stirred up only after that. 3 Days Free Trail Signals

EURUSD

The EUR/USD took a dip in light of stronger than expected U.S. New Home Sales report. The pair found a support in the vicinity of the 10-day Moving Average at 1.0920. We see a resistance at 1.1059, that also happens to be in the zone of December highs. Among the indicators, RSI(Relative Strength Index) happens to be in the neutral zone and MACD(Moving Average Convergence Divergence) also isn't giving positive signals.

AUDUSD

The AUD/USD spent the entire session on Wednesday exhibiting pendulum motion as the 0.72 level seems to be a sticky one for the pair. Take a look at the 100-day Exponential Moving Average, it is essentially flat and hardly any defined trends happen to be there. For the moment, it is better to stay away from this pair due to the lack of volatility at present.

USDJPY

The USD/JPY pair had a lazy Wednesday as it continued with its stay in the 120.50 level. Any noise at this level is vibrated to the 118.50 level. At present, we are in search of a good opportunity to take a Long position and a supportive candle might give us the confidence that we lack at the moment. Any chances of a short position are below the 118.50 zone. However, it seems this might take a while before it occurs.

Forex: GBPUSD, EURUSD, AUDUSD Down due to FOMC statement; USDJPY Up

GBP/USD
Tuesday seemed to be ruled by volatility throughout the course of the day. The pair might have broken down,however 1.50 level below comes out to be supportive,hence our eagerness to start selling. The main game changer for the current period will be the impending FOMC Statement as it has the ability to change the market direction instantaneously. We are currently playing safe and wait for the market to make up its mind. The best thing to do at the moment is to simply wait. Get 3 Days Free Trial Signals
EUR/USD
The EUR/USD pair made a bearish candle in the 1.10 zone on Tuesday. The FOMC statement will be playing its part in this pair too, as it is the only way to get an idea what the Federal Reserve is planning to do next. Its best to calmly wait for the Fed decision and then decide what to do. Until the decision is released ,we expect high Volatility in the market.
AUD/USD
The AUD/USD pair finds support at 0.7150 level and we have hopes of a pull back from this level. Tuesday saw the pair drop as we continued with our search for opportunities. A prolong drop might see the pair touch the 0.70 level, but the possibility is stronger in case the lows of of the session are breached.Overall, the markets are going to be very volatile.
USD/JPY
The USD/JPY climbed up on Tuesday, due to the presence of buyers below. We are positive of touching the 124 level and with the FOMC statement on its way,the volatility might give us some additional thrust. Considering the 120 level as the “floor”, we might exploit the any pullback as a buying opportunity. A hawkish statement might even get us passed the 125 level and our confidence refrains us from taking any short positions.