Weekly Technical Outlook: GBP/NZD ;Market Forecasts for August 24th – August 28th

  • Stop loss    2.4055
  • Entry level   2.3591
  • First target at 2.3137
  • Next targets to test at 2.2806, 2.2651

Weekly Technical Outlook: GBP/NZD ;Market Forecasts for August 24th – August 28th
Weekly Technical Outlook: GBP/NZD ;Market Forecasts for August 24th – August 28th
gbpnzd2gbpnzd3

Technical Analysis

A deeper decline for GBP/NZD is expected strongly as long as 2.400 resistance continues to hold. At this point, such decline is viewed as a correction to the market for GBP/NZD pair. Thus, we’d expect strong resistance around long term at 2.400 to contain downside. Meanwhile above 2.4055 will turn bias back to the upside.

In the bigger picture, current development suggests that a medium term downside is already taken place and a deeper correction could be seen possibly at 2.3137 levels. There is a clear indication of trend reversal with back to back two bar rejection which closed below the resistance and with a break of trend line suggesting a shift in the momentum.

Focus will be on the structure on the current fall from current levels. We’d expect a strong resistance at current levels while a break of 2.591 has confirmed a bearish move on the pair; we shall look for a retest of the level. The fall from these levels should test 2.3137 and would extend to 2.2806 and later to 2.2651 minor support areas. Meanwhile, above 2.4055 should extend the upward bias which shall dampen our short term view. Outlook remains bearish for week.

Economic

  • Nationwide Housing Price for the UK
  • GFK Consumer Confidence
  • Gross Domestic Product with Total Business Investment
  • RBNZ Inflation Expectations, Trade Balance with Imports and Exports

Area of Interest

  • Strong resistance at 2.400 areas decline from current levels.
  • Bearish pattern confirmed with back to back two bar reversal at resistance levels.
  • Pair broke the trend line and closed below the trend line retesting the area.
  • Key area to target to the downside bias shall be at 2.3054 Levels.

For more detailed analysis from the author, please visit NoaFX.

Weekly Technical Outlook: NZD/CHF; Market Forecasts for August 24th – August 28th

  • Stop loss    0.6517
  • Entry level   0.6355
  • First target at 0.6257
  • Next targets to test at 0.6197, 0.6173

Weekly Technical Outlook: NZD/CHF; Market Forecasts for August 24th – August 28th
Weekly Technical Outlook: NZD/CHF; Market Forecasts for August 24th – August 28th
nzdchf 2nzdchf 3

Technical Analysis

A deeper decline for NZD/CHF is expected strongly as long as 0.6500 resistances hold. At this point, such decline is viewed as a correction to the market for NZD/CHF pair. Thus, we’d expect strong resistance around long term at 0.6500 to contain downside. Meanwhile above 0.6517 will turn bias back to the upside. In the bigger picture, current development suggests that a medium term downside is already taken place and a deeper correction could be seen possibly to 0.6257.

There is clear indication of trend reversal with two bar rejection which closed below the resistance and a broken trend line suggesting a shift in momentum. Focus will be on the structure on the current fall from current levels. At this point, we’d expect strong resistance at current levels break of 0.6355 confirmed bearish moves on pair we shall wait for pull back to area. The fall from these levels should test 0.6257 and would extend to 0.6197 and later to 0.6173 minor support areas. Meanwhile, above 0.6517 should extend the upward bias which shall dampen our short term view. Outlook remains bearish for intraday bias.

Economic

  • RBNZ Inflation Expectations, Trade Balance with Imports and Exports
  • UBS Consumption Indicator for the Swiss
  • Industrial Production
  • Gross Domestic Product

Area of Interest

  • Strong resistance at 0.6500 areas decline from current levels.
  • Bearish pattern confirmed with back to back two bar reversal at resistance levels.
  • Pair broke the trend line and closed below the trend line retesting the area.
  • Key area to target to the downside bias shall be at 0.6197 Levels.

For more detailed analysis from the author, please visit NoaFX.

Weekly Technical Outlook: CHF/JPY ; Market Forecasts for August 17th – August 21st

  • Stop loss    125.90
  • Entry level   127.09
  • First Target at 129.37
  • Next targets to test at 130.22, 130.76

Weekly Technical Outlook: CHF/JPY ; Market Forecasts for August 17th – August 21st
Weekly Technical Outlook: CHF/JPY ; Market Forecasts for August 17th – August 21st
chfjpy 2chfjpy 3

Technical Analysis

CHF/JPY is looking for consolidation pattern from 126 and is still in progress with support holding the levels at price action producing two bar reversal indicating a shift in momentum to an upside bias with trend line support pair looking for corrective pattern. A retest at 127.09 level is needed to confirm an uptrend resumption.

We’d likely see more corrective side way trading, entering above 127.09 while another rise is expected strongly. But we also need price action to confirm the bullish movement. The pair should reach level at 129.37, a break here can expect levels at 130.22 and later at 130.76. Meanwhile, we’re uncertain on the time needed to complete the consolidation and the strength of the rebound. But in any case, a break of 1.1145 however break of 125.90 will dampen our bullish view on the pair and should continue with the current momentum to downside and make new lower low. Outlook look remains sideways for week.

Economic

  • Real Estate Sales
  • Exports, Imports and Trade Balance for the Swiss
  • Adjusted Merchandise Balance, Imports and Exports for Japan
  • All Industry Activity Index, Coincident Index
  • Leading Economic Index, Foreign bond Investment
  • BOJ Interest Rate Decision

Area of Interest

  • Strong support at 126.00 areas rebound from current levels.
  • Bullish pattern confirmed with two bar reversal at support levels.
  • Pair finding support on trend line and closed above the trend line support area.
  • Key area to target to the upward bias shall be at 23.6 fib Levels

For more detailed analysis from the author, please visit NoaFX.

Weekly Technical Outlook: USD/CAD ; Market Forecasts for August 17th – August 21st

  • Stop loss    1.3218
  • Entry level   1.3106
  • First Target at 1.2950
  • Next targets to test at 1.2854, 1.2777

Weekly Technical Outlook: USD/CAD ; Market Forecasts for August 17th – August 21st
Weekly Technical Outlook: USD/CAD ; Market Forecasts for August 17th – August 21st
usdcad2usdcad3

Technical Analysis

USD/CAD deeper decline is still expected as long as 1.3100 resistances hold. At this point, such decline is viewed as a correction to the market for USD/CAD pair. Thus, we’d expect strong resistance around long term at 1.3100 to contain downside. Meanwhile above 1.3218 will turn bias back to the upside.

In the bigger picture, current development suggests that a medium term downside is already taken place and a deeper correction could be seen possibly at 1.2854 levels. There is a clear indication of trend reversal with back to back two bar rejection which closed below the resistance, suggesting a shift in the momentum. Focus will be on the structure on the current fall from current levels. We expect strong resistance at current levels to break at 1.3106 confirming a bearish move on pair. The fall from these levels should test 1.2950 and would extend to 1.2854 and later to 1.2777 minor support areas. Meanwhile, above 1.3218 should extend the upward bias which shall dampen our short term view. Outlook remains bearish for week.

Economic

  • NAHB Housing Market Index, Housing starts, Building Permits
  • Consumer price Index, EIA crude oil Stock Change with FOMC Minutes
  • FOMC Williams Speech with Initial Jobless Claims followed by Existing Home sales for US
  • Wholesale Sales for Canada
  • Consumer price Index, Bank of Canada Consumer Index
  • Retails sales with Ex Auto sales

Area of Interest

  • Strong resistance at 1.3100 areas decline from current levels.
  • Bearish pattern confirmed with back to back two bar reversal at resistance levels.
  • Pair broke the trend line and closed below the trend line retesting the area.
  • Key area to target to the downside bias shall be at 1.2910 Levels.

For more detailed analysis from the author, please visit NoaFX.

Weekly Technical Outlook: AUD/USD ; Market Forecasts for August 10th – August 14th

  • Stop loss 0.7249
  • Entry level 0.7387
  • First Target at 0.7483
  • Next targets to test at 0.7584, 0.7642

Weekly Technical Outlook: AUD/USD ; Market Forecasts for August 10th – August 14th
Weekly Technical Outlook: AUD/USD ; Market Forecasts for August 10th – August 14th
Weekly Technical Outlook: AUD/USD ; Market Forecasts for August 10th – August 14th
[/caption]audusd 2audusd 3

Technical Analysis

AUD/USD is looking for a consolidation pattern from 0.7229 and is still seen in progress. This pair is sitting right on some recent solid Support after a long term movement slipped downward. The price rested the levels around 0.7300 levels and closed above 0.7300 levels.

We expect some pull-back at around 0.7387 levels and a rebound from here is needed to confirm the uptrend resumption. Otherwise, we’d likely see more corrective side-way trading. If the pair breaks below 0.7249 our bullish view on the pair will dampen our view and would extend the downside to new lows.

In the bigger picture, whole medium term up trend is looking stronger with support area finding price action generating two bar reversal. This confirms for an upward bias and a shift in momentum and is expected to rebound from here strongly. Two back to back bar breaks at 0.7387 should possibly pave the way by just developing into a side way consolidation pattern- once strongly at 0.7483 and should look at 0.7584 and later at 0.7642 resistance zone. Outlook remains bullish for the week.

Economic

  • Westpac Consumer Confidence
  • Consumer Inflation Expectation for the Aussie
  • Labor Market Condition Index for the US
  • EIA Crude Oil Stocks Change with 10 year Note Auction followed by Monthly Budget Statement
  • Import Index, Retail Sales and Initial Jobless Claims and to end with week with Industrial Production , capacity Utilization and Michigan Consumer Sentiment Index

Area of Interest

  • Strong support at 0.7230 levels which is flip area for current levels.
  • Bullish pattern confirmed with back to back two bar reversal at support levels are stronger and look for upward bias.
  • Pair finding support on trend line and closed above the decline trend line.
  • Key area to target to the upside shall be at 0.7584 around.

For more detailed analysis from the author, please visit NoaFX.

Weekly Technical Outlook: GBP/JPY ; Market Forecasts for August 10th – August 14th

  • Stop loss 195.30
  • Entry level 193.03
  • First Target at 191.17
  • Next targets to test at 190.00, 189.46

Weekly Technical Outlook: GBP/JPY ; Market Forecasts for August 10th – August 14th
Weekly Technical Outlook: GBP/JPY ; Market Forecasts for August 10th – August 14th
Weekly Technical Outlook: GBP/JPY ; Market Forecasts for August 10th – August 14th
[/caption] gbpjpy2gbpjpy3

Technical Analysis

A deeper decline is expected as long as 195.00 resistances holds firm. At this point, such decline is viewed as a correction. Thus, we’d expect strong resistance around long term at 195.00 to contain downside. Meanwhile above 195.30 will turn bias back to the upside.

In the bigger picture, current development suggests that a medium term downside is already taken place and deeper correction could be seen possibly at 190.00. There is clear indication of trend reversal with two bar rejection which closed below the resistance and the price closed below the break of trend line suggesting a shift in momentum.

Focus will be on the structure on the current fall from current levels. At this point, we’d expect some upward movement. Finding a strong resistance break at 193.03 should confirm a bearish move on the pair. The fall from these levels should test 191.17 and would extend at 190 and later at 189.46 support areas. Meanwhile, above 195.30 should extend the upward bias which shall dampen our short term view. Outlook remains bearish for the weekly bias.

Economic

  • BRC Retail Sales Monitor
  • Claimant Count Rate, ILO Unemployment rate, Average Earnings Index
  • RICS Housing Price Balance for the Pound
  • Eco Watcher’s survey for the Japan
  • Industrial Production followed by Tertiary Industry Index
  • Machinery orders with Foreign bond Investment

Area of Interest

  • Strong resistance at 195 areas which is flip area for current levels.
  • Bearish pattern confirmed with two bar reversal at resistance levels.
  • Pair finding resistance on trend line and closed below the decline trend line.
  • Key area to target to the downside bias shall be at 190 levels.

For more detailed analysis from the author, please visit NoaFX.

Weekly Technical Outlook: AUD/JPY ; Market Forecasts for August 3rd – August 7th

    • Stop loss  89.32
    • Entry level 90.25
    • First Target at 91.81
    • Next targets to test at 92.39, 92.88
Weekly Technical Outlook: AUD/JPY ; Market Forecasts for August 3rd – August 7th
Weekly Technical Outlook: AUD/JPY ; Market Forecasts for August 3rd – August 7th

audjpy1audjpy2Technical Analysis

AUD/JPY is looking for consolidation pattern from 89.32 and is still seen in progress. The price rested the levels around 90.00 levels and closed above 90.00 levels. A break of 90.5861 is needed to confirm up trend resumption. Otherwise, we’d likely see more corrective sideway trading if pair breaks below 89.32 and our bullish view on the pair will turn out to be false and would extend to the downside to new lows.

In the bigger picture, whole medium term up trend is looking stronger with support area finding price action generating engulfing bar reversal confirming the upward bias and a shift in momentum and rebound from here is expected strongly.

A break at 90.25 should pave the way possibly by just developing into a strong sideway consolidation pattern at 91.81. Once here, it should look to reach 92.39 and later at 92.88 resistance zone. Outlook remains sideways for the week.

Economic

      • TD securities Inflation, HIA New Home sales
      • Trade Balance, Retails Sales and RBA Statement with Interest Rate Decision
      • Participation Rate, Unemployment Rate and Employment Change Rate for the Aussie.
      • Leading Economic Index, Coincident Index for the Japan
      • BOJ Monetary Policy Statement with Governor Kuroda Speech.

Area of Interest

      • Strong support at 90.00 which is flip area for current levels.
      • Bullish pattern confirmed with Engulfing bar reversal at support levels are stronger and look for upward bias.
      • Pair finding support on trend line and price action holding the levels.
      • Key area to target to the upside shall be at 92.25 around fib level of 38.6 – and 92.96 at 50.0%.

 

For more detailed analysis from the author, please visit NoaFX.

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Browsers:

  • Web Trader
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To know more about the trading platforms offered by NoaFX, please click here.

Weekly Technical Outlook: GBP/USD ; Market Forecasts for July 27th – July 31st

  • Stop loss  1.5683  
  • Entry level   1.5549
  • First Target at 1.5360
  • Next targets to test at 1.5293, 1.5254
Weekly Technical Outlook: GBP/USD ; Market Forecasts for July 27th – July 31st
Weekly Technical Outlook: GBP/USD ; Market Forecasts for July 27th – July 31st

gbpusd2gbpusd3

Technical Analysis

The pair, GBP/USD is intact at 1.57 resistance level. But a deeper decline is expected at 1.5293 support level. We’re favouring the case that a rise is finished at 1.5927; retesting the levels at 1.5549 will confirm this to be bearish case.

At this point, we’d expect resistance from 1.57 to hold and pull back for some corrective patterns from current levels for short term downside bias with price action closing below the fib level 23.6 and back to back two bars reversal pattern aligning with trend line which holds a strong resistance, the trends being tested and rejected.

However, a sustained trading below current price action should target first level at 1.5360. And a break from here should expect price to move deeper at 1.5293 and later if broken lower at 1.5254 level. Nonetheless, above 1.5683 minor resistances will dampen this bearish view.

Outlook remains bearish for the week.

Economic

  • Gross Domestic Product, Mortgage Approvals
  • Consumer Credit, GFK consumer confidence for the pound
  • Durable goods Order, Dallas Fed Manufacturing Index
  • S&P/case-shiller Home Price Indices, Consumer Confidence
  • Fed’ Monetary Policy Statement with Fed Interest Rate Decision
  • Gross Domestic Product, Initial Jobless Claims followed by Michigan Consumer  Sentiment Index

 

Area of Interest

  • Strong Resistance at 1.57 which is flip area for current levels.
  • Bearish pattern with two bar reversal at resistance levels are stronger and look for new lows.
  • Pair finding resistance on trend line and price action holding the levels.
  • Key area to target to the downside shall be at 1.5333 around fib level of 38.6 – 50.0%.

For more detailed analysis from the author, please visit NoaFX.

Weekly Technical Outlook: EUR/JPY ; Market Forecasts for July 20th – July 24th

 

  • Stop loss  136.63
  • Entry level   135.03
  • First Target at 133.15
  • Next targets to test at 132.37, 131.71
Weekly Technical Outlook: EUR/JPY ; Market Forecasts for July 20th – July 24th
Weekly Technical Outlook: EUR/JPY ; Market Forecasts for July 20th – July 24th

eurjpy 2

Technical Analysis

 

eurjpy 3

EUR/JPY rises to as high as 135. So far it is seen finding strong resistance limit to the upside on the ranging market mid-way and has been rejected on the daily chart with a pin bar rejection where support holding pair breaks levels with bearish pattern.

The pair can see some correction to the downside. However a retest at 135.03 will confirm the reversal to the downside, a break of which should be target at 133.15. Once it passes the level to test at 132.37 and later at 131.71 levels, we’d expect more range trading between 135 – 133 areas but recent break of support with pin bar and price action suggest pair to make new lows.

On the upside a break of 136.63 will dampen our view of downside. Outlook Intraday remains bearish for the week on the pair.

Economic

  •     PPI, Consumer confidence Index,
  •     Unemployment data, Exports and Imports Data for Euro
  •     Monetary Policy Meeting Minutes.
  •     Leading along with Lagging Index,
  •     Japan Bonds, Stocks with Nomura/JMMA Manufacturing PMI

 

Area of Interest

  • Support level at 135 broken with pin bar.
  •     Bearish pattern once the support levels broken are stronger and look for new lows.
  •     Pair finding resistance on trend line and price action holding the levels.
  •     Key area to target to the downside shall be at 131.83 also the fib level of 61.8%.

 

For more detailed analysis from the author, please visit NoaFX.

Weekly Technical Outlook: NZD/USD; Market Forecasts for July 13th – July 17th

  • Stop loss 0.6600  
  • Entry level   0.6695
  • First Target at 0.6812
  • Next target to test at 0.6879, 0.6967

 

Weekly Technical Outlook:  NZD/USD; Market Forecasts for July 13th – July 17th
Weekly Technical Outlook: NZD/USD; Market Forecasts for July 13th – July 17th
2

Technical Analysis

 

3

 

NZD/USD dropped to 0.66187 but recovered strongly as support was found on the weekly chart. A fall from 0.7738 might be finished already. Initial bias is mildly on the upside for retesting at 0.6812 high first. The development argues that rebound from 0.66187 might still be in progress. A break from 0.6812 will target 23.6% retracement from 0.6879 to 0.6967 levels.

On the downside, below 0.6600 will turn its focus back to downside to create new lows and dampen our bullish view. Overall view on the pair is upward bias, medium term rise from 0.6600 has initiated and focus shall be on correction at 0.6695 for re-entry.

With price action producing a two bar reversal on the support area, and basing our analysis on the structure of trend line, we can see some rebound happening. We are sticking to the view for the long term bias on pair and is expected from 0.6695 to the 0.6911 minor resistance level later. Break here should be targeted more above 0.6967. Outlook remains bullish for the week.

Economic

  • The Business New Zealand PMI
  • Consumer Price Index released by the Statistics New Zealand
  • Monthly Budget Statement for the US
  • The Retail Sales released by the US along with Import Price
  • Industrial Production, Capacity utilization and Producer Price Index followed by EIA crude oil
  • Initial job claims with continuing job claims followed by Janet L. Yellen Speech.

Area of Interest

  • Support level at 0.66 finding strong support on the weekly chart.
  • Two bar reversal at support area which is also the flip area.
  • Pair finding support on trend line and price action holding the levels.
  • Key area to target to the upside shall be at 0.6873 also the fib level of 23.6% for the week.

 

For more detailed analysis from the author, please visit NoaFX.

Weekly Technical Outlook: GBP/CAD; Market Forecasts for July 6th – July 10th

  • Stop loss 1.9685   
  • Entry level 1.954
  • First Target at 1.9438
  • Next targets to test at 1.9306, 1.9209

 

Weekly Technical Outlook: GBP/CAD; Market Forecasts for July 6th – July 10th
Weekly Technical Outlook: GBP/CAD; Market Forecasts for July 6th – July 10th
2

Technical Analysis

 

3

GBP/CAD’s fall from 1.9751 to extended lower for this week. We’re favouring the case that rise from 1.81472 is finished at 1.9751. With price action signalling bearish momentum with formation of two bar reversal and pin bar rejection at end of last week, GBP/CAD has also been rejected on trend line with surrounding area holding resistance area. Initial bias remains on the downside this week. A break of 1.954 will confirm this bearish case. Nonetheless, above 1.9685 resistances will dampen this bearish view.

Over all in the bigger picture, current development argues that medium term fall from 1.9751 will extend to 1.9438. A break here is a correction to another leg to 1.9306 and down trend from this level is still expected to extend for a new low below 1.9209 later. In the longer term picture, we’re sticking on to the view that price actions means bearish on pair, firstly, 1.9438 shouldn’t be the end point of the down trend yet and a new low is expected. Secondly, as the next fall could be 1.9306, the breach of 1.9209 could be shallow and brief from long term point of view and we’ll then see a more sustainable rebound.

Economic

  • NIESR GDP Estimate (3M)
  • BoE Asset Purchase Facility along with BoE Interest Rate Decision for UK
  • Ivey Purchasing Managers Index
  • Building Permits
  • Bank of Canada Business Outlook Survey and later Housing Starts
  • Unemployment Rate with Net Change in Employment

 

Area of Interest

  • Resistance level at 1.9751levels finding strong resistance with pair rejecting the levels at close last week.
  • Two bar reversal and Pin bar at resistance also the flip area.
  • Pair finding resistance on trend line and unable to break past them and closed below at close of trade.
  • Key area to target to the down side shall be at 1.9209 for the week.

For more detailed analysis from the author, please visit NoaFX.

Weekly Technical Outlook: AUD/NZD; Market Forecasts for June 29th – July 3rd

  • Stop loss 1.131  
  • Entry level 1.115
  • First Target at 1.10244
  • Next targets to test at 1.0889, 1.0787

 

Weekly Technical Outlook: AUD/NZD; Market Forecasts for June 29th – July 3rd
Weekly Technical Outlook: AUD/NZD; Market Forecasts for June 29th – July 3rd
2

Technical Analysis

AUD/NZD’s consolidation pattern extended last week to 1.1274. While 1.1274 resistances were breached, the pair quickly dropped back below key resistance area on weekly and daily time frame. We’re holding on to the view that consolidation pattern has already completed at 1.1274 area and a larger down trend is possibly resuming with price action rejecting key resistance area with two bar reversal followed by pin bar signalling the shift in momentum. However, any decisive Break below 1.115 will confirm shift in momentum to downside bias and should be targeted at 1.10244 first. A break will target projection to 1.0889 and next at 1.0787. As long as 1.131 resistances hold, there is no indication of trend continuation. Thus, we’d expect fall from 1.115 to resume. Outlook on the pair remains bearish for the week.

Economic

  • HIA New Home Sales and Private Sector Credit
  • RBA’s Governor Glenn Stevens Speech
  • AiG Performance of Mfg Index followed by The trade balance released by the Australian Bureau and later Retail Sales
  • ANZ Activity Outlook and later GDT Price Index for the Kiwi

Area of Interest

  • Strong Resistance level found at 1.1274 on Daily chart.
  • Two bar reversal and Pin bar rejection at key resistance area.
  • Resistance level is also the key flip area on weekly chart.
  • Key area to target downside at 1.10244 with minor support level.

 

For more detailed analysis from the author, please visit NoaFX.

Weekly Technical Outlook: USD/CAD; Market Forecasts for June 22th – June 26th

  • Stop loss        1.211  
  • Entry level     1.227
  • First Target at 1.2354
  • Next targets to test at 1.2384, 1.2505, 1.2555

 

Weekly Technical Outlook: USD/CAD; Market Forecasts for June 22th – June 26th
Weekly Technical Outlook: USD/CAD; Market Forecasts for June 22th – June 26th

2

 

Technical Analysis

The rebound from 1.2139 extended higher last week and found some strong momentum after hitting the levels. As noted corrective pattern is completed with support holding the levels stronger at end of week.

We expect consolidation to be around the fib level 23.6, and a break above this should see stronger move to the upside. Hence, we’d be expecting resuming of larger up trend from current levels with pin bar closing above of 61.8 and price action at end of week closing above 50.0 level, target levels being at 1.2354. A break here should set up a nice upward bias to 1.2384 and later at 1.2505. Meanwhile price below 1.211 should dampen the upward bias and we shall exit the above set-up on upward bias.

Outlook on USD/CAD remains bullish for the week.

Economic

  • The Existing Home Sales for the US
  • The Durable Goods Orders
  • The number of New Home Sales released by the US
  • Gross Domestic Product Price Index
  • The Initial Jobless Claims released by the US
  • Canadian for the period of April Non-Farm Payroll
  • Average Weekly Earnings

Area of Interest

  • Support level at 1.2139 levels finding strong support with price closing with pin bar.
  • Pin bar at support levels also the flip area.
  • Fib level 61.8 rejected strongly and with price action closing above the Fib 50.0 Level.
  • Key area to target to the upside shall be at 23.6 for the week.

For more detailed analysis from the author, please visit NoaFX.

DISCLAIMER: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase of sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

 

Weekly Technical Outlook: EUR/AUD; Market Forecasts for June 15th – June 19th

  • Stop loss 1.4770
  • Entry level 1.4528
  • First Target at 1.4409
  • Next targets to test at 1.4346, 1.42527

 

Weekly Technical Outlook: EUR/AUD; Market Forecasts for June 15th – June 19th
Weekly Technical Outlook: EUR/AUD; Market Forecasts for June 15th – June 19th

2

Technical Analysis

3

 

EUR/AUD’s rebound was limited to 1.4770 resistances and it remained stuck and dropped further at the end of the week’s trading. Initial bias stays bearish this week though. 

First a break of 1.4528 will revive the case on the down trend and confirm the shift in movement. Level break should decline to 1.4346 levels and will extend to 1.42527 if broken strongly with resistance currently at flip area which is holding the upside bias. The pin engulfing bar rejection and the closing of the week indicate that sellers have rejected current levels.

We’d probably see deeper decline to fib level of 38.2 to the downside bias. Though, a break of 1.4770 will dampen our bearish view and turn bias back to the upside. But outlook remains bearish for the week.

Economic

  • ECB President Draghi’s Speech
  • Trade balance
  • European court of Justice Ruling
  • ZEW survey, Consumer price index, Euro Group Meeting
  • Targeted LTRO for the Euro
  • RBA assistant governor Kent Speech
  • RBA meeting minutes
  • RBA foreign exchange transaction

Area of Interest

  • Resistance level at 1.4770 levels finding stronger rejection at end of the week.
  • Rejection with pin engulfing bar at resistance levels also the flip area.
  • Down trend line holding the resistance levels with pin engulfing bar and rejected price action further.
  • Fib level 61.8 rejected strongly and with price action signaling should see Fib 38.2.

 

For more detailed analysis from the author, please visit NoaFX.

 

Weekly Technical Outlook: EUR/NZD; Market Forecasts for June 8th – June 12th

  • Stop loss 1.5916
  • Entry level 1.5696
  • First Target at 1.5471
  • Next targets to test at 1.5393, 1.5304

Weekly Technical Outlook: EUR/NZD; Market Forecasts for June 8th – June 12th

Weekly Technical Outlook: EUR/NZD; Market Forecasts for June 8th – June 12th

2

Technical Analysis

3

 

EUR/NZD’s rebound was limited below 1.5824 resistance and it remained stuck and dropped further down at the end of the week’s trading. Initial bias stays bearish this week first. Break of 1.5696 will revive the case on the down trend and confirm the shift in movement. A break of levels should decline to 1.5471 levels and will extend to 1.5393 and later 1.5304 if broken strongly with resistance currently at flip area which is holding the upside bias.

The pin bar rejection and the closing of the week indicate that sellers are rejecting current levels and we’d probably see deeper decline to fib level of 38.2.The outlook remains bearish for the week.

Economic

  • Trade Balance, industrial production, export and import
  • CPI, GDP
  • Capacity Utilization rate for the Euro
  • Manufacturing Activity for the Kiwi
  • Interest Rate Decision

Area of Interest

  • The resistance level at 1.5824 levels finding stronger resistance area.
  • Rejection with pin bar at resistance levels also the flip area.
  • Down trend line holding the resistance levels with pin bar closing at end of the week.
  • The 1.5900 levels were price has been rejected strongly.

For more detailed analysis from the author, please visit NoaFX.

Weekly Technical Outlook: USD/CAD; Market Forecasts for June 1st – June 5th

  • Stop loss 1.2536
  • Entry level 1.2411
  • First Target at 1.2317
  • Next targets to test at 1.2274, 1.2207

 

Weekly Technical Outlook: USD/CAD; Market Forecasts for June 1st – June 5th
Weekly Technical Outlook: USD/CAD; Market Forecasts for June 1st – June 5th
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USD/CAD edged higher to 1.2537 last week, but found a too stronger resistance area to breach the levels, with price action closing on a negative note with bearish pin bars. Initial bias stays bearish this week. As long as the resistance level holds at 1.2537, down trend is expected to extend through 1.2317 to 1.2274 levels.

The fib 61.8 area has stronger resistance with 1.1250 holding the upward bias and aligning together, acting as stronger resistance. Price action found sellers bringing the pair down with back to back pin bar rejections at key levels and the down trend line at resistance. The pair, at the end of the week, lost some of its momentum with the break of 1.2317 and confirmed the shift in movement.

Economic

  • US Dollar for the week PMI Manufacturing forecasted at 52.1
  • ISM Manufacturing Survey at 51.92
  • ADP Employment Change at 187.5 K
  • Non-Farm Payroll seen at 227.12 k
  • Canadian PMI Manufacturing
  • International Merchandise Trade expected at – 1.95B
  • Net Change in Employment at – 30 K
  • Unemployment Rate forecasted to be at 0.0685

Area of Interest

  • The resistance level at 1.1250 levels finding stronger resistance.
  • Back to back rejection with pin bar at resistance levels.
  • The Fib of 61.8 levels which is holding the levels has resistance at 1.1250 areas.
  • Down trend line holding the resistance levels with pin bar closing below 61.8 and 1.1250.

 

For more detailed analysis from the author, please visit NoaFX.

 

Weekly Technical Outlook: GBP/NZD; Market Forecasts for May 25th – May 29th

  • Stop loss 2.1484
  • Entry level 2.1227
  • First Target at 2.1096
  • Next targets to test at 2.101, 2.0918

 

Weekly Technical Outlook: GBP/NZD; Market Forecasts for May 25th – May 29th
Weekly Technical Outlook: GBP/NZD; Market Forecasts for May 25th – May 29th
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GBP/NZD’s rise from 2.0897 extended to as high as 2.1484 last week, but formed a temporary top there and retreated. Initial bias is bearish this week, and the price action at the close of last week has found some strong resistance at 2.140 and holds the levels. The pair has rejected the levels with the formation of the pin bar, confirming that the pair has shifted its bias and looks for some deep correction. This also suggests that the trend has reversed too downside and should target levels to 2.1096 and break of this should target at 2.101 -2.0918.

Economic

  • CBI Distributive Trades Report
  • BBA Loans for House Purchase
  • GFK Consumer Confidence Survey along with GDP for UK
  • Trade Balance with Imports and Exports for the Kiwi
  • Building Permits
  • NBNZ Business Confidence

Area of Interest

  • On the weekly chart the trend line align with resistance levels
  • The pair made a false break above 2.140 and closed below the levels
  • Pin bar rejection at the area indicates that the trend has shifted.

For more detailed analysis from the author, please visit NoaFX.

Weekly Technical Outlook: NZD/CAD; Market Forecasts for May 18th – May 22th

  • Stop loss 0.8796
  • Entry level 0.8909
  • First Target at 0.9066
  • Next targets to test at 0.9104, 0.9142

 

Weekly Technical Outlook: NZD/CAD; Market Forecasts for May 18th – May 22th
Weekly Technical Outlook: NZD/CAD; Market Forecasts for May 18th – May 22th
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Technical Analysis

NZD/CAD got some support above 0.8800 levels. A temporary bottom is formed at 0.8800 and stronger recovery could be seen with the bullish engulfing bar. Decisive break of 0.8962 confirms up trend resuming at 0.9066 key resistances. But with the week closing below the fib levels of 23.6, wait on the pair for some small pull back prior to resuming any upward bias. Otherwise, outlook will stay bullish on the pair and such rise is seen to occur with the bullish pattern on current momentum. The rise might extend through 38.2 levels which would possibly be the next area of resistance.

Economic

  • PPI Output for the New Zealand
  • Credit Card Spending
  • Wholesale Sales for Canada
  • Retail Sales along with CPI
  • The Flip area where price has found support at 0.8800 levels.
  • Bullish engulfing bar which shifted the movement still stronger.
  • Price action closed below the fib 23.6 will look for small downside move prior to going long on the pair.
  • Fib 38.2 should be the next area of resistance to hold strongly once the first target is hit.

Area of Interest

  • The Flip area where price has found support at 0.8800 levels.
  • Bullish engulfing bar which shifted the movement still stronger.
  • Price action closed below the fib 23.6 will look for small downside move prior to going long on the pair.
  • Fib 38.2 should be the next area of resistance to hold strongly once the first target is hit.

For more detailed analysis from the author, please visit NoaFX.

Weekly Technical Outlook: AUD/JPY; Market Forecasts for May 18th – May 22th

  • Stop loss 97.328
  • Entry level 96.278
  • First Target at 95.136
  • Next targets to test at 94.630, 93.935

 

Weekly Technical Outlook: AUD/JPY; Market Forecasts for May 18th – May 22th
Weekly Technical Outlook: AUD/JPY; Market Forecasts for May 18th – May 22th

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Technical Analysis

 

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With 97.00 acting as a major resistance, a deeper fall is expected in AUD/JPY. Current decline from 97.00 has already signalled the downside is in place and 96.00 is creating a minor resistance on the pair. Price action is viewed as a strong rejection on the pair where the pair has been rejected with the pin bar and the trend line rejection confirms the resistance is holding strongly than before and should target breaking levels of 95.13 and would pave the way down to 94.630 – 93.935, where  the pair looks bearish for the week.

Economic

  • Monetary Policy Meeting Minutes for the Aussie
  • CB Coincidence Index along with CB Leading Index
  • Industrial Production for the Japan, Capacity Utilization Rate, Machinery Orders, GDP Deflator
  • Nomura/JMMA Manufacturing
  • The Flip area where price has found resistance at 97.00 levels.
  • Minor resistance area at the 96.00 levels.
  • Trend line resistance at primary levels.
  • Pin bar rejection at the key resistance area.

Area of Interest

  • The Flip area where price has found resistance at 97.00 levels.
  • Minor resistance area at the 96.00 levels.
  • Trend line resistance at primary levels.
  • Pin bar rejection at the key resistance area.

For more detailed analysis from the author, please visit NoaFX.