Technical analysis of GBPUSD dated 09.05.2016

Since the unemployment rate has stayed the same, the only important economic news for GBPUSD is the Non-Farm reports by the US. It seems that the rebound from 1.3835 has already been completed after touching 1.47667. The support rests at 1.44060 with resistance at 1.44560 which both lines are below the weekly pivot point at 1.45360. The EMA of 10 just crossed the EMA of 50 and is moving below it. The price is falling down the descendant channel and as the indicators are suggesting, it will continue its movement with bearish bias. The MACD indicator is in negative territory and the RSI is below the 50 level. Short positions are recommended after the support level breakthrough. The target will be 1.4229.

https://fxglory.com/technical-analysis-of-gbpusd-dated-09-05-2016/

Technical analysis of NZDUSD dated 05.05.2016

After hitting 0.70509 NZDUSD had been moving with bearish bias and has created a double top. First bottom at 0.68058 has already been made and we can expect the second bottom in near future. The support lies at 0.68600 with resistance at 0.69240 which both lines are below the monthly pivot point at 0.69300. The MACD indicator is in negative territory showing the price decline and the RSI is below the 50 level. The EMA of 10 is located below the EMA of 50 confirming the price fall. It seems that the pair is going to continue its downward trend along with the descendant channel within the Andrews’ pitchfork. Short positions are recommended with the target at 0.6860.

https://fxglory.com/technical-analysis-of-nzdusd-dated-05-05-2016/

Technical analysis of USDJPY dated 05.05.2016

Due to USDJPY chart, JPY has been acting stronger than USD and it seems that this currency is still being supported by Bank of Japan leaving its monetary policy unchanged. The support lies at 106.980 with resistance at 107.260 which both lines are below the weekly pivot point at 108.150. The price is under the Ichimoku Cloud and the Chinkou Span. The Kijun sen is showing a horizontal movement while the Tenkan-sen is showing an upward trend. The MACD indicator is in negative territory showing the price decline and the RSI is below the 50 level. The EMA of 10 is located below the EMA of 50 which confirms the idea of price decline as well. The pair is falling down the descendant channel. Short positions are recommended with the target at 106.60

https://fxglory.com/technical-analysis-of-usdjpy-dated-05-05-2016/

Technical analysis of GBPUSD dated 05.05.2016

GBPUSD is under the influence of some economic news reports such as PMI Construction in the UK and Britain’s Markit services PMI data for April for GBP and the US reports concerning ADP Employment Change and Markit Services PMI. Yesterday the pair tried to increase but it fell again today morning. The support lies at 1.44890 with resistance at 1.45310 which both lines are above the monthly pivot point at 1.44260. The EMA of 10 is meeting the EMA of 50 right on the resistance line. The MACD indicator is in negative territory and the RSI is below the 50 level but the stochastic is showing a price growth. Traders can wait for a better chart setup to decide however price decline is expected targeting 1.4400.

https://fxglory.com/technical-analysis-of-gbpusd-dated-05-05-2016/

Technical analysis of EURUSD dated 05.05.2016

After EURUSD rally towards 1.16150 on Tuesday this pair started its movement with bearish bias but later again on Wednesday it went up a little. Today it is under the influence of Services PMI and Retail sales. This pair is finding support at 1.14740 with resistance at 1.14980 which both lines are above the weekly pivot point at 1.13720. The MACD indicator is in positive territory showing the price growth and the RSI is getting close to the 50 level. It seems that the pair is going to continue its bullish trend climbing up the ascendant channel within the Andrews’ pitchfork. The EMA of 10 is located above the EMA of 50 confirming the price growth over the last recent days. Long positions are expected targeting 1.1650.

https://fxglory.com/technical-analysis-of-eurusd-dated-05-05-2016/

Technical analysis of USDJPY dated 02.05.2016

USDJPY is under the influence of Final Manufacturing PMI for JPY and the Loan Officer Survey, Construction Spending m/m and Final Manufacturing PMI for USD. After the Fed’s decision about the probability of postponing rates hike announcement, USD got weakened and led the USDJPY pair to a sharp fall. The support rests at 106.300 with resistance at 106.800 which both lines are below the weekly pivot point at 108.150. The MACD indicator is in negative territory showing the price decline and the RSI confirms this plot and is located below the 50 level. The ADX is showing strong sellers. The EMA of 10 is also forming a harsh drop as well and is moving below the EMA of 50 a well. It seems that the pair will move in bearish bias to reach 105.80.

https://fxglory.com/technical-analysis-of-usdjpy-dated-02-05-2016/

 

Technical analysis of EURUSD dated 02.05.2016

EURUSD is under the influence of some economic news reports such as: ISM Manufacturing Prices, the Loan Officer Survey, Manufacturing PMI, Construction Spending m/m, ISM and Final Manufacturing PMI for USD and German Final Manufacturing PMI, the Final Manufacturing PMI, Italian Manufacturing PMI, and Spanish Manufacturing PMI for EUR. It seems that the consolidation pattern from 1.14636 has completed when the price hit 1.14819. Now the pair is finding support at 1.14520 with resistance at 1.14880 which both lines are above the weekly pivot point at 1.13730. The EMA of 10 is moving above the EMA 50 showing the price growth for the last recent days. All indicators are signaling buy opportunity such as MACD indicator which is in positive territory, the RSI is above the 50 level and the Stochastic is moving in high ranges. However the chart has already created a double bottom pattern which might lead to a reversal in near term bias. Unfortunately there is no clear signal for this pair at the moment, according to the indicators it might increase and reach 1.1550 otherwise after crossing the support line it will go lower completing double top and double bottom pattern.

https://fxglory.com/technical-analysis-of-eurusd-dated-02-05-2016/