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Market Analytics

Daily Analytics: Resistance Levels for GBP/USD and NZD/JPY

Daily Analytics : Resistance Levels for GBP/USD and NZD/JPY

What to Watch : NZD/JPY 4-hour

NZDJPY2

NZD/JPY is having trouble making new highs above the 77.75 area.

 

And why not? The level lines up with a channel resistance that’s been relevant since mid-April. It also doesn’t help that the 100 SMA has just crossed below the 200 SMA.

 

The cherry on top of this sweet setup is a small divergence on the 1-hour time frame.

Shorting at the first signs of sustained selling pressure is a good idea if you’re betting on NZD/JPY extending its short-term downtrend.

If you’d rather buy the Kiwi against the yen, though, then you’ll want to do it after the Kiwi pops above the 77.30 area. The 78.00 handle is a good target but you can also aim for April’s highs if you’re confident in the Kiwi’s strength.

What to Watch : GBP/USD Daily

GBPUSD11

Cable looks ready to retest the 1.4200 February highs! As you can see, the pound saw a top and then a reversal around the area back in 2018.

 

Let’s see if history repeats itself.

 

Pound bulls can take advantage of the current upswing and buy the currency until we see more bearish candlesticks. Be careful of the big 1.4000 level, though, as it can attract tons of short-term bears.

Meanwhile, the bears can either wait for momentum at a rejection of the 1.4000 handle, or they can start placing some shorts in case GBP/USD retests 1.4200.

The 1.3750 double top “neckline” is a good initial target but you can also shoot for a downside breakout all the way to the 1.3450 major area of interest.

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Market Analytics

Daily Analytics: Resistance Tests for EUR/GBP and NZD/JPY

Daily Analytics : Resistance Tests for EUR/GBP and NZD/JPY

What to Watch : NZD/JPY 1-hour

NZDJPY1

NZD/JPY is having trouble making new highs above the 77.75 area.

 

And why not? The level lines up with a channel resistance that’s been relevant since mid-April. It also doesn’t help that the 100 SMA has just crossed below the 200 SMA.

 

The cherry on top of this sweet setup is a small divergence on the 1-hour time frame.

Shorting at the first signs of sustained selling pressure is a good idea if you’re betting on NZD/JPY extending its short-term downtrend.

If you’d rather buy the Kiwi against the yen, though, then you’ll want to do it after the Kiwi pops above the 77.30 area. The 78.00 handle is a good target but you can also aim for April’s highs if you’re confident in the Kiwi’s strength.

What to Watch : EUR/GBP 4-hour

EURGBP4

Countertrend traders huddle up!

After breaking above a trend line resistance, EUR/GBP is now trading inside an ascending channel on the 4-hour time frame.

 

The odds currently favor the bears as EUR/GBP hangs out at the .8700 major psychological area. The resistance hasn’t been broken since late Feb, yo!

 

Euro bears can nibble around current levels and then push the pedal to the metal once EUR/GBP sees downside momentum. You gotta watch out for the mid-channel and 100 SMA support levels, though, in case the bulls are waiting for a chance to buy at the area.

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Market Analytics

Daily Analytics: Comdoll Trend CAD/JPY and AUD/NZD

Daily Analytics : Comdoll Trend CAD/JPY and AUD/NZD

What to Watch : CAD/JPY 1-hour

CADJPY4

Loonie bears are doing a good job of defending the trend line resistance that the bulls have been knocking on since the start of the month.

 

Of course, it doesn’t hurt that the trend line is also around the 100 and 200 SMAs AND the 86.50 minor psychological handle this week.

 

Sellers can jump on the downtrend at current levels, target this week’s low, and place their stops just above the 200 SMA for a good risk ratio.

If you’d rather buy the comdoll against the yen, however, then you’ll want to do it once CAD/JPY successfully breaks above the trend line and maybe pushes the 100 SMA to cross above the 200 SMA.

What to Watch : AUD/NZD Daily

AUDNZD1

AUD/NZD is finding support at the 1.0750 minor psychological level that’s right smack at a 61.8% Fib retracement, and channel support on the daily time frame.

 

Bulls who believe that the Aussie can extend its uptrend against the Kiwi can buy at the first signs of bullish momentum and target 2021’s highs.

 

If you see the Aussie trading below the channel and SMA support levels, though, then you gotta be ready for possible trips to the 1.0650 or 1.0570 previous areas of interest.

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Market Analytics

Daily Analytics: Triangle Breakout on AUD/JPY and CAD/JPY

Daily Analytics :Triangle Breakout on AUD/JPY and CAD/JPY

What to Watch : CAD/JPY 1-hour

CADJPY3

CAD/JPY is consolidating at the 86.60 zone, which lines up with a key support that the bulls had relied on for most of April.

 

What makes the level more interesting is that it’s also around a 50% Fib retracement of CAD/JPY’s recent downswing and is just below the trend line and 100 SMA resistance on the 1-hour time frame.

 

Will 86.60 become a resistance area for the Loonie? Shorting at the first signs of bearish momentum is a good strategy if you’re betting on CAD/JPY extending its downtrend in the next trading sessions.

If you think that the bulls have enough firepower to bust through the triangle support AND resistance areas, then you can also wait for CAD/JPY to trade above the SMAs before betting on possible retests of the 87.15 and 87.60 areas of interest.

What to Watch : AUD/JPY Daily

AUDJPY1

If breakout trades are more your thing, then you’re gonna love that AUD/JPY is still inside an ascending triangle that had formed after a strong Q4 2020 for the Aussie.

 

84.50 is the resistance level to watch though the bulls will need to push the Aussie above 85.45 if they want to get new 2021 highs for AUD/JPY.

 

An upside breakout could lead to trips to the 86.75 and 89.00 previous inflection points.

But if the ascending triangle results in a downside breakout (triangles are indecision patterns, ya know), then we could see the Aussie test the 82.50 February and March lows or even the 100 SMA on the daily time frame.

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FOREX News

Forex World News : Dollar bounces higher as traders brace for inflation data

Forex World News : Dollar bounces higher as traders brace for inflation data

Date : 2021 / 04 / 12

The dollar gained ground on Monday after last week’s drop as traders assessed the outlook for Treasury yields

 

while awaiting crucial U.S. inflation and retail sales data in coming days.

Elsewhere it was a quiet start to a data-heavy week for foreign exchange markets.

The euro dipped back below $1.19 while the British pound briefly fell to a two-month low, with some analysts citing blood clot concerns around AstraZeneca (NASDAQ:AZN)’s COVID-19 vaccine, which the UK has relied heavily on for its aggressive vaccination programme.

The dollar’s fortunes have been tied to the performance of Treasury yields for most of 2021, after concerns about rising inflation in the United States and a stimulus-fuelled economic rebound triggered a significant jump in yields on U.S. government bonds in February.

A fall in U.S. yields last week triggered the worst week for the dollar in 2021, but the currency found some stability on Monday.

Federal Reserve Chairman Jerome Powell said in a U.S. media interview released on Sunday that the U.S. economy was at “an inflection point” and looked set for a strong rebound in the coming months, but he also warned of risks stemming from a hasty reopening.

Investors are now waiting for U.S. March inflation data due on Tuesday.

“We are set to see the first evidence of the much anticipated surge in inflation that is widely expected through the coming months as base effects from a year ago begin to take effect as the sharp declines post-COVID start to fall out of the annual calculations,” said MUFG analysts.

They said the dollar’s fortunes could well “remain linked to 10-year yields”.

The benchmark 10-year Treasury yield was at 1.6462% after dropping to as low as 1.6170% last week. It had surged to a more than a one-year high of 1.7760% on March 30.

The dollar index, which measures the greenback against a basket of currencies, rose 0.1% to 92.275 while the euro dropped 0.2% to $1.1875.

Bitcoin traded above $60,000, closing the gap to its record high.

Against the pound the dollar initially gained before reversing course. The British currency was last up 0.2% at $1.3734 after briefly touching a two-month low of $1.3669.

The dollar fell 0.2% to 109.41 yen versus the Japanese currency.

“USD has some upside potential this week,” Commonwealth Bank of Australia (OTC:CMWAY) strategist Kimberley Mundy wrote in a report.

“Strong U.S. economic data will highlight the divergence between the U.S.’s fast economic recovery and the more stunted recoveries in other developed economies.”

 

The dollar can lift back toward 110 yen, while the euro has scope to retrace most of the recent gains from its almost five-month low near $1.17, she said.

Written by FTG, Author from Investing

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Market Analytics

Daily Analytics: Trend Plays on BTC/USD and AUD/CAD

Daily Analytics : Trend Plays on BTC/USD and AUD/CAD

What to Watch : BTC/USD Daily

BTCUSD1

I know y’all are watching Bitcoin right now so you gotta know that BTC/USD is trading in a possible rising wedge on the daily time frame.

Rising wedges pop up when the higher lows are steeper than the higher highs. They also often hint that a big splash is coming.

In which direction should you be looking at? $60,000 remains a big hurdle for the bulls but it doesn’t look like the bears have much game either.

Look for a clear break above $60,000, which could yeet BTC to its $62,670 highs or even new 2021 highs. If the bears manage to break the trend line support, however, then we could see our OG crypto test the 100 SMA or even the $43,400 support.

What to Watch : AUD/CAD Weekly

AUDCAD

If you feel like trading the comdolls, then you’re gonna love that AUD/CAD is hitting an ascending channel support.

 

But wait, there’s more! As you can see, the .9550 zone is a BFD for the weekly traders. It’s also near the 200 SMA at a time when Stochastic just landed in the oversold territory.

 

I’m not seeing any bullish momentum at the moment so y’all still have time to wait and see if AUD/CAD will respect the channel support.

Get ready to target parity if see a strong enough bullish pressure, but you can also aim for the 100 SMA or the .9100 levels if the bears manage to maintain their momentum in the next couple of weeks.

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FOREX News

Forex World News : Euro US Dollar Exchange Rate Slips

Forex World News : Pound US Dollar Exchange Rate Rebound Limited

Date : 2021 / 04 / 09

Euro US Dollar Exchange Rate on Track for Big Gains This Week

Despite the recent strength of the US Dollar (USD) and its advance attempts today, the Euro US Dollar (EUR/USD) exchange rate is on track for big gains this week. The Euro (EUR) was able to capitalise on US Dollar losses. 

Since opening this week at the level of 1.1764, EUR/USD has seen a surge in demand and has regained much of the losses seen over the past month.  

Last night, EUR/USD touched on a high of 1.1924 – the best level for the pair since late-March. While EUR/USD was not able to hold this best level, the pair still trends high in the region of 1.1892 at the time of writing on Friday. 

Euro (EUR) Exchange Rates Slip from Highs amid Unexpected Drop in German Production

The Euro has capitalised on weakness in its rival, the US Dollar, for most of the week. It has also been benefitting from signs and hopes that the Eurozone’s coronavirus vaccination situation is finally improving. 

 

Analysts expect the Eurozone economy will bounce back in the second half of 2020, despite the concerns around the bloc’s slow vaccination rollout. 

However, demand for the Euro slowed towards the end of the week. Its rally against the US Dollar softened, and the shared currency found no support in the latest Eurozone data either. 

This morning saw the publication of Germany’s February industrial production report. The data disappointed with a contraction of –1.6%, well below the expected growth of 1.5%. 

Higher market demand for riskier assets, as well as continued dovishness from the Federal Reserve, accelerated a US Dollar selloff this week. 

What started as selling the US Dollar from highs after a strong rally led to continued losses in the US currency, as markets pulled back on any hawkish Fed speculation. 

The Federal Reserve’s latest meeting minutes and comments from Chairman Jerome Powell both showed that the bank was still nowhere near to taking a more hawkish tone on monetary policy. This made investors more eager to take risks and the safe US Dollar weakened. 

After one of the US Dollar’s most bearish weeks of the year so far, the currency steadied slightly today and pushed EUR/USD back from its highs. 

Written by FTG, Author from Investing

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Market Analytics

Daily Analytics: Retracement EUR/AUD and GBP/NZD

Daily Analytics : Retracement on EUR/AUD and GBP/NZD

What to Watch : EUR/AUD 4-hour

EURAUD1

Last week, we talked about EUR/AUD chillin’ inside a symmetrical triangle after trading on a downtrend since December.

 

The plot has thickened today with the 100 SMA lookin’ ready to cross above the 200 SMA. What’s more, EUR/AUD is knocking on the triangle’s resistance!

 

Is the euro ready to reverse some of its downswing against the Aussie? Buying at the first signs of an upside breakout could get you in at a good price if EUR/AUD ends up testing the 1.5600 or even the 1.5900 previous resistance levels.

But what if the bears stay strong this week? A rejection from the triangle resistance would make it easier for EUR/AUD bears to drag the euro back below the SMAs and maybe even revisit March’s lows.

What to Watch : GBP/NZD 4-hour

GBPNZD1

GBP/NZD is having trouble closing candlesticks below the 100 SMA, which is not a surprise cause 1.9575 is also around the 38.2% – 50% Fib zones AND is just above a trend line support that hasn’t been broken since late February.

 

With Stochastic chillin’ at the oversold zone, you can bet that bulls are already placing orders for a possible trip to March’s highs. Heck, they can even aim for new 2021 highs if their risk ratios are hot enough!

Pound bears can probably bank on the sharpness of the current downswing, but I gotta tell ya it’s a tall order unless we also see a break below the trend line support.

The 1.9400 area is a good target if you’re not feeling the pound but you can also aim for 1.9200 if we ever see a clear trend line breakout.

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Market Analytics

Daily Analytics: Support and Resistance Areas for GBP/NZD and AUD/CHF

Daily Analytics : Support and Resistance Areas for GBP/NZD and AUD/CHF

What to Watch : GBP/NZD 1-hour

GBPNZD

The 200 SMA is doing a great job of scaring off the bears so now GBP/NZD is taking a chill pill at the 1.9675 zone just under the mid-range support.

 

Can the bulls keep defending the 200 SMA? Or will the bears finally break through and retest the 1.9600 range support?

 

The oscillator’s “oversold” signal is giving me “time to buy” vibes rn, but you gotta wait for a couple more candlesticks unless you like getting stuck in fakeouts.

If GBP/NZD trades and stays above the 1.9700 mid-range support, then y’all can start targeting the 1.9800 range resistance.

But if the bears break below the 200 SMA, then look for a potential trip to the 1.9600 range support for range bounce or range breakout opportunities.

What to Watch : AUD/CHF: Daily

AUDCHF

The bears got something to prove at the .7225 zone, though, which isn’t surprising since the area had served as resistance at least twice in early 2019.

 

AUD/CHF is now stuck in what looks like an ascending triangle, which means that we hafta wait for a breakout unless we love getting caught in fakeouts.

 

A break above the .7225 resistance could take the Aussie to a retest of the .7400 area that was a major inflection point back in 2017 and 2018.

But wait! Before you buy the Aussie like there’s no tomorrow, you should remember that not all ascending triangles break to the upside.

If you see AUD/CHF trading below its trend line support, then you should at least consider targeting areas of interest like .7000 or .6850.

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