Forex Market Daily Updates and Signals

Market Update:

• Aussie Dollar in consolidation mode after losing to three-month low
• Euro in consolidation mode after hitting four-month low vs. British Pound
• Euro may also correct higher after hitting two-month low vs. US dollar

AUD/USD

The Australian greenback is digesting losses in a narrow variety after touching the lowest level in almost 3 months in opposition to its US counterpart. The pair installed a pinnacle as anticipated after putting in a bearish night megastar candlestick sample above the 0.78 figure.

Near-term support is at 0.7065, the 76.4% Fibonacci retracement, with a ruin under that establishing the door for a venture of the January 15 low at 0.6827. Rather, a reversal above the 0.7212-43 areas showed on an everyday ultimate foundation sees the subsequent upside barrier in the zero.7300-31 location.

EUR/GBP

The Euro is consolidating in a slender variety in opposition to the British Pound after falling to the lowest level in nearly 4 months. The arrival of superb RSI divergence points at ebbing selling pressure and suggest that a corrective recuperation can be within the playing cards ahead.

A push above the 38.2% Fibonacci retracement at 0.7683 sees the next upside barrier at 0.7748, a former guide level now recast as resistance. As an alternative, a damage of the 50% stage at 0.7549 showed on a day by day ultimate foundation clears the way for a test of the 61.8% Fib at 0.7415.

EUR/USD

The Euro maintains to edge lower towards the US dollar, with prices descending to the lowest stage in over two months having crowned as anticipated close to 1.16. The emergence of high-quality RSI divergence now pointers at ebbing downside momentum and indicates that a recovery can be brewing ahead.

A reversal back above guide-turned-resistance marked at 1.1215, the April 25 low, opens the door for a test of the 23.6% Fibonacci retracement at 1.1357. Rather, destroy underneath N the 50% degree at 1.1067 on a day by day ultimate basis clears the way for a challenge of the 61.eight% stage at 1.0937.

Recommendation:-

BUY AUD/USD BELOW 0.7187 TGT 0.7065 SL 0.7243

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Forex Market Currency Pair Analysis - 9 May 2016

EUR/USD: This pair moved upwards on Monday and Tuesday, tested the resistance line at 1.1600, and then started a bearish movement. From the resistance line at 1.1600, the price dipped by 200 pips, to close at 1.1403 on Friday (May 6, 2016). The bears would target the support lines at 1.1350 and 1.1300 this week, because some weakness is expected in the EUR.

GBP/USD: After testing the distribution territory at 1.4750, the GBP/USD dropped by 320 pips, closing below the distribution territory at 1.4450. This kind of southward reversal has already resulted in a bearish outlook on the market. The GBP should be seen strengthening versus some currencies, though it might be facing some difficulties regarding a rally against the USD, because the USD would be strong this week. 

USD/JPY: The USD/JPY only moved sideways last week, in the context of a downtrend. The bearish bias on the market is still valid, and further downward movement is possible. The only exception is that a possible rally in the USD might make it somewhat challenging for the bears to push the price further downwards this week. 

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Forex Market Currency Pair Analysis - 2 May 2016

EUR/USD- This pair went upto 230 pips last week.The movement lasted a week and has resulted in a bullish bias in the market The resistance line at 1.1450 is teasted, and the price is expected to go above it this week, testing other resistance lines at 1.1500 and 1.1550.

GBP/USD- The Cable went upwards gradually last week, sustaining the bullish trend which started two weeks ago. The bulls fought a decisive battle at the distribution territory of 1.4600 (which is now an accumulation territory). They are now fighting another desperate battle at the distribution territory of 1.4650, which would be overcome because the outlook on the Cable is bright for the month of May (it is also bright for crosses like GBP/AUD, and GBP/NZD).

USD/JPY-This pair moved sideways between Monday and Wednesday and dropped like a stone on Thursday. That drop was strong enough to bring about a new Bearish Confirmation Pattern on the 4-hour chart. The EMA 11 has gone below the EMA 56, while the RSI period 14 is below the level 50. The price is expected to go further south, reaching the demand levels at 106.00 and 105.50. This bearishness would also be visible on other JPY pairs this month.

EUR/JPY-The EUR/JPY went upwards from Monday to Wednesday last week but broke down as a result of the fundamental figures released on Thursday, April 28, 2016. The price skydived by 450 pips, almost testing the demand zone at 121.50. This large pullback has resulted in a bearish signal in the market, for the price is supposed to go further south this week. Other JPY pairs are also bearish and as a result of this, long trades are not currently logical on JPY pairs until there are clear reversals on them. However, there could be a rally in JPY pairs at the end of May 2016.

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