GBPJPY Technical analysis - Forex Trading
The four-hour chart of the pound sterling against the yen (GBPJPY) shows clearly the strong upward movement earlier this month. The pound’s gains came on positive fundamentals. Many had expected the UK’s parliament to agree to the Prime Minister’s latest deal with the EU for Brexit.
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XAUUSD Technical analysis - Forex Trading (16 Oct 2019)
A look at the four-hour chart of gold against the dollar (XAUUSD) appears to show growing downward pressure over the past month or so. Looking at the longer timeframes, this is a fairly common reaction to the very strong gains the yellow metal made from around the end of May. As with many other instruments like the pound and the Kiwi dollar, fundamentals were key for gold over the summer. Low support is fairly obvious here around 1458, the area where losses stopped at the beginning of October. The very acute angle of the reaction upward seems to suggest that this is a strong zone which would resist further testing. High resistance seems to occur around September’s high of 1534. It makes sense though for traders to watch the psychological area of 1500 over the next few weeks. Although this wasn’t a strong barrier last month, in October its testing has resulted in consistently lower momentum.
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NZDUSD Technical analysis - Forex Trading
We can clearly see the loss of momentum downward on the four-hour chart of the New Zealand (Kiwi) dollar against the US dollar (NZDUSD). The sustained period of losses appears to have come to an end for now, with more of a ranging movement taking its place. Fundamental events have been critically important for this symbol over approximately the past two months. Low support here is the decade low of 0.62. This seems to be a very strong area from which we might observe a bounce if a retest occurs. High resistance appears to be the area of 0.645; this zone is probably not as strong as 0.62 but it could still resist testing.
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NZD up on government surplus - Fundamental Analysis - Forex Trading
The New Zealand dollar has made gains against most major currencies so far today. These came as the country’s government reported a budget surplus of around NZ$7.5 billion this morning. The Kiwi dollar moved back above 63 US cents in early trading and has held there this morning GMT. NZDJPY also moved up to week highs above ¥67.80, and EURNZD was similar below NZ$1.74. In a more dramatic movement, the pound lost nearly 1% against the Kiwi dollar to trade at 1.935, a month low.
More losses for the euro after weak data - Technical analysis - Forex Trading
The euro has made some losses against many currencies so far this week in the aftermath of poorer statistics from the eurozone. The most important of these was yesterday’s manufacturing data. Disappointing results seem to support the impression in stock markets that trade wars continue to have a strong effect on the outlook for the economies of EU nations. After a brief retracement yesterday, euro-dollar has now moved back down towards $1.092. The common currency has also made ongoing losses against the yen to around ¥117.58 at the time of writing, a month low. On the other hand, the euro posted gains against the pound and the Aussie dollar to 89p and A$1.63 respectively.
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EURTRY Technical analysis - Forex Trading
The four-hour chart of the euro against the lira (EURTRY) is notable for the absence of any large movements over the past few weeks. This symbol has typically been one of the fastest moving forex pairs since last year’s crisis in the Turkish economy. Overall we can observe a sideways movement in the aftermath of losses at the end of August. The key support on this timeframe is the area of 6.205. This seems to be quite a strong support from which price would probably bounce if there was an attempt to test the zone in the near future. High resistance might be the important psychological area of 6.50. However, 6.38 will probably be more important for this week at least.
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EURUSD Technical analysis - Forex Trading
There is a continuing downtrend on the four-hour chart of the euro against the dollar (EURUSD). This comes as part of the larger downtrend on the daily charts. This movement seems to have lost some momentum since last week, though. Prices around 1.09250 last week were 28-month lows for this symbol. The most important low support here is the long-term low around 1.09250. This appears to be a strong area: a bounce might occur if price moves down again in the near future. High support on this timeframe is less clear, but the psychological zone of 1.12 might be significant.
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GBPZAR Technical analysis - Forex Trading
An ongoing uptrend is evident on the four-hour chart of the pound sterling against South Africa’s rand (GBPZAR). This unique symbol has made strong gains since the end of last month, moving up from a distinctive stochastic crossover. Last Friday’s price around R18.90 was a two-month high. This seems to be the most important area of resistance this week. Low support comes around the low at the end of July in the area of 17.18. Although a swift movement downward to this zone does not appear to be likely in the next few periods, we should still expect to see a bounce from there if the uptrend retraces.
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Aussie dollar sinks to 10-year lows - Fundamental Analysis - Forex Trading
The Australian dollar declined sharply in the wee hours GMT in the aftermath of a bigger than expected cut to rates in New Zealand. AUD had already been under pressure in most of its pairs due to heightened trade tensions. Standing against these negatives, Australia posted a new all-time record trade surplus of over A$8 billion. The RBA also left rates on hold at 1%. AUDUSD touched lows not seen since 2009 this morning below 67 American cents. The picture was similar against other major currencies, with EURAUD moving above 1.674, the highest since summer 2015. AUDJPY also reached a 2019 low below ¥71.
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AUDCHF - Technical analysis - Forex Trading
The four-hour chart of the Aussie dollar against the franc (AUDCHF) shows us the former’s rapid decline since last month. The current areas on this chart are the lowest since summer 2015. High resistance on H4 AUDCHF is probably the area of 0.695, while low support is less clear. The presence of price close to multi-year lows means that there are few barriers to further downward movement. However, events last time AUDCHF reached the area of 0.655 in July 2015 might suggest the the current zone is a support being tested.
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GBPUSD Technical analysis - Forex Trading
The four-hour chart of the pound against the dollar (GBPUSD; ‘cable’) features some of the pound’s worst weekly losses in years. The pound lost over four cents since Thursday afternoon GMT, reaching a low of more than two years this morning. High resistance on H4 GBPUSD might be the key psychological zone of 1.26. Low support is less clear, but 1.20 and 1.21 are both important psychological areas in the absence of pure technical levels.
USDJPY Technical analysis - Forex Trading
Dollar-yen (USDJPY) has been pretty placid this morning GMT, although this symbol has held around the levels reached last Thursday. The most important area on the four-hour chart is a resistance around 109. This area was tested at the start of June, after which price moved dramatically downward. Low support is probably the area of 106.70, 2019’s low, from which price bounced towards the end of June.
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