|Day's range||1.787 - 1.789|
|52-week range||1.7671 - 1.78901|
With two-month long downward slanting trend-line restricting the GBPJPY’s upside, the pair continues to signal the 146.20 support re-test unless clearing the 147.75 TL barrier. Meanwhile, pair’s successful break above 147.75 trend-line enables it to claim the 148.10 and the 148.70 resistances but the 200-day SMA level of 149.80, adjacent to 150.00 psychological-magnet, could disappoint the Bulls.
Britain’s statistics continue to indicate a slowdown in the UK economy. Today’s data showed a decline in industrial production by 0.8% during April against a forecast growth of 0.1%.
GBPJPY’s U-turn from 144.00-143.90 horizontal-support seems presently helping the pair to aim for 146.00, breaking which 146.80 and 147.00 could entertain the counter-trend traders before pleasing them with 147.40 and the 148.00 numbers to north.
Even after trying multiple times during the last one-week, the GBPUSD is still not succeeded in its attempts to conquer eleven-month old ascending trend-line, at 1.3480 now; though, the 200-day SMA level of 1.3555 acts as a strong near-term upside barrier for the pair. Hence, the pair has to provide a daily close clearing either the 1.3480 or the 1.3555 in order to register higher momentum. Considering comparative weakness of the GBP, the pair is more likely to break the 1.3480 mark, which in-turn could quickly drag the quote to 1.3400 and then to the 1. ...
The AUD is going down again after taking a short break. The RBA meeting minutes did not affect the currency very much, as everything was quite clear beforehand. The Chinese stats were, on the contrary, very influential.
The pound sterling is around its January lows as we are heading into the third week of May. The decision of the Bank of England to leave the interest rates and the overall monetary policy unchanged disappointed the market.
The upcoming Bank of England’s interest rate decision on Thursday will have GBP traders paying attention to every detail possible. The recent GDP (Gross Domestic Product) was hard to swallow by GBP bulls, as it triggered a wave of selling in the GBP pairs.
With the AUDUSD’s break of nearly a year-old ascending trend-line, the pair seems vulnerable enough to revisit the 0.7505-0.7500 horizontal-support but the 0.7550 may become immediate rest. In case if Bears refrain to respect the 0.7500 round-figure and oversold RSI, the 0.7460, the 0.7420 and the 0.7370 consecutive numbers may mark their presence on the chart.
Having failed to sustain its pullback from 1.5890-95 horizontal-area, the EURAUD seems again coming down to re-test the same support-zone, breaking which the 1.5855 and the 1.5825 might not take too long to appear on the chart. Alike EURAUD, the GBPAUD also took a U-turn from near-term horizontal-region, the 1.8175-85 is the case here, but couldn’t rise much then after.
Successful break of short-term descending trend-line and an ascending trend-channel favors the AUDUSD’s further upside with 0.7900 being nearby resistance to counter prior to meeting the channel’s upper-line of 0.7930. In case if the pair disobeys channel formation by surpassing 0.7930, the 0.7985-90 horizontal-line seems crucial for buyers to watch, breaking which chances of the quote’s rally to 0.8045-50 can’t be denied. If the pair declines below 1.7595, the 1.7525 and the 1.7495, comprising 100-day SMA, are likely intermediate halts that it can avail prior to reigniting the importance of an upward slanting trend-line, at 1.7385 now.
Despite AUDUSD’s inability to extend recent north-run beyond 0.8135, the pair is less likely to decline much unless clearing the seven-week old ascending trend-line, at 0.8030 now. As a result, pair’s present up-moves are expected to confront the 0.8125-35 region but overbought RSI might restrict its additional rise. Should buyers refrain to respect RSI and surpass the 0.8135 on a daily closing basis, the mid-2015 high of 0.8165 and the 61.8% FE level of 0.8310, which is also the 2015’s yearly high, could please the Bulls. On the contrary, a D1 close beneath the 0. ...
The Australian dollar has rallied in the last 2 weeks from a low of US75c to around US76.60c against the greenback, defying analysts’ predictions that the currency would tumble if the US Federal Reserve stuck to their plan to hike rates further next year and if new tax legislation in the US was passed. Also, A new tax legislation that was introduced by US President Donald Trump which envisions cutting the corporate tax rate to 20 percent among other things is sure to be signed into law this week by the US president after his own Republican party passed the tax bill through both the Senate and the house of representatives.
Considering AUDUSD’s pullback from 0.7695–0.7700 horizontal-region, followed by its U-turn from 0.7635, the pair seems less likely to offer much trading opportunities unless clearing either the 0.7635 support or the 0.7700 resistance-mark. However, comparative strength of the USD indicates more downside of the pair, which in-turn indicates brighter chances of its drop to 0.7600 and then to the 0.7580 after conquering the 0.7635 rest-point. During the pair’s additional declines beneath 0.7580, the 0.7530 and the 0.7500 round-figure might please sellers. Alternatively, an upside break of 0. ...
Although better than expected UK Earnings triggered the GBPUSD’s bounce, the pair still remains below a short-term ascending trend-line, at 1.3370, that it broke yesterday. Given the prices continue declining after the 1.3245 SMA figure’s break, the 1.3170-60 region, comprising six-month old upward slanting TL, could challenge the Bears. GBPJPY is another GBP pair which took a U-turn after British employment details but still trades beneath recent TL break and hence continue remaining weaker.
GBPUSD’s gradual declines from 1.3550 seems dragging the pair beneath a short-term ascending trend-line, which if sustained could further fetch it to 1.3330 and then to the 1.3280-75 horizontal-line. Should the quote continue declining below 1.3275, the 1.3220 and the 1.3180 rest-points may please sellers. However, pair’s inability to extend latest downtick may trigger its upside to the 1.3405 and the 1.3450, breaking which 1.3480 and the 1.3510 can re-appear on the chart. During the pair’s additional advances beyond 1.3510, the 1.3550 and the 1. ...
GBP/USD GBPUSD’s recent break of ascending trend-channel resistance signals the pair’s readiness to again confront the 1.3335-40 horizontal-line with 1.3270 & 1.3300 acting as intermediate halts. Should the pair manage to surpass the 1.3340, it can quickly rise to 1.3380 & 1.3410 ahead of aiming the 1.3450 & 1.3470 resistances. If overbought RSI nullify the … Continue reading Technical Outlook Of GBP/USD, GBP/AUD & GBP/CAD: 17.11.2017
The Pound has been whipsawing short-term traders. After gaining before going into the weekend, the Pound has suffered a downturn this morning on the developing news surrounding Prime Minister Theresa May and a potential revolt among the Tories she leads. Pound Traders Getting Whipsawed The Pound has seen a whirlwind of whipsaw trading over the … Continue reading Potential Revolt Against U.K Prime Minister
GBP/USD While speculations concerning BoE’s once in a decade rate-hike presently propels the GBPUSD, the pair might find it hard to clear the 1.3335-40 horizontal-line that confines follow-on north-run towards 1.3410 and then to the 1.3455 resistances. Should the quote successfully trade beyond 1.3455, the 1.3500, the 1.3565 and the 1.3600 can become buyers’ favorite. … Continue reading Important GBP Pairs’ Technical Overview: 01.11.2017
The Pound is doing well so far, but the third week of October may change a lot for the British currency. We’re talking not only about the statistical reports, a lot of which are going to be published this week. It’s also about the problems that are in slumber right now but may wake up … Continue reading The Pound’s Fate Depends on Politicians
The likelihood of a rise in UK interest rates, for the first time in a decade, gained momentum on Tuesday as UK CPI edged up from 2.9% to 3.0% – its highest level since April 2012. Bank of England Governor Mark Carney did nothing to dispel a rate hike as he gave evidence to the UK Treasury … Continue reading UK Inflation at 5-Year High, Pound Falls on Carney’s Comments
The British Pound is recovering, but right now it’s hard to tell how fast the correction will be. There are still a lot of speculations around Theresa May, the British Prime Minister and the key player in the Brexit procedure, but not as many as earlier. The reason why the Pound plummeted last week was … Continue reading The Pound Relies on Theresa May
It is quite possible that the Australian Dollar may resume falling in the nearest future. This might be true for both short and long-term, on the basis of the fundamental background. At the same time, the mid-term period, from a week to a month, looks very vague. During the RBA meeting at the beginning of … Continue reading The Australian Dollar is Ready to Fight off Sellers’ Attacks