InvestMacro

By Lukman Otunuga Senior Research Analyst, ForexTime

Article by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

By Orbex

EURUSD hits resistance

The euro fell back after ECB President Lagarde tried to cool rate hike expectations. The rally came under pressure at the January peak of 1.1480.

The RSI’s overextension at this daily resistance prompted momentum buyers to cash in. A combination of profit-taking and fresh selling may drive the exchange rate lower.

Short-term sentiment remains upbeat though unless the single currency drops below the origin of its bullish push at 1.1270. A recovery above 1.1480 could pave the way to last October’s high at 1.1690.

GBPUSD consolidates gains

The sterling turns higher as traders price in an increasingly hawkish Bank of England. A break above 1.3520 forced sellers to cover some of their positions.

However, the pound’s rally came to a halt in the supply zone around 1.3620. The RSI’s overbought situation and bearish divergence suggest softness in the underlying momentum.

The pair found bids on the 50% Fibonacci retracement level (1.3490), which sits in the aforementioned supply area. A new rally may propel the pair to the daily resistance at 1.3750.

US 30 bounces higher

The Dow Jones 30 inches higher supported by better-than-expected earnings. The index steadied after successive breaks above 34800 and 35450.

Nonetheless, the recent recovery slowed down on the 30-day moving average, a sign of a lingering cautious mood. 34500 is a key support to keep the rebound relevant.

A bearish breakout could extend the correction to 33800. On the upside, a rally above 35700 could attract momentum traders and initiate a bullish reversal to 36500.

Article by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

EURUSD is trading at 1.1420; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 1.1370 and then resume moving upwards to reach 1.1565. Another signal in favour of a further uptrend will be a rebound from the support level. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.1255. In this case, the pair may continue falling towards 1.1165. To confirm further growth, the asset must break the upside border of the Flag pattern and fix above 1.1465.

BRENT

Brent is trading at 91.33; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 90.30 and then resume moving upwards to reach 97.75. Another signal in favour of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 87.25. In this case, the pair may continue falling towards 85.05.

XAUUSD, “Gold vs US Dollar”

XAUUSD is trading at 1826.00; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 1815.00 and then resume moving upwards to reach 1855.00. Another signal in favour of a further uptrend will be a rebound from the descending channel’s upside border. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1780.00. In this case, the pair may continue falling towards 1755.00.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Article By RoboForex.com

GBPUSD, “Great Britain Pound vs US Dollar”

As we can see in the H4 chart, the rising wave, which is heading towards the local high at 1.3749, is slowing down. After breaking the high, the asset may reach the key resistance at 1.3834. However, there is an alternative scenario suggesting that the asset may resume falling towards 76.0% fibo and the low at 1.3302 and 1.3160 respectively, but it’s rather unlikely.

The H1 chart shows a more detailed structure of the current correctional uptrend. By now, the ascending wave has already reached 61.8% fibo and right now the asset is correcting to the downside after local divergence on MACD. Later, the pair may continue growing towards 76.0% fibo and the4 high at 1.3655 and 1.3749 respectively. The local support is the low at 1.3358.

EURJPY, “Euro vs. Japanese Yen”

As we can see in the H4 chart, EURJPY is forming a quick rising impulse within the uptrend, which has already reached 61.8% fibo. At the moment, the asset is starting a short-term pullback. The next upside targets are 76.0% fibo and the high at 132.50 and 134.12 respectively.

The H1 chart shows a more detailed structure of the correctional downtrend and its targets, 23.6%, 38.2%, and 50.0% fibo at 131.23, 130.68, and 130.23 respectively. A breakout of the local high at 132.12 will result in a further uptrend.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

by JustForex

The EUR/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.1441
• Prev Close: 1.1416
• % chg. over the last day: -0.22%

In her speech this week, ECB head Christine Lagarde was more cautious about the ECB’s interest rate hike in 2022. On Tuesday, another ECB councilman, Pablo Hernández de Cos, said that any central bank action “should be gradual.”

Trading recommendations

• Support levels: 1.1414, 1.1362, 1.1329, 1.1275
• Resistance levels: 1.1481, 1.1534, 1.1617

From the technical point of view, the EUR/USD on the hourly time frame is bullish. The EUR/USD currency pair is trading in the wide corridor of 1.1414-1.1481. Yesterday, the price tried to break down the lower border of the corridor, but the buyers were able to protect their positions, and as a result, a false breakdown zone was formed. Under such market conditions, buy trades should be looked at from the support level of 1.1414, with the targets to the upper border of the corridor. Sell trades are better to look for on intraday time frames from the upper boundary of the corridor, but only with short targets.

Alternative scenario: if the price breaks out through the 1.1275 support level and fixes below, the mid-term uptrend will likely be broken.

News feed for 2022.02.09:

• – US FOMC Member Bowman’s Speech at 17:30 (GMT+2);
• – US FOMC Member Mester’s Speech at 19:00 (GMT+2).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.3536
• Prev Close: 1.3547
• % chg. over the last day: +0.03%

The British pound now has fundamental support from the Bank of England because when interest rates rise, the national rate strengthens in the medium term. However, it should not be forgotten that the Fed is also preparing to raise interest rates since March and may do so more aggressively if Thursday’s inflation data turns out to be worse than expected. As a result, a mixed medium-term background forms the GBP/USD currency pair.

Trading recommendations

• Support levels: 1.3475, 1.3457, 1.3434
• Resistance levels: 1.3583, 1.3619, 1.3639, 1.3662

On the hourly time frame, the trend on GBP/USD is bullish. The volatility on the currency pair has now decreased, while the MACD indicator has become inactive. Under such market conditions, buy trades should be looked at from the support level 1.3475. There are no optimal entry points for sell deals now.

Alternative scenario: if the price breaks out through the 1.3475 support level and consolidates below, the bullish scenario will be broken.

There is no news feed for today.

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 115.05
• Prev Close: 115.24
• % chg. over the last day: +0.42%

The USD/JPY quotes are showing a medium-term uptrend as the monetary policy of the Bank of Japan is now aimed at making the JPY cheaper due to the maximum stimulus, while the Fed is tightening monetary policy and may do it more aggressively if Thursday’s inflation data turns out to be disappointing.

Trading recommendations

• Support levels: 115.15, 114.96, 114.76
• Resistance levels: 115.73, 116.08

The global trend on the USD/JPY currency pair is bullish. The Japanese yen keeps getting cheaper amid the rising dollar index and due to the ultra-soft monetary policy of the Bank of Japan. Under such market conditions, it is best to look for buy deals on the lower time frames from the support level of 115.15. Sell potions can be looked for at the nearest resistance levels, but only with short targets and with additional confirmation.

Alternative scenario: if the price fixes below 114.76, the uptrend will likely be broken.

There is no news feed for today.

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2666
• Prev Close: 1.2702
• % chg. over the last day: +0.28%

The Canadian dollar is a commodity currency, so it depends not only on the monetary policy of the Bank of Canada but also on the oil prices and the dollar index. Yesterday, the Canadian dollar slightly decreased against the US dollar, as oil prices have dropped below $90. The pressure on oil prices is now getting stronger against the background of renewed negotiations between Iran and the USA to ease sanctions, which might lead to the growth in the supply of Iranian oil to the world market.

Trading recommendations

• Support levels: 1.2649, 1.2586, 1.2506
• Resistance levels: 1.2729, 1.2792

From a technical point of view, the USD/CAD currency pair is bullish. The upward movement was not able to continue. A wider flat began to form. Under such market conditions, it is better to look for buy trades on the lower time frames from the support levels of 1.2649. There are no optimal entry points to sell deals now.

Alternative scenario: if the price breaks through the 1.2649 support level and fixes below, the downtrend is likely to resume.

News feed for 2022.02.09:

• – US Crude Oil Reserves (w/w) at 17:30 (GMT+2);
• – Canada BoC Gov Macklem’s Speech at 19:00 (GMT+2).

by JustForex

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

By Lukman Otunuga Senior Research Analyst, ForexTime

Article by ForexTime

ForexTime Ltd (FXTM) is an award winning international online forex broker regulated by CySEC 185/12 www.forextime.com

By Orbex

The XAGUSD pair shows the development of a long-term correction wave b, which forms a pullback to the bullish impulse a.

Wave b is a triple zigzag and consists of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The first four parts of this triple zigzag have ended. So now we see the construction of the final wave Ⓩ.

Wave Ⓩ, like the sub-waves Ⓦ and Ⓨ, is a simple bearish zigzag and includes intermediate sub-waves (A)-(B)-(C). Wave (A) is fully complete, (B) is almost complete.

In the near future, when the market fully forms a correction (B), there could be a continuation of the decline in the impulse wave (C) to the 20.170 area. At that level, the entire wave Ⓩ will be at 61.8% of wave Ⓨ.

The probability of completing the decline at the level of the golden ratio is quite high. Subsequently, at the end of the entire wave b, there might be a growth of the market.

An alternative option indicates that the correction intervening wave Ⓧ will take the form of a contracting horizontal triangle (A)-(B)-(C)-(D)-(E). The internal structure of all the sub-waves of this triangle is visible in the chart.

The sub-wave (A) is a double zigzag, (B) is a simple bearish zigzag, (C) and (D) also took the form of simple zigzags. It is likely that the final sub-wave (E) of this triangle is developing now.

This wave can take the form of any correction wave, but most likely we will see a simple zigzag or a combination of zigzags. The growth in wave (E) could continue to the level of 24.38. This is located on the resistance line drawn through the vertices of the sub-waves (A) and (C).

Then, the final wave Ⓩ could complete the bearish trend.

Article by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com

By Orbex

XAUUSD breaks resistance

Gold continues to recover as the US dollar treads water.

The previous fall below the daily support at 1785 had put the bulls on the defensive. The RSI’s oversold signal attracted some buying interest and prompted sellers to cover, driving up the price.

The rebound has since gained traction after the metal rallied above the support-turned-resistance at 1817. In fact, the bullish breakout may raise momentum and open the door to the recent peak at 1850.

On the downside, 1795 is a major support to keep buyers committed.

NZDUSD remains under pressure

The New Zealand dollar edges lower amid cautious market sentiment at the start of the week. The pair previously bounced off September 2020’s low around 0.6530.

However, 0.6700 on the 20-day moving average so far has proven to be a tough hurdle. A drop below the fresh support (0.6630) indicates that the directional bias remains bearish. And sellers would be eager to fade another rebound.

0.6590 is the closest support. A break below 0.6530 could trigger a new round of sell-off towards 0.6400.

UK 100 awaits breakout

The FTSE 100 rallies supported by solid performance in the commodity sector.

The recent rebound hit resistance near the January peak at 7640. Narrowing consolidation and higher highs suggest increased buying pressure.

A bullish breakout would flush sellers out and attract momentum traders, firing up volatility in the process. This would be a strong bullish continuation signal.

7460 is a fresh support if the market remains indecisive. Its breach could extend the correction back to 7250.

Article by Orbex

Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, the asset has formed a Hanging Man reversal pattern close to the resistance level. At the moment, EURUSD is reversing and may form a new correctional impulse. In this case, the downside target may be at 1.1370. However, an alternative scenario implies that the price may continue growing to reach 1.1530 without forming any corrections towards the support area.

USDJPY, “US Dollar vs Japanese Yen”

As we can see in the H4 chart, USDJPY has formed a Hammer reversal pattern during the pullback. At the moment, USDJPY is reversing and may start a new rising wave towards the resistance level. In this case, the upside target may be at 116.00. At the same time, an opposite scenario implies that the price may correct to reach 115.00 before resuming its uptrend.

EURGBP, “Euro vs Great Britain Pound”

As we can see in the H4 chart, after forming several reversal patterns, for example, Hanging Man, near the resistance level, EURGBP is reversing and may start another decline towards the support area. In this case, the downside target may be at 0.8425. Later, the market may test the area, rebound from it, and resume the ascending tendency. Still, there might be an alternative scenario, according to which the asset may grow to reach 0.8505 without testing the support area.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.

Article By RoboForex.com

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD is trading below the 200-day Moving Average, thus indicating a possible descending tendency. In this case, the price is expected to rebound from 5/8 and then resume falling to reach the support at 3/8. However, this scenario may no longer be valid if the price breaks the resistance at 5/8 to the upside. After that, the instrument may reverse and grow towards the next resistance at 7/8.

In the M15 chart, the pair may break the downside line of the VoltyChannel indicator and, as a result, continue trading downwards.

NZDUSD, “New Zealand Dollar vs US Dollar”

In the H4 chart of NZDUSD, the situation is similar. The asset is trading below the 200-day Moving Average and approaching the resistance at 5/8. In this case, the price is expected to rebound from this level and resume falling to reach the support at 3/8. However, this scenario may no longer be valid if the price breaks the resistance at 5/8 to the upside. After that, the instrument may reverse and grow towards 6/8.

As we can see in the M15 chart, the downside line of the VoltyChannel indicator is pretty far away from the price, that’s why the pair may resume trading downwards only after rebounding from 5/8 in the H4 chart.

Article By RoboForex.com

Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.