InvestMacro

Article By RoboForex.com

CADCHF, “Canadian Dollar vs Swiss Franc”

CADCHF is trading at 0.7439; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.7425 and then resume moving downwards to reach 0.7335. Another signal in favor of a further downtrend will be the formation of a Head & Shoulders reversal pattern. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.7485. In this case, the pair may continue growing towards 0.7575. To confirm further decline, the asset must break the rising channel’s downside border and fix below 0.7420.

EURCHF, “Euro vs Swiss Franc”

EURCHF is trading at 1.0984; 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 1.0975 and then resume moving upwards to reach 1.1050. Another signal in favor of a further uptrend will be the formation of a Double Bottom reversal pattern – as we can see, the asset has tested the support area at 1.0930 twice. However, the bullish scenario may no longer be valid if the price breaks the cloud’s downside border and fixes below 1.0940. In this case, the pair may continue falling towards 1.0855. To confirm further growth, the asset must break the descending channel’s upside border and fix above 1.1005.

NZDCAD, “New Zealand Dollar vs Canadian Dollar”

NZDCAD is trading at 0.8720; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.8735 and then resume moving downwards to reach 0.8585. Another signal in favor of a further downtrend will be a rebound from the bearish channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.8780. In this case, the pair may continue growing towards 0.8890.

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: 1.2152
• Prev Close: 1.2223
• % chg. over the last day: +0.59%

The EUR/USD currency pair raised by 0.59% on Tuesday and continued to rise in the Asian session today. The European currency is strengthening due to a fall in the dollar index, which reached its lowest level of late February yesterday.

Trading recommendations

• Support levels: 1.2176, 1.2138, 1.2115, 1.2074, 1.2026, 1.2002, 1.1957, 1.1835
• Resistance levels: 1.2212, 1.2243

The trend is still bullish. The price is trading above the moving average, but there is a divergence on the MACD indicator on the higher timeframes. Traders should look for buy positions, but with short targets, since the price has deviated quite strongly from the moving average, which, like a magnet, will pull the price back. A correction can begin at any moment.

Alternative scenario: if the price breaks down through the 1.2138 support level and holds below, the general uptrend is likely to be broken.

News feed for 2021.05.19:

• – US FOMC Meeting Minutes Release at 21:00 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.4128
• Prev Close: 1.4187
• % chg. over the last day: +0.48%

The British pound, like the euro, continues to rise. On Tuesday, the price reached another resistance level, where there was a small reaction from sellers. Probably, these are the first signs for closing of previously opened buy positions.

Trading recommendations

• Support levels: 1.4110, 1.4075, 1.3996, 1.3913,1.3835, 1.3801, 1.3756, 1.3690
• Resistance levels: 1.4207

Technically, the trend remains bullish. The price is still above the moving average and the MACD indicator is in the positive area but a divergence appeared on the H4 timeframe, which is the first sign of correction. Buyers should close their positions.

Alternative scenario: if the price breaks down through the 1.3913 support level and holds below, the bullish scenario is likely to be canceled.

News feed for 2021.05.19:

• – UK Consumer Price Index (m/m) at 09:00 (GMT+3);
• – US FOMC Meeting Minutes Release at 21:00 (GMT+3).

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 109.16
• Prev Close: 108.88
• % chg. over the last day: -0.25%

The USD/JPY currency pair broke down through the most important support level of 109.01, activating an alternative scenario of downward movement. The uptrend is broken.

Trading recommendations

• Support levels: 108.87, 108.44, 108.19,107.77, 107.47, 107.04
• Resistance levels: 109.01, 109.40, 109.64, 109.95, 110.51

The price has consolidated before reaching the support level of 108.87. But taking into account the lack of buyers’ reaction, this level is likely to be broken. Traders should look for sell deals from the resistance levels.

Alternative scenario: if the price rises above 109.41, the general uptrend is likely to resume.

News feed for 2021.05.19:

• – US FOMC Meeting Minutes Release at 21:00 (GMT+3).

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2064
• Prev Close: 1.2060
• % chg. over the last day: -0.03%

The USD/CAD currency pair price movement begins to slow down. Sellers are no longer showing activity, the price lows are updated. It looks like the beginning of a corrective movement.

Trading recommendations

• Support levels: 1.1944
• Resistance levels: 1.2075, 1.2137, 1.2251, 1.2321, 1.2388, 1.2414, 1.2519

For USD/CAD, the general trend is still bearish. But the MACD indicator has a divergence on the H4 timeframe, so traders should think about closing sell positions. It’s too early to talk about buying, at least until the price breaks out through one resistance level.

Alternative scenario: if the price breaks out through the 1.2137 resistance level and holds above, a local corrective uptrend is likely to form.

News feed for 2021.05.19:

• – Canada Consumer Price Index (m/m) at 15:30 (GMT+3);
• – US FOMC Meeting Minutes Release at 21:00 (GMT+3).

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 JustForex

World stock indices fell yesterday. Many investors are closing their positions ahead of the Fed meeting, as there are concerns about changes in monetary policy amid growing inflation. The Fed representatives believe the rise in inflation is temporary, so analysts expect that there will be no change in interest rates. Inflation remains the main topic of discussion.

The S&P 500 index fell by 0.85% on Tuesday, with telecom stocks leading the decline. The Dow Jones index decreased by 0.78%, while the Nasdaq Composite lost 0.56%.

European equity markets traded without dynamics on Tuesday. The German DAX decreased by 0.06%, while the British FTSE 100 even rose slightly. According to GDP estimates, the eurozone economy fell by 0.6% compared to the previous quarter. The reason for the low GDP numbers is the strong restrictions in Europe due to the pandemic. The next quarter should be positive with the reopening of the EU economy.

Against the background of uncertainty in terms of further monetary policy, many investors are shifting their assets to commodity markets. Gold and silver continue to grow.

On Tuesday, oil prices fell due to renewed fears about the demand from Asian countries where Covid-19 cases rose. This refers to India, Taiwan, Vietnam and Thailand. Also, oil prices are under pressure from rising inflation. The US Energy Department will release a report on crude oil inventories today.

The broadest index of Asia-Pacific stocks outside Japan, the MSCI, fell by 0.3%. China’s CSI300 index decreased by 0.1% and Japan’s Nikkei225 lost 1.5%. Hong Kong and South Korea are closed for the holidays.

Main market quotes:

S&P 500 (F) 4,127.83 -35.46 (-0.85%)

Dow Jones 34,060.66 -267.13 (-0.78%)

DAX 15,386.58 -10.04 (-0.06%)

FTSE 100 7,034.24 +1.39 (+0.02%)

USD Index 89.80 -0.37 (-0.41%)

• – UK Consumer Price Index (m/m) at 09:00 (GMT+3);
• – Canada Consumer Price Index (m/m) at 15:30 (GMT+3);
• – US Crude Oil Reserves (w/w) at 17:30 (GMT+3);
• – US FOMC Meeting Minutes Release at 21:00 (GMT+3).

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.

Article By RoboForex.com

USDCAD, “US Dollar vs Canadian Dollar”

As we can see in the H4 chart, after forming several reversal patterns, including Hammer, not far from the support level, USDCAD may reverse and start a new correction towards 1.2180. After testing this level, the price may rebound and resume its descending tendency. However, an alternative scenario implies that the asset may fall to reach the next support level at 1.1990 without reversing and correcting.

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, AUDUSD has formed several reversal patterns, such as Hammer, not far from the support level. At the moment, the asset is reversing in favor of the ascending tendency. In this case, the upside target may be the resistance area at 0.7840. At the same time, an opposite scenario implies that the price may fall towards the support level at 0.7755, rebound from it, and then resume trading upwards.

USDCHF, “US Dollar vs Swiss Franc”

As we can see in the H4 chart, the asset is testing the support area. At the moment, after forming several reversal patterns, such as Harami, not far from the resistance area, USDCHF has reversed to resume trading downwards. In this case, the downside target may be the support level at 0.8950. Still, there might be an alternative scenario, according to which the asset may correct to reach 0.9035 before a further decline.

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

EURUSD, “Euro vs US Dollar”

After completing the ascending wave at 1.2147, EURUSD is consolidating around this level. If later the price breaks this range to the upside, the market may form one more ascending structure to reach 1.2228 or even 1.2242; if to the downside – resume trading within the downtrend with the target at 1.2040.

GBPUSD, “Great Britain Pound vs US Dollar”

After finishing the ascending structure at 1.4109 and then forming a new consolidation range there, GBPUSD has broken it to the upside and is expected to start a new growth to reach 1.4180. Later, the market may correct towards 1.4110 and then resume growing with the target at 1.4200.

USDRUB, “US Dollar vs Russian Ruble”

USDRUB is still consolidating around 73.83. Today, the pair may break the range to the downside and continue trading within the downtrend with the short-term target at 73.00.

USDJPY, “US Dollar vs Japanese Yen”

After completing the correction at 109.06, USDJPY is expected to form a new consolidation range above this level. Later, the market may resume trading upwards with the short-term target at 110.10.

USDCHF, “US Dollar vs Swiss Franc”

After finishing the descending wave at 0.9031, USDCHF is consolidating below this level. Possibly, the pair may break the range to the downside and reach 0.8971. After that, the instrument may grow to break 0.9030 and continue trading upwards with the target at 0.9095.

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is growing towards 0.7806 and may later start another decline to reach 0.7743, thus forming a new consolidation range between these two levels. If the price breaks this range to the upside, the market may form one more ascending structure to reach 0.7900; if to the downside – resume falling with the target at 0.7611.

BRENT

After finishing the ascending wave at 69.45, Brent is forming a new consolidation range below this level. Possibly, the asset may correct to reach 68.00 and then form one more ascending structure with the target at 71.00.

XAUUSD, “Gold vs US Dollar”

After completing the ascending wave at 1870.00, Gold is consolidating around this level. Possibly, today the metal may expand the range up to 1877.44. Later, the market may correct towards 1844.00 and then resume trading upwards with the target at 1900.00.

S&P 500

The S&P index is consolidating around 4136.0 and may later start another growth to reach 4233.2. After that, the instrument may resume trading downwards to break 4047.0 and then continue falling with the short-term target at 3930.8.

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: 1.2143
• Prev Close: 1.2151
• % chg. over the last day: +0.07%

On Monday, the EUR/USD currency pair continued to rise. Yesterday, the US Treasury bond auction was held by the Treasury Department. Increased liquidity in the financial system is playing in favor of the European currency.

Trading recommendations

• Support levels: 1.2138, 1.2115, 1.2074, 1.2026, 1.2002, 1.1957, 1.1835
• Resistance levels: 1.2176, 1.2212, 1.2243

According to the technical analysis, the trend is still bullish. The price is trading above the moving average, but there is a divergence on the MACD indicator. This means that the traders should not expect a rapid price increase.

Alternative scenario: if the price breaks down through the 1.2074 support level and holds below, the general uptrend is likely to be broken.

News feed for 2021.05.18:

• – Eurozone Gross Domestic Product (q/q) at 12:00 (GMT+3);
• – US Building Permits (m/m) at 15:30 (GMT+3);
• – ECB President Lagarde Speaks at 17:00 (GMT+3).

The GBP/USD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.4093
• Prev Close: 1.4138
• % chg. over the last day: +0.32%

The British pound is showing strength again. On Monday, the price confidently broke out through the resistance level of 1.4110 and held above. Important macroeconomic statistics on unemployment in Britain are expected today. Positive data may drive the price even higher.

Trading recommendations

• Support levels: 1.4110, 1.3996, 1.3913,1.3835, 1.3801, 1.3756, 1.3690
• Resistance levels: 1.4207

Technically, the trend remains bullish. The price is still above the moving average and the MACD indicator is in the positive area with no signs of divergence. The best strategy for traders under such market conditions is to look for long positions from the support levels.

Alternative scenario: if the price breaks down through the 1.3913 support level and holds below, the bullish scenario is likely to be canceled.

News feed for 2021.05.18:

• – UK Claimant Count Change (m/m) at 09:00 (GMT+3);
• – UK Unemployment Rate (m/m) at 09:00 (GMT+3);
• – UK BOE Governor Andrew Bailey Speaks at 17:00 (GMT+3).

The USD/JPY currency pair

Technical indicators of the currency pair:

• Prev Open: 109.25
• Prev Close: 109.23
• % chg. over the last day: -0.02%

The USD/JPY currency pair is slowly sliding to the moving average and to the important support level of 109.01. Japan has reported on GDP data today in the Asian session. The report was weak, but the price did not react significantly to this event.

Trading recommendations

• Support levels: 109.01, 108.87, 108.44, 108.19,107.77, 107.47, 107.04
• Resistance levels: 109.40, 109.64, 109.95, 110.51

Now the price is trading in a narrow range at the moving average level. The MACD indicator became inactive. Technically, as long as the price is above the support level of 109.01, the trend remains bullish. But amid the weakness of the dollar index, the price of USD/JPY may change its general trend.

Alternative scenario: if the price drops below 109.01, the general downtrend is likely to resume.

News feed for 2021.05.18:

• – Japan Gross Domestic Product (q/q) at 02:50 (GMT+3).

The USD/CAD currency pair

Technical indicators of the currency pair:

• Prev Open: 1.2112
• Prev Close: 1.2070
• % chg. over the last day: -0.34%

The Canadian dollar started to strengthen again. As a result, the price fell to the support level of 1.2075 and broke it down this morning at the Asian session on Monday. This time there is no activity from the buyers, so the price is likely to go down.

Trading recommendations

• Support levels: 1.1944
• Resistance levels: 1.2075, 1.2137, 1.2251, 1.2321, 1.2388, 1.2414, 1.2519

For USD/CAD, the general trend is still bearish. There is no sign of reversal on the MACD indicator, so the best strategy for traders is to look for sell deals from the resistance levels. It is better to forget about purchases, at least until the price breaks out through one resistance level.

Alternative scenario: if the price breaks out through the 1.2137 resistance level and holds above, a local corrective uptrend is likely to form.

There is no news feed for today.

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 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 Lukman Otunuga 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

Article By RoboForex.com

XAUUSD, “Gold vs US Dollar”

As we can see in the H4 chart, the stable uptrend continues as the pair is heading towards 50.0% fibo at 1875.75. After breaking this level, XAUUSD may continue growing to reach 61.8% fibo at 1922.50. However, despite the fact that the current uptrend is quite stable, there is a divergence on MACD, which may hint at a possible pullback. The key support remains the low at 1676.78.

In the H1 chart, after breaking the low and then finishing the descending correction, XAUUSD is forming another rising impulse towards the post-correctional extension area between 138.2% and 161.8% fibo at 1858.90 and 1867.80 respectively. The local support is at 1808.81.

USDCHF, “US Dollar vs Swiss Franc”

In the H4 chart, a convergence made USDCHF reverse after reaching 76.0% fibo and start a new correctional uptrend, which is approaching 23.6% fibo at 0.9101, However, the next descending impulse may be heading towards the low at 0.8986. If the price breaks the low, the instrument may continue falling to reach the fractal low at 0.8871. On the other hand, if the pair rebounds, it may start another rising wave towards 38.2%, 50.0%, and 61.8% fibo at 0.9172, 0.9229, and 0.9286 respectively.

The H1 chart shows that the current decline is slowing down and may soon be followed by 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.

Article By RoboForex.com

EURUSD, “Euro vs US Dollar”

EURUSD is trading at 1.2134; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.2080 and then resume moving upwards to reach 1.2320. Another signal in favor of a further uptrend will be a rebound from the rising channel’s downside border. However, the bullish scenario may be canceled if the price breaks the cloud’s downside border and fixes below 1.2055. In this case, the pair may continue falling towards 1.1965.

USDCAD, “US Dollar vs Canadian Dollar”

USDCAD is trading at 1.2112; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 1.2125 and then resume moving downwards to reach 1.1905. Another signal in favor of a further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 1.2225. In this case, the pair may continue growing towards 1.2315.

USDCHF, “US Dollar vs Swiss Franc”

USDCHF is trading at 0.9018; the instrument is moving below Ichimoku Cloud, thus indicating a descending tendency. The markets could indicate that the price may test the cloud’s downside border at 0.9040 and then resume moving downwards to reach 0.8895. Another signal in favor of a further downtrend will be a rebound from the descending channel’s upside border. However, the bearish scenario may no longer be valid if the price breaks the cloud’s upside border and fixes above 0.9105. In this case, the pair may continue growing towards 0.9195.

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.