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EUR/USD, GBP/USD and AUD/USD show potential for further upside

EUR/USD, GBP/USD and AUD/USD show potential for another leg higher as the dollar eases off ahead of next week’s FOMC meeting.

FXSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Friday 29 October 2021 

EUR/USD surges after consolidation phase

EUR/USD finally broke higher from its consolidation phase, with price remaining within a trend of higher highs. That recent failure to break below $1.1572 was telling, with the 76.4% Fibonacci level ultimately providing a good buying opportunity.

We are looking at a clear bullish short-term trend set against a bearish longer-term picture. With that in mind, further upside should be expected until we see the price break from this trend of higher lows (below $1.1582).

 

EUR/USD chartSource: ProRealTime

GBP/USD rebounds but risks another move lower here

GBP/USD has been largely consolidating this week, with price drifting lower in the wake of the gains seen in the first three-weeks of October.

There is a good chance that this current phase is a precursor to us heading higher, but bullish positions are favoured above $1.3829. Until then, there is a risk we see this pair fade to continue the recent retracement phase.

 

GBP/USD chartSource: ProRealTime

AUD/USD continues to move higher as pair hits three-month high

AUD/USD has been on a consistent uptrend over the course of October thus far, with the price rising back into levels not seen since July.

That trend looks likely to persist from here, with a break back below the $0.7453 level required to negate this bullish trend.

 

AUD/USD chartSource: ProRealTime
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EUR/USD edges up, while GBP/USD drops back and USD/JPY drifts sideways

The pound is in retreat ahead of BoE meeting, while against the yen the dollar is unable to make headway.

EuroSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Tuesday 02 November 2021

EUR/USD claws back some losses

After Friday’s losses, EUR/USD's small recovery has taken place, but it is far from clear that the buyers are regaining the upper hand.

The failure to push on above the 50-day simple moving average (SMA) last week would suggest the sellers are in control, but at present the view is more neutral. A recovery above $1.17 would put the price back on a more short-term upward footing, while a drop back below $1.1534 would suggest a fresh move to the downside is underway.

 

EUR/USD chartSource: ProRealTime

GBP/USD heads lower

The GBP/USD price has rolled over in definitive fashion, and in a way that suggests we could see October’s gains further eroded as the downtrend reasserts itself.

The fall back below $1.37 and the lower highs in late October point towards a bearish view, and the price action over the past three days has certainly favoured the sellers.

 

GBP/USD chartSource: ProRealTime

USD/JPY remains in consolidation mode

USD/JPY has gone from sharp rally to gentle consolidation, with gains stalling at ¥114.50.

We look for a continuation of this ranging move for the time being before a resumption of the longer-term move higher.

 

USD/JPY chartSource: ProRealTime
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EUR/USD and GBP/USD head lower as USD/JPY consolidates below resistance

EUR/USD and GBP/USD continue to show signs of impending weakness, while USD/JPY consolidates below key resistance.

USDSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Wednesday 03 November 2021

EUR/USD remains at risk despite Monday’s gains

EUR/USD has been trying to regain lost ground over the course of this week, coming off the back of Friday’s sharp decline for the pair.

However, with a wider bearish trend in play, that break below $1.1572 does highlight the potential for another turn lower before long. With that in mind, a bearish outlook holds unless the price rises up through $1.1692 resistance.

EUR/USD chartSource: ProRealTime

GBP/USD continues to head lower

GBP/USD is on the back foot ahead of tomorrow’s Bank of England (BoE) meeting. While we are expecting to see the bank raise rates, there are questions over whether the meeting will provide a more dovish stance in regard to future rate movements.

The downward trend of lower highs seen over the course of the past three-months does highlight the potential for a bearish continuation move like the one currently taking place. As such, further downside does look likely, with the continued creation of lower intraday highs key to that. A rise up through $1.3693 would be required to bring about a wider upside move for the pair.

GBP/USD chartSource: ProRealTime

USD/JPY continues to consolidate below key resistance

USD/JPY has been consolidating below the long-term resistance level of ¥114.73 of late. The near-term trend does still remain bullish, but that does raise the risk of a near-term pullback.

However, a decline through ¥113.00 would be required to provide that bearish signal. Instead, we have seen another 76.4% Fibonacci support level come into play here, with the price on the rise since. As such, there is a good chance we remain within this consolidation pattern, with a break through either ¥113.00 (bearish) or ¥114.73 (bullish) bringing a fresh signal for traders.

USD/JPY chartSource: ProRealTime
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Dollar strength pushes down EUR/USD and GBP/USD, with Bank of England meeting in focus

The Bank of England is expected to raise rates today, but both EUR/USD and GBP/USD are moving lower in morning trading, while USD/JPY continues to move sideways.

PoundSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 04 November 2021 

EUR/USD

The dollar has strengthened once again with EUR/USD, and this has put further downward pressure on the pair.

A move back to the October lows at $1.1524 now seems likely, with a firm bearish view still in place. Additional declines would target $1.1392, a key level back in 2020. A more bullish view requires a move back above late October’s high at $1.168.

EUR/USD chartSource: ProRealTime

GBP/USD

Dollar strength is pushing GBP/USD lower, but there is the potential for a recovery should the Bank of England (BoE) prove to be more hawkish than expected.

Today could see heightened volatility around the interest rate decision and press conference, but with the rate increase so widely expected it could equally pass without much incident. The reversal from yesterday’s highs near $1.37 suggest a more bearish view prevails, with $1.355 and then $1.345 coming into view. Buyers will want to see a move back above $1.37 that then brings the late October highs around $1.384 into view.

GBP/USD chartSource: ProRealTime

USD/JPY

Little change has been seen here, with USD/JPY continuing to move sideways as it has done for three weeks.

¥113.50 and ¥114.50 mark the lower and upper bounds of the trading range respectively.

USD/JPY chartSource: ProRealTime
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EUR/USD, GBP/USD and AUD/USD on the back foot once again

EUR/USD, GBP/USD and AUD/USD on the slide, with further short-term downside looking likely.

AUDSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Monday 08 November 2021 

EUR/USD turning lower once again

EUR/USD has started to fade this morning, following a strong end to the week. The recent retracement phase appears to be over, with the price creating lower highs over the course of the past fortnight.

That points towards this latest rise being a likely short-term rise before the bears come back into play. With that in mind, another bearish phase looks likely from here, with a rise through $1.1616 required to bring about a more bullish view. To the downside, a break through $1.1514 is key in exiting this month-long period of consolidation.

EUR/USD chartSource: ProRealTime

GBP/USD turning lower once again, following BoE selloff

GBP/USD has been hit hard since last week’s Bank of England (BoE) meeting, with the price reversing all the gains seen throughout October. The pair is heading lower once again this morning, with the key $1.3412 support level providing a notable hurdle for the bears.

The wider downtrend seen over recent months does point towards a potential decline through that support level. While there will be limits to this decline, we are yet to see a signal that the bulls are coming back into play. As such, a break through $1.3516 would be required to bring about a more positive outlook.

GBP/USD chartSource: ProRealTime

AUD/USD weakness looks like retracement phase

AUD/USD has been losing ground over the course of November thus far, with the pair looking to be within another retracement phase given the bullish pattern seen since the August low.

Thus far we have moved back into the 50% retracement, signalling the potential for another bout of downside. However, whether it takes place here or at a lower Fibonacci support level, there is a good chance we soon see the bulls come back into play for this pair. A rise up through the prior swing high (currently $0.747) would bring a bullish reversal signal.

AUD/USD chartSource: ProRealTime
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EUR/USD and GBP/USD move higher as USD/JPY retreat goes on

Dollar weakness has given space for EUR/USD and GBP/USD to recover, while USD/JPY continues to retreat from recent highs.

EUROSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Tuesday 09 November 2021

EUR/USD bounces from support

EUR/USD bulls will be hoping that the pair can see its way to a broader recovery now that the price has managed to arrest its decline for the time being. The price has bounced from $1.1524, holding the October low.

A move towards $1.17 could now be contemplated, or at least a move back to the 50-day simple moving average (SMA), currently $1.167. Sellers will be hoping for a renewed drop that challenges $1.1524.

EUR/USD chartSource: ProRealTime

GBP/USD rebounds as BoE disappointment fades

Last week’s sharp decline with GBP/USD has been partly recovered, which will give some hope that a higher low has been created, compared to the September low, and that a new bounce can begin.

Gains will target $1.37 and then onwards towards $1.385. Sellers will view talk of a higher low as contentious at best, and that instead a move back towards $1.34 can test this support zone.

GBP/USD chartSource: ProRealTime

USD/JPY pullback continues

The retreat with USD/JPY from the October highs is still in play, with the price now heading towards the ¥112.00 swing high from late September, and then to the 50-day SMA at ¥111.92.

But the uptrend is firmly intact and we will be on watch for a higher low to be created that will reinforce the bullish view.

USD/JPYSource: ProRealTime
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EUR/USD, GBP/USD and AUD/USD at risk of another move lower

EUR/USD, GBP/USD and AUD/USD at risk of further downside, with the bulls seemingly set to take the back seat for the time being.

DollarSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Wednesday 10 November 2021

EUR/USD starts to roll over once more after recent rebound

EUR/USD has been on the rise over the course of this week thus far, with the pair regaining lost ground since Friday’s low of $1.1513.

A break up through the $1.1617 resistance level would bring a more positive picture into play. However, we are instead seeing the bearish trend kick back in here, with the decline below $1.157 highlighting the beginning of a downward turn.

 

EUR/USD chartSource: ProRealTime

 

GBP/USD rolling over after recent rebound

GBP/USD has started to weaken after a retracement into the 61.8% Fibonacci resistance level at $1.3593.

The selloff seen over the course of the past fortnight looks like it could soon come back into play, with a bearish trend still relevant until the price rises through the $1.3698 resistance level. Until then, there is a chance we could see the price turn lower and head back towards the $1.3411 support level.

 

GBP/USD chartSource: ProRealTime

 

AUD/USD pullback continues as the price hits 4-week low

AUD/USD has continued its decline, with the pair dropping back into a four-week low. However, the wider trend points towards a trend of higher lows, with the recent period of weakness looking like a retracement before we turn higher once again.

For now, we could see further downside in a bid to continue this bearish short-term trend. However, the wider picture does point towards a strong likeliness that the pair turns higher once again before long, with a rise up through the prior swing high (currently $0.7432) required to bring that wider bullish view back into play.

 

AUD/USD chartSource: ProRealTime
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Dollar strength hits EUR/USD and GBP/USD while giving USD/JPY a lift

A strong US CPI reading has given the greenback new life, putting EUR/USD and GBP/USD on to the back foot while USD/JPY looks to recover recent highs.

CurrenciesSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 11 November 2021

EUR/USD builds on break of support

EUR/USD continues to decline, with yesterday’s drop providing the break below support that reinvigorates the downtrend currently in play.

The $1.1392 level becomes the next to watch to the downside as sellers seize control. The overall view has remained firmly bearish following the rally to the 50-day simple moving average (SMA) at the end of October.

 

EUR/USD chartSource: ProRealTime

GBP/USD pushes to the downside

The GBP/USD decline has revived, heading towards the lower bound of the wide descending channel in place since late July.

Further declines will carry the price towards $1.133, where a bounce may develop if the lower channel bound continues to hold as it has in previous months.

GBP/USD chartSource: ProRealTime

USD/JPY heads higher

The expected USD/JPY bounce has materialised here, and now the price looks set for a resumption of the move towards ¥114.50, and higher if the uptrend is set to continue.

The bounce from ¥113.00 puts the buyers back in charge, and it would take a move back below this level to suggest a reversal is in play.

 

USD/JPY chartSource: ProRealTime
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EUR/USD, GBP/USD and AUD/USD rise back towards key resistance

EUR/USD, GBP/USD and AUD/USD attempt to regain ground, but we need to see resistance broken if the bulls to gain a better footing.

EURO
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Friday 12 November 2021

EUR/USD falls back into trendline support

EUR/USD has been on the back foot over the course of the week, with the price breaking $1.1514 support and moving swiftly into trendline support. This raises the risk of a rebound for the pair, although we are yet to see any such sign as it stands.

A move up through the $1.1477 level could bring about expectations of a wider retracement phase. However, we will ultimately require a rise through $1.1609 to bring about a more reliable bullish signal for pair.

EUR/USD chartSource: ProRealTime

GBP/USD falls into 10-month low

GBP/USD has been on the back foot following a hesitant The Bank of England (BoE) rate decision, with the pair falling into a 10-month low. However, we are seeing the pair turn higher this morning, with the price heading towards the $1.3433 swing high.

A break up through that level would bring about an upward phase and potential retracement of the wider sell off from $1.3607. As such, keep a close eye out for whether or not we break $1.3433 as a key gauge of sentiment for the day ahead.

GBP/USD chartSource: ProRealTime

AUD/USD downtrend continues despite early rebound

AUD/USD has similarly been regaining ground this morning, with the price moving up towards the $0.7311 swing-high.

A break up through that level would bring about expectations of a wider rebound. However, we are yet to see such a move, with the bearish trend in play until then.

AUD/USD chartSource: ProRealTime
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EUR/USD, GBP/USD and AUD/USD at risk despite recent rebound

EUR/USD, GBP/USD and AUD/USD look at risk of another bearish turn after a short-term rebound.

EURSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Monday 15 November 2021

EUR/USD consolidates after slump into 15-month low

EUR/USD saw plenty of downside over the course of the past week, with the pair slumping into a fresh 15-month low.

We are starting the new week with consolidation around trendline support, with a chance that we could soon build another upward retracement phase as a result. A push through the $1.1487 level would bring such a rebound into play. Until then, the sell-off remains in play as the price contends with trendline support.

 

EUR/USD chartSource: ProRealTime

GBP/USD rebound showing signs of weakness

GBP/USD has been attempting to regain lost ground of late, with the price on the rise on Thursday and Friday.

However, the bearish trend does remain intact unless the price pushes up through the $1.3607 swing-high. While the relatively shallow nature of this latest rally brings the potential for further upside here, a break back below 80 on the stochastic would bring risk of another bearish turn for this pair.

 

GBP/USD chartSource: ProRealTime

AUD/USD starts to regain ground after deep pullback

AUD/USD is on the rise once again this morning, following on from the rebound seen on Friday. The wider pattern of higher lows is worth noting given the latest fall back towards the 76.4% Fibonacci level ($0.7261).

With that in mind, there is a chance we see the pair push higher from here to continue that pattern. However, we would need to see a break up through $0.7431 to bring greater confidence that this rebound will persist. Until then, there is still a good chance of a bearish turn to continue the intraday pattern of lower highs and lows.

 

AUD/USD chartSource: ProRealTime
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EUR/USD under heavy selling pressure as GBP/USD and USD/JPY edge higher

It was a tough day for EUR/USD yesterday, which fell to its lowest level in 16 months, while GBP/USD and USD/JPY have made small gains.

EuroSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Tuesday 16 November 2021 

EUR/USD slumps below $1.14

EUR/USD continues to plumb new depths for the year, lurching lower yesterday to a level below $1.14 for the first time since July 2020.

The next target to the downside is the $1.124 swing high from the very end of 2019. So far there is no sight of a more bullish short-term move, and even a rally towards $1.16 would still provide the potential for a lower high and a reinforcement of the downtrend.

EUR/USD chartSource: ProRealTime

GBP/USD bounce continues in cautious fashion

Things are looking a touch better here for GBP/USD bulls, although even here the pair is still edging up only from a lower low.

A rebound from here towards the upper bound of the current daily descending channel would see the pair head back towards $1.37. Sellers at present may look for a reversal of the past three sessions of gains, which in this case would see $1.3365 broken to the downside and a firmly bearish leg lower begin.

GBP/USD chartSource: ProRealTime

USD/JPY still targets recent highs

The dollar continues to strengthen overall with USD/JPY, and the pair is slowly recovering from the early November dip below ¥113.00.

A move back towards ¥114.50 is still contemplated, supported by rising stochastics and guardedly bullish price action. A move back to, and then below, ¥113.00 would be needed to negate this view.

USD/JPY chartSource: ProRealTime
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EUR/USD and AUD/USD edge higher from recent lows, while GBP/USD fights to move higher

The dollar remains strong overall but buyers in EUR/USD and AUD/USD have managed to drag these pairs off their recent lows.

DollarSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 17 November 2021

EUR/USD rebounds off lows

The dramatic slump of the past three weeks seems to have paused for now, as EUR/USD price rallies back above $1.13, having fallen below this level only two days after dropping below $1.14.

It is still too early to argue that a lower low is in, and the price could easily roll over and resume its move to the downside. A recovery above $1.14 would help reinforce the view that a bounce could be in play.

 

EUR/USD chartSource: ProRealTime

 

GBP/USD struggles higher

GBP/USD has managed to eke out some gains over the past week, but without much real momentum. It has been knocked back from the day’s highs so far this week, with gains faltering as the price nears $1.345.

This suggests that sellers retain the upper hand, and we look for a reversal below $1.34 that would renew the bearish view. A rally above $1.345 would start to suggest a near-term bounce is in play.

 

GBP/USD chartSource: ProRealTime

 

AUD/USD moves off overnight lows

Hopes of a bigger rebound have been dashed for now as AUD/USD price slumped back to $0.73 yesterday.

While it has recovered from the overnight lows the bullish view will be negated unless we can see a recovery of $0.735. A continued defence of $0.729 may be all the buyers can hope for, for the time being.

 

AUD/USD chartSource: ProRealTime
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EUR/USD and GBP/USD move up as USD/JPY holds steady

A weakening of the US dollar has given space for EUR/USD and GBP/USD to recoup some lost ground.

USDSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 18 November 2021 

EUR/USD rebound gathers pace

EUR/USD looks like there might be some short-term strength to this bounce, as the price edges up after rebounding yesterday.

If nothing else, the yawning gap between the price and the 50-day simple moving average (SMA) at $1.1606 would suggest some kind of reversion, although given the strength of the downtrend we should not expect this to run too far. Any rebound would still likely set up a possible shorting opportunity with a more compelling risk-reward outlook than the current price action.

EUR/USD chartSource: ProRealTime

GBP/USD finally moves higher

After making heavy weather of it over the past week with GBP/USD, yesterday finally brought the bounce the bulls were looking.

Like EUR/USD, this rebound is likely to be short-lived, but a move towards $1.3575 and then the 50-day SMA at $1.3639 now looks to be a possibility. From further up, however, we should still expect selling pressure to build, maintaining the overall bearish outlook.

GBP/USD chartSource: ProRealTime

USD/JPY steady after losses

The bounce and reversal of the previous two sessions with USD/JPY might seem to indicate that a new move to the downside could be in play for now, although a move below ¥113.60 would be needed to seal this view and being a move back towards the 50-day at ¥112.50 into play.

USD/JPY chartSource: ProRealTime
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EUR/USD and GBP/USD reversing lower as USD/JPY turns up towards multi-year highs

Dollar coming back into strength, with EUR/USD and GBP/USD weakening as USD/JPY seeks to establish another multi-year breakout.

EUROSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Friday 19 November 2021

EUR/USD rolling over after latest rebound

EUR/USD has started to reverse lower once again, following a period of upside that took us back into oversold territory.

With a clear-cut bearish trend in play, a break up through the likes of $1.1464 would be required to bring any bullish momentum. Until then, this latest rebound always looked a precursor to a bearish turn for the pair.

 

EUR/USD chartSource: ProRealTime

GBP/USD turning lower from 61.8% Fibonacci resistance

GBP/USD has started to weaken after a rally into the 61.8% Fibonacci resistance level at $1.351.

There is still a chance of a deeper retracement into the 76.4% Fibonacci level. In any case, a bearish outlook holds until we see the $1.3607 level broken.

 

GBP/USD chartSource: ProRealTime

USD/JPY turning up towards multi-year high

USD/JPY managed to break up through the ¥114.73 level this week, bringing a four-year high for the pair.

While the price swiftly turned lower, this pullback looks to be a retracement as we reverse higher once again here. A break below the ¥113.75 level would point towards a wider retracement. Until then, the bulls look likely to push us back towards that crucial resistance zone as we look for another break into multi-year highs.

 

USD/JPY chartSource: ProRealTime
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EUR/USD, GBP/USD and AUD/USD weaken, with risk of further downside to come

EUR/USD, GBP/USD and AUD/USD head lower as the dollar strengthens, with risk of further downside to come.

EuroSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Monday 22 November 2021 

EUR/USD continues to trend lower

EUR/USD slipped into a fresh 16-month low on Friday, following on from the retracement phase seen earlier in the week. With a clear downtrend in play here, there was always a strong chance we could see the bears come back into play before long.

With the price having now broken through support, the bullish crossover seen on the stochastic does point towards some potential short-term respite from this selloff. As such, there is a risk of an upward turn before long, but any such move higher would be deemed a selling opportunity unless the price breaks up through the latest swing-high of $1.1374.

EUR/USD chartSource: ProRealTime

GBP/USD turning lower from Fibonacci resistance

GBP/USD has been on the back foot following a rally into the 61.8% Fibonacci resistance level at $1.351.

With the price turning lower since, a break below the $1.3396 level would bring a bearish continuation signal. Until then, there is also a chance we see the price turn upwards to continue the intraday recovery that has been playing out over the course of the past week.

GBP/USD chartSource: ProRealTime

AUD/USD continues to trend lower despite wider bullish trend

AUD/USD has continued to trend lower over the course of the past three weeks, with the price appearing to trade within a falling wedge formation.

The wider trend of higher lows does signal the potential for a bullish resurgence, but the recent selloff does raise the risk of a bearish break below the $0.717 support level. As such, there are stories on both sides of the coin here, with a chance we see the bulls come back into play until $0.717 is broken. A move up through the likes of $0.7291 and $0.737 would be needed to build a stronger case for such a bullish resurgence.

AUD/USD chartSource: ProRealTime
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EUR/USD makes small gains as GBP/USD drops and USD/JPY briefly hits new high

While the euro has managed to make some gains against the dollar, the pound is still struggling. USD/JPY has briefly touched a new higher high.

DollarSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Tuesday 23 November 2021

EUR/USD edges higher

A small EUR/USD bounce in early trading is only to be expected after the losses of the past two sessions, but intraday bounces have been the cue for more selling of late, and it would not be surprising if this turned out the same way.

Dollar strength continues to carry all before it, putting further pressure on the currency pair; even a rally towards $1.1375 would be an impressive achievement for buyers in this environment.

 

EUR/USD chartSource: ProRealTime

 

GBP/USD heads lower

Renewed talk of Bank of England (BoE) rate hikes has done nothing to lift GBP/USD, as the pair heads back to the lows of mid-month.

Low stochastics are a feature, not a bug, of such powerful downward moves, and point towards continued losses for the pair. Buyers will need to scale the heights of $1.345 and then $1.35 to provide a more short-term bullish view.

 

GBP/USD chartSource: ProRealTime

 

USD/JPY stalls at ¥115

A new intraday higher high did not last long overnight, as global risk appetite soured, but overall USD/JPY appears to have found renewed upside momentum.

Rising trendline support from early October continues to provide a foundation for further gains, although the sellers appear to be mounting a spirited defence of ¥115.

 

USD/JPY chartSource: ProRealTime
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Dollar strength sees EUR/USD and GBP/USD decline as USD/JPY hits multi-year highs

EUR/USD, GBP/USD and USD/JPY dominated by dollar strength, with the greenback looking likely to continue its upward trajectory.

PoundSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Wednesday 24 November 2021

EUR/USD selloff continues apace

EUR/USD has maintained its bearish trajectory, with the price grinding lower over the course of this week thus far.

Following on from a wider bearish trend, we expect to see further weakness until the price breaks through the prior swing high (currently $113.74). With that in mind, any near-term upside is viewed as a bearish retracement until the price breaks through resistance.

EUR/USD chartSource: ProRealTime

GBP/USD falls back into new 11-month low

GBP/USD has slumped into a new 11-month low this morning, with the pair continuing the bearish trajectory seen over recent months.

Exactly when we see another significant rebound remains to be seen, but any short-term upside should be seen through the prism of that wider bearish trend. Any intraday gains would need to break up through the recent swing-high of $1.3513 if we are to see a longer-lasting bullish move come into play.

GBP/USD chartSource: ProRealTime

USD/JPY manages to break into multi-year highs

USD/JPY managed to push up through the ¥114.98 resistance level yesterday, bringing about a fresh four-year high for the pair.

That push into multi-year highs brings expectations of further upside to come, with a decline through the likes of ¥114.49 and ¥113.58 required to negate that bullish view.

USD/JPY chartSource: ProRealTime
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EUR/USD and GBP/USD fall as USD/JPY scales new peak

Revived expectations of Fed tightening have driven the dollar higher, hitting EUR/USD and GBP/USD and lifting USD/JPY.

TraderSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 25 November 2021

EUR/USD continues to fall

There is still no sign of a real rebound for EUR/USD, as sellers continue to pile in. Slight rebounds intraday merely provide selling opportunities, with no real change to the overall picture.

The latest swing-high of $1.1374 continues to provide the ‘line in the sand’; a firm bounce has to clear this to provide any change to the bearish narrative.

 

EUR/USD chartSource: ProRealTime

GBP/USD pushes to new low

Having hit a new lower low yesterday the way seems clear for the GBP/USD price to renew its move to the downside.

As with EUR/USD, rebounds merely set up fresh opportunities for sellers to add to positions, and unless the price can move back above $1.3515 this bearish view remains firmly in place.

 

GBP/USD chartSource: ProRealTime

USD/JPY hits new highs

Resurgent USD strength has pushed USD/JPY to a new high, and it looks likely that further gains are ahead, as the broader consolidation gives way to revived bullish momentum.

A drop back below ¥114.20 would be needed to negate this view.

 

USD/JPY chartSource: ProRealTime
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EUR/USD edges higher but GBP/USD and AUD/USD under pressure

A bout of risk-off moves has put pressure on the pound and the Aussie, but EUR/USD is trying to hold firm.

USD

 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Friday 26 November 2021

EUR/USD attempts to move up

EUR/USD appears to have stabilised around $1.12 for now, but given the risk-off views across markets this respite may well be limited.

A rebound towards $1.14 would likely bring out the sellers once again, with a much bigger rally back to $1.15 needed to provide some evidence of a more bullish view emerging.

EUR/USD chartSource: ProRealTime

GBP/USD under pressure near $1.32

GBP/USD has hovered near a new lower low, as it breaks out of the descending channel that has been in place since July.

$1.3204, $1.3109 and then $1.3039 become the levels to watch on the downside, if selling gathers pace. A short-term rebound comes within the wider downtrend but could run back towards $1.347 and $1.3515.

GBP/USD chartSource: ProRealTime

AUD/USD slumps to lower low

The risk-off turn has amplified the move to the downside here with AUD/USD, and now the August low at $0.71 is under threat.

After a huge slump from the October peak the price seems content to keep moving lower, which could bring the $0.70 level itself into view.

AUD/USD chartSource: ProRealTime
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EUR/USD, GBP/USD and AUD/USD at risk of further downside

EUR/USD, GBP/USD and AUD/USD look set for another move lower, with wider bearish trend still in play.

PoundSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Monday 29 November 2021 

EUR/USD rolling over after latest 76.4% retracement

EUR/USD has kicked off the new week on the back foot once again, with the upward move seen on Friday now reversing once again in the direction of the trend.

With the price having reached the 76.4% Fibonacci resistance level at $1.133, there is a strong chance we see another downside move. That bearish trajectory remains in place unless we see the price rise through the $1.1374 swing-high.

 

EUR/USD chartSource: ProRealTime

GBP/USD stabilising after latest decline

GBP/USD failed to see too much volatility on Friday, with Omicron repercussions impacting the Bank of England (BoE) and Federal Reserve (Fed) outlook alike.

With that in mind, the bearish trend remains in play, although an intra-day rise through the $1.3353 does signal the potential for a short-term bounce. A break up through the $1.3513 swing-high would be required to bring about a more positive wider move.

GBP/USD chartSource: ProRealTime

AUD/USD falls back into long-term support level

AUD/USD has been hit hard of late, with the price breaking back below the $0.717 support level to end the wider trend of higher lows.

That has taken us back down into the late-August low of $0.7106. A break below that threshold would signal a continuation of that recent bearish trend. To the upside, a rise through trendline and $0.7198 would bring about a more positive near-term outlook.

 

EUR/USD chartSource: ProRealTime
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EUR/USD and GBP/USD move higher as USD/JPY heads down

Dollar weakness continues to provide an opening for EUR/USD and GBP/USD to rally, as USD/JPY sustains further losses.

DollarSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Tuesday 30 November 2021

EUR/USD intraday higher high established

A short-term rebound continues to gather pace, with EUR/USD pushing back towards recent highs at $1.1374, having produced a higher high in early trading.

We look for a potential retracement towards $1.127 that will create a higher low for additional or new long positions, with this bullish view negated if the price drops back towards $1.124.

 

EUR/USD chartSource: ProRealTime

 

GBP/USD recovers to Friday peak

A more modest bounce here has seen GBP/USD return to the 26/29 November peak at $1.336.

Losses have stabilised for now around $1.33, although we have yet to see any bullish divergence on hourly stochastics. We look for a continuation of gains towards $1.339 and a new higher high, and await a possible higher low as a sign that the bullish view is gathering strength.

 

GBP/USD chartSource: ProRealTime

 

USD/JPY slumps below Friday low

The fall below the 26 November low hands the initiative to the sellers, with a USD/JPY bounce back towards ¥113.40 providing a lower high and a better risk-reward dynamic than at current levels.

A move back above ¥114.00 would be needed to put the buyers back in charge.

 

USD/JPY chartSource: ProRealTime
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EUR/USD gains stall as GBP/USD and USD/JPY head lower

The euro is struggling to move higher against the dollar, while GBP/USD and USD/JPY are both under pressure.

Forex-global-component-banner.jpg
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 02 December 2021

EUR/USD bounce stalls

Gains with EUR/USD have run into some resistance around $1.135, after the price succeeded in reaching the $1.1376 swing high from the middle of the month.

This bounce has failed to put much of a dent in the downtrend as yet, and a move back below $1.125 would certainly point the way to more losses.

EUR/USD chartSource: ProRealTime

GBP/USD trundles lower

A more steady downward move remains in place here with GBP/USD, as the price makes a new low.

The 50-period simple moving average (SMA), $1.1338 has helped contain any upside so far this week, and so far the bounce from $1.32 earlier in the week has failed to produce any bullish follow on.

GBP/USD chartSource: ProRealTime

USD/JPY in descending channel

Further declines seem likely with USD/JPY stuck in a descending channel that could open the way to ¥112.50 and lower.

Brief bounces this week have seen sellers emerge, and a move above ¥113.50 would be needed to begin to develop a more bullish view.

USD/JPY chartSource: ProRealTime
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EUR/USD, and GBP/USD head lower as USD/JPY breaks resistance

EUR/USD, and GBP/USD turn lower once again, while USD/JPY breaks up through near-term resistance level.

EuroSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Friday 03 December 2021 

EUR/USD falls back into Fibonacci support

EUR/USD has been losing traction over the second half of the week, with the price falling back into the 61.8% Fibonacci support level of $1.1283.

The recent struggles to break through $1.1374 highlights the importance of this inverse head and shoulders neckline. A break back below the $1.1235 swing-low would bring about expectations of another bearish breakdown from here. Until then, a bullish turn would likely bring another challenge of the all-important $1.1374 neckline.

 

EUR/USD chartSource: ProRealTime

GBP/USD turning lower from trendline resistance

GBP/USD is on the back foot this morning, with the price turning lower from trendline resistance once again.

The failure to break from this trend of lower highs provides us with a continued bearish outlook, with that view holding unless the price pushes up through $1.337 resistance.

 

GBP/USD chartSource: ProRealTime

USD/JPY breaks resistance, bringing potential for ST gains

USD/JPY has managed to push up through the near-term ¥113.33 swing-high, helping to lift the tone for this under-pressure pair.

With the price having consolidated around the key ¥112.72 November low, this would be the kind of area that we could see a short-term rebound. As such, watch for a potential short-term move higher, with a decline through ¥112.67 required to bring the bearish trend back into play.

 

USD/JPY chartSource: ProRealTime
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EUR/USD and GBP/USD ease back as USD/JPY turns higher

EUR/USD and GBP/USD continue to drift lower, while USD/JPY shows tentative signs of a bullish reversal.

USDSource: Bloomberg
 

 Joshua Mahony | Senior Market Analyst, London | Publication date: Monday 06 December 2021 

EUR/USD easing back in early trade

EUR/USD has been easing back in early trade, with the pair moving back towards the key $1.1235 support level.

A move below that threshold would signal another bearish phase coming into play. Until then, there is still a chance we see another move back into trendline resistance.

EUR/USD chartSource: ProRealTime

GBP/USD turning back towards trendline resistance

GBP/USD has been regaining ground this morning, with the price pushing up towards a descending trendline.

A push-up through the $1.3333 swing high resistance level, would be required to bring a more positive outlook for the pair. Until then, the current rise could bring about another move towards trendline resistance to continue the intraday trend of lower highs.

GBP/USD chartSource: ProRealTime

USD/JPY on the rise within recent consolidation phase

USD/JPY is on the rise this morning, with the pair looking to continue the consolidation evident around the ¥113.72 support level.

A move up through the ¥113.61 swing-high would bring greater confidence in a recovery from here, with tentative optimism around the Omicron variant bringing the potential for a reversal of this recent sell off. A break below the ¥112.50 level would be required to negate the notion of an impending bullish reversal.

 

USD/JPY chartSource: ProRealTime
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EUR/USD and GBP/USD likely to decline as USD/JPY breaks resistance

EUR/USD and GBP/USD expected to turn lower, as USD/JPY breaks resistance to bring bullish reversal signal.

DollarSource: Bloomberg
 
 Joshua Mahony | Senior Market Analyst, London | Publication date: Tuesday 07 December 2021 

EUR/USD continues to drift down towards key support level

EUR/USD continues to grind lower, with the pair losing traction as money flows back into those currencies that could benefit from monetary tightening in the coming months.

Price has pushed up towards trendline resistance once again overnight, bringing expectation of another move lower today. Ultimately, a break back below the $1.1235 level would be required to end the recent upward phase, building greater confidence in a continuation of the wider bearish trajectory.

 

EUR/USD chartSource: ProRealTime

 

GBP/USD expected to weaken after tentative gains

GBP/USD has rallied up into trendline resistance overnight, with the pair failing to gain traction starting to lose traction in the early hours of this morning.

The intraday trend of lower highs does signal a likely bearish turn from here, with a rise through $1.331 required to bring a more positive short-term outlook. Until then, this pair looks likely to turn lower once again.

 

GBP/USD chartSource: ProRealTime

 

USD/JPY breaks through resistance to bring bullish outlook

USD/JPY has managed to break up through the ¥113.61 resistance level overnight, bringing about a bullish signal after a period of weakness for the pair. That recent decline into trendline support came after markets considered the dovish implications for the Federal Reserve (Fed) if Omicron turned out to result in global lockdowns.

However, tentative signs of optimism over the mild effects of the Covid-19 virus have helped lift sentiment for this pair. Keep an eye out for future Omicron announcements to impact sentiment for the Fed and thus USD/JPY. This break up through ¥113.61 brings us a fresh bullish outlook, with a recovery of the late-November losses looking

USD/JPY chartSource: ProRealTime
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EUR/USD and GBP/USD struggle as USD/JPY breaks higher

Small gains for USD/JPY mark a contrast to EUR/USD and GBP/USD, which continue to struggle.

JPYSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Wednesday 08 December 2021 

EUR/USD edging lower

Short-term gains have been capped here with EUR/USD by trendline resistance from the 30 November high. So far there is little sign of a break higher, with a potential return to $1.12 if selling pressure builds.

Aside from this, we would look for a more bullish view should the price be able to clear $1.13.

EUR/USD chartSource: ProRealTime

GBP/USD gains capped by trendline

GBP/USD continues to show an unwillingness to head below $1.32, but as with EUR/USD trendline resistance from 30 November has prevented any move to the upside.

A move above $1.33 would be needed to open the way to some short-term bullishness, within the broader context of the downtrend of the past two months.

GBP/USD chartSource: ProRealTime

USD/JPY looks to push higher

Having rallied above trendline resistance USD/JPY has now used that previous resistance as support, moving off the trendline and continuing its bullish move.

Further gains target ¥114.00, with the bearish outlook requiring a full reversal back below ¥113.20.

USD/JPY chartSource: ProRealTime
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EUR/USD rallies as GBP/USD and USD/JPY struggle

A break higher for EUR/USD contrasts with continued weakness for GBP/USD and USD/JPY.

EUR/USDSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Thursday 09 December 2021

EUR/USD breaks resistance

EUR/USD has succeeded in breaking higher, pushing above trendline resistance yesterday. Gains however have stalled for now at $1.133, as they did at the beginning of the month.

Broader upside would require a move above $1.135, but the longer-term downtrend remains in place.

EUR/USD chartSource: ProRealTime

GBP/USD continues to struggle

Unlike EUR/USD GBP/USD remains under pressure, hit by changing expectations of a UK rate hike and the return to some Covid-19 restrictions.

The yawning gap between the price and the 50-day simple moving average (SMA) above $1.35 refuses to close, and so far there looks like no sign of a move to the upside, which would require at least a move back towards $1.33.

GBP/USD chartSource: ProRealTime

USD/JPY edges lower

Gains with USD/JPY have stalled at ¥113.60, as the price retreats back below the 50-day SMA. This drop will need to move below ¥113.00 to indicate the sellers are back in control.

Alternately, the bullish view is revived with a move back above ¥113.80.

USD/JPY chartSource: ProRealTime
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EUR/USD, GBP/USD and AUD/USD all struggle in early trading

A bout of risk aversion has hit FX markets, with the US dollar strengthening once again.

AUDSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Friday 10 December 2021

EUR/USD turns down in early trading

The EUR/USD bounce of earlier in the week has been reversed and now a move to the $1.1186 level seems likely.

This would then open the way towards further downside. The relatively weak bounce in momentum indicators such as stochastics points towards a resumption of the downtrend in due course.

EUR/USD chartSource: ProRealTime

GBP/USD still unable to bounce

After a small recovery yesterday the GBP/USD price is under pressure once again.

We look for a push back towards $1.316, as the downward move of the past month reasserts itself. A revival above $1.33 still looks a distant prospect for now, but would be needed to provide a more short-term bullish view.

GBP/USD chartSource: ProRealTime

AUD/USD bounce stalls

Having rallied along with equity markets after a bruising decline in November, the AUD/USD price has stalled around $0.7185.

A small reversal for now has yet to signal a return to the downtrend, but a failure to revive the move and rally above $0.72 would send a bearish message. A drop below $0.71 would open the way to further downside.

AUD/USD chartSource: ProRealTime
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EUR/USD and GBP/USD heading down while USD/JPY recovers

The week has begun with losses for the euro and sterling against the dollar, while USD/JPY is edging higher.

EuroSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Monday 13 December 2021

EUR/USD under pressure

Despite the bounce on Friday, the sellers have driven the EUR/USD price lower once again.

Further losses towards $1.125 would likely prompt a bearish crossover in daily stochastics, amplifying the bearish view. So long as the price remains below $1.14, any bullish view is in abeyance.

 

EUR/USD chartSource: ProRealTime

GBP/USD heads lower again

GBP/USD’s Friday gains have been given back in a large part, as sellers come in to hit even the modest intra-day rally seen at the end of last week.

Sellers have yet to challenge the $1.32 area in a meaningful way, with dips below this level finding buyers last week. A break below this is required to prompt a new leg lower.

 

GBP/USD chartSource: ProRealTime

USD/JPY recovers recent losses

USD/JPY is almost back to Friday’s highs, although it remains below the 50-day simple moving average (SMA) for the time being.

Nonetheless, with the price recovering and both stochastics and moving average convergence/divergence (MACD) turning higher the buyers look to be in control. This bullish view would require a drop back below ¥113.20 to be negated.

 

USD/JPY chartSource: ProRealTime
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EUR/USD holds firm, while AUD/USD tiptoes higher and GBP/USD remains near the lows

The euro is edging up against the dollar, as is the Aussie, but GBP/USD is stuck fast near recent lows.

DollarSource: Bloomberg
 
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Tuesday 14 December 2021 

EUR/USD trades sideways

Hopes of a recovery are bolstered by EUR/USD price holding $1.125.

However, it will need to break trendline resistance from the late October high, which points towards a rally above $1.132. Bears will continue to look for any short-term strength as a selling opportunity, while a break towards $1.12 and below revives the downtrend.

 

EUR/USD chartSource: ProRealTime

 

GBP/USD stuck at the lows

Little has changed here, and GBP/USD price continues to hover around $1.32.

Until the Federal Reserve (Fed) and Bank of England (BoE) meetings are out of the way, the outlook for this pair is clouded, but an overdue rebound towards $1.35 cannot be discounted.

 

GBP/USD chartSource: ProRealTime

 

AUD/USD edges up after losses

Bulls have managed to stabilise AUD/USD after the losses of Monday, holding support at $0.709.

If sellers can push the price back below this level a move down to the early December low will be back in prospect. Alternately, bulls will want to see a recovery above $0.718 to put the pair back on an upward footing, within the context of a much broader downtrend.

 

AUD/USD chartSource: ProRealTime
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