Technical Overview of USD/JPY and NZD/CAD Currency Pair

USD JPY

The USD traded higher against the JPY and closed at 108.055.

The pair formed an AB= CD pattern.
It’s below Yearly, Quarterly and Monthly pivot.
NO Price Action Signal.
It broke the Pivot support trend line.
But
Fundamentally as we know that Safe Heaven is in demand and USD has  announced a rate cut so we can assume  to sell on the rallies.
As we can see the VPOC level 108.22 is a good Value area to go short.
This may be a purely fundamental trade if shorts take over the market.

According to the Analysis, The pair is expected to find support at 107.809, and a fall through could take it to the next support level of 107.564. The pair is expected to find its first resistance at 108.372, and a rise through could take it to the next resistance level of 108.690.
USD JPY Previous Day range was 5630 and Current Day Range is 3320.

NZD CAD

The NZD traded lower against the CAD and closed at 0.8864.

The main trend heads towards North.
Pivot support trendline formed.
Price successfully trading above the current and previous weekly pivot level.
Price breached towards north the - 3 week Pivots.
A Buy on the dips will be preferable.
For now
NZD is the strongest and USD and CAD are Weakest.

According to the Analysis, The pair is expected to find support at 0.88309, and a fall through could take it to the next support level of 0.87977. The pair is expected to find its first resistance at 0.88876, and a rise through could take it to the next resistance level of 0.89111.
NZD CAD Previous Day range was 56.7 and Current Day Range is 30.6.

Morning Briefing

The U.S. dollar fell on Monday after St. Louis Federal Reserve President James Bullard said an interest rate cut "may be warranted soon," given the rising economic risk posed by global trade tensions as well as weak U.S. inflation.

Hedge funds stepped up their negative bets on sterling.

While sterling edged further off five-month lows on Monday, rising 0.15% to $1.2645, short positions are slowly building up in the background, reflecting growing uncertainty among investors on the outlook for the British economy.

Short positions are at their highest level since March 17.

The RBA is expected to cut the cash rate on Tuesday to a new record low of 1.25%.  We expect a follow-up cut in August, with the risk of additional stimulus by early 2020.

ING discusses EUR/USD: We are still expecting a downside breakout below the crucial horizontal support around 1.1115 in the coming weeks. This will trigger a serious Sell signal
EUR/USD Bulls May Retreat If ECB Tilts Dovish On Thursday.

Squawk: Prefer to sell USD/JPY on rallies, while maintains a long NZD/CAD as its trade of this week targeting a move towards 0.8950.

Overview of Gold

From a theoretical point of view, it is expected, that a reversal south could occur in the nearest future.

In this case, the rate has to surpass the 1,309.31 level.

If the given support level holds, it is likely, that gold could trade sideways between it and the upper channel line.

It is unlikely, that the price for gold could jump higher than 1,333.68 due to the resistance of the Q1 R1.

Gold is above the yearly and Quarterly Pivots.

Better to wait for the Metal to form a Double Top and Fill the space it made.

Technically if we look at the Futures Data then we see that the data is making a formation of Double Top. If we break the neck line then we may have a down movement.

On the other hand we can see downwards slope in the USD Futures a crossover may strengthen USD.

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Technical Overview of EUR/GBP Currency Pair

EUR GBP

The EUR traded higher against the GBP and closed at 0.8841.

• Overall the market may be in a range because of NFP scheduled for Friday

• The pair stalls at the weekly Pivot

• It has a major resistance at 0.9000 Level( Distribution level)

• We can expect a selling pressure if the pair breaks the VPOC of current month( in confluence with the  -3 week Value area high)

• We may target  the  ADR 5 day low as Take Profit zone.

No more big movements expected because of the NFP news scheduled for Friday
According to the Analysis, The pair is expected to find support at 0.88292, and a fall through could take it to the next support level of 0.88169. The pair is expected to find its first resistance at 0.88657, and a rise through could take it to the next resistance level of 0.88899.
EUR GBP Previous Day range was 36.5 and Current Day Range is 12.6.

Morning Briefing

ADP National Employment Report states that U.S. private employers added 27K jobs in May, This reading is well below the forecast, This gain is the most Smallest gain in the Past 9 years
Federal Reserve Chairman stated that FED considers to cut rates and soon.
Key Points in the above statements are:
1-ADP report says that  the added jobs are less than expected  and is the lowest increase in 9 years(This can be a negative news for USD).
2- FED considers to cut rates soon is a clear signal for weakness in the $$$.
So fundamentally staying Short on the $ may be more attractive than Long.

ECB will confirm economic risks remains to the downside and anticipate that ECB President Draghi will present a dovish tone to the monetary policy outlook; it means that we may have a Weaker EUR and its most strong competitor is JPY, so technically staying short on EUR pairs specially selling rallies EURJPY may be more handy.

YEN after strongly appreciating, there is a reduced risks of a reversal. Even if risk appetite gains interest and equity markets continue to north (STAY LONG ON JPY).

Technical Overview of USD/CHF and EUR/USD Currency Pair

USD CHF

The USD traded higher against the CHF and closed at 0.9897.

1 - Fundamentally the pair  to follow Risk Aversion.
2 - It stalls in between the previous week value area HIGH & LOW.
3 - The VPOC level is in confluence with Quarterly Pivot.
4 - The Pair formed a Motherbar Insidebar @ Previous Week Mother Bar Inside Bar Value Area High and Low.
5 - The pair has been in a series of LH and LL.
6 - Fundamentally USD has to be weak because of 2 rate cuts expected this year.
7 - Its advised to trade the Value area High and Low as support/resistance until a market profile  P/D/B shape is formed.
According to the Analysis, The pair is expected to find support at 0.98808, and a fall through could take it to the next support level of 0.98647. The pair is expected to find its first resistance at 0.99164, and a rise through could take it to the next resistance level of 0.99359.
USD CHF Previous Day range was 35.6 and Current Day Range is 13.5.

EUR USD

The EUR traded higher against the USD and closed at 1.1311.

1 - Fundamentally the pair to follow Risk Aversion.
2 - The Pair formed a Motherbar Insidebar @ Previous Week Mother bar Inside Bar.
3 - It’s in tight range of previous week Value area High and Quarter Pivot.
4 - The pair has been in a series of HH and HL.
5 - As we can see that the pair has shifted its direction to Higher Highs in the weekly Pivots.
6 - Fundamentally USD has to be weak because of 2 rate cuts expected this year.

According to the Analysis, The pair is expected to find support at 1.12906, and a fall through could take it to the next support level of 1.12699. The pair is expected to find its first resistance at 1.13314, and a rise through could take it to the next resistance level of 1.13515.

EUR USD Previous Day range was 40.8 and Current Day Range is 15.

Morning Briefing

1 - The dollar gained on Monday after the United States and Mexico reached a deal to avoid tariffs.
2 - Euro faltered after sources said European Central Bank policymakers were open to cutting interest rates should economic growth slow.
3 - RBA to cut rates in August meeting.
4 - BoC on hold for now with the next move in rates likely up.
5 - More EUR/USD Short Covering Likely Within 1.1280 - 1.1380 Ranges.

Technical Overview of USD/CNH Currency Pair

USD CNH

USD traded higher against CNH and closed at 6.9286
G-20 Meeting Ahead on 28th June for US China Issues!

4 Possible outcomes at the coming G20 meeting:
(1) President Xi does not show at the G20 and the US imposes more tariffs - USDCNH likely breaks 7.00 fairly quickly.
(2) Xi and Trump meet but talks do not go well and US threatens further tariffs - USDCNH likely breaks 7.00 but more gradually.
(3) Status quo scenario: Xi and Trump meet, agree to disagree, tariffs go up as planned but USDCNH likely tests 7.00 later in July.
(4) Max bull scenario: Xi and Trump meet, agree to re-start negotiations in coming weeks, risk bounces, USDCNH to 6.80-85.

According to the Analysis, The USD/CNH is expected to find support at 6.92356, and a fall through could take it to the next support level of 6.91848. The pair is expected to find its first resistance at 6.93474, and a rise through could take it to the next resistance level of 6.94084.

For Detailed analysis visit XtreamForex YouTube Channel.

Technical Overview of EUR/USD, USD/JPY and EUR/JPY Currency Pair

EUR USD

EUR traded higher against USD and closed at 1.1193.
Long-term trend: Down
EUR USD still moving within 8 years of falling trend channel.

Short-term trend: Neutral
Breaking below solid support around 1.1220.

According to the Analysis, pair is expected to find support at 1.11686, and a fall through could take it to the next support level of 1.11442. The pair is expected to find its first resistance at 1.12301, and a rise through could take it to the next resistance level of 1.12672.

USD JPY

USD traded lower against JPY and closed at 108.442.
Long-term trend: Down
On the verge of completing a large triangle on the downside.

Short-term trend: Down
Developing a bear flag formation, indicating a continuation of the downtrend.

According to the Analysis, pair is expected to find support at 108.108, and a fall through could take it to the next support level of 107.774. The pair is expected to find its first resistance at 108.726, and a rise through could take it to the next resistance level of 109.010.

EUR JPY

EUR traded lower against JPY and closed at 121.376.
Long-term trend: Down
A test of the solid horizontal support around 111.95 should be expected.

Short-term trend: Down
The picture is weakening, waiting for a break below the crucial support around 120.90.

According to the Analysis, pair is expected to find support at 121.003, and a fall through could take it to the next support level of 120.629. The pair is expected to find its first resistance at 121.808, and a rise through could take it to the next resistance level of 122.239.

Key Fundamentals of the Day
G10: Markets Consolidate Ahead Of FOMC; AUD/NZD: Downside
FX market is likely to consolidate ahead of the Fed
While flagging a scope for further downside in AUD/NZD
In anticipation of another RBA cut.
At the central bank coming policy meeting.

Trump comments on Trade War
The US President Donald Trump announced on Tuesday that the US and Chinese trade talk teams will restart talks ahead of the G20 summit.
This could result in a down fall in the USD/CNH Pair

Facebook goes into cryptocurrencies
On Tuesday, it was announced by Facebook that the company plans to launch its Cryptocurrency, which is named Libra.
Moreover, the social network will offer crypto wallets named Calibra.

For Detailed analysis visit XtreamForex YouTube Channel:- https://www.youtube.com/c/xtreamforex

Technical Overview of USD/JPY, EUR/USD and AUD/USD Currency Pair

USD JPY

USD traded lower against JPY and closed at 107.29.
The Citigroup analysts make a case for buying the dips in the USD/JPY pair below 107.50
support area, as they believe the downside doesn’t look more compelling.
USD: Weakness Likely To Extend As Key Technical Support Levels Are Broken.
The dollar index finally broke below its 200-day moving average on Friday at 96.600 which opens the door to further weakness in the near-term.
Flags a scope for further weakness in the future.

According to the Analysis, pair is expected to find support at 107.179 and a fall through could take it to the next support level of 107.068. The pair is expected to find its first resistance at 107.468, and a rise through could take it to the next resistance level of 107.646.

EUR USD

EUR traded higher against USD and closed at 1.1397.
Longs Super-Trade In The Month Heading To Fed's Cut.
EUR/USD position as the second-best G-10 FX trade in months leading up to the first Fed cut, only outpaced by a long EUR/NZD position.
ECB easing is also a done deal now, as Draghi hinted of easing unless the outlook improves (more QE and a rate cut).
The outlook will not improve (before 2020), but the ECB usually delivers when projections are updated – i.e. in September (they will ease with a time-lag after the Fed.

According to the Analysis, pair is expected to find support at 1.13742, and a fall through could take it to the next support level of 1.13511. The pair is expected to find its first resistance at 1.14120, and a rise through could take it to the next resistance level of 1.14267.

AUD USD

AUD traded lower against USD and closed at 0.6958.
RBA Maintains Call For Infrastructure Investment.
Rate cuts at low yield levels may not be enough to boost economy.
Quantitative Easing may be done.

According to the Analysis, pair is expected to find support at 0.69354, and a fall through could take it to the next support level of 0.69122. The pair is expected to find its first resistance at 0.69750, and a rise through could take it to the next resistance level of 0.69914.

Key Fundamentals of the Day

Gold- Fed is seen cutting rates by a 50bp in July.
Analysts at Morgan Stanley raises their gold price forecast for the second half of this year and the year after, in the face of the dovish Fed rate expectations, broad dollar weakness, global economic slowdown and falling US rates.
Real yields close to zero would reduce demand for yielding USD assets, could increase the demand for gold.
The negative territory could generate considerable further upside for gold's price.
Gold price forecast to average USD 1,435 in H2 of this year and USD 1,338 in 2020.

For Detailed analysis visit XtreamForex YouTube Channel.

Technical Overview of EUR/CHF, EUR/JPY and AUD/JPY Currency Pair

EUR CHF

EUR traded higher against CHF and closed at 1.1116.
Long-term trend: Neutral. The weekly close below support around 1.1130 suggests further selling pressure.
Short-term trend: Down. The consolidation below the lower end trading of the trading range around 1.1150 is bearish.

According to the Analysis, pair is expected to find support at 1.10864 and a fall through could take it to the next support level of 1.10571. The pair is expected to find its first resistance at 1.11345, and a rise through could take it to the next resistance level of 1.11533.

EUR JPY

EUR traded higher against JPY and closed at 122.527.
Long-term trend: Down. A test of the solid horizontal support around 111.95 should be expected.
Short-term trend: Neutral. Higher prices are still possible, although the upside potential remains limited.

According to the Analysis, pair is expected to find support at 121.983, and a fall through could take it to the next support level of 121.440. The pair is expected to find its first resistance at 122.848, and a rise through could take it to the next resistance level of 123.170.

AUD JPY

AUD traded higher against JPY and closed at 75.271.
Long-term trend: Down. Long-term solid horizontal support comes in around 72.15.
Short-term trend: Neutral: Bottoming scenario confirmed by breaking upper end falling trend channel
around 74.70.

According to the Analysis, pair is expected to find support at 74.745, and a fall through could take it to the next support level of 74.220. The pair is expected to find its first resistance at 75.572, and a rise through could take it to the next resistance level of 75.874.

For Detailed analysis visit XtreamForex YouTube Channel.

Technical Overview of AUD/USD Currency Pair

AUD USD

AUD traded higher against USD and closed at 0.6963.
The Reserve Bank of Australia (RBA), as was widely expected, decided to cut interest rates for the second month in a row to a historic low level of 1.0% at its July monetary policy meeting held this Tuesday.
The decision was on expected lines and hence, did little to prompt any fresh selling around the Australian Dollar, with the AUD/USD pair holding steady above mid-0.6900s.

According to the Analysis, pair is expected to find support at 0.69344 and a fall through could take it to the next support level of 0.69057. The pair is expected to find its first resistance at 0.70132, and a rise through could take it to the next resistance level of 0.70633.

Major Economic Events of the Day
Mark Carney is Governor of the Bank of England and Chairman of the Monetary Policy Committee, Financial Policy Committee and the Board of the Prudential Regulation Authority. His appointment as Governor was approved by Her Majesty the Queen on 26 November 2012. The Governor joined the Bank on 1 July 2013.

Philip Lowe replaced Glenn Stevens as governor of Australia’s central bank. Lowe was the Deputy Governor of the Reserve Bank of Australia, a position he held since February 2012.

For Detailed analysis visit XtreamForex YouTube Channel.

Technical Overview of EUR/USD and AUD/USD and GBP/NZD Currency Pair

EUR USD

EUR traded higher against USD and closed at 1.1208.
EUR is expected to trade sideways, likely within a 1.1190/1.1230 range.
According to the Analysis, pair is expected to find support at 1.11943 and a fall through could take it to the next support level of 1.11810. The pair is expected to find its first resistance at 1.12198, and a rise through could take it to the next resistance level of 1.12320.

AUD USD

AUD traded lower against USD and closed at 0.6926.
AUD/USD - Edges Lower After Weak Consumer Confidence
Bears Seem Confident Ahead Of Fed 

According to the Analysis, pair is expected to find support at 0.69059 and a fall through could take it to the next support level of 0.68858. The pair is expected to find its first resistance at 0.69604, and a rise through could take it to the next resistance level of 0.69948.

GBP NZD

GBP traded lower against NZD and closed at 1.8856.
Overnight NZD was struck by a massive selling order. It was almost 34 pips in Asian session.
UK Manufacturing Production today
We can see that the expected 2.1 is way lot better than previous –3.9
if we have a positive tone from GBP then the Technical and fundamental bounce from the lows will be supported.

According to the Analysis, pair is expected to find support at 1.88115 and a fall through could take it to the next support level of 1.87673. The pair is expected to find its first resistance at 1.88989, and a rise through could take it to the next resistance level of 1.89421.

Major Economic Events of the Day
CAD: BOC Tone On Wed Likely A Bit More Optimistic Than Markets Assuming – CIBC
“While not a stunner for markets, the tone will tend to be a bit more optimistic than what markets are now assuming.”

The Consumer Price Index is released by the National Bureau of Statistics of China. Generally speaking, a high reading is seen as positive (or bullish) for the CNY, while a low reading is seen as negative (or Bearish) for the CNY.
Federal Reserve Chair Jerome Powell testifies before Congress, providing a broad overview of the economy and monetary policy. Powell's prepared remarks are published ahead of the appearance on Capitol Hill.

For Detailed analysis visit XtreamForex YouTube Channel.

Technical Overview of AUD/USD and USD/JPY Currency Pair

AUD USD

AUD traded higher against USD and closed at 0.7022.

Maintain a bullish data; Staying Long is more favorable as compared to short. Daily chart has a break above close above 10 EMA. Targets may be 0.73, Daily High and Weekly High has also been breached over night. Looking for a break meaningfully above resistance earlier this week at 0.7036 and remain long AUDUSD targeting 0.7300.

According to the Analysis, pair is expected to find support at 0.69868 and a fall through could take it to the next support level of 0.69515. The pair is expected to find its first resistance at 0.70409, and a rise through could take it to the next resistance level of 0.70597.

USD JPY

USD traded higher against JPY and closed at 107.885.

3 - Bearish Days for the Dollar, Expectations are the Rate cut by end of July.
Bearish sentiment leads the currency against the basket of CHF and JPY.
Selling rallies may be a positive approach in trading the safe-heaven. The basket trades below Quarterly and Yearly Pivots.

According to the Analysis, pair is expected to find support at 107.589 and a fall through could take it to the next support level of 107.292. The pair is expected to find its first resistance at 108.394, and a rise through could take it to the next resistance level of 108.902.

Major Events of the Day

NZD: Consumer Price Index (YoY) (Q2)
Consumer Price Index released by the Statistics New Zealand is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services . The purchase power of NZD is dragged down by inflation. The CPI is a key indicator to measure inflation and changes in purchasing trends. A high reading is seen as positive (or bullish) for the NZD, while a low reading is seen as negative.

CNY: Gross Domestic Product (QoQ) (Q2)
The Gross Domestic Product (GDP) released by the National Bureau of Statistics of China studies the gross value of all goods and services produced by China. The indicator presents the pace at which the Chinese economy is growing or decreasing. As the Chinese economy has influence on the global economy, this economic event would have an impact on the Forex market. Generally speaking, a high reading is seen as positive (or bullish) for the CNY, while a low reading is seen as negative (or Bearish).

For Detailed analysis visit XtreamForex YouTube Channel.

Technical Overview of EUR/AUD, AUD/JPY and GBP/AUD Currency Pair

EUR AUD

EUR traded higher against AUD and closed at 1.5936.

Below 200 and 50 EMA.
Making a series of Lower Highs and Lower Lows.
A Bearish/Resistance Trend line Formed.
Better option is to trade the strength of AUD and Remain short.
Alternatively
Go long if the pair breaches the Resistance Trend Line.

According to the Analysis, pair is expected to find support at 1.58949 and a fall through could take it to the next support level of 1.58541. The pair is expected to find its first resistance at 1.60044, and a rise through could take it to the next resistance level of 1.60731.

AUD JPY

AUD traded higher against JPY and closed at 75.898.

The pair is in a Weekly MBIB formation.
The pair slashed the Daily and Weekly Highs.
Making a triangle formation as well on the H4.
It’s above 50 and 200 EMA Breakout Levels Marked.
Target the breakout of 127 Extension on either side.

According to the Analysis, pair is expected to find support at 75.563 and a fall through could take it to the next support level of 75.227. The pair is expected to find its first resistance at 76.109, and a rise through could take it to the next resistance level of 76.319.

GBP AUD

GBP traded higher against AUD and closed at 1.773.

Perfect Example of Currency Strength Analysis.
Strength of AUD leads the pair to South.
The recent bearish News on the Pound supports the movement.
It has already breached through Weekly Lows and is below 200 and 50 EMA.
For now it's in a Daily Chart Mother bar inside Bar.
A break below will be trend continuation.

According to the Analysis, pair is expected to find support at 1.76797 and a fall through could take it to the next support level of 1.76296. The pair is expected to find its first resistance at 1.77716, and a rise through could take it to the next resistance level of 1.78134.

For Detailed analysis visit XtreamForex YouTube Channel.