FX signals

20/10/2022

25/01/2018

(0.7380): The New Zealand dollar fell after the release of the quarterly CPI data. However, the declines were limited as the Kiwi dollar was seen recovering on the back of a weaker USD. At the moment, NZDUSD is seen trading near the resistance level of 0.7354 level. We expect a potential reversal taking place at this level. Failure to post a higher high from the previous peak could potentially set the stage for NZDUSD to trade flat with the downside risks building up.

25/01/2018

(109.02): The USDJPY closed at 109.20 yesterday marking a fresh 4-month low. The declines could see USDJPY falling to the previous support level at 108.26 in the near term. The support level help stall the declines. On the 4-hour chart, resistance could be seen forming near 110.44 - 110.34 region that was recently breached. To the downside, unless we see an intraday bounce, USDJPY could be seen extending the declines down to the 108.26 level.

25/01/2018

(1.2436): The EURUSD extended gains to post a fresh 4-year high as price action was seen clearly rising above the 1.2300 level of resistance. At the time of writing, the EURUSD extended gains to trade near 1.2436. The strong gains came on the back of a weaker U.S. dollar. On the 4-hour chart, price action is seen trading near the outer median line which could offer some type of dynamic resistance level. A reversal at this level could signal a near term decline as price could be seen correcting to 1.2281. The ECB's meeting will be the main catalyst for the price action in EURUSD today.

25/01/2018

Today's strategy
Buy the first pullback after a new high.
Sell the first rally after a new low

24/01/2018

(0.7367): The New Zealand dollar is looking to slowly edge higher with two consecutive days of gains. This comes amid Monday's bullish engulfing candlestick near the top end of the rally. Following a strong consolidation around 0.7300 level, NZDUSD is seen extending the gains closer to 0.7368 region. The continued upside momentum could keep prices supported near this level in the short term. Tonight's inflation report could however signal a short term correction in prices. Support is seen at 0.7160.

24/01/2018

(109.85): The USDJPY was seen extending the declines from yesterday. Price action broke past the 110.70 region of support with a strong bearish candlestick. On the 4-hour chart, the reversal coincides with the resistance level of 111.00 - 110.83. The declines could be extended to as far as 108.27 which marks the previously established support level around March 2017 and later in September last year. Any near term reversals could be seen to be short lived.

24/01/2018

(1.2320): The euro currency was seen turning bullish yesterday with price action seen extending the gains in the early Asian trading session today. The euro's gains came broadly from the USD's weakness. EURUSD managed to edge slightly higher trading near the 1.2300 handle. However, the current higher high posted is seen with the Stochastics oscillator forming a lower high. The divergence could potentially indicate a downside move in the euro. Price action is trading near the major resistance level of 1.2300 region. Unless there is a strong close above this level we expect to see the potential for a correction in the common currency.

23/01/2018

(0.7323): The New Zealand dollar edged higher on Tuesday as price posted an intraday high of 0.7354. However, the Kiwi was seen giving up the gains rather quickly. A bearish close on the day off the intraday highs could signal an eventual decline in the coming few sessions. Support at 0.7160 remains in focus for the Kiwi dollar as we expect prices to correct back to this support level. On the 4-hour chart, the Stochastics oscillator continues to point to easing momentum which could signal a potential correction.

23/01/2018

(110.80): The USDJPY continues to consolidate near the 110.70 level of support marking a seventh day of prices trading flat near this level. The BoJ's meeting did not offer much for the markets which is expected to keep the currency pair subdued. Currently, we expect that the resistance level near 111.00 - 110.88 will hold any gains in the short term. This exposes USDJPY to downside risks. Price action could be seen falling to the previous lows near 110.40 region with further declines likely on a downside break out below this level.

23/01/2018

(1.2260): The EURUSD fell to an intraday session low of 1.2213 before the currency pair pulled back, but closed on a bearish note. Price action remains consolidating near the highs above 1.2200 and this range could be expected into this Thursday's ECB monetary policy meeting. On the 4-hour chart, price action is seen gradually finding support across the median line. However, as long as price action fails to make a higher high, the bias remains to the downside. Watch for support at 1.2183 which could be tested in the short term. A break down below this support could signal a decline to 1.2090 - 1.2070 where the next main support level resides.
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06/02/2017

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