USD/JPY Remains In Major Downtrend

Key Highlights The US Dollar declined heavily this week and moved below the 108.20 support against the Japanese Yen. There are two bearish trend lines forming with resistance at 107.40 and 108.10 on the 4-hours chart of USD/JPY. The US Initial Jobless Claims for the week ending Feb 10, 2018 rose from the last revised reading of 223K to 230K. The US Industrial Prod...
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Gold Price Back in Bullish Zone Post US CPI

Key Highlights Gold price traded higher recently and succeeded in breaking the $1,335 resistance against the US Dollar. A crucial bearish trend line with resistance at $1,330 was breached on the 4-hours chart of XAU/USD. The US Consumer Price Index increased 0.5% in Jan 2018, more than the forecast of 0.3% (MoM). The US Retail Sales declined 0.3% in Jan 2018, comp...
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GBP/USD Remains Supported above 1.3750

Key Highlights The British Pound declined recently, but the 1.3760 support prevented further declines against the US Dollar. There is a major expanding triangle forming with support near 1.3680 on the 4-hours chart of EUR/USD. The UK Consumer Price Index increased 3% in Jan 2018, more than the forecast of 2.9% (YoY). In terms of the monthly change, there was a dec...
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Can USD/CHF Capitalize and Trade above 0.9450?

Key Highlights After a major decline, the US Dollar found support near 0.9250 against the Swiss Franc. There was a break above two bearish trend lines with resistance at 0.9290 and 0.9380 on the 4-hours chart of USD/CHF. The pair needs to move above the 0.9450 resistance to gain upside momentum. The Swiss Consumer Price Index in Jan 2018 increased 0.7%, less than ...
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Can EUR/USD Hold 1.2180-1.2200 Support?

Key Highlights The Euro started a fresh downside move this past week and traded below 1.2350 against the US Dollar. There was a break below a major bullish trend line with support at 1.2400 on the 4-hours chart of EUR/USD. The pair has to stay above the 1.2180-1.2200 support area to avoid further declines. The US Wholesale Inventories in Dec 2017 increased 0.4%, c...
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USD/JPY Struggle to Break 110.00-110.40 Continues

Key Highlights The US Dollar struggled a lot recently to break an important resistance near 110.00-110.40 against the Japanese Yen. There is a crucial bearish trend line in place with resistance at 109.95 on the 4-hours chart of USD/JPY. The US Initial Jobless Claims for the week ending Feb 3rd, 2018 declined from 230K to 221K. China’s CPI increased 1.5% in Jan ...
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USD/CAD Poised to Gain Bullish Momentum

Key Highlights The US Dollar traded higher this week and moved above 1.2400 against the Canadian Dollar. There was a break above a major declining channel with resistance at 1.2380 on the 4-hours chart of USD/CAD. The Building Permits in Canada in Dec 2017 increased 4.2%, more than the forecast of +2.0%. A lot of high risk events are lined up today, including Germ...
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Crude Oil Price Forming Short-term Top?

Key Highlights Crude oil price struggled to break the $66.50-66.70 resistance area and declined against the US dollar. There was a break below a key contracting triangle with support at $64.30 on the 4-hours chart of XTI/USD. The $63.00 level is a crucial support on the downside followed by $62.60. The US Trade Balance in Dec 2017 posted a trade deficit of $-53.1B...
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GBP/USD: Is This Correction or Trend Change?

Key Highlights The British Pound started a downside move after trading as high as 1.4345 against the US Dollar. There was a break below a key bullish trend line with support at 1.4130 on the 4-hours chart of GBP/USD. Two important supports on the downside 1.3950 and 1.3920 hold a lot of significance in the short term. The UK British Retail Consortium (BRC) Like-Fo...
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EUR/USD Consolidating Gains above 1.2400, Dollar Advances Post NFP

Key Highlights The Euro seems to be struggling to move above 1.2500 against the US Dollar. There is a major bullish trend line forming with support at 1.2400 on the 4-hours chart of EUR/USD. The US nonfarm payrolls increased 200K in Jan 2018, more than the forecast of 180K. Today, the Euro Zone Services PMI for Jan 2018 will be released, which is forecasted to rem...
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