GBP/USD Hesitates, But Further Gains Seem Likely

Key Highlights The British Pound recovered nicely and settled above the 1.2900 resistance against the US Dollar. There was a break above a significant bearish trend line with resistance at 1.2800 on the 4-hours chart of GBP/USD. The UK Services PMI in Oct 2018 declined from the last reading of 53.9 to 52.2. Today, the Euro Zone Services PMI for Oct 2018 will be re...
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EUR/USD Facing Uphill Task Near 1.1450

Key Highlights The Euro recovered recently, but it faced a strong resistance near 1.1450 against the US Dollar. There is a crucial bearish trend line in place with resistance at 1.1450 on the 4-hours chart of EUR/USD. The US nonfarm payrolls figure in Oct 2018 increased 250K, more than the 190K forecast. Today, the US ISM Non-Manufacturing Index for Oct 2018 will ...
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USD/JPY Remains Supported Ahead of US NFP

Key Highlights The US Dollar traded higher towards the 113.40 level recently against the Japanese Yen. There was a break above a declining channel with resistance at 112.40 on the 4-hours chart of USD/JPY. The US Initial Jobless Claims for the week ending Oct 27, 2018 declined from 216K to 214K. Today, the US nonfarm payrolls figure for Oct 2018 will be released, ...
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Crude Oil Price Recoveries Remain Capped

Key Highlights Crude oil price started a major downside move from the $77.00 resistance against the US dollar. There are two bearish trend lines in place with resistance at $68.50 on the 4-hours chart of XTI/USD. The Euro Zone CPI in Oct 2018 (Preliminary) increased 2.2% (YoY), similar to the forecast. Today, the US ISM Manufacturing PMI for Oct 2018 will be relea...
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EUR/JPY Remains In Downtrend Below 129.00

Key Highlights The Euro declined recently and tested the 126.50 area against the Japanese Yen. There are two important bearish trend lines in place with resistance at 128.70 on the 4-hours chart of EUR/JPY. The Euro Zone GDP in Q3 2018 (Preliminary) increased 0.2% (QoQ), less than the +0.4% forecast. Today, the Euro Zone CPI for Oct 2018 (Preliminary) will be rele...
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GBP/USD Facing Uphill Task Near 1.2900

Key Highlights The British Pound declined sharply and traded below 1.2800 recently against the US Dollar. There is a crucial bearish trend line in place with resistance at 1.2880 on the 4-hours chart of GBP/USD. UK’s Mortgage Approvals in Sep 2018 were 65.269K, more than the 65.000K forecast. Today, the Euro Zone Gross Domestic Product for Q3 2018 (Preliminary) ...
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EUR/USD Turned Bearish Below 1.1500

Key Highlights The Euro declined further and traded towards 1.1340 against the US Dollar. There is a major bearish trend line formed with resistance at 1.1460 on the 4-hours chart of EUR/USD. The US Gross Domestic Product for Q3 2018 (Preliminary) increased 3.5%, better than the 3.3% forecast. Today, the US Personal Income for Sep 2018 (MoM) will be released, whic...
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USD/JPY Holding Key Uptrend Support Ahead of US GDP

Key Highlights The US Dollar started a downside correction after trading as high as 114.53 against the Japanese Yen. There is a crucial bullish trend line formed with support at 111.90 on the daily chart of USD/JPY. The US Durable Goods Orders in Sep 2018 increased 0.8%, better than the -0.9% forecast. Today, the US Gross Domestic Product for Q3 2018 (Preliminary)...
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AUD/USD Remains At Risk of More Declines

Key Highlights The Aussie Dollar started a downside move after it failed near 0.7150 against the US Dollar. There is a major bearish trend line in place with resistance at 0.7115 on the 4-hours chart of AUD/USD. The US Manufacturing PMI for Oct 2018 (Preliminary) increased from 55.6 to 55.9. Today, the Durable Goods Orders for Sep 2018 will be released, which is f...
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Can EUR/GBP Continue To Recover?

Key Highlights The Euro started an upside correction from the 0.8720 support against the British Pound. There is a major ascending channel formed with support at 0.8800 on the 4-hours chart of EUR/GBP. The UK CBI Industrial Trends Orders Survey declined from -1 to -6 in Oct 2018 (MoM). Today, the Euro Zone Manufacturing PMI for Oct 2018 (Preliminary) will be relea...
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