Denis Joeli Fatiaki
Independent Analyst
Insights for the Asian Forex trading session Friday
16/11/2018
* AUD/USD: Bulls attempts to claim 0.72835 support
* GBP/USD: Brexit drama and poor retail data results hit hard on the British Pound.
* EUR/USD: Euro faces resistance1.13275
* USD/JPY: US dollars recovery is tested at 113.710
* USD/CAD: US dollar approaches 1.31620 support.
*** Australia Employment Change (Oct)- Up 32.8K vs 19.9K & 7.8K the previous period
** Australia Full Employment Change(Oct) - Up 42.3K vs 24.6K the previous period
** Australia Unemployment Rate - ( 5.0% vs 5.1% forecast & 5.0% the previous period
** U.K. Core Retail Sales YoY (Oct) - Down -0.4% vs 0.1% forecast & -0.3% the previous period
** U.K. Retail Sales YoY (Oct) - Down 2.7% vs 3.3% forecast and 3.6% the previous period
*** U.K. Retail Sales MoM (Oct) - Down -0.5% vs 0.2% and -0.4% the previous period
** Eurozone Trade Balance (Sep) - ( 13.1B vs 11.7B the previous period
*** U.S. Core Retail Sales MoM (Oct) - Up 0.7% vs 0.5% forecast & -0.1% the previous period
** U.S. Export Price Index MoM (Oct) - Up 0.4% vs 0.1% forecast & -0.2% the previous period
** U.S. Import Price Index MoM (Oct) - Up 0.5% vs 0.1% forecast & 0.2% the previous period
** U.S. Initial Jobless Claims - 216K vs 216K forecast & 214K the previous period
*** U.S. Philadelphia Fed Manufacturing Index (Nov) - Down 12.9 vs 20.7 forecast & 22.2 the previous period
*** U.S. Retail Sales MoM (Oct) - Up 0.8% from 0.6% forecast & -0.1% from the previous period
*** U.S. Crude Oil Inventories - Up by 10.270M vs 3.182M & 5.783M the previous period
Fridays critical macro summary
** New Zealand Business NZ Purchasing Managers Index (PMI) (Oct) - 0.830
*** European Central Bank President Draghi Speaks -19.30
** Eurozone Core Consumer Price Index (CPI) YoY - 21.00 hrs
** Eurozone Consumer Price Index (CPI) MoM (Oct) - 21.00 hrs
*** Eurozone Consumer Price Index (CPI) YoY (Oct) - 21.00 hrs
** Italy Consumer Price Index (CPI) MoM (Oct) - 22.00 hrs
** Canada Manufacturing Sales MoM (Sep) - 00.30 hrs
** U.S. Industrial Production YoY - 01.15hrs
** U.S. Industrial Production MoM (Oct) - 01.15hrs
The FX Majors Current positions and its future forecast
What is going on now with AUD/USD?
AUD/USD: The excellent results of Australia Employment data boosted the Australian dollar in yesterdays session. The Australian dollar broke through 0.72520 as indicated in yesterdays update and took out all estimated targets at 0.72600, 0.72835 and almost reached 0.72990 before pulling back to 0.72520 support. The Australian dollar bounced at 0.72520 support during the overnight session and returned to its previous highs at 0.72974.
Our forecast
AUD/USD: The Australian dollar holds its current position in a very bullish manner, rising well above its 500 EMA and in an uptrend price channel. However, the pair needs to remain above 0.72990 to continue its run to the upside. The Australian dollar currently trades at 0.72786 just below 0.72835 support turned resistance and could continue down to 0.72600 and 0.72520 support if it fails at 0.72835.
Support/ Short - 0.72600, 0.72520, and 0.72365
Resistance/ Long -0.72835, 0.72990, 0.73223, and 0.73345
The trade signals are posted on to our Telegram channel on a regular basis as per the link below.
https://t.me/leoprimefx
Chart 1: The short-term view of the AUD/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the AUD/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
What is going on now with GBP/USD?
GBP/USD: The Combination of poor retail data results and Brexit drama hits hard on the British Pound. The Pound slipped below its 500 EMA during the European session and fell all the way to 127.685. All short positions were triggered with great results. The pair made several attempts to head back above 1.28065 but failed and continued down to 1.27245 support in this mornings trades.
Our forecast
GBP/USD: The Pound bounced at 1.27245 support and managed to push its way up above 1.27685 support in this mornings session. The pair currently trades at 1.27760 and needs to maintain above 1.27685 support to continue to 1.28065. The pair could head down to 1.27245 if it fails at 1.27685 support.
Support/ short Target - 1.27685, 1.27245, and 1.26965
Resistance/ Long Target - 1.28065, 1.28335, 1.28480, and 1.28845
The trade signals are posted on to our Telegram channel on a regular basis as per the link below.
https://t.me/leoprimefx
Chart 1: The short-term view of the GBP/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the GBP/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
What is going on now with EUR/USD?
EUR/USD: The Euro struggles to crossover 1.13420 resistance. The pair had four failed attempts in the past two trading sessions. The pair pushed above 1.13420 and reached 1.13600 in this morning's trades but failed to continue and fell to 1.13275 support.
Our forecast
EUR/USD: The Euro is now trading at 1.13284 and needs to remain above the current support at 1.13275 to head back up and re-test resistance at 1.13420, 1.13600. The pair could fall to 1.12965 if it fails at 1.13275 support.
Support/short target -1.13275, 1.12965, 1.12665, 1.12420
Resistance/Long Target - 1.13420, 1.13600, 1.13820, and 1.13945
The trade signals are posted on to our Telegram channel on a regular basis as per the link below.
https://t.me/leoprimefx
Chart 1: The short-term view of the EUR/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the EUR/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
What is going on now with USD/JPY?
USD/JPY: The US dollar had several attempts to reach 113.710 as indicated in yesterdays session but failed and was pushed down to113.097. The US dollar managed to bounce at its 500 EMA at 113.195 during the overnight session and made its way back to 113.560 in this mornings session.
Our forecast
USD/JPY: The The US dollar is now trading at 113.544 below 113.560 support turn resistance and could continue down to 113.485 and 113.310. The US dollar needs to remain above 113.560 to head back up to 113.710
Support/Short -113.485,113.310, and 113.195
Resistance/ Long - 113.560, 113.710, 113.850, and 113.990
The trade signals are posted on to our Telegram channel on a regular basis as per the link below.
https://t.me/leoprimefx
Chart 1: The short-term view of the USD/JPY price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the USD/JPY price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
What is going on now with USD/CAD?
USD/CAD: The US dollar slipped below 1.32235 during the overnight session and took out all estimated short sell positions at 1.32025, 1.31800, and 1.31620. The US dollar reached the lows of 1.31561 before bouncing back at 1.31620 support.
Our forecast
USD/CAD: The US dollar attempted to continue to the upside at 1.31800 but failed and is now trading at 1.31572. The pair could continue down to 1.31620 and 1.31445 if it fails to continue at 1.31800. The US dollar needs to break and maintain above 1.31800 to head back up.
Support/Short Target -1.31620, 1.31445, and 1.31255
Resistance/Long Target -1.31800,1.32025, and 1.32235
The trade signals are posted on to our Telegram channel on a regular basis as per the link below.
https://t.me/leoprimefx
Chart 1: The short-term view of the USD/CAD price action in the 30 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the USD/CAD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
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