Denis Joeli Fatiaki
Independent Analyst
Insights for the Asian Forex trading session Monday19/11/2018
*** AUD/USD: Australian dollar has reached a key resistance point at 0.73345.
*** GBP/USD: British Pound made a swift recovery; major support at 1.28065
*** EUR/USD: Euro has reached a significant resistance point at 1.14160
*** USD/JPY: US dollar could face its first hurdle of the week at 112.900
*** USD/CAD: Bulls first challenge of the week is at its 500 EMA at 1.31255.
** Eurozone Core Consumer Price Index (CPI) YoY - (1.1% vs 1.1% forecast)
** Eurozone Consumer Price Index (CPI) MoM (Oct) - (0.2% vs 0.2% forecast)
*** Eurozone Consumer Price Index (CPI) YoY (Oct) - ( 2.2% vs 2.2% forecast)
** Canada Manufacturing Sales MoM (Sep) - ( 0.2% vs 0.1% forecast)
** U.S. Industrial Production YoY - ( 4.1% vs 5.6% the previous period)
** U.S. Industrial Production MoM (Oct) - (0.1% vs 0.2% forecast)
Mondays critical macro summary
** New Zealand Producer Price Index (PPI) Input QoQ - 08.45 hrs
** Japan Adjusted Trade Balance - 10.50 hrs
** Japan Exports YoY (Oct) - 10.50 hrs
**Japan Trade Balance - 10.50 hrs
The FX Majors Current positions and its future forecast
AUD/USD: Australian dollar has reached a key resistance point at 0.73345.
What is going on now with AUD/USD:?
AUD/USD: The Australian dollar slipped below 0.72836 and 0.72600 to the bottom of the price channel during the Asian session in Friday's session but rebound at 0.72600 and pierced through 0.72990 on its way up to 0.73345. The pair finished the last session strong just above 0.73345, a significant resistance price point. The pair needs to remain above 0.73345 to continue to 0.73535 price target.
Our forecast
AUD/USD: The Australian dollar had a great run during the last two sessions of last week, thanks for the low-interest rates which helped increase full-time employment. The employment data increased to 32.8K vs 19.9K forecast and 7.8K from the previous period. The first challenge for the pair on Monday's session is to try and retain its trading position above 0.73345 support to continue to the upside. The next significant resistance is estimated at 0.74110. The pair could pull back to 0.72990 and 0.72835 before continuing its upward trend.
Support/short target - 0.73345 ,0.72990, 0.72835, 0.72600, and 0.7250
Resistance/Long Target-0.73535, 0.73850, and 0.74110
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 British Pound did very well in Friday's session in its effort to recover from Thursday's selloff. The pair held on above 1.27685 support and pushed its way up to 1.2872, taking out my long targets at 1.28065, 1.28480, and almost reached my third long estimated target at 1.28845 before pulling back and ending the session at 1.28268.
Our forecast
GBP/USD: The Pound could head back up to the top of the current price channel if it is supported at 1.28065. There are two estimated resistance points to go through which is at 1.28480 and 1.28845 before reaching the top of the price channel. The pair could continue down to 1.27685 and 1.27245 if it fails at 1.28065.
Support/ Short-1.28065, 1.27685, 1.27245, and 1.26965
Resistance/ Long - 1.28480, 1.28845, 1.29165, and 1.29420
The trade signals are posted on to our Telegram channel consolidates at l 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 held on above 1.13275 support as indicated in my last update and took out two of my long estimated targets at 1.13820 and 1.14160 at the end of Friday's session. The pair closed Friday's session just below 1.14160 resistance at 1.14169.
Our forecast
EUR/USD: The Euro has crossed into bullish territory after breaking above its 500 EMA at 1.13945 during Friday's session. However, the pair needs to break and remain above 1.14280 to continue to the upside. The Euro could return to 1.13820 if it fails at 1.13945. The next major resistance is estimated at 1.14670.
Support/short - 1.13945, 1.13820, 1.13600, and 1.13420
Resistance/Long - 1.14280, 1.14465, 1.14670, and 1.14950
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 lost control at 113.560 resistance after so many failed attempts to reach 113.710 as indicated in my previous update. The US dollar fell from 113.560 and took out two major support price points at 113.195 and 112.900 before closing the last session of the week at 112.861.
Our forecast
USD/JPY: The first challenge for the US dollar on Monday is to try and breakthrough 112.900 resistance to head back up and take back control at 113.195, a crucial price point towards its recovery. A break above 113.195 could put the dollar back into bullish territory. The pair needs to maintain its trading position above 112.600 to avoid falling further down to 112.385 support.
Support/short target - 112.600, 112.385, and 112.920
Resistance/Long Target-112.900, 113.195, 113.485
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 struggled to regain control at 1.31800 in Friday's session as indicated in my previous update. The US dollar made several attempts to get back above 1.31800 during the European session in Friday's trades, but all failed and settled at 1.31473 at the end of the last session of the week.
Our forecast
USD/CAD: The US dollar bounced at its 500 EMA in Friday's session but struggled to head back up. The first important task for the US dollar on Monday's session is to try and take back control at its 500 EMA at 1.31255 support to avoid drifting into bears territory. The pair could continue its downward run to 1.31110 and 1.30925 if it fails at 1.31225 support. The pair could also head back up to 1.31620 and 1.31800 if it remains above its current support at 1.31445.
Support/Short Target -1.31445,1.31225, 1.31110, and 1.30925
Resistance/Long Target -1.31620, 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 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/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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