Denis Joeli Fatiaki
Independent Analyst
Insights for the Asian Forex trading session Thursday 11/10/2018
* Australia Westpac Consumer Sentiment (October) - (Up1.0% from -3.0% the previous period)
* U.K. Gross Domestic Product (GDP) MoM - (Down to 0.0% from 0.1% forecast and 0.4% from the previous period)
* U.K. Industrial Production MoM (Aug) - (Up 0.2% from 0.1% forecast and 0.4% from the previous period)
* U.K. Manufacturing Production MoM (Aug) - (Down -0.2% from 0.1% forecast and -0.2% from the previous period)
* U.K. Trade Balance (Aug) - ( -11.20B from -10.90B forecast and -10.39B from the previous period)
* U.K. Trade Balance Non-EU (Aug) - (-4.22B from -3.10B forecast and -3.14B)
* U.S. Producer Price Index (PPI) MoM (Sep) - (0.2% from 0.2% forecast and -0.1% from the previous period)
Thursday's macro summary
* OPEC Monthly Report - 22.20 hrs
* ECB Publishes Account of Monetary Policy Meeting - 22.30 hrs
* U.S. Core Consumer Price Index (CPI) YoY (Sep) - 23.30 hrs
* U.S. Core Consumer Price Index (CPI) MoM (Sep) - 23.30 hrs
* U.S. Consumer Price Index (CPI) MoM (SeP) - 23.30 hrs
* U.S. Initial Jobless Claims - 23.30 hrs
The FX Majors Current positions and its future forecast
What is going on now with AUD/USD?
AUD/USD: The Australian dollar reached its estimated target at 0.71220 in yesterdays session before retreating to 0.70935 during the overnight session. The pair continued down below 0.70935 in this mornings session after failing to hold.
Our forecast
AUD/USD: The Australian dollar currently trades at 0.70723 just above 0.70680 and might attempt to bounce at this point. If it fails to hold at 0.70680, then we expect the Australian dollar to continue down to 0.70560
Support - 0.70680,0.70560, and 0.70410
Resistance/Target - 0.70800, 0.70935, 0.71100, and 0.71220
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 EUR/USD?
EUR/USD: The Euro broke through to1.15070 on its second attempt in yesterdays session; however it failed to continue and retreated to 1.14850 support. The Euro was successful on its third attempt during the European session and made it to its target price at 1.15370 before retreating to the bottom of the price channel in this mornings trades.
Our forecast
EUR/USD: The Euro currently trades at 1.15174 and might head down to the bottom of the price channel at 1.15070 before continuing its run to the upside. The pair is in a reasonable uptrend channel and might continue its run to the upside as long as it maintains within the price channel. The Euro needs to maintain above 1.15070 to avoid falling to 1.14850
Support- 1.15070,1.14850, and1.14670
Resistance/Target - 1.15370, 1.15560, and 1.15785
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 GBP/USD?
GBP/USD: The Pound managed to maintain its position above 1.31435 in yesterdays session and continued to its estimated targets at 1.31785 and 1.32145 before retreating to 1.31785 in this morning's trades.
Our forecast
GBP/USD: The Pound did very well in the last two sessions holding on to its gains well above major technical price points. The pair currently trades at 1.31970 after bouncing at 1.31785 and heads back towards 1.32145. The pound could proceed to 132.500 if it holds above 1.32145. Support price points are estimated at 1.31435 and 1.31170.
Support -1.31785, 1.31435, and 1.31170
Resistance -1.32145, 1.32500, and 1.32795
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 USD/JPY?
USD/JPY: The US dollar held on to its position above its 500 EMA in yesterdays session and reached its estimated target at 113.300 before pulling back to its 500 EMA at 112.900 during the European session. The pair failed to hold at its 500 EMA at 112.900 and fell all the way down to 112.095 support.
Our forecast
USD/JPY: The US dollar is now down to 112.224 in this mornings session. The pair is currently attempting to break above 112.250 resistance to head back up to 112.385. The pair could continue down to 112.095 and 111.920 if it fails at 112.385.
Support -112.095, 111.920, and 111.720
Resistance/ target - 112.250, 112.385, 112.600, and 112.825
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 fell below its 500 EMA in the 60 minutes time frame in yesterdays session; however it was supported at 1.29365 and made its way back above its 500 EMA at 1.29535. The pair pierced through the price channel at 1.29770 and continued its run to 1.30390 during the European session.
Our forecast
USD/CAD: The US dollar broke through the top of the price channel in this mornings session and reached 1.30690 before retreating to 1.30390. The pair needs to hold above 1.30390 to continue to 1.30720. If it fails at 1.30390, then the pair might pull back into the price channel at 1.29445 before it makes its next move.
Support - 1.30390,1.29940, and 1.29770
Resistance/Target - 1.30720, 1.31110, and 1.311290
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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