Denis Joeli Fatiaki
Independent Analyst
Insights for the Asian Forex trading session Thursday
15/11/2018
* AUD/USD: Australian dollar broke through 0.72365 resistance; AU employment data at 11.30hrs
* GBP/USD: The British Pound attempts to defend its position at its 500 EMA
* EUR/USD: Euro looks weak and could head down to 1.12665
* USD/JPY: US dollar attempts to head back to 113.710
* USD/CAD: US dollar is starting to lose its grip as prices drift to the downside in a downtrend channel.
** Australia Westpac Consumer Sentiment- Up 2.8% vs 1.0% previoys period
*** China Industrial Production YoY (Oct) - Up 5.9% vs 5.8% forecast
** Japan Industrial Production MoM (Sep) - Up -0.4% vs -1.1% forecast
*** Germany Gross Domestic Product (GDP) QoQ - Up -0.2% vs -0.3% forecast
** Germany Gross Domestic Product (GDP) YoY - Down 1.1% vs 1.3% forecast
** U.K. Consumer Price Index (CPI) MoM (Oct) - Down 0.1% vs 0.2% forecast
*** U.K. Consumer Price Index (CPI) YoY (Oct)- Down 2.4% vs 2.5% forecast
** Eurozone Gross Domestic Product (GDP) QoQ - (0.2% vs 0.2% forecast)
** Eurozone Gross Domestic Product (GDP) YoY - (1.7% vs 1.7% forecast)
** Eurozone Industrial Production MoM (Sep) - Up -0.3% vs -0.4% forecast
** U.S. Core Consumer Price Index (CPI) (Oct) YoY - Dow 2.1% vs 2.2% forecast
*** U.S. Core Consumer Price Index (CPI) (Oct) MoM- ( 0.2% vs 0.2% forecast
Thursdays critical macro summary
*** U.S. Fed Chair Powell Speaks - 10.00 hrs
*** Australia Employment Change - 11.30 hrs
** Australia Full Employment Change - 11.30 hrs
** Australia Unemployment Rate - 11.30 hrs
** France Gross Domestic Product (GDP) QoQ - 18.45 hrs
** U.K. Core Retail Sales YoY (Oct) - 20.30 hrs
** U.K. Retail Sales YoY (Oct) - 20.30 hrs
*** U.K. Retail Sales MoM (Oct) - 20.30 hrs
** Eurozone Trade Balance (Sep) - 21.00 hrs
*** U.S. Core Retail Sales MoM (Oct) - 00.30 hrs
** U.S. Export Price Index MoM (Oct) - 00.30 hrs
** U.S. Import Price Index MoM (Oct) - 00.30 hrs
** U.S. Initial Jobless Claims - 00.30 hrs
*** U.S. Philadelphia Fed Manufacturing Index (Nov) - 00.30hrs
*** U.S. Retail Sales MoM (Oct) - 00.30 hrs
*** U.S. Crude Oil Inventories - 03.00 hrs
*** U.S. Fed Chair Powell Speaks - 03.30 hrs
The FX Majors Current positions and its future forecast
What is going on now with AUD/USD?
AUD/USD: The Australian dollar failed to break out at 0.72365 in yesterday's session and fell to 0.71980 support. The pair bounced at 0.71980 support during the European session and made its way up to 0.72305. The Australian dollar has been progressing well to the upside in the past two trading session with higher highs and higher lows. The pair is also trading above its 500 EMA in the 60 minutes price chart,
Our forecast
AUD/USD: The Australian dollar broke through strong resistance at 0.72365 in this mornings session but still has to remain above 0.72520 to continue to the upside. The pair could pull back to 0.72105 if it fails to remain above 0.72365
Support/ Short - 0.72365, 0.72105, 0.71980, and 0.71745
Resistance/ Long - 0.72520, 0.72600, 0.72835, and 0.72990
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 bounced at 1.29440 as highlighted in yesterdays session and took out 1.2990 price target and reached 1.30339 highs before pulling back to 1.28950 support. The overnight session was quite volatile with price swings from 1.30460 highs to 1.28950 lows creating lots of opportunity for long and short trades.
Our forecast
GBP/USD: The Pound extended the trading price range to the upside at 1.30760 in this mornings session but failed to continue to 1.30995 and pulled back. The pair currently trades at 1.29961, heading down towards its 500 EMA at 1.29900 support and could continue down to 1.29440 if it fails to remain above 1.29900 support. The pair needs to maintain above 1.29900 to head back up to 1.30460.
Support/ short Target - 1.29900, 1.29695, 1.29440, 1.29215, and 1.28950.
Resistance/ Long Target - 1.30460,1.30670, 1.30995, and 1.31375
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 broke through 1.129965 as indicated in yesterdays session but failed to reach the estimated target at 1.13275 and fell to 1.12665 support. The pair bounced at 1.12665 during the overnight session and reached its target at 1.13275 before retreating to 1.12965 support in this mornings trades.
Our forecast
EUR/USD: The Euro looks weak following two fail attempts to breakout at 1.13275 in the last 24 hours. The pair currently trades at 1.13062 heading down towards 1.12965 support and could continue down to 1.12665 if it fails to hold at 1.12965. The Euro needs to break and remains above 1.13420 to head back up to the upside.
Support/short target -1.12965, 1.12665, and 1.12420
Resistance/Long Target - 1.13275, 1.13420, and 1.13600, and 1.13820
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 held on to its position above1.13710 as indicted in yesterdays update and reached its target at 113.990 before retreating to 113.710 support. The US dollar slipped below 113.710 during the overnight session and triggered my short sell positions. The pair took out all short positions at 113.560, 113.485, and 113.310 before bouncing back at 113.485 in this morning's trades.
Our forecast
USD/JPY: The The US dollar is now pushing up towards 113.710 after bouncing at 113.485. The pair needs to break and remain above 113.710 to progress to the upside. The US dollar currently trades at 113.581 and needs to maintain above 113.560 support to continue to 113.710. The US dollar could head down to 113.485 and 113.310 if it fails at 113.560 support.
Support/Short -113.560,113.485, and 113.310
Resistance/ Long - 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 held on at the upper channel at 1.32340 in yesterdays session but failed to continue to 1.32635 price target and fell to the middle channel at 1.32235 support during the overnight session. The US dollar bounced at 1.32235 and reached its target at 1.32635 before it was pushed back down to 1.32235 support.
Our forecast
USD/CAD: The US dollar is starting to lose its grip as prices drift to the downside in a downtrend channel. The US dollar could fall to 1.32025 and 1.31800 if it falls below 1.32235 support. The US dollar needs to break and remain above 1.32635 to continue to the upside.
Support/Short Target -1.32340,1.32235, 1.32025, and 1.31800
Resistance/Long Target -1.32635, 1.32875, and 1.33165
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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