Denis Joeli Fatiaki
Independent Analyst
Insights for the Asian trading session Tuesday 25/9/2018
* Germany IFO - Expectations (Sep) - (Dropped from 103.9 to 103.7)
* Germany IFO - Current Assessment (Sep) - (Up 106.4 from 106.1 forecast and 106.4 from the previous period)
* Germany IFO - Business Climate (Sep) - (103.7 from 103.2 forecast and 103.9 from the previous period)
* United States Chicago Fed National Activity Index - (0.18 from 0.02 forecast and 0.18 from the previous period)
Tuesday's macro summary
* Japan BoJ Monetary Policy Meeting Minutes -
* Japan Bank of Japan Governor Kuroda Speech - Tue, Sep 25, 2018, 05:35 GMT
* European Monetary Union ECB's Praet Speech - Tue, Sep 25, 2018, 08:25 GMT
* United Kingdom MPC Member Vlieghe speech - Tue, Sep 25, 2018, 08:40 GMT
* European Monetary Union ECB Cœuré Speech - Tue, Sep 25, 2018, 12:00 GMT
* United States S&P/Case-Shiller Home Price Indices (YoY) - Tue, Sep 25, 2018, 13:00 GMT
* United States Housing Price Index (MoM) - Tue, Sep 25, 2018, 13:00 GMT
The FX Majors Current positions and its future forecast
What is going on now with AUD/USD?
AUD/USD: The Australian dollar had a tough time trying to head back to the upside in yesterday's session. The pair started yesterday's session with a gap to the downside and made numerous attempts to hold above 0.72753 but was unsuccessful and continued its drift to the downside.
Our forecast
AUD/USD: The Australian dollar has fallen below 0.72572 a critical support price point in this mornings trade. The pair could continue its downtrend to 0.72285 if it fails to head back up and hold above 0.72572. The pair needs to break the trend line highlighted in blue to head back up.
Support - 0.72753, 0.72460, and 0.72285
Resistance - 0.72652, 0.72752, and 0.72905
The trade signals are going to be posted on to our Telegram channel as per the link below.
https://t.me/leoprimefx
Chart 1: The short-term view of the AUD/USD 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 AUD/USD price action in the 60 minutes 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 slipped below 1.17320 support in the 30 minutes price chart; however, the pair recovered and made it to the middle of the price channel at 1.17730 before retreating to 1.17550. The pair had another opportunity and took it all the way to the top of the channel at 1.17996. The Euro fell during the European session after failing to hold at 1.17996 and end up at 1.17550.
Our forecast
EUR/USD: The Euro has fallen below 1.17550 support in this mornings session and could be heading down to the bottom of the price channel at 1.17378 and 1.17320. The pair needs to break and hold above 1.17550 in the 30 minutes price chart to continue to its first long target at 1.17730. The pair could also continue its downward march if it fails to hold at 1.17320
Support - 1.17378,1.17320, and 1.17130
Resistance - 1.17550, 1.17730, and 1.17854
The trade signals are going to be posted on to our Telegram channel as per the link below.
https://t.me/leoprimefx
Chart 1: The short-term view of the EUR/USD 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 EUR/USD price action in the 60 minutes 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 broke through 1.30955 and its 500 EMA in the 30 minutes price chart after a few hours of consolidation in yesterday's session. The pair took out all its estimated price targets and reached the highs of 1.31667 before pulling back to 1.31235 during the European session.
Our forecast
GBP/USD: The Pound pulled back in the European session and bounced around its 500 EMA in the 30 minutes price chart during this morning's session. The pair could head back up to retest its previous high if it breaks and holds above 1.31235. The long targets are estimated at 1.31440 and 1.31780. The pair need to maintain trading activities above its 500 EMA and 1.30955 to avoid falling to 1.30730
Support - 1.30955, 1.30730, and 1.30648
Resistance - 1.31235, 1.31440, and 1.31780
The trade signals are going to be posted on to our Telegram channel as per the link below.
https://t.me/leoprimefx
Chart 1: The short-term view of the GBP/USD 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 GBP/USD price action in the 60 minutes 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 broke out of 112.610 resistance in numerous times during the Asian trading sessions in yesterday's trades; however, the pair failed to continue and pierced through 112.535 support which may have taken out many stop losses. The pair was supported at around 112.535 during the European session and raised its position to 112.830 before finishing the overnight session at 112.772
Our forecast
USD/JPY: The US dollar continues to push on to the upside following a great run during the European session. The pair has reached the top of the price channel and might continue to its next target at 112.958 if it breaks and holds above 112.830 resistance. The pair could also retreat to 112.610 if it fails to hold at 112.740 support.
Support - 112.740, 112.610, and 112.535
Resistance - 112.830 and 112.958
The trade signals are going to be posted on to our Telegram channel as per the link below.
https://t.me/leoprimefx
Chart 1: The short-term view of the USD/JPY 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/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 has improved its trade position from a consolidation period to now running in an uptrend price channel in the 30 minutes price chart. The pair had a great run during the European session after bouncing at the bottom of the price channel at 1.29120.
Our forecast
USD/CAD: The US dollar is still holding on to its gains at the top of the price channel at 1.29508 and might continue to its next target at 1.29585 if it maintains trading activities above 1.29444 support. Failure to hold at 1.29444 support could push the pair down to 1.29350 support at the bottom of the price channel.
Support - 1.29444, 1.29350, and 1.29264
Resistance - 1.29585, 1.29668, and 1.29760
The trade signals are going to be posted on to our Telegram channel 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 60 minutes price chart highlights the direction of the trend and the support and resistance price points
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