Technical Analysis from LiteForex company

[LiteForexTeam]

AUD/JPY: pair is falling

 

Current trend

Since the beginning of the week, the pair is showing a significant decline. The pair was substantially pressured by the Bank of Japan statement. As was expected, the regulator left monetary policy unchanged. However, in its Monetary Policy Statement it noted that prospects for the world economy growth remain gloom.

In addition, according to today’s RBA Meeting Minutes, the Australian GDP continues growing but labour market conditions are still poor. In particular, wages growth remain low.

 

Support and resistance

Bollinger Bands on the daily chart is moving up while the price range is narrowing. MACD turned down and formed a sell signal. Stochastic is near the overbought zone.

The indicators recommend considering correctional sales.

Support levels: 85.00 (local low), 84.46, 83.69 (10 March low), 83.00, 82.41, 82.06.

Resistance levels: 85.69 (local high), 86.00, 86.39 (local high), 87.00, 87.30 (4 January high), 88.00, 88.60.

 

Trading tips

Short positions can be opened from current prices with targets at 83.00, 82.00 and stop-loss at 85.00. Validity – 2-4 days.

Long positions can be opened above the level of 85.00 (with the appropriate indicators signals) with targets at 86.39, 87.00 and stop-loss at 84.00. Validity – 2-3 days.

 

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[LiteForexTeam]

GBP/USD: analysis and forecast

 

Current trend

 

Since the beginning of the week, the GBP/US D pair has been trading down. Having reached its month high at 1.4435, the price turned down and lost more than 250 points.

 

Today, market volatility remains low. The Bank of England announces its interest rate decision tomorrow. As for today, market participants are waiting for the Fed’s interest rate decision. The regulator is expected to keep interest rates unchanged at 0.5%. Moreover, attention needs to be paid to data on inflation and industrial production, due in the US today as well.

 

Support and resistance

On the 4-hour chart, the price range of Bollinger Bands is widening. MACD histogram is in the negative zone; its volumes are growing.

Support levels: 1.4105, 1.4043, 1.3990.

Resistance levels: 1.4159, 1.4197, 1.4240, 1.4284.

 

Trading tips

Short positions can be opened after the price breaks down and consolidates below the level of 1.4105 with targets at 1.4043, 1.3990 and stop-loss at 1.4130.

 

Long positions can be opened after the price consolidates above the level of 1.4197 with targets at 1.4284, 1.4346 and stop-loss at 1.4166.

 

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[LiteForexTeam]

USD/CAD: pair is falling

 

Current trend

Yesterday the pair significantly declined after the US Fed made its Interest Rate Decision. As was expected, the rate remained unchanged at the current 0.5% but the regulator lowered its own forecasts of the pace of further monetary policy tightening. In addition, the regulator acknowledged the existence of substantial risks for the growth of the US and world economies.

Tomorrow attention needs to be paid to the speeches by Fed officials and to data on inflation in Canada.

 

Support and resistance

Bollinger Bands on the daily chart is moving down while the price range is widening, but the price currently remains outside of its borders. MACD turned down and formed a sell signal. Stochastic is near the oversold zone.

The indicators recommend waiting for clearer trading signals.

Support levels: 1.3100 (local low), 1.3037 (3 November 2015 low), 1.3000 (psychologically important level), 1.2951, 1.2900.

Resistance levels: 1.3164 (local high), 1.3224, 1.3265, 1.3300 (psychologically important level), 1.3370, 1.3404 (local high), 1.3457, 1.3500, 1.3586 (29 February high), 1.3650.

 

Trading tips

Long positions can be opened after the price rebound from the level of 1.3100 (with the appropriate indicators signals) with targets at 1.3200, 1.3265 and stop-loss at 1.3030. Validity – 2-3 days.

Short positions can be opened after the price consolidates below the level of 1.3100 with the target at 1.3000 and stop-loss at 1.3165. Validity – 2-3 days.

 

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[LiteForexTeam]

USD/CAD: general review

 

Current trend

 

Yesterday the pair continued falling amid weakness of the US Dollar and the publication of mixed macroeconomic data in the US. The Current Account deficit amounted to 125.3 billion, while economists predicted it at 118.9 billion USD. At the same time, the number of Initial Jobless Claims grew to 265 thousands that was yet better than forecasts.

Today attention needs to be paid to data on the Bank of Canada Consumer Price Index Core. According to forecast, the index will grow that might add to pressure on the pair.

 

Support and resistance

On the 4-hour chart, the pair is falling along the lower MA of Bollinger Bands. MACD histogram is in the negative zone and its volumes are growing. Stochastic is near the oversold zone.

Support levels: 1.2965, 1.2940.

Resistance levels: 1.3030, 1.3100, 1.3165, 1.3210, 1.3265, 1.3300, 1.3340, 1.3365, 1.3400, 1.3465, 1.3530.

 

Trading tips

Short positions can be opened from the level of 1.2965 with targets at 1.2940, 1.2900 and stop-loss at 1.2990. Validity – 1-3 days.

Long positions can be opened from the level of 1.3030 with the target at 1.3100 and stop-loss at 1.3000. Validity – 1-3 days.

 

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[LiteForexTeam]

NZD/USD: review and forecast

 

Current trend

Since the beginning of the week, the NZD/USD pair has been trading within a narrow range. Market participants are waiting for new drivers which will determine further dynamics in the pair. However, as no macroeconomic releases are due in New Zealand and not so much important data is expected to be released in the US, the pair is likely to keep trading flat.

 

Support and resistance

Technical indicators suggest the pair tends to trade within the sideways range. Bollinger Bands are narrowing down while the price remains near the middle MA. Later, a slight decline is possible after which a correction can be expected.

Support levels: 0.6730, 0.6630, 0.6610.

Resistance levels: 0.6795, 0.6860.

 

Trading tips

Short positions can be opened at the current level with the target at 0.6730 and stop-loss at 0.6795.

Long positions can be opened above the level of 0.6795 with the target at 0.6860.

 

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[LiteForexTeam]

AUD/USD: pair moving sideways

 

Current trend

This week, the AUD/USD pair has been trading within a sideways range of about 100 points (0.7648-0.7550). At present, the Australian currency gains support from a slow growth in commodity prices (CRB index has been has been growing for two months already). Moreover, RBA's Governor Glenn Stevens in his speech delivered to the Australian Securities and Investments Commission said he has a favorable outlook for Australia’s economy. Economic and financial conditions in the country are improving and the Regulator is experienced enough in dealing with difficulties. Nevertheless, these factors have not given enough support for the pair to strengthen to 0.7700.

 

Support and resistance

The pair is likely to remain within the range in the short term. Though technical indicators suggest a fall (MACD histogram is in the positive zone, its volumes are falling; Stochastic lines are directed downward), the pair can start moving down only if it manages to consolidate below the 38.2% Fibonacci fan line and the level of 0.7535. The level of 0.7665 is seen as the key one for the Bulls.

Support levels: 0.7550, 0.7535, 0.7456 and 0.7391.

Resistance levels: 0.7648, 0.7665, 0.7700 and 0.7770.

 

Trading tips

At present, positions should be placed within the sideways range. Pending sell orders can be placed at the level of 0.7535 with targets at 0.7456, 0.7391 and stop-loss at 0.7580.

 

Long positions can be opened from the level of 0.7600 (middle MA of Bollinger Bands) with the target at 0.7650. Pending buy orders can be placed above the level of 0.7665 with targets at 0.7700, 0.7770 and stop-loss at 0.7620.

 

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[LiteForexTeam]

EUR/USD: review and forecast

 

Current trend

Due to the lack of macroeconomic drivers, the EUR/USD pair is trading within a narrow range of 1.1143-1.1187. Today is the Good Friday holiday in Europe, so market volatility is expected to remain low. Out of macroeconomic statistics, it is worth noting the data on US Gross Domestic Product Annualized and Personal Consumption Expenditures for the fourth quarter. Both indicators are expected to remain unchanged, GDP at 1% and Personal Consumption Expenditures at 0.4%.

 

Support and resistance

On the 4-hour chart, Bollinger Bands is directed down, suggesting the pair is likely to continue its downward trend. MACD histogram is in the negative zone; its volumes are insignificant indicating low trading activity.

Support levels: 1.1143, 1.1093, 1.1056.

Resistance levels: 1.1187, 1.1222, 1.1259.

 

Trading tips

Short positions can be opened after the price breaks down and consolidates below the level of 1.1143 with the target at 1.1093 and stop-loss at 1.1163.

Long positions can be opened after the price breaks out and consolidates above the level of 1.1187 with the target at 1.1222 and, possibly, 1.1259 and stop-loss at 1.1170.

 

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[LiteForexTeam]

EUR/USD: pair is falling

 

Current trend

Last week, the EUR/USD pair corrected down to new local lows from its six-week highs. The US currency was supported by Fed officials’ statements which has left a more positive impression than the results of the monetary policy meeting did. Moreover, further tightening of US monetary policy seems likelier amid recent macroeconomic publications.

In particular, strong data on US GDP for the fourth quarter was released on Friday. The indicator was revised up to 1.4% from 1.0%.

 

Support and resistance

Bollinger Bands on the daily chart is trying to turn horizontally while the price range has outlined the borders of a possible sideways channel. MACD is still keeping its downward trend. Stochastic in the oversold zone and trying to turn up suggesting an upward correction is possible in the short term.

The indicators recommend waiting for clearer trading signals.

Support levels: 1.1160, 1.1100, 1.1067 (near 16 March low), 1.1000, 1.0966, 1.0939.

Resistance levels: 1.1200, 1.1246, 1.1300, 1.1342 (17 March high), 1.1376, 1.1400, 1.1459.

 

Trading tips

Long positions can be opened if the price turns up near the level of 1.1160 (with appropriate indicators signals) with the target at 1.1300 and stop-loss at 1.1100. Validity – 2-3 days.

Short positions can be opened is the price breaks down the levels of 1.1150, 1.1100 with the target at 1.1000 and stop-loss at 1.1200. Validity – 2-4 days.

 

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[LiteForexTeam]

GBP/USD: review and forecast

 

Current trend

The GBP/USD pair strengthened by more than 100 points on Monday. The pair was supported by macroeconomic data, released in the US. In particular, the PCE price index for February was down to 0.1% from 0.3%, and the indicator of personal income declined from 0.5% to 0.2%. As a result, the pair reached the level of 1.4282 but did not manage to consolidate above it and corrected slightly down.

Out of macroeconomic statistics, which can have an impact on the pair, attention needs to be paid to data on Consumer Confidence and the Fed's Chair Janet Yellen Speech.

 

Support and resistance

On the 4-hour chart, Bollinger Bands is directed up. At the same time, the price has broken out the upper border of the price range indicating a downward correction can start towards the middle MA of Bollinger Bands, to the level of 1.4162. MACD histogram is in the positive zone, its volumes are growing.

Support levels: 1.4194, 1.4157, 1.4111, 1.4086.

Resistance levels: 1.4247, 1.4282, 1.4311, 1.4345.

 

Trading tips

Long positions can be opened after the price breaks out and consolidates above the level of 1.4282 with targets at 1.4311, 1.4345 and stop-loss at 1.4261.

Short positions can be opened after the price breaks down the level of 1.4194 with targets at 1.4157, 1.4111 and stop-loss at 1.4221.

 

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[LiteForexTeam]

EUR/JPY: pair is growing

 

Current trend

Yesterday the pair strengthened amid Fed Chair Janet Yellen speech, in which she pointed out to the existence of substantial risks to world economy growth and the need to remain cautious with further monetary policy tightening in the US. Her comments significantly pressured the Dollar that allowed the Euro to strengthen.

In addition, the pair was supported by poor data from Japan. In February, the Unemployment Rate grew from 3.2% to 3.3%, while Retail Sales fell by 2.3%.

 

Support and resistance

Bollinger Bands on the daily chart is moving horizontally while the price range is widening. However, the price remains above the upper border of the range. MACD is growing and giving a moderate buy signal. Stochastic is in the overbought zone and trying to turn down.

 

The indicators recommend waiting for clearer trading signals.

Support levels: 126.62 (local low), 126.16, 125.77 (24 March low), 125.00 (lower MA of Bollinger Bands), 124.22, 123.57, 123.05 (9 March low), 122.45.

Resistance levels: 127.30 (11 and 29 March highs), 128.17 (16 February high), 128.75, 129.13, 129.80 (10 February high), 130.26, 130.63.

 

Trading tips

Long positions can be opened after the breakout and consolidation above the level of 127.30 with targets at 128.75, 129.00 and stop-loss at 126.60. Validity – 2-4 days.

Short positions can be opened after the breakdown of the level of 126.60 with the target at 125.00 and stop-loss at 127.50. Validity – 2-4 days.

 

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[LiteForexTeam]

EUR/USD: general review

 

Current trend

The pair continues growing amid weakening in the US Dollar.

At the same time, data published by Standard & Poor’s ratings services firm showed that the pace of growth of the eurozone economy could be lower than forecasted 1.8%, and reach only 1.5%. To some extent, this is the result of recent terrorist attacks that substantially decreased tourist trips to the Union, while tourism makes up nearly 10% of the EU GDP.

 

Support and resistance

Yesterday the pair retested the resistance level at 1.1375 but failed to overcome it again.

The nearest support level is at 1.1244.

The nearest resistance level is at 1.1337.

 

Trading tips

Short positions can be opened from the level of 1.1300 with the target at 1.1247 and stop-loss at 1.1337.

 

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[LiteForexTeam]

EUR/USD: general analysis

 

Current trend

The demand for the European currency can largely be explained by uncertainty over future monetary policy in the US. At the press conference on 29 March, the Fed Chair Janet Yellen noted the Regulator plans to increase interest rates gradually due to risks to global economic stability. As a result, the US Dollar came under pressure. One of the key macroeconomic indicators has recently been released in the US. Nonfarm Payrolls for March came in at 215K, down from the previous 242K, while analysts expected a fall to 205K.

 

Support and resistance

RSI shows the pair is overbought and suggests a correction is possible.

The nearest support level is at 1.1364.

The nearest resistance level is at 1.1492.

 

Trading tips

Long positions can be opened from the level of 1.1364 with the target at 1.1500 and stop-loss at 1.1330.

 

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[LiteForexTeam]

GBP/USD: back to decline

 

Current trend

On Friday the GBP/USD pair was moving actively down amid the publication of statistics for March on US labour market. However, it should be noted that the data was quite mixed.

 

In particular, Nonfarm Payrolls increased by 215K, lower than 245K in February but exceeding the forecast of 205K. Unemployment Rate was up by 0.1% and reached the key level of 5.0% while no changes were expected.

At the same time, ISM Manufacturing PMI grew from 49.5 to 51.8 points against the forecast of 50.7 points. ISM Prices Paid was up to 51.8 from 38.5 points.

Support and resistance

Bollinger Bands on the daily chart continues its flat dynamics. The price range shows almost no changes and remains wide enough for the current volatility. MACD is falling and keeping a moderate sell signal. Stochastic is moving down in the middle of the range.

 

The indicators recommend waiting for clearer trading signals.

Support levels: 1.4200, 1.4117, 1.4056 (24 March low), 1.4000 (strong psychological level near early march levels), 1.3914.

Resistance levels: 1.4241, 1.4300, 1.4350, 1.4394 (31 March level), 1.4435, 1.4461 (30 March high), 1.4513 (18 March high).

 

Trading tips

Long positions can be opened after the price breaks out the level of 1.4300 with targets at 1.4435, 1.4461 and stop-loss at 1.4240. Validity – 2-4 days.

Short positions can be opened after the price breaks down the level of 1.4200 with targets at 1.4100, 1.4056, 1.4000 and stop-loss at 1.4250, 1.4260. Validity – 2-4 days.

 

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[LiteForexTeam]

EUR/USD: general analysis

 

Current trend

Macroeconomic statistics, released in the US last week, had no influence on the EUR/USD pair. However, it should be noted the Labor Force Participation Rate reached 63% which is the highest level since 2014.

Donald Trump, a candidate for US President, believes the US economy is far from recovery. He suggests the real unemployment rate is higher than the official 5%. Moreover, the stock market is growing while corporate profits are falling. If the situation continues to worsen, the Fed can delay its rate increase that will affect the US currency.

 

Support and resistance

The pair is trading in a sideways channel the lower border of which is at the level of 1.1335 and the upper is at 1.1412.

The nearest support level is at 1.1335.

The nearest resistance level is at 1.1412.

 

Trading tips

Long positions can be opened from the level of 1.1412 with the target at 1.1545 and stop-loss at 1.1350.

 

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[LiteForexTeam]

AUD/USD: negative dynamics

 

Current trend

On Tuesday the AUD/USD pair closed with a decline to 29 March afternoon session lows. It should be noted trading activity was high due to numerous important macroeconomic releases.

 

In the morning session, the pair showed moderate growth after the results of the RBA monetary policy meeting were announced. Analysts’ expectations were confirmed, as the Regulator decided to keep interest rates unchanged at 2%.

However, macroeconomic statistics for February was a bit disappointing. Exports were down by 1% after a 1% growth in the previous month. Imports showed no changes compared with the previous decline of 1%. As a result, Australia’s trade deficit widened from 3156 AUD million to 3410 AUD million. Analysts expected the indicator to be up to -2600 AUD billion.

 

Support and resistance

Bollinger Bands on the daily chart is moving sideways while the price range is widening from the bottom. MACD is falling and keeping a relatively strong sell signal. Stochastic is approaching the border of the oversold zone.

The indicators recommend waiting for clearer trading signals.

 

Support levels: 0.7533, 0.7500 (28 April psychological level), 0.7476, 0.7426 (near 16 March low), 0.7400.

Resistance levels: 0.7567 (6 April morning session high), 0.7593, 0.7626, 0.7679 (17 March high), 0.7772 (31 March high), 0.7755, 0.7800.

 

Trading tips

Long positions can be opened if the price breaks out and consolidates above the level of 0.7593 (with appropriate indicators signals) with targets at 0.7679, 0.7722 and stop-loss at 0.7550. Validity – 2-3 days.

 

Short positions can be opened if the price breaks down the level of 0.7500 with the target at 0.7400 and stop-loss at 0.7533. Validity – 2-4 days.

 

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[LiteForexTeam]

XAU/USD: general analysis

 

Current trend

The price of gold continues its upward trend. The precious metal is strengthening as the Federal Reserve can delay interest rate rise, the stock market is falling so are US bonds yields. Capital inflow in exchange traded funds remains high that also supports the price of gold.

On the other hand, gold purchases by the People’s Bank of China declined to 9 tonnes in March that is the lowest level since last year. However, the country is likely to continue increasing its gold reserves in order to diversify foreign-exchange holdings.

Support and resistance

RSI is giving no clear trading signals. Thus, it is recommended to place buy orders after the level of 1243.07 is broken out.

The nearest support level is at 1231.46.

The nearest resistance level is at 1243.07.

 

Trading tips

Long positions can be opened from the level of 1243.07 with the target at 1261.00 and stop-loss at 1235.00.

 

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[LiteForexTeam]

USD/JPY: technical analysis

 

USD/JPY, D1

On the daily chart, the pair is correcting up as it has formed four closes below the lower MA of Bollinger Bands. The price remains below its moving averages that are directed down. The RSI is trying to turn up near its strong support in the oversold zone. The Composite is trying to turn up as well.

 

USD/JPY, H4

On the 4-hour chart, the pair is correcting up towards the middle MA of Bollinger Bands. The price remains below its moving averages that are directed down. The RSI is forming a Bullish divergence with the price. The Composite is showing a similar behavior.

 

Key levels

Support levels: 107.59 (local lows), 107.23 (61.8% Fibonacci retracement for the long-term trend), 104.59 (2000 lows).

Resistance levels: 109.09 (local highs), 109.99 (61.8% retracement for the short-term trend), 110.85 (February lows).

 

Trading tips

Long positions can be opened from current prices with targets at 108.95, 109.75 and stop-loss at 107.55. Validity – 3-4 days.

Short positions can be opened from the level of 107.10 with the target at 104.89 and stop-loss at 107.82. Validity – 3-4 days.

 

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[LiteForexTeam]

GBP/USD: review and forecast

 

Current trend

This week, the Pound continues strengthening against the US Dollar. The pair has gained support amid expectations of relatively favorable statistics on the UK economy. Today the data showed the Consumer Price Index grew by 0.4% in monthly terms against the forecast of 0.3%. In annual terms, the indicator was up by 0.5% while analysts expected it to come in at 0.4%. As a result, the pair gained more than 200 points.

Today market participant will be following data from the US. In particular, Export and Import Prices Indices are due at 2:30 (GMT+2) and the Monthly Budget Statement is released at 8:00 pm (GMT+2).

 

Support and resistance

On the 4-hour chart, the price range of Bollinger Bands is widening. MACD histogram is in the positive zone; its volumes are growing.

Support levels: 1.4255, 1.4225, 1.4176, 1.4140.

Resistance levels: 1.4318, 1.4370, 1.4405, 1.4456.

 

Trading tips

Long positions can be opened after the level of 1.4318 is broken out with targets at 1.4370, 1.4405 and stop-loss at 1.4290.

Short positions can be opened after the price breaks down and consolidates below the level of 1.4255 with targets at 1.4225, 1.4176 and stop-loss at 1.4282.

 

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[LiteForexTeam]

USD/CAD: general analysis

 

Current trend

This week, the USD/CAD pair has been moving down. The downward dynamics has been developing amid expectations of important macroeconomic releases both in the US and Canada which can result in a trend reversal.

In the second half of the day, data on Retail Sales is due in the US. If the favorable forecast is confirmed, the US Dollar will gain support. Later on, the Bank of Canada announces its interest rate decision. Precise attention should also be paid to the Rate Statement and the subsequent Press Conference of the Regulator.

 

Support and resistance

Bollinger Bands on the daily chart is directed down while the price range is widening. The price broken down the lower MA of the indicator suggesting the downward trend is likely to continue. MACD histogram is in the negative zone; its volumes are growing. Stochastic is in the oversold zone and can turn up in the short run.

According to the indicators, short positions seem more preferable.

Support levels: 1.2636, 1.2552, 1.2279, 1.2133.

Resistance levels: 1.2928, 1.3053, 1.3221, 1.3286, 1.3417, 1.3585, 1.3856, 1.4106.

 

Trading tips

Long positions can be opened after the price breaks out the level of 1.3053 with targets at 1.3221, 1.3286 and stop-loss at 1.2780. Validity – 1-3 days.

Short positions can be opened at the current levels with targets at 1.2636, 1.2552 and stop-loss at 1.3053. Validity – 1-3 days.

 

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[LiteForexTeam]

AUD/USD: general analysis

 

Current trend

The data for March showed unemployment in Australia was down by 0.1% to 5.7%. A decline in unemployment rate indicates a favorable situation in the labour market and strengthens the national currency. The indicator of employment change exceeded the forecast and came in at 26.1K that suggests an increase in consumer spending and has a positive impact on economic growth. Amid these favorable statistics, the AUD/USD pair gained 70 points.

Data on Consumer Price Index are due today in the US. If favorable forecast is confirmed, a growth in the pair can slow down.

 

Support and resistance

On the 4-hour chart, the pair is trading between the upper and the middle MAs of Bollinger Bands. MACD histogram is in the positive zone; its volumes are growing. Stochastic is directed up near the border of the overbought zone.

Support levels: 0.7670, 0.7640, 0.7620, 0.7600, 0.7200, 0.7590, 0.7560, 0.7540, 0.7520, 0.7500.

Resistance levels: 0.7700, 0.7710, 0.7720, 0.7740.

 

Trading tips

After the price consolidates above the level of 0.7700, long positions can be opened from the level of 0.7710 with targets at 0.7750, 0.7800 and stop-loss at 0.7690.

Short positions can be opened from the level of 0.7670 with targets at 0.7640, 0.7620 and stop-loss at 0.7690.

Validity – 2-3 days.

 

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[LiteForexTeam]

USD/CAD: consolidation near local lows

 

Current trend

At the end of the week, the Canadian Dollar has been trading mixed against the US Dollar. Having reached new local lows on Wednesday, the pair has started correcting up amid the statements made by the Federal Reserve officials.

The results of the recent Bank of Canada monetary policy meeting had a high impact on the market. However, it should be noted the Canadian currency started strengthening some time after the results were released.

As expected, interest rates were kept unchanged at 0.5% as commodity markets instability affects the process of Canada’s economic recovery. At the same time, the regulator revised up its forecast for 2016 that can be explained by the recent growth in oil prices.

 

Support and resistance

Bollinger Bands on the daily chart is directed down while the price range is getting narrower. MACD is slightly growing and still keeping its sell signal. Stochastic is in the oversold zone and trying to turn up indicating the possibility of an upward correction in the short term.

The indicators recommend waiting for clearer trading signals.

Support levels: 1.2800, 1.2744 (13 April low), 1.2700 (mid-July 2015 level), 1.2650.

Resistance levels: 1.2857, 1.2897 (14 April high), 1.2952, 1.3000 (11 April level), 1.3037, 1.3100, 1.3180 (7 April high), 1.3218 (5 April high), 1.3300.

 

Trading tips

Long positions can be opened after the price rebounds at the level of 1.2800 (with appropriate indicators signals) with the target at 1.3000 and stop-loss at 1.2740.

Short positions can be opened after the level of 1.2744 is broken down with targets at 1.2650, 1.2600 and stop-loss at 1.2800.

 

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[LiteForexTeam]

GBP/JPY: general analysis

 

Current trend

At the beginning of the trading week, the GBP/JPY pair has been correcting amid expectations of important macroeconomic releases.

Data on adjusted merchandise trade balance is due in Japan on Wednesday. Analysts predict the indicator will grow from 242.8 billion to 834.6 billion. Thus, Japan is expected to post a trade surplus of almost 600 billion that will have a positive impact on the economy and the national currency. Moreover, attention needs to be paid to data on unemployment in the UK. An expected decline in the Claimant Count Change will support the country’s economy and strengthen the Pound. If the indicator remains unchanged or grows, the Pound is likely to come under pressure, and the GBP/JPY pair can substantially weaken.

 

Support and resistance

On the daily chart, the pair is trading between the middle and the lower MAs of Bollinger Bands. MACD histogram is in the negative zone and is giving a weak buy signal. Stochastic is falling in the middle of its range.

In general, the indicators are giving a weak sell signal.

Support levels: 151.81, 149.92, 147.93, 145.08.

Resistance levels: 153.45, 155.74, 157.21, 159.34, 162.29, 163.60, 165.40.

 

Trading tips

Long positions can be opened from the level of 157.21 with targets at 162.29, 163.60 and stop-loss at 153.45. Validity – 3-5 days.

Short positions can be opened from the level of 151.81 with targets at 147.93, 145.08 and stop-loss at 157.21. Validity – 2-4 days.

 

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[LiteForexTeam]

XAU/USD: general analysis

 

Current trend

Despite unsuccessful negotiations in Doha, the price of gold has been growing since the opening of the trading session today. The growth is supported by weak data on the US economy, released last week, and uncertainty over future rate increases in the country. The uncertainty has risen due to recent statement made by the Fed representative William Dudley. Today attention needs to be paid to data on Building Permits for March, published in the US.

 

Support and resistance

On the daily chart, Bollinger Bands is directed horizontally while the price range is widening. MACD histogram remains in the positive zone and is keeping a weak sell signal. Stochastic is moving in the middle of its range.

The indicators recommend waiting for clearer trading signals.

Support levels: 1233.23, 1223.81, 1215.29, 1209.17, 1201.53, 1194.97, 1190.38.

Resistance levels: 1248.06, 1256.58, 1261.50, 1267.31, 1278.95, 1282.59.

 

Trading tips

Short positions can be opened after the level of 1233.23 is broken down with the target at 1209.17 and stop-loss at 1248.06. Validity – 1-3 days.

Long positions can be opened at the current levels with targets at 1256.58, 1261.50 and stop-loss at 1233.23. Validity – 1-3 days.

 

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[LiteForexTeam]

AUD/USD: review and forecast

 

Current trend

The pair continues growing amid strengthening in oil prices and the publication of strong macroeconomic statistics in Australia at the beginning of the week. The New Motor Vehicle Sales grew by 2.2% against the previous month that indicates that the consumer confidence is increasing.

Today attention needs to be paid to data on the EIA Crude Oil Stocks change in the US. A lower reading could support the pair.

 

Support and resistance

The pair is consolidating near the level of 0.7820. In the nearest term, the price could decline to the level of 0.7730, but the main upward trend will remain. A trend change would be possible after a price consolidation below the lower border of the ascending channel.

Support levels: 0.7730, 0.7640, 0.7590.

Resistance levels: 0.7850, 0.7900, 0.7930.

 

Trading tips

Short positions can be opened after the price consolidation below the level of 0.7790 с with the target at 0.7735 and stop-loss at 0.7810.

Long positions can be opened from the level of 0.7800 with targets at 0.7850, 0.7900 and stop-loss at 0.7740.

 

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[LiteForexTeam]

GBP/AUD: general analysis

 

Current trend

This week, the pair remains under pressure due to weak statistics from the UK and a series of favorable news from Australia. Yesterday morning, data on Claimant Count Change showed a growth by 6.7K while analysts expected the indicator to be down by 10K.

Today attention needs to be paid to data on Retail Sales, due in the UK, and speech given by Mark Carney, Governor of the Bank of England.

 

Support and resistance

On the daily chart, Bollinger Bands is declining. The pair is trading down in the lower part of the price range. MACD histogram is in the negative zone, and its volumes are falling. Stochastic is near the 20 mark.

According to the indicators, short positions are more preferable.

Support levels: 1.8265, 1.8094, 1.7841, 1.7737, 1.7175.

Resistance levels: 1.8494, 1.8622, 1.8769, 1.8889, 1.8950, 1.9072, 1.9239, 1.9513, 1.9663.

 

Trading tips

Long positions can be opened from the level of 1.8622 with the target at 1.8950 and stop-loss at 1.8494. Validity – 3-5 days.

Short positions can be opened from the level of 1.8265 with the target at 1.8094 and stop-loss at 1.8494. Validity – 3-5 days.

 

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