AUD/USD close to 3-week high

The Australian dollar is trading elevated today, boosted by OPEC’s deal to cut output. This remarkable event pushed higher the commodity currencies and thrilled the risk appetite. 

Aussie hit an intraday high at 0.7709 but shortly afterwards fell down. RSI shows close to overbought market, which confirms the profit-taking actions by market players. 

As seen on the four hour chart, the 50-day moving average is crossing the 200-day moving average and currently is staying above, which is to indicate the bullish trend. Support is located around 0.7620, where currently is located the 50-day MA. The short-term outlook remains bullish, but bulls should conquer the 8^th September high at 0.7731 and 9^th August high at 0.7833 for confirmation of the long-term trend.

GBP/USD lower today

GBP/USD was quite indecisive during yesterday’s session, but succeeded to keep the bullish intraday signals and hit 1.3057 earlier this morning. Having in mind that the Cable experienced huge downward pressure recently, this performance surprised the market participants. The marco agenda for today suggests the Mortgage Approvals and Net Consumer Credit reports for August in UK, which are of medium importance, but yet the pair is sensitive enough and another leg down is very possible.

Immediate support is seen at 1.3000, and pushing below it could lead price to neutral trading zone for testing 1.2950/00, but yet the key support remains at 1.2790. Looking to the upside, resistance is located at 1.3050, 1.3500 and 1.500.

USD/JPY formed double bottom

USD/JPY was sloping downwards yesterday, marked an intraday low at 100.24 and earlier this morning hit 100.07. It seems that the Japanese yen is consolidating in a tight range as looking in a short term perspective there no significant domestic macro data to support the currency. 

USD/JPY pair has formed a double bottom on 100.07, as it is clearly seen on the the hourly chart. The short-term perspective is bearish. Momentum shows bearish signs as well and ADX also gives confirmation.The double bottom line at 100.07 should be pierced downwards for continuation on the bearish scenario. Next bears target is seen at 99.50. 

Immediate resistance is seen at 101.15. A clear break above this level may lead to further downward pressure for testing 100.00 - 99.50. Next resistance levels are located at 101.15 and 101.65. 

EUR/USD retreats after US Presidential debate

The US dollar was seen slightly elevated this morning, following the US Presidential debate last night. But the EUR/USD pair is still under pressure as almost lost all gained during the previous session. As clearly seen on the 4-hour chart, the pair is staying above the 50-day, 100-day and 200-day moving averages and cannot find enough strength to set direction. 

First support is located at 1.1200 and if the drop extends to eventual daily close below, this could trigger further bearish pressure for testing next support at 1.1125. Looking upwards, the EUR/USD pair will definitely need to strengthen in order to overcome the resistance located at 1.1275. Only bulls will be able to bring back their power and set next target to the 1.1350.

Live Trading Analysis - FX, Commodities & Indices

Yet another extremely helpful webinar was held yesterday by my online broker ActivTrades and led by the professional trader Malte Kaub - Managing Director at the Traders' Leadership Council in London. This time the topic was Live Trading Analysis - FX, Commodities & Indices. It was an amazing opportunity and I learned how to read the charts in better way and got practical insight into the application of proven technical analysis strategies for Forex, commodities and indices. 

You you have missed it, worry don’t, all is stored at webinar’s archive section.

For more details follow this link and enjoy!

USD/JPY retreated back to 102 handle on BoJ's statement

Earlier this morning BoJ presented the new policy framework and announced that will keep the main interest rate unchanged as well as the ETF purchases amount and the bond-buying program. New measures will be implement to control the yield curve together with QE and reaching the target of 0% in 10 yr bond yield.

Ahead of BoJ’s Kuroda speech USD/JPY slipped below the bullish channel, but after digesting the comment the pair pushed higher again. Looking to the downside, a clear break and daily close below 101.15 could lead the bears to 100.00 - 99.50 area. Immediate resistance is seen at 103.36 and if closing above 103.00 bulls may try to test it. Anyway key resistance level remains near 104.00. Currently the bearish scenario is preferable, but nothing is sure as higher volatility is expected to spur the markets this evening with Fed’s statement. 

GBP/USD slumped to mid point of 1.29 mark

During yesterday’s session GBP/USD pair was quite hesitant but overall still manages to retain the bearish bias. Following the BoJ’s statement this morning the pair slumped to 1.2945, but shortly afterwards retreated to 1.2967. The policy framework presented today by BoJ to keep rates unchanged fueled the US dollar’s strength and pushed the USD index 0.25% higher.

Fist resistance that should be considered is located at 1.3050, above which 1.3100 would be tested. On the downside, a clear break and daily close below 1.2900 might bring the price down to test 1.2790. As long as the pair stays below 1.3500, the bearish scenario is still is pace.