EUR/USD Remains bearish ahead of NFP

The EUR/USD pair continues to suffer and today extend its decline to 1.775 with current market price 1.1777. The marco agenda today counld’t affect much the pair’s behavior as NFP day tomorrow will provide larger impact. And having ECB and Fed meetings next week we will witness really thrilling development on the pair.

On the four hour time frame the price is situated below flat 100-day SMA and bearish 20-day SMA, while the 200-day SMA is keeping neutral stance and is provide support at 1.1745. RSI is located within negative territory and is showing bearish momentum. Stochastic is displaying extreme oversold conditions, below 20 level and has lost directional strength.

With US Senate intending to extend the debt ceiling and avoid a government shutdown and US dollar might add some fuel, otherwise the pair is poised to extend its decline towards the support at 1.1715, having the expectations of NFP tomorrow. 

AUD/USD Pops up and drops down

Aussie pinned a new fresh three weeks high at 0.7653 in the early Asian session. Fantastic macro data came from Australia, having retail sales up with 0.5% from previous upwardly revised 0.1%, the Q3 current account balance posted a deficit of 9.1B, improved from previous -9.7B and alongside backed up by Caixin Services PMI printing better than expected figures.Meanwhile RBA decided to keep rates unchanged on its monthly monetary policy meeting.

But the bulls enthusiasm was short-lived as gold plummeted to two months low and added pressure on the Aussie. The AUD/USD pair dropped to 0.76 area and currently is trading at 0.7604. 

On the four hour time frame th 20-day SMA eased and from bullish has turned flat, while the 100-day and 200-da SMAs are keeping bearish slopes. Stochastic retreated from extreme oversold area and currently is showing strong bearish momentum, crossing its mid-line. RSI is located around mids and has lost directional strength. 

As seen on the same chart, the price is caught between its bearish SMAs and there is a risk to the downside. If crossing to below 0.7575 (last week’s low), the pair will be poised to extend its decline towards next support at 0.7530 (November’s low). 

Tomorrow are due numbers on Q3 GDP in Australia, with growth seen at 0.7% from previous 0.8% and this makes the pair vulnerable and gives another hesitation for Australian bulls.

GBP/USD May and Juncker do not disturb much

GBP/USD rallied today to reach daily high at 1.3538, but the enthusiasm was fleeting as the pair dropped with over 80 pips. Pound bears were awaken following no agreement between UK and EU. The European Commission President Jean-Claude Juncker is still confident about an agreement that might be reached ahead of December 15th summit. And according to PM May, both sides are giving their best and are in good faith, so the progress has been made and there is common understanding on lots of issues.

From technical point of view, the pair is moving well above its 100-day and 200-day SMAs, that are keeping bullish stance, while the 20-day SMA, also bullish, is just two pips above the current price. Stochastic has retreated from the extreme negative territory and is displaying strong bullish momentum. RSI is located around its mid-line and seems that has lost directional strength. 

The GBP/USD is favoring a new leg higher if breaks the 1.3505 level and then on focus will be 1.3550. On the other hand, the pair remains vulnerable around 1.3420 area and in case bears fight it, next target will be 1.3380. 

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He Who Marches Out Of Step Hears Another Drum

„He Who Marches Out Of Step Hears Another Drum”. I found my favourite quote from „One Flew Over the Cuckoo's Nest” so appropriate to Pound’s behaviour today. The Brexit bill was finally negotiated between EU and UK and the 60 bn euro financial settlement will be accomplished before the deadline on December 4th.

Despite the pullback during the early NY session to 1.3220, the GBP/USD pair is currently trading at 1.3374. On the four hour time frame the price is located above its bullish moving averages. RSI and stochastic had turned sharply bounced from their oversold readings and are showing strong bullish momentum. The rally might extend in case of disappointing US data tomorrow and next bulls target is seen at 1.3420. 

USD/CAD Flashed higher

Loonie is seen uplifted today and marked fresh weekly high at 1.1824. The USD/CAD pair is up with 0.36% and currently is trading at 1.2808, which is impressive having in mind yesterday’s low at around 140 pips below. Against the majors from Europe the greenback maintains strength, but meanwhile the Canadian dollar suffered as recent weak inflation readings occurred to be surprising. The Financial System Review from the Bank of Canada brought nothing new for markets, but expectations for rate hikes in March 2018 remained intact. Technically speaking the pair maintains bullish short term outlook. On the four hour time the price is located well below its moving averages, having bullish 20-day SMA and flat 100-day and 200-day SMAs. RSI and stochastic are located within their extreme overbought areas, but both are starting to lose directional strength. The USD/CAD pair was seduced by the last week’s high at 1.2835, but as it’s seen failed to grab it. Bulls would fee more confident only above the resistance at 1.2860 and this might force them to test next one at 1.2895. Looking to the downside, bears are trilled by the 23.6% Fibonacci retarcement of latest September to October bullish run around 1.2720. 

EUR/USD The Force is strong with this one

Along the long road and on down the causeway. That’s what happens with the EUR/USD pair lately. But the force awakened for the bulls and the battlefield around 1.70 area was successfully beaten. At a higher altitude, with flag unfurled and a new conquest at 1.1960 today. But a retreatment we witnessed and currently hovering around 1.1900 the pair is. 

Despite the modest pullback it’s unlikely to watch again the attack of the cloned bears. The four hour time galaxy is showing above moving averages price moving. RSI and stochastic had slightly retreated from their extreme overbought orbits, but yet remain within positive readings. Lack of faith disturbing for bears is, 1.1890 level where the Force is strong with. Clearer clues for the pair there are with pre-ECB’s levels and upcoming inflation figures from both major planets within the forex empire.
May the force be with your trading!