Forex Analysis.

furqan97 (36)in #steemit • 7 years ago

Good evening steemit friends. this post about daily forex trading analysis.

In today's trading, it is likely that the greenback is still in the shadow of a momentary correction as a form of profit-taking for a moment with still worries about the problem of trade war and ahead of the release of US employment data starting later in the night.
As we know that in yesterday's trading, the greenback's conditions put pressure on other major world currencies and gold, except for the pound and Australian dollar, thus causing the EURUSD to close lower at the 1.2270 level, the GBPUSD closing higher at the 1.4054 level, AUDUSD closed up at 0.7682 and USDJPY closed down at 106.58. At the same time to make the price of June contract gold futures on the New York Mercantile Exchange division Comex closed down $ 10.40 or 0.77% at the level of $ 1336.50 per troy ounce.
The value of the US dollar improved overnight after President Trump has declared it will charge tariffs for Chinese goods and enter the new tariff package at a value of between $ 50 billion and $ 60 billion per year, so that the trade war drums are getting louder.
Unfortunately starting today, US employment data will begin to be released, with ADP payroll data as its opening before nonfarm payroll data on Friday. ADP payroll is also a new additional employment data, but from the private sector glasses that released it. If nonfarm payroll or NFP is data released by the government version.
It is estimated that ADP data this time can still be better than the previous period, so it appears that investors are also reluctant to hold too long non-US dollar assets and gold. If the data improves, it is certain that the economic growth rate or GDP and inflation or CPI or CPI side will also increase. With the increase on both sides, the US economy will heat up, so it takes the Fed's interest rate increase to dampen the hot economy.

Daily Technical Analysis

This analysis is just a guide for traders to see the market conditions today and not a transaction suggestion.

EURUSD

EURUSD fell through a trend line at the end of Tuesday's session and closed negative at 1.2271. So today EURUSD has the potential to go further with next targets at 1.2254 and 1.2227. Other strong support is seen at 1.2170.
This morning EURUSD rebounded and potentially to test intraday resistance at 1.2295 and 1.2317.

USDJPY

USDJPY has a chance to keep moving up after yesterday's positive close at 106.59 although after all this pair is in consolidation phase. So far the USDJPY is still struggling to break the strong resistance in the form of a downtrend line at 106.55, as seen on the daily chart.
If USDJPY bulls are able to break the resistance then the consolidation of this pair may change and potentially to hit 106.99 and 107.27.
On Wednesday morning this intraday support is seen at 106.40, 106.27 and 106.00.

GBPUSD

GBPUSD is still moving sideways and yesterday closed positively at 1.4056, slightly higher than the previous closing session. As seen on the daily chart, the pair continues moving around the uptrend line located at 1.4040.
Today sideways movement is still possible to happen but the situation may change considering there are a number of important data that will be released today including from England.
So we should keep a close watch on price action against the 1.4040 and 1.4087 zones which are temporarily the intraday pair consolidation span. Other intraday support is at 1.4030 and 1.4009 while other resistance is at 1.4095 and 1.4125.

AUDUSD

AUDUSD managed to strengthen in Tuesday's session when it ended at 0.7682 but the pair is in consolidation phase. Until now AUDUSD is also still below the strong resistance zone 0.7705 which means the bears still survive.
So consolidation can still continue today with a range of 0.7640 to 0.7705 moves.

XAUUSD

Gold prices (XAUUSD) hit on Tuesday, forced to partially off the gain in the previous session. Yesterday the price of this commodity closed negative at 1332.60 and selling pressure is still visible on Wednesday morning.
The price of gold this morning was below intraday resistance 1334.75, 1337.80 and 1340.60. The yesterday's session low level at 1328.70 became the first and subsequent intraday support at 1326.50.
Opportunities today until some important data released is the gold price will move in the range 1326.70 to 1336.00.