Forex Technical/Fundamental Analysis & Forecast by RoboForex

The Pound rose thanks to progress in Brexit talks. Overview for 11.10.2019

On Friday morning, GBPUSD remains energetic and is ready to rise thanks to progress in Brexit talks.

The British Pound intends to keep growing against the USD on Friday. The current quote for the instrument is 1.2450.

The Pound skyrocketed yesterday after investors found out that the United Kingdom was ready to make significant concessions in the Brexit talks. Pat Leahy, the Irish Times editor, twitted that “there had been very significant movement from the British side on the customs issue in the Johnson-Varadkar talks”.

Yesterday, the British Prime Minister Boris Johnson and the Irish Taoiseach Leo Varadkar “held make-or-break Brexit talks”, after which market players started active debates on a possible deal soon. The “hardcore” Brexit is not a good thing for Ireland and here’s the reason why: according to the current calculations, this scenario might result in the hasty growth of unemployment, up to 7% on average. Later, it might get much worse.

Deteriorations on the Irish labor market will be clearly seen right after implementation of the no-deal Brexit scenario and may continue for the next two years, and the Irish party would like to avoid it. That’s why any progress relating to the Brexit deal, including the Irish border, is absolutely positive for the British Pound.

Forecasts for other instruments can be found in the section "Forex Forecasts and Analysis" on our website.

Fibonacci Retracements Analysis 17.10.2019 (AUDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

As we can see in the H4 chart, after finishing the correctional downtrend close to the support at 23.6% fibo, AUDUSD is forming a new rising impulse to reach the local high. In the future, the impulse may break it and then continue growing towards mid-term 76.0% fibo at 0.6840 and the fractal high at 0.6894.



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Ichimoku Cloud Analysis 23.10.2019 (AUDUSD, NZDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading at 0.6841; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test the cloud’s upside border at 0.6820 and then resume moving upwards to reach 0.6945. Another signal to confirm further ascending movement is the price’s rebounding from the rising channel’s downside border. However, the scenario that implies further growth may be canceled if the price breaks the cloud’s downside border and fixes below 0.6775. In this case, the pair may continue falling towards 0.6675. After breaking the descending channel’s upside border and fixing above 0.6905, the price may continue moving upwards.



Read more - Ichimoku Cloud Analysis AUDUSD, NZDUSD, USDCAD

Murrey Math Lines 12.11.2019 (AUDUSD, NZDUSD)

AUDUSD, “Australian Dollar vs US Dollar”

In the H4 chart, the pair is trading inside the “overbought area”. In this case, the pair is expected to break 8/8 and then fall towards the support at 7/8. However, this scenario may no longer be valid if the price rebounds from 8/8 to the upside. After that, the instrument may resume growing to reach the resistance at +1/8.



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Japanese Candlesticks Analysis 25.11.2019 (EURUSD, USDJPY)

EURUSD, “Euro vs. US Dollar”

As we can see in the H4 chart, the descending tendency continues. After forming Harami reversal pattern, EURUSD is trading in the middle of the channel. We may assume that after reversing the price may form a slight correction and then resume falling to reach 1.0970. However, one shouldn’t exclude a possibility that the price may continue growing towards 1.1111.



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Fibonacci Retracements Analysis 03.09.2019 (EURUSD, USDJPY)

EURUSD, “Euro vs US Dollar”

As we can see in the H4 chart, after finishing the short-term pullback, EURUSD is forming a new descending impulse. It seems as if the previous low at 1.1027 couldn’t provide enough resistance to bears and now acts as the resistance for bulls. After breaking the previous low, the instrument continue falling towards the post-correctional extension area between 138.2% and 161.8% fibo at 1.0942 and 1.0889 respectively.



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The Australian Dollar continues rising. Overview for 04.09.2019

AUDUSD remains “in the black” and may continue recovering.

On Wednesday morning, the Australian Dollar is rising against the USD. The current quote for the instrument is 0.6772.

The Aussie remains positive the statistics published in the morning were rather neutral, but it was good given the current situation. The Australian GDP added 0.5% q/q in the second quarter, the same as expected. The country’s economy didn’t regress and that’s a good point.

At the same time, the GDP outlook is quite questionable. If the economy of China, which is Australia’s key trade and economic partner, continues slowing down, Australian numbers will be affected sooner or later.

There are issues with Export. Due to the decline in global demand for energy commodities, Australian coal may not be sold as well as in the past and that’s a serious impact on the budget. It’s bad news, but may be only a theory so far.

This week, Australia will report on the Trade Balance for July, which may provide answers to some of the questions.

Forecasts for other instruments can be found in the section "Forex Forecasts and Analysis" on our website.

Forex Technical Analysis & Forecast 05.09.2019 (EURUSD, GBPUSD, USDCHF, USDJPY, AUDUSD, USDRUB, USDCAD, GOLD, BRENT, BTCUSD)

EURUSD, “Euro vs US Dollar”

After forming a continuation pattern around 1.0975 and breaking it to the upside, EURUSD has completed the ascending wave at 1.1030; right now, it is trading around this level. Possibly, the pair may consolidate close to these highs; there is Double Top pattern at 1.1037. According to the main scenario, the price is expected to fall and break 1.1021. The first target is at 1.1006.



Read more - Forex Technical Analysis & Forecast EURUSD, GBPUSD, USDCHF, USDJPY, AUDUSD, USDRUB, USDCAD, GOLD, BRENT, BTCUSD

The Yen stopped plunging. Overview for 06.09.2019

On Friday, USDJPY stopped its active growth; right now, it is starting to consolidate.

The Japanese Yen is no longer weakening against the USD. As soon as global financial tensions reduced, demand for “safe haven” assets also went down and the yen got under pressure. Right now, market players are starting to adjust their positions and analyze what is happening. The current quote for the instrument is 106.99.

The statistics published in the morning showed that the Average Cash Earnings lost 0.3% y/y in July after adding 0.4% y/y in the previous month and against the expected reading of +0.1% y/y. It’s a bad signal, which means that the state of things in Japanese companies and enterprises are so shaky that they not only stop competing for workers but also reduce expenses on them.

The Household Spending in Japan expanded by 0.8% y/y after adding 2.7% y/y in June and against the expected reading of +0.9% y/y.

This indicator shows how the country’s population spends their money and can be considered as an objective leading indicator of economic activity. So far, it remains positive, but there are signals that the current situation is rather unstable and mixed. It’s not good news for the Yen.

Forecasts for other instruments can be found in the section "Forex Forecasts and Analysis" on our website.

Ichimoku Cloud Analysis 09.09.2019 (AUDUSD, NZDUSD, USDCAD)

AUDUSD, “Australian Dollar vs US Dollar”

AUDUSD is trading at 0.6857; the instrument is moving above Ichimoku Cloud, thus indicating an ascending tendency. The markets could indicate that the price may test Tenkan-Sen and Kijun-Sen at 0.6815 and then resume moving upwards to reach 0.7005. Another signal to confirm further ascending movement is the price’s rebounding from the support level. However, the scenario that implies further growth may be canceled if the price breaks the cloud’s downside border and fixes below 0.6730. In this case, the pair may continue falling towards 0.6605.



Read more - Ichimoku Cloud Analysis AUDUSD, NZDUSD, USDCAD