Currency Pairs Market Analysis

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GBPAUD Prepares for New Decline​

The GBPAUD pair repeated the strong negative trades affected by the negative momentum coming by the major indicators, to consolidate below 61.8% Fibonacci correction level at 1.7500.

We expect to crawl towards 1.7190 to form the first target for the bearish track, noting that breaking this obstacle will allow the price to continue the decline and target more negative stations that might start at 1.7110 and 1.7055. The expected trading range for today is between 1.7360 and 1.7110.​

 

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GBPJPY Repeats the Negative Closings​

The GBPJPY pair confirmed keeping the domination of the bearish bias by providing new negative close below the additional barrier 159.90, to notice forming bearish waves and achieve some negative targets by reaching 157.45.

We expect to gather the additional negative momentum to resume the bearish attack and succeed to crawl below 157.30 obstacle to target 156.65 followed by 155.70 levels direct. The expected trading range for today is between 159.00 and 157.3.​

 

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EURUSD Technical Analysis​

The EURUSD pair declined clearly yesterday to approach our waited target at 1.0635, but it bounced bullishly to test 1.0745 again, and it keeps its stability below it until now, to keep the bearish trend scenario valid for the upcoming period, noting that surpassing the mentioned target will push the price to 1.0515 as a next negative station.

On the other hand, we should note that breaching 1.0745 will stop the expected decline and lead the price to attempt to regain the main bullish trend again. The expected trading range for today is between 1.0640 support and 1.0800 resistance.​

 

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NZDUSD Within Sideways Track​

The NZDUSD pair still stuck between the next trend keys represented by 0.6290 support and 0.6360 resistance, which makes us continue with our neutrality until now, waiting to breach one of these levels to detect the next destination clearly.

We remind you that breaking the support will press on the price to achieve negative targets that start at 0.6210 followed by 0.6140, while breaching the resistance will lead the price to attempt to regain the main bullish trend and head towards 0.6465 followed by 0.6530 levels as main positive stations. The expected trading range for today is between 0.6270 support and 0.6400 resistance.​

 

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Breaking - EUR Weakens Slightly After German Inflation Data​

Annual inflation rate in Germany rose to 8.7% YoY in January, from 8.6% YoY in previous month, below market estimates of 8.9% preliminary estimates showed. The statistical office changed the CPI base year to 2020 from 2015 and a technical programmer made it necessary to postpone the release of the preliminary CPI.

On a monthly basis, the inflation rose to 1.0%, in January from -0.8% in the previous month and above market estimates of 0.8% increase. In December when a federal one-off payment to cover the monthly installment for gas and heat for all households and small- to medium-sized businesses came into effect, pressuring the inflation down. The EU-harmonized index fell to 9.2% from 9.6%, below forecasts of 10%.

EURUSD bounced off the1.0740 resistance after release of today’s German inflation data.​

 

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USDJPY Tests the Resistance​

The USDJPY pair tested 131.65 level by today’s open, keeping its stability below it, accompanied by stochastic reach to the overbought areas, which supports the chances of resuming the negative trades to head towards achieving negative targets that start at 130.40 and extend to 128.90.

Therefore, we will continue to suggest the bearish trend for the upcoming period, reminding you that it is important to hold below 131.65 to continue the expected decline. The expected trading range for today is between 130.4 support and 132 resistance.​

 

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CADCHF Technical Analysis​

The CADCHF pair succeeded to gather the additional negative momentum to confirm the continuation of the previously suggested negativity and notice its crawl towards 0.6840 recently, also, the stability of the additional barrier 0.6920 forms major factor to confirm the domination of the bearish bias, which allows us to suggest suffering additional losses by crawling towards 0.6790 level soon, followed by reaching the additional support 0.6745 that forms the next main target for the upcoming trades.

The expected trading range for today is between 0.6880 and 0.6790.​

 

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GBPUSD Resumes the Decline​

The GBPUSD pair bounced bearishly after testing the bearish channel’s resistance that appears on the chart, to resume the expected bearish track on the intraday basis, which its next target located at 1.1940. The EMA50 supports the expected bearish trend, noting that the current decline is considered as bearish correction for the rise measured from 1.0297 to 1.2443, and breaking the targeted level will open the way to achieve additional declines that reach 1.1625 areas.

The EMA50 forms negative pressure that supports the continuation of the bearish trend domination in the upcoming sessions, and the price needs to get negative motive that assists to rally towards achieving the waited targets. Therefore, we expect to witness more decline on the intraday and short term basis, noting that breaching 1.2140 will stop the bearish trend and lead the price to attempt to regain the main bullish trend again.

The expected trading range for today is between 1.1940 support and 1.2110 resistance.​

 

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EURUSD Approaches the Target​

The EURUSD pair resumed its negative trading to move away from 1.0745 level, as it falls under continuous negative pressure coming by the EMA50, to approach our waited target at 1.0635, reinforcing the expectations of continuing the bearish trend in the upcoming sessions. Surpassing the mentioned level will push the price to achieve more decline and head towards 1.0515 as a next main target, while the price might witness some temporary sideways fluctuation affected by stochastic positivity until getting negative motive that assists to resume the negative trades to achieve the mentioned target.

On the other hand, we notice that the price completes forming negative pattern that adds more confirmation to the continuation of the expected bearish wave, which has negative targets that surpass 1.0515 to reach 1.0400 areas. Therefore, we will continue suggest the bearish trend for the upcoming period, noting that breaching 1.0745 will stop the negative scenario and lead the price to start new recovery attempts on the intraday basis.

The expected trading range for today is between 1.0575 support and 1.0745 resistance.​

 

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NZDUSD Technical Analysis​

The NZDUSD pair trades positively to test the key resistance 0.6340, reminding you that consolidating below this level is required to continue the expected negative scenario, which its targets begin by breaking 0.6290 to confirm opening the way to head towards 0.6210 followed by 0.6140 levels.

On the other hand, breaching 0.6340 will push the price to build new bullish wave that its targets begin by testing 0.6390 areas and extend to 0.6490. The expected trading range for today is between 0.6240 support and 0.6350 resistance.​

 

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EURGBP is Forced to Decline​

The EURGBP price suffered strong negative pressures, which forces it to delay the bullish attack by reaching the extra support at 0.8875 to notice forming some of the negative waves by reaching 0.8825.

in spite of the main stability within the bullish channel’s levels but the continuation of providing negative closes below the broken support confirms its surrender to the bearish correctional bias domination, to expect reaching 0.8805 and surpassing this obstacle might extend the losses towards 0.8730, to face the moving average 55.

The expected trading range for today is between 0.8865 and 0.8805.​

 

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EURJPY Prefers the Positivity​

The EURJPY pair provided new bullish trading by its rally above the moving average 55 recording some extra gains by reaching 142.40, generally, we will keep our main bullish expectation depending on the stability of the extra support at 142.25, besides stochastic attempt to provide extra positive momentum, to increase the chances for resuming the rise and recording extra gains that might begin from 143.15 reaching the next main target at 144.05.

note that the attempt of the price decline below 140.25 level and holding below it will cancel the positive overview, to expect begin forming strong negative trading that might push it to suffer several losses by reaching 139.60 and 138.20.

The expected trading range for today is between 141.10 and 142.40.​

 

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GBPUSD Technical Analysis​

The GBPUSD pair trades with clear positivity to start attacking 1.2190 level, to hint the attempt to return to rise and stop the bearish correction that dominated the recent trades, and we prefer to stay neutral until the price confirms its situation according to the mentioned level followed by detecting its next destination clearly.

Note that confirming the beach will push the price to achieve gains that start at 1.2300 and extend to 1.2440, while consolidating below it will press on the price to decline again and test 1.1940 level as a first main station. The expected trading range for today is between 1.2100 support and 1.2250 resistance.​

 

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USDCAD - Growth is possible.​

If the assumption is correct, the USDCAD pair will grow to the area of 1.3691–1.3978. In this scenario, critical stop loss level is 1.3265.

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AUDCAD Leans above the Additional Support​

The AUDCAD pair lost the positive momentum, which forces it to form some of the bearish correctional rebound, to face the extra support at 0.9225 and settles above it, the continuation of the stability above this support besides providing positive momentum by stochastic exit from the oversold level, which will increase the chances for gathering positive momentum, to begin activating the bullish track by targeting 0.9345 level initially, then breaching the barrier near 0.9420.

while the price reach below the current support will force it to suffer extra losses by resuming the bearish correctional attempts, to expect reaching the critical support at 0.9130.​

 

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AUDUSD consolidates below the resistance​

The AUDUSD pair attempted to return to the main bullish channel but it consolidated below the resistance line formed at 0.7000 barrier, to start today with bearish bias and approach the key support 0.6925, waiting to break this level to confirm the continuation of the correctional bearish wave and head towards our negative targets that start at 0.6855 and extend to 0.6780.

The EMA50 forms negative pressure against the price to support the expectations to decline, besides stochastic that provides negative signals on the four hours’ time frame. Therefore, we are waiting for more expected decline in the upcoming sessions conditioned by the price stability below 0.7000. The expected trading range for today is between 0.6870 support and 0.7000 resistance​

 

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USDCHF Technical Analysis​

The USDCHF pair provided new positive trades to test the key resistance 0.9250, showing bearish bias now to press on the EMA50, waiting to surpass this barrier to confirm the continuation of the expected bearish trend on the intraday basis, which its next targets located at 0.9120 followed by 0.9060.

Stochastic provides negative signals that we are waiting to support the continuation of the bearish bias in the upcoming sessions, reminding you that breaching 0.9250 will push the price to achieve additional gains and visit 0.9315 before detecting the next destination clearly.​

 

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NZDUSD Technical Analysis​

The NZDUSD pair confirmed breaking 0.6290 level after closing the daily candlestick below it, which supports the expectations of achieving more bearish correction on the intraday and short term basis, opening the way to head towards 0.6210 followed by 0.6140 levels as next main targets.

The EMA50 forms negative pressure that supports the continuation of the expected bearish trend, while stochastic begins to loses the positive momentum gradually. Therefore, we are waiting for more expected decline in the upcoming sessions, noting that the continuation of the bearish wave requires holding below 0.6290 and 0.6320 levels.​

 

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USDJPY Technical Analysis​

The USDJPY pair breached 133.30 level clearly and closed the daily candlestick above it, to open the way to continue the rise on the intraday and short term basis, to head towards achieving positive targets that start at 134.70 and extend to 135.70.

Therefore, we are waiting for more rise in the upcoming sessions, supported by the EMA50 that carries the price from below, noting that stochastic current negativity might cause some sideways fluctuation before resuming the expected bullish bias. On the other hand, we should note that breaking 133.30 will stop the positive scenario and press on the price to turn to decline.​

 

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EURJPY Technical Analysis​

The EURJPY pair continued to provide new positive trades, to take advantage of the major indicators that provide the positive momentum, to notice moving away from the additional support 142.40 and achieve additional gains by touching 143.45.

These factors confirm the continuation of the positivity for the upcoming trading, to keep our bullish overview that might target 144.05 level soon, while breaching it will extend trades towards the next barrier at 145.25 direct. The expected trading range for today is between 142.75 and 143.90.​