Markets Roundup by Scandinavian Capital Markets

Discussion in 'Technical Analysis' started by SCM Forex, Feb 5, 2018.

  1. SCM Forex

    SCM Forex Trader

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    Gold inched lower on Monday, decreasing the price of yellow metal to less than $1350.00 an ounce after some key economic releases. The technical bias remains bullish because of a higher high in the ongoing upside move.

    XAU/USD Technical Analysis

    As of this writing, the precious metal is being traded near $1331.46 an ounce. A hurdle can be noted near $1365, a key psychological level ahead of $1373, the high of the last major upside rally on the daily chart and then $1400, the psychological level. A break and daily closing above the $1400 level shall trigger renewed buying interest, validating a rally towards the $1440 resistance zone.
    [​IMG]
    On the downside, a support may be noted around $1311, an immediate horizontal support ahead of $1300, the psychological level as well as another key horizontal support area and then $1250, a major psychological number. The technical bias shall remain bullish as long as the $1200 support area is intact.

    US Payrolls Report

    The ADP national employment report showed private sector employment rose by 234,000 jobs in January, beating economists’ expectations for an increase of only 185,000. December’s payrolls count was revised down to 242,000 from 250,000.

    Manufacturing added 12,000 jobs last month and construction payrolls increased 9,000 despite bitterly cold temperatures in many parts of the country. There were also widespread job gains in the private services sector.

    The ADP report is jointly produced with Moody’s Analytics. It, however, has a poor record predicting the private payrolls component of the government’ more comprehensive employment report. The Department of Labor will publish January’s employment report on Friday.

    Trade Idea

    Considering the overall technical and fundamental outlook, selling the precious metal around current levels appears to be a good strategy in short to medium term.
     
  2. SCM Forex

    SCM Forex Trader

    24
    0
    7
    The New Zealand Dollar (NZD) inched higher against the US Dollar (USD) on Tuesday, increasing the price of NZDUSD to more than 0.7250 following some key economic releases. The technical bias shall remain bullish because of a higher high in the ongoing downside move.

    NZD/USD Technical Analysis

    As of this writing, the pair is being traded around 0.7278. A support can be noted around 0.7212 an immediate horizontal support ahead of 0.7200 the psychological number and then 0.71257, another key horizontal support as demonstrated in the given below chart.
    [​IMG]
    On the upside, a hurdle can be noted near 0.7377, an immediate horizontal resistance level ahead of 0.7400, the psychological level and then 0.7478, the high of the last major upside rally as demonstrated in the given above chart. The technical bias shall remain bearish as long as the 0.7500 resistance area is intact.
    US Services PMI

    A closely-watched gauge of U.S. service sector sentiment rose in January, according to a business survey released on Monday.

    The Institute of Supply Management’s non-manufacturing purchasing manager’s index(PMI) increased to 59.9, compared to forecasts for a reading of 56.5.

    The prior month’s reading was 56.0.

    On the index, a reading above 50.0 indicates the non-manufacturing sector economy is generally expanding, below 50.0 indicates the sector is contracting.

    The Non-Manufacturing Business Activity Index increased to 59.8 last month, 2.0 points above December’s reading of 57.8.

    Economists had forecast a decline to 57.2.

    Trade Idea

    Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.
     
  3. SCM Forex

    SCM Forex Trader

    24
    0
    7
    The Great Britain Pound (GBP) inched lower against the US Dollar (USD) on Wednesday, decreasing the price of GBPUSD to less than 1.4000 following some key economic events. The technical bias remains bullish because of a higher low in the recent downside move.

    GBP/USD Technical Analysis

    As of this writing, the pair is being traded near 1.3957. A hurdle may be noted around 1.4262 (a major horizontal resistance zone) ahead of 1.4300 (a psychological level) and then 1.4343 (another major resistance area).

    [​IMG]


    On the downside, a support can be noted around 1.3000 (a psychological number) ahead of 1.2634 (the low of the last major downside move) and then 1.2500 (the confluence of horizontal support as well as psychological number) as demonstrated in the given above chart. The technical bias shall remain bullish as long as the 1.2700 support area is intact.


    US Trade Deficit

    The U.S. trade deficit widened to the biggest monthly and annual levels since the last recession, underscoring the inherent friction in President Donald Trump’s goal of narrowing the gap while enjoying faster economic growth.


    The deficit increased 5.3 percent in December to a larger-than- expected $53.1 billion, the widest since October 2008, as imports outpaced exports, Commerce Department data showed Tuesday. For all of 2017, the goods-and-services gap grew 12 percent to $566 billion, the biggest since 2008.

    Trade Idea

    Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.
     
  4. SCM Forex

    SCM Forex Trader

    24
    0
    7
    The Australian Dollar (AUD) inched lower against the US Dollar (USD) on Thursday, decreasing the price of AUDUSD to less than 0.7850 following some key economic releases. The technical bias shall remain bearish because of a lower high in the ongoing downside move.

    AUD/USD Technical Analysis

    As of this writing, the pair is being traded around 0.7827. A support can be noted around 0.7500, an immediate horizontal support ahead of 0.7450 the psychological number and then 0.7367, another key horizontal support as demonstrated in the given below chart.

    [​IMG]
    On the upside, a hurdle can be noted near 0.8090, an immediate horizontal resistance level ahead of 0.8100, the psychological level and then 0.8249, the high of the last major upside rally as demonstrated in the given above chart. The technical bias shall remain bearish as long as the 0.8024 resistance area is intact.

    Australia Trade Balance
    Australia has slipped to a heavy trade deficit in December after imports surged during the month.

    The trade balance for the month fell to a deficit of $1.36 billion, down from a revised $36 million surplus in November and against market expectations for a surplus of $200 million.

    Exports were up by $510 million or 2.0 per cent for the month led mainly by an increase in shipments of iron ore and coal, the country’s top two export earners, the Australian Bureau of Statistics said.

    However, imports jumped by $1.9 billion or 6.0 per cent during the month, mainly on account of a surge in imports of fuel as well as machinery and equipment.

    Trade Idea
    Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.
     
  5. SCM Forex

    SCM Forex Trader

    24
    0
    7
    The Great Britain Pound (GBP) inched higher against the US Dollar (USD) on Friday, increasing the price of GBPUSD to more than 1.3900 following some key economic events. The technical bias remains bullish because of a higher low in the recent downside move.

    GBP/USD Technical Analysis

    As of this writing, the pair is being traded near 1.3935. A hurdle may be noted around 1.4262 (a major horizontal resistance zone) ahead of 1.4300 (a psychological level) and then 1.4343 (another major resistance area).


    [​IMG]


    On the downside, a support can be noted around 1.3000 (a psychological number) ahead of 1.2634 (the low of the last major downside move) and then 1.2500 (the confluence of horizontal support as well as psychological number) as demonstrated in the given above chart. The technical bias shall remain bullish as long as the 1.2700 support area is intact.

    BoE Interest Rate
    The Bank of England said on Thursday it was likely to raise interest rates sooner and by more than it thought only three months ago, because Britain’s slow-moving economy is getting a boost from the global recovery.

    The BoE’s rate-setters gave themselves time to assess how Britain is coping with the approach of Brexit by voting unanimously to hold Bank Rate at 0.5 percent, as expected.

    But Governor Mark Carney and his colleagues said they saw a growing need to keep a grip on inflation, echoing other central banks which are moving toward tighter monetary policy a decade after the financial crisis.

    Trade Idea
    Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.
     
  6. SCM Forex

    SCM Forex Trader

    24
    0
    7
    Gold inched higher on Monday, increasing the price of yellow metal to more than $1300.00 an ounce after some key economic releases. The technical bias remains bullish because of a higher high in the ongoing upside move.

    XAU/USD Technical Analysis

    As of this writing, the precious metal is being traded near $1325.46 an ounce. A hurdle can be noted near $1365, a key psychological level ahead of $1373, the high of the last major upside rally on the daily chart and then $1400, the psychological level. A break and daily closing above the $1400 level shall trigger renewed buying interest, validating a rally towards the $1440 resistance zone.

    [​IMG]

    On the downside, a support may be noted around $1311, an immediate horizontal support ahead of $1300, the psychological level as well as another key horizontal support area and then $1250, a major psychological number. The technical bias shall remain bullish as long as the $1200 support area is intact.

    China Consumer Price Index

    China’s consumer inflation cooled to 1.5 percent in January, in line with economists’ forecasts, official data showed on Friday.

    The consumer price index (CPI) had been expected to moderate from a 1.8 percent gain in December.

    The producer price index (PPI) rose 4.3 percent from a year earlier, also cooling from the previous month’s rise of 4.9 percent, the National Bureau of Statistics (NBS) said on its website.

    Analysts polled by Reuters had predicted producer inflation would ease to 4.4 percent in January.

    Trade Idea

    Considering the overall technical and fundamental outlook, buying the precious metal around current levels appears to be a good strategy in short to medium term.
     
  7. SCM Forex

    SCM Forex Trader

    24
    0
    7
    The New Zealand Dollar (NZD) inched higher against the US Dollar (USD) on Tuesday, increasing the price of NZDUSD to more than 0.7250 following some key economic releases. The technical bias shall remain bullish because of a higher high in the ongoing downside move.

    NZD/USD Technical Analysis

    As of this writing, the pair is being traded around 0.7265. A support can be noted around 0.7212 an immediate horizontal support ahead of 0.7200 the psychological number and then 0.71257, another key horizontal support as demonstrated in the given below chart.

    On the upside, a hurdle can be noted near 0.7377, an immediate horizontal resistance level ahead of 0.7400, the psychological level and then 0.7478, the high of the last major upside rally as demonstrated in the given above chart. The technical bias shall remain bearish as long as the 0.7500 resistance area is intact.

    New Zealand Employment Data

    New Zealand employment growth slowed less than economists projected in the final quarter of 2017, when a change of government caused a slump in business confidence and made firms more cautious about hiring. The jobless rate unexpectedly fell to a fresh nine-year low. Here are some key points from the report;

    · Employment rose 0.5% q/q; economists expected 0.4% gain

    · Jobless rate fell to 4.5%; economists’ tipped rise to 4.7%

    · Jobless rate lowest since 4.4% in 4q 2008

    · Participation rate dropped to 71%, matching economists’ forecast

    · N.Z. dollar climbed to 73.43 U.S. cents at 11:20 a.m. in Wellington from 73.06 cents before the report

    Trade Idea

    Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.
     
  8. SCM Forex

    SCM Forex Trader

    24
    0
    7
    The Euro (EUR) inched higher against the US Dollar (USD) on Wednesday, increasing the price of EURUSD to more than 1.2350 following some key economic releases. The technical bias shall remain bullish because of a higher high in the ongoing downside move.

    EUR/USD Technical Analysis

    As of this writing, the pair is being traded around 1.2383. A support can be noted around 1.2162, an immediate horizontal support ahead of 1.2100 the psychological number and then 1.1979, another key horizontal support as demonstrated in the given below chart.

    On the upside, a hurdle can be noted near 1.2453, an immediate horizontal resistance level ahead of 1.2500, the psychological level and then 1.2537, the high of the last major upside rally as demonstrated in the given above chart. The technical bias shall remain bearish as long as the 1.2300 resistance area is intact.

    Germany Import Prices

    German import price inflation in December was the lowest in over a year, though prices rose during the whole year 2017, erasing the decline seen in the previous year, preliminary data from the statistical office Destatis showed Monday. The import price index climbed 1.1 percent year-on-year, which was sharply slower than the 2.7 percent increase in November. The latest gain was the smallest since November 2016, when import prices rose just 0.3 percent.

    On a month-on-month basis, import prices grew 0.3 percent in December. For the whole year 2017, import prices rose 3.8 percent versus a 3.1 percent fall in 2016. The latest increase was the highest since 2011, when import prices jumped 6.4 percent.

    Trade Idea

    Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.
     
  9. SCM Forex

    SCM Forex Trader

    24
    0
    7
    The Australian Dollar (AUD) inched higher against the US Dollar (USD) on Thursday, increasing the price of AUDUSD to more than 0.7900 following some key economic releases. The technical bias shall remain bullish because of a higher high in the recent upside move.

    AUD/USD Technical Analysis

    As of this writing, the pair is being traded around 0.7932. A support can be noted around 0.7500, an immediate horizontal support ahead of 0.7450 the psychological number and then 0.7367, another key horizontal support as demonstrated in the given below chart.

    On the upside, a hurdle can be noted near 0.8090, an immediate horizontal resistance level ahead of 0.8100, the psychological level and then 0.8249, the high of the last major upside rally as demonstrated in the given above chart. The technical bias shall remain bearish as long as the 0.8024 resistance area is intact.

    Australia Trade Balance

    Australia has slipped to a heavy trade deficit in December after imports surged during the month.

    The trade balance for the month fell to a deficit of $1.36 billion, down from a revised $36 million surplus in November and against market expectations for a surplus of $200 million.

    Exports were up by $510 million or 2.0 per cent for the month led mainly by an increase in shipments of iron ore and coal, the country’s top two export earners, the Australian Bureau of Statistics said.

    However, imports jumped by $1.9 billion or 6.0 per cent during the month, mainly on account of a surge in imports of fuel as well as machinery and equipment.

    Trade Idea

    Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.
     
  10. SCM Forex

    SCM Forex Trader

    24
    0
    7
    The Great Britain Pound (GBP) inched higher against the US Dollar (USD) on Friday, increasing the price of GBPUSD to more than 1.4100 following some key economic events. The technical bias remains bullish because of a higher low in the recent downside move.

    GBP/USD Technical Analysis

    As of this writing, the pair is being traded near 1.4146. A hurdle may be noted around 1.4262 (a major horizontal resistance zone) ahead of 1.4300 (a psychological level) and then 1.4343 (another major resistance area).

    On the downside, a support can be noted around 1.3000 (a psychological number) ahead of 1.2634 (the low of the last major downside move) and then 1.2500 (the confluence of horizontal support as well as psychological number) as demonstrated in the given above chart. The technical bias shall remain bullish as long as the 1.2700 support area is intact.

    BoE Interest Rate

    The Bank of England said on Thursday it was likely to raise interest rates sooner and by more than it thought only three months ago, because Britain’s slow-moving economy is getting a boost from the global recovery.

    The BoE’s rate-setters gave themselves time to assess how Britain is coping with the approach of Brexit by voting unanimously to hold Bank Rate at 0.5 percent, as expected.

    But Governor Mark Carney and his colleagues said they saw a growing need to keep a grip on inflation, echoing other central banks which are moving toward tighter monetary policy a decade after the financial crisis.

    Trade Idea

    Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.
     
  11. SCM Forex

    SCM Forex Trader

    24
    0
    7
    Gold inched higher on Monday, increasing the price of yellow metal to more than $1300.00 an ounce after some key economic releases. The technical bias remains bullish because of a higher high in the ongoing upside move.

    XAU/USD Technical Analysis

    As of this writing, the precious metal is being traded near $1350.56 an ounce. A hurdle can be noted near $1365, a key psychological level ahead of $1373, the high of the last major upside rally on the daily chart and then $1400, the psychological level. A break and daily closing above the $1400 level shall trigger renewed buying interest, validating a rally towards the $1440 resistance zone.

    On the downside, a support may be noted around $1311, an immediate horizontal support ahead of $1300, the psychological level as well as another key horizontal support area and then $1250, a major psychological number. The technical bias shall remain bullish as long as the $1200 support area is intact.

    China Consumer Price Index

    China’s consumer inflation cooled to 1.5 percent in January, in line with economists’ forecasts, official data showed on Friday.

    The consumer price index (CPI) had been expected to moderate from a 1.8 percent gain in December.

    The producer price index (PPI) rose 4.3 percent from a year earlier, also cooling from the previous month’s rise of 4.9 percent, the National Bureau of Statistics (NBS) said on its website.

    Analysts polled by Reuters had predicted producer inflation would ease to 4.4 percent in January.

    Trade Idea

    Considering the overall technical and fundamental outlook, buying the precious metal around current levels appears to be a good strategy in short to medium term.
     
  12. SCM Forex

    SCM Forex Trader

    24
    0
    7
    The Great Britain Pound (GBP) inched higher against the US Dollar (USD) on Friday, increasing the price of GBPUSD to more than 1.3900 following some key economic events. The technical bias remains bullish because of a higher low in the recent downside move.

    GBP/USD Technical Analysis

    As of this writing, the pair is being traded near 1.3916. A hurdle may be noted around 1.4262 (a major horizontal resistance zone) ahead of 1.4300 (a psychological level) and then 1.4343 (another major resistance area).

    On the downside, a support can be noted around 1.3000 (a psychological number) ahead of 1.2634 (the low of the last major downside move) and then 1.2500 (the confluence of horizontal support as well as psychological number) as demonstrated in the given above chart. The technical bias shall remain bullish as long as the 1.2700 support area is intact.

    BoE Interest Rate

    The Bank of England said on Thursday it was likely to raise interest rates sooner and by more than it thought only three months ago, because Britain’s slow-moving economy is getting a boost from the global recovery.

    The BoE’s rate-setters gave themselves time to assess how Britain is coping with the approach of Brexit by voting unanimously to hold Bank Rate at 0.5 percent, as expected.

    But Governor Mark Carney and his colleagues said they saw a growing need to keep a grip on inflation, echoing other central banks which are moving toward tighter monetary policy a decade after the financial crisis.

    Trade Idea

    Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.
     
  13. SCM Forex

    SCM Forex Trader

    24
    0
    7
    The New Zealand Dollar (NZD) inched higher against the US Dollar (USD) on Tuesday, increasing the price of NZDUSD to more than 0.7200 following some key economic releases. The technical bias shall remain bullish because of a higher high in the ongoing downside move.

    NZD/USD Technical Analysis

    As of this writing, the pair is being traded around 0.7242. A support can be noted around 0.7212 an immediate horizontal support ahead of 0.7200 the psychological number and then 0.71257, another key horizontal support as demonstrated in the given below chart.

    On the upside, a hurdle can be noted near 0.7377, an immediate horizontal resistance level ahead of 0.7400, the psychological level and then 0.7478, the high of the last major upside rally as demonstrated in the given above chart. The technical bias shall remain bearish as long as the 0.7500 resistance area is intact.

    New Zealand Employment Data

    New Zealand employment growth slowed less than economists projected in the final quarter of 2017, when a change of government caused a slump in business confidence and made firms more cautious about hiring. The jobless rate unexpectedly fell to a fresh nine-year low. Here are some key points from the report;

    · Employment rose 0.5% q/q; economists expected 0.4% gain

    · Jobless rate fell to 4.5%; economists’ tipped rise to 4.7%

    · Jobless rate lowest since 4.4% in 4q 2008

    · Participation rate dropped to 71%, matching economists’ forecast

    · N.Z. dollar climbed to 73.43 U.S. cents at 11:20 a.m. in Wellington from 73.06 cents before the report

    Trade Idea

    Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.
     
  14. SCM Forex

    SCM Forex Trader

    24
    0
    7
    The Great Britain Pound (GBP) inched higher against the US Dollar (USD) on Thursday, increasing the price of GBPUSD to more than 1.4150 following some key economic events. The technical bias remains bullish because of a higher low in the recent downside move.

    GBP/USD Technical Analysis

    As of this writing, the pair is being traded near 1.4161. A hurdle may be noted around 1.4262 (a major horizontal resistance zone) ahead of 1.4300 (a psychological level) and then 1.4343 (another major resistance area).


    On the downside, a support can be noted around 1.3000 (a psychological number) ahead of 1.2634 (the low of the last major downside move) and then 1.2500 (the confluence of horizontal support as well as psychological number) as demonstrated in the given above chart. The technical bias shall remain bullish as long as the 1.2700 support area is intact.

    US Housing Starts

    the Commerce Department said housing starts declined 7.0 percent to a seasonally adjusted annual rate of 1.236 million units as a plunge in the construction of multi-family housing units offset a second straight monthly increase in single-family projects.

    Economists polled by Reuters had forecast housing starts falling to a 1.290 million-unit rate. Permits for future home building decreased 5.7 percent to a rate of 1.298 million units in February.

    While the volatile multi-family housing segment accounted for the decline in home building last month, the broader housing market appears to be slowing. Sales of new and previously owned homes have slumped in recent months as a dearth of properties boosted prices, sidelining some first-time home buyers.

    Trade Idea

    Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.
     
  15. SCM Forex

    SCM Forex Trader

    24
    0
    7
    The Great Britain Pound (GBP) inched higher against the US Dollar (USD) on Thursday, increasing the price of GBPUSD to more than 1.4150 following some key economic events. The technical bias remains bullish because of a higher low in the recent downside move.

    GBP/USD Technical Analysis

    As of this writing, the pair is being traded near 1.4161. A hurdle may be noted around 1.4262 (a major horizontal resistance zone) ahead of 1.4300 (a psychological level) and then 1.4343 (another major resistance area).

    [​IMG]

    On the downside, a support can be noted around 1.3000 (a psychological number) ahead of 1.2634 (the low of the last major downside move) and then 1.2500 (the confluence of horizontal support as well as psychological number) as demonstrated in the given above chart. The technical bias shall remain bullish as long as the 1.2700 support area is intact.

    US Housing Starts

    the Commerce Department said housing starts declined 7.0 percent to a seasonally adjusted annual rate of 1.236 million units as a plunge in the construction of multi-family housing units offset a second straight monthly increase in single-family projects.

    Economists polled by Reuters had forecast housing starts falling to a 1.290 million-unit rate. Permits for future home building decreased 5.7 percent to a rate of 1.298 million units in February.

    While the volatile multi-family housing segment accounted for the decline in home building last month, the broader housing market appears to be slowing. Sales of new and previously owned homes have slumped in recent months as a dearth of properties boosted prices, sidelining some first-time home buyers.

    Trade Idea

    Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.
     
  16. SCM Forex

    SCM Forex Trader

    24
    0
    7
    The New Zealand Dollar (NZD) inched higher against the US Dollar (USD) on Friday, increasing the price of NZDUSD to more than 0.7200 following some key economic releases. The technical bias shall remain bullish because of a higher high in the ongoing downside move.

    NZD/USD Technical Analysis

    As of this writing, the pair is being traded around 0.7220. A support can be noted around 0.7212 an immediate horizontal support ahead of 0.7200 the psychological number and then 0.71257, another key horizontal support as demonstrated in the given below chart.

    On the upside, a hurdle can be noted near 0.7377, an immediate horizontal resistance level ahead of 0.7400, the psychological level and then 0.7478, the high of the last major upside rally as demonstrated in the given above chart. The technical bias shall remain bearish as long as the 0.7500 resistance area is intact.

    US Jobless Claims News

    The number of Americans filing for unemployment benefits rose just marginally last week, suggesting strong job growth in March that should underpin consumer spending.

    Initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 229,000 for the week ended March 17, the Labor Department said on Thursday. Claims dropped to 210,000 during the week ended Feb. 24, which was the lowest level since December 1969.

    Economists polled by Reuters had forecast claims dipping to 225,000 in the latest week. Claims have now been below the 300,000 threshold, which is associated with a strong labor market, for 159 straight weeks. That is the longest such stretch since 1970, when the labor market was much smaller.

    Trade Idea

    Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.
     
  17. SCM Forex

    SCM Forex Trader

    24
    0
    7
    The Euro (EUR) inched higher on Monday, increasing the price of EURUSD to more than 1.2350 following the release of some key economic news. The technical bias remains slightly bullish because of a higher high in the recent upside rally.

    Technical Analysis

    As of this writing, the EURUSD pair is being traded near 1.2368. A support can be seen around 1.2215, an immediate trendline support area ahead of 1.2053, the 50% fib level support and then 1.2000, the pychological level. A break and daily closing below the 1.2000 support area shall trigger renewed selling interest, validating a move towards the 1.1554 level which is the low of the last major downside move.

    On the upside, the pair is likely to face a hurdle near 1.2412, the high of yesterday (Tuesday) ahead of 1.2537, a major horizontal resistance area and then 1.2600, the psychological level. The technical bias shall remain bullish as long as the 1.2000 support area is intact.

    US Industrial Production

    U.S. industrial production surged in February, boosted by strong increases in output at factories and mines, but the economic outlook for the first quarter was dimmed by a larger-than-expected plunge in home building last month.

    Industrial production jumped 1.1 percent last month, the Federal Reserve said on Friday. That was the largest increase in four months and followed a 0.3 percent decline in January. February’s increase beat economists’ expectations for only a 0.3 percent gain.

    Manufacturing output vaulted 1.2 percent, the biggest gain since October, after falling 0.2 percent in January. Production of primary metals, which include steel and aluminum increased 0.5 percent last month after jumping 1.5 percent in January.

    Trade Idea

    Considering the overall technical and fundamental outlook, selling the pair around current levels can be a good strategy as bears are apparently gaining momentum.
     
  18. SCM Forex

    SCM Forex Trader

    24
    0
    7
    The Australian Dollar (AUD) inched higher against the US Dollar (USD) on Tuesday, increasing the price of AUDUSD to more than 0.7700 following some key economic releases. The technical bias shall remain bullish because of a higher high in the recent upside move.

    AUD/USD Technical Analysis

    As of this writing, the pair is being traded around 0.7732. A support can be noted around 0.7500, an immediate horizontal support ahead of 0.7450 the psychological number and then 0.7367, another key horizontal support as demonstrated in the given below chart.

    [​IMG]


    On the upside, a hurdle can be noted near 0.8090, an immediate horizontal resistance level ahead of 0.8100, the psychological level and then 0.8249, the high of the last major upside rally as demonstrated in the given above chart. The technical bias shall remain bearish as long as the 0.8024 resistance area is intact.

    US Retail Sales
    U.S. retail sales fell for a third straight month in February as households cut back on purchases of motor vehicles and other big-ticket items, prompting analysts to downgrade their first-quarter economic growth forecasts.

    The Commerce Department said retail sales slipped 0.1 percent last month. January data was revised to show sales dipping 0.1 percent instead of falling 0.3 percent as previously reported. It was the first time since April 2012 that retail sales have declined for three straight months.

    Economists polled by Reuters had forecast retail sales rising 0.3 percent in February. Retail sales in February increased 4.0 percent from a year ago.

    Trade Idea
    Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.
     
  19. SCM Forex

    SCM Forex Trader

    24
    0
    7
    The Great Britain Pound (GBP) has printed low against the US Dollar (USD) on Wednesday, decreasing the price of GBPUSD to Less than 1.4100 following some key economic releases. The technical bias shall however remain bullish because of a higher high in the current upside move.

    GBP/USD Technical Analysis

    As of this writing, the pair is being traded around 1.4141. A support can be noted around 1.4039, an immediate horizontal support ahead of 1.4000 the psychological number and then 1.3864, another key horizontal support as demonstrated in the given below chart.

    [​IMG]

    On the upside, a hurdle can be noted near 1.4348, an immediate horizontal resistance level ahead of 1.4400, the psychological level and then 1.4414, the high of the last major upside rally as shown in the chart displayed above. The technical bias may turn bearish as long as the 1.4414 resistance area intact.

    US Housing Starts
    the Commerce Department said housing starts declined 7.0 percent to a seasonally adjusted annual rate of 1.236 million units as a plunge in the construction of multi-family housing units offset a second straight monthly increase in single-family projects.

    Economists polled by Reuters had forecast housing starts falling to a 1.290 million-unit rate. Permits for future home building decreased 5.7 percent to a rate of 1.298 million units in February.

    While the volatile multi-family housing segment accounted for the decline in home building last month, the broader housing market appears to be slowing. Sales of new and previously owned homes have slumped in recent months as a dearth of properties boosted prices, sidelining some first-time home buyers.

    Trade Idea

    Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.
     
  20. SCM Forex

    SCM Forex Trader

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    The New Zealand Dollar (NZD) inched lower against the US Dollar (USD) on Tuesday, decreasing the price of NZDUSD to less than 0.7250 following some key economic releases. The technical bias shall remain bearish because of a lower high in the recent upside move.

    NZD/USD Technical Analysis

    As of this writing, the pair is being traded around 0.7207. A support can be noted around 0.7135, an immediate trendline support ahead of 0.7100 the psychological number and then 0.7053, another key horizontal support as demonstrated in the given below chart.


    On the upside, a hurdle can be noted near 0.7377, an immediate horizontal resistance level ahead of 0.7400, the psychological level and then 0.7478, the high of the last major upside rally as demonstrated in the given above chart. The technical bias shall remain bearish as long as the 0.7500 resistance area is intact.

    US Jobless Claims News

    The number of Americans filing for unemployment benefits rose just marginally last week, suggesting strong job growth in March that should underpin consumer spending.

    Initial claims for state unemployment benefits increased 3,000 to a seasonally adjusted 229,000 for the week ended March 17, the Labor Department said on Thursday. Claims dropped to 210,000 during the week ended Feb. 24, which was the lowest level since December 1969.

    Economists polled by Reuters had forecast claims dipping to 225,000 in the latest week. Claims have now been below the 300,000 threshold, which is associated with a strong labor market, for 159 straight weeks. That is the longest such stretch since 1970, when the labor market was much smaller.

    Trade Idea

    Considering the overall technical and fundamental outlook, selling the pair around current levels may be a good strategy in short to medium term.
     

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