Technical & Fundamental Analysis by Forex92

[Forex92_Official]

The US Dollar (USD) slid down against the Canadian Dollar (CAD) on Friday, for the third consecutive day, decreasing the price of USDCAD pair to less than 1.2800, ahead of the release of the US ISM Manufacturing PMI news. The technical bias remains bearish as the pair printed a lower high in the recent upside move.
Technical Analysis
As of this writing, the USDCAD pair hovers around 1.2733, with a few major support levels seen nearby. The price is likely to find some support near the given below levels:
Short-Term Support Levels
1.2686, a major horizontal support
1.2522, the lower trendline arm
1.2432, the low of October 08, 2017

On the upside, the pair might face some resistance near the levels as mentioned below;
Short-Term Resistance Levels
1.2860, a key resistance level
1.2967, the 38.2% Fib level resistance
1.3050, the high of November 10, 2020
The technical bias should remain bearish unless 1.2860, a major horizontal resistance level, is broken.
US ISM Manufacturing PMI news
The Institute for Supply Management (ISM) is scheduled to release stats for the US ISM Manufacturing PMI on Tuesday (January 05, 2021). According to the consensus of economists, the ISM Manufacturing PMI registered a reading of 56.5 points in December, as compared to a reading of 57.5 points in the month before.
The US Manufacturing PMI reflects the overall business conditions in the manufacturing sector. Being an important economic indicator, it also provides insights into the current financial health of the country. Generally speaking, a reading above 50 signals a bullish market trend for the USDCAD and vice versa.
Conclusion
Considering the overall technical outlook, selling the USDCAD pair around current levels might be a good move in short to medium term. Here is a trading plan for next week:
Sell Limit : 1.2769
Stop Loss: 1.2805
Take Profit: 1.2690

 

[Forex92_Official]

Euro (EUR) slid down against the U.S. Dollar (USD) last week, decreasing the price of the EURUSD pair to less than 1.2300 ahead of the release of the US Consumer Price Index (CPI) news. The technical bias remains bullish because the pair printed a higher high in the recent upside move.
Technical Analysis
As of this writing, the EURUSD pair hovers around 1.2221, with multiple support levels in sight. The pair is likely to find some support near the given below price levels:
Short-Term Support Levels
1.2171, a key horizontal support
1.2062, the 38.2% Fibonacci retracement
1.1885, the low of November 26, 2020
The support levels are demonstrated in the given below daily chart.

On the upside, the EURUSD pair is likely to face some resistance near the price levels mentioned below:
Short-Term Resistance Levels
1.2348 – a major horizontal resistance
1.2400 – the psychological number
1.2515 – the 38.2% fib level resistance
The technical bias should remain bullish as long as 1.2171, a major horizontal support, remains intact.
U.S. Consumer Price Index
The US Department of Labor is scheduled to release the stats for the Consumer Price Index (CPI) excluding food and energy on Wednesday (January 13, 2021). According to the average projections of economists, the consumer price index registered a reading of 0.1 percent in December, as compared to a reading of 0.2 percent in the month before.
The US Consumer Price Index Ex Food & Energy is an estimate of change in the retail prices of different products and services selected from different sizes of stores countrywide through targeted sampling. It is pertinent to mention here that the stats for the U.S. Consumer Price Index doesn’t include the prices of volatile products such as food and energy in a bid to remain unbiased.
Generally speaking, a higher reading of CPI is considered good for the U.S. economy and vice versa. A better than expected reading of CPI means bearish trend for the EURUSD pair and vice versa.
Conclusion
Considering the macroeconomic outlook of the pair, here is a short to medium term trading plan for the EURUSD:

Sell EURUSD if the price gives a daily closing below the 1.2150 handle, with a 50 pips stop loss and a target of at least 150 pips.

 

[Forex92_Official]

The U.S. Dollar (USD) rose against the Japanese Yen (JPY) last week, increasing the price of the USDJPY pair to more than 103.00, ahead of the release of Japan’s interest rate decision.

Technical Analysis​

As of this writing, the USDJPY pair consolidates around 103.84. The price is likely to face hurdle near the given below price levels:
Short-Term Resistance Levels
104.25 – A major horizontal resistance
104.75 – The high of December 02, 2020
105.27 – The Fibonacci retracement (61.8%)

On the downside, the pair is likely to find some support near the given below price zone:
Short-Term Support Levels
103.46 – The low of December 29, 2020
102.58 – A major horizontal support
102.00 – The psychological level

Bank of Japan (BOJ) Interest Rate Decision​

The bank of Japan (BOJ) is scheduled to decide the new interest rate for the country on Thursday (January 21, 2021). As per the average estimate of economists, Japan’s interest rate should remain unchanged at -0.1% in December, as compared to the reading of -0.1% in the month before.
The Bank of Japan’s (BOJ) interest rate decision reflects the economic conditions of the country. A hawkish approach by the BOJ towards the inflationary outlook of the country’s economy indicates economic growth. On the other hand, if BOJ remains dovish and cuts interest rates, then it signals a weakened economy. Generally speaking, a higher than expected reading suggests a bearish market for the USDJPY pair and vice versa.

Conclusion​

Considering the macroeconomic and technical outlook of the pair, here is a short to medium term trading plan for USDJPY:
Sell on a breakout below 103.50 with a stop placed around 104.50 and target around 102.00

 

[Forex92_Official]

The U.S. Dollar (USD) slid down against the Japanese Yen (JPY) last week, decreasing the price of the USDJPY pair to less than 104.00, ahead of the release of the U.S. ISM Manufacturing PMI news.

Technical Analysis​

As of this writing, the USDJPY pair hovers around 103.68, with some major support levels seen ahead. The price of the pair might find some consolidation near the given below price levels;

Short-Term Support Levels​

102.65 - the lower trendline arm
101.15 - the major horizontal support
100.00 - the psychological number
;

On the upside, the price of the pair might face some resistance near the given below price levels;

Short-term Resistance Levels​

104.39 - the high of January 10, 2021
105.45 - the Fibonacci retracement (38.2%)
106.76 - the key horizontal resistance

U.S. ISM Manufacturing PMI​

The U.S. Institute for Supply Management (ISM) is scheduled to release numbers for the manufacturing sector on Monday (February 01, 2021). According to the economist’s consensus, the ISM Manufacturing registered a reading of 60.0 in January, as compared to the reading of 60.7, in the month before.
The ISM Manufacturing PMI indicates the overall business conditions of the manufacturing sector in the United States. It is considered a major indicator for the U.S. economy. Generally speaking, a reading above 50 signals a bullish trend for the USDJPY pair and vice versa.

Conclusion​

Given the macro-economic outlook of the pair, here is the short-term trading plan for the USDJPY pair:
Buy USDJPY @ 103.70
Stop Loss @ 103.00
Take Profit @ 105.00

 

[Forex92_Official]

The U.S. Dollar (USD) inched higher against the Japanese Yen (JPY) last week, increasing the price of the USDJPY pair to more than 105.00, ahead of the release of the U.S. Retail Sales news. The technical bias remains bearish because the pair printed a lower low in the recent downside move.
Technical Analysis
As of this writing, the USDJPY pair strengthens around 105.55. The price of the pair might find some resistance near the given below price levels.
Short-Term Resistance
106.76 – the major horizontal resistance
107.54 – the high of July 19, 2020
108.09 – the Fibonacci retracement (61.8%)

On the downside, the USDJPY pair is likely to sustain near the listed price tags.
Short-Term Support
103.85 – the confluence of a major horizontal support level and a trendline support
102.76 – the lower trendline arm
102.00 – the psychological number
U.S. Retail Sales News
The U.S. Census Bureau anticipates releasing Retail Sales data on Wednesday (February 17, 2021). According to economists’ view, the U.S Retail Sales news registered a reading of 0.7% in January 2021, as compared to the reading of -0.7%, in the month before.
The U.S. Retail Sales figure reflects net sales made by the retail sector of the United States. The net receipts of sales are presented in percentage. Changes in the percentage of such sales show the performance of retails stores over the given time.
The U.S. Retail Sales data is considered an important economic indicator of consumer spending because it estimates whether or not people are willing to spend more money in the coming days. Generally speaking, a higher reading suggests a bullish market for USDJPY, and vice versa.
Conclusion
Given the macro-economic outlook of the pair, here is the short-term trading plan for USDJPY:
Buy USDJPY @ 105.50
Stop Loss @ 104.50
Take Profit @ 107.00

 

[Forex92_Official]

Euro (EUR) inched higher against the U.S. Dollar (USD) this week, increasing the price of the EURUSD pair to more than 1.2100, after the release of the U.S. Michigan Consumer Sentiment Index.
Technical Analysis
As of this writing, the EURUSD pair consolidates around 1.2175. While moving upside, the pair might find some resistance near the given below price levels.
Short-Term Resistance
1.2257 – the high of December 20, 2020
1.2300 – the psychological level
1.2348 – the major horizontal resistance

EURUSD Weekly Chart – Source MetaTrader4
On the downside, the pair might find some support near the given below price levels.
Short-Term Support
1.2035 – the lower trendline arm
1.1944 – the 23.6% Fib level support
1.1900 – the psychological number
U.S. Michigan Consumer Sentiment Index News
The University of Michigan released numbers for the Consumer Sentiment Index on Friday (February 12, 2021). Economists anticipated an increase in the Consumer Sentiment Index data for February 2021 by 1.8, as compared to the reading of 79, in the month before. However, the actual data remained 76.2, way lower than the economist’s expectation.
The Michigan Consumer Sentiment Index data reflect consumer confidence in the economic activity of the country. The data also indicates consumer spending patterns in the coming days. Generally speaking, a lower reading weakens the U.S. Dollar and suggests a bullish trend for the EURUSD pair and vice versa.
Conclusion
Given the macro-economic outlook of the pair over the past few days, here is a short-term trading plan for EURUSD. Try buying the EURUSD pair around 1.2000 or alternatively look for selling opportunities near the 1.2400 handle.

 

[Forex92_Official]

The Great Britain Pound (GBP) inched higher against the U.S. Dollar (USD) last week, increasing the price of the GBPUSD pair to more than 1.3900 ahead of the release of U.S. ISM Manufacturing PMI news.

Technical Analysis

As of this writing, the GBPUSD pair strengthens around 1.3954 with a few resistance levels in sight. The pair might face some hurdle near the given below price levels.

Short-Term Resistance

1.4029 – the upper trendline arm

1.4100 – the psychological number

1.4237 – the major horizontal resistance

GBPUSD Weekly Chart/ Source: MetaTrader4
On the downside, the GBPUSD might find some support near the listed price levels.

Short-Term Support

1.3766 – the low of March 04, 2018

1.3700 – the psychological level

1.3597 – the lower trendline arm

U.S. ISM Services PMI News

The Institute for Supply Management (ISM) is scheduled to release ISM Services PMI news today (March 03, 2021). Economists anticipate the reading for ISM Services PMI might remain the same in February, as it was 58.7, the month before.

Stats for ISM Services PMI reflects business conditions of the non-manufacturing sector within the United States over the given time. It is worth mentioning here that Services PMI doesn’t affect the U.S. Gross Domestic Product rate significantly, as compared to the Manufacturing PMI. Generally speaking, reading below 50 weakens the U.S. Dollar against the British Pound and suggests a bullish market for the GBPUSD pair and vice versa.

Conclusion

Considering the price movement of the precious metal over the past few days, it may be a better option in the short term if the pair was bought at around 1.3600. Due to the volatile nature of the market however, prices may change and lead to different outcomes.

 

[Forex92_Official]

The U.S. Dollar (USD) skyrocketed against the Japanese Yen (JPY) the last week, increasing the price of the USDJPY pair to more than 109.00 ahead of the release of U.S. Consumer Price Index news.
Technical Analysis
As of this writing, the USDJPY pair strengthens around 109.10. The pair might face some resistance near the listed below price levels:
Short-Term Resistance
109.53 – the major horizontal resistance
110.95 – the high of May 05, 2019
112.00 – the psychological level

USDJPY Weekly Chart – Source MetaTrader4
On the downside, the pair might find some sustainability near the listed below support levels:
Short-Term Support
107.92 – the key horizontal support
107.00 – the psychological number
106.32 – the 38.2% fib level support
U.S. Consumer Price Index News
The U.S. Department of Labor Statistics is all set to release numbers for the consumer price index tomorrow (March 10, 2021). According to economists, the consumer price index might improve and register a reading of 0.2% in February, as compared to a reading of 0.0% in the month before.
The Consumer Price Index (CPI) estimates the change in the prices of retail products. It compares the prices of different products, including goods and services after selecting them from a representative shopping basket on a sampling basis. It is worth mentioning here that the index doesn’t include prices of volatile items, such as food and energy to avoid a biased reading. Generally speaking, a high reading strengthens the U.S. Dollar and suggests a bullish trend for the USD/JPY and vice versa.
Conclusion
Considering the price movement of the precious metal over the past few days, it may be a better option in the short term if the pair was bought at around 108.00. Due to the volatile nature of the market, however, prices may change and lead to different outcomes.

 

[Forex92_Official]

The Australian Dollar (AUD) rose against the U.S. Dollar (USD) last week, increasing the price of the AUDUSD pair to more than 0.7700 ahead of the release of Australia’s employment news.
Technical Analysis
As of this writing, the AUDUSD pair consolidates around 0.7766. While moving upside, the pair might face some hurdles near the listed price levels;
Short-Term Resistance
0.8002 – the upper trendline arm
0.8100- the psychological level
0.8135 – the major horizontal resistance

AUDUSD Weekly Chart – Source MetaTrader4
On the downside, the pair might find some support near the given below price levels;
Short-Term Support
0.7621- the low of March 07, 2021
0.7500 – the psychological number
0.7412 – the Fibonacci retracement (23.6%)
Australian Unemployment News
The Australian Bureau of Statistics anticipates releasing unemployment data on Thursday (March 18, 2020). Economists expect some improvement in the figures. According to them, the Australian unemployment news might register a reading of 6.3% in February, as compared to a reading of 6.4%, the month before.
The unemployment stats reflect the number of people having no jobs over the given period. Increasing figures indicate a lack of expansion within the labor market of Australia. Generally speaking, rising unemployment numbers weaken the Aussie dollar and suggests a bearish trend for the AUD/USD pair and vice versa.
Conclusion
Considering the price movement of the pair over the past few days, it may be a better option in the short term if the pair was bought at around 0.7700. Due to the volatile nature of the market, however, prices may change and lead to different outcomes.

 

[Forex92_Official]

Continuing a bearish momentum, the Euro (EUR) slid down against the U.S. Dollar (USD) last week, decreasing the price of the EURUSD pair to less than 1.1800, ahead of the release of U.S. Nonfarm Payroll news.
Technical Analysis
As of this writing, the EURUSD pair hovers around 1.1726, with multiple support levels in sight. If the price keeps falling, the EURUSD pair might find some support near the given below price levels.
Short-Term Support

1.1567 – the lower trendline arm
1.1488 – the major horizontal support
1.1300 – the psychological number

On the upside, the pair might face some hurdles near the listed price levels.
Short-Term Resistance
1.1909 – the confluence of trendlines
1.2011 – the high of August 30, 2021
1.2100 – the psychological level
U.S. Nonfarm Payroll News
The US Bureau of Labor Statistics is scheduled to release numbers for the Nonfarm payroll news on April 02, 2021. According to economist estimates, the Nonfarm payroll data might register a reading of 639K in March, as compared to the reading of 379K, in the month before.
The Nonfarm payroll data reflects the number of non-agricultural job vacancies created in the United States the last month. The payroll data changes every month and carries high volatility exposure due to direct relation with the Central Banks’ economic policy decisions. It is worth mentioning here that the payroll data is subject to multiple subsequent reviews that may create additional volatility in the forex market. Generally speaking, a high reading indicates a strengthening U.S. economy and suggests a bearish trend for the EURUSD pair and vice versa.
Conclusion
Keeping in view the price behaviour of the EURUSD pair over the past few days, selling the pair around 1.1909 might yield some short to medium-term profits.