USD The US dollar gave up more ground to its peers when US data came in mostly weaker than expected. Headline durable goods orders fell 4.4% while core durable goods orders dropped 1.2%. Pending home sales rose 0.1% only instead of showing the projected 1.0% gain. Advanced GDP data is due today and a 0.8%…

NZDUSD has formed higher lows and lower highs on its 1-hour time frame, creating a symmetrical triangle formation. Price is making its way towards the top of the triangle, possibly to test the resistance at the .6500 major psychological level. If this level keeps gains in check, price could move back to the bottom of…

USD The US dollar had a volatile time during the FOMC statement, as the currency initially rallied but instantly gave back its gains. According to the Fed, they are monitoring the global financial and economic developments closely, removing the reference on balanced risks to their outlook. FOMC officials also reiterated that they would continue to…

NZDUSD could be in for more declines, as a double top pattern can be seen on its 1-hour time frame. Price failed in its last two attempts to break past the .6550 minor psychological mark and is currently testing the neckline around .6440. A break below this support zone could push NZDUSD lower by an…

USD The US dollar gave up ground when risk appetite picked up during the latter trading sessions once more, as oil prices made a strong rebound. Data from the US economy came in mixed, with the CB consumer confidence improving and beating expectations. However, the flash services PMI and Richmond manufacturing index showed declines. For…

EURJPY is currently testing the descending channel support visible on the daily time frame. A bounce could take it back to the channel resistance near the 131.00 major psychological mark, which might be enough to let the downtrend resume. Drawing the Fibonacci levels based on the latest swing high and low shows that the top…

USD The US dollar regained ground in recent sessions when risk-off flows dominated price action. There have been no reports out of the US yesterday but the slump in oil prices was enough to send traders scurrying back to the safe-havens. The US flash services PMI, CB consumer confidence index, and Richmond manufacturing index are…

EURAUD might be done with its recent rallies, as a reversal pattern seems to be forming on its 4-hour time frame. Price is in the middle of completing a head and shoulders formation but has yet to create the right shoulder before confirming the potential selloff. The neckline is located at the 1.5375-1.5400 area and…

USDCAD has been trending higher on its long-term time frames, with the recent selloff offering an opportunity to catch the uptrend. On the 4-hour time frame, an ascending trend line can be drawn to connect the recent lows of price action. Using the Fib tool on the latest swing low and high on the 4-hour…

USD The US dollar had a pretty volatile day, as it benefitted from risk aversion in the earlier trading sessions but gave up most of its gains later on. Data from the US was mostly weaker than expected, with both headline and core CPI missing forecasts. For today, only the natural gas storage and crude…

GBPJPY has been trending lower recently, moving below a descending trend line connecting the recent highs of price action. Price just broke below an area of interest at 166.50 then dipped to a low of 164.00 before pulling back. Using the Fib tool on the latest swing high and low shows that the 50% level…

USD The US dollar was off to a weak start when risk-taking took place but soon regained the top spot when the market mood turned sour. There have been no major reports out of the US then, as the IMF's decision to lower global growth forecasts was one of the biggest reasons for the return…

GBPAUD had previously been consolidating inside a symmetrical triangle pattern on its 1-hour time frame before breaking lower. Price had dipped close to the 2.0400 major psychological support before showing signs of a retracement. Using the Fib tool on the latest swing high and low shows that the 50-61.8% levels line up with the broken…

USD  The US dollar had a pretty quiet trading day since there were no major reports released and traders were off on a holiday. For today, there are still no major reports lined up, which suggests that the US currency could take its cue from market sentiment and US equities. EUR The euro was stuck…

GBPAUD has been forming lower highs and higher lows, creating a symmetrical triangle pattern on its 1-hour forex time frame. Top-tier events from the UK economy this week could determine which direction this pair might break out. As for technical indicators, the 100 SMA is still below the 200 SMA for now so the path…

USD US economic data came in mixed last Friday, although the numbers were mostly weaker than expected. Headline retail sales fell by 0.1% as expected while core retail sales dropped by 0.1%. The headline PPI showed a 0.2% dip in producer prices while the core figure posted a 0.1% uptick. The Empire State manufacturing index…

AUDUSD suffered yet another sharp selloff towards the end of last week, breaking below a key support area around .6950-.7000. Price dipped to the .6800 levels before showing signs of a potential pullback to the broken support and Fibonacci retracement levels. Price is currently testing the 50% level near the .6930 area but a higher…