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…

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…

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…

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…

USD The US dollar had a generally stronger performance throughout the day, especially after US equities kicked off the session with a strong start. Data from the US economy came in mixed, as import prices showed a smaller than expected 1.2% drop while initial jobless claims were higher than expected. FOMC member Bullard reiterated that…

USD The US dollar returned some of its recent wins to the commodity currencies but regained ground to the euro and the Japanese yen. Data from the US economy was actually stronger than expected, as the labor market conditions index ticked higher, but Fed official Lockhart's remarks downplayed the odds of a March Fed rate…

EURUSD has been able to weather the market selloff pretty well in the past week, holding steady just above the 1.0850 minor psychological level even while other dollar pairs are plummeting. However, a short-term drop might be in the cards as a double top can be seen on the 1-hour time frame. The pair has…

USD The US dollar raked in some gains after seeing upbeat jobs data but was still in a weak spot against the European currencies and the Japanese yen. The economy added 292K jobs in December, higher than the projected 203K increase, while previous upward revisions added 50K in hiring gains. Average hourly earnings were flat,…

NZDUSD has formed a double top pattern visible on its daily time frame, hinting that a longer-term selloff is in the cards. The chart pattern is approximately 400 pips in height so the pair could be in for the same amount in losses. Price has yet to break below the neckline of the formation around…

USDCAD has been breaking past one high after another in the past few days, as risk aversion and falling oil prices have weighed on the Canadian dollar. It seems that the pair has topped at around 1.4170 and may be ready for a pullback to an area of interest. Applying the Fib tool on the…

EURUSD has been trending lower on the short-term time frames, with a potential retracement opportunity presenting itself on the 4-hour chart. Price previously broke below support around 1.0850-1.0900 before dipping close to the 1.0700 handle then pulling back. Using the Fibonacci retracement tool on the latest swing high and low shows that the 50-61.8% levels…

GBPAUD has been trending lower on its 4-hour time frame, moving inside a descending channel connecting the latest highs and lows of price action. Price just bounced off the bottom of the range and is now making its way to the top, which might continue to hold as resistance. For now, though, the 100 SMA…

After being stuck inside a range for quite some time, USDJPY finally picked a direction and broke to the downside. This suggests that further losses might be in the cards for this pair. The range is approximately 100 pips in height so the resulting breakdown could be of the same size, possibly taking the pair…

EURGBP recently made a strong bounce off the bottom of its long-term range at the .7000 major psychological level and appears to have enough momentum to make it back to the top. If resistance at the .7400 handle holds, price could head back down to the range support. At the moment, EURGPB is still at…

NZDUSD has recently broken past a key resistance level at the .6600 major psychological mark then zoomed up close to the .6800 handle before showing signs of a pullback. Using the Fib tool on the latest swing high and low shows that the 61.8% retracement level lines up with the area of interest. Stochastic and…

USD The US dollar managed to make a quick rebound on Friday, thanks to upbeat jobs data. The US economy added 211K jobs in November, higher than the projected 201K gain. Meanwhile, the previous report enjoyed an upgrade from 271K to 298K and the unemployment rate held steady at 5.0%. Average hourly earnings rose 0.2%…