GBPAUD has been on a steady downtrend but just enjoyed a nice pop higher after the release of today's set of data from Australia and the UK. This opens the possibility of a correction to the trend line visible on the 1-hour and 4-hour time frames. Using the Fib tool on the latest swing high…

AUDUSD has been moving in a steady uptrend, trading above an ascending trend line connecting the latest lows of price action. Price recently made a swing high near the .7350 minor psychological level before showing signs of a pullback. A correction could take the pair back down to the rising trend line support, which is…

USD The US dollar continued to give up ground during the earlier trading sessions but made a bit of a recovery later on. Data from the US economy was mostly stronger than expected, as the ADP non-farm employment change report indicated a 217K gain versus the projected 191K rise. This sets the tone for a…

USD The US dollar had a rough trading day, as the downbeat ISM manufacturing PMI forced the currency to retreat. The reading slipped from 50.1 to 48.6 in November, its lowest reading since June 2009, instead of rising to the projected 50.6 figure. Up ahead, the ADP non-farm employent change is due and a 191K…

GBPJPY could be in for a strong rally, as a reversal pattern can be seen on its 1-hour time frame. Price failed in its last two attempts to break below the 184.00 major psychological support and is testing the neckline resistance at the 186.00 handle. An upside break from the neckline could confirm that an…

  USDJPY has been moving sideways on the short-term time frames, still waiting for more catalysts to spur a trend in either direction. At the moment, price is approaching the top of its range around the 123.75 level. If this area continues to hold as resistance, a move towards the bottom of the range at…

NZDUSD has been on a selloff but it looks like a reversal may be in order. Price is forming an inverse head and shoulders pattern on its 4-hour time frame, with an upside break of the neckline at the .6600 handle likely to send the pair up by 200 pips or the same height as…

USD The US dollar was mostly stuck in consolidation against its forex rivals since there were no reports out of the US economy. Traders are off on Thanksgiving holidays and might not be back until Monday's US trading session. There have been no reports out of the US yesterday and none are due today. EUR…

USDJPY has been climbing recently but a reversal pattern just formed, indicating that a downtrend might be next. Price made a double top pattern on the 4-hour time frame and is currently testing the neckline at the 122.50 minor psychological level, with a downside break likely to confirm the selloff. The chart pattern is approximately…

USD The US dollar chalked up another mixed forex performance, as economic reports were all over the place. The headline durable goods orders report showed an impressive 3.0% gain while the core version of the report simply came in line with expectations of a 0.5% uptick. Initial jobless claims also came in above expectations but…

GBPAUD has sold off sharply recently, breaking below a significant support level around 2.1200. From there, the pair dipped to a low of 2.0715 before showing signs of a retracement. Using the Fib tool on the latest swing high and low on the 4-hour chart shows that the 50% Fibonacci retracement level lines up with…

USD The US dollar functioned mostly as a counter currency in recent trading sessions, ending up with a mixed performance against its forex peers. Data from the US economy came in weaker than expected, as the CB consumer confidence index slumped from 99.1 to 90.4 in November and the Richmond manufacturing index indicated a drop…

EURGBP appears to have made yet another bounce off the bottom of its long-term range. Price tested the .7000 major psychological level recently and is staring to make its way higher. Stochastic is starting to head back up from the oversold area, indicating a return in bullish momentum. Similarly, RSI is also climbing out of…

USD The US dollar still managed to dominate against its forex peers even with weaker than expected economic data. The flash manufacturing PMI for November showed a decline from 54.1 to 52.6, reflecting a slower pace of growth. Existing home sales fell from 5.55 million in September to 5.36 million in October. For today, the…

AUDUSD has recently broken above the falling trend line visible on its 1-hour chart, indicating that a reversal is underway. Price is showing signs of pulling back to the broken resistance area and the 61.8% Fib at the .7100 handle might hold as support. The pair seems to be bouncing off the 38.2% Fib already,…

USD The US dollar rebounded against its forex rivals on Friday, recovering back to its weekly highs against most of its counterparts. There were no major reports out of the US then but FOMC members Dudley and Williams reaffirmed the idea of a December Fed rate hike. The Fed has an unscheduled announcement later today…

GBPJPY has been moving on an uptrend on its 4-hour time frame, with an ascending channel connecting the latest highs and lows of price action. Price is currently testing the channel support at the 186.50 minor psychological level and might be due for a bounce back to the resistance at 189.00. The pair also seems…