Daily Forex News By XtreamForex

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Technical Overview of AUD/USD And EUR / USD Currency Pair
AUD/USD

AUD traded High against USD and closed at 0.6700
AUD/USD takes the bids to 0.6711 after the RBA leaves its benchmark interest rates unchanged during early Tuesday. The pair previously dropped amid fears of coronavirus outbreak. AUD/USD keeps losses as RBA's Lowe reiterates the “gentle turning point” description.

• AUD/USD continues to trade in the red despite upbeat comments by RBA's Lowe.
• The central bank head said the economy is passing through a gentle turning point.
• China's Caixin services PMI for January missed estimates.

According to the Analysis, pair is expected to find support at 0.6693 and a fall through could take it to the next support level of 0.6678 The pair is expected to find its first resistance at 0.6741 and a rise through could take it to the next resistance level of 0.6756.

EUR/USD
EUR traded lower against USD and closed at 1.1042

• Amid risk reset, the EUR/USD pair is currently trading near 1.1034, down 0.10% on the day, having faced rejection near 1.11 on Monday.

• EUR/USD is losing altitude amid risk reset in the financial markets.
• Coronavirus scare has eased with China's decision to inject liquidity.
• All eyes remain on Eurozone data, ECB Lagarde’s speech and US PMIs.

According to the Analysis, pair is expected to find support at 1.1035 and a fall through could take it to the next support level of 1.1027. The pair is expected to find its first resistance at 1.1059 and a rise through could take it to the next resistance level of 1.1067

Important Economic Events of the Day

• NZD Employment Change q/q
• USD ISM Non-Manufacturing PMI
• USD EIA Crude Oil Stocks Change
• USD ISM Non-Manufacturing PMI

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Technical Overview of AUD/USD and USD/JPY Currency Pair
AUD/USD
AUD traded Higher against USD and closed at 0.6686

AUD/USD sustains the bounce above 0.6700 amid mixed Australian NAB Business Survey and Home Loan data. The spot draws support from a risk-on rally in the Asian stocks, as coronavirus fears take a back seat.

• AUD/USD is reporting marginal gains despite below-forecast NAB data.
• The 14-day RSI is reporting a bullish divergence.
• Australia's Home Loan data bettered estimates by a big margin.
• That alongside the uptick in the equities could help the Aussie eke out notable bounce.
• 
  
• According to the Analysis, pair is expected to find support at 0.6673 and a fall through could take it to the next support level of 0.6663. The pair is expected to find its first resistance at 0.6703 and a rise through could take it to the next resistance level of 0.6713.
  
  USD/JPY

USD traded higher against JPY and closed at 109.74

• USD/JPY holds onto recovery gains from 21-day SMA.
• A sustained break of monthly high will divert the bulls towards the yearly top.
• 200-day SMA acts as key support.

USD/JPY registers 0.10% gains while rising to 109.85 by the press time of the pre-European session on Tuesday. In doing so, the quote justifies the bullish candlestick formation portrayed the previous day.
As a result, prices are now gearing up to the monthly top surrounding 110.05, a break of which will escalate the latest recovery towards January 17 high near 110.30.
According to the Analysis, pair is expected to find support at 109.65 and a fall through could take it to the next support level of 109.58. The pair is expected to find its first resistance at 109.85, and a rise through could take it to the next resistance level of 109.92.

Important Economic Events of the Day

• GBP Manufacturing Production m/m
• GBP GDP q/q
• GBP GDP m/m
• GBP GDP 3m/3m

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Technical Overview of EUR/USD and GBP/USD Currency Pair

EUR/USD

EUR traded Higher against USD and closed at 1.0791

EUR/USD closed out Tuesday below 1.07 to print the weakest daily close since April 2017.

More importantly, the single currency formed a bearish marubozu candle, implying a continuation of the downtrend.

A red marubozu, the one with a large body and little or no shadows, occurs when sellers control the price throughout the day, and is considered very bearish.

The back-to-back big red marubozu candles seen on the weekly chart are also painting a bearish picture.

According to the Analysis, pair is expected to find support at 1.0786 and a fall through could take it to the next support level of 1.0774 The pair is expected to find its first resistance at 1.0826 and a rise through could take it to the next resistance level of 1.0838.

GBP/USD

GBP traded higher against USD and closed at 1.2998

• GBP/USD fails to register noticeable moves following a Tuesday’s Doji candlestick.
• Short-term moves are confined between 50 and 100-day SMA, 61.8% Fibonacci retracement offers immediate resistance.
• The monthly bottom can please sellers below 100-day SMA.

GBP/USD remains a little changed below 1.3000 during early Wednesday. The cable posted a trend reversal Doji candlestick formation the previous day. Though, 50-day and 100-day SMA continue to restrict near-term moves.

While the recent Doji favors the pair’s pullback, 61.8% Fibonacci retracement of its November-December 2019 upside, at 1.3055, could lure the buyers ahead of making them confront 50-day SMA level of 1.3067.

According to the Analysis, pair is expected to find support at 1.2976 and a fall through could take it to the next support level of 1.2958. The pair is expected to find its first resistance at 1.3036 and a rise through could take it to the next resistance level of 1.3054

Important Economic Events of the Day

• USD Building Permits
• USD Housing Starts m/m
• USD PPI m/m
• USD FOMC Member Kashkari Speech

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Technical Overview of USD/JPY and AUD/USD Currency Pair
USD JPY

USD traded lower against JPY and closed at 110.42

USD/JPY stalls its bounce near 110.40 regions and meets fresh supply over the last hour, as the risk-off sentiment intensifies amid rising coronavirus risks and knocks-off the US 10-year Treasury yields to a new record low just above the 1.30% level.

• USD/JPY printed a bullish inside day candlestick pattern on Wednesday.

• The pair could find bids and challenge resistance at 110.70-111.00.

• USD/JPY: Bulls and bears jostle below 111.00 amid coronavirus fears

• USD/JPY fails to hold onto the previous day’s recovery gains.

• Traders smell fears in the US President Donald Trump’s measured comments.

• Coronavirus updates keep the risk-tone under pressure; US data will decorate the economic calendar.

• USD/JPY drops back towards 110.00 as US 10-year Treasury yields hit record lows

According to the Analysis, pair is expected to find support at 110.18 and a fall through could take it to the next support level of 110.05. The pair is expected to find its first resistance at 110.62, and a rise through could take it to the next resistance level of 110.75.

AUD USD
AUD traded higher against USD and closed at 0.6543.

AUD/USD extends the bounce above 0.6550 after Australia's Q4 Capex data release. The headline number missed forecasts; however, estimates for 2020/21 bettered expectations. The risk-off tone in the markets could cap the further upside in the spot.

• AUD/USD looks oversold as per the daily chart RSI.

• The 4-hour chart RSI is reporting a bullish divergence.

• The broader trend remains bearish with the pair stuck in a falling channel.

• AUD/USD may witness a corrective bounce as technical charts are signaling seller exhaustion.



The 4-hour chart RSI has charted higher lows, contradicting lower lows on price. That bullish divergence indicates the bearish momentum has ebbed. The inverted hammer seen on the 4-hour chart is also echoing similar sentiments.

According to the Analysis, pair is expected to find support at 0.6540 and a fall through could take it to the next support level of 0.6524. The pair is expected to find its first resistance at 0.6590 and a rise through could take it to the next resistance level of 0.6606.


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