AUD/USD Forecast February 21, 2017, Technical Analysis

The AUD/USD pair initially fell on Monday, but found enough bullish pressure at the 0.7650 level to show signs of continuation in the uptrend. The market should then reach towards the 0.7750 level. That area continues to be resistive, but given enough time I do believe that we will continue to break out to the upside and reach towards the 0.80 level. Pullbacks of the 0.76 level should be supportive enough to keep the market going higher. Pay attention to gold, it’s trying to build up aboard momentum as well, and if it takes off, the Australian dollar will as well.

EUR/GBP Forecast February 21, 2017, Technical Analysis

The EUR/GBP pair fell slightly during the session on Monday, testing the 0.85 level below for support. That’s an area that should continue to be of interest in this market, and if we can break down below there we will more than likely reach towards the 0.8450 level. Alternately, if we break above the top of the shooting star from the Friday session, we should then reach to higher levels, as this market would continue to see bullish pressure. Alternately, this is a choppy market and will continue to be so. It will probably be easier to trade these currencies against other ones and not each other.

EUR/USD Forecast February 21, 2017, Technical Analysis

The EUR/USD pair rallied a bit during the day on Monday, but we remain relatively choppy in this area, so I believe that the 50-day exponential moving average could offer resistance, and push this market back towards the 1.05 level. The 1.0750 level above there should be resistance as well, so it’s going to be difficult to trade this pair. I believe that we are trying to make some type of serious decision, so long-term traits are going to be difficult to deal with. A short-term buying opportunity towards the 50-day exponential could be in the cards.

GBP/JPY Forecast February 21, 2017, Technical Analysis

The GBP/JPY pair bounced from the 140 handle during the Monday session, showing a continuation of the wedge that has been forming. I believe that longer-term we have bullish pressure taking over, and given enough time we should then reach towards the 145 handle. The 140 level should be supportive going forward, and I believe that we will reach towards the 148 level over the longer term. Buying on the dips will more than likely be the best opportunities for traders. It might be volatile, but given enough time we should reach much higher levels.

GBP/USD Forecast February 21, 2017, Technical Analysis

The GBP/USD pair rallied on Monday, slamming towards the 1.25 resistance barrier. If we can break above the 1.2550 level, I think that the market will continue to reach towards the 1.27 level. Pullbacks continue to find buyers, and ultimately, I believe that the British pound is changing the overall trend. This is always a messy affair, but given enough time the buyers should continue to find plenty of opportunities in the longer-term uptrend that I see coming. Because of this, I have no interest in shorting the British pound and believe that it has been punished quite drastically for the exit. We may get another push a lower when the actual article 50 is triggered, but that should be the bottom.

NZD/USD Forecast February 21, 2017, Technical Analysis

The New Zealand dollar initially fell on Monday but found enough support below the 0.7150 level to turn around and form a hammer. If we can break above the top of the hammer, the market should then reach towards the top of the shooting star from Thursday. Once we get above there, we will then reach towards the 0.7350 level. Ultimately, this is a market that has pulled back to test the 38.2% Fibonacci retracement level, and looks like it could be getting ready to go higher. I’m not interested in selling.

USD/CAD Forecast February 21, 2017, Technical Analysis

The USD/CAD pair had a volatile session on Monday, as the 1.31 level offered enough resistance to keep the market fairly flat. This makes a lot of sense as US banks were closed for Presidents’ Day, so it would have basically been left to Canadians to move this pair. I think that we will eventually go higher, but we need to break above the top of the shooting star from the Friday session. We also need to see the oil markets move, and right now they look fairly flat so as long as that’s the case, this market will sit sideways.

USD/JPY Forecast February 21, 2017, Technical Analysis

The USD/JPY pair rallied a bit during the day on Friday, but the markets were quiet in general. The 112.50 level looks to be the beginning of significant support, and if we can break above the top of the Friday session, I believe that the market will then reach towards the 115 handle. Ultimately, if we can break above there then we can go much higher. We have bounced off the 38.2% Fibonacci retracement level, so we could continue to see a return to bullish pressure relatively soon. I have no interest in selling.

EUR/GBP Forecast February 20, 2017, Technical Analysis

The EUR/GBP pair initially tried to rally on Friday but found enough resistance above to turn things around and form a shooting star. The shooting star sits just above the 0.85 level, an area that is supportive. A breakdown below there, should send this market down to the 0.8450 level. Nonetheless, the market looks as if it is going to be volatile as this pair typically ask. If we break above the top of the candle for the Friday session, the market should then go to the 0.8650 level. Either way, it’s going to be a tough fight.

AUD/USD Forecast February 20, 2017, Technical Analysis

The AUD/USD pair initially tried to rally on Friday, but then dropped down to the 0.7650 region. I think their significant support at the 0.76 handle underneath, so I’m waiting to see whether or not the market can bounce. Markets of course will be paying attention to gold, as it has such an influence on the Aussie, but right now looks as if it is going to drift a little bit lower. If we can break above the 0.7750 level, the market should then reach towards the 0.80 level over the longer term.

EUR/USD Forecast February 20, 2017, Technical Analysis

The EUR/USD pair fell during the Friday session, as the 50-day exponential moving average offered dynamic resistance. However, the weekly candle is a hammer, which is bullish. Because of this, I think the thing that we are going to see in this market more than anything else is going to be volatility. The 1.05 level below should continue to offer support, but the 50 day exponential averages obviously offering resistance. Because of this, I’m standing on the sidelines as his market looks likely to be very difficult to deal with. Given enough time, we will have to make a decision the right now I’m not confident in trading it.

GBP/JPY Forecast February 20, 2017, Technical Analysis

The GBP/JPY pair fell during the day on Friday but found enough support at the 140 level to turn things around and bounce. Because of this, I believe that the buyers are to get involved again, and perhaps try to drive this market towards the 143 level and the short-term. Longer-term, I believe that we will try to reach towards the 145 handle, which is a large, round, psychologically significant number. I don’t have any interest in shorting, at least not yet, as the lows continue to go higher. Volatility will be the norm in this move.

GBP/USD Forecast February 20, 2017, Technical Analysis

The GBP/USD pair fell during the day on Friday, but found enough support at the 1.24 level to turn things around and show signs of life. The 1.24 level should be supportive, and as a result this looks very much like I thought it would. I think buyers are coming back into the marketplace, and they should continue to push towards the 1.25 level. In the way, it’s good to be a very choppy market but given enough time I think we will decide, and I currently believe that decision will be to go higher.

NZD/USD Forecast February 20, 2017, Technical Analysis

The New Zealand dollar initially tried to rally during the day on Friday, but turned around and fell. I believe that the market has plenty of support at the 0.7150 level, so if we can find a bit of a bounce in that area, it might be time to serve buying. Alternately, if we can break above the top of the shooting star from the Thursday session, the market then should reach towards the 0.7350 level above. Expect volatility, and I do believe that longer-term the buyers will win the argument but we may have a little bit of negativity in the short term.

USD/CAD Forecast February 20, 2017, Technical Analysis

The USD/CAD pair broke above the top of the hammer from the Thursday session during Friday, attempting to break out to the upside. If we can break above the top of the range for the Friday session, I think that the market will then reach towards the 1.32 level. On the other hand, we could pull back, and if we do the 1.3 level will be tested for support yet again. Oil markets are essentially going sideways and stagnant now, and that’s being seen over here and the USD/CAD currency pair as it is so sensitive to that market.

USD/JPY Forecast February 20, 2017, Technical Analysis

The USD/JPY pair fell during the day on Friday, testing the 112.50 level for support. However, I think there’s enough support just below that eventually this market will bounce and reach towards the 115 handle. I think given enough time we can continue to go higher, but we may need to build up enough momentum to finally make that move. If we can break above the 115 handle, the market should then reach towards the 118.50 level. It might be volatile, but I still believe in the longer-term uptrend winning the day.

AUD/USD Forecast February 17, 2017, Technical Analysis

AUD/USD had an interesting session during the Thursday trading hours, as we reached towards the 0.7750 level. We turned around to form and exhaustive candle, and as a result I think we will more than likely try to pull back and find buyers underneath. The 0.76 level underneath is supportive, so I don’t think we go any lower than that. A pullback should be a buying opportunity upfront, and if we can break above the 0.7750 level, the market should extend all the way to the 0.80 level. I have no interest in selling.

EUR/GBP Forecast February 17, 2017, Technical Analysis

The EUR/GBP pair initially fell during the day on Thursday but found enough support below the 0.85 level to turn this market to the upside. It looks as if we are going to test the 50 day exponential moving average just above, near the 0.8560 level. Any type of exhaustive candle will more than likely be a selling opportunity, and therefore I will use it as such. On the other hand, if we can break above the 50 day moving average on a daily close, I’m more than willing to start going long for the short term.

EUR/USD Forecast February 17, 2017, Technical Analysis

The EUR/USD pair rallied during the day on Thursday, breaking above the top of the hammer from the previous session, this of course is a very bullish sign. However, the 50-day exponential moving averages just above and I expect that eventually we will see some selling pressure. At the first signs of exhaustion I’m willing to short this market. I’m not willing to buy it, because I see that there is a large amount of resistance near the 1.0750 level. No matter what happens, I think you can expect quite a bit of choppiness.

GBP/JPY Forecast February 17, 2017, Technical Analysis

The GBP/JPY pair fell a bit during the day on Thursday, but quite frankly I see a massive amount of support just below to keep the market afloat. Because of this, I’m waiting to see a bounce or a supportive candle to start going long. If we can break above the top of the hammer from the Tuesday session, I feel that the market will then make its way towards the 145 handle. I think that the 140 level below is massively supportive, and thus I am long only when it comes to the Dragon.