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Wave Tech Analysis

FxPro Forex Analysis: AUDUSD Wave Analysis – June 22, 2018

• AUDUSD reversed from support area • Further gains are likely AUDUSD recently reversed up sharply from the powerful the support area lying between strong, multi-month support level 0.7330 (which also reversed the price sharply in May of 2017) and lower weekly Bollinger Band. The upward reversal from this support area is likely to create the weekly Japanese candlesticks reversal pattern Hammer. With the oversold weekly Stochastic, AUDUSD is likely to rise further and re-test the next resistance ...

Wave Tech Analysis

FxPro Forex Analysis: Soy Wave Analysis – June 22, 2018

• Soy reversed from support area • Further gains are likely Soy recently reversed up sharply from the support area lying between the major support level 8.5250 (which previously reversed the price multiple times in 2015 and 2016, as can be seen from the weekly Soy chart below), and the lower daily Bollinger Band. The upward reversal from this support area stopped the previous medium-term impulse wave (3) from the start of this year. Given the oversold weekly Stochastic, Soy is likely to rise ...

The FxPro Analyst Team

FxPro Forex Analysis: GBPCAD Analysis – June 22, 2018

This pair found support at 1.70560 and has rallied back to resistance around 1.76620 as it attempts to go on to retest the blue trend line at 1.77700. The BOE decision yesterday pushed the price above resistance at 1.75758 as MPC member Haldane joined two of his colleagues in voting for a rate hike. Resistance around 1.77380 is the next to bar any advance and if the trend line is breached 1.78500 comes into focus. The red trend line is positioned above 1.80500 and may come into play at a future ...

The FxPro Analyst Team

FxPro Forex Analysis: DAX and FTSE 100 Analysis – June 22, 2018

European stock indices are under pressure due to the threat of euro-sceptic policies in Italy and the impact of protectionism on a global economy. Trade tension remained in focus as the heads of several major central banks expressed concern over the impact it may have on the global economy. German car maker Daimler in a profit warning on Thursday said that sales of its Mercedes-Benz SUVs would suffer from fresh tariffs on cars exported from the U.S. to China. That prompted shares of other ...

The FxPro Analyst Team

FxPro Forex Analysis: USDJPY Analysis – June 22, 2018

The USDJPY pair is trending back higher after dipping back to test the 108.000 zone as support. The price is consolidating around the 110.000 level with bulls and bears battling for control. It is possible that this is a Bull flag pattern on a daily time frame with a target of above 114.000 but the pattern is as yet incomplete. The immediate target for bulls is a breakout to 112.000 which was major support from December. The recent high at 111.390 bars progress with 113.674 resistance above. ...

The FxPro Analyst Team

Canadian Retail Sales and CPI data top the bill today

OPEC, JMMC meetings are taking place today in Vienna with agreement on production levels high on the agenda. This can impact on prices in Oil markets. Eurogroup meeting are also taking place today in Brussels increasing headline risk in the EUR crosses. At 07:30 GMT, German Markit Manufacturing PMI (Jun) is expected to come in at 56.2 from 56.9 previously. Markit Services PMI (Jun) is expected at 52.1 against 52.1 previously. Markit PMI Composite (Jun) is expected to be 53.4 from 53.4 prior. ...

The FxPro Analyst Team

FxPro Forex Analysis: USD weakens as Supreme Court rules to Tax Internet Sales and Philly FED data disappoints

Markets have maintained the themes from yesterday overnight with the USD showing weakness on the back of poor Philly Fed data. The US Supreme Court ruled yesterday that US States can require companies selling products through the internet to collect tax from those sales. Amazon, Ebay and Etsy share prices all fell dragging down US Indices and continuing the declines from the European session. The Nasdaq led the declines finishing down -0.88% while US 10 year yields dropped -4.2 Bps. The Bank of ...

Wave Tech Analysis

FxPro Forex Analysis: GBPNZD Wave Analysis – June 21, 2018

• GBPNZD broke key resistance level 1.9250 • Further gains are likely GBPNZD continues to rise inside the short-term impulse wave (iii), which started earlier from the support area lying between strong support level 1.8950 (which reversed the price in February and March) and lower daily Bollinger Band. The price today broke through the key resistance level 1.9250 (former support from April and May) – which should accelerate the active impulse wave (iii). GBPNZD is likely to rise further and ...

Wave Tech Analysis

FxPro Forex Analysis: Natural Gas Wave Analysis – June 21, 2018

• Natural Gas reversed from support area • Further gains are likely Natural Gas recently reversed up from the support area lying between the pivotal support level 2.870 (which has been reversing the price from May), upper trendline of the recently broken up channel from February, 200-day moving average and the lower daily Bollinger Band. The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Bullish Engulfing – which continued the active impulse wave ...