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[Antony_NPBFX]

GBP/USD: consolidating at record highs 22.01.2021

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on GBP/USD for a better understanding of the current market situation and more efficient trading.

Current trend

GBP is trading down against USD during today's morning session, correcting slightly after yesterday's renewing record highs since May 2018. The decline in the instrument is largely due to technical factors, while fundamentally the picture changes only slightly.

Moderate support for USD is provided by rather positive macroeconomic statistics from the US, which entered the market on Thursday. The number of initial jobless claims for the week ending January 15 fell from 926K to 900K, while investors expected a decrease in the figure to 910K. Continuing Jobless Claims were revised down from 5.181M to 5.054M with the forecast for growth to 5.4M.

In turn, GBP is under slight pressure on Friday after the publication of GfK Consumer Confidence. In January, the index fell from –26 to –28 points, while the market expected a decline to –29 points.

Support and resistance

The Bollinger Bands in D1 chart show moderate growth. The price range is expanding but it fails to conform to the development of "bullish" sentiments at the moment. MACD indicator is growing preserving a buy signal (located above the signal line). Stochastic keeps its upward direction but is rapidly approaching its highs, which reflects the risks of overbought instrument in the ultra-short term.

Resistance levels: 1.3760, 1.3834, 1.3900.
Support levels: 1.3700, 1.3650, 1.3600, 1.3552.

Trading tips

To open long positions, one can rely on the breakout of 1.3760. Take-profit – 1.3900. Stop-loss – 1.3680. Implementation time: 2-3 days.

A rebound from 1.3760 as from resistance followed by a breakdown of 1.3700 may become a signal for new sales with the target at 1.3600. Stop-loss – 1.3760.

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[Antony_NPBFX]

USD/JPY: USD is correcting 25.01.2021

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on USD/JPY for a better understanding of the current market situation and more efficient trading.

Current trend

USD is showing slight gains against JPY, supported by strong macroeconomic statistics that were released in the US late last week. In addition to positive data on business activity, investors also paid attention to the dynamics of the secondary housing market. December sales in the US existing home market rose by 0.7% MoM after falling by 2.2% MoM in the previous month. Analysts had expected negative dynamics to remain at –1.4% MoM.

Japanese statistics, in turn, somewhat disappointed investors with a drop in the Manufacturing PMI from Jibun Bank in January from 50 to 49.7 points, which turned out to be worse than market forecasts at 50.5 points.

Support and resistance

Bollinger Bands in D1 chart show stable growth. The price range is narrowing, reflecting ambiguous nature of trading in the short term. MACD is reversing to growth forming a new buy signal (located above the signal line). Stochastic shows similar dynamics, reversing upwards near the level of "20". Current readings of the indicators signal in favor of further growth in the ultra-short term.

One should keep existing long positions and open new ones in the short and/or ultra-short term until the signals from technical indicators clear up.

Resistance levels: 103.90, 104.20, 104.50, 104.75.
Support levels: 103.60, 103.25, 103.00, 102.80.

Trading tips

To open long positions, one can rely on the breakout of 103.90. Take-profit – 104.50. Stop-loss – 103.60. Implementation time: 1-2 days.

A rebound from 103.90 as from resistance followed by a breakdown of 103.60 may become a signal for new sales with the target at 103.00. Stop-loss – 103.90.

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[Antony_NPBFX]

USD/CHF: USD remains under pressure 27.01.2021

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on USD/CHF for a better understanding of the current market situation and more efficient trading.

Current trend

USD is showing flat trading dynamics against CHF during today's Asian session, consolidating near 0.8860. American investors are awaiting the publication of the final minutes of the two-day Fed meeting today, but for now they are taking a lead from the usual signals. After Joe Biden's statements about a possible adjustment of his stimulus plan for the American economy, markets fear that some of the measures will not be implemented in the near future.

In addition to the Fed meeting, traders are focused on statistics from the United States on the dynamics of orders for durable goods in December. Analysts expect that the indicator will remain at about the same level as before, so it will not have a noticeable impact on the dynamics of USD. Switzerland will publish ZEW Survey Expectations for January today. The forecasts are rather disappointing: the indicator is expected to fall from 46.8 to 37.9 points.

Support and resistance

In the D1 chart, Bollinger Bands are reversing horizontally. The price range is narrowing, reflecting appearance of multi-directional dynamics in the short term. MACD histogram is slightly strengthening keeping a weak buy signal (located slightly above the signal line). Stochastic is showing slightly more confident dynamics, signaling "bullish" potential in the ultra-short term.

One should wait for development of the situation at the market, as the current indicators remain uninformative.

Resistance levels: 0.8880, 0.8900, 0.8924, 0.8960.
Support levels: 0.8850, 0.8837, 0.8821, 0.8800.

Trading tips

To open new short positions, one can rely on the breakdown of 0.8850. Take-profit – 0.8821–0.8810. Stop-loss – 0.8870. Implementation time: 2-3 days.

The return of the "bullish" trend to the market with the breakout of 0.8880 may become a signal for new purchases with the target of 0.8924. Stop-loss – 0.8860.

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[Antony_NPBFX]

USD/CAD: the dollar is strengthening 29.01.2021

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on USD/CAD for a better understanding of the current market situation and more efficient trading.

Current trend

Today during the Asian session, the USD/CAD pair actively grows, trading near the local highs from December 23, renewed yesterday. Thursday’s macroeconomic statistics from the US put pressure on the positions of the American currency. Q4 2020 GDP fell sharply from 33.4% to 4.0% YoY, which was the economy's response to the continued quarantine restrictions and the slowdown in global trade flows. However, the instrument remained positive.

On Friday, traders are waiting for the publication of US data on the dynamics of personal income and expenses for December. Also, investors will pay attention to the consumer confidence index and the dynamics of pending home sales. Canada will release November GDP statistics and December data on commodity and industrial product price indices today.

Support and resistance

On the daily chart, Bollinger Bands are rising moderately. The price range is actively expanding but not as fast as the “bullish” dynamics develop. The MACD indicator is growing, maintaining a strong buy signal (the histogram is above the signal line), and is trying to consolidate above the zero level. Stochastic maintains a strong upward trend but is approaching its highs, signaling that the dollar is overbought in the ultra-short term.

Resistance levels: 1.2900, 1.2950, 1.3000.
Support levels: 1.2850, 1.2800, 1.2738, 1.2700.

Trading tips

Long positions may be opened after the breakout of 1.2900 with the target at 1.3000. Stop loss – 1.2850. Implementation period: 1–2 days.

Short positions may be opened after the rebound from the level of 1.2900 and the breakdown of 1.2850 with a target at 1.2738. Stop loss – 1.2900.

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[Antony_NPBFX]

USD/JPY: correction from local highs 01.02.2021

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on USD/JPY for a better understanding of the current market situation and more efficient trading.

Current trend

USD is correcting against JPY during today's morning session, retreating from local highs since November 16, which the instrument managed to update at the end of the last trading week. The reason for the strengthening of "bullish" sentiment was technical factors, while the fundamental background in the market changed little. Moreover, JPY gained support on Friday after the publication of relatively confident macroeconomic statistics on the Japanese labor market, which showed greater resilience than experts expected.

In turn, data from the US also turned out to be better than market forecasts. Personal Income in December 2020 increased by 0.6% MoM after declining by 1.7% MoM in the previous month. Experts expected an increase of 0.1% MoM. The rate of decline in Personal Spending in December slowed down from –0.7% MoM to –0.2% MoM, which turned out to be two times better than the forecasts. The Chicago PMI in January rose sharply from 58.7 to 63.8 points against the forecast of a decline to 58.5 points.

Support and resistance

Bollinger Bands in D1 chart show moderate growth. The price range is expanding but it fails to conform to the development of "bullish" sentiments at the moment. MACD indicator is growing preserving a stable buy signal (located above the signal line). Stochastic, having reached the level of 80, reversed into horizontal plane, indicating overbought USD in the ultra-short term.

Resistance levels: 104.75, 105.00, 105.33, 105.60.
Support levels: 104.50, 104.20, 103.90, 103.60.

Trading tips

To open new short positions, one can rely on the breakdown of 104.50. Take-profit – 103.90. Stop-loss – 104.75. Implementation time: 1-2 days.

The return of the "bullish" trend with the breakout of 105.00 may become a signal for new purchases with the target of 105.60. Stop-loss – 104.75.

Use more opportunities of the NPBFX analytical portal: E-book

If you just recently started to be interested in trading on FOREX and would like to deepen your knowledge, an electronic Beginner's Guide to FOREX Trading will be an excellent helper for you here. The book consists of 5 chapters and reflects fundamental concepts of the foreign exchange market to start successful trading. From the main chapters of the E-book you can learn about the concepts and history of FOREX, currencies and trend lines, technical indicators, types of orders, trading on news, psychology of trading, risk management and much more.

You can read a Beginner's guide to FOREX Trading online or download it free of charge from the NPBFX analytical portal in the "Education" section. In order to get unlimited access to the E-book and other useful instruments on the portal, you need to register on the NPBFX website.

If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.

Use the current recommendations of analysts on USD/JPY and trade efficiently with NPBFX.

 

[Antony_NPBFX]

XAU/USD: ambiguous dynamics 03.02.2021

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on XAU/USD for a better understanding of the current market situation and more efficient trading.

Current trend

Gold prices are showing moderate gains during today's Asian session, correcting after a strong decline the day before, which was triggered by some progress in negotiations on a new stimulus package for the US economy. In addition, USD was supported by a decrease in demand for safe assets in response to an improvement in the dynamics of the incidence of coronavirus in the world.

Today, investors will be focused on macroeconomic statistics from the US on the levels of business activity from Markit and ISM in January. In addition, much attention will be paid to the publication of the January ADP Employment Change report, which will precede Friday's data on the US labor market. Forecasts suggest that the ADP report will reflect an increase in private sector employment of 45K new jobs after a decline of 123K in the previous month.

Support and resistance

Bollinger Bands in D1 chart demonstrate flat dynamics. The price range is changing slightly, but remains rather spacious for the current level of activity in the market. MACD is declining keeping a weak sell signal (located below the signal line). Stochastic shows similar dynamics, resuming its decline after a brief period of growth. At the same time, the indicator is located near its lows, reflecting the risks of oversold instrument in the ultra-short term.

To open new positions, it is necessary to wait for the trade signals to become clear.

Resistance levels: 1850.00, 1863.34, 1875.09, 1900.00.
Support levels: 1830.00, 1811.96, 1800.00.

Trading tips

To open long positions, one can rely on the breakout of 1850.00. Take profit — 1875.09–1880.00. Stop-loss – 1835.00. Implementation time: 1-2 days.

The breakdown of 1830.00 may serve as a signal to new sales with the target at 1800.00. Stop-loss – 1850.00.

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[Antony_NPBFX]

EUR/USD: updating local lows 05.02.2021

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on EUR/USD for a better understanding of the current market situation and more efficient trading.

Current trend

EUR is showing ambiguous trend during today's Asian session, consolidating near 1.1950 and new local lows since December 1. EUR dropped significantly against USD at the end of trading on Thursday, responding to the strengthening of USD across almost the entire spectrum of the market. USD, in turn, was supported by strong macroeconomic statistics, as well as increased prospects for a faster recovery of the American economy from the crisis.

Only the data on retail sales dynamics in the eurozone provided insignificant support to EUR yesterday. In December, sales volumes increased by 2% MoM after a sharp decline of 5.7% MoM in the previous month. Analysts had expected increase by 1.6% MoM only. On an annualized basis, sales rose by 0.6% YoY, accelerating after a 2.2% YoY decline in the previous month. The market forecasts expected the indicator to grow half as much.

Support and resistance

Bollinger Bands in D1 chart demonstrate a moderate decrease. The price range is expanding; however, it fails to catch the surge of the "bearish" sentiment at the moment. MACD is going down preserving a stable sell signal (located below the signal line). Stochastic keeps a confident downtrend but is located near its lows, which indicates the risks of oversold EUR in the ultra-short term.

Existing short positions should be kept in the short and/or ultra-short term until the signals from technical indicators clear up.

Resistance levels: 1.2000, 1.2052, 1.2087, 1.2120.
Support levels: 1.1930, 1.1892, 1.1850, 1.1800.

Trading tips

To open new short positions, one can rely on the breakdown of 1.1930. Take-profit – 1.1850. Stop-loss – 1.1980. Implementation time: 1-2 days.

A rebound from 1.1930 as from support followed by a breakout of 1.2000 may become a signal for new purchases with the targets at 1.2087–1.2120. Stop-loss – 1.1940.

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[Antony_NPBFX]

USD/JPY: USD returned to active growth 08.02.2021

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on USD/JPY for a better understanding of the current market situation and more efficient trading.

Current trend

USD is significantly strengthening against JPY during today's trading in Asia, recovering from an equally active decline at the end of last week, when USD retreated from its local highs since October 12, 2020. The instrument adds about 0.24% and is actively testing the level of 105.50 for a breakout. The strong report on the US labor market released last Friday did not help USD to end a confident eight-day rally against JPY with growth, but influenced the balance of power in the short term.

Monday's statistics from Japan are poor. Eco Watchers Survey on Current Situation in January fell from 35.5 to 31.2 points, which, however, turned out to be better than the forecasts of a decrease to 25 points. Eco Watchers Survey Outlook for the same period increased from 37.1 to 39.9 points, but failed to reach the expected values of 44.2 points.

Support and resistance

Bollinger Bands in D1 chart show stable growth. The price range is actively expanding, while remaining too spacious for the current activity level in the market. MACD indicator is growing preserving a stable buy signal (located above the signal line). Stochastic, having reached its highs, showed a decline, responding to the correctional fall of USD at the end of the last trading week.

Resistance levels: 105.60, 105.79, 106.00.
Support levels: 105.33, 105.16, 105.00, 104.75.

Trading tips

To open new long positions, one can rely on the breakout of 105.60. Take-profit – 106.00–106.20. Stop-loss – 105.33. Implementation time: 1-2 days.

The development of correctional trend with the breakdown of 105.16 may become a signal for new sales with target at 104.50. Stop-loss – 105.50.

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Regular monitoring of global economic indicators plays an important role in trading, because of their strong influence on FOREX market and possibility to provoke significant price fluctuations. For the convenience of traders the "Education" section on the NPBFX portal contains the most popular and significant world economic indices with a detailed description, their possible impact on the economy and exchange rates (GDP, consumer price index, unemployment rate, Nonfarm Payrolls (NFP), etc.).

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Use the current recommendations of analysts on USD/JPY and trade efficiently with NPBFX.

 

[Antony_NPBFX]

USD/JPY: dollar remains under pressure 10.02.2021

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on USD/JPY for a better understanding of the current market situation and more efficient trading.

Current trend

Today during the Asian session, the USD/JPY pair is slightly strengthening, weakly compensating for the confident decline yesterday, caused by the negative sentiment of traders against the dollar.

American macroeconomic statistics are increasingly worse than experts' expectations. It shows that the US economy will take more time to recover than it was estimated earlier. It's worth noting that the US presidential administration has yet implemented its new $1.9 trillion stimulus program. Despite criticism of the new measures and opposition from the Republican Party, the aid package could give the US economy a strong upward momentum.

The data from Japan released on Wednesday did not have a noticeable impact on the instrument's dynamics. Thus, the producer price index of goods for January slowed down from +0.5% to +0.4% MoM, which coincided with market expectations. January index of domestic prices for corporate goods increased slightly from –2% to –1.6% YoY.

Support and resistance

Bollinger bands are actively growing on the daily chart. The price range is rapidly narrowing in response to a sharp change in trading direction in the short term. The MACD indicator reversed downwards and formed a new strong sell signal (the histogram is below the signal line). Stochastic shows a similar picture but is rapidly approaching its lows, indicating that USD may become oversold in the ultra-short term.

Resistance levels: 104.75, 105.00, 105.16, 105.33.
Support levels: 104.50, 104.20, 103.90, 103.60.

Trading tips

Long positions may be opened after the rebound from 104.50 and the breakout of 104.75 with the target at 105.16. Stop loss – 104.50. Implementation period: 2–3 days.

Short positions may be opened after the breakdown of 104.50 with the target at 103.90. Stop loss – 104.85.

Use more opportunities of the NPBFX analytical portal: economic indicators

Regular monitoring of global economic indicators plays an important role in trading, because of their strong influence on FOREX market and possibility to provoke significant price fluctuations. For the convenience of traders the "Education" section on the NPBFX portal contains the most popular and significant world economic indices with a detailed description, their possible impact on the economy and exchange rates (GDP, consumer price index, unemployment rate, Nonfarm Payrolls (NFP), etc.).

If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.

Use the current recommendations of analysts on USD/JPY and trade efficiently with NPBFX.

 

[Antony_NPBFX]

GBP/USD: correction at the end of the week 12.02.2021

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on GBP/USD for a better understanding of the current market situation and more efficient trading.

Current trend

GBP declines against USD during today's Asian session, retreating from record highs updated in the middle of this week. The decrease in the instrument is due to the restoration of the positions of USD, which previously reacted negatively to the speech of the Fed Chair, Jerome Powell, who spoke in favor of maintaining a flexible monetary policy, but pointed out the damage that the pandemic has brought to the American labor market. According to the chairman of the regulator, the restoration of the labor market may take years, while additional measures of support and stimulation may be required.

Today, British investors are awaiting the publication of macroeconomic statistics from the UK. The focus will be on statistics on GDP dynamics for Q4 2020. The forecasts assume that the British economy will slow down from +16% QoQ to +0.5% QoQ.

Support and resistance

Bollinger Bands in D1 chart show moderate growth. The price range expands slightly from above, freeing a path to new local highs for the "bulls". MACD has reversed downwards preserving a buy signal (located above the signal line). Stochastic demonstrates similar dynamics, reversing downwards at its highs.

The appearance of a full-fledged downtrend is possible in the short and/or ultra-short term.

Resistance levels: 1.3864, 1.3900, 1.3963, 1.4000.
Support levels: 1.3760, 1.3700, 1.3650, 1.3600.

Trading tips

To open new short positions, one can rely on the breakdown of 1.3760. Take-profit – 1.3650. Stop-loss – 1.3820. Implementation time: 2-3 days.

A rebound from 1.3760 as from support followed by a breakout of 1.3864 may become a signal for new purchases with the target at 1.4000. Stop-loss – 1.3800.

Use more opportunities of the NPBFX analytical portal: analytics

You can find more actual analytical reviews on other popular currency pairs, metals and CFDs on the NPBFX online portal. Daily analytics with charts, current market prognoses and trading scenarios in the Feed section are available. Get free and unlimited access to the online portal after registering on the official website of NPBFX Company.

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Use the current recommendations of analysts on GBP/USD and trade efficiently with NPBFX.