Breakout and pullback on the USD/SGD

The breakout and pullback pattern is very trustworthy when it happens around a key support or resistance zone like a round number level or the 200 day exponential moving average as shown on the daily chart of the US Dollar versus the Singaporean Dollar. On the chart we can see that the price broke below the 200 Day EMA and today it has pulled back to that same level around the 1.3278. If there is a bearish bounce from that zone, then the price may try to get to the round number level of the 1.3100, which could become a good support for the pair.

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EUR/CAD: Triangle or Rising Wedge?

The Euro versus the Canadian Dollar has formed what appears to be an ascending triangle or a rising wedge on the daily chart. In reality the name is the least important, what really matters is that we identify the borders of the consolidation and wait for the price to break one of those borders, which are actually two trendlines. A breakout to the downside could take the price to the round number level of the 1.3000, which could act as support, or a breakout to the upside could take the price to the 1.3500 level, which could act as resistance.

USD/SGD: Finally touches the 200 day EMA

Just as we analyzed it last week, the US Dollar versus the Singaporean Dollar continued dropping and reached its 200 Day exponential moving average, a little bit above the key support level of 1.3242. Apparently the price is stalling at that area and it is possible to see a bounce to the upside for the next couple of days. However, the 1.3417 level could become a good resistance from where the pair may stop its bullish bounce.

USD/SGD: Possible visit to the 200 Day EMA

On various occasions we have seen how the 200 day exponential moving average has acted as a very good support or resistance zone. On the US Dollar versus the Singaporean Dollar we can see how the pair has been in a very organized and sustainable retracement to the downside and it is currently getting very close to its 200 Day EMA. Attentive to a possible visit to that zone, because the price may try to bounce to the upside from there, especially when we see that a little bit below it there is an important support level at the 1.3242.

Moving average confluence on the NZD/USD

On various occasions we have seen how the 200 period exponential moving average acts as a very good support or resistance zone and at times the 55 period exponential moving average does the same thing. When these two moving averages coincide around the same zone on different time frames, the area becomes a very important support or resistance.

That is exactly what we are seeing on the NZD/USD on the daily and 4 hour charts. On the daily chart we can see that the price has gotten to the 55 period exponential moving average zone around the 0.7550 and it is currently trying to bounce to the upside from there.

On the 4 hour chart we can see that the zone of the 0.7550 level coincides very closely with the 200 period exponential moving average (blue line) and that is why that area has become a very strong support for the pair.

From this point on, the pair may try to go back up, but we must also be aware that the 0.7600 level could become a temporary resistance for the price.

NZD/USD: Another visit to the 200 day exponential moving average

The 200 period exponential moving average usually acts as a very good zone of support or resistance, especially on the daily chart. That is why we saw that the NZD/USD bounced to the downside on Friday from that moving average around the 0.7739 level (blue line) and today we can see that the price has gone back up to that level, but it is currently trying to stall there. Therefore, we must be attentive to a possible bounce to the downside from that zone, but we should also be on the lookout for a possible breakout, because usually those breakouts around that moving average also presents us with good trading opportunities to go long.

GBP/AUD: Pullback to the 1.9300 level

On the one hour chart of the Pound versus the Australian Dollar we can see that the price has been heading lower for today and breaks below the 200 and 55 period exponential moving averages. The price has also broken below the 1.9300 round number level, but it is pulling back at the moment to that same level. The price has consolidated in the past around the 1.9300 zone, and the area could become a good resistance for the pair at the moment. A bounce to the downside from that zone could accelerate the bearish momentum on the pair and the price may visit the 1.9200 level.

The AUD/USD continues retracing from the 76.4% Fibo

The Australian Dollar versus the US Dollar has had a good retracement since it touched the 76.4% around the 0.7841 level. The 76.4% Fibonacci retracement usually acts as a good support or resistance level and the bounces that the price makes from that zone usually takes it to the 38.2% Fibo or even the 23.6% Fibo. That is why we should be attentive to a visit to the 38.2%, because that zone could become a good support for the pair, around the 0.7686 level.

AUD/USD: Bearish bounce from the 76.4% Fibo on the 4 hour chart

The Australian Dollar versus the US Dollar continued rising for today, but once it got to the 76.4% Fibonacci retracement of the drop from the 0.7937 to the 0.7532, it stopped there and bounced to the downside. If we take a closer look at the 4 hour chart of the AUD/USD, we can notice that when the price touched for the first time the 61.8% Fibo around the 0.7782 level, it bounced from there to the 50% Fibo on the 0.7734 to rally again from there and go visit the 76.4% Fibo on the 0.7841. At the moment, the price has touched again the 61.8% area, which is acting as support. If we see a breakdown of the 61.8% Fibo, then the price may try to visit the 50% zone again, from where it may stop, due to the fact that the area was a resistance in the past. 

Pullback on the USD/CAD to the 1.2200 level on the 1 hour chart

The US Dollar versus the Canadian Dollar continued falling and breaks below the 1.2200 level. On the one chart we can see that the price is currently pulling back to that same level of the 1.2200, which could become a good resistance area. Let’s be attentive to a possible bounce to the downside from there and a continuation of the bearish momentum on this pair. If the pair does bounce to the downside, its next support level could be the 1.2100.

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USD/CAD: Bearish breakdown of the 1.2400 level

The US Dollar versus the Canadian Dollar had been trading within a range between the 1.2400 and the 1.2800 levels. Today we saw that the pair finally broke below the 1.2400 and moved 100 pips to the downside to reach the 1.2300 level. The 1.2300 level could act as a support zone, but it seems like the bearish momentum has accelerated and we could see a continuation to the 1.2200 level. A visit to the 1.2200 level could cause the price to bounce from there to the upside.

USDCAD: Bearish bounce from the 1.2600

The USDCAD is showing us another bounce from the 1.2600 to the downside and a possible visit to the 1.2400 level. If we take a closer look at the daily chart of the USDCAD, we can notice that the pair has been trading within a range with the 1.2400 as support and the 1.2800 as resistance. We can also notice that when the price breaks above the 1.2600 level, it tends to go visit the 1.2800, but when it bounces from that level to the downside, it tends to go visit the 1.2400 level. That is why there is a good probability that the price may visit the 1.2400 level again, due to the fact that it is currently bouncing to the downside from the 1.2600 level.

Possible breakout-pullback pattern on the Kiwi

The breakout-pullback pattern is a chart pattern where the price breaks a support or resistance level and then pulls back to it to continue in the direction of the original breakout. In the 4 hour chart of the NZD/USD, we can see that the price has broken a key support level outlined by the 0.7500 round number and the 200 period exponential moving average (blue line). When can also see that after the breakdown, the price is currently trying to pull back to the same 0.7500 area. This area could become a good resistance zone and we could be presented with a good opportunity to go short if the price visits that area.

The EUR/JPY in close to reaching a key support level

The Euro versus the Yen continued dropping today and it has come very close to its most recent support around the 126.90 level. Attention to a possible visit to this zone, which could happen next week, due to the possibility that his area could cause the price to stall there or bounce to the upside. None the less, if the bearish momentum persists, we could see a breakdown of that support, but we should also keep in mind that the markets don’t drop or rise in a straight line and due to the fact that the pair has been in a steady drop during this whole week, there is a good probability of seen a retracement for next week.

AUD/USD: Rising wedge on the 4 hour chart

The rising wedge is a chart pattern with bearish implications, although its name could confuse some people and make them believe that the pattern is a bullish pattern. Actually, the pattern is a bearish reversal pattern and its confirmation comes when the lower line of the pattern is broken to the downside. On the 4 hour chart of the AUD/USD we can see that if the price breaks down of the pattern, it may drop all the way to the 0.7578 zone; therefore, we must be attentive to that possible breakdown, because we may be presented with an opportunity to go short.

EUR/AUD: Support at the 1.4000 and 61.8% Fibo

The Euro versus the Australian Dollar had a very good bounce from the 200 day exponential moving average (blue line) all the way down to the 1.4000 level and the 61.8% Fibonacci retracement. The confluence of the 1.4000 round number level and the 61.8% Fibo could make this zone an important support area for the pair. Attentive to a possible bounce to the upside from this zone, which could take the price back up to the 1.4200 area where the 55 day EMA (purple line) is situated.

EUR/JPY: Second visit to the 200 EMA, 1 hour chart

The 200 period exponential moving average could act as a good support or resistance zone, especially on the higher time frames. On the one hour chart of the EUR/JPY we can see that on the first visit that the price made to the 200 EMA (blue line), it bounced from that level to the upside, but it couldn’t make a higher high and it has now come back to that same level, around the 130.10. The bounces from the 200 EMA are more reliable on the first visit, on the subsequent visits the chances of seeing a breakout are higher than seeing a bounce. That is why we should be attentive to a possible breakout of that moving average to the downside, but the best thing to do is to patiently wait for confirmation of the breakout in the form of two or three bearish candles, and then the pullback to the same EMA for a possible short entry.

Bearish bounce on the NZD/USD from the 0.7600 level

The US Dollar has recovered some of its losses towards the middle of today’s session and that is why we see that the NZD/USD has come back to the downside and it couldn’t stay above the 0.7600 level. However, when the pair reached the 55 exponential moving average (purple line) on the 4 hour chart, it stalled at the level and it is currently leaving a relatively lower shadow. None the less, a little bit lower we can also see a good support level at the 0.7500 level where the 200 period exponential moving average (blue line) is also crossing. If there is a visit to the 0.7500 level, we could see a bounce to the upside from there.

The EUR/USD finds a good resistance at the 1.1000 level

The Euro versus the Dollar rallies for today after the disappointing Non-Farm Payrolls reading out of the US. The reading was expected at 245 thousand new jobs created for the month of March, but it really came out at 126 thousand new jobs. That is why we saw that the EUR/USD rallied for today, but once it got to the 1.1000 level, it stopped there. On the Daily chart we can see that the 1.1000 zone has been a good resistance area in the past and it looks like it is going to take more than a weak payrolls reading to have the pair break above that zone. Let’s see if there is continuation to the upside during next week or if the price comes back down. 

The EUR/USD stalls at the 1.0900

The Euro versus the Dollar had a good rally today and it accelerated its bullish momentum after breaking above the 1.0800 level. After the pair visited the 1.0900 level, it stalled its rally and it is currently trying to bounce to the down side. None the less, we can see that the bullish momentum is still in place and another visit to the 1.0900 level raises the probabilities of the pair breaking that level to the upside. If the price does break that level of the 1.0900 to the upside, then a visit to the 200 exponential moving average on the 4 hour chart (blue line) is possible, around the 1.0960 level where it could find some resistance before getting to the 1.1000 level. But the Euro will need to get a boost from a weaker than expected Nonfarm Payrolls for tomorrow, because if the reading comes out better than expected, then the Euro will have a difficult time heading higher.

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