Language

Technical Analysis (2015-08-03)

EUR/USD
Previous Day Range High: 1.1114 Low: 1.0920 Close: 1.0983
Technical Chart Resistance
R-2:1.1199
R-1:1.1090





Support
S-1:1.0896
S-2:1.0811



Forecast
High:1.1090
Low:1.0896






Intraday bias remains neutral for the moment. As noted before, the corrective structure of current decline argues that it's a leg inside the consolidation pattern from 1.0461. Hence in case of another fall, we'd be cautious on strong support above 1.0461 to bring reversal. Meanwhile, break of 1.1215 resistance will bring stronger rise back to 1.1436/66 resistance zone.
USD/JPY
Previous Day Range High: 124.38 Low: 123.52 Close: 123.87
Technical Chart Resistance
R-2:124.77
R-1:124.31





Support
S-1:123.46
S-2:123.06



Forecast
High:124.31
Low:123.46





The breach of 124.47 suggests that rebound from 120.40 is resuming. Intraday bias is mildly back on the upside. Sustained trading above 124.43/47 resistance zone will pave the way for a test on 125.58 high. Break will resume the larger up trend. Nonetheless, break of 123.00 will indicate the rebound from 120.40 has completed at 124.47. Also, that will suggest that the consolidation pattern from 125.85 is starting another falling leg. In such case, intraday bias will be turned back to the downside for 120.40 and below.
GBP/USD
Previous Day Range High: 1.5678 Low: 1.5550 Close: 1.5621
Technical Chart Resistance
R-2:1.5744
R-1:1.5681





Support
S-1:1.5553
S-2:1.5488



Forecast
High:1.5681
Low:1.5553





Intraday bias in GBP/USD remains neutral for the moment. Another rise is mildly in favor 1.5465 minor support holds. Above 1.5689 will target 1.5929 resistance and break will extend the larger rise to 61.8% retracement of 1.7190 to 1.4565 at 1.6187. On the downside, below 1.5450 minor support will turn focus back to 1.5169 support instead.
USD/CHF
Previous Day Range High: 0.9698 Low: 0.9549 Close: 0.9657
Technical Chart Resistance
R-2:0.9785
R-1:0.9723





Support
S-1:0.9574
S-2:0.9486



Forecast
High:0.9723
Low:0.9574





Intraday bias in USD/CHF remains on the upside for 61.8% retracement of 1.0127 to 0.9072 at 0.9724 next. Sustained break will pave the way for 1.0127 resistance. On the downside, below 0.9524 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.
AUD/USD
Previous Day Range High: 0.7367 Low: 0.7235 Close: 0.7308
Technical Chart Resistance
R-2:0.7431
R-1:0.7367





Support
S-1:0.7233
S-2:0.7163



Forecast
High:0.7367
Low:0.7233





The Australian dollar edged back below 0.73 through trade on Thursday as investors looked to lengthen USD holdings on expectations the Federal Reserve will begin raising rates come September. The world’s largest economy expanded 2.3% through the second quarter satisfying calls that the sluggish first quarter expansion was merely an anomaly and short term slowdown. The stronger USD forced commodity prices lower and the Australian dollar followed touching intraday lows of 0.7253 before finding support. Attentions now turn to a quarterly PPI report, US labour cost and Chinese Manufacturing PMI for direction into the weekly close and next week’s RBA meeting.

We expect a range today of 0.7180 – 0.7350.
USD/CAD
Previous Day Range High: 1.3048 Low: 1.3024 Close: 1.3085
Technical Chart Resistance
R-2:1.3098
R-1:1.3051





Support
S-1:1.2950
S-2:1.2896



Forecast
High:1.3051
Low:1.2950





We start the North American session with weekly jobless claims and GDP data for the U.S. this morning. Gross Domestic Product in the U.S. is expected to bounce back in the second quarter, as healthy consumer spending and residential investment offset the drag from trade and the energy sector. Expectations on a quarterly basis is for growth 1.5% and on an annualized growth of 2.5% is expected. Data showed that GDP q/q saw 2.0% growth and annualized was a miss at 2.3%. This data has less of an effect on markets as most of the reports components are known in advance. Here in Canada we have no economic data for today, but we point out that we will have Canadian GDP out tomorrow morning at 8:30am to end the month.

We expect a range today of 1.2943 to 1.3033.