Today's trading signal is USDJPY, the major currency pair has been trending weaker and on an intraday basis, support has been formed at 109.43. We expect USDJPY to rebound off the support level, then to find resistance near 109.80 and eventually to close lower on the day.
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The housing markets remain a key factor considering that the U.S. Federal Reserve has been hiking interest rates. This could lead to higher mortgage rates that could dent the amount of work done in the housing sector. However, with wage growth seen rising steadily the prospects are positive.
The Canadian dollar is however expected to remain in check with the overall lower risk appetite in the markets. The global trade uncertainty continues to remain as the Trump administration continues to push ahead with imposing tariffs on goods imports from its trading partners including Canada.
The US dollar was trading strong after Yukitoshi Funo said that the BoJ needs to continue monetary easing under the current policy framework to hit its 2% inflation target. USDJPY found resistance near 110.80 and retraced some of yesterday's gains.
The Euro is trading at support level 1.1540 and we would expect an imminent reaction to the upside and EURUSD potentially touching 1.1590 on a intraday basis. The US Dollar continued to benefit after the Fed chairman Jerome Powell’s shared his view on the US labor market. Today, the Euro will eventually retrace some of the recent losses and close higher on the day.
Today's trading signal is GBPUSD, the currency pair has been trending weaker against a broadly stronger U.S. dollar. In the near term we expect to see a pullback to 1.3220 as we expect to see the GBPUSD retrace the losses on an intraday basis and eventually close higher on the day.
Today's market sentiment will be driven mostly by the Fed's Powell speech, with traders also waiting to hear ECB president Draghi's speech and RBA's governor Phillip Lowe. We would expect a sharp decline in USDJPY prices and a bounce from the 109.95 support level with the currency pair closing higher on the day.
Michel Barnier, the EU's chief Brexit negotiator, recently suggested that UK should be ready for hard Brexit scenario, having in mind the Irish border issue. Today, major central bank speeches are scheduled, with Bank of Japan governor Kuroda speech set for 13:30 GMT later on the day.
A quiet day on the economic front in the markets will be offset by a number of key speeches from various central bankers. With the annual banking conference in Portugal kicking off, the day ahead will see speeches from various central bank heads including ECB's Draghi, BoJ's Kuroda and the Fed Chair, Jerome Powell.
Today's trading signal is USDJPY, the currency pair was seen easing strongly mostly on account of a waning risk appetite which put the Japanese yen on a stronger footing. Still, with price action approaching the key support level we expect to see a rebound in price action.
The speech by the ECB President comes on the back of last week's ECB monetary policy decision. The central bank left interest rates unchanged as it signaled that the central bank's quantitative easing program would end by December 2018.
Today's trading signal is EURJPY, the currency pair has been posting strong declines over the week as price approached the support level at 127.96. In the short term, we expect to see a rebound in prices and EURJPY to eventually close higher on the day.
Today's binary trading signal is EURUSD, the currency pair has managed to hold its ground on Wednesday at the support level of 1.1730. Currently, the pair is trading at resistance level 1.1820, we expect the EURUSD to dip to intraday lows and eventually closing lower on the day.
GBPUSD is trading lower ahead of UK inflation data, later on today the US Federal Reserve is expected to hike rates to 2.0%. We expect the British Pound to find support near 1.3310 and eventually closing higher on the day with a pullback up to 1.3400 level.
Today's trading signal is EURUSD, the common currency has turned flat ahead of other important events this week. Still, we expect to see some near term pullback to 1.1800 following which we expect the EURUSD to post declines. Today's data is not likely to influence the markets much given the fact that the Federal Reserve targets the core PCE price index.
Today's trading signal is GBPJPY, the currency pair has been attempting to recover from last week's declines. However, this retracement is seen pushing the currency pair back to the previously held support level that could now turn to resistance. We expect GBPJPY will test the resistance level and close lower on the day.
At the end of May, after the falling wedge pattern formation the Euro started to recover and the uptrend is likely to continue. Meanwhile the selling bias appears to have re-emerged around the common currency with today's drops in consideration.
Today's binary trading signal is USDCAD, the currency pair continues to remain trading in a sideways range. On an intraday basis, we expect to see a minor pullback ahead of further gains. We expect to see the currency pair posting a minor correction to 1.2960 before eventually closing higher on the day.
Today's binary trading signal is EURUSD, the currency pair has managed to break the resistance level and there has been no pullback ever since. However, with price approaching the next resistance level, we expect to see a pullback. The revised GDP estimates for the first quarter will be released today by the European Statistics agency, Eurostat.
Today's binary trading signal is EURUSD, the common currency has been trading at resistance for the past few days at 1.1730. Therefore, we would consider daily PUT options at 1.1730 for a 21:00 GMT expiry time as we expect the currency pair to ease back from the resistance level and therefore close lower on the day.