Yesterday’s range has gained strength, which triggered our trade setup and produced 64 pips in total. Here are 3 Forex Technical Analysis for today. Find out what could trigger a breakout in trading AUD, EUR or USD?
17 August, AtoZForex – Today’s, technical analysis focuses on the major currency pairs AUDUSD, EURUSD and USDJPY.
AUDUSD Technical analysis
Bias: Sell stop @ 0.7676 with targets @ 0.7636
Alternative scenario: Buy stop @ 0.7705 with target @ 0.7745
Comment:Yesterday's session has triggered both our Bias and Alternative scenario which is unusual. Although we hit the SL of 30 pips for our bias trade, we also hit the target profit of 52 pips for our alternative scenario which leaves us with 12 pips.
The pair rallied in the first half of the trading day as CPI report came in weaker-than-expected in July. For the second half of the trading day, the pair lost it's ground as the succeeding economic data came out all positive for US Dollar.
The previous short-term downtrend found in hourly time frame has broken the resistance level. This appears to continue plotting the ascending wedge triangle formed on the daily time frame.
Also see: Daily Free Forex Signals
EURUSD Technical analysis
Bias: Sell stop @ 1.1244 with targets @ 1.1194
Alternative scenario: Buy stop @ 1.1295 with targets @ 1.1340
Comment: The pair has gained 141 pips since yesterday's opening. For the first time since Brexit referendum, the 100 moving average has broken which acts as a strong resistance in several occasions.
The critical economic data for today is the US Crude Oil. Although there is no consistent effect to this pair, we may see a spike during the announcement.
Yesterday's session has triggered the Alternative scenario too where it hit the target profit of 50 pips.
The Technical Analysis for this pair suggests we are seeing a divergence on H1. Although MACD is still above the 0 level, the signal line is going down. As for the current market price, it is steadily going up. We may see some pullback before gaining new higher ground.
USDJPY Technical analysis
Bias: Buy stop @ 100.91 with target @ 101.44 with stop loss @ 100.56
Alternative scenario: Sell stop @ 100.32 with targets @ 99.95 with stop loss @ 100.58
Comment: USDJPY pair has broken the psychological level 100.00 and has pushed further towards 99.54. What used to be a strong support zone around 101.00 up to 100.80 was broken and is now acting as a resistance level.
If the price revisit above 100.90 level, we may see a continuation of pullback and it possibly go towards the recent reversal point at 100.28. A failure to break above the 100.88 will strengthen the bearish move.
Yesterday's session has triggered both our Bias and Alternative scenario as well. Although we hit the SL of 33 pips for our bias trade, we hit also the target profit of 35 pips for our alternative scenario which leaves us with 2 pips.
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