USD/CAD posted considerable losses in the Asian session

•USD/CAD posted considerable losses in the Asian session and is flat in European trade
• 1.3120 is a weak line
•1.3253 is a strong resistance line
Further levels in both directions:
•Below: 1.3120, 1.3028 and 1.2922
•Above: 1.3253, 1.3371 and 1.3457
•Current range: 1.3120 to 1.3253
USD/CAD ratio is unchanged in the Monday session. Currently, short positions have a strong majority (68%), indicative of trader bias towards USD/CAD continuing to lose ground.
The Canadian dollar has posted gains to start off the week, erasing the losses which marked the Friday session. Early in the North American session, USD/CAD is trading at 1.3160. On the release front, the sole US event is the NAHB Housing Market Index. There are no Canadian releases on the schedule. On Tuesday, the US will release Building Permits, a key event.

USD/JPY Chart

Summary :
Target Level : 101.7775
Target Period : 2 days
Analysis :
Triangle identified at 19-Sep-01:00 2016 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 101.7775 within the next 2 days.
Supporting Indicators :
Downward sloping Moving Average
Resistance Levels :
( B ) 102.42Last resistance turning point of Triangle.
Support Levels
( A ) 101.7775Last support turning point of Triangle.

Chart date range : 09-Sep-07:00 GMT-> 19-Sep-06:00 GMT Data interval : 1 hour RSI: 34 Candles MA: 34 Candles

EUR/USD Chart

Summary :
Target Level : 1.1204
Target Period : 2 days
Analysis :
Channel Up identified at 15-Sep-04:00 2016 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 1.1204 within the next 2 days.
Resistance Levels :
( B ) 1.1274Last resistance turning point of Channel Up.
Support Levels
( A ) 1.1204Last support turning point of Channel Up.

Chart date range : 01-Sep-20:00 GMT-> 15-Sep-08:00 GMT Data interval : 4 hour RSI: 34 Candles MA: 34 Candles

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USD/JPY has bounced back with gains on Tuesday

USD/JPY has bounced back with gains on Tuesday, following losses on the Monday session. Currently, the pair is trading at 102.30. On the release front, Japanese BSI Manufacturing Index improved to 2.9 points, crushing the estimate of -6.5 points. It’s another quiet day in the US, with no major releases on the schedule.
Japanese manufacturing indicators continue to impress this week. On Monday, BSI Manufacturing Index broke a nasty streak of two sharp declines. This reading comes on the heels of Core Machinery Orders, which jumped 4.9%, well above expectations. Preliminary Machine Tool Orders declined 8.4%, but this was markedly better than the previous reading of -19.6%. The Bank of Japan will release a monetary statement next Wednesday, just a day before the Fed releases its statement. The bank cut rates into negative territory earlier in the year, but has had little success in coaxing inflation to higher levels. Will the BoJ adopt further easing measures? If the bank does take action, deeper rate cuts or expanding the asset-purchase scheme (or some combination) are the most likely routes. In addition to its standard rate announcement, the BoJ has said it will also conduct a “comprehensive review” of its policy at the September meeting. What this entails is not clear, as the BoJ has not conducted such a review in the past.

USD/JPY posted slight losses in the Asian session and then recovered. The pair continues to post gains in European trade

102.36 is under strong pressure in resistance and could break during the Tuesday session

101.20 continues to provide strong support

Current range: 101.20 to 102.36

Further levels in both directions:

• Below: 101.20, 100.55, 99.71 and 98.95
•  Above: 102.36, 103.73, 104.99 and 106.3

USD/JPY ratio is unchanged on Tuesday. Currently, long positions have a substantial majority (66%), indicative of trader bias towards USD/JPY continuing to move higher.

USD/JPY Chart

Summary :
Target Level : 102.3007
Target Period : 20 hours
Analysis :
Channel Up has broken through the support line at 11-Sep-23:00 2016 GMT. Possible bearish price movement forecast for the next 20 hours towards 102.3007.
Resistance Levels :
( B ) 103.0555Last resistance turning point of Channel Up.
Support Levels
( A ) 102.019Last support turning point of Channel Up.

Chart date range : 05-Sep-17:00 GMT-> 12-Sep-06:00 GMT Data interval : 1 hour RSI: 34 Candles MA: 34 Candles

EUR/USD is still bearish

 Despite the ECB's latest monetary policy stance, strategists at BNP Paribas say the outlook for EUR/USD is still bearish towards its target of $1.08 by the end of the year. The bank says in a note that it views the ECB's decision as a postponement rather than a rejection of further easing, with new announcements likely in December. Overall, disappointment at the lack of an ECB policy adjustment has only been worth about 2 basis points on the EUR 2 year swap rate, it notes.

GBP/USD is showing limited movement on Thursday

GBP/USD is showing limited movement on Thursday. Early in the North American session, the pair is trading at 1.3330. On the release front, it’s a quiet day. US unemployment claims dropped to 259 thousand, beating the estimate of 264 thousand. This reading marked the lowest level for jobless claims in seven weeks. There are no British released on the schedule. On Friday, the UK will release Goods Trade Balance.
•GBP/USD has shown limited movement in the Asian session. The pair has shown movement in European trade but is unchanged
•1.3327 was tested in support earlier and is under pressure
•1.3480 is a strong resistance line
Further levels in both directions:
•Below: 1.3327, 1.3219, 1.3142 and 1.3033
•Above: 1.3480, 1.3667 and 1.3835
•Current range: 1.3327 to 1.3480
GBP/USD ratio has shown movement towards long positions. Currently, short positions have a small majority (52%), indicative of slight trader bias towards GBP/USD reversing directions and losing ground.

AUD/USD has ticked higher on Thursday

AUD/USD has ticked higher on Thursday. In the North American session, the pair is trading at 0.7670. Earlier in the day, AUD/USD climbed to 0.7732, its highest level since August 15. On the release front, Australian Trade Balance narrowed to A$2.41 billion, better than the forecast of A$2.61 billion. Later in the day, Australia releases Home Loans. In the US, unemployment claims dropped to 259 thousand, beating the estimate of 264 thousand. This reading marked the lowest level for jobless claims in seven weeks.
•AUD/USD was flat in the Asian session. The pair recorded considerable gains in European trade but has reversed directions and has posted small losses in the North American session
•0.7560 is providing strong support
•0.7701 was tested in resistance earlier and could break in the North American session
•Current range: 0.7560 to 0.7701
Further levels in both directions:
•Below: 0.7560, 0.7440, 0.7339 and 0.7200
•Above: 0.7701, 0.7835 and 0.793
AUD/USD ratio is showing movement towards short positions. Currently, short positions have a majority (54%), indicative of trader bias towards AUD/USD reversing directions and moving lower.

USD/JPY ratio is unchanged on Tuesday.

S3 S2 S1 R1 R2 R3
99.71 101.20 102.36 103.73 104.99 106.38
•USD/JPY was choppy in the Asian session and has posted slight losses in European trade
•102.36 is providing strong support
•103.73 was tested in resistance earlier in the Tuesday session
•Current range: 102.36 to 103.73
Further levels in both directions:
•Below: 102.36, 101.20, 99.71 and 98.95
• Above: 103.73, 104.99 and 106.3
USD/JPY ratio is unchanged on Tuesday. Currently, long positions have a majority (59%), indicative of trader bias towards USD/JPY reversing directions and moving to higher ground.
USD/JPY is showing little movement on Tuesday, as USD/JPY is trading at 103.30. On the release front, today’s key event is US ISM Non-Manufacturing PMI. The indicator is expected to remain steady, with an estimate of 55.4 points. There are no Japanese releases on Tuesday. Japan will release Final GDP on Wednesday. The economy is expected to show no growth in the second quarter, with an estimate of 0.0%.

EUR/JPY

Summary :
Target Level : 113.857
Target Period : 2 days
Analysis :
Channel Up identified at 03-Sep-00:00 2016 GMT. This pattern is still in the process of forming. Possible bearish price movement towards the support 113.8570 within the next 2 days.
Resistance Levels :
( B ) 116.367Last resistance turning point of Channel Up.
Support Levels
( A ) 113.857Last support turning point of Channel Up.

Chart date range : 18-Aug-16:00 GMT-> 05-Sep-08:00 GMT Data interval : 4 hour RSI: 34 Candles MA: 34 Candles

. USD/ZAR rises more than 1%

 The rand slides to its lowest level in nearly eight weeks against the U.S. dollar as Bloomberg reports that Futuregrowth, Africa's biggest private fixed-income money manager, will stop lending money to six of South Africa's largest state companies over concerns about how they are run. This comes amid increasing political uncertainty in the country, with finance minister Pravin Gordhan currently under investigation over possible corruption. USD/ZAR rises more than 1% to hit 14.7155, the rand's weakest level since July 8.

GBP/USD posted gains but has then retracted on Wednesday

GBP/USD posted gains but has then retracted on Wednesday, as the pair trades slightly below the 1.31 line. On the release front, British GfK Consumer Confidence came in at -7 points, within expectations. In the US, we’ll get a look at two key indicators – ADP Nonfarm Employment Change and Pending Home Sales. On Thursday, the US releases unemployment claims and the ISM Manufacturing PMI. The UK will publish Manufacturing PMI.
GBP/USD Technical
S1 S2 S1 R1 R2 R3
1.2849 1.2938 1.3064 1.3142 1.3219 1.3327
•GBP/USD posted slight gains in the Asian and European sessions. The pair has posted considerable losses in North American trade
•1.3064 is providing support
•1.3142 has some breathing room in resistance following considerable losses in the North American session
Further levels in both directions:
•Below: 1.3064, 1.2938 and 1.2849
•Above: 1.3142, 1.3219, 1.3327 and 1.3480
•Current range: 1.3064 to 1.3142
GBP/USD ratio has posted small gains on Wednesday. Long positions have a majority (55%), indicative of trader bias towards GBP/USD breaking out and moving upwards.

U.K. purchasing managers' indexes for August

 U.K. purchasing managers' indexes for August will be key indicators for sterling, starting with the manufacturing index on Thursday, followed by construction Friday and services Monday. After very weak readings for July following the U.K. vote to leave the EU, the market is expecting a modest rebound in August. CIBC strategist Jeremy Stretch says he would look to sell GBP/USD rallies if the rebound should "prove less robust than expected," looking for a test of $1.30 once $1.3020/25 is breached. GBP/USD trades firmer for now, up 0.1% at $1.3119.

GBP/USD has recorded small losses on Tuesday

GBP/USD has recorded small losses on Tuesday, as the pair trades slightly below the 1.31 level. On the release front, British Net Lending to Individuals dropped to GBP 3.8 billion, well short of the forecast. Later in the day, GfK Consumer Confidence is expected to come in at -8 points. In the US, today’s highlight is CB Consumer Confidence. The indicator is expected to remain steady, with a forecast of 97.2 points. On Wednesday, the US will release two key events – ADP Nonfarm Employment Change and Pending Home Sales.
•GBP/USD posted slight gains in the Asian session and is flat in European trade
•1.3064 was tested earlier in support and could break in the North American session
•There is resistance at 1.3142
Further levels in both directions:
•Below: 1.3064, 1.2938 and 1.2849
•Above: 1.3142, 1.3219, 1.3327 and 1.3480
•Current range: 1.3064 to 1.3142
GBP/USD ratio is showing little change on Tuesday, consistent with the lack of movement from GBP/USD. Long positions have a small majority (52%), indicative of trader bias towards GBP/USD moving reversing directions and moving upwards.