What is Forex Analysis?

Forex analysis is the study of determining whether to buy, sell or wait to trade a currency pair. Currencies traded in pairs, with exchange rates based on the price of one currency relative to another, for example USDEUR = USD Vs Euro

SUMMARY

  • The dollar fell on Friday morning in Asia but remains near the highest level area in four months as positive US economic data, the launch of the COVID-19 vaccine, and higher Treasury yields continue to hold back the US currency’s decline
  • In the US, initial jobless claims for this week fell to a one-year low of 684,000 from 781,000 claims filed during the previous week, lower than analyst estimates of 730,000 claims
  • Personal spending data in February, could provide further clues about the strength of the US economy
  • Inflation remains a concern of investors, and there are still disruptions in the supply chain that create cost pressures for producers. Wednesday’s manufacturing and services PMI showed that US factory activity picked up in March
  • The euro rebounded slightly ahead of the German business sentiment data due later today, but the outlook for the European common currency has worsened due to renewed coronavirus lockdowns and slow vaccinations across the European Union
  • The safe-haven US dollar approached its highest level in four months in the early Asian trading session on Friday as concerns over the third wave of COVID-19 in Europe, potential US tax hikes and rising tensions between the West and China are weakening risk appetite ( risk-on)
  • The shift in equities to safety got an additional boost when Finance Minister Janet Yellen told lawmakers that future tax increases would be needed to pay for infrastructure projects and other public investment. Yellen testified to the House Financial Services Committee along with Federal Reserve Chair Jerome Powell, who confirmed that the expected short-term spike in inflation will be temporary
  • “Sentiment and trend position” are the main drivers of the market today, the impact of global bond yields trading this week is still the main sentiment and other economic data factors. diverse, be careful of anticipatory movements

Market EURUSD Analysis

The 1.1808 area (MA15) is a further signal for the strengthening of the Euro, breaks and closes above the 1.1831 (MA25) area target to the 1.1888 area, on the other hand the 1.1760 area is a signal of strengthening USD against the Euro, a break is a closing below the 1.1733 area target to the 1.1707 area. Buy levels : 1.1735-1.1777 Cutloss: 1.1695, Sell levels : 1.1818-1.1842 Cutloss: 1.1888

Strong Support : 1.1760
Strong Resistance : 1.1803

Market GBPUSD Analysis

The 1.3771 area becomes a further signal for the pound to strengthen, break and close above the 1.3796 target area to the 1.3838 area, on the other hand, the 1.3740 (MA15) area is a signal for pound weakness, breaks and closes below the 1.3717 target area to the 1.3666 area. Buy levels : 1.3727-1.3762 Cutloss : 1.3695, Sell levels : 1.3799-1.3837 Cutloss : 1.3872

Strong Support : 1.3717
Strong Resistance : 1.3796

Market AUDUSD Analysis

The 0.7623 area is a further signal for the strengthening of the Aussie to break and close above the 0.7633 (MA25) area, target to the 0.7696 area, otherwise the 0.7606 area signals the weakening of the Aussie to break and close below the 0.7590 area, target to the 0.7555 area. Buy levels: 0.7552-0.7596 Cutloss: 0.7494, Sell levels: 0.7666-0.7692 Cutloss: 0.7757

Strong Support : 0.7580
Strong Resistance : 0.7623

Market USDJPY Analysis

The 109.12 area is a signal for the strengthening of the Yen, breaks and closes below the 109.00 area, the target to the 108.66 area, conversely the 109.42 area is a signal for the weakening of the Yen, breaks and closes above the 109.63 area, the target to the 109.90 area. Buy levels : 108.95-109.28 Cutloss: 108.66, Sell levels : 109.99-110.28 Cutloss: 109.90

Strong Support : 108.33
Strong Resistance : 109.63

Market USDCHF Analysis

The 0.9420 area signals that the Swiss Franc is weakening, breaks and closes above the 0.9444 area, the target to the 0.9489 area, on the other hand, the 0.9393 area is a signal that the Swiss Franc strengthens, breaks and closes below the 0.9363 (MA25) area target to the 0.9313 area. Buy Levels : 0.9373-0.9395 Cutloss: 0.9333, Sell levels : 0.9369-0.9400 Cutloss: 0.9447

Strong Support : 0.9373
Strong Resistance :  0.9444

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The rate and other information rendered herein by education & analysis PT Soegee Futures has been obtained from sources we believe reliable, but we can’t represent that they are complete and accurate. We are not responsible to any offer to sell or solicitation of an offer to purchase base on the rate and information contained  

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