Daily Market Analysis from ForexMart

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USD/JPY Technical Analysis: June 22, 2017
During the Wednesday session, the USD/JPY pair dropped although it attained the 111.75 region since there is sufficient buying pressure from traders. Currently, the market is trying to bring the price down amid high volatility the being uncertainty in the market. Eventually, it is anticipated to reach the 112 level or up to 112.50 level later on.
The interest rate differential will still favor the U.S. dollar since the Federal Reserve will most likely implement its rate hike prior to the Bank of Japan. Hence, this will put the pair in a bullish tone although it might need to pull back until there is enough value to gain from going long in this pair. In the meantime, the 111 level below continues to supportive.
In long-term, there is a high chance for the pair to be directed upward and reach the 115 region in the next few months. There is a massive floor seen at 110 level below and in times of pullbacks, it will be more appealing for buyers to jump in the market.
A selloff is highly probable to happen for the Japanese yen when the stock market surges which will also influence the pair and other yen related pairs to move higher. Also, the U.S. dollars will benefit from the U.S. stock market as it performs a notch better than others and the current interest rate outlook of Fed in the next years to come.

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AUD/USD Technical Analysis: June 23, 2017
The Australian dollar pair had a choppy trading session on Thursday as it lingers around the 0.7550 region. In general, there will be volatility in the market for short-term that makes it more difficult to put in money. If the pair breaks higher than the 0.7560 level, the market will proceed to move up towards the 0.76 mark.
A massive support is found underneath and there will be more buyers found if given enough time. It might be best to wait for a sudden turnaround of the gold market to change the current sentiment and turn into a bullish pressure to reverse the current trend.
If the pair breaks lower than the 0.75 level, the market could further decline possibly towards the 0.73 region. Expect buyers to dominate the market with a choppy downward nature of the trend.
The latest GDP of Australia has surpassed expectations as it came in stronger which affects the mindset of traders. As a buyer, a formation of the impulsive candle is needed to turn bullishness into an advantage. Hence, it is wise to wait on the sidelines and see what the market dictates before buying the pair.

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EUR/GBP Technical Analysis: June 23, 2017
The Euro against the British pound moved sideways as the 0.88 handle remains supportive. The market is trying to gather enough momentum to climb higher but it won’t be a simple thing.
There are several headlines that would affect this pair to move to and fro especially the Brexit negotiations. Overall the market is sensitive to sudden changes that are why traders should be cautious in placing orders. Nevertheless, it seems that the uptrend will persist to move forward that can be taken as an opportunity to pose bigger positions for the long-term in trading.
The major events will determine the next move although there is still a large gap that hasn’t been filled below. Although, aggressive pullbacks are highly probable to happen while the gap would imply a heavy buying pressure below the channel.
It is advisable to trade in smaller positions and add on as a trader moves forward because of choppiness in the market. Augment as one gain profits but there are also risks on hand when an unexpected turnaround against the trades.
Hence, trade in small quantities or make use of other options are the ideal course of action in trading this pair since there will be a lot of noise and volatility in the market amid Brexit negotiations

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USD/CAD Technical Analysis: June 23, 2017
A significant drop was seen during the day trading session of U.S. dollar against the Canadian dollar. The market failed attempt to gap higher than the 1.33 handle. Its current reaction to the market is rational with the loonies being highly sensitive to the oil market. It seems that the volatility in the market will be sustained. However, the 1.32 level is beginning to be supportive. Hence, traders could enter the market and target the 1.33 handle up to 1.34 level.
Traders should take heed of the oil market when they begin to roll over once again which is plausible since the U.S. dollar surges but would have a negative impact on the Canadian dollar.
The uptrend for long-term that traders should look out for despite its breakdown a few levels, it is still not advisable to sell this pair. However, the 1.35 level could be attained as their next target after some time, up to 1.4 level and above.
There will be noise present in the market because of high volatility to shake the market. Trading in small positions and gradually increase over time for every handle reached in a certain direction is the best way to deal with this pair. Overall, there is a positive outlook in the long-term amid all the circumstances in the oil market. The current long-term move will most likely press on.

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NZD/USD Technical Analysis: June 30, 2017
The New Zealand currency experienced a volatile session during Wednesday's trading reaching the downtrend line shown in the weekly timeframe, and eventually, break down.
A position under the 0.73 handle indicates a slightly bearish tone, but, the longer-term market attempts to establish an adequate pressure to accomplish a breakout.
The downtrend line is important as the commodity markets do not offer any help towards the NZD. Having said that, performing a breakout might be difficult however when doing so, it should be massive as it touches the level 0.75 in short order.
Alternatively, it is also possible to breakdown but it requires a gap under the 0.7250 region to be conference since that area is considered to be a “lower low”
The NZDUSD pair endured an extreme volatility in the last few sessions suggests the previous situation within the Forex market in general.
The Kiwi dollar is known to be the least liquid among major pair that’s why we normally see lots of noise.
The current level of 0.73 is basically a “fair value” for the pair, hence, short-term traders would likely resume moving from side to side around that territory.
In the longer-term, a confirmation in order to complete the breakout is necessary even for bullish traders, as a means to put money to play within a really choppy market.
In case that, agricultural futures gained higher value this would mean that the NZ dollar will receive some support. But it appeared that traders’ attention is focused on the current situation of the interest rate.

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GBP/USD Technical Analysis: June 30, 2017
The British currency rallied amid Thursday trading session as it reached the 1.30 region. Upon breaking the mentioned area allows the market to lead over the top of 1.3450 in the longer-term.
In doing so, a series of pullback has to be done in the short-term and then, the market is expected to deal with a “buy on the dips” situation. It further requires a bit of cautiousness when purchasing with that high level, however, it does not necessary to sell but should imply more patience.
The Friday would likely to be a quiet session since the presence of volatility in the market is high in the past few trades. Currency markets should take a break at least once in awhile and we believe that this is the perfect timing to do so.
Furthermore, the Canadian and the US independence days are scheduled for the next days which is suspected of draining the liquidity on North America.
With this, there is a possibility that movements are very limited in the next 24 hours which could last until Wednesday next week. However, an upward bias is certainly expected since most market reflects this path.
The most suitable way to engage with this market is to search for the value from pullbacks or waiting for a breakout confirmation.
Headline risks are projected due to divorce proceedings which involve the countries, EU and U.S, nonetheless, the market seems favors the side of the sterling pound.