Daily Market Analysis by ForexMart

GBP/USD Fundamental Analysis: November 25, 2016

The GBP/USD pair continued its consolidation and has remarkably sustained its momentum in the face of the USD’s constantly increasing value. Yesterday’s session saw the USD surging even higher as the market speculations for a Fed rate hike increased by up to 100% and has also begun to look ahead for 2017 when it comes to the frequency of interest rate hikes from the Fed. However, since these rate hikes will be dependent on the incoming government, the fate of the US market is yet unsure especially since the market has yet to see how the Trump administration would be handling things in the future.

The UK Autumn statement was released during yesterday’s session and has generally predicted a grim economic outlook for the UK for the next two years since this would be the period where the effects of Brexit would be largely felt by the economy. The growth forecast for the UK market was listed at 1.4% for 2017 and 1.7% for 2018 even though some market players are expecting the actual numbers to be much lower than expected.

The resilience of the GBP will be tested today since the UK GDP data is scheduled to be released during the European session and is expected to have a reading of 0.5%. Once the GDP data either exceeds or matches market expectations, then the GBP/USD could possibly break through 1.2500 and could easily test the 1.2600 region. However, if the data comes out on a much lower range, then the currency pair could drop to 1.2300 and could be subject to significant pressure from the market.

EUR/USD Fundamental Analysis: November 25, 2016


The euro bulls made some strategic movement on Thursday and appear to keep on moving as of this moment. The U.S Thanksgiving celebration aided the euro since US traders were not present, the euro is able to execute their plans. The EUR bulls guarded the 1.0500 with all their strength in spite of the continuous strengthening of the dollars.


Subsequent to the presidential elections, the single currency was heavily hit by the power of the greenbacks as it made a downturn from its highs specified at 1.12 and lows are close to 1.05.

According to yesterday’s readings, the region centrally located in 1.0500 and 1.0060 is the most reliable support although the 1.0500 were already broken. In view of this, the investors, treasury and investment partnerships tend to secure the 1.05 area since a clear break were not able to perceive as the consolidation phase is expected to continue on top of the aforesaid region

Furthermore, there is no major economic news for today within the U.S and European regions and the EURUSD would keep a bullish sentiment throughout the day.

USD/CAD Technical Analysis: November 25, 2016
The USD/CAD made an attempt to extend its gains in order to move higher to the 1.37 level and when a reversal occurred, the channel will breakdown to a lower side. The pair further rebounded from the psychological 1.3500 area as shown in the 1-hour chart. Therefore, this event arise the possibility for retesting the 1.3400 level of support and the hope for the dollar bulls to reacquire their position and pushed for a breakout on top of the trading range. The SMAs prevented the bears from moving forward.

EUR/GBP Technical Analysis: November 25, 2016

The pair EUR/GBP has been on a lows for short-term trading. It testing within the range support that may rebound to the resistance level at .8560 level.

The 200-SMA was calculated to be higher than the 100-SMA that shows the lowest resistance is close to the bottom which could be set as Short-term resistance in the future.

The Stochastic indicates the buyers to be dominating the price trend but this can be reversed when it goes lower and entered the overbought area. Another consequence is the when the price breaks lower than the support level.

The Euro zone is performing well for this week as shown by the economic data where most results such as flash manufacturing and services PMIs gave positive numbers even higher than the target except for the German Ifo business climate that remains the same with 110.4 result lower than the target increase of 110.6.

The Autumn Forecast statement of the government has given a positive outlook for the investors in the middle of Brexit process. Furthermore, the chancellor has given a promising statement saying the pension benefits would not be released while there will be more infrastructure spending.

The U.K. second estimate of GDP will be publicized today and is expected to give the same output of 0.5%. Additionally, the preliminary business investment data will be released today and if there is a decline of 0.2% then this would not be good for the pound. However, if the numbers are high then this would be beneficial for the economy of U.K.

GBP/USD Fundamental Analysis: November 28, 2016

The GBP/USD exhibited a generally bullish stance last week as the sterling pound continued to counter the recent strengthening of the USD, with the GBP the lone currency that has held its ground against the ever-increasing value of the USD. The strong stance of the GBP is reflective of the currency settling as the invocation of Article 50 draws nearer and after a positive reaction from the markets after the high court has ruled that the Parliament will have to go through a debate and discussion before pushing through with the said article. This has resulted into the market receiving assurance that the UK economy will be well taken care of as the region goes through the Brexit process.

This has caused the GBP/USD pair to continuously consolidate on both sides of the 1.2500 region in spite of the added strength of the USD. The GBP did not experience much volatility for the past week as the Hammond Autumn statement predicted a somewhat negative forecast for the UK economy for the next two years, thereby meeting general market expectations.

However, for this week, the currency pair is expected to experience added volatility as currency flows are more likely to have an effect on the value of the sterling pound. The NFP employment report from the US is also expected to determine whether the Fed will be increasing the frequency of its rate hikes this coming 2017.

USD/JPY Technical Analysis: November 28, 2016
The USD has just clinched its highest trading range for eight straight months against the JPY after the US bond yields continued to surge during the Asian trading session after the US market holiday. The ascending trend for the currency pair continued, with the price of the pair extending beyond its upper limit at 114.00 points before inching lower. The downward direction of the pair caused it to lose momentum at the 113.00 trading range during the start of the London session and remained until the end of the session. The pair’s 1-hour chart encountered its barrier at the 50 EMA, lending a strong support for the currency pair.
The moving averages for the currency pair maintained its bullish stance within its set timeframe. The pair’s resistance levels are expected to be at 114.00, while its support levels are expected to be at 113.00. The MACD indicators for the currency pair weakened, indicating a decrease in buyer positions. Meanwhile, its RSI indicators have already left the overbought range.
The USD/JPY is expected to go beyond the upward channel if the pair would be able to go lower than 112.00. In order to diminish the effect of the present upward pressure, sellers will have to induce the pricing of the pair to go lower than 111.00. Or else a move towards 113.00 will cause a positive reaction and could trigger the pair to reach the 114.00 trading region.

GBP/USD Fundamental Analysis: November 29, 2016

The GBP/USD pair was subject to downward pressure during the previous trading session as monthly cash flows combined with a slight increase in the USD triggered the pair to drop from its highs of 1.2500 to just below 1.2400 points. Every month, the market always expects added selling pressure for the GBP since the UK pays its EU membership fees every month. As a result, the value of the EUR/GBP increases, and the GBP becomes subject to significant losses.

There are also some speculations that the Brexit process will be subject to a number of legal challenges which could cause the process to be delayed altogether, and the schedule of events for the Brexit process could possibly go haywire. The UK government is also questioning the decision of the High Court for a Parliament debate first before pushing through with the Brexit process, while the Parliament is already preparing for the said debate just in case that the High Court refuses to overrule its previous decision on the Brexit process. The strength of the GBP would definitely be affected by these expected delays in the Brexit process and could have an adverse effect on the UK economy in general.

For today’s trading session, there is no major economic news expected from the UK. However, the US will be releasing its Advanced GDP data and this could increase the market volatility, with a consolidation possibly happening together with a bearish stance.

EUR/USD Fundamental Analysis: November 29, 2016

The EUR/USD pair met market expectations and was able to increase under low market liquidity, with the buyers still in total control of the currency pair as of the moment. A lot of banks are also reportedly reversing their calls on the EUR, with majority of them now speculating that the euro’s value will increase in the short-term in spite of the scheduled Fed meeting in a few weeks.

ECB’s Draghi made a speech yesterday which highlighted the bank’s monetary policy. However, Draghi failed to mention anything that was not already known by the market in general, and the market’s reaction to his speech was somewhat muted and did not induce much volatility. The pricing of the EUR/USD pair increased by up to 1.0670 during the Tokyo trading session and dropped to 1.0565 as the USD rallied but the pair has since then managed to inch up beyond 1.0600 points.

For today’s trading session, the market is not expecting any major economic data to be released from the eurozone. However, the US is scheduled to be releasing the Advanced GDP data and the market is expecting an increase in volatility once this particular information is released. The bullish stance of the pair is expected to continue for today, with trading limited to within the 1.0670-1.0570 region since the price of the pair could be dominated by currency flows. Although the euro has significantly dropped in value during the past sessions, its reversions are noticeably increasing in frequency and more buyers are expected to come in if the EUR/USD manages to sustain its place in the 1.0500-1.0600 trading range.

GBP/USD Fundamental Analysis: November 29, 2016

The GBP/USD pair was subject to downward pressure during the previous trading session as monthly cash flows combined with a slight increase in the USD triggered the pair to drop from its highs of 1.2500 to just below 1.2400 points. Every month, the market always expects added selling pressure for the GBP since the UK pays its EU membership fees every month. As a result, the value of the EUR/GBP increases, and the GBP becomes subject to significant losses.

There are also some speculations that the Brexit process will be subject to a number of legal challenges which could cause the process to be delayed altogether, and the schedule of events for the Brexit process could possibly go haywire. The UK government is also questioning the decision of the High Court for a Parliament debate first before pushing through with the Brexit process, while the Parliament is already preparing for the said debate just in case that the High Court refuses to overrule its previous decision on the Brexit process. The strength of the GBP would definitely be affected by these expected delays in the Brexit process and could have an adverse effect on the UK economy in general.

For today’s trading session, there is no major economic news expected from the UK. However, the US will be releasing its Advanced GDP data and this could increase the market volatility, with a consolidation possibly happening together with a bearish stance.

USD/JPY Technical Analysis: November 29, 2016
The USD further dropped in relation to the JPY due to ambiguities surrounding oncoming economic events such as the release of the Non-farm Payrolls data and the minutes of the OPEC meeting, prompting a lot of investors to clamp down on their deals. The pricing of the USD/JPY pair sustained its upward direction during Monday’s trading session but remained within its lower levels and made small reversions during the Tokyo session. However, as the European session opened, the currency pair started speeding up its increase and ultimately reverted back to 113.00 just before the start of the New York session.
The hourly chart of the USD/JPY pair showed that its pricing was able to go beyond the 100 EMA during the middle of the London session and tested the 50 EMA towards the closing of the London session. The currency pair’s 200 and 100 EMAs went up further while the 50 EMA slowly went towards the neutral territory in the same chart. The resistance levels for the USD/JPY is expected to be at 113.00, while its support levels are expected to be at 112.00.
The MACD indicators for the currency pair inched higher, indicating an added strength in buyer positions. Its RSI indicators also moved upwards. For this week, the USD/JPY is expected to make a comeback, with the first bull target slated to be at 113.00 points. If the pair manages to reach this level, then the pair could possibly extend its gains toward 114.00 points.

NZD/USD Technical Analysis: November 29, 2016
The kiwi edged lower versus the greens on the back of the decline in oil prices and the dollar is able to dominate the market again. The NZD ended its gains after it reached the 0.7100 level. Buyers failed to maintain the level and sellers latch on to their position. Bears pushed the pair entered the 0.7050 region before the opening of NA session.
The NZDUSD kept intact in the 50-EMA as shown in the 4-hour chart. The 50-EMA acts as the strong support for the price and appear to be neutral. The 100-EMA pass over the 200-EMA by which both headed to a lower stance. Current resistance touched the 0.7100 level, support lies at 0.7050. MACD is found at the centerline. Should the histogram pierced the negative zone will indicate growing strength of the sellers. However, if it returns to the positive territory, it is the buyers who will take the driver's seat. RSI rebounded in the overbought area and continued to the oversold readings.
The daily close found below the 0.7050 region can ease the recent upward momentum. Failure to hold the 0.7050 have the tendency further softening in the 0.7000 region.

GBP/USD Technical Analysis: November 29, 2016

The British pound weakened in spite of the positive day for the EUR/GBP cross pair on Monday. The sterling made a reversal around the upper limit of its sideway trend yesterday. The price bear a sharp decline touching the 1.2400 region during the post-EU trades. The cable pair further tested the 1.2400 whereas the price had a downturn and struggled on the similar level before the opening session of New York.

The GBP were able to break the 50-EMA, the progression were blocked by the 100-EMA as indicated in the 4-hour chart. The moving averages established a neutral option as shown in the same time chart. Resistance touched the 1.2500 region, support is seen in the 1.2400 area. The MACD had a dip which means added strength for the sellers. RSI headed towards the oversold levels.

The tendency for the bearish sentiment to prevail would cause possible breakout within the 1.2400 area down to the 1.2300 mark.

EUR/USD Technical Analysis: November 30, 2016
The USD continued its rally against the EUR following the release of negative economic data from the eurozone. The Business Climate data, Services Sentiment data, and Economic Sentiment all failed to meet initial market expectations, thereby putting more downward pressure on the european currency.
The EUR/USD pair spent the whole of Tuesday’s session in complete consolidation, with the current rally being limited within the psychological boundary of 1.0700, causing the pricing of the currency pair to drop. The EUR decreased and hit its support levels of 1.0550 but exhibited a small reversion and was able to regain some of its lost value. However, once the pair reached the 1.0600 range, the recovery of the pair waned and remained within 1.0600 points for the rest of the London session. During the North American session, sellers induced the pricing of the pair to go lower and continued to progress under its current moving averages. The pricing of the currency pair increased and was able to break through its 50 and 200 EMAs in its hourly chart. After the currency pair tested this particular level, the pair dropped and went beyond its 100 EMA. Resistance levels for the currency pair are expected to be at 1.0600, while support levels are expected to be at 1.0550 points
The MACD indicators for the currency pair is at the centerline of the chart, and if the histogram manages to revert to the negative region then this will be indicative of an increasing seller strength. The RSI indicators for the currency pair meanwhile remained within the neutral region.

GBP/USD Technical Analysis: November 30, 2016
The GBP increased in value during Tuesday’s trading session after the release of the Mortgage Approvals data and Consumer Credit data, which both turned out to be highly positive. The sterling pound maintained its sideways trading during Tuesday’s session, with the currency pair starting off from 1.2400 points and eventually surged prior to the opening of the European session. The pair’s rally was somewhat limited by the upper range band of the 1.2500 region which put a stop to the bullish movement. The pricing of the GBP/USD went beyond the 50 and 100 EMAs and sustained this particular movement in the pair’s 4-hour chart. The 50, 100, and 200 EMAs for the GBP/USD maintained its neutrality, while its resistance levels are expected to be at 1.2500 and support levels are expected to come in at 1.2400 points.
The MACD indicators for the GBP/USD is currently at the center of the chart, and if the histogram gets within the negative range, then this will mean an increase in seller strength. The RSI indicators for the currency pair remained neutral. The sterling pound is expected to remain in the short-term range. Resistance levels for the currency pair is at 1.2500 and could possibly rally towards 1.2600 if the pair retests its resistance levels. Support levels for the GBP/USD is expected to come in at 1.2300 if it goes beyond 1.2400 points.

USD/CAD Technical Analysis: November 30, 2016
The USD continued strengthening against the CAD during Tuesday’s session after the US dollar received additional support from the recently released Advanced GDP data. Meanwhile, the CAD further declined due to commodity currencies being subject to downward pressure as oil prices dropped.
The bullish stance of the USD was sustained during the previous session, with its current value still trading within the upward region of the chart. The USD/CAD veered away from the lower region of the channel at the 1.3400 range and extended its gains towards 1.3470 during the London session. The USD/CAD pair struggled to further extend its profits prior to the opening of the North American session, with its pricing pushing away from its 200 EMA in the 4-hour chart. The pair eventually surged and broke through the 50 EMA and 100 EMA in the same chart. The moving averages for the currency pair is expected to go higher, with its resistance levels speculated to be at 1.3470 points, and support levels set to be at 1.3400 points.
The MACD indicators for the currency pair increased, indicating a drop in seller positions. Its RSI indicators reverted back from the oversold readings. If the USD/CAD would be able to close down the session above its resistance level, then this could cause the pair to test the 1.3540 range. However, if the pair drops in value, then the pair could revert back to the 1.3400 trading range.

USD/CAD Fundamental Analysis: December 2, 2016
The USD/CAD pair was finally subject to pressure during the previous session after the currency pair was able to go beyond the 1.3300-1.3400 trading region before settling just below the 1.3400 trading range. The currency pair has been consolidating with no definite direction since the strength of the CAD was perfectly offset by the USD’s similar strength. However, the USD slightly dropped in value during yesterday’s session as a result of the US dollar’s consistently bullish stance during the past few weeks. Meanwhile, the CAD continued to strengthen as crude oil prices surged after oil producers finally consented to cutting back on oil production, which will then cause oil prices to increase in the near future.
This particular piece of news was well-utilized by sellers of the USD/CAD, and the currency pair’s lackluster closing price for November has helped bears to induce the currency pair to drop up to 1.3300. Since oil prices are expected to surge in the coming days, the USD/CAD is expected to further drop in value as well since the Canadian economy is hugely reliant on oil prices, and an increase in this particular commodity’s price will have a positive effect on the national economy and will increase the value of the CAD as well.
For today’s trading session, the Canadian Employment data as well as the NFP employment report from the US are expected to be released within the day, and traders will be closely monitoring this particular set of data since these are important determinants of the overall strength of both the US and Canadian economy. If the US economic data comes out as positive, then the currency pair will be consolidating on the lower trading regions. However, if the Canadian data turns out to be positive, then the USD/CAD pair could possibly test the 1.3200 region.

NZD/USD Technical Analysis: December 2, 2016


The kiwi stayed in the pressured area in spite of the strengthening of the U.S dollar. The greenbacks rose on the back of the positive stance of unemployment statistics which further develop the chance of the Fed to employ an increase rate for this month. Markets await for the NFP release due today before securing their positions.
After the technical rally, the New Zealand currency had a steep decline towards the region of 0.7100 and established a neutral post. The pair is trading flat as it was stuck in the downside during the consolidation period.
The price rolled back after it failed to break the 0.7100 level. The NZD/USD is sandwiched between the 50 and 100 EMAs as shown in the 4-hour chart. The 200-EMA is neutral, the 100-day moving averages had a dip and the 50-EMA moved higher. The resistance touched the 0.7100, support settled in the 0.7050 handle . The MACD indicator plummeted which indicates further weakening against the buyers. RSI stayed in the neutral zone and continued southwards, favoring a downward movement.
It is suggested that a move under the 0.7100 will indicate seller's strength. Moreover, the price hope to reach the 0.7050 after it breaks the 0.7100 mark.

EUR/USD Fundamental Analysis: December 5, 2016

The EUR/USD crashed during the previous trading session after the Italian government voted “No” against the proposed constitutional reforms which led to the Italian Prime Minister resigning from his post. This has caused the Italian economy to experience major disturbances since the vote would translate into major policy reversals and could possibly lead to financial woes and could make a lot of investors lose their confidence in the eurozone currency.

These previous events has caused the EUR/USD pair to incur a widened gap, with the currency pair now testing solid support levels at 1.0550 points. Market players are now closely monitoring if the currency pair manages to sustain its hold in the current support region since a break beyond this level could lead to the pair possibly reaching 1.00 points. For this week, the ECB is expected to hold a meeting later within the week, and majority of market players are expecting Draghi to outline the QE program timeline whose conclusion is expected this coming March 2017. If Draghi refuses to have an extension of the QE program, then this could give the euro a much-needed boost. However for now, the market is mainly focused on the possible repercussions of the recently concluded Italian referendum.

For today’s trading session, market players will be mostly focusing on the reaction of the European market on the results of the Italian referendum, since this will be a determinant on the euro’s next move especially since the outlook for the EUR was mostly positive until the results of the said referendum. There are no major economic releases expected from the eurozone for today, and the European market is expected to be subject to tension as the EUR/USD pair will be undergoing significant pressure for today’s trading session.

AUD/USD Technical Analysis: December 6, 2016
The Aussie made a reversal against its losses earlier compared on its American counterpart. While the commodity price made an upturn as well as China’s Services PMI demonstrated a positive data. The AUDUSD preserved a near-term bearish sentiment and stayed above the 0.7400 region after it fall back yesterday on its recovery high around the 0.7467 level. The traders lead the prices into the upper level in the interim of North America session. The pair surpass the 0.7450 level and continued to edged higher. Moreover, the price rebounded against below the 100-EMA as it hovered in the middle points of 50 and 100-day averages as indicated in the 4-hour chart. While the 100 and 200-EMAs directed downwards, seeing the 50-day moving averages to be neutral. The resistance touched the 0.7450 mark, the pair’s support level is seen at 0.7400. The MACD histogram lies in the centerline. RSI is also set in the neutral zone. Furthermore, the indicators exhibited a bearish sentiment.

GBP/USD Fundamental Analysis: December 6, 2016
The pound remains strong brought by the recent surge that conversely weakened the U.S. dollar. Traders attempting to reach between the 1.27 and 1.2750 range in today’s session. This gives a positive outlook for the pair with U.S. yields declining and greenback remaining weak.
The published results of the Services PMI gave high numbers at 54.2, even more than the expected value of 55.2. This indicates the continuous growth of Britain’s economy despite leaving the European Union. Concerns regarding Brexit especially the negotiations about Article 50 is still pending on what will E.U. gain from U.K. and what will those Euro leaders offer in return. Britain sees the free market access will continue while Euro leaders are careful with the negotiations as it might be taken advantage by other countries. Once the data will be released since negotiations then the U.K. economy can be finalized.
There is no major news to be published from U.K. then, the current price trend will continue. Traders could move the rate towards the 1.2800 level if the greenback continues to depreciate. It is quite difficult to reach the 1.30 mark with the downtrend being strong. If the rebound ends, the price could further go down.

USD/CAD Fundamental Analysis: December 7, 2016
The USD/CAD consolidated and tailed the direction of oil prices during the previous trading session, with the Canadian dollar slightly easing in value after oil prices displayed corrections during the trading session. The Canadian Trade Balance data also came out yesterday and exceeded initial market expectations which helped augment the value of the CAD. The currency pair mainly consolidated on both sides of the 1.3300 trading range.
The market is expecting the Federal Reserve meeting this coming mid-December, and although the Fed rate hike this December is basically minted within the market, market players are now more interested with regards to hints and guidances on the Federal Reserve’s rate hikes next year. The USD/CAD pair is expected to undergo an increase in pressure a few days prior to the Fed meeting since crude oil prices are a major factor in this issue, and another bullish stance is expected for oil prices in the coming days.
For today’s trading session, Canada is set to release a rate statement from the Bank of Canada, where the BOC is expected to maintain its rates and could give traders more insight with regards to the central bank’s stance with regards to the overall feel of the Canadian economy. Traders are expecting some hints with regards to the BOC’s views on future rate cut backs in the coming months, particularly next year.

GBP/USD Fundamental Analysis: December 7, 2016
The GBP/USD pair mostly consolidated and ranged on both sides of 1.2700 points since there was no major economic news release from the UK which could compel the pair to move, and this is why the currency pair had a muted session yesterday. However, since the Federal Reserve’s meeting is expected to induce volatility in the financial market, especially since the Fed is expected to announce its much-anticipated rate hike in this particular meeting. Market players are also expecting to receive hints with regards to the central bank’s future rate hikes in order to determine the USD’s direction in the short run. However, if the meeting fails to give out hints with regards to the bank’s future moves, then this could induce a weakness in the US dollar.
Meanwhile, the UK is currently bearing the brunt of the Brexit process, which is expected to last for a couple of years since this will most likely involve heated discussions with leaders from all over the eurozone in order to send out a warning to other EU countries wanting to go in the same direction as the UK.
For today’s trading session, the UK Manufacturing Production data is set to be released during the European session, and market players are expecting the data to come out as positive. If the data does come out as highly positive, then traders can expect the pair to hit 1.2800 points. Otherwise, the pair could continue consolidating on both sides of the 1.2700 region.

USD/JPY Technical Analysis: December 7, 2016
The USD/JPY pair maintained a neutral stance during Tuesday’s session since there was no important economic news release from Japan. However, the US released a handful of minor economic reports, namely the Factory Orders data and Trade Balance data. The currency pair was mainly bullish yesterday and was able to trade within its lower levels after remaining within its ascending direction. The USD was unable to extend new gains as opposed to the JPY but the USD continued to struggle, and the currency pair exhibited consolidations at 114.800 points and spent the trading sessions trading within the 114.00 range. The pricing of the USD/JPY tested and reverted off from the 50 EMA in its 4-hour chart, while the moving averages remained within the bullish slope within the same timeframe. Resistance levels for the USD/JPY are expected to be at 114.00, while support levels for the currency pair are expected to come in at 113.00.
The MACD indicators for the pair remained its previous level, indicating buyer strength. Meanwhile, RSI indicators remained within neutral territory. The overall stance for the USD/JPY pair is in the bullish territory, with the pair expected to hit resistance levels at 115.00. If the pair fails to reach this level, then its price could retreat to 113.00 and could even go lower at 112.00, which could loosen the buying pressure for the pair.

EUR/USD Fundamental Analysis: December 7, 2016
The pair remained in a consolidation state yesterday since there is no economic news to drive the pair up or down which was different from the other day. The price moves higher than the 1.0680 mark as the bulls try to push this higher towards the 1.0800 level.
The European Central Bank meeting will take place tomorrow which expects to bring volatility to the pair tomorrow and after the minutes has been released.
The pair moves in a tight range for the day with the effects of Italian referendum begins to fade since the market now focuses on ECB statement scheduled tomorrow. They are expecting that Draghi will announced a cut in the Quantitative Easing program but since this meeting would not be directly saying on what’s gonna happen next. There is a possibility the central bank would have a mix of a bullish and dovish tone in the pricing and would not necessarily halt the Quantitative Easing.
There will be no major economic news from the Euro or U.S. area to be publicized today. Hence we could expect for the price to maintain within its current range until the ECB meeting has ended. For now, another test above the 1.0800 level may happen as the market awaits for will be the decision on Thursday.

NZD/USD Technical Analysis: D ecember 8, 2016
The NZD decreased in value as dairy prices surged, while the RBNZ governor gave no particular hints with regards to the New Zealand economy in his latest parliament speech. The NZD/USD pair maintained its neutral stance during the previous trading session, with the NZD attempting to correct during Wednesday following a slight selloff last Tuesday. The currency pair encountered strong support levels at the 0.7100 range and was able to reclaim the majority of its losses. However, during the London trading session, the recovery streak of the NZD was stopped at the 0.7140 region.
The value of the NZD/USD pair increase and eventually tested the 200 EMA in the pair’s 4-hour chart, with the 100 and 200 EMAs remained neutral and the 50 EMA is currently exhibiting an upward trend. The resistance levels for the NZD/USD pair is at 0.7150 points, while support levels for the currency pair is expected to come in at 0.7100 points. The MACD indicator for the currency pair surged, signalling an increase in buyer strength. The pair’s RSI indicator also increased and confirmed the recent surge in buyer strength.
If the NZD/USD manages to go through 0.7150, then this could induce the pair to reach further resistance levels at 0.7200 points. The currency pair could also possibly hit 0.7250 if the pair breaks through 0.7200 points.