FxGrow Daily Technical Analysis – 18th Nov, 2016 By FxGrow Research & Analysis Team
EUR/USD EXTENDS BEARISH MOOD, AWAITING DRAGHI
EUR/USD failed to sustain yesterday's gains as positive US data was released and especially after Fed Chair Yellen noted in her testimony that an increase in interest rates “could well become appropriate relatively soon. The pair rallied yesterday to 1.0745 high then failed to keep gains as it sank to 1.0619 low, then closed at 1.0625. EUR/USD extended bearish momentum in opening trading sessions dropping to 1.0581 low, ( lowest June 2015). US dollar still dominating the market as US dollar index peeked to 101.39 today, currently 101.33 intraday. The pair is expected to drop further more as US economy still growing strongly since Trump victory. Today, Draghi makes an appearance at 8:30 AM GMT on behalf of ECB with efforts to stop EUR/USD from bleeding further more.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
FxGrow Daily Technical Analysis – 18th Nov, 2016 By FxGrow Research & Analysis Team
CANADIAN DOLLAR CONTINUES PLUNGING, AWAITING LOCAL DATA
The pace of greenback is still increasing significantly since Trump election. The US dollar continues to soar all its rivals as US dollar index peeked to highest today clocking 101.39. USD/CAD extended the uptrend mood after positive US data released yesterday, and especially after Fed Chair Yellen noted in her testimony that an increase in interest rates “could well become appropriate relatively soon.
Key Quotes “The clear implication for monetary policy being that the case for a rate hike “continued to strengthen”, with action to be taken “relatively soon”. Barring a material adverse shock, that means December.”
USD/CAD rallied today from 1.3503 low, scored a 1.3564 high, currently trading at 1.3536. The US dollar is doing everything except for giving up the thrown, still dominating-relentless . The Canadian dollar awaits today local core CPI which will either give the pair a chance to breath, or the pair will extend is bullish momentum.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
FxGrow Daily Technical Analysis – 21st Nov, 2016 By FxGrow Research & Analysis Team
EUR/USD Drifts Lower as Political Risks Emerged
EUR/USD opened Monday's trading sessions with a an-opposite-bullish-trend after 12 bearish consecutive sessions. The pair has been cornered by strong US economy with US dollar index peeking on Friday at 101.54, and EUR/USD sinking to 1.0577, especially after Fed Chair Yellen noted in her testimony that an increase in interest rates “could well become appropriate relatively soon. On the other hand, EUR index opened at 86.51 (low), surged at 86.79 highs, currently trading 86.75 awaiting new political issues in France and Italy while US dollar index trading at 101.14. Although EUR/USD managed to score some gains since morning taking advantage of EUR index increase, the pair is currently clocking at high 1.0635, but it still considered a bearish trend taking into consideration strong US economy. Today Draghi makes an appearance to discuss ECB current and future steps which will give a better outlook on how EUR/USD will react.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
FxGrow Daily Technical Analysis – 21st Nov, 2016 By FxGrow Research & Analysis Team
Japanese Yen Strengthen After Masai's Strong Tone On Behalf of BOJ
The confidence in Japanese Yen currency seems to be favored and restored as USD/JPY reversed last weak's bullish trend to bearish in Monday's opening trading session. Japanese industrial activity scored 0.2% without a change in previous result, but with 0.1% increase than forecast, add to that strong tone of BOJ member Mrs. Masai, expressing her take on the impact of a Trump-win on the Japanese economy as well on the central bank’s monetary policy program. Last week, the US dollar soared the Japanese Yen for 10 consecutive sessions, sending the pair from 101.19 low, to Friday's June-fresh-highs at 110.95 after strong US economic data all over the week. The pair opened with a higher price on Monday clocking 111.18, then retreated 110.54 low, currently trading at 110.74 intraday. Although market has witnessed some gains on USDJPY, but the pair is considered to remain under strong US economy mercy.
Masai Key Headlines:
Hopes policies will also lead global economy
Hopes US government continues to take appropriate policies to drive growth
BOJ will watch what effect Trump will have on policy
Important to make sure intentions of BOJ policy are well understood to avoid volatility
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
FxGrow Daily Technical Analysis – 22nd Nov, 2016 By FxGrow Research & Analysis Team
USD/CAD Plunges Ahead of Canadian Retail Sales Data
The Canadian Dollar managed to stay ahead of its south neighbor although Canadian wholesales data scored a negative of -1.2% yesterday. USD/CAD extended bearish mood yesterday taking advantage of weaker US dollar index dropping 100.81 after being on to at 101.51. Add to that, a surge in oil prices at a 48.96 monthly fresh high, boosted the Canadian dollar to score against the greenback. In early trading sessions, the pair sank to 1.3396 low, but failed to sustain the 1.33 level, touched 50 SMA at 1.3428, then marched to 1.3433 high, currently trading at 1.3410 intraday. Today, USD/CAD awaits Canadian Retail Sales data, which in case, came to the favor of Canadian dollar, and taking into consideration the hikes in oil prices on optimism of OPEC-cut-deal, the market might witness a new lows for the pair this November.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
FxGrow Daily Technical Analysis – 23rd Nov, 2016 By FxGrow Research & Analysis Team
GOLD STEADIED DESPITE FIRMER US DOLLAR, AWAITING FURTHER US DATA
XAUUSD has been busy since Friday swinging between 1220 and 1206 levels. Gold sank on Thursday from 1231.51 high to 1211.13 low after positive US data. US dollar continued to soar XAUUSD on Friday sending it to the 1202.89 bottom, June fresh-lows while US dollar index peeked 101.54. The yellow metal made a slight correction on Monday then Tuesday, with absence of news on US dollar, as a result, XAUUSD was liberated from it's rival peeking to 1221.06 yesterday but failed to hold the gains. Yesterday, US dollar index dropped 100.71 low but then managed to climb back to 101.37 high causing Gold to give up high positions. Gold is currently trading at 1214.11, seems stable at this zone but it won't be long before XAUUSD volatility will start kicking as we get closer to US data release at 1:30 PM GMT today.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
FxGrow Daily Technical Analysis – 23rd Nov, 2016 By FxGrow Research & Analysis Team
GBP/USD Bearish Until Further Notice, Awaiting local Data
GBP/USD fails to sustain Monday's gains as the pair seemed to be recovering with 1.2510 fresh-week-new-highs taking advantage of weaker US dollar index at 100.81 low. Although UK yesterday scored positive data, but strong US data weighed on the GBP. GBP/USD retreated to 1.2384 low yesterday after clocking a high at 1.2512. The pair continues to drift lower as it slumps to 1.2381 today's low ahead of UK Autumn Budget statement acknowledging that UK government debt is worryingly high. while US dollar Index recovers from Monday's drop and peeked to 101.37, currently trading at 101.20, hence extending and confirming the general trend as being bearish. Today, sterling might find some salvation with local Autumn forecast statement, scheduled at 12:30 PM GMT. GBP/USD is currently trading at 1.2376 intraday, below it's daily Pivot at 1.2440 which gives a better outlook on how below the pair is to be considered on recovery track.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
FxGrow Daily Technical Analysis – 25th Nov, 2016 By FxGrow Research & Analysis Team
Gold Technical Levels to Watch
XAUUSD extended further losses in early trading sessions as US Dollar peeked to 102.11. Gold dropped to new fresh-March lows touching 1170.99 bottom. US dollar index retreated to 101.64, and gold increased to 1186.86 high, currently trading at 1180.05. First resistance R1 1191.77, if price broke R1 then we are looking into next resistance level R2 at 1195.80 then R3 at 1202.30. On the other hand, support level S1 located at 1169.74, if gold drops below S1, then we should consider a further loss towards S2 at 1164.30 and S3 located at 1160.75. Trend is bearish given strong US dollar. Keep a close eye on US dollar index as it tends to peek with New York opening sessions.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
FxGrow Daily Technical Analysis – 25th Nov, 2016 By FxGrow Research & Analysis Team
USD/JPY Responds Positively to US Dollar Hike, Eight New Months Top
The data released in Japan showed consumer price index (CPI) dropped for an eighth straight month. The headline figure remained unchanged at 0.1%, while, the core CPI dropped 0.4% y/y in October. However, the headline figure has rebounded from last month’s print of -0.5%, slightly better-than-estimates. The numbers and above data didn't give the Japanese Yen a break from US dollar dominance as greenback still soaring all rivals. The US dollar index hysteria was not done yesterday, as the index peeked further more today to new high at 102.11 causing USD/JPY to rally from 113.18, to fresh 8 months high 113.89. The first resistance level at 114.07 to be considered and breaking this point will expand gains into next resistance levels.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
FxGrow Daily Technical Analysis – 25th Nov, 2016 By FxGrow Research & Analysis Team
GBP/USD IMMUNE TO DOLLAR PUSHING HIGHER, AWAITING Q3 GDP
GBP/USD is neutral since today's opening trading sessions. The pair seems to be confused between 1.2428 low and 1.2457 high zone. Although US Dollar is hiking at a fast pace, peeking at new highs 102.11, the British Pound was immune against losses and it seems it to have picked up significant strength facing it's USD rival. Right now, US index retreated to 101.71, still to be considered high relative to previous trading sessions, and the pair is closing to today's high, currently trading at 1.2452 above weekly pivot at 1.2419. Also, traders should pay attention to 100 SMA at 1.2461 which to be considered a strong point in case the pair touches it. British Pound has a chance now in absence to US economic news to reclaim some gains and dignity as Sterling awaits second estimate GDP data, scheduled to be released at 9:30 AM GMT today.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
