Daily Technical Analysis by FxGrow

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FxGrow Fundamental Analysis – 21st Feb, 2017
By FxGrow Investment Research Desk

EUR/USD Under Pressure Ahead of Local Data

EUR/USD traded narrow on Monday's trading sessions between 1.0632 high and 1.0603 low. Today, the pair confirmed the bearish momentum with a low 1.0577 being pressured by stronger US Dollar performance as US index gaped upward with a high 101.22. Overall, the uncertainty still revolves around Euro with series of pending elections and promises of some parties of breaking out of EU adds a negative aura and recent reports of Greece's debt crisis returning with a vengeance could encourage bearish traders to attack the EURUSD incessantly.

On the other hand, Draghi, head of ECB, promised that economy in the EU should progress based on Bundesbank (Buba) Germany's Central bank. Recent reports indicates that inflation in EU remains low despite previous recent positive CPI.

Key Points:

"German economy should strengthen in 2017 due to industrial & construction activity and lower unemployment."

"Against a backdrop of a very dynamic order intake, strong impulses can be expected from manufacturing."

Fundamentals for EURO levels:

1-French Flash Manufacturing and Services PMI at 8:00 AM GMT.

2-German Flash Manufacturing and Services PMI at 8:30 AM GMT.

3-EUR flash Manufacturing and Services PMI 9:00 AM GMT.

Fundamentals for USD levels:

1- FOMC member Kashkari will make a speech at 1:50 PM GMT.

2- FOMC member Harker speech 5:00 PM GMT.

3- FOMC meeting minutes tomorrow at 7:00 PM GMT

Technical:

Trend : Down - Bearish - Sideways

Key levels to watch : Daily Pp 1.0617

Resistance levels : R1 1.0634, R2 1.0682, R3 1.0743

Support levels : S1 1.0561, S2 1.0499, S3 1.0424

Remark : Over all EUR/USD remains bearish and negative trend. Closing below S1 levels adds pessimism with additional selloffs and wash at S2&S3 levels. Closing above R3 level is needed for market reverse trend.

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

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.

 

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FxGrow Fundamental Analysis – 21st Feb, 2017
By FxGrow Investment Research Desk

Japanese Yen Shortens as USD Sharpens, FOMC meeting In sight

USD/JPY extends the bullish momentum despite positive Japanese PMI at 53.5 compared 52.7 on previous sessions. The pair plunged to 113.04 low, then took a reverse turn and clocked 113.77 high today as US index gaped upward at 101.53 high. BOJ Governor Kuroda crossed Reuters early morning stressing that continuing powerful easing is more appropriate. Mr. Kuroda didn't specify steps for easing on monetary system.

Key Headlines:

"Easing is for achieving inflation target, not aimed at FX"

"BOJ is still far from inflation target"

"Continuing powerful easing is appropriate"

"Too early to raise target rates"

"Cannot assume that the BOJ will raise rates because rates are rising overseas "

Fundamentals:

1- FOMC member Kashkari will make a speech at 1:50 PM GMT.

2- FOMC member Harker speech 5:00 PM GMT.

3- FOMC meeting minutes tomorrow at 7:00 PM GMT

Technical levels to watch :

Trend : Bullish Sideways

Key levels to watch : Daily Pp 113.04

Resistance levels : R1 114.16, R2 114.90, R3 115.61

Support levels : S1 112.74, S2 111.82, S3 111.19

Remark : With absence of economic Japanese news, the main focus now is on FOMC meeting tomorrow and US index levels. Stalling above R1 level will send additional bullish waves towards R2&R3 levels. Closing under S2 level is needed to reverse the bullish trend.


For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

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.

 

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FxGrow Fundamental Analysis – 22nd Feb, 2017
By FxGrow Investment Research Desk

Sterling Surges on Collapsing US Dollar, Awaiting Local GDP

GBP/USD extended the bullish momentum for the third consecutive session taking advantage of tripping US dollar yesterday. US Dollar opened yesterday with a strong tone with an upward gap, then rallied further more with a 101.60 high but failed to withhold strong gains as the US Index plunged to 101.22 today in early morning sessions. GBP/USD clocked a high today at 1.2508, struggling to hold the 1.25 level as the pair trades 1.2501 intraday.

Yesterday, Analysts at Scotiabank mentioned that the UK public sector net borrowing data showed a surplus of 9.4B Pound in January, the largest for the month since at least 2001. BOE Gov. Carney crossed wires yesterday stressing that last week's CPI 1.8% overpass was justified by a weaker GBP and that wages were key to how much tolerance the BoE had for above target inflation. The governor cautioned that the BoE had perhaps been “over-predicting” wage growth, which suggests no rush to react to the inflation push..."

GBP Fundamentals

1- Second Estimate GDP q/q at 9:30 AM GMT.

USD Fundamentals

1- FOMC meeting minutes tonight at 7:00 PM GMT

2- Unemployment claims tomorrow at 1:30 PM GMT.

Technical levels to watch :

Trend : Bullish Sideways

Daily Pp : 1.2451

Resistance levels : R1 1.2521, R2 1.2574, R3 1.2647

Support levels : S1 1.2445, S2 1.2382, S3 1.2312

Remark : look forward for UK GDP today. Also FOMC meeting tonight and US data tomorrow will decide USD levels. A penetration for S1 level is a negative sign for the cable with increase of additional selloffs and wash towards S2 level. Closing above R1 level will confirm the bullish momentum and spark additional attacks toward R2&R3 levels.

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

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.

 

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FxGrow Fundamental Analysis – 22nd Feb, 2017
By FxGrow Investment Research Desk

Canadian Dollar : Hopes on Local Retail Sales

USD/CAD rallied for the third trading session in a row as US dollar imposed the strong tone again this week. The pair is on the path of clocking yesterday's high at 1.3164 as US Index peeks again to 101.64 today. Crude oil bearish forces with -$0.83 added additional losses for the loonie and USD/CAD surged +54 pips since Wednesday's opening session.

CAD Fundamentals :

Core Retail Sales today at 1:30 PM GMT

USD Fundamentals :

1- FOMC meeting minutes tonight at 7:00 PM GMT

2- Unemployment claims tomorrow at 1:30 PM GMT.

Technical levels to watch:

Trend : Bearish Sideways

Daily Pp : 1.3135

Resistance levels : R1 1.3177, R2 1.3248, R3 1.3304

Support levels : S1 1.3128, S2 1.3075, S3 1.3014

Remark : Look forward for Canadian data today but the main focus will be on FOMC meeting tonight and US unemployment claims tomorrow as US Dollar is dominant. Also Crude Oil levels tend to have an impact on USD/CAD considering Canada is a major oil producer. Closing above R2 level, the cable will shift to bullish trend.

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

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.

 

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FxGrow Fundamental Analysis – 23rd Feb, 2017
By FxGrow Investment Research Desk

Crude Oil Rallies With Vengeance Ahead of US Inventories

Fundamentals :

Crude oil surged significantly this week from 53.33 low, overstepped 55 level slightly with 0.01 with a new record for Feb 2017. Oil futures increased nearly 1 percent on Thursday after data released by an industry group showed a shocking slump in U.S. crude stocks as imports fell. Crude inventories dropped by 884,000 barrels in the week to Feb. 17 to 512.7 million, compared with analysts' forecasts for an increase of 3.5 million barrels as American Petroleum Institute (API) data report showed on Wednesday.

OPEC and Non-OPEC producers including Russia will boost compliance with agreed oil output curbs in a bid to clear a supply glut that has weighed on prices, the group's secretary general said on Tuesday. OPEC Secretary General Mohammad Barkindo also said he was "cautiously optimistic" on the outlook for the oil market, almost two months into the group's supply cut deal with Russia and other producers. (Reuters)

However, for prices to break out of their trading ranges, the market needs to see signs that OPEC inventories are falling, said Tony Nunan, oil risk manager at Mitsubishi Corp. in Tokyo.

Conclusion : OPEC efforts seems more fruitful and crude oil levels being stable proves so. With more compliance, we look forward for additional boosters on oil price.


Technical : The upside prevails

Trend : Bullish

Daily Pp: 54.06

Resistance levels : R1 54.76, R2 55.54, R3 56.49

Support levels : S1 53.84, S2 52.79, S3 51.90

Remark : Look forward for US crude oil inventories today at 4:00 PM GMT. Stalling above R1 level projects further attacks towards R2&R3 levels. On the other hand, closing below S2 level is needed to reverse the bullish momentum.

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

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.

 

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FxGrow Fundamental Analysis – 23rd Feb, 2017
By FxGrow Investment Research Desk

Gold Dodges FOMC's Strike, Awaiting US Unemployment Claims

Gold has successfully sustained 1230 levels yesterday after FOMC minute meeting ended with ambiguous hints that US fed rates hike is inevitable without any specifications on date and time, but it's coming. Traders didn't digest the released news properly and XAUUSD replied with a rally from 1231 low to 1240.58 high. Gold, which was recently proved a sacred haven metal will undergo further test today as US releases unemployment claims.

Fundamentals :

1 - US jobless claims today at 1:30 PM GMT.

Technical levels to watch :

Trend : Up sideways

Daily Pp 1234.13

Resistance levels : R1 1243.90, R2 1249.36, R3 1259.33 , R4 1268.49

Support levels : S1 1232.70, S2 1221.50, S3 1213.71, S4 1198.37

Remark : Gold trend is still up but US data today will creative volatility. Keep in mind that gold has managed to reclaim bearish forces. Stalling above R1 level will spark additional bull waves towards R2&R3 level. Closing below S2 level is needed to shift to downward trend. Be careful from set backs on support levels as a first test.

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

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.

 

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FxGrow Fundamental Analysis – 27th Feb, 2017
By FxGrow Investment Research Desk

EUR/USD Under Pressure Ahead of US Core Durable Goods

EUR/USD digested Friday's gains as US Dollar perused bullish forces and continued the strong tone after Trump speech on 24th, with tax reformation as a main subject. US index surged $0.5 and clocked a high 100.63, currently trading 101.12 intraday. Analysts at Namoura expressed concerns about what's coming ahead of EU and French election is the main frame that revolves EURO levels.

Quote:

"Higher polling for Marine Le Pen justifies the markets’ recent fears, but our base case remains for her to lose the election. If fears escalate, we think 0.97 will be a key level in EUR/USD (-20% deviation from PPP), and the level the euro would settle around in the event of a Le Pen victory. If fears of a Le Pen victory subside, as we expect, then we see a very positive picture for the euro with the possibility of ECB tapering later in the year.”

Fundamentals :

1- EUR -M3 Money Supply y/y today at 9:00 AM GMT.

1- USD - Core durable goods order today at 1:30 PM GMT.

Technical levels to watch:

Trend: Bearish Sideways.

Resistance levels : R1 1.0587, R2 1.0628, R3 1.0658

Support levels : S1 1.0552, S2 1.0519 , S3 1.0492

Remark : The market remains bearish trend. Closing below S1 projects further declines with selloffs and wash towards to S2 level. Closing above R3 is needed for trend reversal. Look forward for US data today which will impact US index levels.

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

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.

 

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FxGrow Fundamental Analysis – 28th Feb, 2017
By FxGrow Investment Research Desk

Sterling Declines as US Dollar Inclines, US GDP in Focus

GBP/USD extended the bearish momentum for the third consecutive session this week. The pair clocked two-weeks-fresh-lows yesterday at 1.2383 pressured by reviving US Dollar yesterday as US index rallied from 100.66 low and parked at 101.18 hill, currently trading 101.11. The pair is trading 1.2432 right now, struggling to trespass it's daily pivot at 1.2437.

Other contributing fundamentals added negative weight for Sterling, starting with PM Theresa May and the possibility of releasing article 50 approaches and mid March in on her Agenda. Second, reports released by the Times saying that the UK government is preparing for a potential independence referendum in Scotland next March. Reports (Times) also mentioned that PM May has granted the green light for such referendum on the condition that it will take action after UK leaves EU.

Fundamentals :

1- US Prelim GDP q/q today at 1:30 PM GMT ( Heavy Impact )

2- US Consumer Confidence today at 3:00 PM GMT ( less Impact )

Technical :

Trend : Bearish Sideways

Resistance levels : R1 1.2479, R2 1.2527, R3 1.2570

Support levels : S1 1.2412, S2 1.2371, S3 1.2325

Remark : Look forward for US data today which will impact US Dollar levels. Stalling below S1 level projects further congestion with attacks towards S2&S3 levels. Closing above R2 level is needed for a short-term-trend-reversal and above it, GBP/USD will be considered Bullish.

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

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.

 

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FxGrow Fundamental Analysis – 28th Feb, 2017
By FxGrow Investment Research Desk

Japanese Yen Surges on Local Positive Retail Sales, US GDP in Sight

Japanese Yen inaugurated early trading hours with a sharp tone facing strong US Dollar, armored with positive local Retail Sales at 0.1% compared to 0.7% on previous sessions. USD/JPY rallied yesterday 92 pips and clocked a high 112.84 but managed to deduct -40 pips this morning as the pair plunged to 112.44 low. US index strong performance yesterday at 101.18 high was justified by positive local Durable Goods at 1.8%, while forecasts were 1.6%. Fed President and 2017 FOMC voter Kaplan crossed wires yesterday with a repetition to his previous comments that Fed rates should be increased sooner rather now and quoted:

"even raising rates a few times this year would leave monetary policy stance accommodative."

Fundamentals :

1- US Prelim GDP q/q today at 1:30 PM GMT ( Heavy Impact )

2- US Consumer Confidence today at 3:00 PM GMT ( less Impact )

Technical :

Trend : Bearish Sideways

Daily Pp 112.48

Resistance levels : R1 112.86, R2 113.58, R3 114.29

Support levels : S1 112.04, S2 111.37, S3 110.59

Remark : Keep an eye on US Index levels with local US news today. Stalling below S1 projects further attacks towards S2 level. Closing above R1 levels will spark additional bullish waves at R2&R3 levels. Above R2 the cable to be considered bullish.

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

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.

 

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FxGrow Fundamental Analysis – 01st March, 2017
By FxGrow Investment Research Desk

Crude Oil Recoups Yesterday's Losses Ahead of US Inventories

Fundamentals :

Crude oil levels plunged yesterday to 53.13 20-Feb-fresh-lows after signals that the U.S. shale industry is recovering weighed on the market ( ANZ Report ).

Quote: "One of the biggest shale producers, EOG Resources said it had boosted its drilling budget by 44 percent after the recent rally in prices."

OPEC with Saudi Arabia in focus, has set its eye on $60 P/B as a target for 2017. The Organization of the Petroleum Exporting Countries, Russia and other producers pledged last year to cut production by about 1.8 million barrels per day (bpd) from Jan. 1. The first cut in eight years is intended to boost prices and get rid of a supply glut.

OPEC could extend its oil supply-reduction pact with non-members or even apply deeper cuts from July if global crude inventories fail to drop to a targeted level, OPEC sources have told Reuters.

Positive Chinese Caixin Manufacturing PMI released early this morning give signs of increasing oil demand and therefore pushed oil prices higher.

Conclusion : US will increase drilling rigs to glut market with oil supply and OPEC can only reply by ascending compliance and additional reduction to the initial 1.8M bpd. Today US crude inventories at 3:30 PM GMT, will bring new perspectives for oil levels.

Technical :

Trend : Bullish Sideways

Resistance levels : R1 54.27, R2 54.90, R3 55.65

Support levels : S1 53.47, S2 52.85, S3 52.35

Remark : The key player today is US crude inventories. A penetration for R1 level and stalling above it projects further attacks towards R2 level. Closing Above R2 level is an alarm for R3 level to get ready. A correction below S1 level will create congestion with further selloffs and wash towards S2 levels. Below S3 level the market to be considered downtrend.

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

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.