Daily Technical Analysis by FxGrow

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FxGrow Daily Technical Analysis – 24th July, 2017
By FxGrow Research & Analysis Team

Gold Rallies To be Contained With An Overbought Market

Gold was on a superb performance on Friday set on +12.35 gain and 1255.85 high. Today the precious extended rallies but on a slower pace adding +3.75 and July new high record at 1258, currently trading 1256.55 intraday, above daily-EMA at 1243.

Technically, H4 RSI stands at 79%, hourly RSI at 65%, and daily RSI at 61.4%. On the other hand, Fibo level 61.8% indicates $1261 price. Taking into consideration that gold is currently bullish, but in XAUUSD wants to press forward, expectations for some correction consolidation sessions where market balances itself.

Add to that, U.S Index been on an aggressive selloff wave hitting yearly low today at 93.63 low with daily RSI at 25% which indicates for some upward corrections pressuring gold for some retreats.

On ZigZag pattern, gold dropped from 1296 high to 1204 low, lower than last time gold rallies from 1214 low, so expectations that gold rallies are on the maturing phase.

Technical Summary: ...

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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 Daily Technical Analysis – 25th July, 2017
By FxGrow Research & Analysis Team


Futures Technical Overview 25 July 2017

SEP EURO Closing (11677)

Target: None

Resistance: 11699, 11735-50

Support: 11609, 115915*

Trend: Up

Swing Target: 79.99

Range Reversal: 115.10

Comment: The market is bullish and could yet extend the drive, but be careful for resistance near 11735-50. A close over 11750 is needed to fuel another aggressive bull wave. Be on guard for near term corrective dips and shift to sideways-defensive congestion. A close under 115915* will inject selling pressures, but only a close under 11510* triggers a lasting short term top.

SEP J-YEN Closing (9026)

Target: 9049 achieved

Resistance: 90355, 9049*+/-

Support: 8988, 89625, 89465*

Trend: Up

Swing Target: 117.27

Range Reversal: 89.465

Comment The market is short term bullish, but Monday's spike rally hit the expected 9049* resistance / bull objective. A close over 9049* is needed to continue bull trending to higher prices near the old downturn level around 9150+/-. Suspect setbacks from 9049* to retrace last week's range. A close under 89465* damages the bull advance, calling for a multi-week correction phase.

SEP B-POUND Closing (13060) ...

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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 Daily Technical Analysis – 26th July, 2017
By FxGrow Research & Analysis Team

GBP/USD To Retest 10-EMA Ahead UK GDP

GBP/USD failed to withhold yesterday's strong gains after clocking 1.3083 high, the pair was on a selloff wave landing on 1.3007 low and closing at 1.3024 with an inverted daily pin bar, still flirting with 10-EMA at 1.3000 level. Current daily RSI stands at 57% indicating bullish to neutral bias which gives enough space for the pair for pressing upwards in case UK GDP comes in favor of GBP/USD bullish trend. GBP/USD currently trading 1.3013 intraday with 16-pips price action.

On the other hand, U.S Index remains bearish, and yesterday and currently recovery is considered a correction phase, as the downside still prevails for the buck. Currently trading at 39.97 intraday, after plunging to 93.45 yesterday ahead of ...

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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 Daily Technical Analysis – 26th July, 2017
By FxGrow Research & Analysis Team

Crude Oil Rallies Over Declining U.S Stocks And OPEC's Positive Efforts, Eyes on U.S Inventories

Crude Oil managed to gain +2.27 On Tuesday after clocking $48.65 high, however, oil failed to add any $-pip value today, after a minor dip at 48.15. Currently, oil is trading with low price action with 43-pip-value, but expectations of higher volatility as markets awaits U.S Inventories release today 2:30 PM GMT.

Positive Fundamentals since Monday has been pushing oil and contributing to oil bullish forces. First reports of U.S crude stocks falling sharply last week by 10.2 million barrels in the week ending July 21 to 487 M while expectations were at 2.6 M. Add to that, The market has been buoyed by Saudi Arabia's announcement at a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers on Monday that it would limit crude exports to 6.6 million barrels per day (bpd) in August, down nearly 1 million bpd from a year earlier. (Reuters).

Technical Overview...

For more in depth Research & Analysis please visit FxGrow.https://goo.gl/RmQyBm

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 Daily Technical Analysis – 26th July, 2017
By FxGrow Research & Analysis Team

Gold With Three Trend Scenarios Ahead of FOMC Statement

Today, U.S Feds will release FOMC statement and analysts are divided about tilts or stance. The main points to be discussed are potential rate hike by 2017 and current balance sheet tapering. Market will be volatile, there is no doubt about that, along with it, gold will be on ups and downs. Traders can benefit if they managed to decipher a hawkish or dovish, but analysts could see the statement in their own perspective in case of vague or hidden as devils lies in details and Yellen has been noticed recently by not giving confirmed hints to build on. Preferable, to wait for a 100% confirmation with following three difference scenarios for gold to take next step for shortening or longing.

Currently gold is traing 1246 and has not overpassed 1247.50 or dropped below 1244.50, indications that market is poised for FOMC so long waited this afternoon at 6:00 PM GMT.

The Three Scenarios:

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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 Daily Technical Analysis – 20th September, 2017
By FxGrow Research & Analysis Team

FOMC Overview And It's Impact ON CFD's

Today, the U.S Federal Reserve will announce the rates with high expectations for a no change and will maintain at current 1.25%. Along with it, FOMC economic projections, a statement, and finally a press conference which will create chaos in the market depending on the content of the answers. In case Yellen has the intention and was serious by gearing up the market, then expect intended hints because Yellen usually delivers vague speeches, leaving market confused. FOMC will focus on two elements, December odds rates and more importantly, current QE program and the edition that will undergo.

First regarding rates, it is highly expected that Yellen & Co will leave rates at current 1.25% especially that last PPI was projected at 0.3% and the Producer Price Index slipped by 0.1% and recorded 0.2%, while consesus aimed at 0.3% . On the other hand, Inflation last recorded in August was 1.9%, still below 2% as a central bank aims. Come to Core Retail Sales last week, a disappointing data with -0.2%, falling from 0.4% last shown, while expectations were at 0.5%. Last but not least, PCE, Fed's preferred measure added no change at 0.1%. Adding all these elements, increasing rates will be postponed for another session, and as Yellen previously expressed, any increase for current rates will depend on how market is performing and recorded data

Enough said, market already knows the above and there is no doubt about it. The real question will be, is end of 2017's rates December is still on the table? In case yes, what are the odds for that (currently below 50%). Any hints that rates odds has increased, and the Feds are serious expressing concerns that inflation has increased by 0.3% since last recorded 0.1%, and its meeting their projections, and its being intolerant, this to be taken hawkish and will boost the buck. On the other hand, a dovish scenario will be that inflation is still below 2%, and any rate decision will be subject to further coming data.

Second, Now this part has been covered, we come to the balance sheet that Yellen promised in last FOMC meeting relatively soon. Market is expecting date and numbers, any failure to deliver on this part, the DXY will take a dip. In case an announcement came out that starting by October and December trimming the balance sheet by $10 billion a month for the first three months, $20 billion per month for the next three, and on and on until it hits a pace of $50 billion per month. This will create a high demand of the U.S Dollar and Index will peek (Hawkish Scenario). In case dates were set without numbers given, this will be left for the market and how they feel about it as its considered neutral. Just a reminder that during last Jackson hole meeting, Yellen has announced that the QE ( Quantitative Easing Program or Bond Purchasing ) has been introduced after 2008's crisis and has kept global monetary policy system safe and its still exist for a reason. One can only wonder how far will Yellen go giving up such a measure especially that Trump is in the oval office.

Finally, recent FOMC members who crossed wires during Sep has expressed a hawkish tone towards rates especially on Dec, we will see how far their statement is serious tonight. On the other hand, it is highly expected that Yellen will end its term as head of U.S Federal reserve during 2018 and be replaced by Cohn, Trump's favorite as they both prefer low rates.Trump has already expressed that previously and hinted for Yellen his desire for low U.S dollar which has kept the greenback from seeing the light, if not intentionally, then by his demand for building the wall, elevating the sharp war tone on NK, delay on tax plan, health care bill, last but not least, his twitters, always tackling the Dollar, and so on.

There is a scenario that Yellen, and out of her concern for U.S monetary policy could take market off guard by a rate increase, if not today, maybe during December even if expectations hints for a no. In case of that, market will be caught off guard and U.S Index will be rallying with fire and fury just like BOC did last meeting where they hiked.

After expressing the above fundamentals, here is technical overview for CFD's including currencies, commodities, and indices to have an idea where and will market will head.

For more in depth Research & Analysis please visit FxGrow.https://goo.gl/mQnHHQ

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 Daily Technical Analysis – 22nd September, 2017
By FxGrow Research & Analysis Team

Gold: Technically Bearish, Fundamentally Bullish Temporary Over NK Threat

After a hawkish FOMC sentiment, gold was on a selloff mode extended from Wednesday 1316 high, ended on Thursday with 1288.20 low. Today, the precious metal made some upward correction retracement clocking 1298.75 high and currently showing some stamina hanging above 1295 support area as the tension renews after NK threatens by an H bomb in the Pacific.

Technically, closing below 20-EMA and 50-EMA level indicates a 100% downtrend with expectations to test 1285 level, in case XAUUSD closed below that level, then the second destination will be the 70's area. On the other hand, daily RSI is below 50 level, at 44 which is another proof that till further notice, bearish trend overwhelms. On the other hand, the U.S Dollar today is showing weakness and the boost by FOMC seems to be short as the DXY plunged to 91.56 low, and has been bearish for the second day with daily RSI still below 50 at 43.

Right now, gold is trading 1296, and has sustained this price strongly, rejecting 1295 area as political tension is renewed, and four hours candles closed above 1296 which indicated that gold could retest 1300-4 area, but market still awaits for NY sessions to open and see how market reacts technically and fundamentally are on opposite terms. Closing on daily and H4 time frame will giver a better outlook how gold will perform next week. There is a scenario that taking into consideration that today is Friday and usually NK puts words into action on weekend, such scenario could keep gold levels poised till Monday.

For more in depth Research & Analysis please visit FxGrow.https://goo.gl/a9QLc6

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 Daily Technical Analysis – 25th September, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 1

EUR/USD Intraday: the downside prevails.

Pivot: 1.1960

Our preference: short positions below 1.1960 with targets at 1.1890 & 1.1860 in extension.

Alternative scenario: above 1.1960 look for further upside with 1.1985 & 1.2005 as targets.

Comment: the RSI shows downside momentum.

Supports and resistances:
1.2005
1.1985
1.1960
1.1920 Last
1.1890
1.1860
1.1835


GBP/USD Intraday: rebound.

Pivot: 1.3490

Our preference: long positions above 1.3490 with targets at 1.3590 & 1.3620 in extension.

Alternative scenario: below 1.3490 look for further downside with 1.3450 & 1.3405 as targets.

Comment: the RSI shows upside momentum.

Supports and resistances:
1.3660
1.3620
1.3590
1.3543 Last
1.3490
1.3450
1.3405

USD/JPY Intraday: the bias remains bullish.

Pivot: 111.95

Our preference: long positions above 111.95 with targets at 112.60 & 113.00 in extension.

Alternative scenario: below 111.95 look for further downside with 111.65 & 111.20 as targets.

Comment: the RSI is mixed to bullish.

Supports and resistances:
113.30
113.00
112.60
112.30 Last
111.95
111.65
111.20

For more in depth Research & Analysis please visit FxGrow.https://goo.gl/9a4k9k

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 Daily Technical Analysis – 25th September, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 2

AUD/USD Intraday: bullish bias above 0.7935.

Pivot: 0.7935

Our preference: long positions above 0.7935 with targets at 0.7985 & 0.8005 in extension.

Alternative scenario: below 0.7935 look for further downside with 0.7905 & 0.7870 as targets.

Comment: the RSI is mixed to bullish.

Supports and resistances:
0.8035
0.8005
0.7985
0.7960 Last
0.7935
0.7905
0.7870

Gold spot Intraday: consolidation.

Pivot: 1298.00

Our preference: short positions below 1298.00 with targets at 1288.00 & 1277.00 in extension.

Alternative scenario: above 1298.00 look for further upside with 1303.00 & 1306.00 as targets.

Comment: as long as the resistance at 1298.00 is not surpassed, the risk of the break below 1288.00 remains high.

Supports and resistances:
1306.00
1303.00
1298.00
1292.55 Last
1288.00
1277.00
1268.00


Crude Oil‏ (WTI)‏ (X7) Intraday: bullish bias above 50.30.

Pivot: 50.30

Our preference: long positions above 50.30 with targets at 50.75 & 50.90 in extension.

Alternative scenario: below 50.30 look for further downside with 50.10 & 49.90 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances:
51.10
50.90
50.75
50.45 Last
50.30
50.10
49.90

For more in depth Research & Analysis please visit FxGrow.https://goo.gl/9a4k9k

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 Daily Technical Analysis – 29th September, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 1

EUR/USD Intraday: the bias remains bullish.

Pivot: 1.1755

Our preference: long positions above 1.1755 with targets at 1.1810 & 1.1835 in extension.

Alternative scenario: below 1.1755 look for further downside with 1.1720 & 1.1690 as targets.

Comment: the RSI is supported by a rising trend line.

Supports and resistances:
1.1860
1.1835
1.1810
1.1782 Last
1.1755
1.1720
1.1690

Overall, the trend is down and today's upward rebounds are part of correction retracement for more downward action. A close over 1.1930 is needed to rekindle the bull trend.


GBP/USD Intraday: turning down.

Pivot: 1.3430

Our preference: short positions below 1.3430 with targets at 1.3370 & 1.3340 in extension.

Alternative scenario: above 1.3430 look for further upside with 1.3460 & 1.3500 as targets.

Comment: the RSI shows downside momentum.

Supports and resistances:
1.3500
1.3460
1.3430
1.3402 Last
1.3370
1.3340
1.3315

General long term outlook: The market remains in a corrective setback against the prevailing bull trend, hinting for possible topping action. A close under 1.3351* opens up potential to 1.3200*. Stay prepared for defensive trading pressures, but stabilizing off 1.3351* could swing trade back to recovery action A surge back over Friday's 1.3600 high or close over 1.3542* rekindles bull forces and should spark rallies back to the last high.

Look out for Carney Speech today at 2:00 PM GMT. A hawkish stance will boost GBP/USD, and a dovish statement could turn GBP/USD trend bearish for next trading days. Focus if there are any tips regarding coming interest rates by BOE.


USD/JPY Intraday: under pressure.

Pivot: 112.75

Our preference: short positions below 112.75 with targets at 112.40 & 112.20 in extension.

Alternative scenario: above 112.75 look for further upside with 113.00 & 113.25 as targets.

Comment: the upward potential is likely to be limited by the resistance at 112.75.

Supports and resistances:
113.25
113.00
112.75
112.55 Last
112.40
112.20
112.00

Overall, the trend is bullish, and today's dips would be part of downward retreacements, preparing for a larget bull wave attack. Closing below 111.20-30 signals for a downtrend.

For more in depth Research & Analysis please visit FxGrow.https://goo.gl/iMefgZ

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.