Daily Technical Analysis by FxGrow

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

Canadian Dollar levels Awaits Local Interest Rate Decision

USD/CAD dilated further gains early this morning and the greenback boogie is back on the field. Yesterday, FOMC members Williams and Harker were on the right time, right place supporting US Dollar, and both scenarios in accord waving the Fed rate hike card again and odds for March increase is officially on the menu. Trump contributed positively with a patriotic speech that boosted US index more, currently 101.72 and it's expected to surge further more. As a result, USD/CAD rallied yesterday from 1.3164 and clocked 1.3330 24-Jan-fresh-highs. Canadian Dollar awaits BOC interest decision today and stakes of leaving rates at current 0.50% are outweigh.

Fundamentals :

1- CAD Interest Rate decision today at 3:00 PM GMT.

2- US ISM Manufacturing PMI today at 3:00 PM GMT.

3- US FOMC Member Kaplan speech today at 6:00 PM GMT.

Technical :

Trend : Bullish

Daily Pp 1.3259

Resistance levels : R1 1.3333, R2 1.3384, R3 1.3430, R4 1.3478

Support levels : S1 1.3255, S2 1.3192, S3 1.3140, S4 1.3030

Remark : Look forward for Canadian and US data today which will new perspectives for USD/CAD. Also, indirectly, crude oil levels tend to impact Canadian Dollar. Canadian GDP and Unemolyment Rate data tomorrow at 1:30 PM GMT not to be missed.

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

USD/MXN Edges On Stronger US Dollar

USD/MXN rallied yesterday at 20.1079 after FOMC's members Williams and Harker crossed wires yesterday with hints that Fed Rate Hikes are more important than ever and March odds are increasing. Then Trump appeared early this morning with patriotic speech, boosting US index higher at 101.79 and USD/MXN clocked a higher record for this week 20.1600, but the pair couldn't withhold the 20 level and retreated to 19.9788 at which the currency is currently trading.

Unemployment in Mexico peeked up to 3.6% in January, a 0.2% rise on December’s reading but lower than market expectations of a rise to 3.8%. The USD clawed back some of the session’s losses against the Peso but the Mexican currency still remains vulnerable to further downside pressure from President Donald Trump’s job repatriation vows.

Fundamentals :

1- US ISM Manufacturing PMI today at 3:00 PM GMT.

2- US FOMC Member Kaplan speech today at 6:00 PM GMT.

3- MXN Manufacturing PMI report today at 3:30 PM GMT.

Technical :

Trend : Bullish Sideways

Resistance levels : R1 20.1597, R2 20.3342, R3 20.6069

Support levels : S1 19.9665, S2 19.7622 , S3 19.5024

Remark : Look forward for US and Mexican economic data today with expectation of high volatility after release.

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 – 02nd March, 2017
By FxGrow Investment Research Desk

GBP/USD Sinks as Brexit Final Touches Approaches, Awaiting UK PMI

Once again, GBP/USD dips to 1.2260 20-Jan-Fresh-lows with a reminder of Brexit bearish levels. The pair is downtrend for fifth consecutive session through this week due to the following factors.

1- Strong US Dollar performance after Fed Rate hikes has increased from 35% on Tuesday to 69% on Wednesday (CNBC). US index peeked yesterday to 101.97, highest levels since Feb.

2- PM Theresa May mentioned recently that papers ( Article 50 ) for final divorce from EU are ready and the green light is granted for a release. (Reuters).

3- Yesterday, UK negative Manufacturing PMI at 54.8 while forecasts were 55.9, added more negative mood for Sterling future and what about to come.

These are the elements that created the dark cocktail for Sterling and fears grow further more, along with it uncertainty evolves around GBP/USD coming future. The pair has a chance to claim some dignity today at UK releases local construction PMI which will either dig a deeper hole or the pair will make an upward temporary correction.

Fundamentals :

1- GBP Construction PMI today at 9:30 AM GMT.

2- USD Unemployment Rate today at 1:30 PM GMT.

3- USD - Yellen Speech tomorrow at 6:00 PM GMT.

Technical :

Trend : Bearish

Daily Pp 1.2326

Resistance levels : R1 1.2329, R2 1.2383, R3 1.2469

Support levels : S1 1.2257, S2 1.2208, S3 1.2134

Remark : Look forward for UK and US data today. The market is negative due to strong US Index and Yellen Speech tomorrow could create additional gains for USD. A penetration for S1 level will create further congestion with increase selloffs and wash towards S2 level. Closing above R2 level is needed for short-term correction and above R3 level, the pair 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 – 02nd March, 2017
By FxGrow Investment Research Desk

Gold Maintains High Levels Despite Strong US Dollar

Gold has successfully sustained high levels even though US Dollar is back with the bully tone. XAUUSD peeked this week to 1263.95, highest level since 11 Nov 2016, but then lost momentum after FOMC's members hints that Fed Rate Hikes are important now more than ever. As a result, the yellow metal rolled -$26.99 and sank to 1236.79 low yesterday.

US Dollar is on the strongest performance after Fed Rate hikes has increased from 35% on Tuesday to 69% on Wednesday (CNBC). US index peeked yesterday to 101.97, highest levels since Feb.

Fundamentals :

1- US Unemployment Rate today at 1:30 PM GMT.

2- Yellen Speech tomorrow at 6:00 PM GMT.

Technical :

Trend: Bullish Sideways

Resistance levels : R1 1250.54, R2 1263.52, R3 1273.44, R4 1282.58

Support levels : S1 1241.32, S2 1230.69, S3 1220.52, S4 1207.00

Remark : Look forward for US Data today but the main focus is shifted to Yellen speech, any hints about Fed Rates Hikes will impact gold levels. Stalling above R2 level will fuel further attacks towards R3&R4 levels. Closing below S2 level, the market will shift to bearish.

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 – 03rd March, 2017
By FxGrow Investment Research Desk

Forex Technical Levels Ahead Of Yellen Speech Today

Fundamentals:

Markets, analysts, and traders are all poised ahead Fed chair Mrs. Yellen speech today at 6:00 PM GMT and what would result from her speech. Recent appearance of FOMC members kaplan, Harker, Evans, Brainnard, and Powel boosted US Dollar significantly as US Dollar index added +$1.6 from Monday with a 12-Jan-fresh-highs at $102.26. All members were in accord waving the Fed Rates hike card, now important more than ever.

March hike previously was out of consideration and the debate about it was considered a taboo with low probability, but recent booming US economy with Dow breaking record 12 consecutive sessions touching new historical highs and strong US data, forced FOMC members to appear on T.V. and discuss March hike officially on the menu. Now, March odds has increased to 69% (CNBC), therefore Yellen appearance today is considered articular.

Scenarios 1 : Yellen speech would go along with FOMC members adding more value to March hike and US Index will peek further more.

Scenario 2: Previous history of Mrs. Yellen, leaving details vague without confirmation nor denial about March hike would result in US index wallowing and possibility of USD decline.


Fx Technical levels

EUR/USD

Resistance levels : R1 1.0553, R2 1.0587, R3 1.0633

Support levels : S1 1.0510, S2 1.0466, S3 1.0422

USD/JPY

Resistance levels : R1 114.59, R2 114.96, R3 115.38

Support levels : S1 114.05, S2 113.50, S3 112.96

GBP/USD

Resistance levels : R1 1.2275, R2 1.2363, R3 1.2446

Support levels : S1 1.2210, S2 1.2131, S3 1.2068

AUD/USD

Resistance levels : R1 0.7572, R2 0.7609, R3 0.7650

support levels : S1 0.7536 , S2 0.7493, S3 0.7449

USD/CAD

Resistance levels : R1 1.3455, R2 1.3516, R3 1.3591

Support levels : S1 1.3357, S2 1.3278, S3 1.3210

Gold - XAUUSD

Resistance levels : R1 1232.87, R2 1242.12, R3 1258.14
Support levels: S1 1218.98, S2 1205.45, S3 1194.06

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 – 07th March, 2017
By FxGrow Investment Research Desk

AUD/USD Surges Over RBA's Unchanged Rates Decision

AUD/USD rallied +57 pips in early trading sessions and clocked a high 0.7632 over RBA rates decision, leaving interest rate unchanged at 1.5% which was highly anticipated by markets, with the policy statement keeping a neutral bias.

Governor Lowe crossed wires with a press conference shortly after RBA's rate decisions with the following headlines:

1- At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent.

2- Conditions in the global economy have continued to improve over recent months. In China, growth is being supported by higher spending on infrastructure and property construction. The improvement in the global economy has contributed to higher commodity prices, which are providing a significant boost to Australia's national income.

3- Headline inflation rates have moved higher in most countries, partly reflecting the higher commodity prices. Interest rates are expected to increase further in the United States and there is no longer an expectation of additional monetary easing in other major economies. Financial markets have been functioning effectively and stock markets have mostly risen.

3- The Australian economy is continuing its transition following the end of the mining investment boom, expanding by around 2½ per cent in 2016. Exports have risen strongly and non-mining business investment has risen over the past year.

4- Labor market indicators continue to be mixed and there is considerable variation in employment outcomes across the country.

5- Inflation remains quite low. With growth in labor costs remaining subdued, underlying inflation is likely to stay low for some time.

6- Taking account of the available information the Board judged that holding the stance of policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.

Fundamentals :

1- US Trade Balance today at 1:30 PM GMT.

2- CNY - Chinese Trade Balance tomorrow tentative - after 12:00 AM GMT

Technical :

Trend : Bullish sideways

Daily Pp 0.7586

Resistance levels : R1 0.7642, R2 0.7668, R3 0.7713

Support levels : S1 0.7572, S2 0.7533, S3 0.7489


Remark : AUD/USD currently bullish but keep an eye on US index which is currently strong. Closing above R1 confirms the bullish momentum more and spark additional attacks towards R2 level. Stalling below S1 level will increase further selloffs and wash towards S2&S3 level. Closing below S1 level is needed for the cable to shift towards bearish trend. Chinese trade balance tomorrow tend to have impact on Asian currencies indirectly.

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 – 08th March, 2017
By FxGrow Investment Research Desk

Crude Oil levels Plunges over Houston Energy Meeting, Eyes on US inventories

Fundamentals:

Crude oil levels collapsed on Tuesday with a loss $1.08 per barrel -0.2% over fears of Houston energy meeting and outcome possibilities. Shell, the Royal Dutch company nailed a contract to ramp North American shale output earlier than planned and to lock in quick returns from what has become one of its most profitable businesses, the head of Shell's unconventional energy business said.

The Anglo-Dutch company plans to make shale oil and gas in the United States, Canada and Argentina a key engine of growth in the next decade, targeting output of around 500,000 barrels of oil equivalent per day (BOE/D), Greg Guidry told Reuters in an interview.

Saudi Oil Minister Khalid al-Falih said on Tuesday that oil market fundamentals were improving as an agreement to curb supply by OPEC and non-OPEC producers took effect. Mr. Falih added that OPEC would not let rival producers take advantage of the reductions to underwrite their own production investment. OPEC cartel is expected to meet again in May, where OPEC might extend their production curbs.

"We should not get ahead of the market," Falih told a group of oil industry executives at the CERA Week energy conference. Overall, he said the production reductions have had their intended effect, citing greater price arbitrage between east and west oil markets that "indicate the cuts are biting." He said there are signs of "green shoots" of oil investment in the United States although he cautioned that a fast response from the U.S. shale industry could be discouraging for needed investment in multiyear, long-term projects in other oil supply sources outside of shale. Saudi Arabia does not want OPEC to intervene in the oil market to address long-term structural shifts, but would support measures to address "short-term aberrations." (Reuters).

China's crude oil imports rose to the second-highest level on record in February, as strong demand from independent "teapot" refiners continues to drive growth. February's imports came in at 31.78 million tons or 8.286 million barrels per day, up 3.5 percent on a year ago, Chinese customs data showed on Wednesday. Daily shipments were only behind December's record 8.57 million bpd, but up on 8.01 million bpd in January.

Conclusion: The rift continues between OPEC and US with opposed interest. OPEC benefits from high levels of oil prices since it’s their main source of income. US on the other hand, with -4.2B deficit in trade balance yesterday, and Trump's industrial and infrastructure as his main concerns, will seek excessive efforts to tackle OPEC objectives. Crude oil levels will hang between $51 and $56 until OPEC's next meeting in May with possibilities for further reductions and compliance.

Technical:

Resistance levels: R1 52.92, R2 53.46, R3 54.00

Support levels: S1 52.56, S2 52.12, S3 51.64

Remark:

Look forward for US crude inventories today at 3:30 PM GMT which will bring new levels for Crude Oil prices.

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 – 08th March, 2017
By FxGrow Investment Research Desk

USD/JPY Hikes On Strong US Dollar performance

Japanese inaugurated early trading session with data not up to expectations with Final GDP q/q at 0.3% compared to 0.2%, while forecasts were 0.4%. Japanese Final GDP Price didn't add any change and remained the same at -0.1%. As a result, USD/JPY sank to 113.60 low, then shifted the course and clocked a high 114.20 due to strong US Dollar performance as US index peeked to 101.98.


Technical levels to watch :

Trend : Bullish Sideways

Daily Pp 113.95

Resistance levels : R1 114.15, R2 114.60, R3 115.40

Support levels : S1 113.57, S2 112.90, S3 112.35

Remark : The market remains bullish due to strong US Dollar. A penetration for R1 level will increase further bullish waves towards R2 level. Closing below S2 level is needed for trend reversal.

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 – 09th March, 2017
By FxGrow Investment Research Desk

EUR/USD Declines Ahead of ECB Interest Rates Decision

EUR/USD extended bearish momentum for the fourth consecutive session this week after a significant peek on Monday with a March-fresh-highs 1.0636. The pair had to abandon the high levels, with a weekly low record at 1.0536, submitting to stronger US Dollar as US index continues to soar all competing rivals with a new high record for this week at 102.24.

Markets are awaiting ECB interest rates decision today and forecasts are high that ECB will leave rates at current 0.0%. The Eurozone is the first of the major economies to release inflation data for February, and it rose to 2.0%y/y, now essentially on target (The ECB aims at inflation rates of below, but close to, 2% over the medium term). Mr. Draghi will hold a press conference shortly after rates decision where he will discuss current EU monetary policy and global economy.

Despite the need for a continued accommodative monetary policy stance, the ECB is facing some challenges related to its QE purchases. Partly as a result of the ECB’s purchase patterns there has been a fall in short-end German yields at the beginning of this year, where the ECB has allowed itself to buy bonds yielding below the deposit rate. Regarding the future ECB QE purchases, the latest communication from the ECB shows it is very reluctant to allow a change to the 33% issue/issuer limit due to both legal and price formation issues. ( Danske Research Team ).

Fundamentals :

1- EUR- ECB interest rate decision at 12:45 PM GMT.

2- EUR- Draghi speech at 1:30 PM GMT.

3- USD- Unemployment claims at 1:30 PM GMT.

Technical :

Trend : Bearish Sideways

Daily Pp 1.0550

Resistance levels : R1 1.0573 , R2 1.0608 , R3 1.0646

Support levels : S1 1.0522, S2 1.0480, S3 1.0428

Remark : ECB interest rates are highly to be left unchanged but the main focus will be on Draghi's speech. Also US data today is vital for US Dollar levels, not to be missed.


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 – 09th March, 2017
By FxGrow Investment Research Desk

Gold Finally Submit to strong US Dollar, Awaiting US Jobless Claims

Gold abandoned the bullish levels after a long struggle with US Dollar with efforts to withhold last two weeks' strong gains. Recent bullish waves despite strong US Dollar performance was justified to US uncertainties and political rift lead by Trump and his previous decisions. Last week, FOMC's hints about March Fed hike increased the odds up to 85%, and Trump patriotic speech, both assisted to create the current stability and things are in Accord. Add to that, US strong data through this week boosted US Dollar levels and US Index peeked to 102.24 today, highest levels since 12th Jan. As a result, Gold shed -$60.62 since last week and had to give up the title being a sacred haven metal.

XAUUSD will undergo a further test today as US released Jobless Claims but the main and vital data will be tomorrow with NFP report. Both news will either dig a deeper hole with extension to bearish momentum and failure for support levels, or the yellow metal will make a short-term-upward-correction and save some dignity.

Fundamentals:

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

2- US Non-Farm Payrolls ( NFP ) tomorrow at 1:30 PM GMT.

Technical :

Trend : Bearish

Daily Pp 1209.13

Resistance levels : R1 1215.10, R2 1227.20 , R3 1234.30

Support levels : S1 1198.60, S2 1191.07 , 1180.12

Remark : Look forward for US data today, but the main focus is on US NFP report tomorrow. Also, FOMC meeting next week where Fed rates will be released, not to be missed as it has a huge impact on all markets. Closing above R3 level is needed for trend reversal.

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.