Daily Technical Analysis by FxGrow

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FxGrow Daily Technical Analysis – 06th July, 2017
By FxGrow Research & Analysis Team

EUR/USD Still Testing 10-EMA Ahead of ECB Meeting

EUR/USD bullish momentum survived yesterday’s FOMC meeting as the U.S Index spikes were contaminated with 96.24 high as market expected more attacks due to previous hawkish U.S Fed statement, but instead a lesser was given by Yellen Yesterday.

The pair clocked 1.1368 high yesterday and 1.11325 low for today, still testing 10-EMA area at 1.1320 with 25-pips price action for today with expectations for more volatility as EU releases German Factory Orders, but the focus will be on ECB statement today.

Last appearances for Mr. Draghi were hawkish, stressing an intolerance for rising inflation in the EU and the ECB could taper with rates. ECB statement today, if it is consistent with Draghi’s last speeches, will fuel EUR/USD ...

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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 – 06th July, 2017
By FxGrow Research & Analysis Team

Crude Oil Recovers Over Disappointing API Report, Awaiting U.S Inventories

Crude oil plunged yesterday at $44.52 low after clocking a monthly high on Tuesday $47.30 bp. Reports (Reuters) showed that exports by OPEC counties has surged during pushing oil prices lower.

American Petroleum Institute (API) on Wednesday showed U.S. crude inventories fell more sharply than expected, down 5.8 million barrels in the week to June 30, against expectations for a draw of 2.3 million barrels (Reuters), pushing back oil levels at ...

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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 – 07th July, 2017
By FxGrow Research & Analysis Team

Market Futures Technical Overview Ahead of Non-Farm Figure

Friday 7th July 2017, U.S is set to release major economic data. First, Unemployment Rate is doing far by good during the past years and it's highly expected to remain at 4.3% record. As for Average Hourly Earnings, last report booked 0.2% and expectations today are 0.3%. Any number between these two will be taken as a positive sign, but in case market was caught off guard with a lesser figure, this could be a game changer as Average Earnings, along with negative data released on June 4th.

As a result, NFP will take center stage today and expectations are at 175K and above, in case of a lesser number, then the buck will receive another punch pushing the U.S Index lower which could come in Trump's economic outlook favor.

SEP B-POUND

Current Price: 13000

Target: 13092

Resistance: 13040+, 13092

Support: 12930, 12891*

Trend Reversal Point: 1.2802

Trend: Upwards

Summary: The market remains in a short term bull advance with potential to attack the 13092 May high. A surge over Monday's high should fuel rallies near 13092. Be prepared for additional near term corrections, but narrow sideways congestion within the upper edges of last Wednesday's run over 12891*+ will keep bull forces. A close under 12891* is needed to stop the upturn and foster a correction down along 12802*.

SEP CANADIAN$

Currently: 77245

Target: None

Resistance: 7750?, 8000

Support: 7688, 7661, 76435*

Trend Reversal: 75.985

Trend: Up

Comment The market is bullish. A close over 7727 could fuel aggressive rallies towards 8000. A reluctance to extend past Wednesday's high today will caution for near term corrections into next week. A close under 76435* warns for a correction phase back through last week's run.

SEP EURO

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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 – 11th July, 2017
By FxGrow Research & Analysis Team

EUR/USD In Search For Positive Fundamental To Press Forward

EUR/USD has entered the second consolidation session this week with 1.1381 low and 1.1418 high yesterday, so far the pair traded 18-pips today, with expectations to stay within yesterdays trading range. Currently the pair is trading 1.1395 intraday with daily RSI at 60 level and hourly RSI at 50 level, which gives EUR/USD the chance to score stingy pips aimed at 1.1420, 1.1445 resistance levels. On the other hand, the greenback remains bearish and Index failed to close above 96.54 for trend reversal, which keeps EUR/USD hanging above, ready to press forward.

Fundamentally, the pair showed no reaction to today's and yesterday's positive EU data, which indicates that EUR/USD is in search for ...

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

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 – 11th July, 2017
By FxGrow Research & Analysis Team

AUD/USD Loses The Bullish Momentum, Favoring Sideways

AUD/USD failed to sustain the bullish momentum today as it f 0.7626 high, retreating low of 0.7605 during the European trading session. Currently the pair is trading at 0.7608 intraday just above its 100-EMA at 0.7605.


Fundamentally, the National Australia Bank (NAB) Business Confidence Index was neutral recording 9 compared to 8 on previous sessions, but the negative Home Loans data added more pressure over the Aussie. Traders should be aware of the Chinese Trade balance, to be ...

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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 – 12th July, 2017
By FxGrow Research & Analysis Team

GBP/USD Testing 50-EMA Ahead of Major Data

GBP/USD extended the selloff wave since yesterday with 113-pips value loss, landing in 1.2810 low for now. The pair tested daily 50-EMA at 1.2820 with failure and in case market closing below, signs of bearish momentum will persist.

MPC member Broadbent crossed wires yesterday with a dovish stance hinting for many current obstacles facing UK economic outlook, being inconsistent with Carney's recent hawkish speech, hence a negative wave still evolves for the cable.

Fundamentally, the pair awaits major inflation reports shortly with two possible scenarios. A negative data will add more ...


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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 – 12th July, 2017
By FxGrow Research & Analysis Team

Crude Oil Inches Higher Over EIA Report, Awaiting U.S Inventories

Crude Oil managed to add $2.36 bp since Monday and clocked $45.99 bp high supported by the U.S. Energy Information Administration report on Tuesday as it expects U.S. crude oil production to rise by less than previously forecast next year due to a lower price outlook, but remaining at record. Also, reports by Reuters mentioned that Saudi Arabia is due to decrease their oil exports to the lowest record during August.

On the other hand, other fundamentals such as Libya and Nigeria (Non-OPEC) extended their oil production output, keeps market overloaded (glut) and oil rising prices at slower pace.

Add to that, Iran's oil output will rise to ...

Yesterday, Qatar signed a contract with Total French Company to develop Shahine field with $3.5B and could see oil production at 300,000 bp day.

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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 – 12th July, 2017
By FxGrow Research & Analysis Team

USD/CAD Trading On An Expired BOC's Decision, Eyes on Poloz

USD/CAD was on a heavy selloff wave ever since Gov. Poloz (June 28) hinted for a possible tapering with an increase by BOC interest rates by 0.25% to current 0.50%. Overall, the pair has lost 340-pips price action on Friday with 1.2859 low and daily RSI around 25 level, which indicates an oversold market with potential for correction phase in case USD/CAD wants to continue pressing downward.

The pair started the correction phase since Monday with 1.2943 high yesterday, but current daily RSI is at 32 level which still indicates an oversold market.

Today, expectations that BOC will deliver the rate ...

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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 – 13th July, 2017
By FxGrow Research & Analysis Team

EUR/USD Surges Higher Ahead of Local CPI Data

EUR/USD inaugurated Asian trading sessions with +30-pips price action and clocked 1.1439 high as the greenback extends downtrend for today at 95.34 low. Yesterday, Yellen crossed and failed to give specifics as questions were addressed which left market confused and the DXY couldn't press forward and traded neutrally.

Today, multi data on both EURO and USD which should shake the pair's movement, first German and French CPI shortly, followed on NY opening sessions with ...

For more in depth Research & Analysis please visit FxGrow.https://goo.gl/R1XPb9

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 – 13th July, 2017
By FxGrow Research & Analysis Team

Gold Remains Bearish Despite Recent Recovery, Eyes on U.S Data

Gold plunged aggressively on Monday at 1204.90 on Monday sending a strong message that further downside yet prevails, but managed to make a correction phase extended till Thursday before clocking a 1225.15 yesterday sending signs of a potential bullish reversing trend. Current phase for gold should be a correction phase that holds potential for an uptrend, but unless gold closes above 1228 by daily chart or at least 4 hours candle stick, market should be prepared for an another aggressive selloff wave extended towards 1195+, with potential for 1190+.

Fundamentally, Yellen speech yesterday kept the U.S Index on high volatility which had its effect on Gold, and today, Yellen, along with U.S Data which will be released shortly will give a better outlook how market will react towards gold. In case gold broke closed closed below 1213, additional confirmation for further selloff waves, and in case gold failed to close above 1228, then trend will be sideways until further notice.

For more in depth Research & Analysis please visit FxGrow.https://goo.gl/Ngt6fZ

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.