FxGrow Daily Technical Analysis – 12th Dec, 2015 By FxGrow Research & Analysis Team
GBPUSD - on three weeks high
Today US inflation data was published. That was one of the last important macro reading before next week FED meeting. As federal reserve expected, inflation increased more rapidly than forecasted. The time of FOMC meeting is approaching and it may cause big volatility because nobody knows what will be the markets reaction on first rate hike.
At GBPUSD (H1) today demand broke above resistance at 1.5190 level and approached next resistance at 1.5240. What's interesting, this month's upward movement took the form of simple ABCD correction and price already reached D point, where AB=CD.
Wider view, time-frame D1
GBPUSD continues rebound that started on December 2nd. Nearest resistance is 1.5240 level (blue line at chart D1). Stronger resistance (monthly high) is at 1.5330 level (red dotted line at chart H1).
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 – 14th Dec, 2015 By FxGrow Research & Analysis Team
EURAUD - reached to resistance, for the last week point for the bulls
At the beginning of December there was a test of support at 1.4400 level. That level caused dynamical rebound. After impressing last week's candle (at weekly time-frame), price reached to the resistance that stopped upward movement. Currently this upward movement should be treated as a correction.
However it is likely that price will reach to 1.5500 level where is resistance and fibo 50% of last downward movement or even to 1.5720 level where is fibo 61,8%. On each of that important levels: 1.5270, 1.5500, 1.5720 bears will be looking oportunity to end that correction. When declines will back we will be able to determine in what condition are the bulls. Then it turns out if it is a chance to return to upward movement, which last at EURAUD since April 2015.
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 – 14th Dec, 2015 By FxGrow Research & Analysis Team
USDCAD - new highs, but resistance is on the horizon
Previous analysis USDCAD from November 26 gave more than a 400 pips profit. I wrote: "In the coming days demand should carry out another attack at the resistance 1.3400" and "if this resistance will be broken, next target for demand is at the level 1.3860". Actually continuation of upward movement is very dynamic and today price tested 1.3780 level.
Since 2004 price wasn't at such high levels. Currently next resistances should be looking for at monthly time-frame. It should be noted that levels from monthly time-frame aren't precise. Nearest resistances are at area: 1.3860, 1.4070. If there will be a correction nearest support is at 1.3430 level.
Time-frame H4
Time-frame monthly
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 – 15th Dec, 2015 By FxGrow Research & Analysis Team
EURUSD - the highest since 1,5 months
EURUSD continues it's upward movement. In last few days there was a shallow correction and today price break above last few days highs. Since October 30 EURUSD wasn't so high (1.1058 level was tested). Currently price keeping up above 1.1000 level. Next target for bulls is 1.1120 level there are resistance and 61,8 Fibonacci level of last downward movement. There will be a huge volatility during tomorrows FOMC meeting. First will be FOMC decision about rate hikes and second a press conference of Janet Yellen (FED's chief).
It is likely that first reaction on EURUSD will be different than the right one that appears later. It is worth to follow the event on Wednesday evening, and certainly you shouldn't leave at that moment open position "without a care". Nearest supports if descents will back: 1.0990, 1.0930, 1.0860, 1.0810, 1.0685, 1.0630.
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 – 15th Dec, 2015 By FxGrow Research & Analysis Team
USDCHF reached to strong support and Fibonacci 61,8% level
Last analysis USDCHF from November 20 gave profit more than 300 pips, I wrote: "Since a month there is a dynamic upward movement without any bigger correction. Currently price reached to resistance and that level should bring declines or maybe even a deeper correction".
Rebound was very dynamically however it may approach to the end. Currently USDCHF reached to Fibonacci 61,8% level of last upward movement and this level is reinforced by strong support. It is likely that price will move upward and strength of this rebound will show direction of further movement. Swiss SNB maintains that CHF is currently overvalued and will do everything to weaken the CHF. This should give new downward impuls on USDCHF. Nearest supports: 0.9790, 0.9590, 0.9470, 0.9300. But if price will back to uptrend nearest resistances are at levels: 0.9940, 1.0090.
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 – 16th Dec, 2015 By FxGrow Research & Analysis Team
GBPNZD - after 4 months of declines rebound is likely
Since the beginning of this year to August GBPNZD gain almost 25%. In August there was a correction that lasts until today. Currently there is a great moment to rebound. Price reached to Fibonacci 50% level of previous upward movement. That level is strengthened by supports formed in 2010 and 2011. If price will rebound, it could back to this year's high. Resistances are at levels: 2.2660, 2.3000, 2.3500, 2.4000, 2.4520.
However if bulls fails, target for bears are located at levels: 2.1570 (Fibonacci 61,8% and support), area 2.0800. In that last area there is Fibonacci 78,6%, support and equal length of the current correction AB = CD. If there won't be rebound before that level that last area is strongest level to stop falls.
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 – 16th Dec, 2015 By FxGrow Research & Analysis Team
GBPUSD - supply is not giving up
Last GBPUSD analysis from October 2 gave 250 pips profit. I showed important support which should rebound and targets for that move. I wrote: "if rebound occurs, the next resistances will be at: 1.5120, 1.5240, 1.5370". In fact after rebound price at Friday reached 1.5239 level and declines returned.
GBPUSD moves in a downward trend. It is confirmed by blue dotted line on the chart. Today support at 1.5000 was tested. Next supports are located at levels: 1.4870, 1.4740. Today we are waiting for the most important event of the month (or maybe of the year), which can be first rates hike in USA. It's impossible to predict what will be the reaction of the market because that information should be already priced in. If price rebound again nearest resistance is at 1.5120. However more important will be break above 1.5240 level. It should allow bigger upward movement.
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 – 17th Dec, 2015 By FxGrow Research & Analysis Team
AUDJPY - upward movement in uptrend channel
As markets expected on Wednesday evening there was a lot of volatility, and all tis due to the FED decision about interest rates. Finally there was no surprise and FED announced first rates hike since 9 years. Volatility was high just after the announcement however movement was two-sided. There wasn't so much unpredictable movements like after ECB event, which was in early December.
Beside EURUSD high volality was also at AUDJPY. During yesterday's event there were an attempt of broke above resistance at 88.100. For 6 hours price remained above that level and declines were back. Currently price broke again that resistance and upward movement should be continued.
Situation looks Clearly on AUDJPY at daily time-frame.
After sudden drop which was at August 24 (and broke below support at 89.250) price gains in value. New higher high and higher low are established. The movement took a form of uptrend channel. At any time, it may be an attack on the indicated resistance and it is likely that it will be successfully. The nearest resistances: 88.560, 89.250, 90.600. Important support 86.500.
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 – 17th Dec, 2015 By FxGrow Research & Analysis Team
CADJPY - breakout of support confirmed by a re-test
In previous analysis from December 8 entitled "on its way to support at 88.90" I wrote that after breaking 90.70 level, falls will test 88.90 level. That in fact happened, but supply didn't stop the pressure at that level and last Friday support was broken. Until yesterday there was a rebound which ended today and price already returned to declines.
Currently situation looks very bad for demand side. Upward movement which we saw this week was just a re-test of new resistance. It is likely that declines will become a further direction. Only return above 88.90 level could change declining sentiment on CADJPY. The nearest support can be found at: 87.40, and another in the area 85.00. Resistances are at levels: 88.90, 90.70
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 Dec, 2015 By FxGrow Research & Analysis Team
NZDCAD - upward rally is coming to an end?
Since a month NZDCAD moves in a one direction. It is an upward impulse. In that period price gain 800 pips. Volatility of NZDCAD is huge, so it is likely that it will change direction and same dynamic movement will begin in the opposite direction. In last days there were attempts of breaking above resistance at 0.9350 which so far failed. Stronger resistance is 100 pips higher at 0.9450 it is strengthened by Fibonacci 88,6% of earlier downward movement.
December's monthly candle is historically extremely long which may mean that potential for further upward movement is running out. These 800 pips was carried out without correction. Nearest resistances: 0.9350, 0.9450, nearest supports 0.9320, 0.9180, 0.9040.
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 Dec, 2015 By FxGrow Research & Analysis Team
USDJPY - high volatility after BoJ announcement
Perturbation after Bank of Japan event caused huge volatility at JPY currency pairs. BoJ surprised investors with its decision to allocate 300 billion yen for the ETFs investing primarily in companies from the Nikkei400 index. Just after that decision there were contradictory informations about the activities of the bank which resulted in higher volatility.
Yesterday USDJPY returned inside the consolidation in which it moved since November 7. Short after BoJ announcement price tested upper limit of consolidation and dynamic falls broke below support at 122.25 level. It is likely that declines will be continued. Targets for supply are at levels: 120.80, 118.80.
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 Dec, 2015 By FxGrow Research & Analysis Team
AUDNZD - high volatility and trouble with identifying direction
From June to October 2015 AUDNZD moved in consolidation between levels 1.1390 - 1.0920. After breaking below the lower limit of the channel, declines stopped at 1.0500. At that support there were a dynamic rebound which led price back to the consolidation. Joy of demand was too early and after 14 days AUDNZD broke below lower limit of the channel again.
Currently falls reached support at 1.0580, after it breaks, supply will have to deal with 6-months low at 1.0500. Another supports are at levels: 1.0370, 1.0290, 1.0190, 1.0040. If rebound occurs, important level which should cause trend reversal is 1.1300. After it breaks, price will finish the head and shoulders pattern forming since 2 years. It is a trend reversal formation. The nearest resistances are at levels: 1.0760, 1.0880, 1.1070.
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 Dec, 2015 By FxGrow Research & Analysis Team
EURPLN - rebound from important resistance, falls targeting 4.1000
Confusion after polish election in Poland led to depreciation of the Polish currency. EURPLN reached strong resistance at 4.3000 level. Rebound from that level occurred last week and was so dynamic that also the uptrend line was broken. In 5 days falls of 1400 pips and currently reached to the support area of 4.2400. That support is also strengthened by Fibonacci 50% of last upward movement. This should induce corrective rebound, after which falls could be continued. After break below that level the nearest support is located at: 4.2100, and the main target for supply is at 4.1000 level.
Since 4 years EURPLN moves in the regression channel. Upper and lower limits of that channel have been constantly tested: 4.3000 and 4.1000. Right now there is nothing which could indicate that this consolidation in coming to an end.
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 Dec, 2015 By FxGrow Research & Analysis Team
EURUSD - consolidation will be continued in 2016
Every important macro data (which have influence on EURUSD) in this year was published. For the first time in 9 years FED raised interest rates, but this event had less meaning to EURUSD than predictable ECB. Markets received less than expected, however in policy of ECB there wasn't any changes.
Since December 4 EURUSD moves in consolidation between resistance 1.1050 and support 1.0800. It is likely that for next days until the end of this year price will be inside that consolidation. What is interesting, despite divergent policies of both central banks which should bring further declines of EURUSD, technically it has a chance of the continuation of upward movement. The falls that occured between December's top and bottom reached fibo 50% and rebounded. Nearest resistances: 1.0950, 1.0980, 1.1030, 1.1050. Nearest supports: 1.0905, 1.0870, 1.0830, 1.0800.
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 Dec, 2015 By FxGrow Research & Analysis Team
AUDCAD - highest since October 2014
Since 8 weeks there is an uptrend rally at AUDCAD. Without bigger correction price gains more than a 800 pips. Today upward movement is continued and this year's top was broken above. AUDCAD reached a 15 months high. Correction may begin at every moment, however it is likely that current movement will lead price to supports at 1.0130 or 1.0200. If one of that levels will cause rebound, nearest support is at 0.9970 level.
Wider view, time-frame W1
So rapid movements aren't new for AUDCAD. However current uptrend is very mature and area to which the price approached should cause a reaction of supply.
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 Dec, 2015 By FxGrow Research & Analysis Team
GBPUSD - 8 months low
In previous analysis from December 16 I pointed 2 supports, which could cause correction. They are at levels: 1.4870, 1.4740. First of them stopped declines for 3 days and was broken below, currently price is moving toward second one. Last 7 trading sessions finished with daily red candles, the current downward impulse is very mature. Traders are looking for rebound which should occur anytime.
GBPUSD moves in a downtrend. Upward movement from April-June took a form of simple ABC correction with a Fibonacci extension C = 61,8% A. If supply will break below that support price will test this year's low area 1.4600. It is likely that 1.4740 level will cause a rebound which could reach one of the resistances: 1.4870, 1.50000, 1.5120.
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 Dec, 2015 By FxGrow Research & Analysis Team
GBPCAD - double top pattern in progress
Since August 2013 there is an uptrend at GBPCAD. Resistance which price already reached caused multiple rebounds between years 1994 and 2007. For that reason it is likely that attempt of fast break above that level will be very hard. For the first time in this year 2.0930 made rebound at August 2015 and 2 weeks ago second attempt failed.
Double top pattern can be seen on the chart and it may induce bigger correction. Currently nearest support at 2.0630 level stopped declines. If supply will be able to break below that level next target for falls are at 2.0320, 2.0000 and strongest support at 1.9850 level. Alternatively, if this year's high will break above new upward impulse will got a chance to reach to support 2.1400.
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 – 28th Dec, 2015 By FxGrow Research & Analysis Team
EURUSD - movement in consolidation
Since December 3 EURUSD moved in a range where its volatility stabilized. Price moves between 1.0800 - 1.1055. Christmas season caused even more reduction in price volatility. Since 5 sessions movement is equal to 100 pips and lasts between support 1.0870 and the resistance 1.0977.
Today 1.0977 level was tested. If demand breaks above this resistance next targets will be at levels: 1.1027, 1.1055, 1,1120. The strongest one form that levels is December's high 1.1055. However if rebound occurs nearest supports will be at levels: 1.0905, 1.0870, 1.0835, 1.0800. It is likely that 1.0800 (December's 7 low) won't be easily broken but if it occurs next support will be located at 1.0730 level.
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 – 28th Dec, 2015 By FxGrow Research & Analysis Team
USDJPY - support stopped declines. For how long?
Strong falls which took since the beginning of December were corrected and price returned to December's downtrend. Upward movement (correction) which started December 14 was very dynamic, however it took form of ABC simple correction. In this case upper limit of length C was little higher than A=C. This fact and today's test of 2-months low confirms the downward scenario. If level 120.040 will be break below it is likely that declines will test 118.600 level. Alternatively if today's rebound will be continue nearest resistance is located at 123.500 level.
Wider view, time-frame D1
USDJPY in entire 2015 year moved in consolidation between levels: 116.00 - 125.70. While in the earlier period between October 2012 and December 2014 the price has gained more than 50%. Currently it is likely both: trend reversal or new uptrend impuls. Key levels for further direction are levels 116.00 and 125.70. Break one of that levels should start new impuls.
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 – 28th Dec, 2015 By FxGrow Research & Analysis Team
NZDUSD - key resistance
Today NZDUSD reached to a key resistance, which is located in area 0.6900. That level is strenghtened by downtrend line and Fibonacci 50% level. Since mid-November price moved in upward channel and succesfully break above that level should lead price to the next resistance at 0.7180 level. However if price will rebound (it is more likely) nearest support is at 0.6760 level.
Wider view, time-frame W1
For 1,5 years price moved in downtrend. Low was established August 24 and there are no new lows. Today demand has attempted to break above downtrend line and gain 6-months high. Supply will definitely try rebound at this level, but if fail there could be a fester upward movement or even a long term trend reversal.
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.
