FxGrow Daily Technical Analysis – 12th Feb, 2016 By FxGrow Research & Analysis Team
EURCAD - correction should occur
Macroeconomic data from US caused sharp downward movement at EURCAD. Rebound occurred when price moved above 1.5580 area which is nearest support. US retail sales were better than forecasted. Similar price reaction occurred at EURUSD.
In a longer term EURCAD moved in an uptrend and in mid-January there were correction that reached 50% of previous upward movement. New upward impulse is very dynamic and since last 9 days there was only 1 session of declines. It is likely that currently downward movement should occur but in a long term uptrend should continue. Nearest resistance is at 1.5950, supports are located at: 1.5580, 1.5430, 1.5240.
Time-frame M30
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 – 13th Feb, 2016 By FxGrow Research & Analysis Team
EURUSD - movement towards 1.1160 support
Supply at EURUSD took over control after Thursday's test of resistance at 1.1380. First support at 1.1320 wasn't able to stop decline and today for the first minutes of trading downward movement is continuing. Nearest support is at 1.1160 but if it breaks stronger support will be located at 1.1100. One of that levels should make rebound.
There will be not many macroeconomic data in next few days that could increase volatility at EURUSD. Next important data will be protocols of last FOMC meeting. So-called FOMC minutes will be published on Thursday
Time-frame M30
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 Feb, 2016 By FxGrow Research & Analysis Team
USDJPY - sharp return above 114.00
In previous analysis from February 9 I indicated weakness of the bulls at USDJPY and possibility of price movement towards 109.80. I wrote: 'Demand is weak and support at 116.10 wasn't defended. Nearest supports are at 114.00, 112.30. However it is likely that even support at 109.80 may be tested'.
Indeed price fell below support 112.30, however rebound occurred earlier at 111.00. Demand's reaction was strong and price returned sharply above 112.30. Today price is continuing upward movement and resistance at 114.00 was broken. Target for current upward movement is at 116.10. Return above 116.10 will be a bullish signal, but rebound from that level will give better chance for the bears.
Time-frame D1
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 Feb, 2016 By FxGrow Research & Analysis Team
AUDNZD - side trend, since more than two months
In Friday 1.0560 are caused price rebound. It took place third time during six months period. Currently 1.0930 level should be tested. Since more than two months AUDNZD moves in side trend between above mentioned levels. Another attempts of breakout finished faster with rebound.
This is interesting trading opportunity. Right now we should watch 1.0930 level and look for trend reversal signals, when price will reach there. Another closer located highs and lows indicate that AUDNZD forms triangle pattern. It has to be noted that breaking one of that levels will begin new trend impulse accordant with direction of the breakout.
Time-frame H4
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 Feb, 2016 By FxGrow Research & Analysis Team
EURGBP - bulls offensive in progress
EURGBP moves in uptrend since lows from November 2015. Upward movement is very dynamic. Corrections which occurred during this period retraced only 23.6% of main trend. Struggle between demand and supply can be seen at 0.7760 - 0.7800. Because it lasts since a week it shows the determination of the bulls and the strength of that level. It can be found at weekly TF how important that level was in the past.
It is likely that this level won't break and rebound will occur. Nearest support is at 0.7700 however more important level were potential declines should reach is 0.7540. This level coincides with Fibonacci 38.2% of previous upward movement. Alternatively if bulls are strong enough next resistances will be at 0.7900, 0.8030.
Time-frame H1
Time-frame W1
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 Feb, 2016 By FxGrow Research & Analysis Team
GBPUSD returned to declines, after short correction
Previous GBPUSD analysis gave almost 300 pips profit. I wrote: "If price stays above 1.4500 first target for falls will be at 1.4400. Next goal for bears will be 1.4200". First indicated level was reached very fast and second level could be tested today. Current chart pattern supports declines.
After downward movement which lasted since December 11 to January 21 rebound occurred. Corrections which occurred after this period retraced 50% of previous declines. Price returned to main trend and yesterday support at 1.4380 was broken below. Today GBPUSD continues downward movement, nearest supports are located at 1.4200, 1.4080. When that last level will be broken (January 2016 low) next important levels are located at: 1.3720, 1.3500 (2009 historical low).
Time-frame H4
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 Feb, 2016 By FxGrow Research & Analysis Team
GBPCAD - lowest since 7 months
Since mid-January GBPCAD moves in a downtrend. Price moved above support 1.9890 until yesterday. Support was broke below and price continues its declines. Next support at 0.9730 also wasn't able to stop further depreciation, due to this current goal for bears is 1.9480 level. Today's macroeconomic data from UK labour market were weak and did not help with rebound. The unemployment rate stayed at 5,1% in December versus forecasted 5%.
If price tests 1.9480 level, rebound will occur. After rebound resistances are at levels: 1.9730, 1.9890, 2.0350.
Time-frame H4
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 Feb, 2016 By FxGrow Research & Analysis Team
EURUSD - above support 1.1100, movement towards 1.1380 possible
Since a week EURUSD continues downward movement. Yesterday better than forecasted macro data were published - the US Producer Price Index. The second macro data was FOMC minutes. Investors didn't see nothing new in FOMC protocol and it was confirmed by lack of volatility at EUR/USD. Officials stressed timing of hikes would depend on data.
EURUSD tested support at 1.1100 and for the third day in a row it moves below 1.1180 - 1.1100. It is likely that rebound may occur, follow by movement towards 1.1380. However if supply breaks above 1.1100 level declines will continue to 1.1020 and then to 1.0930.
Time-frame 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 – 18th Feb, 2016 By FxGrow Research & Analysis Team
GBPAUD - rebound from support at 1.9900
Since a half year GBPAUD moved in a downtrend. Price moves inside bearish regression channel and its upper band wasn't tested since early November. Yesterday price reached important support 1.9900 and today bullish rebound occurred. You shouldn't see this as trend reversal, but it is likely that some upward movement will occur and it should reach at least 2.0640.
However, if current support breaks, another equally strong support is at 1.9000. If today's upward movement will be continued targets for bulls should be located at 2.0640, 2.0860. Only break above last indicated level will be a signal that downtrend was finished.
Time-frame D1
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 – 19th Feb, 2016 By FxGrow Research & Analysis Team
EURSEK – sharp rebound from resistance
EURSEK moved in uptrend since the year beginning. Last week price rebounded sharply after testing the resistance at 9.6100 . Yesterday huge downward candle reached two weeks low. Nearest supports are located at: 9.3600, 9.3040, 9.2550. If rebound occurs and demand maintains its strength nearest resistances will be located at: 9.4220, 9.5000, 9.6100.
Wider view, time-frame W1
Since 2012 EURSEK moved in uptrend, it was finished at the beginning of 2015. Currently there aren't any new highs or lows so since one year price is moving in consolidation. In this period EURSEK is forming triangle pattern. In a long term it is likely that price will be moving between levels: 9.1400, 9.6100. Breaking one of that levels will show further movement direction.
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 – 19th Feb, 2016 By FxGrow Research & Analysis Team
EURJPY - lowest since mid-2013
Yesterday EURJPY broke below support at 126.00 level and continues downward movement. Nearest support at area 125.00 was tested. Currently it is likely that price will rebound to 126.10 and return to declines. Alternatively if bulls will be as weak as so far new low may occur without any correction.
Wider view time-frame W1
In long term, uptrend at EURJPY looks like finished. After last high in December 2014 price falls and new lows occurred. While price is below 127.30 it is likely that declines will proceed. Next strong support at W1 TF could be found at 122.90.
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 Feb, 2016 By FxGrow Research & Analysis Team
GBPNZD - broke below support at 2.1500
Today price broke below support at 2.1500, and now is continuing its declines. After almost vertical upward movement which lasted between April - August 2015 currently almost all bullish moves has been corrected. Today support was broken (it stopped declines for 2 months) and right now there is a clear path for bears to test 2.0800.
At 2.0800 level support coincides with equal A=C. Before that test, rebound to 2.1500 and test from the bottom may occur.
Time-frame D1
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 Feb, 2016 By FxGrow Research & Analysis Team
USDCHF – appreciation of the dollar pushes the price towards resistance
The currency pair USD CHF been declining since the beginning of February, a dynamic drop led to a break of the trend line conducted since the one-day landslide associated with the release of the EURCHF exchange rate, as well as support around the 0.9797 level.
Price now rebounded from the low which was formed in the second week of February, near the 0.9700 level. Strong growth, interrupted only one downward day today are continued and gaining pushes dollar price to the resistance, which now provides previously broken trend line. If the bullish movement is to be continued, bulls should effectively break resistance and then may re-test this year’s highs. However, if the bears take control, it is likely to return back to support at 0.9797.
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 Feb, 2016 By FxGrow Research & Analysis Team
EURUSD - nearest supply target 1.0980, support at 1.1100 was broke below
In the last Wednesday there were an attempt of breaking below support 1.1100, it hasn't succeed and price moved around that region. At last support was broken yesterday and today EURUSD is continuing its declines.
Small rebound occurred at equal 1.1000 level, however more important support is located at 1.0980. It is likely that bigger rebound will occur at 1.0980. It have to be noted that declines are continuing since almost two weeks without any correction. During this time price fell 370 pips. If indicated level also breaks next important support will be located at 1.0810.
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 Feb, 2016 By FxGrow Research & Analysis Team
GBPCAD - new 8-months low
Last week's analysis was profitable for traders. I wrote: "current goal for bears is 1.9480 level" and "if price tests 1.9480 level, rebound will occur. After rebound resistances are at levels: 1.9730, 1.9890".
In fact price moved 20 pips above indicated level and rebound occurred. Upward movement finished at level 1.9830. Monday begun with a sharp falls and support at 1.9480 didn't cause demand reaction. Next supports are located at 1.9280, 1.8970. Currently it is likely that 1.9480 level will be tested from the bottom and if demand is still weak new wave of falls will occur after that test.
Time-frame D1
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 – 24th Feb, 2016 By FxGrow Research & Analysis Team
EURAUD - support at 1.5270 was defended so far
EURAUD is at the interesting level. Price already reached support at 1.5270 and that level was in game many times since December 2014. Yesterday rebound occurred, but right now it is indicating demand's weakness. If supply breaks this level next supports will be located at 1.5000, 1.4880. However if rebound is successful nearest resistance will be located at 1.5480.
Wider-view, time frame W1
Since August 2012 EURAUD moves in uptrend, inside Bullish regression channel. Right now price is in a middle of that channel. You can’t rule out new lows, however direction of the main trend and support's proximity indicate that in a mid-term upward movement should be continued.
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 – 24th Feb, 2016 By FxGrow Research & Analysis Team
GBPUSD - forecast of brexit plunges the bulls
This week is a bulls' nightmare. Since Monday we observe fall at GBP/USD, despite the recommendations of British Prime Minister David Cameron. He will be urging to stay in the E.U.
Support at area 1.4080 was broken and now there is an open road to the next support at 1.3720. Downtrend is so strong that even test of 1.3500 is likely (which is low from 2009). Emotions are currently ruling on the market, so any positive information from the U.K. can cause equally dynamic rebound. Nearest resistance is at 1.4080.
Time-frame H4:
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 – 25th Feb, 2016 By FxGrow Research & Analysis Team
EURJPY - PIN BAR candle on the support
In accordance to the last week analysis declines were continued to indicated support. I wrote: "It is likely that declines will proceed. Next strong support at W1 TF could be found at 122.90".
Yesterday price rebounded and upward PIN BAR candle occurred (visible on D1 time-frame). Now upward movement should be continued, minimum range after rebound is at 126.10 and there will be two scenarios. Price may rebound and new wave of declines will start. At the chart it will be a re-test from the bottom of strong support which currently will be a new resistance. Second scenario forecasts return above 126.10 and denial of last breakout.
Time-frame H4:
Time-frame D1:
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 – 25th Feb, 2016 By FxGrow Research & Analysis Team
EURUSD - support at 1.0980 stopped declines, it is likely that 1.1100 will be tested
Declines at EURUSD were stopped by support at 1.0980. At this level you can clearly see the support reaction. Now area 1.1100 should be tested and there we will see in which direction price wants to move in the nearest future. Return above 1.1100 will lead price to last high at 1.1380.
Before that, demand must break above two weak resistances 1.1160, 1.1230. Alternatively if price falls, initial target for declines is located at 1.0980 and next equally strong is located at 1.0810.
Time-frame 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 – 26th Feb, 2016 By FxGrow Research & Analysis Team
USDCAD - 1.3670 support broke, potential 300 pips decline
Yesterday USDCAD broke below support which has been stopping declines since the beginning of February. Nearest target for falls is located at 1.3420. If rebound occurs at indicated level nearest important resistance will be at 1.3670. Despite the current declines it's too early to talk about new down trend which I will show at weekly time-frame.
Wider view, time-frame W1
Since 2011 USDCAD moved in uptrend and now 300 pips left to test the uptrend line. That line can be found currently near 1.3200 and only break below that level will be a strong signal of 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.
