Daily Market Analysis by FxGrow

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Daily Technical Analysis – 18th June, 2015
By FxGrow Research & Analysis Team

EURUSD

EURUSD had a strong bullish trend yesterday and crossed the 1.1350 level. Now it is trading just above its 20day moving average of 1.1319 and touched a high of 1.1371 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.1400

RSI (14), STOCH (9, 6), MACD (12, 26), ROC, MA100, MA200 indicate a BUY; ADX (14), CCI (14) are Neutral; while Average True Range (14) indicates Less Volatility.

Support is at 1.1269 while Resistance is at 1.1374

18th June 2015 – 06:48hrs GMT


GBPUSD

GBPUSD continued its Bullish trend and crossed 1.5800 yesterday. Now the pair is trading above its 20day moving average of 1.5796 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.5860

RSI (14), STOCH (9, 6), MACD (12, 26), ROC, MA100, MA200 indicate a BUY; STOCHRSI (14) is Oversold; CCI (14) is Neutral; while Average True Range (14) indicates Less Volatility.

Support is at 1.5700 while Resistance is at 1.5850

18th June 2015 – 06:55hrs GMT

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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Daily Technical Analysis – 18th June, 2015
By FxGrow Research & Analysis Team

AUDUSD

AUDUSD had a Bullish trend yesterday and crossed the 0.7750 level. Now the pair is trading above its 20day moving average of 0.7735 in the European trading session. The near term bias remains Neutral to Bullish with targets of 0.7800

RSI (14), MACD (12, 26), CCI (14), Ultimate Oscillator, ROC, MA100 indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.

Support is at 0.7721 while Resistance is at 0.7760

18th June 2015 – 06:59hrs GMT


USDJPY

USDJPY had a bearish trend yesterday and touched a low of 123.20 in the US trading session. Now it is trading below its 20day moving average of 123.58 in the European trading session. The near term bias remains Bearish with targets of 122.50

RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC, MA100 indicate a SELL; while Average True Range (14) indicates High Volatility.

Support is at 122.85 while Resistance is at 124.43

18th June 2015 – 07:06hrs GMT

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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Daily Market Analysis – 18th June, 2015
By FxGrow Research & Analysis Team

FOMC Minutes reflect a Dovish tone

The Federal Reserve on Wednesday kept its benchmark interest rate near zero, as it believes improving US economic growth is likely to warrant one or two interest rate increases before the end of the year.

"Information received since the Federal Open Market Committee met in April suggests that economic activity has been expanding moderately after having changed little during the first quarter" - FOMC.

"To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate" - FOMC.

"In determining how long to maintain this target range, the Committee will assess progress - both realized and expected - toward its objectives of maximum employment and 2 percent inflation" - FOMC.

Majority of Fed officials are willing to raise interest rates this year, according to a survey released by the central bank. Fed is on track to hike interest rates this year.

"We have to put in place a policy that is appropriate to evolving conditions in the U.S. economy but we can’t promise that there will not be volatility when we make a decision to raise rates" - Federal Reserve Chairwoman Janet Yellen.

"The timing of a first decision to raise rates is something that should not be overblown whether it is September or December or March, what matters is the entire path of rates, and as I have said the committee anticipates economic conditions that would call for a gradual evolution of the Fed funds rate towards normalization" - Federal Reserve Chairwoman Janet Yellen.

USD Dollar was weak against its major counterparts after the FOMC minutes signaled a gradual hike path with the EURUSD crossing 1.1350 yesterday and 1.1400 in the European trading session today.

Euro group is meeting in Luxembourg today and Greece has a last chance to secure a deal before the end of this month. Since Greek officials have refused to submit any new proposals hopes for a solution to the Greek debt deal are low.

Greek PM Alexis Tsipras is travelling to Russia to meet Vladimir Putin for some weekend talks.

"Failure to reach an agreement would... mark the beginning of a painful course that would lead initially to a Greek default and ultimately to the country's exit from the euro area and, most likely, from the European Union" - The Bank of Greece.

Meanwhile Germany is making contingency plans for Greece to leave the euro as it believes that Greece and its creditors would reach agreement on the release of new bail-out funds.

In New Zealand economy slowed in the Q1 of 2015. The nation’s economy grew at 0.2% the lowest quarterly growth rate since 2 years. Following the news NZDUSD slipped to a 5 year low of 0.6881 in the European trading session today.

Crude Oil is trading lower at $61.06 mainly driven by a weak US Dollar as Fed left its benchmark interest rate unchanged.

Gold is trading higher in the Europe at 1196.44, while Silver is strong at 16.30

18th June 2015 – 09:01hrs GMT

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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Daily Technical Analysis – 19th June, 2015
By FxGrow Research & Analysis Team

EURUSD

EURUSD was higher yesterday and touched a high of 1.1435 but came down towards the end of the trading session. Now the pair is trading below its 20day moving average of 1.1376 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.1280

RSI (14), STOCH (9, 6), ADX (14), Ultimate Oscillator, ROC, indicate a SELL; STOCHRSI (14), CCI (14) are Oversold; while Average True Range (14) indicates Less Volatility.

Support is at 1.1329 while Resistance is at 1.1391

19th June 2015 – 06:41hrs GMT


GBPUSD

GBPUSD has a Bullish trend yesterday and touched a high of 1.5929 but then it came down towards the end of the trading session. Now the pair is trading below its 20day moving average of 1.5883 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.5800

RSI (14), STOCH (9, 6) are Neutral; ADX (14), CCI (14), Williams %R, ROC indicate a SELL; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.

Support is at 1.5814 while Resistance is at 1.5929

19th June 2015 – 06:49hrs GMT

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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Daily Technical Analysis – 19th June, 2015
By FxGrow Research & Analysis Team

AUDUSD

AUDUSD had a Bullish trend yesterday and touched a high of 0.7846 but came down towards the end of the trading session. Now the pair is trading below its 20day moving average of 0.7802 in the European trading session. The near term bias remains Neutral to Bearish with targets of 0.7700

RSI (14), STOCH (9, 6), ADX (14), CCI (14), ROC indicate a SELL; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.

Support is at 0.7725 while Resistance is at 0.7818

19th June 2015 – 06:59hrs GMT


USDJPY

USDJPY had a bearish trend yesterday and touched a low of 122.45 but closed higher towards the end of the trading session. Now it is trading above its 20day moving average of 122.95 in the European trading session. The near term bias remains Neutral to Bullish with targets of 123.50

RSI (14), STOCH (9, 6) are Neutral; ADX (14), CCI (14), Ultimate Oscillator, ROC indicate a BUY; while Average True Range (14) indicates Less Volatility.

Support is at 122.47 while Resistance is at 123.29

19th June 2015 – 07:03hrs GMT

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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Daily Market Analysis – 19th June, 2015
By FxGrow Research & Analysis Team

Eurozone Summit called after failure of Greece Bailout Talks

Euro zone leaders will hold an emergency summit on Monday to avoid a Greek default after finance ministers failed again to bridge the gap between Greece and its European creditors.

The emergency summit will be held in Brussels just eight days before the deadline ends of a Greek default.

IMF, members of Eurozone and European commission all want Greece to implement budget cuts, mainly through pensions and sales-tax increases, which are needed to restore the country’s long-term financial health.

“Those are measures that are not popular, they will not be easy to take and the big question is whether the Greek government is prepared to take them. And if they’re not prepared to do that, then they are taking a big, big risk on the future of Greece” - Jeroen Dijsselbloem, Head of Eurozone finance ministers.

Cash withdrawals from Greek Banks are increasing with almost 2 billion Euros pulled out between Monday and Wednesday after the weekend talks in Brussels failed. Though the Greek government has denied imposing any Capital controls as of now, Greek Central Bank has warned of economic catastrophe if Greece defaults and leaves the Eurozone.

“Greece will be in default, it will be in arrears vis-a-vis the IMF on July 1, but I hope it is not the case, I really do. There is no grace period or two-month delay, as I have seen here and there" - Christine Lagarde, IMF.

"Germany's efforts are directed to Greece remaining in the Eurozone. Where there's a will, there's a way - if the political leaders in Greece show this will an agreement is still possible” - German Chancellor Angela Merkel.

The options that Greece will have whether it is able to reach a deal in the Eurozone summit on Monday or not are:

- No Deal is reached, Greece will default on its payments to the IMF and ECB, and ECB will pull plugs on emergency bank assistance leading to run on Greek banks, capital controls and potential Grexit.

- Deal is reached as Greece agrees to the reforms and is able to secure the bailout funds and stays in the Euro.

- No Deal is reached and Greece still remains in the Euro.

Greek PM is meeting Russian President Vladimir Putin over the weekend. Russian deputy Finance minister has told that there has been no request for money from Greece, and Russia had no resources for such a bailout.

"The Eurozone summit on Monday is a positive development on the road toward a deal. There will be a solution based on respecting EU rules and democracy which would allow Greece to return to growth in the euro" - Greek Prime Minister.

The Swiss National Bank keeps its monetary policy of negative interest rates intact in anticipation that negative interest rates will dampen the value of the Swiss Franc over time.

“Negative interest rates in Switzerland make holding investments in Swiss francs less attractive and will help to weaken the Swiss franc over time" - Thomas Jordan, Swiss National Bank Chairman.

UK Retail Sales rose for the month of May to 0.2% while analyst’s expectations were of a 0.1% decline.

Crude Oil is trading higher at $60.27 after data showed US Crude stockpiles on the decline.

Gold is trading higher in the Europe at 1200.40, while Silver is flat 16.14

19th June 2015 – 09:16hrs GMT

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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Daily Technical Analysis – 22nd June, 2015
By FxGrow Research & Analysis Team

EURUSD

EURUSD was bullish last week and touched a high of 1.1435 and remained strong at the end of the week. Now the pair is trading above its 20day moving average of 1.1359 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.1450

RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC, indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.

Support is at 1.1344 while Resistance is at 1.1421

22nd June 2015 – 06:54hrs GMT

GBPUSD

GBPUSD has a Bullish trend last week and touched a high of 1.5929 remaining firm towards the end of the week. Now the pair is trading above its 20day moving average of 1.5881 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.5950

RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC indicate a BUY; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.

Support is at 1.5834 while Resistance is at 1.5918

22nd June 2015 – 07:02hrs GMT

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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Daily Technical Analysis – 22nd June, 2015
By FxGrow Research & Analysis Team

AUDUSD

AUDUSD was lower last week touching a low of 0.7658 but corrected upwards towards the end of the week. Now the pair is trading above its 20day moving average of 0.7771 in the European trading session. The near term bias remains Neutral to Bullish with targets of 0.7850

RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC indicate a BUY; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.

Support is at 0.7739 while Resistance is at 0.7802

22nd June 2015 – 07:19hrs GMT


USDJPY

USDJPY was lower last week and touched a low of 122.54 and remained lower towards the end of the week. Now it is trading above its 20day moving average of 122.76 in the European trading session. The near term bias remains Neutral to Bullish with targets of 123.40

RSI (14), Ultimate Oscillator, ROC indicate a BUY; STOCH (9, 6) is Neutral; while Average True Range (14) indicates Less Volatility.

Support is at 122.55 while Resistance is at 123.20

22nd June 2015 – 07:25hrs GMT

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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Daily Market Analysis – 22nd June, 2015
By FxGrow Research & Analysis Team

Greece Presents New Reforms Package in Eurozone summit

"Greek Prime Minister Alexis Tsipras is meeting heads of the European Commission, European Central Bank and International Monetary Fund on Monday ahead of a summit of Euro zone leaders later in the day aimed at reaching a deal over debt talks" - Reuters.

"The prime minister presented the three leaders Greece's proposal for a mutually beneficial agreement that will give a definitive solution and not a postponement of addressing the problem" - Greece's government.

According to Credit Suisse analysts the most likely outcome of the EU summit is a deal with a 75 percent probability.

“There is no time to lose. Every day counts. Talks and negotiations must continue so that an agreement is reached" - French President Francois Hollande.

“Either Greece declares itself willing for a viable solution or the country must leave the euro. The euro zone could cope with the consequences of a Greek exit” - Hans Michelbach.

“Workers, the unemployed, young people, the Greek people and the rest of the peoples of Europe will send a loud message of resistance to the alleged one-way path of austerity, resistance to the blackmail and scare-mongering” - Syriza party.

Globally investors are awaiting the outcome of the EU summit and a relief rally in the time of crisis. There seems to be some optimism that a last minute solution will be reached. It is a decision day for Greek PM whether he chooses to accept the deal offered by its European creditors and stay in the Euro.

The economy of Greece is in trouble since 2010 when the bailout program started as its economy has declined by quarter while unemployment is at 26 percent.
As Greece is running out of money it will be unable to repay €1.5 billion payment due to the IMF on June 30.

Bank of Japan has kept its monetary policy unchanged as it would continue with its 80 trillion yen annual asset-buying programme to support the growing economy.

"Exports are picking up and capital expenditure is rising moderately as a trend as corporate revenues improve” - Bank of Japan.

In Canada Inflation increased for the month of May to 0.9% mainly led by an increase in food prices. Retail sales in Canada fell by 0.1% to C$42.5 billion in April due to drop in food and electronics.

Crude Oil is trading higher at $60.44 on hopes of a Greek debt deal.

Gold is trading lower in the Europe at 1194.06, while Silver is stable at 16.16

22nd June 2015 – 10:13hrs GMT

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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Daily Technical Analysis – 23rd June, 2015
By FxGrow Research & Analysis Team

EURUSD

EURUSD went higher yesterday and crosses 1.1400 but then it came down and remained weak towards the end of the trading session. Now the pair is trading below its 20day moving average of 1.1329 in the European trading session. The near term bias remains Bearish with targets of 1.1200 to 1.1180

RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC, indicate a SELL; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.

Support is at 1.1271 while Resistance is at 1.1307

23rd June 2015 – 06:53hrs GMT


GBPUSD

GBPUSD was lower yesterday and remained weak towards the end of the trading session. Now the pair is trading below its 20day moving average of 1.5810 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.5750

RSI (14), STOCH (9, 6), MACD (12, 26), Ultimate Oscillator, ROC, MA100 indicate a SELL; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.

Support is at 1.5763 while Resistance is at 1.5834

23rd June 2015 – 07:45hrs GMT

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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Daily Technical Analysis – 23rd June, 2015
By FxGrow Research & Analysis Team

AUDUSD

AUDUSD was lower yesterday and remained weak towards the end of the trading session. Now the pair is trading just near its 20day moving average of 0.7730 in the European trading session. The near term bias remains Neutral to Bearish with targets of 0.7680

RSI (14) is Neutral; STOCH (9, 6), MACD (12, 26), Ultimate Oscillator, MA100, MA200 indicate a SELL; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.

Support is at 0.7712 while Resistance is at 0.7760

23rd June 2015 – 07:51hrs GMT


USDJPY

USDJPY was lower yesterday and bottomed at 122.55 but then corrected upwards at the end of the trading session. Now it is trading above its 20day moving average of 122.44 in the European trading session. The near term bias remains Neutral to Bullish with targets of 124.10

RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), Ultimate Oscillator, ROC indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.

Support is at 123.32 while Resistance is at 123.75

23rd June 2015 – 07:56hrs GMT

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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Daily Market Analysis – 23rd June, 2015
By FxGrow Research & Analysis Team

Eurozone leaders hopeful of deal in next 48 hours

Eurozone leaders have welcomed new proposals for Greek reforms with hopes that a deal can be struck within 48hrs to avoid a Greek default and keep it in the Euro.

Eurozone leaders held an emergency summit in Brussels where they discussed the New Greek proposal which made a significant concession on pension cuts. They said the new proposal looks promising and a deal could be reached in the coming days.

"I am convinced that we will come to a final agreement in the course of this week" - European Commission President Jean-Claude Juncker.

"We have a huge amount of work to do in the next 48 hours. We are not at all at the end of the route" - IMF chief Christine Lagarde.

"The proposals offered by Greece today constitute some progress. However, it became clear during our discussions that there is a lot of work to be done and time is short." - German Chancellor Angela Merkel

“In the case of a wide-ranging and complex event like a Greek default, we fear that market players may not know what they do not know about systemic consequences. Things may break that we do not expect to fail, they may fracture in unexpected ways, and linkages that we never suspected may become both apparent and important" - Carl Weinberg, High Frequency Economics.

"Several thousand pro-European Greeks staged a demonstration in favor of staying in the euro on Monday in central Athens, a day after thousands of leftists had rallied to protest against a new round of cuts" - Reuters.

In Euro zone Purchasing Manager's Index rose to 54.1 for the month of May. In Germany PMI came in at 54 and France PMI was at 53.4

In China HSBC-Markit manufacturing PMI rose to 49.6 for the month of May indicating that business activity contracted for the month.

In New Zealand consumer confidence declined to a 2 year low in the second quarter of the year. The Consumer Confidence Index slid to 113 in the Q2 of the year mainly due to falling diary prices.

Crude Oil is trading lower at $60.19 ahead of the weekly report on US stock of Crude and refined products.

Gold is trading lower in the Europe at 1183.33, while Silver is weak at 15.99

23rd June 2015 – 10:24hrs GMT

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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Daily Technical Analysis – 24th June, 2015
By FxGrow Research & Analysis Team

EURUSD

EURUSD went lower yesterday and touched a low of 1.1134 remaining weak towards the end of the trading session. Now the pair is trading above its 20day moving average of 1.1176 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.1250

RSI (14) is Neutral; STOCH (9, 6), ADX (14), CCI (14), Ultimate Oscillator, ROC, indicate a BUY; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.

Support is at 1.1134 while Resistance is at 1.1288

24th June 2015 – 07:25hrs GMT


GBPUSD

GBPUSD was lower yesterday touching a low of 1.5708 remaining weak towards the end of the trading session. Now the pair is trading above its 20day moving average of 1.5740 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.5840

RSI (14), ADX (14), Ultimate Oscillator, ROC, MA200 indicate a BUY; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.

Support is at 1.5707 while Resistance is at 1.5834

24th June 2015 – 07:31hrs GMT

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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Daily Technical Analysis – 24th June, 2015
By FxGrow Research & Analysis Team

AUDUSD

AUDUSD was lower yesterday and touched a low of 0.7678 but then it corrected upwards towards the end of the trading session. Now the pair is trading above its 20day moving average of 0.7729 in the European trading session. The near term bias remains Neutral.

RSI (14), ADX (14), CCI (14) are Neutral; while Average True Range (14) indicates Less Volatility.

Support is at 0.7678 while Resistance is at 0.7757

24th June 2015 – 07:52hrs GMT


USDJPY

USDJPY was higher yesterday and peaked at 124.17 but then it corrected lower towards the end of the trading session. Now it is trading above its 20day moving average of 123.93 in the European trading session. The near term bias remains Neutral to Bullish with targets of 124.50

RSI (14), STOCH (9, 6), MACD (12, 26), CCI (14), Ultimate Oscillator, ROC, MA100 indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.

Support is at 123.85 while Resistance is at 124.18

24th June 2015 – 07:59hrs GMT

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 Support]

Daily Market Analysis – 24th June, 2015
By FxGrow Research & Analysis Team

Markets Focus on Greek Debt Deal

Greece's PM Alexis Tsipras is in Brussels for crucial talks with its European creditors after it submitted a new proposal to avoid a default and remain part of the Euro.

Greek PM will be meeting Christine Lagarde - head of International Monetary Fund, Mario Draghi - president of European Central Bank, Jeroen Dijsselbloem - Dutch finance minister over issues of tax rises and spending cuts so that he can secure the much needed bailout funds for his country.

Eurozone finance ministers are meeting in Brussels today to discuss the new proposal submitted by the Greece. If the proposal is accepted Greece will get its €7.2bn financial aid and will be able to meet its payment of €1.6bn by June 30.

The funds that are being withdrawn from the Greek banks are in the range of €1 billion a day as investors are worried about a Greek default and the possibility of the Drachma coming back into the nation.

The IMF is unlikely to get back all its money on time as the Greek's long term debt sustainability is in question and whether or not the country will be fully able to recover from its financial problems.

The German chancellor, Angela Merkel is under pressure to hold on the 19 nations that form a part of the Eurozone. The chances are that a deal will be struck and give Greece a relief time but the problems in the Euro are far from over.

“The Euro group has urged the institutions to work closely together with the Greek authorities to start immediately to go into the proposals, getting all the specifics and doing the calculations on them … and all of these with a view if possible to reach an agreement later this week, using the Greek proposals as basis for that” - Euro group President Jeroen Dijsselbloem.

In Germany Business confidence fell for the month of June. The IFO Business climate Index dropped to 107.4 on concerns over slow growth.

Bank of Japan board members are concerned about weak consumer price gains in Tokyo. BOJ is most likely to reach its target of 2% Inflation in the first half of 2016.

"Exports had shown signs of a pick-up on the back of improvement in external demand and of the effects of the euro's depreciation. Corporate results had been improving, partly due to the depreciation of the euro, and business sentiment had also shown movements toward a pick-up" - Bank of Japan minutes.

In US Core Durable Goods Orders rose by 0.5% in May, while total orders for durable goods plunged by 1.8% for the month of May.

Crude Oil is trading higher at $61.57 on expectations for a weekly decline in US crude supplies.

Gold is trading lower in the Europe at 1179.51, while Silver is weak at 15.91

24th June 2015 – 10:00hrs GMT

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 Support]

Daily Technical Analysis – 25th June, 2015
By FxGrow Research & Analysis Team

EURUSD

EURUSD was indecisive yesterday and remained neutral towards the end of the trading session. Now the pair is trading just near its 20day moving average of 1.1201 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.1150

RSI (14), CCI (14) are Neutral; ADX (14), Ultimate Oscillator, MA100, MA200 indicate a SELL; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.

Support is at 1.1188 while Resistance is at 1.1216

25th June 2015 – 06:06hrs GMT


GBPUSD

GBPUSD was indecisive yesterday remaining weak towards the end of the trading session. Now the pair is trading below its 20day moving average of 1.5706 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.5650

RSI (14), STOCH (9, 6), MACD (12, 26), CCI (14), MA100 indicate a SELL; ADX (14) is Neutral; while Average True Range (14) indicates Less Volatility.

Support is at 1.5665 while Resistance is at 1.5801

25th June 2015 – 06:10hrs GMT

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 Support]

Daily Technical Analysis – 25th June, 2015
By FxGrow Research & Analysis Team

AUDUSD

AUDUSD was lower yesterday and touched a low of 0.7683 but then it corrected upwards towards the end of the trading session. Now the pair is trading above its 20day moving average of 0.7717 in the European trading session. The near term bias remains Bullish with targets of 0.7800

RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), Ultimate Oscillator, ROC indicate a BUY; while Average True Range (14) indicates Less Volatility.

Support is at 0.7718 while Resistance is at 0.7760

25th June 2015 – 06:13hrs GMT


USDJPY

USDJPY was higher yesterday and peaked at 124.35 but then it corrected lower towards the end of the trading session. Now it is trading below its 20day moving average of 123.88 in the European trading session. The near term bias remains Bearish with targets of 123.00

RSI (14), STOCH (9, 6), MACD (12, 26), CCI (14), Ultimate Oscillator, ROC indicate a SELL; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.

Support is at 123.59 while Resistance is at 124.37

25th June 2015 – 06:17hrs GMT

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 Support]

Daily Market Analysis – 25th June, 2015
By FxGrow Research & Analysis Team

Markets run out of steam as Greek talks stall again

European stock markets closed lower on Wednesday after Alexis Tsipras, Greece’s prime minister, failed to reach a deal with its creditors in Brussels to secure the much needed €7.2bn bailout funds.

FTSE, DAX, CAC40, IBEX35 all ended the day in red as a Greek official told reporters that the governments proposed measures had not been accepted by its international creditors.

Greece and its European creditors now have less than four hours to reach some agreement, before Eurozone finance ministers resume their own meeting today.

If Greece will fall out of the Eurozone, German Chancellor Angela Merkel would suffer the blow. As the de facto leader of the European Union she is responsible for deciding whether the cost of 240 billion euros is justified for keeping Greece in the Eurozone.

“The chancellor is completely aware of the situation and the consequences, both politically speaking and economically speaking, of a Grexit. I think the Germans now will push with us to find a compromise in the coming days if the Greeks decide to accelerate and work for a credible package" - Emmanuel Macron, French economy minister.

Greece's ruling party has condemned the latest proposals from its European creditors as being blackmail over a bailout deal.

"The lenders' demand to bring annihilating measures back to the table shows that the blackmail against Greece is reaching a climax." - Syriza party's spokesman.

"There's a sense Greek negotiations will extend through the end of the month and markets appear to believe there'll eventually be an accord. An agreement may spur buying momentarily, but the euro will probably be sold as focus shifts to the dollar" - Yasuhiro Kaizaki, Sumitomo Mitsui Trust Bank.

"The previously unsuccessful attempts to find a solution to the debt crisis in Greece as well as the country's impending default now appear to be dampening German consumers' economic outlook, this raises doubts in consumers' minds, because the consequences of Greece's departure cannot be predicted at the moment" - GfK market research group.

In Germany Business Confidence hit a 4 month low in June. The Business climate Index declined to 107.4 according to the German research institute.

In US the economy contracted in the Q1 due to bad weather, a strong US dollar as US GDP declined to 0.2% annualized rate according to the Commerce Department.

Crude Oil is trading lower at $60.28 after a report showed weekly drop in US crude stockpiles.

Gold is trading lower in the Europe at 1175.81, while Silver is weak at 15.86

25th June 2015 – 08:00hrs GMT

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 Support]

Daily Technical Analysis – 26th June, 2015
By FxGrow Research & Analysis Team

EURUSD

EURUSD was indecisive yesterday and remained neutral towards the end of the trading session. Now the pair is trading just near its 20day moving average of 1.1197 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.1250 to 1.1300

RSI (14), ADX (14), CCI (14) are Neutral; Ultimate Oscillator, Williams %R, MA50 indicate a BUY; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.

Support is at 1.1188 while Resistance is at 1.1230

26th June 2015 – 07:45hrs GMT


GBPUSD

GBPUSD was indecisive yesterday but then corrected upwards towards the end of the trading session. Now the pair is trading just above its 20day moving average of 1.5741 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.5800

RSI (14), STOCH (9, 6), STOCHRSI (14), MACD (12, 26), Ultimate Oscillator, ROC indicate a BUY; while Average True Range (14) indicates Less Volatility.

Support is at 1.5708 while Resistance is at 1.5769

26th June 2015 – 07:49hrs GMT

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 Support]

Daily Technical Analysis – 26th June, 2015
By FxGrow Research & Analysis Team

AUDUSD

AUDUSD was moderately higher yesterday and remained flat towards the end of the trading session. Now the pair is trading below its 20day moving average of 0.7730 in the European trading session. The near term bias remains Bearish with targets of 0.7600

RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC indicate a SELL; while Average True Range (14) indicates High Volatility.

Support is at 0.7694 while Resistance is at 0.7734

26th June 2015 – 07:52hrs GMT


USDJPY

USDJPY was moderately weaker yesterday and remained flat towards the end of the trading session. Now it is trading below its 20day moving average of 123.53 in the European trading session. The near term bias remains Bearish with targets of 122.50

RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC indicate a SELL; while Average True Range (14) indicates Less Volatility.

Support is at 123.30 while Resistance is at 123.65

26th June 2015 – 07:55hrs GMT

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.