FxGrow Daily Technical Analysis – 05th April, 2016 By FxGrow Research & Analysis Team
EURUSD overbought territory might lead to strong pullback
The EURUSD failed to continue gaining after reaching 1.1437 high this year. Hitting higher lows and failing to cut 1.1420 and the European Central Bank (ECB) dovish outlook for inflation and monetary policy give signs of a strong pullback and will open the door of a downside move. Cutting 1.1365 as a strong point will push the EURUSD lower toward 1.1345, 1.1325 and 1.1295 as next support levels.
However, a bullish sentiment will be created once the EURUSD breaks 1.1420 reaching near term resistance level 1.1455 and 1.1475.
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 – 06th April, 2016 By FxGrow Research & Analysis Team
USDJPY rise as risk appetite firms in Asia
USDJPY fell to 14 month lows at 109.95 yesterday on BOJ negative interest rate policy. Japanese Yen gains support as Kuroda said that he will keep monitoring the currency and warned of further interest rate cut. Breaking 1.1015 as a minor support point will nourish the downside trend and will push the USDJPY lower toward 109.95, 109.70 and 109.50 respectively.
However, the USDJPY is trying to find some ground awaiting larger forces to take over especially if the FOMC provide a hawkish tone today thus pushing the USDJPY higher. Cutting 1.1060 will push the USDJPY to next resistance levels 1.1085 and 1.1120.
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 – 06th April, 2016 By FxGrow Research & Analysis Team
GBPUSD is in a chaotic position on ‘BREXIT’ risk
GBPUSD is extending its weakness as ‘Brexit’ is creating volatility as it gets priced in. The BOE financial policy committee increased the countercyclical capital buffer rate for UK exposures from 0% to 0.5% and raises risks of the UK economy as more possibilities of the EU referendum ‘Brexit’ emerge.
The GBPUSD is still trading above the long term support 1.4057 but breaking 1.4080 will push the GBPUSD lower reaching 1.4030 and 1.3980 as next support points.
However, BOE financial stability might overcome the threats and cutting 1.4270 creates a bullish signal toward 1.4290 and 1.4344 as next resistance levels.
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 – 07th April, 2016 By FxGrow Research & Analysis Team
EURUSD Bullish breakout ahead of ECB meeting
The EURUSD entered a bullish trend after it trades above 1.1420 powered by FOMC meeting minute release. Yesterday, a positive sentiment was created as the EURUSD failed to close lower and as the FOMC increased caution for interest rate hike this year pushing the pair higher targeting 1.1455, 1.1480 and 1.1515 as next resistance levels.
However, the EURUSD might reverse if the European Central Bank give dovish comments for monetary policy and expand easing program thus moving the EURUSD backward reaching 1.1360, 1.1330 and 1.1300 respectively.
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 – 07th April, 2016 By FxGrow Research & Analysis Team
USDCAD stalled gains after weak IVEY PMI data
The USDCAD failed to gain traction above 1.3220 resistance point forming a strong downtrend after weaker than expected PMI data. Yesterday’s FOMC meeting minute released supported the downward direction of the trend as the USDCAD closed below the major resistance level 1.3100. Breaking 1.3030 will ruin the pair reaching 1.3000, 1.2965 and 1.2940.
However, a bullish divergence is going to appear if the USDCAD failed to close below 1.2980. Cutting 1.3120 foresees a larger comeback and increases to 1.3150, 1.3170 and 1.3200 respectively.
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 – 08th April, 2016 By FxGrow Research & Analysis Team
EURUSD struggled after Yellen’s comments
The EURUSD failed to breakout and continue its uptrend after reaching 1.1455 high on Yellen’s less cautious tone for interest rate hike this year. Japanese finance minister also supported the dollar on warnings of the one-sided Yen rise. Breaking the strong support point 1.1360 will push the EURUSD lower reaching next support levels 1.1325 and 1.1295.
However, another price move toward 1.1420 is needed for the EURUSD to signal a bullish trend thus reaching the initial intraday high 1.1455 and continue to 1.1475 and 1.1500.
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 – 11th April, 2016 By FxGrow Research & Analysis Team
EURUSD more actions on ECB minutes
The EURUSD steadied in a long-term range between 1.1365 and 1.1435 on political tension and ‘Brexit’ issues and on concerns that the ECB is more likely to cut further rates than expanding Quantitative Easing (QE) program. The EURUSD remains under pressure as it fails to cut 1.1455 and breaking 1.1390 will continue slumping near 1.1375, 1.1345 and 1.1330 respectively.
However, the EURUSD need a push above the minor resistance 1.1455 in order to clear the range and breakout reaching 1.1475, 1.1500 and 1.1525 as next resistance levels.
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 – 11th April, 2016 By FxGrow Research & Analysis Team
GBPUSD trade sentiment stays above the long-term support ahead of BOE meeting
GBPUSD has appreciated and traded above 1.4060 after Fed dovish comments on interest rate hike expectations this year. Sticky UK inflation will push the GBPUSD higher and cutting 1.4190 continues increasing to 1.4220, 1.4245 and 1.4265 as next resistance levels.
However, Bank of England (BOE) meeting this week might have a dovish tone although that the central bank is widely anticipated to retain its current policy pushing GBPUSD lower. Breaking 1.4100 will create a downside movement again and will drive the pair toward 1.4075, 1.4045 and 1.4020 respectively.
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 – 12th April, 2016 By FxGrow Research & Analysis Team
EURUSD Bearish signal among negative RSI
The EURUSD remains consolidating in a long-term range below the highest level 1.1455 this year. The pace of Fed interest rate hike weighed on the EURUSD as Fed policymakers calls for a June rate hike. Breaking the 61.8% Fibonacci expansion 1.1365 will confirm a bearish reversal toward 1.1335, 1.1295 and 1.1265 respectively.
However, the EURUSD needs a push above the minor resistance 1.1455 in order to clear the range and cutting 1.1477 will create a bullish leg and will support prices near 1.1500, 1.1525 and 1.1555 resistance levels.
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 – 12th April, 2016 By FxGrow Research & Analysis Team
AUDUSD short position ahead of Aussie employment report
The AUDUSD may continue its downward movement as the RSI remains in a bearish formation after weak Chinese CPI data and on forecasts the Fed might increase rates in June. The AUDUSD will support its short leg once it cut the major support point 0.7530 targeting 0.7495, 0.7475 and 0.7440 as long-term support levels.
However, positive employment data might build a bullish momentum and an uptrend will pave the way for a bullish movement when the pairs cut 0.7700 thus reaching 0.7740, 0.7770 respectively.
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 April, 2016 By FxGrow Research & Analysis Team
EURUSD failed its second daily bullish breakout
The EURUSD is trading back at the pivot range as it failed another breakout after it cuts the resistance level 1.1455. The EURUSD will see a reversal move as it breaks the strong support level 1.1360 creating a bearish leg near 1.1320 and 1.1285 next support levels.
However, the EURUSD is trying to push upward to stay in the range between 1.1400 and 1.1500, but the pair needs a push above 1.1475 in order to support the upward movement of the trend to reach 1.1525, 1.1555 and 1.1580 respectively.
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 April, 2016 By FxGrow Research & Analysis Team
USDCAD new lows ahead of BOC statement today
The USDCAD is trading below October’s low 1.2830 as Canadian employment data boosts expectations. The trend lacked acceleration after a rise in Crude oil prices, and firmer US Dollars supported the bearish movement thus reaching new lows 1.2750. Breaking this major support point will push the USDCAD toward 1.2730 and 1.2690 as next support levels.
However, the USDCAD might have found ground ahead of BOC statement today as Bank of Canada (BOC) is highly expected to keep rates unchanged. Breaking 1.2835 will expand gains at nearest resistance levels 1.2865 and 1.2915.
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 April, 2016 By FxGrow Research & Analysis Team
EURUSD and the bearish sentiment arrived
The EURUSD drops from range as it cuts the strong support point 1.1360 providing a sharp leg lower below the major support point 1.1285. Today, the US CPI data will generate more volatility to the EURUSD and breaking 1.1260 will push the pair lower toward 1.1220 and 1.1185 respectively.
However, this downside movement could be a minor shake for the EURUSD before heading higher. The pair needs to consolidate around 1.1360 again to trigger a bullish long-term extension reaching next resistance levels 1.1420, 1.1455 and 1.1477.
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 April, 2016 By FxGrow Research & Analysis Team
AUDUSD erased gains despite solid jobs report
The AUDUSD rose to 0.7716 highs after strong Australia’s employment report, but gains were limited and the AUDUSD flattens around the pivot range 0.7655. The AUDUSD needed to close above the 23.6% Fibonacci expansion 0.7707 in order to open the door for an uptrend toward 0.7735, 0.7770 and 0.7805.
Alternatively, if the AUDUSD breaks the strong support point 0.7620, a strong reversal pattern will be created and the pair will pave the way near next support levels 0.7595 and 0.7550.
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 April, 2016 By FxGrow Research & Analysis Team
GBPUSD slumps on BOE decision
The GBPUSD decreased but still trading above the solid support point 1.4090 as the Bank of England (BOE) kept rates unchanged as expected at 0.5%. The minutes also claimed that ‘Brexit’ is going to weigh on economic activity and will affect the currency negatively. Breaking 1.4090 will push the GBPUSD lower at 1.4030 and 1.3980 as strong daily support points.
However, the GBPUSD is searching for a resolution and the prices need to cut the near-term resistance 1.4265 in order to eliminate higher targeting the long-term resistance level 1.4350 and 1.4420.
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.
The USDJPY is still retracing higher after hitting bottom at 107.63 lows. The USDJPY needs a push toward the 38.2% Fibonacci retracement 1.1000 which is the major psychological level in order to clear the downside movement. Thus breaking the minor resistance level 1.0970 will continue surging higher to reach 1.1000 and 1.1055 respectively.
However, bearish RSI is still on the way creating caution as the market remains volatile awaiting next BOJ meeting. Cutting the minor support point 1.0900 will push the USDJPY lower toward next support levels 1.0860 and 1.0790.
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 April, 2016 By FxGrow Research & Analysis Team
The EURUSD is treading water ahead of Draghi’s conference
The EURUSD was trading a leg lower as equity markets rallied awaiting Draghi’s conference this week. Although inflation is weak, the European Central Bank (ECB) is expected not to ease this month and to keep rates unchanged thus giving the EURUSD a possibility of another rally as it breaks 1.1330 to reach 1.1365 and 1.1398 respectively.
However, a push below 1.1250 is needed for the EURUSD to extend its bearish move toward next support levels 1.1220 and 1.1190.
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 April, 2016 By FxGrow Research & Analysis Team
The AUDUSD erased gains despite better than expected Chinese GDP data
The AUDUSD surged higher and tests near the major resistance level 0.7740 as China’s GDP meets forecast. The AUDUSD needs a candle above 0.7745 to regain its momentum and to open an uptrend toward 0.7770 and 0.7820 respectively.
Alternatively, the AUDUSD turns downward and trades lower as the RSI warned that the Aussie run might have come to an end and Michigan survey on Friday supported the downturn movement. Breaking the support point 0.7630 will push the AUDUSD lower near next support levels 0.7605 and 0.7585.
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 April, 2016 By FxGrow Research & Analysis Team
The EURUSD playing above 1.1300 ahead of ECB meeting on Thursday
The economic recovery in the Euro zone and the higher surge in oil prices pushed the EURUSD higher at 1.1345. Market volatility rise as Fed policymaker claimed to stay more cautious about interest rate hike this year after showing that US economic conditions are favorable awaiting further data to be released, thus putting pressure on the US dollar. Breaking the first resistance point 1.1345 will extend gains to 1.1370 and 1.1405 as next resistance levels.
However, Dovish ECB comments will affect the EURUSD negatively and a push below 1.1275 is needed to trigger a bearish move toward 1.1245, 1.1220 and 1.1190 respectively.
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 – 20th April, 2016 By FxGrow Research & Analysis Team
The AUDUSD hits new high of the year
The AUDUSD increased to its highest level this year reaching 0.7826. Chinese data and firmer US Dollars supported the Aussie rally and finally the Australian dollar reached the key resistance level 0.7815. Trading above 0.7760 will open the door for the AUDUSD to expand its bullish momentum touching near-term resistance levels 0.7840 and 0.7890.
However, the AUDUSD uptrend might have come to an end as the sentiment and the RSI warns that the Aussie rally has completed and cutting 0.7745 would confirm a bearish signal near 0.7715 and 0.7680 respectively.
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.
