Daily Market Analysis by FxGrow

[FxGrow Support]

FxGrow Daily Technical Analysis – 25th Oct, 2016
By FxGrow Research & Analysis Team

GBP/USD BEARISH OUTLOOK, AWAITING CARNEY'S SPEECH

Although GBP/USD is currently stable, trading sideways between 1.2210 and 1.2235 this morning, the pair is still under pressure on stronger US Dollar after strong manufacturing data and in response to hawkish Fed speaks that boosted the odds for a Fed rate hike this year. Research Team at BBH, notes that the Bank of England Governor Carney was criticized by many government officials that favored the UK leaving the EU. Today he appears before the House of Lords, many of which claim that the BOE misjudged the fallout from Brexit. Currently the GBP/USD trading at 1.2219, still under it's daily pivot.

Trend : Neutral bearish

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]

FxGrow Daily Technical Analysis – 25th Oct, 2016
By FxGrow Research & Analysis Team

Oil Price Remains Up Ahead of US Crude Inventories

Crude oil prices are hanging strongly at $50 handle although market has doubt about an OPEC deal. Iraqi oil minister's comments were the headline of the story for investors as they worry about difficulties for an OPEC deal is harder to put together than the Saudi's and Russian are suggesting. At the meeting held in Algeria at the end of September, the OPEC nations agreed to introduce a ceiling on OPEC’s total output of around 32.5-33.0m barrels per day, which would imply a production cut from the current level. As a result, OPEC took a major step toward acting as a cartel once again.

Trend : Bullish

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]

FxGrow Daily Technical Analysis – 26th Oct, 2016
By FxGrow Research & Analysis Team

AUD/USD HIKES IN RESPONSE TO POSITIVE CPI DATA

The AUD/USD kept it's strong tone and extended gains since Monday lead by upbeat Australian CPI report 0.7% q/q and negative US consumer confidence 98.6 yesterday. As a result, the pair rallied from 0.7628 and scored a high at 0.7708, currently trading at 0.7697 intraday. the Australian Dollar strengthen on stronger data giving signs that the Reserve Bank of Australia is not going to cut rates on their next meeting. The pair awaits tomorrow's US data and next week RBA meeting which will either strengthen the US dollar or the Aussie will stay bullish depending on the outcome.

Trend: bullish

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]

FxGrow Daily Technical Analysis – 27th Oct, 2016
By FxGrow Research & Analysis Team

GOLD REMAINS UNDER PRESSURE ALTHOUGH IT IS TRADING SHORT-TERM UPSWING

Although we have witnessed a slight increase in gold spot price, it's remains under pressure by US dollar control. XAUUSD rallied on Tuesday from 1262.11 low and clocked a high 1276.7 after negative US consumer confidence. On yesterday trading sessions, gold couldn't keep it's short upswing gains but decreased again to touch 1264.69 from below as US dollar index peeked to 99.09. Today US dollar index sank to 98.61 and gold took a slight break rising to 1269.04 intraday, near it's daily pivot but still under pressure awaiting further central banks decision in the coming period.

Trend: bearish

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]

FxGrow Daily Technical Analysis – 28th Oct, 2016
By FxGrow Research & Analysis Team

THE EUR/USD CLIMBS AT A SLOW RATE AS ECB EASING MEASURES FADED

EUR/USD started a bullish trend at a slow pace in respond to neutral US economic report yesterday. The pair rallied today from 1.0829 low and clocked a high 1.0924 in response to positive EU data especially German CPI givig signs that tthe ECB is not going to ease its policy at these times. In addition, US dollar index dropped from yesterday high 99.0 to today's low 98.74, currently trading at 98.80. Although EUR/USD trend is short-term-upswing, the pair remains under pressure by strong greenback.

Trend: Bearish

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]

FxGrow Daily Technical Analysis – 01st Nov, 2016
By FxGrow Research & Analysis Team

GBP/USD MAKES SLIGHT RECOVERY BUT REMAINS UNDER PRESSURE, AWAITING GBP PMI

GBP/USD started an uptrend rise since yesterday as Carney's accepted to extend his duties as head of BOE. The US dollar index remains on track but touches 98.31 low yesterday as US data failed to meet expectations awaiting US elections. The pair opened today at 1.2233, sank to 1.2210 low, then recovered and took a hawkish mood clocking a high at 1.2244, currently trading at 1.2226 intraday. GBP/USD still remains under pressure on strong US economy but it's currently stable trading above it's Daily Pp .12212. Today, the Pound undergoes a test where it might have the chance to extend it's further recovery as GBP PMI data awaits.

Trend: Bearish with short-term-upswing.

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]

FxGrow Daily Technical Analysis – 01st Nov, 2016
By FxGrow Research & Analysis Team

AUD/USD RESPONDS POSITIVELY TO RBA AND TO STRONG CHINESE DATA

The Aussie dollar opened with a strong tone as RBA decided to leave the cash rate unchanged at 1.5% since the Australian economy is growing at the moment and labor conditions has improved as the RBA's latest release suggested. Add to that, positive Chinese PMI data at 51.2 early this morning, both energized AUD/USD bullish trend rallying from 0.7597 (today's low), to touch 0.7672 high (75 pips). AUD/USD is expected to continue is hawkish trend today, awaiting US PMI at 2 PM GMT which will give a better outlook if the Aussie dollar will continue it's strong tone or submit to the greenback depending on the outcome.

Trend : Bullish

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]

FxGrow Daily Technical Analysis – 01st Nov, 2016
By FxGrow Research & Analysis Team

Global Markets are Dismissing US Political Developments Ahead of Election Results

The IBD/TIPP poll shows that Clinton is leading in the Northeast with Trump polling higher in the South. However, Real Clear politics revealed that ‘national polls’ gave Trump the lead about 48% vs. 43% for Clinton. But Trump was rude in the second debate and the worst thing he did is that he was aggressive with women giving a 20 points lead to Clinton.

The second debate between Trump and Clinton send the Mexican Peso higher as the survey declared that Clinton wins. Then the Mexican Peso dropped when trump was at the top of the polls.


Biotech stocks have been sluggish on Clinton who is expected to be tough on drug pricing if she wins the presidential election. Anyways, global Stocks closed lower on rising uncertainties over US elections especially after FBI investigation.

The US Dollars had surged about 2.5% on election suspense Knowing that Clinton have passed Trump by 3% and at the same time on rising expectations of a Fed rate hike in December. The US Dollar then slipped from highs as FBI investigation on Hillary Clinton private emails weighed on the US presidential election. In addition, some analysts claimed that if Trump wins the election, the US economy will face uncertainties and thus the dollar might face severe losses.

The Japanese Yen will benefit the most from the US elections knowing that it is a safe haven currency. Moreover, gold which is known as the safe haven metal will play a big role into the elections as uncertainties rises. Gold rose lately as the FBI obtained a warrant to investigate on Hillary Clinton use of private email system knowing that the email is not illegal but could cause damage to the law enforcement agency as they revealed.

The RCP polling showed lately that Clinton lead five percent over Trump until this moment.

Americans will vote on 8 November to choose their next president but any unexpected outcome will force the Federal Reserve to change their decision regarding interest rate hike this year.


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]

FxGrow Daily Technical Analysis – 02nd Nov, 2016
By FxGrow Research & Analysis Team

JAPANESE YEN STRENGTHEN AFTER BOJ'S KURODA STRONG, AGGRESSIVE TONE

USD/JPY extended it's bearish momentum since yesterday after US data failed to meet expectations and US index dropping to 97.62 low yesterday.

Kuroda, head of BOJ, appeared with strong bold tone committing to the program until price target is reached. Key Quotes:

“Thinking over buying of local, municipal debt but not easy task”

“Hard task to try to score direct hit of 2% inflation target”

“Board will continue with ‘aggressive, bold easing’ until price target reached”

Add to that US election suspense, gave the Japanese Yen a break from strong US dollar control over the last week after reaching highs 105.53 on 28th of Oct. Right now, USD/JPY is trading at 103.78, after dropping to 103.62 low. Even though USD/JPY seems in bearish mood, but the US dollar keeps the pace as today FOMC are scheduled at 6 PM GMT as final statement.

Trend: sideways Bullish

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]

FxGrow Daily Technical Analysis – 02nd Nov, 2016
By FxGrow Research & Analysis Team

OIL PRICES SANK ON EXPECTATIONS OF AN INCREASE IN US CRUDE INVENTORIES

Chances of success for the effort to curb global oil supply are getting thinner by the day. OPEC members have a rift on share cut distribution already, add to that inviting new members like Iran, Iraq, Nigeria, and lately Russia made things worse in terms for assigning production. Iran and Iraq wants to be excused from the party, and Russia is giving vague signals on OPEC-final-deal decisions. Then there’s Brazil, whose Oil and Gas Secretary this weekend delivered yet another blow to the cartel that once held the reins to the global oil price trends. Over the week, Marcio Felix told media in Vienna that “Yes, the Brazilian production is increasing… I do not have the exact figures, but the production in Brazil will grow in the next few years, we have such plans.” Felix attended a meeting between OPEC and a number of non-OPEC producers, but as the minister noted, only “as observers”. This wasn’t OPEC’s goal, however. OPEC wanted to convince external producers to take part in the freeze/cut, to make it more meaningful. That effort failed.


The atmosphere surrounding crude oil price suggests that prices to be expected to extend losses with no OPEC-cut-deal on the horizon and US efforts seeking lower price suggests that US hopes may come true after all today depending on their crude oil inventories at 2:30 PM GMT.

Trend : bearish

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]

FxGrow Daily Technical Analysis – 04th Nov, 2016
By FxGrow Research & Analysis Team

BRITISH POUND HIKES ON BOE OPTIMISTIC DATA

Eurozone clutches with Sterling and refuse to set Britan free one and for all before triggering article 50. BOE tone was stronger than expected as they shifted from easing to neutral bias claiming that a respond in either direction is optional as they see fit since economic data has been significant to the Brexit uncertainties while the steep GBP depreciation means that CPI inflation will increase sharply next year.

Although the sterling surged higher yesterday rallying from 1.2296 low and clocked high 1.2494, currently swinging between 1.2449 low and 1.2481 high. GBP/USD trend remains bearish, and seems to be in desperate push today as US Payroll and unemployment rate data are scheduled to be released at 12:30 PM GMT. GBP/USD SMA 100 (1.2326 H4), SMA 100 (1.2671) at H4

Trend: Bearish sideways
First resistance R1 1.2503. R2 1.2561, R31.2616
First support: S1 1.2415, S2 1.2358, S3 1.2287

Remark: Even though GBP/USD took a bullish trend it's still considered Bearish between S1 and R1 in absence of news but high volatility is expected to kick shortly before US elections.

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]

FxGrow Daily Technical Analysis – 04th Nov, 2016
By FxGrow Research & Analysis Team

SILVER SHIFTS TO BULLISH TONE AHEAD OF US ELECTION

After being bearish all through Oct, Silvers opens Nov with bullish momentum and steadily starts climbing above 18 zone as US dollar index sinks 97.07 low yesterday. Seems XAGUSD slipping from US dollar grip as the shiny metal hits fresh highs 18.74 on Wednesday. add to that, yesterday negative US unemployment claims build a stronger base for silver not to drop below-clinching above 18.00 level. Currently trading at 18.36 with SMA 100 17.61, SMA 200 17.13 , SMA 50 18.53.

Trend: Bullish sideways

Key levels to watch : Daily Pp 18.21

First resistance : R1 18.48, R2 18.75, R3 19.08

First Support: S1 17.99, S2 17.73, S3 17.31

Remark: Although general trend is bullish, but a slight shift backward should be included specially on US election suspense on the horizon 8th Nov

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]

FxGrow Daily Technical Analysis – 07th Nov, 2016
By FxGrow Research & Analysis Team

US Election Market Trend Lookout

EUR/USD

Trend : Bearish

Support: S1 1.1025, S2 1.0937, S3 1.0821

Resistance : R1 1.1127, R2 1.1192, R3 1.1258


GBP/USD

Trend : Bearish

Support : S1 1.2334, S2 1,2116 , S3 1.1955

Resistance : R1 1.2562, R2 1.2687 , R3 1.2856

GOLD/ XAUUSD

Trend: bearish sideways

Support : S1 1281.72, S2 1262.47, S3 1241.57

Resistance : R1 1301, R2 1315.81, R3 1331.21

USD/MXN

Trend : bearish sideways

Support : S1 18.3419 , S2 17.9949, S3 17.7776

Resistance : R1 18.9566, R2 19.3217, R3 19.7810

USDJPY

Trend : bullish

Support: S1 103.25 , S2 102.42, S3 101.18

Resistance : R1 105.07. R2 105.90, R3 106.77

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]

FxGrow Fundamental Analysis – 07th Nov, 2016
By FxGrow Investment Research Desk

HOW TO TRADE THE US PRESIDENTIAL ELECTIONS?

The presidential US election is knocking on doors. On 8th of Nov, US citizens will have the final decision on whom shall lead the free world. Either Mrs. Clinton representing democrats will stay in white house, or Mr. Trump on behalf of republican will have the upper hand. Along comes questions and debates on US future performance, especially economic sector. Traders, analysts, and financial sectors have their eyes focused on possible outcomes incase either of Trump or Clinton win. Why is that? We will try to break it into simple, reasonable point of views and avoid complications and sophistications.

First, each candidate has his/her own agendas with major decisions on behalf of internal affairs, economic and private sectors, and foreign policy. Any decision can have major layout on economic sectors whether it’s direct or indirect, related on or not related to the economy, if not on the short run, then on the long run as a chain or reactions.

Second, each candidate has his/her own advantages and disadvantages.

Third, as we have mentioned in a previous article on FxGrow’s blog, Fed rate hike is inevitable no matter what, and as long as the US economy is growing and enhancing, the Fed rate increase will be postponed. Well now comes a new catalyst into the equation, the US election. In the article, we gave a hint that federal rates are to be increased in December, maybe that’s the reason why in December. Thus after the election and further data coming this month, US economy would show further signs on the election-economical-outcome, thus determining how far will federal officials go when it comes to increasing rates.

What will happen if Trump wins?

Donald Trump has repeatedly issued statements that are racist, Islamophobic, xenophobic and misogynistic. He constantly criminalizes people of color and has proposed banning Muslims from the country and enacting a deportation force. Analysts at Credit Suisse have downgraded their outlook for the dollar in 2016 and communicated the emergence of a potential new threat to the currency - Donald Trump could be the next big headache for dollar bulls in 2016. If Trump is elected and brings anti-social trading policies which isolate the country from the international community, foreign investors may start to sell their US assets in abundance. Trump drags a gray cloud along with the possibility of him being triumph when it comes to US dollar performance. Last week, US dollar started to show weak signals facing its rivals on US election suspense showing that Trump and Clinton are leading together.

Clinton on the other hand:

Analysts justifies the US dollar weaker movement in past days is that it’s only the election suspense itself, neither Trump, nor Clinton are the reason.

Since last week, US dollar index has tumbled from 99.09 high to 97.11 (today’s low). Gold, Japanese Yen, Canadian dollar, Aussie dollar, Kiwi, even Sterling has strengthen facing its US dollar rival. Forex market is highly volatile these days and expected to extend volatility until Election Day and after that briefly.

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]

FxGrow Daily Technical Analysis – 10th Nov, 2016
By FxGrow Research & Analysis Team

USD/JPY SHIFTS FROM YESTERDAY'S BEARISH MOOD AS US ELECTION ENDS

The US dollar suffered major losses yesterday facing it's rival Japanese Yen as the race for oval office between Trump and Clinton strengthened in the last hours. USD/JPY opened yesterday at 105.15, sank to 101.19 low, then rallied to 105.88 as trump was declared victorious. Trump made a speech with strong tone, sending massages between the lines as he promised to take the US economy into a better-stronger state erasing all the doubts and questions marks about his previous aroused signals. The greenback took over the Yen today's early trading sessions sending the USD/JPY to a higher price at 105.95 today, and US dollar index peeking to 98.50 after dropping to 95.91 yesterday. Right now, the pair is trading at 105.40 intraday with SMA 50 (104.13) , SMA 100 (106.93).

Daily Pp : 104.24

Trend : Bullish

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]

FxGrow Daily Technical Analysis – 11th Nov, 2016
By FxGrow Research & Analysis Team

GOLD SINKS BEATING TRUMP'S EXPECTATIONS BEING TRIUMPHED

US election is over with a major layout on yellow metal proving all analysts wrong as XAUUSD should peek if Trump would be victorious. Gold was supposed to peek beating 1330 handle and park in that zone but as soon as the white smoke came out of white house with a the new president, gold started tumbling dramatically reaching a low today 1251.19. The haven metal had a long journey before reaching this low level, first rallying from 1268.13 (low) on the election day clocking a new high for Nov at 1337.35, closing at 1277.58. Bearish momentum extended yesterday sinking to 1252.35 low, but before that the metal clocked a high at 1292.33.
On the other hand, US dollar index was moving totally opposite to gold's lows and highs starting on 9th with a low at 95.31 while gold was booming, then the index started a hike scoring a 99.08 yesterday while gold was soaring. Currently gold is trading at 1262.30 intraday as US dollar index trading at 98.66. Although gold started taking its breath, but still remains under pressure on strong dollar after Trump's strong speech. Gold SMA 100 (1269.58) , 50 SMA (1291.23).

Trend : bearish sideways

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]

FxGrow Daily Technical Analysis – 14th Nov, 2016
By FxGrow Research & Analysis Team

EURO SINKS DEEPER AS US DOLLAR STRENGTHEN, AWAITING DRAGHI SPEECH

EUR/USD slips down further more as US election seems to an end. The US Dollar index went bullish starting on Friday with a high at 99.13, opened today with an increase-gap 99.39, high 99.67, currently trading at 99.59 intraday, highest since March 2016. The EURO seems defenseless, and day by day weaker since Brexit, and US economy booming. Over all, the pair has dropped since US election on 9th Nov from 1.1299 high to 1.0772 today's low as Trump won the Presidential election. EUR/USD is significantly bearish, awaiting Mr. Draghi's appearance today scheduled at 3:00 PM GMT and what he holds magic solution for the EURO zone.

Trend : bearish

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]

FxGrow Daily Technical Analysis – 14th Nov, 2016
By FxGrow Research & Analysis Team

USD/JPY EXTENDS GAINS AS MARKET BEATS TRUMP SHOCKING WIN

The US Dollar opened trading sessions with a further pressure extension since last week, sending the USD/JPY to five months fresh highs 107.96.The Japanese yen weakens on higher US yields and as concerns over US trade policy vanished. The sell-off in global bonds could increase upward pressure on the BoJ’s 10-year JGB yield target at 0.00% encouraging speculation that the BOJ may have to accelerate purchases thus weighing on the yen as well. Add to that, strong US Dollar index beating 100 handle at 2016 new highs 100.03. The Japanese Yen remains under pressure by greenback and expected to extend gains in absence of root solution by BOJ governor Koruda.

Trend : bullish

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]

FxGrow Daily Technical Analysis – 15th Nov, 2016
By FxGrow Research & Analysis Team

GBP/USD AGAIN UNDER PRESSURE, AWAITING LOCAL DATA

GBP/USD opened with a bullish trend, seemed to be recovering as the pair beat the 1.25 handle clocking a high at 1.2528 as US dollar index marched backward from yesterday's highs at 100.24 to 99.75 today's low. The pair failed to guard early gains with an inverted candle pin sinking to 1.2464 today's low. British Pound awaits local data today at 9:30 AM GMT as CPI y/y and PPI data will be released, then at inflation rate hearing at 10:00 AM GMT which might restore some confidence in the Sterling or keep it under under pressure.

Trend: Bearish Sideways

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]

FxGrow Daily Technical Analysis – 15th Nov, 2016
By FxGrow Research & Analysis Team

AUSTRALIAN DOLLAR STRENGTHEN AFTER HINTS OF POSITIVE ECONOMY, AWAITING RBA

AUD/USD opened early trading sessions with gains as RBA meeting minutes gave hints that Australian economy continues to grow at a moderate rate. The pair opened at 0.7552, rallied to 0.7580 high, then dropped to 0.7534 low, currently trading at 0.7553 intraday. The pair stands with heavy guard at 0.75 handle, not able to break it as US dollar index sinks 99.68 today's low. Governor Lowe, head of RBA, will make an appearance shortly at 9:15 AM GMT, where he'll lay out policy headlines.

Trend: Bullish sideways

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.