FxGrow Daily Technical Analysis – 18th Aug, 2015 By FxGrow Research & Analysis Team
USDCAD ends correction and now it's time for a new peak
USDCAD (US Dollar vs. Canadian Dollar) is at levels which were seen in 2004. Traders are biding higher levels what asures that the current trend will maintain. The rally is also supported by the structure of the current growth which formed since bottom made in 2012 a characteristic pattern described in Elliott Wave Theory as a 'Impulse Wave'.
The nearest resistance levels are 1.3212 (last peak), then 1.33 and 1.35. The last level is a Fibonnacci dependence where wave 1 = wave 5.
Last week USDCAD breached higher out of the downward channel and now it is moving towards the last peak. On 1-hour time frame the price tested the lower bound of the upward channel what have triggered a demand-side response.
For this currency pair long positions are preferred.
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 Aug, 2015 By FxGrow Research & Analysis Team
USDCHF - bottom exit from consolidation and breached out support
For a week USDCHF was moving in consolidation and created a channel with the width of 75 pips
Yesterday, the bears were able to breach out of the channel bottom and momentum to break the next support. In the chart it is also showed that there has been a re-test of broken support which has now become resistance. At daily interval situation is even more ambigous.
Yesterday's candle breach out of the channel bottom with great force and now it is expected that soon it will move in the direction of 0.95000.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
FxGrow Daily Technical Analysis – 25th Aug, 2015 By FxGrow Research & Analysis Team
Test of the longterm trend line and defense of support on GBPJPY.
GBPJPY is moving in an upward trend since the beginning of 2012. Although for the last 10 weeks GBPJPY did not break the peaks, but the upward trend is not compromised. Last Friday the bears were able to breach out of the channel bottom (interval H4) in which GBPJPY moved for 1.5 weeks. The result was yesterday's downward dynamic movement, which led price below July's support. Bulls, quickly began to buy and on the chart pemained only a long lower shadow.
Weekly interval.
The current weekly candle has supported the upward trend line and is the third test of this line of 2012. The resistance that stopped move up at the level 195.00 was created in the years 2005, 2008 and it is the first serious test for the bulls since 2013.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
FxGrow Daily Technical Analysis – 25th Aug, 2015 By FxGrow Research & Analysis Team
NZDUSD - 400 pips in 15 minutes and a false breakout from consolidation
New Zealand Dollar to US Dollar Rate moves in a downward trend since mid-2014 year. The movement of prices over the past four months took the shape of the downward channel, in which the price has dropped from 0.77 to 0.65.
In early August NZDUSD broke out successfully from the downward channel and created a consolidation. Yesterday it made a dynamic move downward breaking the bottom of a consolidation and then a moment later it returned to the inside. The support that stopped the descent is in the level of 0.6135, and these are the levels at which the NZDUSD has not been since 2009.
Interval H4
After returning to the consolidation NZDUSD tries to break next intraday resistance which is the level of 0.6530. If the break will be successful the target of move up will be level 0.6700.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
FxGrow Daily Technical Analysis – 26th Aug, 2015 By FxGrow Research & Analysis Team
GBPUSD - move in the upward channel and attempt to exit from consolidation
From the bottom of 7 August formed the upward channel, in which "Cable" moves. Currently, the lower limit of the channel is located at 1.5667 and right now price moving in that direction. The movement of GBPUSD below 1.5667 level will indicate breakout of upward channel and return to the interior of consolidation. Rebound of this level will begin a new upward
Last week I pointed out consolidation, which the GBPUSD broke up on Monday. However, yesterday there was a return movement that could mean a re-test of the consolidation or a false breakout and return to its interior.
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 – 27th Aug, 2015 By FxGrow Research & Analysis Team
EURUSD broke out of the triangle, range of breaking 1.2400
EURUSD on Monday reached the highs of January 2015. At the same time there has been a breakout of the triangle, which was forming since February of this year. Today's session will be very important because yesterday the EURUSD returned to the interior of the triangle, but descents stopped at its upper limit. If the breakout is successful range of breaking is the level of 1.2400 However if there has been returning move to a triangle it is not excluded that the proper breakout of the triangle It will be down, and then its range of breaking will be around 1.0000
Interval H4
Descents stopped at the fibo 61,8% last move and it will be a good moment to return to upward movement.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
FxGrow Daily Technical Analysis – 27th Aug, 2015 By FxGrow Research & Analysis Team
EURJPY - August minimum test
EURJPY moves for a month in a flat consolidation between 135.00 - 139.00. At the moment it is testing a lower limit of this consolidation. Successful break of this support will take a price to 133.30 and its defense will move towards 139.00.
Interval H4
On Monday after attempt of breaking top of consolidation price formed double peak formation. EURJPY dynamically move inside downward trend channel. The first sign that this support will stop descent will be break upper limit of this channel.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
FxGrow Daily Technical Analysis – 28th Aug, 2015 By FxGrow Research & Analysis Team
AUDUSD rebound after the fall and movement of the flag formation.
AUDUSD since 2011 is moving in a downward trend, and the last six months there is a movement in the channel. On Monday a strong downward candle AUDUSD has tested the lower limit of the channel. At the lower band bulls appeared which is evident on the chart in the form of a long lower shadow. At the moment the price is in the middle of the channel however this move is more preparation before further falls rather than attempt of a long rebound.
Interval H1
After Monday's fall rebound was quickly, which abolished the 61.8% downward movement. For two days AUDUSD moves in the flag and the maximum level, which should stop the upward movement is 0.7240. The flag is a trend continuation formation so on AUDUSD is recommended for short position.
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 – 31st Aug, 2015 By FxGrow Research & Analysis Team
USDCAD - resistance stopped the upward movement
USDCAD from 2011 is moving in an upward trend. In this period it has gained almost 50% in value from 0.94 to 1.33. USDCAD is at levels which were seen in 2004. Easily break out of the level 1.3350 should not succeed which May cause move down. Price moves inside upward regression channel, and if falls start they will bring USD/CAD down even to 1.2400. That level is a lower limit of the trend channel.
H1 Time-frame
Last week a peak of 1.3350 was reached and increases have been stopped. Further falls are currently stopped by support near 1.3170. Possible breakdown of this level could bring price to 1.3080.
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 – 31st Aug, 2015 By FxGrow Research & Analysis Team
GBPJPY - completed a simple correction and resumption of the main trend
In a longterm on GBPJPY there is an upward trend, and last drop that started in June closer to the end. Length CD last move downward (which began on 18 August from 195.26) is equal length AB (visible on the daily chart). If last week's bottom wouldn't be break in the coming days, we may see a new move upward. Alternatively break this level could bring price to 177.80 or 161.8% fibo AB.
H1 Time-frame
At the H1 interval upward channel formed, in which the price moves for four days. After the last drop, the channel looks like a flag. It prefer a scenario that I described above as an alternative. Descent to the level of 177.80, and return to growth.
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 – 01st Sept, 2015 By FxGrow Research & Analysis Team
EURJPY - 4 months in consolidation
After a dynamic movement from December 2014 to April 2015 in May EURJPY started move In consolidation. Main support is 133.00 and resistance 141.00. On historical chart we may see that the move without volatility like now has ended with dynamic movement. However as long as one of the sides do not obtain advantage bulls will be closing long positions on the indicated resistance and bears will be closing short positions on indicated support and consolidation will continue.
H1 Time-frame
At the interval H1 there is even greater stagnation, which runs from 26 August. Price moves in the triangle between the levels of 135.25 and 136.50.
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 – 01st Sept, 2015 By FxGrow Research & Analysis Team
GBPAUD - easy it's only break before upward movement
Since March 2013 GBPAUD moves in the upward movement. In early July price broke up resistance and in August was re-test. Since April 2015 GBPAUD is moving in the upward channel. Last Monday attempt to leave the channel top failed. As a result, this caused the descent to the bottom of the channel.
H1 Time-frame
Descent that took place in last week took the form of a simple correction ABCD and fall in the GBPAUD stopped the 2.1420 level. For the bulls there will be a strong resistance level of 2.2100. In the short term resistance should be broken and upward movement continues.
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 – 02nd Sept, 2015 By FxGrow Research & Analysis Team
EURUSD fibo 78,6% stopped the descent
EURUSD rebound from top of the upward channel, additionally 1.1700 level is a resistance chich price were seen in January 2015. Currently EURUSD is in the middle of the channel. At the level 1.0850 is a lower limit of the channel and a resistance.
H1 Time-frame
After descent from 1.1700 level fibo 78,6% stopped the fall. The descent took a form of a downward channel and if Friday upper limit of the channel was break. Price stabilized around the 1.1280 level. Currently move up is more likely. Alternatively broke lower limit from the last week will lead price to 1.0850.
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 – 02nd Sept, 2015 By FxGrow Research & Analysis Team
EURCAD - it's not the end of falls
EURCAD for last 4 months moves in a upward trend. Movement forms trend channel which was break up 3 weeks ago. Last week after re-test of the resistance 1.5560, price move down. Currently is on the border of the upper limit channel and support on level 1.4720. If bulls will capitulate, there is possible move to around 1.4000.
H1 Time-frame
After fast move up in last week there has been a return movement which correct more than 61,8%. EURCAD at the same time created a channel in which it moves. Tonight was a failed attempt to go top of the channel, after which there was a move down. It is possible that the price will test the lower limit of the channel 1.4707. If the bears will continue the push the next target will be fibo 78,6% (level 1.4640).
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 – 03rd Sept, 2015 By FxGrow Research & Analysis Team
USDJPY - important resistance began a correction?
High volatility in USDJPY took place on 20-24 August where was a drop from 124.00 to 116.13. Currently it settled down and price for more than a week moves in a flat upward channel. Nearby intraday support is on 118.40 and resistance 122.00. After break one of them a further target is above-mentioned extreme.
Time-frame M1
USDJPY is moving in an upward trend. The level 125.80 which stops further upward movement is a major resistance. It already stopped trend in the years 2001, 2002 and 2007. There is a probability of correction because there wasn't any since three years. If the last drop will be a beginning of the correction the minimum level of falls is 38.2% fibo (106.60 level).
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
FxGrow Daily Technical Analysis – 03rd Sept, 2015 By FxGrow Research & Analysis Team
AUDCAD - breached two years support
After fourth test of support on level 0.9400 bears reached its purpose and support was breached. The price was so low last time in August 2013. At the same time there's only 100 pips left to the next support. Its breakthrough could lead price to a level 0.8600 and below. After a bounce, level of 0.9400 will be resistance to upward movement. Next resistance is 0.9740.
Time-frame H4
Downward trend on AUDCAD for a month took the form of a channel. The lower limit of the channel has been tested od Tuesday and since then the price is trying to bounce back. If the bulls break through resistance at 0.9360 this bounce may lead price to 0.9500, where is another resistance and the upper limit of the downward channel.
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 – 04th Sept, 2015 By FxGrow Research & Analysis Team
EURGBP breakout from the consolidation will indicate the direction
For more than a week EURGBP moves in consolidate between 0.7394 and 0.7260. Yesterday at the press conference ECB President Mario Draghi euro depreciated against other currencies and is also clearly visible on the chart with the pound. Drop wasn't deep enough to breach the support. Currently only breakout one of indicated levels should start longer movement.
Time-frame D1
In August EURGBP left downward channel and now 6-month resistance at 0.7390 effectively stops the aspirations of the bulls. If it had been broken the support 0.7220 that the price will return to the inside of the downward channel and it will move towards the July low. Price moves in a downward trend, and the current rally should be seen more as a rebound than changing the long-term downtrend. Alternatively, if bulls could break the resistance the target of upward movement will be 0.7760.
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 – 04th Sept, 2015 By FxGrow Research & Analysis Team
NZDUSD - support is broken, target of falls 0.5900
NZDUSD for nearly two weeks is moving in a downward channel. Today there was an attempt to leave top of the channel but ended on a false breaking. On the chart appeared a long upper shadow and a red candle. It may end by the test of the lower limit of the channel at 0.6230 where there is also a minimum of 24 August. First bears must break the next support on level 0.6310.
Time-frame W1
NZDUSD for a year is moving in a strong downtrend and it looks like that falls will be continued. Seven weeks has lasted consolidation at support level 0.6500. So long impotence of bulls to perform bounce has to end broken of support. So it happened and support has been broken. Last week's minimum may cause slight rebound, but the next strong support is at 0.5900. That should be a target to bears which will allow for a longer rebound.
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 Sept, 2015 By FxGrow Research & Analysis Team
AUDJPY it's time for a rebound
In July and August AUDJPY moved in consolidation between the levels of 89.15 - 92.65. Break below pointed minimum of 24 August triggered a sharp move down. On the same day AUDJPY started to rebound, which achieved 50% of last downward move. August 24th bottom at the level of 82.00 was tested again last Friday. Rebound can be weak and successful pressure of the bears on level 82.00 will move down to the next support of 79.50.
Alternatively, if the bears will not aggressively push this rebound may come to the last resistance level at 87.30 and only there return to the declines.
Time-frame H1
For two weeks AUDJPY is moving in a downward channel. The lower limit of the channel was tested on Friday and rebounded. Today AUDJPY broke above upper limit of the channel. If this break was fakey last minimums will be again under pressure of sellers.
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 Sept, 2015 By FxGrow Research & Analysis Team
EURUSD prepare for long movement
EURUSD after a false breakout above the triangle on August 24 returned to its range. Currently, the volatility is very small which normally ends with a dynamic movement. Policy of central banks suggests that the move could be down. From the one hand we have the FED meeting and possible rate hike. On the other hand, the ECB, which is in the middle of the QE program trying to weaken the euro. Break below the last support should lead price to a lower limit of the triangle (that is 1.0780).
Time-frame M30
Since the week beginning EURUSD moves in a upward channel. Today price tested lower band of the channel, chich caused the rebound. Break below lower band of this channel will be the first signal of upcoming falls.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
