Daily Technical Analysis by FxGrow

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FxGrow Daily Technical Analysis – 29th May, 2017
By FxGrow Research & Analysis Team

EUR/USD Inches Higher Ahead of Draghi's Speech

EUR/USD extended the bullish momentum for the second week, but the pair is showing shy price action with 28-pips for today's session. The pair guarded the 1.1100 level successfully clocking 1.1189 high, still above its 10-EMA D1 at 1.1150 which keep bullish forces intact and on a stand-by motion. Economic calendar is light today except for Draghi appearance shortly. As for U.S Dollar, the Index remains in trouble due to U.S politics negative media especially Trump's overseas meeting with G7, and his refusal to ...

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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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FxGrow Daily Technical Analysis – 29th May, 2017
By FxGrow Research & Analysis Team

Yen: Chances for Further Gains Ahead of Local Data

USD/JPY is currently trading near its 200-EMA (D1) at 1.1133 intraday after plunging earlier to 1.1115 low. Overall, bank holidays are overwhelming worldwide which justifies the low volatility for market today, but action should re-kick with higher volatility as economic news inaugurate Tuesday's Asian sessions with Japanese multi inflation figures and Japanese Yen has the chance to extend further gains facing pale U.S Index (97.23 low) as negative media still revolves around the greenback. Shortly after that, BOJ ...


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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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FxGrow Daily Technical Analysis – 30th May, 2017
By FxGrow Research & Analysis Team

Sterling Loses Momentum As UK's Election Race Tightens

GBP/USD peeked last Monday to 1.3043, boosted by PM May with her conservative party heading polls. But last week's terror attack on Manchester costed the conservative party 6 points down as latest surveys indicates, and when election polls looks murky without clear hints about final results, uncertainties revolves around Sterling as election race tightens.

Apparently, question marks has been aroused regarding PM May and her qualifications to lead UK's Ministry. As a result, GBP/USD has been on a gradual decline ladder since last week and the pair plunged to 1.2794 low today, currently trading ...


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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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FxGrow Daily Technical Analysis – 30th May, 2017
By FxGrow Research & Analysis Team

Gold Flirts With 1270 With A Setback, Awaiting U.S Data

Gold clocked 1270.50 May-2017-fresh-highs but failed to march forward, hitting a strong resistance with successful test, retreating to 1261.71 low. Technically, gold remains bullish as the yellow metal remains above its 10-EMA at 1257 and 50-EMA at 1249 which keeps gold's bullish forces in action. Currently gold is trading 1263 intraday, and in case the market closed below 1265, expectations for ...

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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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FxGrow Daily Technical Analysis – 31st May, 2017
By FxGrow Research & Analysis Team

EURO Fuels Over Rumors Of ECB Abandoning QE Program

EUR/USD plunged yesterday to 1.1109 at which, the pair alerted for trend reversal as the downside prevailed, but as rumors were leaked that the ECB could bring some new measures regarding Quantitative Easing Program being removed as a headline (Reuters), the pair reversed its destination and rallied with +96-pips daily price action, landing in 1.1205 high. Negative U.S Consumer Confidence yesterday contributed to cable rallies.

Technically EUR/USD closed at 1.1185, above its daily 10-EMA at 1.1155 which promises of further attacks upward seeing last week's highs. Currently the pair is trading 1.1172 at 7-EMA (D1), and in ...

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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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FxGrow Daily Technical Analysis – 31st May, 2017
By FxGrow Research & Analysis Team

GBP/USD Technical Overview

With absence of economic data on both Sterling and U.S Dollar, the pair should trade technically.

Trend: Bearish /Sideways (H1)

Pivot: 1.2835

Preferable scenario: Short positions below pivot 1.2835 holds further dips seeing 1.2787 (S1), in case of penetration next station should be 1.2740 (S2), then (S3) at 1.2700. (H1 supports)

The alternative case, if GBP/USD stayed above pivot 1.2835, expectations for further attacks at (R1) 1.2882 first. If (R1) failed, potentials for additional hikes seeing (R2) at 1.2925, next (R3) 1.2960. (H1 Resistances)

Comment: keep an eye on U.S Index levels, he upward potential is likely to be limited by the resistance at 1.2840.

MACD indicates bearish momentum (H1).

RSI indicates bearish momentum (H1).


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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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FxGrow Daily Technical Analysis – 31st May, 2017
By FxGrow Research & Analysis Team

Negative Chinese Data Tackles The Aussie Ahead of local Retail Sales

Australian Dollar peeked to 0.7475 high on Wednesday's early sessions, but the incline journey was tackled by negative Chinese Manufacturing and Non-Manufacturing PMI, as a result AUD/USD lost -46-pips and landed on 0.7429 low for today's session. On the other hand, the Aussie still fails to take advantage of weaker U.S Dollar as the Index dipped today to 96.98 low.

Currently the pair is trading 0.7435, still below its daily 50-EMA at 0.7490, and daily 200 and 100 EMA at 0.7515 as indication of bearish momentum, but AUD/USD has a make a reverse turn ...

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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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FxGrow Daily Technical Analysis – 1st June, 2017
By FxGrow Research & Analysis Team

OPEC and Non-OPEC Rift Fluctuates Oil levels, Awaiting U.S Inventories

Crude oil surged yesterday to 49.69 high and touched its 50-EMA which signaled a bullish momentum build-up, but as market failed to sustain the highs, and closing at 48.61 below its 200-daily-EMA, the up trend faded away and instead, the downside still prevails for the black gold commodity. Today, oil prices clocked 49.05 high and has the chance to add more profits as market awaits Trump's decision is on a stand-buy motion on his in-take about global climate regulations, to be announced today at 7:00 PM GMT.

"If he actually withdraws the U.S from the climate accord, this would signal his intention to further roll-back emission regulations that would favor the use and demand of fossil fuels, thus giving a much needed boost to oil prices," said Jonathan Chan, investment analyst at Phillip Futures in Singapore.

Yesterday's oil fluctuation prices were due to...


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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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FxGrow Daily Technical Analysis – 1st June, 2017
By FxGrow Research & Analysis Team

Gold Retreats As Déjà vu Ahead of U.S Data

Gold peeked yesterday to 1274.13 with expectation for further advances as market over-passed 1270 level (R1), and closed at 1268.85. But as previous retreats for gold abandoning 1270 level and 1275 (R2) still creeps into mind, which justifies the precious metal retracements.

Technically, gold remains above its daily 50-EMA at 1250, which sustains the bullish momentum and Gold destination remains upward, but in case market closed today below 1250 (S3), the trend will shifty bearish and the expectations for further decline prevails. Expectations for penetration for support and resistance levels should be taken into consideration due to U.S Data release shortly.

Trend: Bullish Sideways

Resistance levels : R1 1270, R2 1275, R3 1280, R4 1288

Support levels : S1 1265, S1 1259, S3 1254, S4 1251

Comment: Gold remains bullish as long as market closes above 1250, otherwise, trend reversal should be taken into consideration. Expect spikes to fight R2 and R3 levels as recent behavior. Also, dips should fight S1 and S3 levels. Look forward for U.S Data which is a main player today for gold.

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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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FxGrow Daily Technical Analysis – 5th June, 2017
By FxGrow Research & Analysis Team

Aussie Pushes Higher Ahead of RBA Statement

Australian Dollar managed finally to take advantage from weak U.S Dollar performance after disappointing NFP data pushing AUD/USD with +0.74-pips with 0.7446 high for Friday’s ending sessions.

Today, the pair bullish momentum took a lifting hand first by local Australian Company Operating Profits q/q at 6.00 % with forecasts placed at 5.1%, but the main booster was upbeat Chinese Caixin Services PMI at 52.8% booking 51.5% on previous sessions. As a result the pair added +65-pips for Monday sessions with 0.7486 high.

Currently the pair is trading 0.7475, slightly below its daily 50-EMA and if market closed above 0.7481 (50-EMA). The next test for ADU/USD will be 0.7500, daily 200-EMA and in case the pair closed above ...

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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.