Daily Technical Analysis by FxGrow

[FxGrow Support]

FxGrow Daily Technical Analysis – 21st Sept, 2015
By FxGrow Research & Analysis Team

EURAUD - breakout from the consolidation will indicate the direction of movement

Since last week EURAUD can't go away from the level of 1.5770. The downward movement stops at support 1.5660, and move up stops at resistance 1.5940. Dynamic upward candle, which took place on Thursday after the Fed decision also does not help with consolidation breakout. If break below that consolidation will be successfully next support on 1.5600 has a chance to cause a rebound. On the other hand, the break above resistance 1.5940 will take price first to 1.6160 and next to 1.6600.

Wider view, interval W1
At weekly interval we can indicate another significant levels. After breaking down the 1.5600 level, the downward movement may reduce price to 1.3800. But break above the level 1.6600 will bring the price to 1.7400.

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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.

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 21st Sept, 2015
By FxGrow Research & Analysis Team

USDJPY waiting for the triangle breakout

Since one month USDJPY moves in the triangle formation. Its range of movement is clearly slowing down. Therefore, the breakout of the triangle in one direction will bring dynamic movement. Currently, the lower arm of the triangle is 119.20, and the upper arm 120.90. If the lower arm of the triangle breaks below, downward movement will lead price to 118.30. If that support also will not stop the falls the next target of downward move is the August minimum at 116.10.

However, if bulls break above the upper arm of the triangle the next levels of resistance will be located at 122.00 and 125.20. Successfull break above that levels will confirm that the correction on USDJPY has now been completed and the price goes back to the uptrend.

Wider view, interval W1
Since 2011 USDJPY moves in upward trend. At this time bears failed to correct upward movement even on the smallest Fibonacci level of 23.6%. If falls finally comes, level 114.00 which is 23.6% fibo will be the first target.

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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.

 

[FxGrow Support]

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

EURUSD rebound from the resistance, target of falls 1.1090

Last Thursday EURUSD has reached to 1.1460 and that level cause rebound. The first support, which could stop the descent was the level of 1.1214 but bears broke below it. Another support which price is aiming is around 1.1145 - 1.1135. If the price reaches to that area and it will be breaking the next target of falls will be 1.1090. Since Thursday EURUSD also moves in a steep downward channel which reflects well on the strength of bears.

Wider view, interval D1
In 2015 EURUSD moves in the consolidation between the levels 1.1460 - 1.0460. Indicated top was a false break only for a while in August. And indicated bottom has been tested only once in March and in the following months the price stopped already at higher levels. The last important support is 1.0815.

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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.

 

[FxGrow Support]

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

USDCAD – false break of consolidation lower limit

An interesting situation in the USDCAD. For a month price moved in the consolidation between resistance 1.3320 and support 1.3130. Last Friday there was an attempt to break below the support that lead the price to the level 1.3010. On that support bulls returned to the game. On the daily chart a long lower shadow appeared and USDCAD returned to the consolidation range. Currently, the price is moving to the upper limit of consolidation on the level 1.3320.

It is worth to note, that the USDCAD moves in a long-term uptrend, and often false breakout from the consolidation in one direction ends with a proper breakout in the opposite direction. If such situation will take place it will follow the main trend. A minimum target of upward movement is a level 1.3800.

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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.

 

[FxGrow Support]

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

EURGBP breakout of the triangle with a range of 0.7060 decline

For a month EURGBP moves in a shape of downward triangle. This formation promises falls and it is in line with long-term downward trend. On Monday there was a break below of the triangle after a longer test of the level 0.7240. Support came to help bulls, which is located at the 0.7210 level. There was a rebound and return to the interior of the triangle.

If the rebound will be successful it may test level 0.7340, which is the top of the triangle. However, if in the near future the bulls will press harder break below the triangle will become a fact. Range of the falls will be equal to the height of formation. The target level after breaking the triangle will be 0.7060. Before that, supply will have to deal with more supports: 0.7210, 0.7160, 0.7100, 07040. Alternatively, if the triangle has been break above a nearest resistance is 0.7390.

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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.

 

[FxGrow Support]

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

AUDNZD - a trend reversal or just a corrective rebound?

Since 4 months AUDNZD moves in a consolidation between 1.0900 and 1.1430. On August 24 there was a dynamic upward movement. Within a 30 minutes candle price moves up and fall about 900 pips. Since then the price has reduced the range of its movement. Right now it moves in the consolidation between 1.0900 and 1.1340. AUDNZD now rebounded from the resistance at the indicated level and is heading 1.0900.

Wider view, interval W1

Since 5 years AUDNZD moves in a downward trend but the minimum, which took place at the beginning of April this year, begins to indicate a possibility of trend reversal. Direction of breakout from flag will be very important. Flag is a pattern of trend continuation and it should be break above. Break above will give a chance even to trend reversal. However, if the flag breaks below, then this whole movement will take the form of a rebound and AUD/NZD will come back to the main trend (the downward one).

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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.

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 28th Sept, 2015
By FxGrow Research & Analysis Team

EURGBP - the appropriate breakout of the triangle up

On September 21 was a break below the triangle. However already the first support on 0.7200 mobilized bulls to buy and on next day there was a return to inside the triangle. Using the situation that on chart is formation fakey (false breakout) the bulls were attempted broke above the triangle. It was successful. Upward movement has been stopped at 0.7400 and currently the price is moving between the triangle and resistance. If break above the level 0.7400 will be successful the next target of upward movement is 0.7480. However, if bulls show the weakness the price should return to inside the triangle again.

Wider view, interval W1
Since 2009 EURGBP moves in a downtrend. In this time price has fallen from 0.9800 to 0.6940. Currently rebound is in progress and move up abolished only 23.6% of the last downward movement. Level 0.7650 could be tested which is 38.2% fibo. Earlier, the bulls will have to deal with some resistance: 0.7480, 0.7550, 0.7590. The strongest of the indicated resistance will be 0.7550, which marks the downward trendline.

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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.

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 28th Sept, 2015
By FxGrow Research & Analysis Team

USDJPY – fake triangle breakout

Last Friday the price broke above upper arm of the triangle and investors expected further upward movement that are consistent with the long-term trend in USDJPY. That's not happened, and even the first week resistance had stopped upward move and activate downward rebound. On Friday, the bulls tried to rebound from the upper limit of the triangle (at the chart it would confirm the successfully breakout). However today bears have taken control and USDJPY moved back to the center of the triangle reaching the level of 120.00.

A similar situation occurred today on EURGBP, where such a false breakout resulted in a proper breakout in the opposite direction. It is not excluded that same exact scenario will be seen on USDJPY. Currently, we should observe in which direction the proper breakout will go. If above, the next resistances are at 121.20 and 122.00. If below, the next supports are at levels: 119.10, 118.50, 116.20.

For more in depth Research & Analysis please visit FxGrow.

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 – 03rd Nov, 2015
By FxGrow Research & Analysis Team

AUDUSD tests the upper limit of the downward channel

Today there was a test of the upper limit of the downward channel. Since October 12 the channel is forming, when an attack on the resistance level of 0.7370 has failed. At the moment there should be some attempts to keep the price near level 0.7200. And next an approach to break above the upper limit of the channel. If that attack succeeds the near resistances will be located at levels 0.7290, 0.7370. If the bulls show a weakness, price will move toward the lower limit of the downward channel. The next supports can be found at levels: 0.7110, 0.7070, 0.7030, 0.6940.

Wider view, time-frame W1

At weekly intervals price also moves in a downward channel. Price is "stuck" to the upper limit. On AUDUSD we see a valid downward trend and only break above the level of 0.8100 will give a real chance to reverse current momentum. Now a movement towards the YTD lows at 0.6900 are more likely.

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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.

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 03rd Nov, 2015
By FxGrow Research & Analysis Team

USDJPY - correction may be already finished

Previous analysis of October 26 proved to be extremely profitable. In one day, the price reached the indicated level, giving a profit of over 800 pips. In analysis entitled "correction uptrend rally" I wrote: "Currently falls should reach at least around 120.00 - 120.30, there is a basic fibo level 38.2%."

After reaching the indicated retracement, price began upward movement, which tested October high. At the moment everything depends on constans breaking the resistance at 121.45. If it succeeds, USDJPY will return to the main trend and the upward movement will be continued. The next targets will be at the levels: 122.00, 123.00, 124.50, 125.20. Alternatively, if there were declines and the price went down below 120.00, targets for bears would be the levels of 119.60, 119.15, 118.20.

For more in depth Research & Analysis please visit FxGrow.

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.