Daily Technical Analysis by FxGrow

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FxGrow Daily Technical Analysis – 04th Nov, 2015
By FxGrow Research & Analysis Team

EURGBP moves towards 0.6940

In the previous analysis, I wrote: "If support at 0.7200 has been permanently broken the goal of falls will be the level of 0.6940. Along the way supply will have to deal with supports: 0.7165, 0.7090, 0.7035". And so it happened since February 2015 EURGBP moves in consolidation between the levels 0.7480 - 0.6940. After testing the upper limit of this consolidation in mid-October now falls should reach to the lower limit. The nearest support is at 0.7040. If there was a rebound it should be stopped at the level of 0.7165. There is a downward trend line and the nearest major resistance.

Time-frame H4:

Time-frame D1:

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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 – 04th Nov, 2015
By FxGrow Research & Analysis Team

EURUSD 3-months low

Since October 15 the price moves in a dynamic downward trend. In the less than three weeks EURUSD made a downward movement over 600 pips. After breaking below the support at level 0.1080 price returned to this level. That move only confirmed that the indicated level has now become resistance and downward movement continues. Currently there is only a matter of time, when support will be tested at level 1.0810.

Because the current downward movement hasn't been corrected yet, so it is very likely that price will rebound there. Rebound will be able to reach 1.1080, which is a significant resistance and will be strengthened by 38.2% fibo level. If the downward movement will break below indicated support, next declines targets are on levels: 1.0715, 1.0660, 1.0520, 1.0460.

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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 – 05th Nov, 2015
By FxGrow Research & Analysis Team

AUDCAD - double top caused declines

In October there was an attempt of break above resistance at 0.9510. It succeeded twice, but each time dynamic downward movement followed. Finally a double top formation appeared and caused declines. Since the beginning of November there is a retracement, which reached 50% fibo level of the last downward movement. In the nearest future price may persist between the levels 0.9290 - 0.9490. If the resistance at 0.9490 will be broken, target of upward movement will be 0.9580. If level 0.9290 will be broken, target of downward movement will be at 0.9250.

Wider view, time-frame W1

Since almost 2 years AUDCAD moves in a downward channel. In August there was a test of lower limit of that channel and rebound. That movement has reached to the mid-channel. If there will be a strong upward movement, then it will aim 0.9750 which is the upper limit of the downward channel and resistance. If the falls will return, their first target will be at the level 0.9160, and after break below the next one at 0.9070 - which is a lower limit of the downward channel.

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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 – 05th Nov, 2015
By FxGrow Research & Analysis Team

USDTRY attempt to keep above uptrend line

A lot of volatility as a result of the political turmoil in the currency pairs with the Turkish lira. On Sunday, the party supported by currently president won the elections, at the end it was not certain. As a result of this uncertainty on USDTRY Monday's session began with a gap of 900 pips down. This resulted with braking below the uptrend line. Price is already 2,000 pips below the September's high. However, the situation is still open. Recent declines can be considered only as a correction if the price returns to upward movement. The first task for the bulls is closing the gap from Monday and break above the level of 2.9600.

In the case of falls continuation and break below trend line, supports are on levels 2.8060 and 2.7550 which is a November's minimum. Breakout of indicated resistance will signal the start of a larger correction, and maybe even the trend change.

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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 – 06th Nov, 2015
By FxGrow Research & Analysis Team

GBPJPY on October's trendline

Analysis from October 28 was wery profitable. I wrote: "Today's demand is testing resistance at 184.50. If break above will be successful next resistances are on levels 186.00, 187.50. Move higher than 187.50 may be difficult and there is little chance that this will happen soon". Indeed price reached 187.68 and rebounded. Downward movement was dynamic.

Falls stopped below support on uptrend line which can be determined at the October lows. The line was tested for the third time and this time It can be broken. The first target of falls will be the level 184.50. If the downward movement will proceed its main target is the level of 180.50, and before there are: 183.90 182.50. Alternatively, if rebound occurs price once again will move towards 187.50.

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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 – 06th Nov, 2015
By FxGrow Research & Analysis Team

GBPUSD - macro data caused six-months low

Yesterday dovish Bank Of England caused a breach of channel's low in which the price moved. Today's US non farm payrolls and employment data confirmed falls and after that GBPUSD break below first important support at 1.5100. Unemployment has fallen to 5%, which was one of the task of the FED. At this moment probability of the first rate hike in the US in December increased. The first level, which may cause rebound is 1.4980. Next support is 1.4800 and the next one is low of 2015 at 1.4560.

When we take a look at weekly interval, the situation is even more serious. Since the beginning of the year upward movement took form of flag, which suggests a continuation of previous trend. If price couldn't get back inside the flag, this year's lows will be under pressure of sellers. Upward movement, which took place from the beginning of the year, got the form of flag, which promises a continuation of the previous trend. If price cannot quickly get back inside the flag, then this year lows will find themselves under sellers pressure.

Time-frame D1

Time-frame W1

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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 – 09th Nov, 2015
By FxGrow Research & Analysis Team

USDJPY - the 2-months correction approaching to end

A very interesting situation on USDJPY. Since 2012, the price is in an uptrend. In June 2015 reached a high on 125.85 and a correction has started which lasted more than two months. Price moves in consolidation between the levels of 118.20 - 121.65. In last week was break above from pointed consolidation (such scenario I assumed in analysis at the beginning of November entitled: "correction may be already finished").

Today the price confirmed break above resistance at level 123.20 and upward movement continues. Next targets for demand are 124.50, 125.20 and 125.85 which is this year's high. After leaving on a new high strong resistance is at level 135.15 which is high from 2002 year. If there was correction of recent upward movement and price falls below levels 123.20 - 123.00 the nearest support that should cause rebound is at 122.00.

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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 – 09th Nov, 2015
By FxGrow Research & Analysis Team

EURJPY - consolidation before further declines

In analysis from October 29 I pointed that rebound which just started could be very weak. I wrote: "there is a rebound that may reach 133.15 and 134.00. Only moving back above the 133.15 and next to 135.00 give a chance of further EURJPY upward movement". And indeed the demand was trying to break above indicated resistance. Price reached 133.38 and there was a quick supply counterattack and last six months low has been deepened again.

In the coming days it is more likely that the price will move in the consolidation between the levels of 131.50 - 133.30. And next wave of falls after break below the lower limit of that consolidation. The European Central Bank seems very determined to weaken the euro. Falls can be noticeable on most currency pairs with the euro. If level 131.50 breaks, target of next falls is at 126.00 which is a 2015 low (showed on the D1 TF chart).

Time-frame H1

Time-frame D1

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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 – 10th Nov, 2015
By FxGrow Research & Analysis Team

EURCAD - broken below uptrend line

Since the top of the August 24 which EURCAD established at level 1.5560 continues the downward movement. At the level 1.4480 broke below was first support and already 60 pips below also the uptrend line that lasted from April 2015.

Declines have been stopped on the support, which is located in the area of 1.4200 - 1.4160. If this support will be break below downward movement should be very dynamic and will amount a minimum of 400 pips. The next support levels are located at: 1.3800, 1,3760, 1.3400, 1.3000. If upward movement will return the most difficult resistance for the demand will be at the level 1.4480. There is resistance and earlier uptrend line.

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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 – 10th Nov, 2015
By FxGrow Research & Analysis Team

EURUSD - below level 1.0700

Since almost one moth EURUSD moves in a dynamic downtrend. During this time price fell 800 pips and there wasn't any correction. Falls are still supported by divergent behavior of a central banks. The European ECB intends to further ease the monetary policy, while US FED is more hawkish and perhaps as early as next month will raise interest rates first time in a decade.

Today EURUSD break below low from last week which was the support at level 1.0710. Testing this year low at 1.0460 seems to be a matter of time. If price rebounds earlier, the closest resistances will be at levels: 1.0710, 1.0790.

Time-frame M30

Time-frame W1

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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.