Daily Technical Analysis by FxGrow

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FxGrow Daily Technical Analysis – 10th Dec, 2015
By FxGrow Research & Analysis Team

NZDUSD - upward movement after RBNZ decision
Yesterday Reserve Bank of New Zealand announced its interest rate decision. As forecasted, main rate was reduced. This caused volatility on the NZDUSD. First, price false broke below support at 0.6610 and second dynamic upward candle reached to 0.6780 level. Further attempt to break above indicated resistance and upward movement to 0.6850 is very likely.

Wider view, time-frame D1
Since 5 months NZDUSD moves in consolidation between 0.6260 - 0.6850. Last time lower limit of the consolidation was tested in September 2015. Currently price approaches range upper limit. However price still stays below downtrend line and that suggests return to declines in the future. Right now break above 0.6900 will change sentiment and gives a hope to trend reversal.

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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 Dec, 2015
By FxGrow Research & Analysis Team

GBPCHF - high volatility under the influence of central banks
Today at GBPCHF traders that were range-trading should earn a lot. Those ones who waited for a range breakout might dent their deposits. In the morning SNB took a decision on interest rates. Interest rates remained at the same level. GBPCHF failed to break above resistance and rebounded. After that it reached a daily low. Demand was supported by Bank of England and here interest rates were also unchanged what brought another upward impuls.

Time-frame M30:

If break above 1.5000 level will succeed target for upward movement is at 1.5070. Only above this level it will prove whether this rebound is likely to be a new uptrend. But if new wave of fall activates, the nearest strong support is at 1.4890 level.

Time-frame M30:

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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 – 11th Dec, 2015
By FxGrow Research & Analysis Team

EURUSD - markets awaits FED decision

After last week's fast upward movement, in current week demand does not give up. On Wednesday we saw a test of 50% fibo level of the previous downward movement. After that there was a shallow correction. Currently, upward movement continues and it is likely that high from last days will be exceeded.

Next Wednesday investors will know the FED decision on interest rates. If there won't be a first hike it will be a big surprise for the markets. From the fundamental side there is a divergence between the central banks policy which should result in a further weakening of the euro against the dollar. However the decision is not yet published and technically EURUSD has a chance to test the 61,8% fibo level, which is located in the area 1.1120. That level is also strengthened by resistance. Nearest resistances: 1.1030, 1.1120. Supports: 1.0910, 1.0860, 1.0810, 1.0685, 1.0630.

For more in depth Research & Analysis please visit FxGrowhttps://secure.fxgrow.com/b.php?cid...yb3cuY29tL3Byb21vX2RldGFpbHMucGhwP2Fkc19pZD02.

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 – 12th Dec, 2015
By FxGrow Research & Analysis Team

GBPUSD - on three weeks high

Today US inflation data was published. That was one of the last important macro reading before next week FED meeting. As federal reserve expected, inflation increased more rapidly than forecasted. The time of FOMC meeting is approaching and it may cause big volatility because nobody knows what will be the markets reaction on first rate hike.
At GBPUSD (H1) today demand broke above resistance at 1.5190 level and approached next resistance at 1.5240. What's interesting, this month's upward movement took the form of simple ABCD correction and price already reached D point, where AB=CD.

Wider view, time-frame D1

GBPUSD continues rebound that started on December 2nd. Nearest resistance is 1.5240 level (blue line at chart D1). Stronger resistance (monthly high) is at 1.5330 level (red dotted line at chart H1).

For more in depth Research & Analysis please visit FxGrowhttps://secure.fxgrow.com/b.php?cid...yb3cuY29tL3Byb21vX2RldGFpbHMucGhwP2Fkc19pZD02.

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 – 14th Dec, 2015
By FxGrow Research & Analysis Team

EURAUD - reached to resistance, for the last week point for the bulls

At the beginning of December there was a test of support at 1.4400 level. That level caused dynamical rebound. After impressing last week's candle (at weekly time-frame), price reached to the resistance that stopped upward movement. Currently this upward movement should be treated as a correction.

However it is likely that price will reach to 1.5500 level where is resistance and fibo 50% of last downward movement or even to 1.5720 level where is fibo 61,8%. On each of that important levels: 1.5270, 1.5500, 1.5720 bears will be looking oportunity to end that correction. When declines will back we will be able to determine in what condition are the bulls. Then it turns out if it is a chance to return to upward movement, which last at EURAUD since April 2015.

For more in depth Research & Analysis please visit FxGrowhttps://secure.fxgrow.com/b.php?cid...yb3cuY29tL3Byb21vX2RldGFpbHMucGhwP2Fkc19pZD02.

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 – 14th Dec, 2015
By FxGrow Research & Analysis Team

USDCAD - new highs, but resistance is on the horizon

Previous analysis USDCAD from November 26 gave more than a 400 pips profit. I wrote: "In the coming days demand should carry out another attack at the resistance 1.3400" and "if this resistance will be broken, next target for demand is at the level 1.3860". Actually continuation of upward movement is very dynamic and today price tested 1.3780 level.

Since 2004 price wasn't at such high levels. Currently next resistances should be looking for at monthly time-frame. It should be noted that levels from monthly time-frame aren't precise. Nearest resistances are at area: 1.3860, 1.4070. If there will be a correction nearest support is at 1.3430 level.

Time-frame H4

Time-frame monthly

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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 – 15th Dec, 2015
By FxGrow Research & Analysis Team

EURUSD - the highest since 1,5 months

EURUSD continues it's upward movement. In last few days there was a shallow correction and today price break above last few days highs. Since October 30 EURUSD wasn't so high (1.1058 level was tested). Currently price keeping up above 1.1000 level. Next target for bulls is 1.1120 level there are resistance and 61,8 Fibonacci level of last downward movement. There will be a huge volatility during tomorrows FOMC meeting. First will be FOMC decision about rate hikes and second a press conference of Janet Yellen (FED's chief).

It is likely that first reaction on EURUSD will be different than the right one that appears later. It is worth to follow the event on Wednesday evening, and certainly you shouldn't leave at that moment open position "without a care". Nearest supports if descents will back: 1.0990, 1.0930, 1.0860, 1.0810, 1.0685, 1.0630.

For more in depth Research & Analysis please visit FxGrowhttps://secure.fxgrow.com/b.php?cid...yb3cuY29tL3Byb21vX2RldGFpbHMucGhwP2Fkc19pZD02.

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 – 15th Dec, 2015
By FxGrow Research & Analysis Team

USDCHF reached to strong support and Fibonacci 61,8% level

Last analysis USDCHF from November 20 gave profit more than 300 pips, I wrote: "Since a month there is a dynamic upward movement without any bigger correction. Currently price reached to resistance and that level should bring declines or maybe even a deeper correction".

Rebound was very dynamically however it may approach to the end. Currently USDCHF reached to Fibonacci 61,8% level of last upward movement and this level is reinforced by strong support. It is likely that price will move upward and strength of this rebound will show direction of further movement. Swiss SNB maintains that CHF is currently overvalued and will do everything to weaken the CHF. This should give new downward impuls on USDCHF. Nearest supports: 0.9790, 0.9590, 0.9470, 0.9300. But if price will back to uptrend nearest resistances are at levels: 0.9940, 1.0090.

For more in depth Research & Analysis please visit FxGrowhttps://secure.fxgrow.com/b.php?cid...yb3cuY29tL3Byb21vX2RldGFpbHMucGhwP2Fkc19pZD02.

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 – 16th Dec, 2015
By FxGrow Research & Analysis Team

GBPNZD - after 4 months of declines rebound is likely

Since the beginning of this year to August GBPNZD gain almost 25%. In August there was a correction that lasts until today. Currently there is a great moment to rebound. Price reached to Fibonacci 50% level of previous upward movement. That level is strengthened by supports formed in 2010 and 2011. If price will rebound, it could back to this year's high. Resistances are at levels: 2.2660, 2.3000, 2.3500, 2.4000, 2.4520.

However if bulls fails, target for bears are located at levels: 2.1570 (Fibonacci 61,8% and support), area 2.0800. In that last area there is Fibonacci 78,6%, support and equal length of the current correction AB = CD. If there won't be rebound before that level that last area is strongest level to stop falls.

For more in depth Research & Analysis please visit FxGrowhttps://secure.fxgrow.com/b.php?cid...yb3cuY29tL3Byb21vX2RldGFpbHMucGhwP2Fkc19pZD02.

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 – 16th Dec, 2015
By FxGrow Research & Analysis Team

GBPUSD - supply is not giving up

Last GBPUSD analysis from October 2 gave 250 pips profit. I showed important support which should rebound and targets for that move. I wrote: "if rebound occurs, the next resistances will be at: 1.5120, 1.5240, 1.5370". In fact after rebound price at Friday reached 1.5239 level and declines returned.

GBPUSD moves in a downward trend. It is confirmed by blue dotted line on the chart. Today support at 1.5000 was tested. Next supports are located at levels: 1.4870, 1.4740. Today we are waiting for the most important event of the month (or maybe of the year), which can be first rates hike in USA. It's impossible to predict what will be the reaction of the market because that information should be already priced in. If price rebound again nearest resistance is at 1.5120. However more important will be break above 1.5240 level. It should allow bigger upward movement.

For more in depth Research & Analysis please visit FxGrowhttps://secure.fxgrow.com/b.php?cid...yb3cuY29tL3Byb21vX2RldGFpbHMucGhwP2Fkc19pZD02.

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.