Daily Technical Analysis by FxGrow

[FxGrow Support]

FxGrow Daily Technical Analysis – 06th Jan, 2015
By FxGrow Research & Analysis Team

USDTRY - return above 3.0000

Since more than 5 years USDTRY moves in an uptrend. In September 2015 price reached 3.0000 level and after creation of the double top pattern correction occured. Correction lasted one month and took a form of ABCD simple correction with AB=CD dependence. Since bottom in November 2 price moved upward with higher highs and higher lows.

Today USDTRY broke above key level 3.0000. Next resistances are located at 3.0280, 3.0610. If price will break above last top at 3.0750 it will be a signal for a new uptrend impulse. Alternatively if current breakout won't succeed and price will fall below 3.0000 nearest supports are located at levels: 2.9850, 2.9400, 2.9050.

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.

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 07th Jan, 2015
By FxGrow Research & Analysis Team

GBPUSD - at key support

Hawkish FED strengthened dollar at all of the fronts. Yesterday FOMC minutes were published and they confirmed FED's members unanimity in the matter of rates hike. There is 45% chance of next rate hike during March's meeting.

Due to this fact, GBPUSD fell to last year's low. If attempt of support breakout at 1.4600 succeeds next support will be find near 1.4250 - 1.4400 area (2010 low). If that level also breaks, historical low from 2009 at region 1.3500 will become a next support. However if price rebounds from current support, nearest resistances are located at levels: 1.4740, 1.4820, 1.4940.

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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 – 07th Jan, 2015
By FxGrow Research & Analysis Team

USDJPY - movement to 116.00

USDJPY continues downward movement which lasts since early December with a short break. It should be noted, price is oversold and since two weeks there wasn't any correction. However today's low could be deepened. Yesterday's support at 118.70 was broken and that fact showed some consequences today. Strong downtrend candle broke below 4-months low and currently 2015 low (area 116.00) is a bearish target.

It is likely that weak correction may appear and 118.70 will be tested. If there will be a rebound at 118.70 level price will fall to 116.00. Behavior of price at this level will be important for further direction of USDJPY movement. Breakout of one year's low will give a strong sell signal and a trend reversal in the long term.

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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 – 08th Jan, 2015
By FxGrow Research & Analysis Team

AUDCAD - support at 0.9870 paused correction

Previous analysis was extremely precise. I pointed that currency is overbought and correction may occur in a moment, I wrote: "Correction may begin at every moment, however it is likely that current movement will lead price to supports at 1.0130 or 1.0200. If one of that levels will cause rebound, nearest support is at 0.9970 level". So it happened and price shadow (wick of the candle) exceeded firstly pointed level about 37 pips and dynamic correction occured.

AUDCAD doesn't like movement in consolidation and by the fact, that upward move which lasted since the beginning of November was almost vertical now correction could be also dynamic. First support at 0.9970 was broken below and a pause in declines caused second support test at 0.9870. If there will be a breakout of that level next stronger support is located in 0.9730 area (conicided with Fibonacci 50%). At one of that supports rebound should occur and it shows current strength of demand.

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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 – 08th Jan, 2015
By FxGrow Research & Analysis Team

EURGBP - triple top pattern

Today's nonfarm payrolls data were extremely calm, despite that the forecasts were completely different. Unemployment in USA remained at 5% and US economy created almost 50% more work places in nonfarm sector than it was forecasted (292k vs 200k). EURGBP chart looks really interesting, where price (since last year's April) for the third time reached resistance 0.7480 and rebounded again.

Right now we can see triple top pattern, which is a declines signal. This time demand should try another attack at this resistance and it can even reach again to yesterday's high. At time-frame H4 the possibility of rebound is confirmed by yesterday's candle with a long upper shadow. Nearest supports: 0.7420, 0.7320, 0.7250. Key resistance at 0.7480 level.

Time-frame D1

Time-frame H4

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

EURJPY - support reacted, it is time for a bigger rebound

Last week analysis was very profitable. In analysis entitled: "EURJPY - approached important support", I wrote: "Rebound may occur in a moment. Key level which should bring demand reaction is located near 126.50". In fact rebound occurred 50 pips above that level and signal to take the long position was OUTSIDE BAR price action pattern. It is visible at chart H4 (pointed by arrow). Low of that pattern was deepened by long shadow (it required wider SL or renewed long position), after which upward movement continued to first resistance at 128.80.

If this resistance breaks next target for bulls will be located at 129.80, 130.75. However if declines shows once again, supply will want to test area 126.50 and there should be stable rebound.

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.

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 11th Jan, 2015
By FxGrow Research & Analysis Team

AUDUSD - dynamic rebound from the support
Since the beginning of this year AUDUSD falls and broke few supports. For 6 sessions there was lower highs and lower lows and this downtrend stopped today, when first dynamic rebound occurred. Rebound was caused by support which was created by September's lows at area 0.6920. Temporarily rebound was stopped by 0.7020 level, but after its breakout next resistances are at levels: 0.7080, 0.7160, 0.7280.

Wider view, time-frame W1
Since 2011 AUDUSD moves in downtrend. However last 5 months is a side movement between levels: 0.6920 - 0.7370. It is more likely that in long time trend will be continued and price will fall below 0.6920. While price is between pointed levels it is a side trend and traders should trade from band to band.

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.

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 12th Jan, 2015
By FxGrow Research & Analysis Team

EURUSD - movement in downward channel suggest the direction of breakout

Since December 4 EURUSD moves in downward channel between 1.0720 - 1.1050. Fundamentally dollar should strengthened and EURUSD continue its declines but it doesn't. It indicates, that any dovish information from FED could induce upward movement at least to 1.1050. Similar channels formed several times in the last few months (as you can see in the chart D1) and every time breakout was in direction opposed to the channel slope. If price breaks the channel, further movement will be also in consolidation but in a bigger one, between levels: 1.0500 - 1.1500.

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.

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 12th Jan, 2015
By FxGrow Research & Analysis Team

GBPUSD - lowest since mid-2010

Currently we have very clear situation at GBPUSD. After support breakout (1.4600) price tested it from the bottom. Reversing the polarity was confirmed and last support has become new resistance which is clearly visible in the chart below. Demand couldn't go back even for a moment above 1.4600. Further target for falls could be one of supports from 2010: 1.4400 or 1.4250. If price falls below them it is almost certain that price will reach below 1.4000 level.

Attention should be paid to the GBPUSD nearest Thursday when the central bank of England publish its decision on interest rates. A likely scenario is a test of one of the indicated levels and rebound on Thursday's BoE decision.

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.

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 13th Jan, 2015
By FxGrow Research & Analysis Team

GBPAUD - movement in downtrend channel

Since last year's August GBPAUD moves in a downtrend. Previous wave of declines finished at 2.0170 (almost 7-months low) and rebound occurred. Price was gaining until Monday when after reaching a downtrend line (coinciding with Fibonacci 78,6%) new wave of falls occurred. Today downward movement is continued, but declines are paused by support 2.0470. There is no sign that this support should stop declines. It is very likely that after its breakout, lower limit of downward channel will be tested. Currently that lower limit coincides with strong support 1.9900. However if bulls strengthens, the trend reversal momentum will try to close the price above 2.1000 level. This would mean break above: downtrend line (time-frame H4) and downtrend channel (time-frame D1).

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.