Daily Technical Analysis by FxGrow

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FxGrow Daily Technical Analysis – 25th Nov, 2016
By FxGrow Research & Analysis Team

USD/JPY Responds Positively to US Dollar Hike, Eight New Months Top

The data released in Japan showed consumer price index (CPI) dropped for an eighth straight month. The headline figure remained unchanged at 0.1%, while, the core CPI dropped 0.4% y/y in October. However, the headline figure has rebounded from last month’s print of -0.5%, slightly better-than-estimates. The numbers and above data didn't give the Japanese Yen a break from US dollar dominance as greenback still soaring all rivals. The US dollar index hysteria was not done yesterday, as the index peeked further more today to new high at 102.11 causing USD/JPY to rally from 113.18, to fresh 8 months high 113.89. The first resistance level at 114.07 to be considered and breaking this point will expand gains into next resistance levels.

Key levels to watch: Weekly Pp 109.48

Trend: Bullish

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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 – 25th Nov, 2016
By FxGrow Research & Analysis Team

GBP/USD IMMUNE TO DOLLAR PUSHING HIGHER, AWAITING Q3 GDP

GBP/USD is neutral since today's opening trading sessions. The pair seems to be confused between 1.2428 low and 1.2457 high zone. Although US Dollar is hiking at a fast pace, peeking at new highs 102.11, the British Pound was immune against losses and it seems it to have picked up significant strength facing it's USD rival. Right now, US index retreated to 101.71, still to be considered high relative to previous trading sessions, and the pair is closing to today's high, currently trading at 1.2452 above weekly pivot at 1.2419. Also, traders should pay attention to 100 SMA at 1.2461 which to be considered a strong point in case the pair touches it. British Pound has a chance now in absence to US economic news to reclaim some gains and dignity as Sterling awaits second estimate GDP data, scheduled to be released at 9:30 AM GMT today.

Key levels to watch : Weekly Pp 1.2419

Trend: Bearish sideways

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

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 – 28th Nov, 2016
By FxGrow Research & Analysis Team

EUR/USD MARCHES STEADILY AS USD PLUNGES, ECB EYED


EUR/USD closed the week flat around 1.0600, but not before extending this year's decline to 1.0517 last Thursday, as demand for USD-related assets remained high, in spite of a shortened week in the US. FOMC Minutes released on Wednesday showed that FED's officers are mostly agreeing on an upcoming rate hike for this December, reinforcing what the market already anticipated. At this point, 100% odds of a move higher in the US benchmark has been fully priced in, probably, one of the reasons behind dollar's upward momentum fading.

Nevertheless, political uncertainty in Europe amid the referendum and elections in Italy and the UK with its Brexit, will likely keep the common currency subdued, at least, until the ECB and FED's December meeting, which will likely set the tone for the pair for the first quarter of 2017. Today, EUR awaits major news with money supply report, and ECB as Draghi makes appearance with more impact on EUR/USD.

Technical levels to watch : Weekly pivot 1.0588

Trend: Bearish sideways

Resistance : R1 1.0685, R2 1.0715, R3 1.0746

Support : S1 1.0594, S2 1.0551, S3 1.0522

Remark: EUR/USD general mood is still bearish although morning showed some bullish correction taking into consideration strong US economy. Price range expected between R1 and S1, but look forward at 9:00 AM GMT as EURO awaits news that could possibly create more volatility breaking support and resistance depending on the outcome.

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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 Nov, 2016
By FxGrow Research & Analysis Team

GOLD REBOUNDS ON WEAKER US DOLLAR, AWAITING FURTHER NEWS ON US TODAY


Gold performance last week was not up to expectations as the precious metal plunged to 1170.82 after strong US data, lowest level since February bringing its total losses to around $130 per ounce since Donald Trump won the US Presidential election. XAUUSD is in confusion this week, swinging between 1197 and 1182 handle as US dollar index surges. Gold clocked a high 1195.16, not long before plunging to 1188.72 low, currently 1189.89 intraday close to it's weekly Pp.

XAUUSD is still considered bearish as Trump trade is moving in the right path and at the same time pressured by strong US economy and today, US data might cost gold further losses as US dollar awaits Prelim GDP scheduled at 1:30 PM GMT, and later on Consumer confidence at 3:00 PM GMT.

Trend : Bearish sideways

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

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 Nov, 2016
By FxGrow Research & Analysis Team

USD/JPY BEARISH CORRECTION RESPONSE TO POSITIVE LOCAL DATA, AWAITING US DATA


The Japanese Yen strengthened yesterday, first on weaker US dollar, later on the Yen was boosted by positive local data. USD/JPY reversed the bullish cycle as US dollar index plunged 101.18, not long before dropping from 101.60 yesterday highs. The pair yesterday clocked a high at 112.78, and as greenback weakened, USD/JPY retreated to 111.34 low. The pair received another negative shock resulted in an extension of bearish momentum as Japanese house hold spending scored -0.4% compared to -2.1% in previous sessions.

Although the pair made a short-term-downswing-correction resulted in bearish momentum as the dollar takes a break after a strong move, it still remains under the mercy of relatively strong US dollar awaiting Prelim GDP scheduled at 1:30 PM GMT, and later on Consumer confidence at 3:00 PM GMT. USD/JPY made it's first test as first support and the level was successful resulted in reverse to bullish candle sending the pair above 112 handle ahead of further economic data.


Key levels to watch : Week;y Pp 112.41

Trend : Bullish Sideways


For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

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 Nov, 2016
By FxGrow Research & Analysis Team

OIL PRICES ARE POISED FOR OPEC-DEAL FINAL TOUCHES, US CRUDE INVENTORIES EYED


OPEC members are once again closing on final touches to strike a deal set in Vienna on the 30th of Nov between the old rivals. OPEC leaders are convening as final talks ahead of Wednesday's announcement begin.

On the weekend, signs of rift erased the illusion that it was virtually a done deal. On the weekend, Algeria's oil minister flew to Tehran to help break a deal. Also, Saudi official said the market could re-balance on its own. That was a signal they would be ready to walk away from any proposal. Iran and Iraq are the main key players in act of glue for the final oil cartel decision. Iraq has shown a willingness to compromise but it wants flexibility to bring production back online in ISIS-controlled areas. Iran is more insistent on raising production to 4 million barrels per day and beyond.

Technical levels to watch : Weekly Pp 47.01

Resistance levels : R1 46.81, R2 47.89, R3 48.65

Support levels : S1 44.43, S2 43.61, S3 43.04

Remark : traders should stay alert and tight attention to OPEC meeting results today in Vienna, also US crude oil inventories scheduled to be released at 3:30 PM GMT. These are the elemental keys for the coming crude oil price.

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

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 Nov, 2016
By FxGrow Research & Analysis Team

Canadian Dollar Surges On Weaker US Dollar, Awaiting Local Data

USD/CAD currently in bearish mood taking advantage of weakening Dollar as US dollar index 100.97 low today. The pair dropped on Monday to 1.3396, then rallied yesterday to 1.3480 high. USD/CAD touched 50 SMA 1.3444 from above then retreated 1.3412 today's low, currently trading 1.3428 intraday.

Trend: Bearish sideways

Key levels to watch : Weekly Pp 1.3480

Resistance levels : R1 1.3455, R2 1.3486, R3 1.3523

Support : S1 1.3394 , S2 1.3363, S3 1.3327

Remark : Price range S1 and R1, but look forward for Canadian GDP, later on oil prices. Traders should expect more volatility on economic news.

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

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 – 01st Dec, 2016
By FxGrow Research & Analysis Team

BRITISH POUND RECOVERING AFTER CARNEY'S COMMENTS, AWAITING LOCAL DATA

The Sterling found a shelter yesterday against greenback as Carney on behalf of BOE, held the press conference yesterday with reassuring words coming out of his mouth directly to the press. Mr. Carneys' comments regarding UK financial system suggest that the performance of the system indicates that UK passed several tests and obstacles this year. The drop in the Sterling since Brexit suggests markets expect modest real income growth, less open trade and consumers drawing down savings and borrowing for first time since crisis, reinforcing indebtedness.

GBP/USD nourished in early trading sessions after BOE statement yesterday, made a rally from 1.2502 low, clocked a high at 1.2541 at which the pair is trading right now.

Trend: Bullish Sideways

Key levels to watch : Weekly Pp 1.2433

Resistance levels : R1 1.2544, R2 1.2586 , R3 1.2637

Support levels : S1 1.2493, S2 1.2449, S3 1.2397

Remark : Although GBP/USD is bullish sideways, a bearish short-term-downswing should be taken into consideration due to crucial news today on UK and US economy. Price range between S1 and R1 but look forward for more volatility as UK releases manufacturing PMI today, later on US PMI scheduled at 3:00 PM GMT which will settle the rift between GBP/USD.

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

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 – 02nd Dec, 2016
By FxGrow Research & Analysis Team

GOLD SPIKES OM WEAKER US INDEX, NFP EYED

Gold remains strongly bid despite mixed US data yesterday. The haven metal rallied on Wednesday to 1194.96 highs, then plunged yesterday to 1160.70, lowest since second of January. The market is in fluctuation as NFP approaches further more as it give signs for Fed decision to hike rates later this month. Although US ISM PMI was positive, gold stood immune below 1160 level and took advantage of weaker US dollar index adding 16.04 USD from yesterday's low, as US dollar drops 0.66 from 101.61 high. US Non-farm-Payrolls are scheduled to be released at 1:30 PM GMT which should bring new levels for gold knowing that the yellow metal is highly sensitive to interest rates.

Trend : Bearish Sideways

Key levels to wartch: Weekly Pp 1189.67

Resistance levels : R1 1181.97, R2 1195.79, R3 1209.41, R4 1219.41

Support levels : S1 1162.15 , S2 1151.33, S3 1142.52 , S4 1134.41

Remark : Price range between S1 and R1. Gold is still bearish including fluctuation bull candles as US news approaches. Look forward for more volatility as US NFP is released along with hourly average earning hours and unemployment rate.

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

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 – 02nd Dec, 2016
By FxGrow Research & Analysis Team

Euro Strengthen as US Dollar Retreats Ahead of NFP Data

Once again, after UK referendum, the EUROZONE will undergo a new harshtest as Italy will decide either to stay in the cartel or follow the path of its neighbor UK. The suspense of Italian referendum gave a lift to EUR EUR/USD is bullish for the next day taking advantage of poor US index performance and richer EUR index. US index is in bear candles for the next day, dropping today to 100.78 low after bullying the market significantly since Trump triumphed. EUR index on the other hand was on positive performance after long periods of being bearish. EUR index rallying yesterday's from 86.64 low to 87.33 high today, gave an additional boost to EUR/USD today in addition to the suspense of Italian final claim regarding Eurozone.

Trend : Bullish sideways

Key levels to watch : Weekly Pp 1.0588

Resistance levels : R1 1.0712, R2 1.0791, R3 1.0857, R4 1.0948

Support Levels : S1 1.0639, S2 1.0563, S3 1.0496 , S4 1.0445

Remark : Look forward for high volatility on EUR/USD due to NFP release today at 1:30 PM GMT and the Italian final decision on Eurozone.

For more in depth Research & Analysis please visit FxGrow.http://fxgrow.com/analysis-educatio...cal-analysis-fxgrow-free-forex-analysis-tools

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.