Daily Technical Analysis by FxGrow

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FxGrow Fundamental Analysis – 28th Feb, 2017
By FxGrow Investment Research Desk

Sterling Declines as US Dollar Inclines, US GDP in Focus

GBP/USD extended the bearish momentum for the third consecutive session this week. The pair clocked two-weeks-fresh-lows yesterday at 1.2383 pressured by reviving US Dollar yesterday as US index rallied from 100.66 low and parked at 101.18 hill, currently trading 101.11. The pair is trading 1.2432 right now, struggling to trespass it's daily pivot at 1.2437.

Other contributing fundamentals added negative weight for Sterling, starting with PM Theresa May and the possibility of releasing article 50 approaches and mid March in on her Agenda. Second, reports released by the Times saying that the UK government is preparing for a potential independence referendum in Scotland next March. Reports (Times) also mentioned that PM May has granted the green light for such referendum on the condition that it will take action after UK leaves EU.

Fundamentals :

1- US Prelim GDP q/q today at 1:30 PM GMT ( Heavy Impact )

2- US Consumer Confidence today at 3:00 PM GMT ( less Impact )

Technical :

Trend : Bearish Sideways

Resistance levels : R1 1.2479, R2 1.2527, R3 1.2570

Support levels : S1 1.2412, S2 1.2371, S3 1.2325

Remark : Look forward for US data today which will impact US Dollar levels. Stalling below S1 level projects further congestion with attacks towards S2&S3 levels. Closing above R2 level is needed for a short-term-trend-reversal and above it, GBP/USD will be considered Bullish.

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 Fundamental Analysis – 28th Feb, 2017
By FxGrow Investment Research Desk

Japanese Yen Surges on Local Positive Retail Sales, US GDP in Sight

Japanese Yen inaugurated early trading hours with a sharp tone facing strong US Dollar, armored with positive local Retail Sales at 0.1% compared to 0.7% on previous sessions. USD/JPY rallied yesterday 92 pips and clocked a high 112.84 but managed to deduct -40 pips this morning as the pair plunged to 112.44 low. US index strong performance yesterday at 101.18 high was justified by positive local Durable Goods at 1.8%, while forecasts were 1.6%. Fed President and 2017 FOMC voter Kaplan crossed wires yesterday with a repetition to his previous comments that Fed rates should be increased sooner rather now and quoted:

"even raising rates a few times this year would leave monetary policy stance accommodative."

Fundamentals :

1- US Prelim GDP q/q today at 1:30 PM GMT ( Heavy Impact )

2- US Consumer Confidence today at 3:00 PM GMT ( less Impact )

Technical :

Trend : Bearish Sideways

Daily Pp 112.48

Resistance levels : R1 112.86, R2 113.58, R3 114.29

Support levels : S1 112.04, S2 111.37, S3 110.59

Remark : Keep an eye on US Index levels with local US news today. Stalling below S1 projects further attacks towards S2 level. Closing above R1 levels will spark additional bullish waves at R2&R3 levels. Above R2 the cable to be considered bullish.

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 Fundamental Analysis – 01st March, 2017
By FxGrow Investment Research Desk

Crude Oil Recoups Yesterday's Losses Ahead of US Inventories

Fundamentals :

Crude oil levels plunged yesterday to 53.13 20-Feb-fresh-lows after signals that the U.S. shale industry is recovering weighed on the market ( ANZ Report ).

Quote: "One of the biggest shale producers, EOG Resources said it had boosted its drilling budget by 44 percent after the recent rally in prices."

OPEC with Saudi Arabia in focus, has set its eye on $60 P/B as a target for 2017. The Organization of the Petroleum Exporting Countries, Russia and other producers pledged last year to cut production by about 1.8 million barrels per day (bpd) from Jan. 1. The first cut in eight years is intended to boost prices and get rid of a supply glut.

OPEC could extend its oil supply-reduction pact with non-members or even apply deeper cuts from July if global crude inventories fail to drop to a targeted level, OPEC sources have told Reuters.

Positive Chinese Caixin Manufacturing PMI released early this morning give signs of increasing oil demand and therefore pushed oil prices higher.

Conclusion : US will increase drilling rigs to glut market with oil supply and OPEC can only reply by ascending compliance and additional reduction to the initial 1.8M bpd. Today US crude inventories at 3:30 PM GMT, will bring new perspectives for oil levels.

Technical :

Trend : Bullish Sideways

Resistance levels : R1 54.27, R2 54.90, R3 55.65

Support levels : S1 53.47, S2 52.85, S3 52.35

Remark : The key player today is US crude inventories. A penetration for R1 level and stalling above it projects further attacks towards R2 level. Closing Above R2 level is an alarm for R3 level to get ready. A correction below S1 level will create congestion with further selloffs and wash towards S2 levels. Below S3 level the market to be considered downtrend.

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 Fundamental Analysis – 01st March, 2017
By FxGrow Investment Research Desk

Canadian Dollar levels Awaits Local Interest Rate Decision

USD/CAD dilated further gains early this morning and the greenback boogie is back on the field. Yesterday, FOMC members Williams and Harker were on the right time, right place supporting US Dollar, and both scenarios in accord waving the Fed rate hike card again and odds for March increase is officially on the menu. Trump contributed positively with a patriotic speech that boosted US index more, currently 101.72 and it's expected to surge further more. As a result, USD/CAD rallied yesterday from 1.3164 and clocked 1.3330 24-Jan-fresh-highs. Canadian Dollar awaits BOC interest decision today and stakes of leaving rates at current 0.50% are outweigh.

Fundamentals :

1- CAD Interest Rate decision today at 3:00 PM GMT.

2- US ISM Manufacturing PMI today at 3:00 PM GMT.

3- US FOMC Member Kaplan speech today at 6:00 PM GMT.

Technical :

Trend : Bullish

Daily Pp 1.3259

Resistance levels : R1 1.3333, R2 1.3384, R3 1.3430, R4 1.3478

Support levels : S1 1.3255, S2 1.3192, S3 1.3140, S4 1.3030

Remark : Look forward for Canadian and US data today which will new perspectives for USD/CAD. Also, indirectly, crude oil levels tend to impact Canadian Dollar. Canadian GDP and Unemolyment Rate data tomorrow at 1:30 PM GMT not to be missed.

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 Fundamental Analysis – 01st March, 2017
By FxGrow Investment Research Desk

USD/MXN Edges On Stronger US Dollar

USD/MXN rallied yesterday at 20.1079 after FOMC's members Williams and Harker crossed wires yesterday with hints that Fed Rate Hikes are more important than ever and March odds are increasing. Then Trump appeared early this morning with patriotic speech, boosting US index higher at 101.79 and USD/MXN clocked a higher record for this week 20.1600, but the pair couldn't withhold the 20 level and retreated to 19.9788 at which the currency is currently trading.

Unemployment in Mexico peeked up to 3.6% in January, a 0.2% rise on December’s reading but lower than market expectations of a rise to 3.8%. The USD clawed back some of the session’s losses against the Peso but the Mexican currency still remains vulnerable to further downside pressure from President Donald Trump’s job repatriation vows.

Fundamentals :

1- US ISM Manufacturing PMI today at 3:00 PM GMT.

2- US FOMC Member Kaplan speech today at 6:00 PM GMT.

3- MXN Manufacturing PMI report today at 3:30 PM GMT.

Technical :

Trend : Bullish Sideways

Resistance levels : R1 20.1597, R2 20.3342, R3 20.6069

Support levels : S1 19.9665, S2 19.7622 , S3 19.5024

Remark : Look forward for US and Mexican economic data today with expectation of high volatility after release.

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 Fundamental Analysis – 02nd March, 2017
By FxGrow Investment Research Desk

GBP/USD Sinks as Brexit Final Touches Approaches, Awaiting UK PMI

Once again, GBP/USD dips to 1.2260 20-Jan-Fresh-lows with a reminder of Brexit bearish levels. The pair is downtrend for fifth consecutive session through this week due to the following factors.

1- Strong US Dollar performance after Fed Rate hikes has increased from 35% on Tuesday to 69% on Wednesday (CNBC). US index peeked yesterday to 101.97, highest levels since Feb.

2- PM Theresa May mentioned recently that papers ( Article 50 ) for final divorce from EU are ready and the green light is granted for a release. (Reuters).

3- Yesterday, UK negative Manufacturing PMI at 54.8 while forecasts were 55.9, added more negative mood for Sterling future and what about to come.

These are the elements that created the dark cocktail for Sterling and fears grow further more, along with it uncertainty evolves around GBP/USD coming future. The pair has a chance to claim some dignity today at UK releases local construction PMI which will either dig a deeper hole or the pair will make an upward temporary correction.

Fundamentals :

1- GBP Construction PMI today at 9:30 AM GMT.

2- USD Unemployment Rate today at 1:30 PM GMT.

3- USD - Yellen Speech tomorrow at 6:00 PM GMT.

Technical :

Trend : Bearish

Daily Pp 1.2326

Resistance levels : R1 1.2329, R2 1.2383, R3 1.2469

Support levels : S1 1.2257, S2 1.2208, S3 1.2134

Remark : Look forward for UK and US data today. The market is negative due to strong US Index and Yellen Speech tomorrow could create additional gains for USD. A penetration for S1 level will create further congestion with increase selloffs and wash towards S2 level. Closing above R2 level is needed for short-term correction and above R3 level, the pair to be considered bullish.

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 Fundamental Analysis – 02nd March, 2017
By FxGrow Investment Research Desk

Gold Maintains High Levels Despite Strong US Dollar

Gold has successfully sustained high levels even though US Dollar is back with the bully tone. XAUUSD peeked this week to 1263.95, highest level since 11 Nov 2016, but then lost momentum after FOMC's members hints that Fed Rate Hikes are important now more than ever. As a result, the yellow metal rolled -$26.99 and sank to 1236.79 low yesterday.

US Dollar is on the strongest performance after Fed Rate hikes has increased from 35% on Tuesday to 69% on Wednesday (CNBC). US index peeked yesterday to 101.97, highest levels since Feb.

Fundamentals :

1- US Unemployment Rate today at 1:30 PM GMT.

2- Yellen Speech tomorrow at 6:00 PM GMT.

Technical :

Trend: Bullish Sideways

Resistance levels : R1 1250.54, R2 1263.52, R3 1273.44, R4 1282.58

Support levels : S1 1241.32, S2 1230.69, S3 1220.52, S4 1207.00

Remark : Look forward for US Data today but the main focus is shifted to Yellen speech, any hints about Fed Rates Hikes will impact gold levels. Stalling above R2 level will fuel further attacks towards R3&R4 levels. Closing below S2 level, the market will shift to bearish.

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 Fundamental Analysis – 03rd March, 2017
By FxGrow Investment Research Desk

Forex Technical Levels Ahead Of Yellen Speech Today

Fundamentals:

Markets, analysts, and traders are all poised ahead Fed chair Mrs. Yellen speech today at 6:00 PM GMT and what would result from her speech. Recent appearance of FOMC members kaplan, Harker, Evans, Brainnard, and Powel boosted US Dollar significantly as US Dollar index added +$1.6 from Monday with a 12-Jan-fresh-highs at $102.26. All members were in accord waving the Fed Rates hike card, now important more than ever.

March hike previously was out of consideration and the debate about it was considered a taboo with low probability, but recent booming US economy with Dow breaking record 12 consecutive sessions touching new historical highs and strong US data, forced FOMC members to appear on T.V. and discuss March hike officially on the menu. Now, March odds has increased to 69% (CNBC), therefore Yellen appearance today is considered articular.

Scenarios 1 : Yellen speech would go along with FOMC members adding more value to March hike and US Index will peek further more.

Scenario 2: Previous history of Mrs. Yellen, leaving details vague without confirmation nor denial about March hike would result in US index wallowing and possibility of USD decline.

Fx Technical levels

EUR/USD

Resistance levels : R1 1.0553, R2 1.0587, R3 1.0633

Support levels : S1 1.0510, S2 104.66, R3 104.22

USD/JPY

Resistance levels : R1 114.59, R2 114.96, R3 115.38

Support levels : S1 114.05, S2 113.50, S3 112.96

GBP/USD

Resistance levels : R1 1.2275, R2 1.2363, R3 1.2446

Support levels : S1 1.2210, S2 1.2131, S3 1.2068

AUD/USD

Resistance levels : R1 0.7572, R2 0.7609, R2 0.7650

support levels : S1 0.7536 , S2 0.7493, S3 0.7449

USD/CAD

Resistance levels : R1 1.3455, R2 1.3516, R3 1.3591

Support levels : S1 1.3357, S2 1.3278, S3 1.3210

Gold - XAUUSD

Resistance levels : R1 1232.87, R2 1242.12, R3 1258.14
Support levels: S1 1218.98, S2 1205.45, S3 1194.06

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 Fundamental Analysis – 03rd March, 2017
By FxGrow Investment Research Desk

Forex Technical Levels Ahead Of Yellen Speech Today

Fundamentals:

Markets, analysts, and traders are all poised ahead Fed chair Mrs. Yellen speech today at 6:00 PM GMT and what would result from her speech. Recent appearance of FOMC members kaplan, Harker, Evans, Brainnard, and Powel boosted US Dollar significantly as US Dollar index added +$1.6 from Monday with a 12-Jan-fresh-highs at $102.26. All members were in accord waving the Fed Rates hike card, now important more than ever.

March hike previously was out of consideration and the debate about it was considered a taboo with low probability, but recent booming US economy with Dow breaking record 12 consecutive sessions touching new historical highs and strong US data, forced FOMC members to appear on T.V. and discuss March hike officially on the menu. Now, March odds has increased to 69% (CNBC), therefore Yellen appearance today is considered articular.

Scenarios 1 : Yellen speech would go along with FOMC members adding more value to March hike and US Index will peek further more.

Scenario 2: Previous history of Mrs. Yellen, leaving details vague without confirmation nor denial about March hike would result in US index wallowing and possibility of USD decline.

Fx Technical levels

EUR/USD

Resistance levels : R1 1.0553, R2 1.0587, R3 1.0633

Support levels : S1 1.0510, S2 1.0466, S3 1.0422

USD/JPY

Resistance levels : R1 114.59, R2 114.96, R3 115.38

Support levels : S1 114.05, S2 113.50, S3 112.96

GBP/USD

Resistance levels : R1 1.2275, R2 1.2363, R3 1.2446

Support levels : S1 1.2210, S2 1.2131, S3 1.2068

AUD/USD

Resistance levels : R1 0.7572, R2 0.7609, R3 0.7650

support levels : S1 0.7536 , S2 0.7493, S3 0.7449

USD/CAD

Resistance levels : R1 1.3455, R2 1.3516, R3 1.3591

Support levels : S1 1.3357, S2 1.3278, S3 1.3210

Gold - XAUUSD

Resistance levels : R1 1232.87, R2 1242.12, R3 1258.14
Support levels: S1 1218.98, S2 1205.45, S3 1194.06

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 Fundamental Analysis – 07th March, 2017
By FxGrow Investment Research Desk

AUD/USD Surges Over RBA's Unchanged Rates Decision

AUD/USD rallied +57 pips in early trading sessions and clocked a high 0.7632 over RBA rates decision, leaving interest rate unchanged at 1.5% which was highly anticipated by markets, with the policy statement keeping a neutral bias.

Governor Lowe crossed wires with a press conference shortly after RBA's rate decisions with the following headlines:

1- At its meeting today, the Board decided to leave the cash rate unchanged at 1.50 per cent.

2- Conditions in the global economy have continued to improve over recent months. In China, growth is being supported by higher spending on infrastructure and property construction. The improvement in the global economy has contributed to higher commodity prices, which are providing a significant boost to Australia's national income.

3- Headline inflation rates have moved higher in most countries, partly reflecting the higher commodity prices. Interest rates are expected to increase further in the United States and there is no longer an expectation of additional monetary easing in other major economies. Financial markets have been functioning effectively and stock markets have mostly risen.

3- The Australian economy is continuing its transition following the end of the mining investment boom, expanding by around 2½ per cent in 2016. Exports have risen strongly and non-mining business investment has risen over the past year.

4- Labor market indicators continue to be mixed and there is considerable variation in employment outcomes across the country.

5- Inflation remains quite low. With growth in labor costs remaining subdued, underlying inflation is likely to stay low for some time.

6- Taking account of the available information the Board judged that holding the stance of policy unchanged at this meeting would be consistent with sustainable growth in the economy and achieving the inflation target over time.

Fundamentals :

1- US Trade Balance today at 1:30 PM GMT.

2- CNY - Chinese Trade Balance tomorrow tentative - after 12:00 AM GMT

Technical :

Trend : Bullish sideways

Daily Pp 0.7586

Resistance levels : R1 0.7642, R2 0.7668, R3 0.7713

Support levels : S1 0.7572, S2 0.7533, S3 0.7489

Remark : AUD/USD currently bullish but keep an eye on US index which is currently strong. Closing above R1 confirms the bullish momentum more and spark additional attacks towards R2 level. Stalling below S1 level will increase further selloffs and wash towards S2&S3 level. Closing below S1 level is needed for the cable to shift towards bearish trend. Chinese trade balance tomorrow tend to have impact on Asian currencies indirectly.

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.