Daily Technical Analysis by FxGrow

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FxGrow Fundamental Analysis – 30th March, 2017
By FxGrow Investment Research Desk

Copper Technical Overview

Trend : Sideways Up

Daily Pp : 266.6

Resistance levels : R1 : 269.30 , R2 270.51 , R3 273

Support levels: S1 264.45 , S2 260.90 , S3 258.60
Comment: The rebounds this week are triggering short term reversal, signaling for rallies to 273. Trade is poised to extend rallies today. Any corrective dips that show a sideways day will provide a staging level for rallies. The trend reversal point is 260.91, and a close below is needed to reverse back to negative trade.

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 – 31st March, 2017
By FxGrow Investment Research Desk

Silver Retreats Temporary As US Index Inches higher

Although silver suffered -15-pips loss yesterday over mix US Data with positive GDP 2.1% being in main focus, XAGUSD sustained the bullish trend despite recovering U.S Index peeking to 100.46 high, 9-pips below 50 SMA D1, after two weeks dwelling below 99. Negative unemployment claims with 3K narrow difference on 261K previous sessions, analysts took it as neutral despite the overall outcome. But what really energized U.S index was the GDP, paving the scenario content for next FOMC meeting next Wednesday, and market took it as a sign of possible hawkish tone where FOMC releases the statement. Markets started placing bets against odds of U.S Fed meeting, and the process of pricing the market is already in action. Currently, silver trades 18.09 after tumbling to 18.04 early this morning.

U.S Index is confined with 17-pips price action and its expected to keep that thin due to further U.S Data coming today with PCE and Personal spending in the main frame with, and the result could tackle the tone of FOMC members Dudley and Kashkari. GDP, PCE, Personal Spending, CPI, and inflation are the basis that central banks focus on whenever there is an interest rate decision.

Finally, metals drop on strong US GDP data which increases bets on Fed rate hike decision. FOMC members Dudley and Kashkari will talk today and will give clues on future monetary policy.

Note: Kashkari was the only FOMC member who waved a red card in last the U.S Fed meeting where 0.25% took action.

Fundamentals:

1- USD - Core PCE Price Index m/m today at 1:30 PM GMT.

2- USD - Personal Spending m/m today at 1:30 PM GMT.

3- USD- FOMC members Dudley and Kashkari speeches today.

Technical:

Bullish Sideways

Resistance levels : R1 18.04, R2 18.30, R3 18.55

Support levels : S1 18.04, S2 17.83, S3 17.55.

Remark : Silver still to be considered bullish although XAGUSD trading near sensitive support levels that could provoke bearish forces. Staying within 29th price actions support silver bullish forces and a break above R2 alerts for larger bullish wave towards S3 level. A break below S2 level alerts for a beginning of a trend reversal, and below S3, market to consider silver 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 April, 2017
By FxGrow Investment Research Desk

Aussie Slips on Negative Data Ahead of RBA Rate Decision

Australian Dollar opened Asian trading session with negative Retails Sales -0.1% compared to 0.4$ on previous sessions and plunged 49-pips at 0.7591 low. On the other hand, U.S Index shifted the downtrend and instead, a significant recovery +$1.84 since last week and the Index clocked 100.49 today, ahead of local ISM Manufacturing PMI which will either confirm the bullish trend, or the Index will hit a bump. Currently AUD/USD 0.7604, with efforts to withhold the 0.78 level as USD pressures the Aussie.

AUD/USD is trading thin today with 49-pips as price action, and it's expected to extend narrow ahead of Australian Trade Balance, followed by RBA's interest decision tomorrow early. Although forecasts highly bet that RBA wont wave the changing card and to leave it at current 1.5%, which leaves traders more anticipated on what will Lowe has to say on behalf of RBA preceded by local Trade balance. Analysts will try to decipher words out of Lowe with hawkish or dovish tone regarding the economic outlook and monetary policy supported by the result of trade balance.

Fundamentals:

1- USD - ISM Manufacturing PMI today at 2:00 PM GMT.

2- AUD - Trade Balance tomorrow at 1:30 AM GMT.

3- AUD - RBA Interest Rate Decision tomorrow at 4:30 AM GMT.

4- AUD- Lowe, Gov of RBA speech tomorrow at 9:15 AM GMT.

Technical Overview:

Trend: Bullish Sideways

Resistance levels: R1 0.7641, R2 0.7674, R3 0.7719, 0.7764

Support levels : S1 0.7582, S2 0.7540, S3 0.7496, S4 0.7458

Remark : Market to consider AUD/USD bullish despite early losses due to U.S Dollar bullish trend. Trade is poised with expectations of low action as market awaits vital Australian economic news tomorrow, market should kick with high volatility on Australian Trade balance and Lowe speech. A break S1 level signals a beginning of trend reversal and only a close below S2, market to consider the pair 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 – 04th April, 2017
By FxGrow Investment Research Desk

Sterling Bumps with Negative Manufacturing PMI, Awaiting Furhter Data

GBP/USD extended the bearish momentum trading session today with 1.2420 low, and the pair is witnessing aggressive selling following negative UK Manufacturing PMI yesterday at 54.2, less by 0.3 on previous sessions. The pair lost -146-pips since yesterday and couldn't take advantage of dipping U.S Index at 100.28 low on earlier sessions today. Skepticism still evolves around UK's economic outlook, and negative local data added a darker aura as traders still have their deep doubts on how will Sterling perform after a departure from EU. GBP/USD levels awaits today additional test as UK releases Construction PMI, and in case of a negative score, doubts will creep deeper and markets could witness an abandon-ship for the pair and intensive selling and vise versa. GBP/USD currently trades 1.2444 intraday.

Fundamentals:

1- GBP - Construction PMI today at 7:30 AM GMT.

2- USD - FOMC meeting tomorrow at 6:00 PM GMT.
Technical overview:

Trend : Bearish Sideways

Resistance levels: R1 1.2500, R2 1.2560, R3 1.2638

Support levels : S1 1.2399, S2 1.2324, S3 1.2241

Remark : Look forward for UK local data today which will decide the pair trend for coming hours. U.S Index levels are to be watched carefully especially tomorrow during FOMC meeting. A penetration for S1 level is a further confirmation for the bearish momentum and wash towards S2 level. A close above R1 level will re-establish bullish forces and the pair will shift upward.


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 – 04th April, 2017
By FxGrow Investment Research Desk

June U.S Dollar Index Technical Overview

U.S Dollar Index Technical Overview

Trend : Sideways/Up

Resistance level: R1 100.57, R2 100.89, R3 101.31

Support levels : S1 99.90, S2 99.38, S3 99.05

Comment : The market is triggering a short term upturn and projects a climb to 101.31. Trade is poised for rallies, although be prepared for near term dips and basing action just under 100 to set up for rallies. A close under 99.38 is needed to rekindle bear trend forces.


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 – 04th April, 2017
By FxGrow Investment Research Desk

Copper Technical Overview

Copper Technical Overview

Trend : Bearish Sideways

Daily Pp 261.70

Resistance levels : R1 262.33, R2 264.06, R3 267.32

Support levels : S1 259.02, S2 256.66, S3 253.80

Comment : Yesterday's break marks a short-term reversing turnover and calls for selloffs to press for a breakout under recent congestion swing lows. A close below 258.80 signals for a selling wave 251.60. Trade may again bounce and continue choppy sideways congestion of recent weeks. A close over 267.32 is needed to flip the trend bias back up.

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 – 04th April, 2017
By FxGrow Investment Research Desk

USD/JPY Extended Further losses Despite Recovering U.S Dollar

Unlike U.S Dollar soaring rivals, Japanese Yen managed to hold strong positions facing Sharp U.S Dollar tone, and USD/JPY rolled -59-pips today, adding -66-pips loss since Monday. The pair plunged to 110.33 earlier, and when uncertainties aroused by markets and economies, Japanese Yen is often a substitute as sacred haven. The pair bearish forces were supported by BOJ's Tankan report signifying a large manufacturer DI improvement less than expected - Nomura.

Namura report also added “Results not inconsistent with an export-driven economic recovery"
Fundamentals:

1- USD - FOMC meeting tomorrow at 6:00 PM GMT.

2- USD - Non-Farm (NFP) on Friday at 12:30 PM GMT.

Remark : This weekly economic data is light with Japanese Yen, on the other hand, heavy loaded for U.S economy with FOMC meeting in focus, after that NFP on Friday. Look for hints from U.S Fed regarding how many hikes are left and when. As for NFP this Friday, the result will determine USD/JPY trend for the coming days.

Technical overview:

Trend: Sideways

Resistance levels: R1 111.20, R2 111.74, R3 112.79

Support levels: S1 110.20, S2 109.66, S3 109.13

Comment: Current bullish trend of U.S index keeps USD/JPY under pressure despite this week losses. A break below S1 alerts for a bullish shifting forces and only a close below S2, the market will confirm the pair bearish trend. Market will retest last week's strong S1 level and dips should fight to stay above it. A penetration for R1 level will result in buying congestion with respect to strong U.S Dollar with fast upward correction towards R2 level.

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 – 05th April, 2017
By FxGrow Investment Research Desk

EUR/USD Steadies Ahead of local Data, Eyes on FOMC Meeting

Last week, EUR/USD witnessed an intensive decline and the pair plunged to 1.0649 on Friday after peeking to 1.0906 last Monday. This week, the pair was confined with 50-pips as price action and prolonged the third consolidation consecutive session with a weekly high at 1.0685. Although U.S Dollar has awakened with a 100.59 high yesterday, market is showing some immunity by other currency rivals due to overall political uncertainties and economies are shifting courses at a high pace, add to that, mixed data leaving markets confused and cautious trading.

According to the analysts at Danske Bank, if we are close to a peak in inflation and they are right that the pricing of hikes in the Eurozone will prove premature, EUR/USD should stay under pressure in coming months and fall back towards 1.05 as close-to-neutral positioning in the cross makes room for a revival in relative rates. Eurozone still has many obstacles to overcome before the whole image is drawn, especially the French coming elections and Frexit is already on tongues.

This week, currency majors traded narrow as analysts awaits FOMC meeting minutes today and U.S NFP this Friday which should create higher volatility despite a negative or positive outcome especially EUR/USD. Local EURO services PMI is expected to have minor volatility. The main focus will be on tonight's FOMC meeting with eyes and ears focused on every word, trying to decipher messages, and the process of pricing the market could start all over again and FOMC members will do their best of avoid this scenario.

Fundamentals:

1- EUR - Final Services PMI today at 7:00 AM GMT.

2- USD - FOMC Meeting Minutes today at 6:00 PM GMT.

3- USD - Non-Farm Payrolls on Friday at 12:30 PM GMT.

Remark : U.S Data is heavy this week, but market poised and tied with FOMC meeting and NFP result, which leaves other data less significant.

Technical Overview:

Trend: Bearish / Sideways

Resistance levels : R1 1.0712, R2 1.0771, R3 1.0826, R4 1.0877

Support levels : S1 1.0632, S2 1.0589, S3 1.0532, S4 1.0478

Summary: Overall, the pair remains under pressure by strong U.S Index and market to consider EUR/USD bearish. But economic data this week will determine the trend further more. A penetration for S1 level will increase further selloffs and wash towards S2. A break below S2 level warns for additional intensive declines towards S3&S4. Any close below 1.07 is negative. Rallies that stay capped by 1.0800 should maintain bear forces. Closing above R3 level, traders to take it as sign for shifting trend course and above R4, uptrend is 100% confirmed. Be careful from setbacks as a first test on S&R levels due to high volatility.

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 – 05th April, 2017
By FxGrow Investment Research Desk

Crude Oil Surges Over Fears Of Supply Tightening, Eyes on U.S Inventories

Fundamentals:

Crude oil level rallied yesterday +$1.41, and added +$0.14 today clocking a high 51.47, with expectation of additional gains, ahead of U.S Crude Inventories today. Oil bullish forces accelerated yesterday over signs of a gradual tightening in global oil inventories and on concerns about a supply outage at a field in the United Kingdom's North Sea that feeds into an international benchmark price.

Another contributor (Iraq), entered the field on Sunday pledging to a full compliance with oil cut deal as OPEC chief hinted. Iraq has assured OPEC that it will fully comply with an agreement to cut oil supply in order to curb crude prices and the deal as a whole is encouraging, OPEC Secretary General Mohammed Barkindo said on Sunday in Baghdad. Iraq's compliance stands now at 98 percent, the nation's oil minister Jabar al-Luaibi told reporters, after addressing a conference in the Iraqi capital, also attended by Barkindo. General compliance with supply cuts by the oil producers was 86 percent in January and 94 percent in February and the market is already balancing, he added.

On the other hand, the OPEC amd Non-OPEC deal for additional six months extension is cooked on a low steam and under the table which leaked optimism to the market as traders are anticipating it. Such deal, if struck, could accelerate rising price pace of crude oil despite U.S increased Shale drilling.

Conclusion: Currently OPEC with above fundamentals have the upper hand, and markets should expect oil prices to climb back to Feb 2017 average $53 bp.

Note: Look forward for U.S crude inventories today at 2:30 PM GMT which will give new perspectives for oil levels depending on the outcome.

Technical Overview:

Resistance levels: R1 51.65, R2 52.60, R3 53.52

Support levels : S1 50.86, S2 49.60, S3 48.41

Comment: The market has turned short-term bullish and calls for a larger bull wave up around R2&R3 levels. Stable action above 51.0 sustains bullish forces and boosts additional hikes. A slip below S1 cautions for near term correction, but only a close below S2 alerts for a trend reversal action and below S3, down-trend is confirmed. R1 level is sensitive as a psychological reminder of 2017 early rallies.

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 – 06th April, 2017
By FxGrow Investment Research Desk

Silver Technical Overview Ahead of U.S Data

Silver technical overview

Trend : Bullish

Resistance levels: R1 18.40 , R2 18.50, R3 18.73

Support levels: S1 18.19, S2 18.03, S3 17.74

Comment : The market is staying bullish with yesterday's bounce calling for another push higher. However, trade is pressed up against the previous downturn levels at R1&R2. A close over 18.55 is needed for a larger bull drive to R3 level. Be careful for a stall a stall against R1 and possible back off into flagging congestion. A slip through S2 level cautions for near term selling. A close under S3 is a signal for short term reversing turnover. Keep an eye on U.S Data today and tomorrow which will impact silver levels instantly. Be careful from setbacks as a first test on S&R due to high volatility. Only long positions above or below S&R is a confirmation for levels failure.

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.