Daily Technical Analysis by FxGrow

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FxGrow Daily Technical Analysis – 23rd Sept, 2015
By FxGrow Research & Analysis Team

AUDNZD - a trend reversal or just a corrective rebound?

Since 4 months AUDNZD moves in a consolidation between 1.0900 and 1.1430. On August 24 there was a dynamic upward movement. Within a 30 minutes candle price moves up and fall about 900 pips. Since then the price has reduced the range of its movement. Right now it moves in the consolidation between 1.0900 and 1.1340. AUDNZD now rebounded from the resistance at the indicated level and is heading 1.0900.

Wider view, interval W1

Since 5 years AUDNZD moves in a downward trend but the minimum, which took place at the beginning of April this year, begins to indicate a possibility of trend reversal. Direction of breakout from flag will be very important. Flag is a pattern of trend continuation and it should be break above. Break above will give a chance even to trend reversal. However, if the flag breaks below, then this whole movement will take the form of a rebound and AUD/NZD will come back to the main trend (the downward one).

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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 – 28th Sept, 2015
By FxGrow Research & Analysis Team

EURGBP - the appropriate breakout of the triangle up

On September 21 was a break below the triangle. However already the first support on 0.7200 mobilized bulls to buy and on next day there was a return to inside the triangle. Using the situation that on chart is formation fakey (false breakout) the bulls were attempted broke above the triangle. It was successful. Upward movement has been stopped at 0.7400 and currently the price is moving between the triangle and resistance. If break above the level 0.7400 will be successful the next target of upward movement is 0.7480. However, if bulls show the weakness the price should return to inside the triangle again.

Wider view, interval W1
Since 2009 EURGBP moves in a downtrend. In this time price has fallen from 0.9800 to 0.6940. Currently rebound is in progress and move up abolished only 23.6% of the last downward movement. Level 0.7650 could be tested which is 38.2% fibo. Earlier, the bulls will have to deal with some resistance: 0.7480, 0.7550, 0.7590. The strongest of the indicated resistance will be 0.7550, which marks the downward trendline.

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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 – 28th Sept, 2015
By FxGrow Research & Analysis Team

USDJPY – fake triangle breakout

Last Friday the price broke above upper arm of the triangle and investors expected further upward movement that are consistent with the long-term trend in USDJPY. That's not happened, and even the first week resistance had stopped upward move and activate downward rebound. On Friday, the bulls tried to rebound from the upper limit of the triangle (at the chart it would confirm the successfully breakout). However today bears have taken control and USDJPY moved back to the center of the triangle reaching the level of 120.00.

A similar situation occurred today on EURGBP, where such a false breakout resulted in a proper breakout in the opposite direction. It is not excluded that same exact scenario will be seen on USDJPY. Currently, we should observe in which direction the proper breakout will go. If above, the next resistances are at 121.20 and 122.00. If below, the next supports are at levels: 119.10, 118.50, 116.20.

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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 – 03rd Nov, 2015
By FxGrow Research & Analysis Team

AUDUSD tests the upper limit of the downward channel

Today there was a test of the upper limit of the downward channel. Since October 12 the channel is forming, when an attack on the resistance level of 0.7370 has failed. At the moment there should be some attempts to keep the price near level 0.7200. And next an approach to break above the upper limit of the channel. If that attack succeeds the near resistances will be located at levels 0.7290, 0.7370. If the bulls show a weakness, price will move toward the lower limit of the downward channel. The next supports can be found at levels: 0.7110, 0.7070, 0.7030, 0.6940.

Wider view, time-frame W1

At weekly intervals price also moves in a downward channel. Price is "stuck" to the upper limit. On AUDUSD we see a valid downward trend and only break above the level of 0.8100 will give a real chance to reverse current momentum. Now a movement towards the YTD lows at 0.6900 are more likely.

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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 – 03rd Nov, 2015
By FxGrow Research & Analysis Team

USDJPY - correction may be already finished

Previous analysis of October 26 proved to be extremely profitable. In one day, the price reached the indicated level, giving a profit of over 800 pips. In analysis entitled "correction uptrend rally" I wrote: "Currently falls should reach at least around 120.00 - 120.30, there is a basic fibo level 38.2%."

After reaching the indicated retracement, price began upward movement, which tested October high. At the moment everything depends on constans breaking the resistance at 121.45. If it succeeds, USDJPY will return to the main trend and the upward movement will be continued. The next targets will be at the levels: 122.00, 123.00, 124.50, 125.20. Alternatively, if there were declines and the price went down below 120.00, targets for bears would be the levels of 119.60, 119.15, 118.20.

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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 – 04th Nov, 2015
By FxGrow Research & Analysis Team

EURGBP moves towards 0.6940

In the previous analysis, I wrote: "If support at 0.7200 has been permanently broken the goal of falls will be the level of 0.6940. Along the way supply will have to deal with supports: 0.7165, 0.7090, 0.7035". And so it happened since February 2015 EURGBP moves in consolidation between the levels 0.7480 - 0.6940. After testing the upper limit of this consolidation in mid-October now falls should reach to the lower limit. The nearest support is at 0.7040. If there was a rebound it should be stopped at the level of 0.7165. There is a downward trend line and the nearest major resistance.

Time-frame H4:

Time-frame D1:

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FxGrow Daily Technical Analysis – 04th Nov, 2015
By FxGrow Research & Analysis Team

EURUSD 3-months low

Since October 15 the price moves in a dynamic downward trend. In the less than three weeks EURUSD made a downward movement over 600 pips. After breaking below the support at level 0.1080 price returned to this level. That move only confirmed that the indicated level has now become resistance and downward movement continues. Currently there is only a matter of time, when support will be tested at level 1.0810.

Because the current downward movement hasn't been corrected yet, so it is very likely that price will rebound there. Rebound will be able to reach 1.1080, which is a significant resistance and will be strengthened by 38.2% fibo level. If the downward movement will break below indicated support, next declines targets are on levels: 1.0715, 1.0660, 1.0520, 1.0460.

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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 – 05th Nov, 2015
By FxGrow Research & Analysis Team

AUDCAD - double top caused declines

In October there was an attempt of break above resistance at 0.9510. It succeeded twice, but each time dynamic downward movement followed. Finally a double top formation appeared and caused declines. Since the beginning of November there is a retracement, which reached 50% fibo level of the last downward movement. In the nearest future price may persist between the levels 0.9290 - 0.9490. If the resistance at 0.9490 will be broken, target of upward movement will be 0.9580. If level 0.9290 will be broken, target of downward movement will be at 0.9250.

Wider view, time-frame W1

Since almost 2 years AUDCAD moves in a downward channel. In August there was a test of lower limit of that channel and rebound. That movement has reached to the mid-channel. If there will be a strong upward movement, then it will aim 0.9750 which is the upper limit of the downward channel and resistance. If the falls will return, their first target will be at the level 0.9160, and after break below the next one at 0.9070 - which is a lower limit of the downward channel.

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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 – 05th Nov, 2015
By FxGrow Research & Analysis Team

USDTRY attempt to keep above uptrend line

A lot of volatility as a result of the political turmoil in the currency pairs with the Turkish lira. On Sunday, the party supported by currently president won the elections, at the end it was not certain. As a result of this uncertainty on USDTRY Monday's session began with a gap of 900 pips down. This resulted with braking below the uptrend line. Price is already 2,000 pips below the September's high. However, the situation is still open. Recent declines can be considered only as a correction if the price returns to upward movement. The first task for the bulls is closing the gap from Monday and break above the level of 2.9600.

In the case of falls continuation and break below trend line, supports are on levels 2.8060 and 2.7550 which is a November's minimum. Breakout of indicated resistance will signal the start of a larger correction, and maybe even the trend change.

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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 – 06th Nov, 2015
By FxGrow Research & Analysis Team

GBPJPY on October's trendline

Analysis from October 28 was wery profitable. I wrote: "Today's demand is testing resistance at 184.50. If break above will be successful next resistances are on levels 186.00, 187.50. Move higher than 187.50 may be difficult and there is little chance that this will happen soon". Indeed price reached 187.68 and rebounded. Downward movement was dynamic.

Falls stopped below support on uptrend line which can be determined at the October lows. The line was tested for the third time and this time It can be broken. The first target of falls will be the level 184.50. If the downward movement will proceed its main target is the level of 180.50, and before there are: 183.90 182.50. Alternatively, if rebound occurs price once again will move towards 187.50.

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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 – 06th Nov, 2015
By FxGrow Research & Analysis Team

GBPUSD - macro data caused six-months low

Yesterday dovish Bank Of England caused a breach of channel's low in which the price moved. Today's US non farm payrolls and employment data confirmed falls and after that GBPUSD break below first important support at 1.5100. Unemployment has fallen to 5%, which was one of the task of the FED. At this moment probability of the first rate hike in the US in December increased. The first level, which may cause rebound is 1.4980. Next support is 1.4800 and the next one is low of 2015 at 1.4560.

When we take a look at weekly interval, the situation is even more serious. Since the beginning of the year upward movement took form of flag, which suggests a continuation of previous trend. If price couldn't get back inside the flag, this year's lows will be under pressure of sellers. Upward movement, which took place from the beginning of the year, got the form of flag, which promises a continuation of the previous trend. If price cannot quickly get back inside the flag, then this year lows will find themselves under sellers pressure.

Time-frame D1

Time-frame W1

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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 – 09th Nov, 2015
By FxGrow Research & Analysis Team

USDJPY - the 2-months correction approaching to end

A very interesting situation on USDJPY. Since 2012, the price is in an uptrend. In June 2015 reached a high on 125.85 and a correction has started which lasted more than two months. Price moves in consolidation between the levels of 118.20 - 121.65. In last week was break above from pointed consolidation (such scenario I assumed in analysis at the beginning of November entitled: "correction may be already finished").

Today the price confirmed break above resistance at level 123.20 and upward movement continues. Next targets for demand are 124.50, 125.20 and 125.85 which is this year's high. After leaving on a new high strong resistance is at level 135.15 which is high from 2002 year. If there was correction of recent upward movement and price falls below levels 123.20 - 123.00 the nearest support that should cause rebound is at 122.00.

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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 – 09th Nov, 2015
By FxGrow Research & Analysis Team

EURJPY - consolidation before further declines

In analysis from October 29 I pointed that rebound which just started could be very weak. I wrote: "there is a rebound that may reach 133.15 and 134.00. Only moving back above the 133.15 and next to 135.00 give a chance of further EURJPY upward movement". And indeed the demand was trying to break above indicated resistance. Price reached 133.38 and there was a quick supply counterattack and last six months low has been deepened again.

In the coming days it is more likely that the price will move in the consolidation between the levels of 131.50 - 133.30. And next wave of falls after break below the lower limit of that consolidation. The European Central Bank seems very determined to weaken the euro. Falls can be noticeable on most currency pairs with the euro. If level 131.50 breaks, target of next falls is at 126.00 which is a 2015 low (showed on the D1 TF chart).

Time-frame H1

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 – 10th Nov, 2015
By FxGrow Research & Analysis Team

EURCAD - broken below uptrend line

Since the top of the August 24 which EURCAD established at level 1.5560 continues the downward movement. At the level 1.4480 broke below was first support and already 60 pips below also the uptrend line that lasted from April 2015.

Declines have been stopped on the support, which is located in the area of 1.4200 - 1.4160. If this support will be break below downward movement should be very dynamic and will amount a minimum of 400 pips. The next support levels are located at: 1.3800, 1,3760, 1.3400, 1.3000. If upward movement will return the most difficult resistance for the demand will be at the level 1.4480. There is resistance and earlier uptrend line.

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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 – 10th Nov, 2015
By FxGrow Research & Analysis Team

EURUSD - below level 1.0700

Since almost one moth EURUSD moves in a dynamic downtrend. During this time price fell 800 pips and there wasn't any correction. Falls are still supported by divergent behavior of a central banks. The European ECB intends to further ease the monetary policy, while US FED is more hawkish and perhaps as early as next month will raise interest rates first time in a decade.

Today EURUSD break below low from last week which was the support at level 1.0710. Testing this year low at 1.0460 seems to be a matter of time. If price rebounds earlier, the closest resistances will be at levels: 1.0710, 1.0790.

Time-frame M30

Time-frame W1

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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 Nov, 2015
By FxGrow Research & Analysis Team

NZDUSD double bottom on support 0.6500

Last analysis of October 29 gave earn 160 pips. I wrote: "Last year on NZDUSD is a downtrend. Currently rebound reached to level fibo 38.2% and with strong trend price may now return to the declines" and "In the near future it is likely the second test of this support, and if the bears will be strong enough support will be broken below and falls may reach to the level of 0.6500".

For 4 days volatility is weaker on NZDUSD. Bulls will buy through the formation double bottom (shown on H4). However, the current consolidation is more likely to continue to fall, and rebound may be shallow. Due to the fact that the dollar strengthened against most currencies, and so far there is no indication that this trend was reversed. If support at 0.6500 will be broken next targets of falls are at levels 0.6240, 0.6015. Alternatively if rebound will be strong enough next strong resistances are at levels: 0.6630, 0.6710, 0.6900.

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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 Nov, 2015
By FxGrow Research & Analysis Team

AUDCAD - dynamic upward movement reached Fibo 61,8%

AUDCAD moved very dynamically this morning. One 5 minute upward candle was 80 pips long. During this movement price break above resistance at 0.9440 and reached Fibo 61,8% level of last downward impulse. However before correction and potential falls, AUDCAD may test 0.9490. After break above this level target for the demand is at 0.9580, but fast break above is unlikely. If price rebounds, next supports will be located at: 0.9440, 0.9370, 0.9290.

Wider view, time-frame W1
From September 2015 bottom (0.9150) AUDCAD moves in a weak uptrend. However in a long term since 2012 when price was at 1.0785 it constantly falls, forming lower highs and lower lows. Therefore, in the long term new lows are more likely than a trend change.

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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 Nov, 2015
By FxGrow Research & Analysis Team

USDNOK - on 13-years high

Today USDNOK reached 13-years high. It happened thanks to break above resistance at 8.6000 which took place last week. Demand couldn't break above that level in October. The next strong resistances that can stop the current upward movement are at levels of 9.2000, 9.6200. Alternatively if correction start, nearest supports level are at 8.6000, 8.4300.

Wider view, time-frame Monthly
USDNOK moves almost in vertical uptrend since 2013. During this time the price has appreciated from level 5.4350 to 8.7100. Correction which was in second Quarter of 2015 reached only fibo 38,2% and upward movement continues.

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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 – 13th Nov, 2015
By FxGrow Research & Analysis Team

EURAUD - movement in direction of 1.5000

In analysis of October 27 I pointed impending correction and further return to decline. I wrote: "At the moment rebound may appear near 1.5420. After that there should be a continuation of falls". There have been a rebound that was even stronger because it reached 1.5576, then returned to the EURAUD decline.

Today support at 1.5150 was break below and downward movement is continuing in direction of level 1.5000. This support has a chance to cause rebound, if it happened target of upward movement will be first 1.5150 and second 1.5285. After break below support at 1.5000 target of falls will be 1.4730, 1.4400. On level 1.4780 is fibo 61,8% of upward movement which lasted from April to August of 2015. Therefore levels 1.4730 - 1.4780 give a chance to finish the current declines.

Time-frame H1

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 – 13th Nov, 2015
By FxGrow Research & Analysis Team

AUDNZD - break above resistance at 1.0900


On October 30 AUDNZD reached low at 1.0496, since then the price moves in an upward trend. Upward movement has been corrected in previous days of 38,2% which is a basic Fibonacci level. Currently price is trying to return to uptrend. AUDNZD reached to a strong resistance. So rapid break above should be unsuccessful. By four months before that resistance at 1.0900 has stopped falls. This resistance is reinforced by fibo 50% of downward movement from the period of September - October 2015.

If there will be a rebound falls should reach the level of 1.0730. If break above 1.0900 proves successful the next resistance level is 1.0980.

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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.