Daily Technical Analysis by FxGrow

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FxGrow Daily Technical Analysis – 07th Oct, 2016
By FxGrow Research & Analysis Team

U.S DOLLAR EXTENDS MARKET DOMINATION STILL, SENDING USD/CAD TO 1.3252 HIGH

The greenback keeps a tight fist on the Canadian dollar for the 7th consecutive day pushing USD/CAD close to a new high since 24th march. USD/CAD opened in Asian session with a continuous bullish rise rallying from 1.3213 to 1.3263 high . Weak Crude oil inventories was not enough to interfere in USD/CAD bullish trend given that local Canadian economic data beats expectations. Right now, USD/CAD is trading at 1.3256 intraday and all eyes today first on Canadian Employment change and Unemployment rate, next U.S NFP and unemployment rate. This will create a battle between U.S and Canadian Dollar to decide which trend will take on.

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 – 10th Oct, 2016
By FxGrow Research & Analysis Team

THE EUR/USD REMAINS TRADING IT'S WIDER RANGE AS BREXIT FEARS VANQUISH , EYES ON GERMAN ZEW TOMORROW

The EUR/USD tumbled on 3rd of Aug after good performance on previous sessions dropping from 1.1250 the highest level since October 3 to 1.1104. The greenback has received major positive shock waves starting by Monday, and extended till Thursday leaving the EUR in awkward situation as U.S dollar index kept rising. Even though the EUR received some positive news like German and French industrial production, the EUR/USD couldn't find salvation and kept swinging into downward supports. disappointing US NFP data on Friday 7th pushed the EUR/USD higher given that US interest rate hike speculations faded. As a result, the EUR/USD took a hike rising from 1.1104 to 1.1205 (+101 pip).

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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 – 10th Oct, 2016
By FxGrow Research & Analysis Team

MEXICAN PESOS STRENGTHEN AS CLINTON TRUMP DEBATE ENDS

USD/MXN opened with -3% gap difference between Friday's closing 19.30 and Monday opening 18.98 trading sessions. The Mexican Pesos ended a four weeks high against the U.S Dollar after Clinton V.S trump debate ended sending the USD/MXN below 19 handle. U.S polls survey ended declaring Clinton's win after Trump vulgar comments about the women thus the USD/MXN slumps and currently trading at 18.94.

Trend: bearish.

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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 – 11th Oct, 2016
By FxGrow Research & Analysis Team

AUD/USD DROPS IN RESPONSE TO NEGATIVE AUD HOUSING LOANS

AUD/USD dropped from 0.7609 (today's high) reaching the bottom of 0.7543 ( today's low) on Asian opening trading sessions in response to -3% home loans that fell 3% in Aug, weaker than consensus (-1.5%), closer to TD’s estimate of –2.5% and July’s drop of –4.2% was revised to –4.5%. This was the largest back-to-back decline in 5 years. Although business confidence came positive but it was not enough to balance the equation. add to that the third American presidential debate gave positive shock to the U.S Dollar facing the Aussie.

Trend : bearish.

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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 – 12th Oct, 2016
By FxGrow Research & Analysis Team

The British pound rose after Theresa May’s agreement

The GBPUSD surged this morning as the British Prime Minister May offers to make investigations as the market fears a hard BREXIT phenomena.

The GBPUSD rose mainly 2% to touch 1.2325 high but might follow a decline as negotiations shifts advantage toward the European Union knowing that May accepted to vote for the separation from the EU. Thus the GBPUSD might expand its bearish move toward 1.2022 and 1.1950 once it breaks the strong point 1.2075.

However, hard BREXIT risk might have receded as most parliament members see an EU friendly image and the GBPUSD needs to break the minor resistance point 1.2365 in order to pave its way toward next resistance levels 1.2405 and 1.2475.


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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 – 13th Oct, 2016
By FxGrow Research & Analysis Team

JAPANESE YEN STRENGTHEN AFTER DISAPPOINTING CHINESE DATA

USD/JPY dropped 90 pips on early morning trading sessions in response to negative Chinese trading balance.The worse-than expected Chinese trade figures spooked markets, and weighed heavily on the risk-associated space, causing a drop in equities and US bond yields thus surging the Japanese Yen higher. The Nikkei 225 index erased gains and now drops -0.30% to trade around 16,790 levels. Exports in September dropped 10% in dollar terms and imports fell 1.9 percent, with a trade surplus of $41.99 billion. Add to that a 0.2% increase in Japanese banking loads bolstered the safe haven Yen against U.S Dollar.

USD/JPY opened at 104.63 (10 weeks high) and due to the above financial reports catalysts, the pair scored 103.55 lows (-113 pip). USD/JPY made a tiny re-bounce currently trading 103.75 intraday, still managed to stay below daily Pivot 103.98.

Trend: Neutral 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 – 14th Oct, 2016
By FxGrow Research & Analysis Team

EUR/USD SINKS TO 8 WEEKS LOW, AWAITING U.S DATA, LATER ON YELLEN

EUR/USD dropped yesterday to 1.0985 low reaching it's lowest price since July. The U.S dollar still keeps a tight fist facing major currencies, the US dollar index jumped +0.28% to fresh session highs of 97.82, heading back towards fresh seven-month highs of 98.12 reached a day before as the latest FOMC meeting released encouraged a Fed rate hike in December. The pair made a re-bounce to 1.1058 (today's high) but then digested yesterday's gains in Asian trading sessions -0.28% ahead of Yellen speech. Currently trading at 1.1024, still a bit below the daily pivot. The EURO is in desperate need for negative reports in the U.S financial market to make a correction to it's usual position and today, we may witness this scenario due to crucial U.S news and Yellen speech.

The greenback picked-up significant strength facing its major rivals, mainly driven by a sharp rally in the US treasury yields, which suggest that a Fed rate hike in Dec is almost confirmed.

Trend: bearish

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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 – 14th Oct, 2016
By FxGrow Research & Analysis Team

GOLD STANDS IMMUNE ABOVE 1250, EYES ON TODAY'S U.S DATA

Gold prices held steady on Friday after it touched 1262.34 high as investors remained cautious ahead of U.S retail sales and consumer sentiment data in addition to Federal Reserve Chair Janet Yellen speech due later in the day. Strong U.S. dollar weighed on the precious metal especially after increased probability of a Fed rate hike in December knowing that the safe haven metal is highly sensitive to interest rate decisions. Gold collapsed on Friday's early trading sessions clocking a low 1254.64 as the greenback remains solid, currently trading at 1255.84 intraday. Today, all eyes are focused on U.S financial data, later on Yellen's speech, where we'll either witness gold going back to Sep and Aug highs, or price will tumble way below depending on the outcome.

Trend: Neural bearish

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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 – 18th Oct, 2016
By FxGrow Research & Analysis Team

NZDUSD RALLIES ON STRONGER THAN EXPECTED CPI DATA

NZD/USD extended contentious bullish H4 candle charts, rallying from 0.7128 (low), touching 0.7198 high as the CPI rose 0.2% in the third quarter.The Kiwi is expected to continue surging as good data lowered the RBNZ rate cut decision. Currently NZD/USD trading 0.7196, closing to the first resistance 0.7200 handle. Add to that, the New Zealand government bond yields also rose on positive data which drove the NZD/USD to peek.

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 – 19th Oct, 2016
By FxGrow Research & Analysis Team

WTI OIL TURNED HAWKISH, AWAITING US CRUDE OIL INVENTORIES REPORT

The option of inviting the US into Opec's cartel is now on the table as OPEC secretary Barkindo whispered to reporters on Tuesday in London. US could be invited to OPEC next meeting in Vienna but only after US presidential election on Nov 8. OPEC members are expected to limit production range between 32.5 or 33 million However, US already clarified loud and clear that they are subject to any oil quotas.

The latest reports from Saudi shows that its exports fell in Aug according to Reuters inventory data. In a separate news piece, Saudi’s state owned company, Aramco is said to boost crude supplies to China in September. Meanwhile, both crude benchmarks trade with size-able gains amid reports of falling exports from Iran as well as from Saudi.

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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 – 21st Oct, 2016
By FxGrow Research & Analysis Team

USD/CAD RALLIED ON STRONGER DOLLAR INDEX, AWAITING CORE CPI

The USD/CAD digested Wednesday's gains first as response to negative trade and commerce data held by Mr. Poloz, second by positive U.S data yesterday on Philly index. The greenback surged yesterday to 98.50, causing the USD/CAD to rally from 1.3006 ( Wednesday low), to 1.3257 (251 pip) . Although the crude oil is still above 50 handle, it was not enough for the US Dollar to loosen it's grip on it's neighbor Canadian Dollar, currently trading at 1.3257 intraday, closing to last week highs. Today, Canadian Dollar awaits the Core retail sales which will determine if the U.S Dollar continues it's domination or give some chance for Canadian Dollar to breathe.

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 – 21st Oct, 2016
By FxGrow Research & Analysis Team

SILVER TUMBLES AS US DOLLAR INDEX STRENGTHEN

XAGUSD started a bearish trend as the greenback received positive economic data-Philly index (9.7). Silver dropped from yesterday's high 17.73 to 17.44 (-29 pips), and closed at 17.52. US Dollar index rose yesterday and peeked to 98.5%, making it's opponent to look weak. Although silver bounced and made a correction, currently trading 17.52 intraday, still under it's daily pivot at 17.71, XAGUSD is till under pressure by US Dollar.

Trend: Neutral bearish

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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 – 24th Oct, 2016
By FxGrow Research & Analysis Team

THE EURO REMAINS UNDER PRESSURE AWAITING GERMAN IFO

EUR/USD extends losses since last week hitting the bottom at 1.0866 -14%. The pair keeps the offered tone intact as the US dollar peeks to new eight-month highs 98.85 in response to hawkish Fed that boosted the odds for a Fed rate hike this year. Add to that, Draghi gave hints for extending the OE program, as a result, the EUR/USD tumbled from Friday's highs 1.0929, hitting today's low at 1.0859. The EUR/USD is still under pressure and expected to keep it's bearish trend, awaiting tomorrow's German IFO and Draghi's speech which will give heads up on how the EUR/USD will settle.

Trend: Bearish

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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 – 24th Oct, 2016
By FxGrow Research & Analysis Team

Japanese Yen Still Under Pressure, Bank of Japan is Vague About it's Monetary Policy

On Friday 21, Mr. Kuroda, head of Bank Japan and monetary policy, gave heads up regarding current fiscal policy showing quantitative and qualitative easing affecting the Yen but continue assessing negative interest rate policy and hinted that fiscal policy 2017 needs further revision. Mr. Koruda has regularly expressed his commitment to achieve 2% inflation as soon as possible without specifying a date. Due to the uncertainty on the Japanese economy, the USD/JPY started a rally on Friday from 103.52 low and clocked 104.20 high.

On Asian trading sessions, the Yen received positive news on trade balance and manufacturing PMI, as a result the USD/JPY took a break and dove to 103.72 as Japanese exporters supported the Yen higher then re-bounced to 103.99 high, given the US dollar index peeking to eight-month highs 98.85 in response to hawkish Fed speaks and election suspense. The USD/JPY currently trading at 103.84, the Japenese Yen is still under pressure ahead of further local and US data.

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 Oct, 2016
By FxGrow Research & Analysis Team

GBP/USD BEARISH OUTLOOK, AWAITING CARNEY'S SPEECH

Although GBP/USD is currently stable, trading sideways between 1.2210 and 1.2235 this morning, the pair is still under pressure on stronger US Dollar after strong manufacturing data and in response to hawkish Fed speaks that boosted the odds for a Fed rate hike this year. Research Team at BBH, notes that the Bank of England Governor Carney was criticized by many government officials that favored the UK leaving the EU. Today he appears before the House of Lords, many of which claim that the BOE misjudged the fallout from Brexit. Currently the GBP/USD trading at 1.2219, still under it's daily pivot.

Trend : Neutral bearish

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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 Oct, 2016
By FxGrow Research & Analysis Team

Oil Price Remains Up Ahead of US Crude Inventories

Crude oil prices are hanging strongly at $50 handle although market has doubt about an OPEC deal. Iraqi oil minister's comments were the headline of the story for investors as they worry about difficulties for an OPEC deal is harder to put together than the Saudi's and Russian are suggesting. At the meeting held in Algeria at the end of September, the OPEC nations agreed to introduce a ceiling on OPEC’s total output of around 32.5-33.0m barrels per day, which would imply a production cut from the current level. As a result, OPEC took a major step toward acting as a cartel once again.

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 – 26th Oct, 2016
By FxGrow Research & Analysis Team

AUD/USD HIKES IN RESPONSE TO POSITIVE CPI DATA

The AUD/USD kept it's strong tone and extended gains since Monday lead by upbeat Australian CPI report 0.7% q/q and negative US consumer confidence 98.6 yesterday. As a result, the pair rallied from 0.7628 and scored a high at 0.7708, currently trading at 0.7697 intraday. the Australian Dollar strengthen on stronger data giving signs that the Reserve Bank of Australia is not going to cut rates on their next meeting. The pair awaits tomorrow's US data and next week RBA meeting which will either strengthen the US dollar or the Aussie will stay bullish depending on the outcome.

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 – 27th Oct, 2016
By FxGrow Research & Analysis Team

GOLD REMAINS UNDER PRESSURE ALTHOUGH IT IS TRADING SHORT-TERM UPSWING

Although we have witnessed a slight increase in gold spot price, it's remains under pressure by US dollar control. XAUUSD rallied on Tuesday from 1262.11 low and clocked a high 1276.7 after negative US consumer confidence. On yesterday trading sessions, gold couldn't keep it's short upswing gains but decreased again to touch 1264.69 from below as US dollar index peeked to 99.09. Today US dollar index sank to 98.61 and gold took a slight break rising to 1269.04 intraday, near it's daily pivot but still under pressure awaiting further central banks decision in the coming period.

Trend: bearish

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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 Oct, 2016
By FxGrow Research & Analysis Team

THE EUR/USD CLIMBS AT A SLOW RATE AS ECB EASING MEASURES FADED

EUR/USD started a bullish trend at a slow pace in respond to neutral US economic report yesterday. The pair rallied today from 1.0829 low and clocked a high 1.0924 in response to positive EU data especially German CPI givig signs that tthe ECB is not going to ease its policy at these times. In addition, US dollar index dropped from yesterday high 99.0 to today's low 98.74, currently trading at 98.80. Although EUR/USD trend is short-term-upswing, the pair remains under pressure by strong greenback.

Trend: Bearish

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

GBP/USD MAKES SLIGHT RECOVERY BUT REMAINS UNDER PRESSURE, AWAITING GBP PMI

GBP/USD started an uptrend rise since yesterday as Carney's accepted to extend his duties as head of BOE. The US dollar index remains on track but touches 98.31 low yesterday as US data failed to meet expectations awaiting US elections. The pair opened today at 1.2233, sank to 1.2210 low, then recovered and took a hawkish mood clocking a high at 1.2244, currently trading at 1.2226 intraday. GBP/USD still remains under pressure on strong US economy but it's currently stable trading above it's Daily Pp .12212. Today, the Pound undergoes a test where it might have the chance to extend it's further recovery as GBP PMI data awaits.

Trend: Bearish with short-term-upswing.

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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.