• The Forex, Binary Options Forum - welcomes you to our Community!

    DigitalCashPalace Forum is dedicated to discussions about Forex, Binary Options, commodities, stocks related.

    Please take a look around, and feel free to .

Daily Technical Analysis from ACFX

acfx

Broker Representative

MORE ON ACFXblog.com









MARKET BRIEFING – TECHNICAL ANALYSIS 12.02.2016









EURUSD

1202EURUSDH4.png


The intraday technical outlook

EURUSD has bounced off the top of the daily uptrend channel this morning.

EURUSD needs to hold below 1.1323 level being the intraday Pivot Point if the price action is to continue the downward move.

The initial downside target is 1.1200, which is the Daily Average True Range (ATR) downside projection level of today. Should this mark be reached successfully, a further extension to 1.1168, being 3rd pivot support level of today, could be observed further.

If EURUSD fails to maintain the downward momentum, a move higher could potentially unfold.

If this scenario was to occur the target for today is 1.1440, being the pair’s Daily Average True Range (ATR) downside projection level of today




GBPUSD


1202GBPUSDH4.png



The intraday technical outlook

GBPUSD has bounced off the bottom of the newly created uptrend channel this morning.

GBPUSD needs to hold above 1.4473 level, being the intraday Pivot Point if the price action is to continue its upward move.

The initial upside target is 1.4640, being the Daily Average True Range (ATR) upside projection level of today. Should this target be reached, the extend to 1.4744, which is the 3rd pivot resistance, could take place next.

If GBPUSD fails to maintain the upward momentum, a reversal and trading lower could potentially unfold.

If this scenario was to occur, the target for today will be 1.4384, being the 1st pivot support level of today.




USDJPY


1202USDJPYH4.png


The intraday technical outlook

USDJPY is consolidating this morning, after the pair has reached a new one-year low yesterday.

USDJPY needs to hold below 112.32 level, being the intraday Pivot Point in order to continue the downtrend scenario.

The initial downside target is 111.00, which is the pair’s the Daily Average True Range (ATR) downside projection level of today. Should this target be reached, the extend to 109.71, which is the pair’s 2nd pivot support level, could follow next.

If USDJPY fails to maintain the downward momentum, a retracement higher could potentially unfold.

If this scenario was to occur the target for today is 114.00, which is today’s Daily Average True Range (ATR) upside projection.




USDCHF

1202USDCHFH4.png


The intraday technical outlook

USDCHF has slightly recovered after the pair reached a new two-month low yesterday.

USDCHF needs to hold above 0.9714 line being the intraday Pivot Point if the price action is to continue its upward move.

The initial upside target is 0.9830, being the Daily Average True Range upside projection target of today. Should this level be reached, the pair could extend trading towards 0.9870, which is the 3rd pivot resistance level of today.

If USDCHF fails to maintain upward momentum, a reversal lower could potentially unfold.

If this scenario was to occur the initial downside target for today will be 0.9667, being the 1st pivot support of today.




USDCAD

1202USDCADH4.png


The intraday technical outlook

USDCAD continues to range this morning.

USDCAD needs to hold below 1.3944 level being the intraday Pivot Point, if the price action is to continue its downward move.

The initial downside aim is 1.3811, being the 2nd pivot support level of today.When this level is reached, the pair could extend trading towards 1.3760, which is the Daily Average True Range downside projection target.

If USDCAD fails to maintain the downward momentum, a reversal and returning to trade higher could potentially unfold.

If this scenario was to occur the target for today is 1.4006, being the 1st pivot resistance level of today.



AUDUSD


1202AUDUSDH4.png


The intraday technical outlook

AUDUSD is continues to range below the recently breached uptrend channel.

AUDUSD needs to hold above 0.7080 level, being the intraday Pivot Point if the price action is to continue the upward move.

The initial upside target for this afternoon will be 0.7215, being the Daily Average True Range upside projection level of today. Should this aim be reached successfully, a further stretch towards 0.7250, which is the 2nd pivot resistance level of today, could follow next.

If AUDUSD fails to maintain the upside momentum, a retracement lower could potentially unfold.

If this scenario was to occur the target is 0.7000, being the Daily Average True Range downside projection level together with a strong psycological support.




GOLD

1202GOLDH4.png



The intraday technical outlook

Gold shot to a one-year high as market uncertainty persists.

Gold needs to hold above 1234.64 level, being the intraday Pivot Point if the price action is to continue the upward move.

The initial upside target is 1267.00, being the pair’s Daily Average True Range upside projection level of today. Should this aim be reached, a further extension to 1275.00, could occur next.

If the metal fails to maintain the upward momentum, a reversal and trading lower could potentially unfold.

If this scenario was to occur, the target for today is 1225.00, which is the metal’s Daily Average True Range downside projection level of today.





OIL

1202OILUSDH4.png


The intraday technical outlook

Oil price is rebounding from a three-week low this morning.

The commodity needs to hold above 29.19 level, being the intraday Pivot Point if the price action is to continue the upward move.

The initial upside target is 30.53, being the 2nd pivot resistance level of today. Should this target be reached successfully, a move towards 32.02, which is the Daily Average True Range (ATR) upside projection of today, could follow next.

If the Oil fails to maintain the upside momentum, a reversal and trading lower could potentially unfold.

If this scenario was to occur the target for today is 28.70, being the 2nd pivot support level of today.









MORE ON ACFXblog.com
 

acfx

Broker Representative
MORE ON ACFXblog.com








MARKET BRIEFING – TECHNICAL ANALYSIS 15.02.2016









EURUSD

1502EURUSDH4.png



The intraday technical outlook

EURUSD has breached the bottom of the uptrend channel on Friday.

EURUSD needs to hold below 1.1266 level being the intraday Pivot Point if the price action is to continue the downward move.

The initial downside target is 1.1111, which is the Daily Average True Range (ATR) downside projection level of today. Should this mark be reached successfully, a further extension to 1.1080, being 3rd pivot support level of today, could be observed further.

If EURUSD fails to maintain the downward momentum, a move higher could potentially unfold.

If this scenario was to occur the target for today is 1.1266, being the pair’s Pivot Point of today.




GBPUSD

1502GBPUSDH4-1.png


The intraday technical outlook

GBPUSD has once again bounced off the bottom of the newly created uptrend channel this morning.

GBPUSD needs to hold above 1.4504 level, being the intraday Pivot Point if the price action is to continue its upward move.

The initial upside target is 1.4565, being the 1st pivot resistance level of today. Should this target be reached, the extend to 1.4657, which is the Daily Average True Range (ATR) upside projection level of today, could take place next.

If GBPUSD fails to maintain the upward momentum, a reversal and trading lower could potentially unfold.

If this scenario was to occur, the target for today will be 1.4377, being the 2nd pivot support level of today.




USDJPY

1502USDJPYH4.png



The intraday technical outlook

USDJPY has breached the top of the downtrend channel as the pair is recovering from last week’s one-year low.

USDJPY needs to hold above 112.80 level, being the intraday Pivot Point in order to continue the uptrend scenario.

The initial downside target is 115.07, which is the pair’s the Daily Average True Range (ATR) upside projection level of today. Should this target be reached, the extend to 115.82, which is the pair’s 3rd pivot resistance level, could follow next.

If USDJPY fails to maintain the upward momentum, a retracement lower could potentially unfold.

If this scenario was to occur the target for today is 112.80, which is today’s Pivot Point of the pair.




USDCHF

1502USDCHFH4.png



The intraday technical outlook

USDCHF continues to recover after the pair breached the bottom of the downtrend channel last thursday.

USDCHF needs to hold above 0.9755 line being the intraday Pivot Point if the price action is to continue its upward move.

The initial upside target is 0.9878, being the Daily Average True Range upside projection target of today. Should this level be reached, the pair could extend trading towards 0.9900.

If USDCHF fails to maintain upward momentum, a reversal lower could potentially unfold.

If this scenario was to occur the initial downside target for today will be 0.9755, being the Pivot Point of today.





USDCAD

1502USDCADH4.png



The intraday technical outlook

USDCAD is retesting the bottom of the daily uptrend channel.

USDCAD needs to hold below 1.3874 level being the intraday Pivot Point if the price action is to continue its downward move.

The initial downside aim is 1.3722, being the 2nd pivot support level of today.When this level is reached, the pair could extend trading towards 1.3679, which is the Daily Average True Range downside projection target.

If USDCAD fails to maintain the downward momentum, a reversal and returning to trade higher could potentially unfold.

If this scenario was to occur the target for today is 1.3935, being the 1st pivot resistance level of today.





AUDUSD

1502AUDUSDH4.png



The intraday technical outlook

AUDUSD continues to range below the recently breached uptrend channel.

AUDUSD needs to hold above 0.7100 level, being the intraday Pivot Point if the price action is to continue the upward move.

The initial upside target for this afternoon will be 0.7208, being the Daily Average True Range upside projection level of today. Should this aim be reached successfully, a further stretch towards 0.7250, could follow next.

If AUDUSD fails to maintain the upside momentum, a retracement lower could potentially unfold.

If this scenario was to occur the target is 0.7100, being the pair’s pivot point of today.





GOLD



1502GOLDH4.png



The intraday technical outlook

Gold continues to decline after the metal reached one-year high last week.

Gold needs to hold below 1239.00 level, being the intraday Pivot Point if the price action is to continue the downward move.

The initial upside target is 1200.00, being the pair’s next psychological support level. Should this aim be reached, a further extension to 1180.00, could occur next.

If the metal fails to maintain the downward momentum, a reversal and trading higher could potentially unfold.

If this scenario was to occur, the target for today is 1239.30, which is the metal’s Pivot Point of today.





OIL

1502OILUSDH4.png


The intraday technical outlook

Oil price continues to strengthen this morning.

The commodity needs to hold above 30.77 level, being the intraday Pivot Point if the price action is to continue the upward move.

The initial upside target is 32.99, being the 2nd pivot resistance level of today. Should this target be reached successfully, a move towards 32.32, which is the Daily Average True Range (ATR) upside projection of today, could follow next.

If the Oil fails to maintain the upside momentum, a reversal and trading lower could potentially unfold.

If this scenario was to occur the target for today is 29.82, being the 1st pivot support level of today.







MORE ON ACFXblog.com
 

acfx

Broker Representative
MORE ON ACFXblog.com










MARKET BRIEFING – LONDON OPEN 16.02.2016




News that the Russian and Saudi Oil Ministers have agreed to hold talks about cutting Oil production later today has sent Light Sweet Crude rallying above the US$31.00 per barrels in early morning trading.

Today’s talks are due to take place in Doha and have been brokered by the Qatari Oil Minister. This closed door event should resemble a poker match between two evenly matched and very competitive players as both participants will do what they can to minimise concessions.

That the Venezuelan Oil Minister will also be in attendance could be positive in pushing the talks to a successive outcome. Venezuela has suffered more than most from the collapse in the price of crude as the Government of this Latin American country struggles to maintain budget obligations. Therefore, it is in its interest to push a deal through.

Although there has been talk of a deal before, this appears to be the first serious meeting between the world’s big two oil producers. The timing of this meeting comes at a crucial juncture in Middle East politics with events in Syria threatening to redraw the geostrategic map.

The Russian military involvement in Syria and a Saudi Arabian threat to intervene military opens up the spectre of an armed clash between these two countries. Therefore, it is rather fortuitous that both the Governments have decided to open up a channel of communication.

The Saudi Government may feel that as it holds the strongest hand might decide that it does not want to comprise by cutting its own production. The Russians, however, have technical issues that restrict its ability cut oil production as the harsh Siberian climate could lead to wells being lost.

An agreement to introduce production quotas will need the Saudi’s to move away from their current policy that requires all producers agree on crude production limits. However with Iran now freed from international sanctions the prospect of increased production from this country will make the likelihood of reaching an agreement a difficult undertaking.





EURUSD

EURUSDM3016022016.png



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.1280

Target 2: 1.1025

Projected range in ATR’s: 0.0128

Daily control level: 1.1270





GBPUSD

GBPUSDM3016022016.png



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.4595

Target 2: 1.4270

Projected range in ATR’s: 0.0162

Daily control level: 1.4530




USDJPY



USDJPYM3016022016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 116.30

Target 2: 112.85

Projected range in ATR’s: 1.74

Daily control level: 111.60




USDCHF

USDCHFM3016022016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.9980

Target 2: 0.9755

Projected range in ATR’s: 0.0112

Daily control level: 0.9720





USDCAD

USDCADM3016022016.png



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.4000

Target 2: 1.3670

Projected range in ATR’s: 0.0165

Daily control level: 1.3850




AUDUSD

AUDUSDM3016022016.png



The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.7280

Target 2: 0.7070

Projected range in ATR’s: 0.0104

Daily control level: 0.7125





GOLD

GOLDM3016022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1230.00

Target 2: 1185.00

Projected range in ATR’s: 22.89

Daily control level: 1245.00




OIL

CLH6M3016022016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 32.00

Target 2: 28.00

Projected range in ATR’s: 2.13

Daily control level: 29.00











MORE ON ACFXblog.com
 

acfx

Broker Representative
MORE ON ACFXblog.com










MARKET BRIEFING – LONDON OPEN 17.02.2016





The US, Federal Reserve Open Market Committee will today publish the much anticipated minutes of its last meeting.

These minutes are a detailed account of last Federal Reserve meeting. As such, this publication provides to market participants and financial media some colour on the backdrop of the meeting. These minutes allows traders to gain insights on how individual FOMC members are positioned with respect to interest rates as we approach the next Federal Reserve meeting that takes place in March.

We expect that this publication will portray rather balanced tone were the bias for tightening is limited by the current uncertainty that has gripped the market.

The minutes of the December meeting presented a united picture in terms of how the committee members unanimously voted for a rate increase. However, some members of the FOMC did voice concerns that this decision to hike the Fed Funds rate may have been premature.

Market volatility is bound to increase just prior and during the publication. However, what will be of interest will be to see if the dissenting voices within the Federal Reserve are getting stronger and if other members of the committee who previously backed Decembers rate increase now appear to be regretting their decision.







EURUSD

EURUSDM3017022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.1270

Target 2: 1.1015

Projected range in ATR’s: 0.0127

Daily control level: 1.1190




GBPUSD

GBPUSDM3017022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.4470

Target 2: 1.4135

Projected range in ATR’s: 0.0166

Daily control level: 1.4515




USDJPY

USDJPYM3017022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 115.90

Target 2: 112.30

Projected range in ATR’s: 1.80

Daily control level: 114.90



USDCHF

USDCHFM3017022016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.9995

Target 2: 0.9775

Projected range in ATR’s: 0.0111

Daily control level: 0.9845




USDCAD


USDCADM3017022016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.4025

Target 2: 1.3700

Projected range in ATR’s: 0.0164

Daily control level: 1.3705




AUDUSD

AUDUSDM301702216-1.png



The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.7210

Target 2: 0.7010

Projected range in ATR’s: 0.0102

Daily control level: 0.7120




GOLD

GOLDM3017022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1224.00

Target 2: 1177.00

Projected range in ATR’s: 23.42

Daily control level: 1217.55



OIL

CLH6M3017022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 31.00

Target 2: 27.00

Projected range in ATR’s: 2.06

Daily control level: 31.50






MORE ON ACFXblog.com
 

acfx

Broker Representative
MORE ON ACFXblog.com






MARKET BRIEFING – LONDON OPEN 18.02.2016


Yesterday, the Unite States, Federal Reserve published the minutes of January’s interest rate decision.

It was expected that the FOMC would take into account the events since the December interest rate rise and this was what the message the markets received.

The FOMC minutes, on the whole, gave us no surprises with the transcripts being more or less in line with last week’s testimony by the Fed chairwoman Janet Yellen to the House Financial Services Committee.

Fed Officials saw the events since December have increased the Downside risk. The inflation outlook remained uncertain and external factors are a continued source of concern with the confusing situation in China hindering the FOMC’s policy decision making.

Furthermore, the FOMC Expect inflation to be lower for a long time due to the depressed price of crude oil. The FOMC was of the opinion that oil and an improvement in the US economy could help bring inflation back to target but was not sure how long the downside risks will last for.

The strength of the US Dollar was discussed and according to the minutes with concerns that the Green Backs inflated value would hinder a recovery in the manufacturing sector.

Of all the concerns the FOMC highlighted the high volatility in the financial markets as the biggest issue and could lead to an amplification of the downside risks.

The Federal Reserved based the December increase on data that indicated that the job market is strong and that the expectation that inflation will increase.

The landscape since the December rate hike has changed dramatically. What is certain is that the FOMC would not have moved to increase interest rates in December if these events had happened in November.

The minutes portrayed an FOMC that is not only data dependent but also unsure of the trend of the data.

This leads us nicely to the forecasts made by the Federal Reserve which according to their now discredited dot plot predicted that there will be four interest rate increases in 2016. Although the FOMC have not admitted defeat, the dot plot is no longer being mentioned and the idea that the FOMC will abide by their prediction has been priced out by the market.

As if history is about to repeat itself and very much like the back end of 2015 the market has increased the odd of a December increase.

Such a move will only happen if the data fits.








EURUSD


EURUSDM3018022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.1245

Target 2: 1.1005

Projected range in ATR’s: 0.0120

Daily control level: 1.1180



GBPUSD

GBPUSDM3018022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.4450

Target 2: 1.4140

Projected range in ATR’s: 0.0154

Daily control level: 1.4340



USDJPY

USDJPYM3018022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 115.65

Target 2: 112.40

Projected range in ATR’s: 1.64

Daily control level: 114.85



USDCHF

USDCHFM3018022016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.0030

Target 2: 0.9815

Projected range in ATR’s: 0.0107

Daily control level: 0.9845




USDCAD

USDCADM3018022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.3840

Target 2: 1.3505

Projected range in ATR’s: 0.0169

Daily control level: 1.3910



AUDUSD

AUDUSDM3018022016.png



The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.7280

Target 2: 0.7100

Projected range in ATR’s: 0.0104

Daily control level: 0.7080




GOLD

GOLDM3018022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1232.00

Target 2: 1185.00

Projected range in ATR’s: 23.36

Daily control level: 1217.55




OIL

CLH6M3018022016.png



The intraday technical outlook

Trend 1 hour: Down

Target 1: 31.00

Target 2: 27.00

Projected range in ATR’s: 2.13

Daily control level: 31.50










MORE ON ACFXblog.com
 

acfx

Broker Representative
MORE ON ACFXblog.com







MARKET BRIEFING – LONDON OPEN 19.02.2016


This morning, the British Prime Minister, Mr David Cameron will hold intensive meetings with other European Union leaders.

The discussions have been portrayed as a high-stakes meeting which will define not only Britain’s relationship with the European Union but also the success or failure of the whole European project.

Mr Cameron has to return from the meetings with an agreement that he can be presented to the right of the Conservative Party and also to a British public that is becoming increasingly dissolution by the European Union.

The British Prime Minister has focussed on two main areas which he feels concessions can be extracted from the UK’s European partners.

These being the explosive subject of migrant welfare and the protection of the City of London’s dominance as a global centre for finance.

The whole European Union Migrant issues is a very popular story with the British tabloid press. However, in reality, the cost to the British taxpayer is negligible. Migration from countries like Poland, the Czech Republic and Slovakia have benefited the country as young and enthusiastic new citizens have integrated into the fabric of the country and have contributed to the economy.

Mr Cameron, however, wants concessions which will appease Conservative voters who have been enticed the message that is being delivered from UKIP that anything and everything European is bad for Britain.

A deal on migration will probably be fudged through but this will be much to the annoyance of Eastern European leaders who will argue that a deal to limit welfare payments to their former citizens will go against the ethos of the European Union’s project.

On the question of over regulation of the City of London’s financial institutions, there does need to be a review of the current legislation so as to ensure it is fit for purpose. However, it has only been eight years since we had a financial meltdown that was caused in part by a lack of regulation. Therefore, it is difficult to see the British Prime Minister getting his own way and to a degree, we should be thankful that the big financial institutions are not allowed to do as they please.

London’s role as a global financial centre will only grow over the coming years. Attempts by Paris and Frankfurt to rest the crown from the City have failed due to London’s attractive cocktail of skilled labour and lifestyle choices. London will survive an exit from the European Union but Frankfurt and Paris will once more try to challenge the old lady’s preeminent position.

The European Union and Britain need each other. The UK and the Union are massive trading partners and their economies and financial systems are just too integrated for a Brexit to even be contemplated.

The discussion about Brexit needs to be expanded as there is a need for an agenda to be put together which looks at reforming the European Union. It is hoped that today’s discussions are just the beginning of a thorough and comprehensive EU-wide reform process.











EURUSD

EURUSDM3019022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.1225

Target 2: 1.0990

Projected range in ATR’s: 0.0119

Daily control level: 1.1180



GBPUSD

GBPUSDM3019022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.4480

Target 2: 1.4190

Projected range in ATR’s: 0.0148

Daily control level: 1.4395




USDJPY


USDJPYM3019022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 114.90

Target 2: 111.50

Projected range in ATR’s: 1.67

Daily control level: 114.50



USDCHF

USDCHFM3019022016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.0035

Target 2: 0.9820

Projected range in ATR’s: 0.0106

Daily control level: 0.9845



USDCAD

USDCADM3019022016-1.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.3800

Target 2: 1.3675

Projected range in ATR’s: 0.0167

Daily control level: 1.3910



AUDUSD

AUDUSDM3019022016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.7260

Target 2: 0.7055

Projected range in ATR’s: 0.0104

Daily control level: 0.7080




GOLD

GOLDM3019022016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1256.00

Target 2: 1205.00

Projected range in ATR’s: 23.30

Daily control level: 1200.00



OIL

CLH6M3019022016.png



The intraday technical outlook

Trend 1 hour: Up

Target 1: 32.50

Target 2: 28.50

Projected range in ATR’s: 2.04

Daily control level: 28.65








MORE ON ACFXblog.com
 

acfx

Broker Representative
MORE ON ACFXblog.com









MARKET BRIEFING – TECHNICAL ANALYSIS 22.02.2016






EURUSD

2202EURUSDH4.png


The intraday technical outlook

EURUSD has resumed the downward trend after the last week’s consolidation

EURUSD needs to hold below 1.1110 level being the intraday Pivot Point if the price action is to continue the downward move.

The initial downside target is 1.1037, which is the 2nd pivot support level. Should this mark be reached successfully, a further extension to 1.0990, being the Daily Average True Range (ATR) downside projection level of today, could be observed further.

If EURUSD fails to maintain the downward momentum, a move higher could potentially unfold.

If this scenario was to occur the target for today is 1.1155, being the pair’s 1st pivot resistance level of today.




GBPUSD


2202GBPUSDH4.png


The intraday technical outlook

GBPUSD plummeted this morning, as the concerns over the potential exit of Britain from the EU worries investors. At the moment, the pair is retesting the bottom of the newly created downtrend channel.

GBPUSD needs to hold below 1.4353 level, being the intraday Pivot Point if the price action is to continue its downward move.

The initial downside target is 1.4095, being the Daily Average True Range (ATR) downside projection level of today. Should this target be reached, the extend to 1.4050, could take place next.

If GBPUSD fails to maintain the downward momentum, a reversal and trading higher could potentially unfold.

If this scenario was to occur, the target for today will be 1.4353, being the Pivot Point of today.



USDJPY

2202USDJPYH4-1.png


The intraday technical outlook

USDJPY is trading higher this morning, with the likely intention to retest the top of the downward trend channel.

USDJPY needs to hold above 112.76 level, being the intraday Pivot Point in order to continue the downtrend scenario.

The initial upside target is 113.82, which is the pair’s 2nd pivot resistance of today. Should this target be reached, the extend to 114.20, which is the pair’s Daily Average True Range (ATR) upside projection level of today, could follow next.

If USDJPY fails to maintain the upward momentum, a retracement lower could potentially unfold.

If this scenario was to occur the target for today is 112.15, which is today’s 1st pivot support level of the pair together with the previous low of the pair.



USDCHF


2202USDCHFH4.png


The intraday technical outlook

USDCHF is trading higher this morning, after the pair broke a short-term uptrend channel last Friday.

USDCHF needs to hold above 0.9917 line being the intraday Pivot Point if the price action is to continue its upward move.

The initial upside target is 1.0000, being the Daily Average True Range upside projection target of today together with the pair’s major resistance level. Should this target be reached, the pair could extend trading towards 1.0027, which is the 3rd pivot resistance of today.

If USDCHF fails to maintain upward momentum, a reversal lower could potentially unfold.

If this scenario was to occur the initial downside target for today will be 0.9892, being the 1st intermediate pivot support of today.



USDCAD

2202USDCADH4.png


The intraday technical outlook

USDCAD has once again breached the bottom of the daily uptrend channel.

USDCAD needs to hold below 1.3774 level being the intraday Pivot Point if the price action is to continue its downward move.

The initial downside aim is 1.3671, being the 2nd intermediate pivot support of today. When this level is reached, the pair could extend trading towards 1.3605, which is the Daily Average True Range downside projection target.

If USDCAD fails to maintain the downward momentum, a reversal and returning to trade higher could potentially unfold.

If this scenario was to occur the target for today is 1.3836, being the 1st pivot resistance of today.



AUDUSD


2202AUDUSDH4.png


The intraday technical outlook

AUDUSD returned to trade within the uptrend channel limits this morning.

AUDUSD needs to hold above 0.7125 level, being the intraday Pivot Point if the price action is to continue the upward move.

The initial upside target for this afternoon will be 0.7220, being the 2nd pivot resistance of today. Should this aim be reached successfully, a further stretch towards 0.7250, which is the Daily Average True Range upside projection level of today, could follow next.

If AUDUSD fails to maintain the upside momentum, a retracement lower could potentially unfold.

If this scenario was to occur the target is 0.7125, being the pair’s pivot point of today.



GOLD

2202GOLDH4.png


The intraday technical outlook

Gold has breached the bottom of the uptrend channel this morning, signalling a move lower might be ahead.

Gold needs to hold below 1226.63 level, being the intraday Pivot Point if the price action is to continue the downward move.

The initial downside target is 1199.00, being the commodity’s Daily Average True Range downside projection level of today. Should this aim be reached, a further extension to 1190.00, could occur next.

If the metal fails to maintain the downward momentum, a reversal and trading higher could potentially unfold.

If this scenario was to occur, the target for today is 1226.63, which is the metal’s Pivot Point of today.



OIL


2202OILUSDH4.png


The intraday technical outlook

Oil price continues to recover this morning.

The commodity needs to hold above 32.24 level, being the intraday Pivot Point if the price action is to continue the upward move.

The initial upside target is 34.08, being the Daily Average True Range upside projection level of today. Should this target be reached successfully, a move towards 34.61, could follow next.

If the Oil fails to maintain the upside momentum, a reversal and trading lower could potentially unfold.

If this scenario was to occur the target for today is 31.37, being 1st pivot support level of today.









MORE ON ACFXblog.com
 

acfx

Broker Representative
MORE ON ACFXblog.com









MARKET BRIEFING – LONDON OPEN 23.02.2016






This morning 9:00 AM London time Ifo Institute for Economic Research will release the German Ifo Business Climate numbers.

This report is released on a monthly basis and some three weeks into the current month.

The Ifo is a survey of current and future business sentiment with respondents also requested to rate their expectation six months forward from the survey date.

Due to the size and breadth of this report, the result of this survey is highly respected. This is because some 7000 business across Germany which are active in diverse sectors from manufacturing, construction, wholesale and retail are requested to respond.

The German Ifo Business Climate Survey is a leading indicator of the economic health of the country. As businesses can quickly recognize and adapt to the constantly changing market environment, this survey has proven to be a timely leading indicator to possible future economic activity.

Germany is the 4th largest economy in the world and by far the biggest and the most dominant within the European Union. This makes what happens in Germany very important. The release of the German Ifo can affect economic expectations and values of financial instruments not only in Germany but throughout the European Union.

The Ifo furthermore can have a dramatic effect on the Euro and the Euro crosses. Market volatility around the time of the Ifo release can potentially increase.

The forecasts for this month release are projecting the slight decrease to 107.0, as compared to the previous number of 107.3.

A result that is higher than expected could potentially have a positive effect on the Euro currency whereas an actual release that is lower than expected could see the single currency come under pressure.

The reason for this is an optimistic business outlook can precede an increase in business activity and economic growth whereas a pessimistic business outlook could indicate a future contraction in business activity and possible stagnation or drop off of economic growth.

As economic expansion is seen as being inflationary and economic contraction being deflationary the European Central Bank, (ECB) may step in an increase or decrease interest rates so as to ensure that the influential and dominant German economy does not grow or contract too quickly.







EURUSD

EURUSDM3023022016.png



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.1140

Target 2: 1.0915

Projected range in ATR’s: 0.0112

Daily control level: 1.1140





GBPUSD


GBPUSDM3023022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.4305

Target 2: 1.3990

Projected range in ATR’s: 0.0158

Daily control level: 1.4405




USDJPY

USDJPYM3023022016.png



The intraday technical outlook

Trend 1 hour: Down

Target 1: 114.40

Target 2: 111.30

Projected range in ATR’s: 1.55

Daily control level: 113.40






USDCHF

USDCHFM3023022016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.0100

Target 2: 0.9890

Projected range in ATR’s: 0.0103

Daily control level: 0.9885





USDCAD


USDCADM3023022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.3955

Target 2: 1.3550

Projected range in ATR’s: 0.0149

Daily control level: 1.3845





AUDUSD

AUDUSDM3023022016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.7320

Target 2: 0.7130

Projected range in ATR’s: 0.0095

Daily control level: 0.7065



GOLD

GOLDM3023022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1235.00

Target 2: 1182.00

Projected range in ATR’s: 26.52

Daily control level: 1234.00





OIL



CLJ6M3023022016.png



The intraday technical outlook

Trend 1 hour: Up

Target 1: 35.20

Target 2: 31.40

Projected range in ATR’s: 1.90

Daily control level: 31.35






MORE ON ACFXblog.com
 

acfx

Broker Representative
MORE ON ACFXblog.com








MARKET BRIEFING – TECHNICAL ANALYSIS 24.02.2016










EURUSD

2402EURUSDH1.png



The intraday technical outlook

EURUSD reached a new three-week low this morning.

EURUSD needs to hold below 1.1019 level being the intraday Pivot Point if the price action is to continue the downward move.

The initial downside target is 1.0956, which is the 1st pivot support level. Should this mark be reached successfully, a further extension to 1.0915, being the Daily Average True Range (ATR) downside projection level of today, could be observed further.

If EURUSD fails to maintain the downward momentum, a move higher could potentially unfold.

If this scenario was to occur the target for today is 1.1019, being the pair’s Pivot Point of today.





GBPUSD

2402GBPUSDH4.png


The intraday technical outlook

GBPUSD has reached a seven-month low this morning.

GBPUSD needs to hold below 1.4061 level, being the intraday Pivot Point if the price action is to continue its downward move.

The initial downside target is 1.3860, being the Daily Average True Range (ATR) downside projection level of today. Should this target be reached, the extend to 1.3800, which is the next key level, could take place next.

If GBPUSD fails to maintain the downward momentum, a reversal and trading higher could potentially unfold.

If this scenario was to occur, the target for today will be 1.4061, being the Pivot Point of today.




USDJPY

2402USDJPYH4.png


The intraday technical outlook

USDJPY is consolidating under the recently breached short-term uptrend channel.

USDJPY needs to hold below 112.30 level, being the intraday Pivot Point in order to continue the downtrend scenario.

The initial downside target is 111.02, which is the pair’s 2nd pivot support of today. Should this target be reached, the extend to 110.60, being the pair’s Daily Average True Range (ATR) downside projection level of today, could follow next.

If USDJPY fails to maintain the downward momentum, a retracement higher could potentially unfold.

If this scenario was to occur the target for today is 112.83, which is the 1st pivot resistance of the pair.




USDCHF

2402USDCHFH4.png


The intraday technical outlook

USDCHF is consolidating around the daily pivot point in indecision.

USDCHF needs to hold above 0.9935 line being the intraday Pivot Point if the price action is to continue its upward move.

The initial upside target is 0.9976, being the 2nd intermediate pivot resistance and also coinciding with the previous high. Should this target be reached, the pair could extend trading towards 1.0041, which is the 2nd pivot resistance of today.

If USDCHF fails to maintain upward momentum, a reversal lower could potentially unfold.

If this scenario was to occur the initial downside target for today will be 0.9871, being the 1st pivot support of today.



USDCAD

2402USDCADH4.png


The intraday technical outlook

USDCAD is consolidating under the recently breached daily uptrend channel.

USDCAD needs to hold above 1.3768 level being the intraday Pivot Point if the price action is to continue its upward move.

The initial upside aim is 1.3895, being the 2nd pivot resistance of today. When this level is reached, the pair could extend trading towards 1.3935, being the pair’s Daily Average True Range (ATR) upside projection level of today.

If USDCAD fails to maintain the upward momentum, a reversal and returning to trade lower could potentially unfold.

If this scenario was to occur the target for today is 1.3641, being today’s Daily Average True Range (ATR) downside projection level of today.




AUDUSD


2402AUDUSDH4.png


The intraday technical outlook

AUDUSD has once again breached the bottom of the uptrend channel this morning.

AUDUSD needs to hold below 0.7219 level, being the intraday Pivot Point if the price action is to continue the downward move.

The initial downside target for this afternoon will be 0.7120, being the 3rd pivot support of today. Should this aim be reached successfully, a further stretch towards 0.7105, which is the pair’s Daily Average True Range (ATR) downside projection level of today could follow next.

If AUDUSD fails to maintain the downside momentum, a retracement higher could potentially unfold.

If this scenario was to occur the target is 0.7219, being the pair’s Pivot Point of today.



GOLD

2402GOLDH4.png


The intraday technical outlook

Gold is retesting to return within the limits of the recently breached uptrend channel.

Gold needs to hold above 1220.15 level, being the intraday Pivot Point if the price action is to continue the upward move.

The initial upside target is 1250.00, being the commodity’s Daily Average True Range upside projection level of today. Should this aim be reached, a further extension to 1254.31, could develop next.

If the metal fails to maintain the upward momentum, a reversal and trading lower could potentially unfold.

If this scenario was to occur, the target for today is 1212.21, which is the metal’s 1st pivot support of today.




OIL

2402OILUSDH4.png



The intraday technical outlook

Oil price is plummeting, as one more meeting between oil-producing countries failed to reach an agreement.

The commodity needs to hold below 32.36 level, being the intraday Pivot Point if the price action is to continue the downward move.

The initial downside target is 30.90, being the 1st pivot support of today. Should this target be reached successfully, a move towards 30.09, could follow next.

If the Oil fails to maintain the downside momentum, a reversal and trading higher could potentially unfold.

If this scenario was to occur the target for today is 33.17, being 1st pivot resistance level of today.









MORE ON ACFXblog.com
 

acfx

Broker Representative

MORE ON ACFXblog.com











MARKET BRIEFING – LONDON OPEN 25.02.2016






The British Prime Minister David Cameron is prepared to engage the Bank of England in order to keep Britain in the European Union. According to his speech on Tuesday, the policymakers “will make sure that the Treasury and the Bank of England and other authoritative organisations set out the facts, set out the figures so people can make a judgment.”

In the meantime, the pound continues to weaken against its major counterparts, with the GBPUSD hitting a new seven-year low yesterday afternoon and trading below 1.3900 marks.

Mark Carney, the BoE Governor, is ready to loosen the monetary policy, saying that the Bank is open to the interest rate cuts and extending a bond-buying programme if required. Even though the slowdown in the global economy has not yet significantly affected the UK growth. He also emphasized his view that the local interest rates will be unlikely to be raised from the record low of 0.5% over the next three years.

Second Estimate UK GDP data release will open this morning at 9:30 am London time. The change in the inflation-adjusted value of all goods and services within the country is expected to remain unaltered from the last quarter at 0.5%. Provided the release will not show significant deviations from the forecast, this event is unlikely to significantly affect the British Pound.








EURUSD

EURUSDM3025022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.1110

Target 2: 1.0910

Projected range in ATR’s: 0.0100

Daily control level: 1.1050




GBPUSD


GBPUSDM3022022016-1.png



The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.4180

Target 2: 1.3765

Projected range in ATR’s: 0.0159

Daily control level: 1.4405



USDJPY


USDJPYM3025022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 113.65

Target 2: 110.70

Projected range in ATR’s: 1.50

Daily control level: 113.40




USDCHF


USDCHFM3025022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.9980

Target 2: 0.9790

Projected range in ATR’s: 0.0096

Daily control level: 0.9950




USDCAD


USDCADM3025022016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.3800

Target 2: 1.3675

Projected range in ATR’s: 0.0145

Daily control level: 1.3660




AUDUSD


AUDUSDM3025022016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.7280

Target 2: 0.7110

Projected range in ATR’s: 0.0087

Daily control level: 0.7065






GOLD


GOLDM3025022016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1254.00

Target 2: 1200.00

Projected range in ATR’s: 26.77

Daily control level: 1201.00




OIL

CLJ6M3025022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 34.00

Target 2: 30.00

Projected range in ATR’s: 1.98

Daily control level: 33.50







MORE ON ACFXblog.com
 

acfx

Broker Representative
MORE ON ACFXblog.com








MARKET BRIEFING – LONDON OPEN 26.02.2016




The main event for today will be a G20 summit held in Shanghai, where leaders will gather to discuss means to support the sluggish global economy. The Organization for Economic Cooperation and Development said it is imperative to speed up existing structural reforms and use more effectively fiscal and monetary measures in order to attain that.

“Global growth prospects remain clouded in the near term, with emerging-market economies losing steam, world trade slowing down and the recovery in advanced economies being dragged down by persistently weak investment,” the OECD said, as it urged the leaders to deal with these conditions.

The OECD’s mission is to monitor reforms within G20 countries in order to achieve an earlier set of goals of increasing global economic growth by 2% until 2018. In order to do that, more than 800 reforms were introduced since 2014, however, their implementation still remains delayed.

Concerns regarding developments in China is also expected to take a priority in G20 discussions. The world’s second-largest economy has reported a growth of 6.9% for 2015, which was the country’s weakest in last 25 years.

On the over hand, Germany has shown a strong opposition to proposed loosening of the current fiscal stimulus programme. Wolfgang Schaeuble, at a meeting with his counterparts before the summit, warned that space for further monetary easing is exhausted and using additional debt to boost a growth will lead to “zombifying” of economies.








EURUSD

EURUSDM3025022016-1.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.1110

Target 2: 1.0920

Projected range in ATR’s: 0.0097

Daily control level: 1.0980



GBPUSD

GBPUSDM3025022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.4110

Target 2: 1.3805

Projected range in ATR’s: 0.0153

Daily control level: 1.4405



USDJPY

USDJPYM3025022016-1.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 114.40

Target 2: 110.60

Projected range in ATR’s: 1.40

Daily control level: 113.40





USDCHF


USDCHFM3025022016-1.png



The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.9950

Target 2: 0.9810

Projected range in ATR’s: 0.0094

Daily control level: 0.9950




USDCAD

USDCADM3025022016-1.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.3675

Target 2: 1.3375

Projected range in ATR’s: 0.0150

Daily control level: 1.3735



AUDUSD

AUDUSDM3025022016-1.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.7320

Target 2: 0.7145

Projected range in ATR’s: 0.0088

Daily control level: 0.7145




GOLD

GOLDM3025022016-1.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1257.00

Target 2: 1207.00

Projected range in ATR’s: 25.19

Daily control level: 1220.00



OIL

CLJ6M3025022016-1.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 35.00

Target 2: 31.00

Projected range in ATR’s: 1.99

Daily control level: 31.00






MORE ON ACFXblog.com
 

acfx

Broker Representative
MORE ON ACFXblog.com







MARKET BRIEFING – LONDON OPEN 29.02.2016




Today’s trading session is promising to be quiet in regards of economic releases. Nevertheless, investors are awaiting some important events this week.

On Friday, the US Bureau of Labour Statistics will deliver the employment set of data which will highlight the current labour market conditions. This time, the market consensus expects the number of employed people during the previous month to increase to 195.000 from 151.000 of January.

Average Hourly Earnings data though is predicted to slide lower to 0.2% this month in comparison to 0.5% of the last release. Lastly, the Unemployment rate is forecasted to remain unaltered at 4.9%.

Tomorrow’s session is promising to be quite busy with the economic forecasts. Firstly, the data on Chinese Manufacturing Sector will be released by the China Federation of Logistics and Purchasing. The official PMI data is not expected to change and remain at 48.4 level, whereas Caixin survey, later on, is awaiting a slight drop to 48.2 from 48.4 of a month ago.

Following that, the Reserve Bank of Australia data will capture the attention of traders. The majority of economists do not expect any changes in the monetary policy of the institution. However, the rate statement will likely to give some hints regarding the future economic outlook together with the commentary regarding the current economic conditions.

This Tuesday’s afternoon, the major data event is the US ISM Purchasing Manager’s Index release. The data is expected to improve to 48.6 this time, nevertheless remaining in the contraction zone below 50.0 level.






EURUSD

EURUSDM3029022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.1004

Target 2: 1.0815

Projected range in ATR’s: 0.0095

Daily control level: 1.1070






GBPUSD


GBPUSDM3029022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.4010

Target 2: 1.3700

Projected range in ATR’s: 0.0155

Daily control level: 1.4050




USDJPY

USDJPYM3029022016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 115.35

Target 2: 112.50

Projected range in ATR’s: 1.43

Daily control level: 111.00



USDCHF

USDCHFM3029022016.png



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.0060

Target 2: 0.9885

Projected range in ATR’s: 0.0088

Daily control level: 1.0100



USDCAD

USDCADM3029022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.3655

Target 2: 1.3370

Projected range in ATR’s: 0.0143

Daily control level: 1.3735





AUDUSD

AUDUSDM3029022016.png



The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.7210

Target 2: 0.7030

Projected range in ATR’s: 0.0089

Daily control level: 0.7145




GOLD

GOLDM3029022016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1248.00

Target 2: 1195.00

Projected range in ATR’s: 26.60

Daily control level: 1244.00




OIL

CLJ6M3029022016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 34.65

Target 2: 30.75

Projected range in ATR’s: 1.94

Daily control level: 30.75





MORE ON ACFXblog.com
 

acfx

Broker Representative
ACFX SPECIAL REPORT – TURKEY




The Turkish economy has experienced a minor miracle in recent years. This country’s economy has risen like a phoenix from the debt crisis of the late 1990’s. The transformation has turned Turkey into a regional industrial powerhouse.

Economic growth and prosperity have brought Turkey an enhanced status on the international stage. The benefits to Turkey such as cementing itself as a member of the exclusive club of G-20 nations and a greater in international negotiations.

A strong and growing economy brings with it a greater confidence. The Turkish Government has been able to flex its muscles as it looks to protect its economic, political and strategic interests in the Middle East region.

Unfortunately, this brought the Turkish Government into direct political conflict with the goals of the Russian Federation.The cost to the Turkish economy has been damaging as sanctions imposed by the administration of Vladimir Putin’s Russian Government is expected to be in the region of US Dollar 9 billion per year.

The sanctions that have been imposed by the Russian Government could not have come at a more unfortunate time. Emerging nations such as Turkey have benefited from an extended period of low US interest rates.

The US Federal Reserve has committed itself to increasing interest rates during 2016. The prospect of higher yields received from investments in US debt has resulted in capital flowing away from Emerging Market nations such as Turkey.

The uncertainty that has shown itself in the forex markets as investors have reduced their exposure to the Lira and bought the US Dollar. However, the weakness in the Lira can be traced back to July 2011. From a monthly aspect, USDTRL at this period was trending in an uptrend with the price-action moving above the support of the cloud and the Kijun-Sen and Tenkan-Sen.






MONTHLY CHART

USDTRYMonthly.png


The weekly time frame demonstrates the importance of using a top-down approach when one tries to analyze the markets. Although an Ichimoku Kinko-Hyo strategy should allow a trader to focus on the one-time frame, it can be seen that breaches beneath the cloud have offered buying and not shorting opportunities. In fact, it can be seen that corrective moves down to both the Tenkan-Sen and Kijun-Sen have opportunities to buy the US Dollar and sell the Lira. Although I would like to stress that these trends are intact until they end.


WEEKLY CHART

USDTRYWeekly.png


The daily time frame has allowed investors to jump on the trading opportunity in the direction of the higher monthly and weekly time window. At the moment, however, USDTRL is currently trading within the cloud congestion area, and the Chikou Span is not giving any clear directional signals. Traders of the USDTRL would now be waiting for a move above the cloud, and the 3.0050 level as this could be sufficient for the Chikou Span could confirm resumption of an upside breakout.


DAILY CHART

USDTRYDaily.png
 

acfx

Broker Representative
MORE ON ACFXblog.com







MARKET BRIEFING – LONDON OPEN 01.03.2016




The Reserve Bank of Australia held the interest rate unchanged at 2% level, as expected. However, markets price in the probability that at least two cuts within 2016 will take place.

The RBA in its policy statement this morning reiterated that persistently low levels of inflation could be a base for the consequent monetary policy easing. The inflation is expected to be low for the next two years, with very low levels of oil price adding to that pressure.

The Australian job market also remains a concern to the policymakers as the global economic slowdown is affecting the state of the country’s economy. Tomorrow’s quarterly GDP release is expected to add a further light to the country’s outlook.

Australian Dollar rallied higher on the news, recovering from a week low with AUDUSD reaching 0.7162 this morning.

The rest of this trading day will concentrate on Purchasing Managers indices released in UK and US, the leading indicator of the economic health in these countries.

The British Manufacturing PMI figure is released by Markit at 9:30 am London time. Investors awaiting a decline to 52.3 this time, down from 52.9 figure announced in February.

The ISM Manufacturing PMI will be published at 3:00 pm this afternoon, with the US data still expected to remain in contraction zone at 48.2, which is the case since last November. A volatility of the USD pairs should be expected during the time of release.








EURUSD

EURUSDM3001032016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.0960

Target 2: 1.0780

Projected range in ATR’s: 0.0090

Daily control level: 1.0965




GBPUSD

GBPUSDM3001032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.4070

Target 2: 1.3760

Projected range in ATR’s: 0.0154

Daily control level: 1.3830



USDJPY


USDJPYM3001032016.png



The intraday technical outlook

Trend 1 hour: Down

Target 1: 114.00

Target 2: 111.35

Projected range in ATR’s: 1.33

Daily control level: 114.10





USDCHF

USDCHFM3001032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.0065

Target 2: 0.9895

Projected range in ATR’s: 0.0086

Daily control level: 0.9945




USDCAD


USDCADM3001032016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.3675

Target 2: 1.3400

Projected range in ATR’s: 0.0138

Daily control level: 1.3735





AUDUSD


AUDUSDM3001032016.png



The intraday technical outlook

Trend 1 hour: Down

Target 1: 0.7230

Target 2: 0.7050

Projected range in ATR’s: 0.0088

Daily control level: 0.7170






GOLD



GOLDM3001032016-1.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1265.00

Target 2: 1211.00

Projected range in ATR’s: 27.18

Daily control level: 1210.00





OIL

CLJ6M3001032016-1.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 35.80

Target 2: 32.00

Projected range in ATR’s: 1.94

Daily control level: 32.25






MORE ON ACFXblog.com
 

acfx

Broker Representative
MORE ON ACFXblog.com








MARKET BRIEFING – LONDON OPEN 02.03.2016



Moody’s Investors Service has lowered the China’s government credit rating outlook from stable to negative, according to the agency’s publication this morning. The long-term primary unsecured debt rating and issuer’s other ratings are affirmed at ‘Aa3′.

The main factors to proceed with the revision of the forecast were the deterioration in the country’s financial performance and weak prospects for their further improvement, reflected in the increasing government debt and rising contingent liabilities.

The enduring fall in the country’s reserves due to the outflow of capital could likely deteriorate the country’s external strength. Even though the Chinese reserves still remain of a massive size of US$ 3.2 billion, they have decreased by US$ 762 billion since the peak in June 2014.

Investor’s uncertainty regarding the authorities’ ability to carry out reforms to address imbalances in the economy, according to the agency, also remains of concern.

Besides, the current fiscal and monetary policy provisions to reach 6.5% growth target are feared to slow the implementation of the necessary reforms, undermining the strength of the Chinese institutions, hence weakening their credibility.

Nonetheless, the current rating remained unchanged as a large size of the country contributes to its credit potency. ”Although GDP growth is slowing, it will remain markedly higher than most of China’s rating peers. The size of the buffers available to face current fiscal and capital outflow challenges allows for a gradual implementation of reform and therefore supports an affirmation of the rating at Aa3”, the agency reports.










EURUSD

EURUSDM3002032016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.0950

Target 2: 1.0780

Projected range in ATR’s: 0.0088

Daily control level: 1.0860



GBPUSD

GBPUSDM3002032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.4100

Target 2: 1.3800

Projected range in ATR’s: 0.0149

Daily control level: 1.3895



USDJPY

USDJPYM3002032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 115.25

Target 2: 112.70

Projected range in ATR’s: 1.28

Daily control level: 112.00



USDCHF


USDCHFM3002032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.0055

Target 2: 0.9885

Projected range in ATR’s: 0.0084

Daily control level: 0.9945


USDCAD

USDCADM3002032016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.3545

Target 2: 1.3270

Projected range in ATR’s: 0.0139

Daily control level: 1.3595



AUDUSD

AUDUSDM3002032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.7255

Target 2: 0.7090

Projected range in ATR’s: 0.0084

Daily control level: 0.7115



GOLD

GOLDM3002032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1255.00

Target 2: 1207.00

Projected range in ATR’s: 23.69

Daily control level: 1210.00



OIL

CLJ6M3002032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 35.75

Target 2: 31.95

Projected range in ATR’s: 1.92

Daily control level: 33.30







MORE ON ACFXblog.com
 

acfx

Broker Representative
MORE ON ACFXblog.com









MARKET BRIEFING – LONDON OPEN 03.03.2016




There is a view spreading among traders that the fall in oil prices, which started in the middle of 2014, might have bottomed out as production is slowing down and the demand remains strong.

This morning oil prices continued to show growth as investors are confident that the near future demand for raw materials will increase. The Brent oil reached US$ 37.47 high, and WTI surged to US$ 35.92 last afternoon according to the trading data.

Nevertheless, most analysts do not expect a sharp rise in the oil prices anytime soon, as the supply continues to exceed the demand, and the global stocks of the raw material are increasing with the unsold commodity.

According to estimates, around 1 to 2 million barrels above average demand are currently produced on the daily basis. In addition, some experts believe that the recent attempt of the non-OPEC oil producing countries to freeze the supply will not be able to curb the oversupply in the market.

Yesterday, the US Energy Information Administration announced a 10.4 million barrels increase held in inventory by commercial firms during last week. This is the highest level since April 2015.

The news though did not affect the highly dependent Canadian dollar, which continued to strengthen last afternoon. Australian Dollar has also surged higher and was trading at 0.7323 against the US Dollar this morning, being the pair’s this year high. The US Dollar Index stayed largely unaffected.










EURUSD

EURUSDM3003032016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.0950

Target 2: 1.0780

Projected range in ATR’s: 0.0083

Daily control level: 1.0896



GBPUSD

GBPUSDM3003032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.4230

Target 2: 1.3925

Projected range in ATR’s: 0.0152

Daily control level: 1.3895



USDJPY

USDJPYM3003032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 114.70

Target 2: 113.50

Projected range in ATR’s: 1.27

Daily control level: 113.15




USDCHF

USDCHFM3003032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.0045

Target 2: 0.9880

Projected range in ATR’s: 0.0082

Daily control level: 0.9945




USDCAD

USDCADM3003032016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.3545

Target 2: 1.3275

Projected range in ATR’s: 0.0135

Daily control level: 1.3500




AUDUSD


AUDUSDM3003032016-1.png



The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.7375

Target 2: 0.7205

Projected range in ATR’s: 0.0086

Daily control level: 0.7115




GOLD


GOLDM3003032016-1.png



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1263.00

Target 2: 1215.00

Projected range in ATR’s: 23.79

Daily control level: 1224.45




OIL

CLJ6M3003032016-1.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 36.55

Target 2: 32.80

Projected range in ATR’s: 1.87

Daily control level: 33.45








MORE ON ACFXblog.com
 

acfx

Broker Representative
MORE ON ACFXblog.com







MARKET BRIEFING – LONDON OPEN 04.03.2016



This afternoon at 1:30 pm London time the Bureau of Labour and Statistics publishes its latest monthly Non-Farm Employment Change data.

This publication is part of the Jobs Report that also includes the Average Hourly Earnings and Unemployment Rate releases.

The NFP report gives investors’ information on the number of new employees hired during the prior month.

Market participants monitor all the components that make up the Jobs Report. However, the NFP does tend to have an overbearing impact on the market and can cause large amounts of volatility in all liquid asset classes and the forex market.

The NFP, Average Hourly Earnings and Unemployment Rate reports are published very early after the end of the prior month. Therefore, they can give traders and investors an early warning of economic changes. As such, the Jobs Report is a valuable tool for helping one to decide if new risk should be taken or if current exposure management should be modified.

Jobs related data such as the NFP is important because it is a barometer of the conditions of the United States economy and is also a leading indicator of possible changes to consumer spending.

The market consensus expects to see 195.000 new vacancies to have been filled in February. Today’s forecast if realized would be an increase from the previous 151.000 places that were reported in the prior months release.

The overall trend of the data continues to be positive, however, it is important to consider the NFP data together with the effect on wage levels, released at the same time. The Average Hourly Earnings data, this time, is expected to drop to 0.2%, down from 0.5% of the previous release.

The Federal Reserve would welcome a rise in the level of wages as this will mean that the low-interest rate policy could be relaxed further over the coming year.

Should the NFP actual announcement exceed, the market estimates the US Dollar price would usually strengthen against its major pairs.

High volatility around the time of the Jobs Data releases should be anticipated.









EURUSD

EURUSDM3004032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.1035

Target 2: 1.0850

Projected range in ATR’s: 0.0082

Daily control level: 1.0820




GBPUSD

GBPUSDM3004032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.4325

Target 2: 1.4015

Projected range in ATR’s: 0.0155

Daily control level: 1.4030



USDJPY

USDJPYM3004032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 114.80

Target 2: 112.40

Projected range in ATR’s: 1.22

Daily control level: 113.15




USDCHF

USDCHFM3004032016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.0000

Target 2: 0.9840

Projected range in ATR’s: 0.0079

Daily control level: 0.9980




USDCAD

USDCADM3004032016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.3540

Target 2: 1.3270

Projected range in ATR’s: 0.0135

Daily control level: 1.3475



AUDUSD

AUDUSDM3004032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.7440

Target 2: 0.7265

Projected range in ATR’s: 0.0087

Daily control level: 0.7115





GOLD


GOLDM3004032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1287.00

Target 2: 1240.00

Projected range in ATR’s: 23.64

Daily control level: 1224.45



OIL

CLJ6M3004032016.png



The intraday technical outlook

Trend 1 hour: Up

Target 1: 36.50

Target 2: 32.80

Projected range in ATR’s: 1.86

Daily control level: 33.10







MORE ON ACFXblog.com
 

acfx

Broker Representative
MORE ON ACFXblog.com










MARKET BRIEFING – LONDON OPEN 07.03.2016






Oil prices extended the price gains into the Monday opening session on investors’ optimism that the demand for the commodity will grow, whereas the supply is expected to be reduced.

The drop in the number of operating oil rigs has boosted hopes of the market participants that the long-lasting decline in the oil price will finally rebound. The report, released by Baker Hughes on Friday indicated the eleventh week for the oil rigs decline.

Moreover, the possibility that OPEC and non-OPEC producers will finally agree to a production freeze at their next meeting on March 20 is also strengthening investors’ confidence. At the moment, four large commodity’s producers among which are Saudi Arabia and Russia, intend to limit the oil supply at the January levels.

Thus, Brent reached US$ 39.70 high at this week’s opening session with the commodity retesting the top of the downtrend channel which was formed last May. WTI also continue to strengthen as it was trading close to US$ 38.00 level this morning.

Positive news from China seems to add the support to the world’s most traded commodity also as Chinese government voiced its plans to emphasize the growth over the economy restructuring. The target for 2016 was firmly set between 6.5% and 7% when the National People’s Congress was held this weekend.

A number of measures are set to be taken, including tax cuts which will allow the local companies more fund to invest. A broad social financing measures will also be taken to support the slowing down world’s second largest economy.

The US dollar was seen to weaken for the last three trading days, with the index reaching 97.01 low last Friday.









EURUSD

EURUSDM3007032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.1075

Target 2: 1.0900

Projected range in ATR’s: 0.0087

Daily control level: 1.0900




GBPUSD

GBPUSDM3007032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.4365

Target 2: 1.4070

Projected range in ATR’s: 0.0148

Daily control level: 1.4100



USDJPY


USDJPYM3007032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 115.00

Target 2: 112.70

Projected range in ATR’s: 1.19

Daily control level: 113.10




USDCHF


USDCHFM3007032016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.0005

Target 2: 0.9840

Projected range in ATR’s: 0.0084

Daily control level: 0.9990




USDCAD

USDCADM3007032016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.3460

Target 2: 1.3200

Projected range in ATR’s: 0.0132

Daily control level: 1.3475





AUDUSD

AUDUSDM3007032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.7485

Target 2: 0.7310

Projected range in ATR’s: 0.0088

Daily control level: 0.7115




GOLD

GOLDM3007032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1283.50

Target 2: 1235.00

Projected range in ATR’s: 24.13

Daily control level: 1248.70




OIL

CLJ6M3007032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 38.00

Target 2: 34.50

Projected range in ATR’s: 1.79

Daily control level: 34.30






MORE ON ACFXblog.com
 

acfx

Broker Representative
MORE ON ACFXblog.com






MARKET BRIEFING – LONDON OPEN 08.03.2016





In overnight news, continuing concerns over the slowdown of the Chinese economy was highlighted by extremely disappointing international trade numbers. According to the Customs General Administration of China, international traded dropped to 210 billion in February. This statistic compares unfavourably to January data of 406 billion.

It was expected that the month on month trade balance number would decline to a more modest 339 billion. This morning’s number is the lowest published reading since March of 2015 and is also the steepest decline since May 2009.

Reading deeper into this data from China, an alteration of the date of the Lunar Year had a dramatic effect on the export numbers. This view is backed up by an analyst report from Capital Economics of Singapore which said. “In 2015, the holiday fell unusually late which meant that more of the pre-holiday rush to meet orders and less of the post-holiday disruptions took place in February, causing exports to jump 48.9 percent year-on-year.”

Later this morning, the United Kingdom Brexit debate will come strongly into focus when the Bank of England Governor, Mr Mark Carney will give testimony to a Parliamentary Committee in London on Britain’s continued membership of the European Union.

The Brexit debate is heating up between the “in” and “out” campaigners within the ruling Conservative Party. Therefore, it will be fascinating to see how Mr Carney and his deputy Mr Cunliffe manage to stick to an impartial line when it is an open secret that the Bank of England favours keeping the UK inside the European Union.

For most of today in Brussels, European Finance Ministers will meet. This meeting will take place just two days before a crucial European Central Bank meeting. The ECB President has on many occasions promoted a dovish bias on interest rates by saying that the central bank will do what it takes to bring inflation back to target. However, to date, Mr Draghi has failed to back up this rhetoric. The ECOFIN meeting could give valuable insight into the mood of European Finance Ministers and their appetite to move further down a path of stimulus.

This afternoon, we have news from Canada with announcements from the construction sector with both Housing Starts and Building Permits publications due to be released. The news from Canada has added significance as this data release will come just one day before a crucial Bank of Canada interest rate decision.

Tuesday is rounded off with data from Australia when the WestPac Banking Corporation will publish its Consumer Sentiment report. This data is followed by more news from the banking and property sector when the Australian Bureau of Statistics is due to announce Home Loans data.









EURUSD

EURUSDM3008032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.1100

Target 2: 1.0925

Projected range in ATR’s: 0.0088

Daily control level: 1.0935




GBPUSD

GBPUSDM3008032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.4410

Target 2: 1.4100

Projected range in ATR’s: 0.0152

Daily control level: 1.4125




USDJPY

USDJPYM3008032016-1.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 114.60

Target 2: 112.20

Projected range in ATR’s: 1.18

Daily control level: 114.30



USDCHF

USDCHFM3008032016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.0025

Target 2: 0.9855

Projected range in ATR’s: 0.0085

Daily control level: 1.0010



USDCAD

USDCADM3008032016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.3410

Target 2: 1.3155

Projected range in ATR’s: 0.0126

Daily control level: 1.3380



AUDUSD

AUDUSDM3008032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.7555

Target 2: 0.7380

Projected range in ATR’s: 0.0088

Daily control level: 0.7385


GOLD

GOLDM3008032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1289.00

Target 2: 1242.00

Projected range in ATR’s: 23.83

Daily control level: 1255.00



OIL

CLJ6M3008032016.png



The intraday technical outlook

Trend 1 hour: Up

Target 1: 39.70

Target 2: 36.20

Projected range in ATR’s: 1.74

Daily control level: 36.00









MORE ON ACFXblog.com
 

acfx

Broker Representative
MORE ON ACFXblog.com







MARKET BRIEFING – LONDON OPEN 09.03.2016








Euro declined as the next meeting of the European Central Bank is approaching this Thursday. Markets have already priced in a further loosening of the monetary policy, with the deposit rate expected to be cut by at least ten bps to -0.4%.

The possibility of the boosting the amount of the QE assets purchases also remains in place. Some economists expect the bond-purchase programme to be increased by 10 billion euros a month, totalling 70 billion euros.

EURUSD was trading below the 1.10 key level this morning. The pair has reconfirmed the breach of the daily upward trend channel which occurred two weeks ago, suggesting a move lower might be ahead.

Oil has recently been trading higher. However, yesterday afternoon commodity tried to correct lower after it reached a three-month high in the morning. Thus, Brent oil is trading at US$ 40.00 psychological level this morning, whereas WTI is fluctuating around US$ 38.00 mark.

The crude oil inventories release this afternoon will likely to define the oil price direction further. Currently, analysts expect an increase in stocks by 3 million barrels this week, after the index shown a 10.4 million increase last time.

With respect to today’s economic calendar, the European trading hours are promising to be quiet with regards to any major releases, which could affect the market. In the afternoon session, the Bank of Canada and the Reserve Bank of New Zealand will come up with their policy statements, which could cause volatility in the Canadian and New Zealand dollars correspondingly







EURUSD

EURUSDM3009032016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1.1100

Target 2: 1.0920

Projected range in ATR’s: 0.0089

Daily control level: 1.1060




GBPUSD

GBPUSDM3009032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.4360

Target 2: 1.4060

Projected range in ATR’s: 0.0149

Daily control level: 1.4130




USDJPY

USDJPYM3009032016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 113.75

Target 2: 111.45

Projected range in ATR’s: 1.15

Daily control level: 114.30




USDCHF

USDCHFM3009032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.0045

Target 2: 0.9870

Projected range in ATR’s: 0.0086

Daily control level: 0.9895





USDCAD

USDCADM3009032016.png



The intraday technical outlook

Trend 1 hour: Up

Target 1: 1.3535

Target 2: 1.3280

Projected range in ATR’s: 0.0128

Daily control level: 1.3260




AUDUSD

AUDUSDM300903216.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 0.7525

Target 2: 0.7350

Projected range in ATR’s: 0.0087

Daily control level: 0.7400




GOLD

GOLDM3009032016.png


The intraday technical outlook

Trend 1 hour: Down

Target 1: 1283.50

Target 2: 1239.00

Projected range in ATR’s: 22.59

Daily control level: 1278.00



OIL

CLJ6M3009032016.png


The intraday technical outlook

Trend 1 hour: Up

Target 1: 38.00

Target 2: 34.50

Projected range in ATR’s: 1.76

Daily control level: 35.95







MORE ON ACFXblog.com
 
Top