Daily Technical Analysis by FxGrow

[FxGrow Support]

FxGrow Daily Technical Analysis – 07th July, 2017
By FxGrow Research & Analysis Team

Market Futures Technical Overview Ahead of Non-Farm Figure


Friday 7th July 2017, U.S is set to release major economic data. First, Unemployment Rate is doing far by good during the past years and it's highly expected to remain at 4.3% record. As for Average Hourly Earnings, last report booked 0.2% and expectations today are 0.3%. Any number between these two will be taken as a positive sign, but in case market was caught off guard with a lesser figure, this could be a game changer as Average Earnings, along with negative data released on June 4th.

As a result, NFP will take center stage today and expectations are at 175K and above, in case of a lesser number, then the buck will receive another punch pushing the U.S Index lower which could come in Trump's economic outlook favor.

SEP B-POUND

Current Price: 13000

Target: 13092

Resistance: 13040+, 13092

Support: 12930, 12891*

Trend Reversal Point: 1.2802

Trend: Upwards

Summary: The market remains in a short term bull advance with potential to attack the 13092 May high. A surge over Monday's high should fuel rallies near 13092. Be prepared for additional near term corrections, but narrow sideways congestion within the upper edges of last Wednesday's run over 12891*+ will keep bull forces. A close under 12891* is needed to stop the upturn and foster a correction down along 12802*.
 
SEP CANADIAN$

Currently:  77245

Target: None

Resistance: 7750?, 8000

Support: 7688, 7661, 76435*

Trend Reversal:  75.985

Trend: Up

Comment The market is bullish. A close over 7727 could fuel aggressive rallies towards 8000. A reluctance to extend past Wednesday's high today will caution for near term corrections into next week. A close under 76435* warns for a correction phase back through last week's run.

SEP EURO

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 11th July, 2017
By FxGrow Research & Analysis Team

EUR/USD In Search For Positive Fundamental To Press Forward


EUR/USD has entered the second consolidation session this week with 1.1381 low and 1.1418 high yesterday, so far the pair traded 18-pips today, with expectations to stay within yesterdays trading range. Currently the pair is trading 1.1395 intraday with daily RSI at 60 level and hourly RSI at 50 level, which gives EUR/USD the chance to score stingy pips aimed at 1.1420, 1.1445 resistance levels. On the other hand, the greenback remains bearish and Index failed to close above 96.54 for trend reversal, which keeps EUR/USD hanging above, ready to press forward.

Fundamentally, the pair showed no reaction to today's and yesterday's positive EU data, which indicates that EUR/USD is in search for ...

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 11th July, 2017
By FxGrow Research & Analysis Team

AUD/USD Loses The Bullish Momentum, Favoring Sideways


AUD/USD failed to sustain the bullish momentum today as it f 0.7626 high, retreating low of 0.7605 during the European trading session. Currently the pair is trading at 0.7608 intraday just above its 100-EMA at 0.7605.
 

Fundamentally, the National Australia Bank (NAB) Business Confidence Index was  neutral recording 9 compared to 8 on previous sessions, but the negative Home Loans data added more pressure over the Aussie. Traders should be aware of the Chinese Trade balance, to be ...

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 12th July, 2017
By FxGrow Research & Analysis Team

GBP/USD Testing 50-EMA Ahead of Major Data


GBP/USD extended the selloff wave since yesterday with 113-pips value loss, landing in 1.2810 low for now. The pair tested daily 50-EMA at 1.2820 with failure and in case market closing below, signs of bearish momentum will persist.

MPC member Broadbent crossed wires yesterday with a dovish stance hinting for many current obstacles facing UK economic outlook, being inconsistent with Carney's recent hawkish speech, hence a negative wave still evolves for the cable.

Fundamentally, the pair awaits major inflation reports shortly with two possible scenarios. A negative data will add more ...


For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 12th July, 2017
By FxGrow Research & Analysis Team

Crude Oil Inches Higher Over EIA Report, Awaiting U.S Inventories


Crude Oil managed to add $2.36 bp since Monday and clocked $45.99 bp high supported by the U.S. Energy Information Administration report on Tuesday as it expects U.S. crude oil production to rise by less than previously forecast next year due to a lower price outlook, but remaining at record. Also, reports by Reuters mentioned that Saudi Arabia is due to decrease their oil exports to the lowest record during August.

On the other hand, other fundamentals such as Libya and Nigeria (Non-OPEC) extended their oil production output, keeps market overloaded (glut) and oil rising prices at slower pace.

Add to that, Iran's oil output will rise to ...

Yesterday, Qatar signed a contract with Total French Company to develop Shahine field with $3.5B and could see oil production at 300,000 bp day.

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 12th July, 2017
By FxGrow Research & Analysis Team

USD/CAD Trading On An Expired BOC's Decision, Eyes on Poloz


USD/CAD was on a heavy selloff wave ever since Gov. Poloz (June 28) hinted for a possible tapering with an increase by BOC interest rates by 0.25% to current 0.50%. Overall, the pair has lost 340-pips price action on Friday with 1.2859 low and daily RSI around 25 level, which indicates an oversold market with potential for correction phase in case USD/CAD wants to continue pressing downward.

The pair started the correction phase since Monday with 1.2943 high yesterday, but current daily RSI is at 32 level which still indicates an oversold market.

Today, expectations that BOC will deliver the rate ...

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 13th July, 2017
By FxGrow Research & Analysis Team

EUR/USD Surges Higher Ahead of Local CPI Data


EUR/USD inaugurated Asian trading sessions with +30-pips price action and clocked 1.1439 high as the greenback extends downtrend for today at 95.34 low. Yesterday, Yellen crossed and failed to give specifics as questions were addressed which left market confused and the DXY couldn't press forward and traded neutrally.

Today, multi data on both EURO and USD which should shake the pair's movement, first German and French CPI shortly, followed on NY opening sessions with ...

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 13th July, 2017
By FxGrow Research & Analysis Team

Gold Remains Bearish Despite Recent Recovery, Eyes on U.S Data


Gold plunged aggressively on Monday at 1204.90 on Monday sending a strong message that further downside yet prevails, but managed to make a correction phase extended till Thursday before clocking a 1225.15 yesterday sending signs of a potential bullish reversing trend. Current phase for gold should be a correction phase that holds potential for an uptrend, but unless gold closes above 1228 by daily chart or at least 4 hours candle stick, market should be prepared for an another aggressive selloff wave extended towards 1195+, with potential for 1190+.

Fundamentally, Yellen speech yesterday kept the U.S Index on high volatility which had its effect on Gold, and today, Yellen, along with U.S Data which will be released shortly will give a better outlook how market will react towards gold. In case gold broke closed closed below 1213, additional confirmation for further selloff waves, and in case gold failed to close above 1228, then trend will be sideways until further notice.

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 14th July, 2017
By FxGrow Research & Analysis Team

Futures Technical Overview Ahead of U.S Data Release

U.S is set to release multi inflation figure with CPI and Core CPI in focus. Yesterday, market reaction to Yellen speech was mostly neutral, but what make today's data vital is that Yellen couldn't deliver clear signs about two main issues driving the market. First coming rate hikes and U.S Federal balance sheet. Both, will be subject to economic cycle performance and data should be watched in case the U.S Fed could take a decision regarding them.

Hence, today's data will be watched closely by markets and based on results, traders will take action with expectation for high volatility than the previous days. The main focus will be on CPI and Core CPI as they have more impact on the interest rates in case a decision to be taken.

The Fed chair is not speaking Friday, but Yellen's surprising comments on inflation in congressional testimony this week make Friday's CPI an even hotter topic for markets than it normally would be. CPI is expected to rise by a slight 0.1 percent on headline inflation. (CNBC).

Technical levels for future currencies:

SEP B-POUND

Currently: 12971

Target: None

Resistance: 12977*, 13047+ 12933,

Support: 12894-90, 12849

Trend: Sdwys/Up

Trend Reversal: 1.2802

Comment The market remains short term bullish and yesterday's rally alerts for a preliminary upturn from recent corrections. Trade is poised to launch secondary rallies and a close over 12977* will spark a run to attack over the 13092 high. Any further dips should hold over Wednesday's low to keep a bull alignment. A drop under 12839 targets a drop to 12802* support.  

SEP EURO

Currently: 114435

Target:  11580

Resistance: 11490, 11515+, 11580

Support: 11413-12, 11391*

Trend: Up

Trend Reversal: 113.085

Comment The market is bullish, still signaling for a run to 11580+. A pop over Wednesday's reversal high will spark the extension to 11580. Be prepared for additional near term corrective action today, but only a close under 11391* marks a near term peak and signals for retracements to attack 113085* for a larger downturn.

SEP J-YEN

Currently: 88545

Target: None

Resistance: 8879-8885, 8959*

Support: 8838, 8805, 8760-  

Trend: Down

Trend Reversal: 8959

Comment: Overall the market is short term bearish. A roll off back through 8800- is negative. A close under the 8760 May low alerts for a larger bear wave near 8700. Wednesday's corrective action hints for near rebounds. A push over 8885 will boost rallies. A close over 8959* is needed to trigger a reversing turn and we should suspect a setback from 8959* on the first test.  

SEP SWISS

Currently (10381)

Target: None

Resistance: 10411, 10444-57*,

Support: 10483 10380*-, 10326-

Trend: Sdwys

Trend Reversal Point: 103.80

Comment The market is still bullish and climb over last week's 10483 high or close over 10457* are needed to recapture bull forces and renew the projection to 10700+. However, note yesterday's close is against 10380* support which must hold to maintain bull trend forces. A close under 10380* is bearish, alerting for a selling wave under 10300-.  

SEP US DOLLAR

Currently: (95508)

Target:  9507

Resistance: 95915, 9614, 96645*

Support: 9530-, 9507

Trend: Down

Trend Reversal: 96.645

Comment The market is bearish, still suggesting selloffs to reach for 9507. Last week's flagging action leaves trade ready to initiate the flagging downturn. A close under 9507 could add washouts to 9450-9400. Minor recovery action trapped inside this week's range will maintain bear forces. A rebound over 9596 is near term positive, but only a close over 96645* signals a lasting turn to higher prices.

SEP AUSSIE$

Currently: (7725)

Target:  7818

Resistance: 7818

Support:7699, 7685, 7668*

Trend: Up

Trend Reversal: 7627

Comment Yesterday's rally highlights a significant upside breakout and opens up potential for rallies to 7818. Trade is poised for aggressive rallies. Any corrective dips that hold within yesterday's range will maintain strong bull forces and create a staging level for rallies. Only a close under 7668* warns for a multi-day correction phase back down to 7627*.  

AUG GOLD

Currently 121640

Target:  118920

Resistance: 122350-122420, 122830*

Support: 121460-00, 1208-, 119940

Trend: Down

Trend Reversal: 1238.60

Comment The market remains in a downturn and holds potential below 1200-. A flagging downturn from current corrections calls for aggressive selloffs. Near term corrections that stall in the 1220's will reinforce the bear pattern. A close over 122830* is needed to stop the downturn and send rallies to 123860*.  


For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 17th July, 2017
By FxGrow Research & Analysis Team

EUR/USD Pushes Higher As The Buck Reaches Lower, CPI Eyed

EUR/USD bullish trend is sustained supported by U.S Negative released on Friday, with disappointing CPI as Yellen mentioned that any tapering with Rates and U.S Federal balance sheet will be subject to economic data (U.S Data on Friday). As a result, the pair rallied from 1.1391 low on Friday, extended weaker gains this week with a higher high by 5-pips and 1.1475 peak for today.
 
Currently, the pair is trading 1.1448, awaiting vital data as EU releases Final CPI y/y. ECB will release a statement this Thursday along with Interest Rates decision which makes today's data articular. Draghi has mentioned for a potential change or increasing rates, if not, Quantitative Easing program edition which is currently attracting EUR/USD fever buyers, hence the pair dwelling high above. As for the buck, the U.S Index looks helpless with a yearly low at 94.83 for today.

Fundamentals:

1- EUR - Findal CPI and Core CPI today at 9:00 AM GMT.

Technical Overview:

Trend: Up

Target: 1.1580

Resistance levels: R1 1.1485+ , R2 1.1528, R3 1.1560+/- (D1)

Support levels: S1 1.1459, S2 1.1440, S3 1.1391 (D1)

Comment EUR Future: The market is bullish, still signalling for a run to 1.1580+. A pop over last week's reversal high will spark the extension to 1.1580. Be prepared for additional near term corrective action along 1.1450 to continue developing a staging level for rallies. Only a close under 1.1391* marks a near term peak and signals for retracement to attack 1.1308* for a larger downturn.

Daily RSI is at 62 , Hourly RSI at 51, which gives the pair space to push higher than Friday's high.

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 18th July, 2017
By FxGrow Research & Analysis Team

Sterling Inches Higher Ahead of Multi Inflation Figures


GBP/USD extended the bullish momentum today after a remarkable home-run on Friday with 1.3113 2017 news-highs. Yesterday, the pair made a correction plunging to 1.3046, resting daily RSI to 60 level, then rewarded losses clocking 1.3099 high ahead of major inflation data to be released today which could fuel GBP/USD for a newer high record in case of a positive UK CPI associated with previous hawkish speech by Carney, head of BOE.

Add to that, U.S Dollar continues digging lower with 94.49 2017 fresh-low. Expectations of further tumbling for the U.S Index in the coming days as Reuters reported a setback yesterday for health care program and a major conflict among Republicans regarding the system.

UK Data, after a release, will be followed by Gov. Carney in the afternoon with expectation for a hawkish tone supporting Sterling sharp tone facing pace buck, but still UK CPI will set the tone for Carney.

Analysts at Nomura Securities - the global financial services giant - say the Bank of England will raise interest rates by ...

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 19th July, 2017

By FxGrow Research & Analysis Team

 

FxGrow: Forex Market Technical Overview

 

EUR/USD: Potential For 1.1585 high

 

Pivot: 1.1510

Our preference: long positions above 1.1510 with targets at 1.1565 & 1.1585 in extension.

Alternative scenario: below 1.1510 look for further downside with 1.1485 & 1.1470 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

 

GBP/USD Remains Under Pressure By Yesterday's Negative CPI

 

Pivot: 1.3060

Our preference: short positions below 1.3060 with targets at 1.3000 & 1.2950 in extension.

Alternative scenario: above 1.3060 look for further upside with 1.3085 & 1.3115 as targets.

Comment: the RSI is mixed to bearish.

 

USD/JPY Intraday: key resistance at 112.40

 

Pivot: 112.40

Our preference: short positions below 112.40 with targets at 111.75 & 111.50 in extension.

Alternative scenario: above 112.40 look for further upside with 112.85 & 113.15 as targets.

Comment: the RSI is mixed to bearish.

 

AUD/USD: The Upside Prevails With 2017 New Highs

 

Pivot: 0.7865

Our preference: long positions above 0.7865 with targets at 0.7950 & 0.7990 in extension.

Alternative scenario: below 0.7865 look for further downside with 0.7835 & 0.7785 as targets.

Comment: the RSI is mixed to bullish.

 

Gold Extends Bullish Momentum Supported by Rising Trendline

 

Pivot: 1238.00

Our preference: long positions above 1238.00 with targets at 1247.00 & 1250.00 in extension.

Alternative scenario: below 1238.00 look for further downside with 1232.50 & 1227.00 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

 

For more in depth Research & Analysis please visit FxGrow.

 

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 19th July, 2017

By FxGrow Research & Analysis Team

 

Global Glut Output Still Pressure Oil Levels Despite OPEC Efforts, Eyes on U.S Inventories

 

Crude Oil still fails to close above $47 level, developing a habit with a sharp slip as a phobia. Through out July, crude oil was seen flirting with $47.00+, and yesterday, oil peaked to $47.12, giving potential for further advance, then failed to guard gains and closed at $46.41. Currently oil is trading at 50-EMA level at $46.46 intraday, and in case market closes above it, we could see some further gains in the coming days.

 

Fundamentally, market is still receiving mix signals between OPEC pledging for further actions to curb global output and U.S increasing inventories that was reported yesterday.

 

Libya and Nigeria has exceeded previous June levels with a report showing that both countries recorded a 3M bpd yesterday. Saudi Arabia, along with other OPEC countries still ...

 

For more in depth Research & Analysis please visit FxGrow.

 

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 19th July, 2017

By FxGrow Research & Analysis Team

 

Aussie: Chances For Further Gains Ahead of Unemployment Rate

 

Australian Dollar extended the intensive inclines, searching for newer highs as AUD/USD clocks multi years 0.7947 today. The pair uptrend found support by recent hawish RBA statement, positive Chinese GDP on Monday opening session, and continuous collapsing U.S Dollar as the Index with 94.26 low yesterday.

 

The pair awaits vital data as Australia releases Unemployment Rate on Tuesday opening session. Expectations are at ...

 

For more in depth Research & Analysis please visit FxGrow.

 

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 20th July, 2017
By FxGrow Research & Analysis Team

USD/JPY Testing 50-EMA, Awaiting U.S Unemployment Data


USD/JPY digested yesterday losses and surged 40-pips on Thursday's Asian session with 1.1217 high for today. Currently the pair is trading 112.10, hovering at 50-EMA at 112.05 preferring sideways trend and awaiting cautiously for further intake as U.S releases data on NY opening sessions.

BOJ, as expected kept rates at current minus 0.1%, pushing back inflation target for sixth time and keeping policy steady with a bit hawkish stance contaminating USD/JPY spikes. Kuroda, BOJ Gov. will cross wires shortly with expectations that answers will be consistent with earlier statement but still, traders has to decipher words in case Kuroda got market off-guard.  

On the other hand, the pair price action will undergo ...

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 20th July, 2017
By FxGrow Research & Analysis Team

GBP/USD Trading Flat Ahead of UK Retails Sales


GBP/USD has traded 18-pips on Thursday with 1.3014 low. The pair was on selloff wave on Tuesday after receiving negative UK CPI, but still the pair is bullish as dips still fight 1.3000 level with a constant re-bounce and calling for further pressings if we still consider recent daily candles as a correction phase. The pair is still trading above 10-EMA (1.2990), currently 1.3034 intraday.

Sterling bullish momentum awaits UK Retail Sales to be released shortly (8:30 AM GMT) which justifies low price action today. Carney precious statements regarding BOE interest rates tapering was tackled on Tuesday as data and statement were opposed, but Retails Sales today will give a better view on how BOE is ...

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 21st July, 2017
By FxGrow Research & Analysis Team

Daily Technical Market Overview

EUR/USD Intraday: the bias remains bullish.

Pivot: 1.1585

Our preference: long positions above 1.1585 with targets at 1.1660 & 1.1685 in extension.

Alternative scenario: below 1.1585 look for further downside with 1.1535 & 1.1495 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

 
GBP/USD Intraday: under pressure.

Pivot: 1.3000

Our preference: short positions below 1.3000 with targets at 1.2930 & 1.2900 in extension.

Alternative scenario: above 1.3000 look for further upside with 1.3030 & 1.3055 as targets.

Comment: as long as 1.3000 is resistance, look for choppy price action with a bearish bias.

 
USD/JPY Intraday: key resistance at 112.10.

...

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 24th July, 2017
By FxGrow Research & Analysis Team

EUR/USD Inching Higher Ahead of Multi Local PMI Data


EUR/USD extended the uptrend momentum supported by Draghi's Thursday hawkish QE comments. The pair rallied from 1.1479 low on Thursday and clocked 1.1682 high on Friday with extra +2-pips today, 1.1684 high. On the other hand, uncertainties still revolves around the greenback with absence of health care bill accelerating scandals about Russia meddling in Trump's election pushing U.S Index into 93.63 yearly low.

Technically, the pair is trading 1.1674, testing 10-EMA hourly at 1.1670 ahead of multi local flash Manufacturing and Services PMI which will give ...

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 24th July, 2017
By FxGrow Research & Analysis Team

Gold Rallies To be Contained With An Overbought Market


Gold was on a superb performance on Friday set on +12.35 gain and 1255.85 high. Today the precious extended rallies but on a slower pace adding +3.75 and July new high record at 1258, currently trading 1256.55 intraday, above daily-EMA at 1243.

Technically, H4 RSI stands at 79%, hourly RSI at 65%, and daily RSI at 61.4%. On the other hand, Fibo level 61.8% indicates $1261 price. Taking into consideration that gold is currently bullish, but in XAUUSD wants to press forward, expectations for some correction consolidation sessions where market balances itself.

Add to that, U.S Index been on an aggressive selloff wave hitting yearly low today at 93.63 low with daily RSI at 25% which indicates for some upward corrections pressuring gold for some retreats.

On ZigZag pattern, gold dropped from 1296 high to 1204 low, lower than last time gold rallies from 1214 low, so expectations that gold rallies are on the maturing phase.

Technical Summary: ...

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 25th July, 2017
By FxGrow Research & Analysis Team


Futures Technical Overview 25 July 2017


SEP EURO Closing  (11677)

Target: None

Resistance: 11699, 11735-50

Support: 11609, 115915*

Trend: Up

Swing Target: 79.99

Range Reversal: 115.10

Comment: The market is bullish and could yet extend the drive, but be careful for resistance near 11735-50. A close over 11750 is needed to fuel another aggressive bull wave. Be on guard for near term corrective dips and shift to sideways-defensive congestion. A close under 115915* will inject selling pressures, but only a close under 11510* triggers a lasting short term top.

SEP J-YEN Closing  (9026)

Target:  9049 achieved

Resistance: 90355, 9049*+/-

Support: 8988, 89625, 89465*

Trend: Up

Swing Target: 117.27

Range Reversal: 89.465

Comment The market is short term bullish, but Monday's spike rally hit the expected 9049* resistance / bull objective. A close over 9049* is needed to continue bull trending to higher prices near the old downturn level around 9150+/-. Suspect setbacks from 9049* to retrace last week's range. A close under 89465* damages the bull advance, calling for a multi-week correction phase.

SEP B-POUND Closing (13060) ...

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 26th July, 2017
By FxGrow Research & Analysis Team

GBP/USD To Retest 10-EMA Ahead UK GDP


GBP/USD failed to withhold yesterday's strong gains after clocking 1.3083 high, the pair was on a selloff wave landing on 1.3007 low and closing at 1.3024 with an inverted daily pin bar, still flirting with 10-EMA at 1.3000 level. Current daily RSI stands at 57% indicating bullish to neutral bias which gives enough space for the pair for pressing upwards in case UK GDP comes in favor of GBP/USD bullish trend. GBP/USD currently trading 1.3013 intraday with 16-pips price action.

On the other hand, U.S Index remains bearish, and yesterday and currently recovery is considered a correction phase, as the downside still prevails for the buck. Currently trading at 39.97 intraday, after plunging to 93.45 yesterday ahead of ...

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 26th July, 2017
By FxGrow Research & Analysis Team

Crude Oil Rallies Over Declining U.S Stocks And OPEC's Positive Efforts, Eyes on U.S Inventories


Crude Oil managed to gain +2.27 On Tuesday after clocking $48.65 high, however, oil failed to add any $-pip value today, after a minor dip at 48.15. Currently, oil is trading with low price action with 43-pip-value, but expectations of higher volatility as markets awaits U.S Inventories release today 2:30 PM GMT.

Positive Fundamentals since Monday has been pushing oil and contributing to oil bullish forces. First reports of U.S crude stocks falling sharply last week by 10.2 million barrels in the week ending July 21 to 487 M while expectations were at 2.6 M. Add to that, The market has been buoyed by Saudi Arabia's announcement at a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers on Monday that it would limit crude exports to 6.6 million barrels per day (bpd) in August, down nearly 1 million bpd from a year earlier. (Reuters).

Technical Overview...

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 26th July, 2017
By FxGrow Research & Analysis Team

Gold With Three Trend Scenarios Ahead of FOMC Statement


Today, U.S Feds will release FOMC statement and analysts are divided about tilts or stance. The main points to be discussed are potential rate hike by 2017 and current balance sheet tapering. Market will be volatile, there is no doubt about that, along with it, gold will be on ups and downs. Traders can benefit if they managed to decipher a hawkish or dovish, but analysts could see the statement in their own perspective in case of vague or hidden as devils lies in details and Yellen has been noticed recently by not giving confirmed hints to build on. Preferable, to wait for a 100% confirmation with following three difference scenarios for gold to take next step for shortening or longing.

Currently gold is traing 1246 and has not overpassed 1247.50 or dropped below 1244.50, indications that market is poised for FOMC so long waited this afternoon at 6:00 PM GMT.

The Three Scenarios:

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 20th September, 2017
By FxGrow Research & Analysis Team

FOMC Overview And It's Impact ON CFD's


Today, the U.S Federal Reserve will announce the rates with high expectations for a no change and will maintain at current 1.25%. Along with it, FOMC economic projections, a statement, and finally a press conference which will create chaos in the market depending on the content of the answers. In case Yellen has the intention and was serious by gearing up the market, then expect intended hints because Yellen usually delivers vague speeches, leaving market confused. FOMC will focus on two elements, December odds rates and more importantly, current QE program and the edition that will undergo.

First regarding rates, it is highly expected that Yellen & Co will leave rates at current 1.25% especially that last PPI was projected at 0.3% and the Producer Price Index slipped by 0.1% and recorded 0.2%, while consesus aimed at 0.3% . On the other hand, Inflation last recorded in August was 1.9%, still below 2% as a central bank aims. Come to Core Retail Sales last week, a disappointing data with -0.2%, falling from 0.4% last shown, while expectations were at 0.5%. Last but not least, PCE, Fed's preferred measure added no change at 0.1%. Adding all these elements, increasing rates will be postponed for another session, and as Yellen previously expressed, any increase for current rates will depend on how market is performing and recorded data

Enough said, market already knows the above and there is no doubt about it. The real question will be, is end of 2017's rates December is still on the table? In case yes, what are the odds for that (currently below 50%). Any hints that rates odds has increased, and the Feds are serious expressing concerns that inflation has increased by 0.3% since last recorded 0.1%, and its meeting their projections, and its being intolerant, this to be taken hawkish and will boost the buck. On the other hand, a dovish scenario will be that inflation is still below 2%, and any rate decision will be subject to further coming data.

Second, Now this part has been covered, we come to the balance sheet that Yellen promised in last FOMC meeting relatively soon. Market is expecting date and numbers, any failure to deliver on this part, the DXY will take a dip. In case an announcement came out that starting by October and December trimming the balance sheet by $10 billion a month for the first three months, $20 billion per month for the next three, and on and on until it hits a pace of $50 billion per month. This will create a high demand of the U.S Dollar and Index will peek (Hawkish Scenario). In case dates were set without numbers given, this will be left for the market and how they feel about it as its considered neutral. Just a reminder that during last Jackson hole meeting, Yellen has announced that the QE ( Quantitative Easing Program or Bond Purchasing ) has been introduced after 2008's crisis and has kept global monetary policy system safe and its still exist for a reason. One can only wonder how far will Yellen go giving up such a measure especially that Trump is in the oval office.

Finally, recent FOMC members who crossed wires during Sep has expressed a hawkish tone towards rates especially on Dec, we will see how far their statement is serious tonight. On the other hand, it is highly expected that Yellen will end its term as head of U.S Federal reserve during 2018 and be replaced by Cohn, Trump's favorite as they both prefer low rates.Trump has already expressed that previously and hinted for Yellen his desire for low U.S dollar which has kept the greenback from seeing the light, if not intentionally, then by his demand for building the wall, elevating the sharp war tone on NK, delay on tax plan, health care bill, last but not least, his twitters, always tackling the Dollar, and so on.

There is a scenario that Yellen, and out of her concern for U.S monetary policy could take market off guard by a rate increase, if not today, maybe during December even if expectations hints for a no. In case of that, market will be caught off guard and U.S Index will be rallying with fire and fury just like BOC did last meeting where they hiked.

After expressing the above fundamentals, here is technical overview for CFD's including currencies, commodities, and indices to have an idea where and will market will head.

For more in depth Research & Analysis please visit FxGrow.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

[FxGrow Support]

FxGrow Daily Technical Analysis – 22nd September, 2017
By FxGrow Research & Analysis Team

Gold: Technically Bearish, Fundamentally Bullish Temporary Over NK Threat


After a hawkish FOMC sentiment, gold was on a selloff mode extended from Wednesday 1316 high, ended on Thursday with 1288.20 low. Today, the precious metal made some upward correction retracement clocking 1298.75 high and currently showing some stamina hanging above 1295 support area as the tension renews after NK threatens by an H  bomb in the Pacific.

Technically, closing below 20-EMA and 50-EMA level indicates a 100% downtrend with expectations to test 1285 level, in case XAUUSD closed below that level, then the second destination will be the 70's area. On the other hand, daily RSI is below 50 level, at 44 which is another proof that till further notice, bearish trend overwhelms. On the other hand, the U.S Dollar today is showing weakness and the boost by FOMC seems to be short as the DXY plunged to 91.56 low, and has been bearish for the second day with daily RSI still below 50 at 43.

Right now, gold is trading 1296, and has sustained this price strongly, rejecting 1295 area as political tension is renewed, and four hours candles closed above 1296 which indicated that gold could retest 1300-4 area, but market still awaits for NY sessions to open and see how market reacts technically and fundamentally are on opposite terms. Closing on daily and H4 time frame will giver a better outlook how gold will perform next week. There is a scenario that taking into consideration that today is Friday and usually NK puts words into action on weekend, such scenario could keep gold levels poised till Monday.

For more in depth Research & Analysis please visit FxGrow.

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.