Daily Technical Analysis by FxGrow

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

FxGrow's Forex Daily Technical Overview - Part 1

EUR/USD Intraday: the downside prevails.


Pivot: 1.1960

Our preference: short positions below 1.1960 with targets at 1.1890 & 1.1860 in extension.

Alternative scenario: above 1.1960 look for further upside with 1.1985 & 1.2005 as targets.

Comment: the RSI shows downside momentum.

Supports and resistances:
1.2005
1.1985
1.1960
1.1920 Last
1.1890
1.1860
1.1835


GBP/USD Intraday: rebound.


Pivot: 1.3490

Our preference: long positions above 1.3490 with targets at 1.3590 & 1.3620 in extension.

Alternative scenario: below 1.3490 look for further downside with 1.3450 & 1.3405 as targets.

Comment: the RSI shows upside momentum.

Supports and resistances:
1.3660
1.3620
1.3590
1.3543 Last
1.3490
1.3450
1.3405

USD/JPY Intraday: the bias remains bullish.


Pivot: 111.95

Our preference: long positions above 111.95 with targets at 112.60 & 113.00 in extension.

Alternative scenario: below 111.95 look for further downside with 111.65 & 111.20 as targets.

Comment: the RSI is mixed to bullish.

Supports and resistances:
113.30
113.00
112.60
112.30 Last
111.95
111.65
111.20

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.

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

FxGrow's Forex Daily Technical Overview - Part 2

AUD/USD Intraday: bullish bias above 0.7935.


Pivot: 0.7935

Our preference: long positions above 0.7935 with targets at 0.7985 & 0.8005 in extension.

Alternative scenario: below 0.7935 look for further downside with 0.7905 & 0.7870 as targets.

Comment: the RSI is mixed to bullish.

Supports and resistances:
0.8035
0.8005
0.7985
0.7960 Last
0.7935
0.7905
0.7870

Gold spot Intraday: consolidation.


Pivot: 1298.00

Our preference: short positions below 1298.00 with targets at 1288.00 & 1277.00 in extension.

Alternative scenario: above 1298.00 look for further upside with 1303.00 & 1306.00 as targets.

Comment: as long as the resistance at 1298.00 is not surpassed, the risk of the break below 1288.00 remains high.

Supports and resistances:
1306.00
1303.00
1298.00
1292.55 Last
1288.00
1277.00
1268.00


Crude Oil‏ (WTI)‏ (X7) Intraday: bullish bias above 50.30.

 
Pivot: 50.30

Our preference: long positions above 50.30 with targets at 50.75 & 50.90 in extension.

Alternative scenario: below 50.30 look for further downside with 50.10 & 49.90 as targets.

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

Supports and resistances:
51.10
50.90
50.75
50.45 Last
50.30
50.10
49.90

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.

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FxGrow Daily Technical Analysis – 29th September, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 1

EUR/USD Intraday: the bias remains bullish.

 
Pivot: 1.1755
 
Our preference: long positions above 1.1755 with targets at 1.1810 & 1.1835 in extension.
 
Alternative scenario: below 1.1755 look for further downside with 1.1720 & 1.1690 as targets.
 
Comment: the RSI is supported by a rising trend line.
 
Supports and resistances:
1.1860
1.1835
1.1810
1.1782 Last
1.1755
1.1720
1.1690

Overall, the trend is down and today's upward rebounds are part of correction retracement for more downward action. A close over 1.1930 is needed to rekindle the bull trend.


GBP/USD Intraday: turning down.

 
Pivot: 1.3430
 
Our preference: short positions below 1.3430 with targets at 1.3370 & 1.3340 in extension.
 
Alternative scenario: above 1.3430 look for further upside with 1.3460 & 1.3500 as targets.
 
Comment: the RSI shows downside momentum.
 
Supports and resistances:
1.3500
1.3460
1.3430
1.3402 Last
1.3370
1.3340
1.3315

General long term outlook: The market remains in a corrective setback against the prevailing bull trend, hinting for possible topping action. A close under 1.3351* opens up potential to 1.3200*. Stay prepared for defensive trading pressures, but stabilizing off 1.3351* could swing trade back to recovery action A surge back over Friday's 1.3600 high or close over 1.3542* rekindles bull forces and should spark rallies back to the last high.

Look out for Carney Speech today at 2:00 PM GMT. A hawkish stance will boost GBP/USD, and a dovish statement could turn GBP/USD trend bearish for next trading days. Focus if there are any tips regarding coming interest rates by BOE.


USD/JPY Intraday: under pressure.

 
Pivot: 112.75
 
Our preference: short positions below 112.75 with targets at 112.40 & 112.20 in extension.
 
Alternative scenario: above 112.75 look for further upside with 113.00 & 113.25 as targets.
 
Comment: the upward potential is likely to be limited by the resistance at 112.75.
 
Supports and resistances:
113.25
113.00
112.75
112.55 Last
112.40
112.20
112.00

Overall, the trend is bullish, and today's dips would be part of downward retreacements, preparing for a larget bull wave attack. Closing below 111.20-30 signals for a downtrend.

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.

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FxGrow Daily Technical Analysis – 29th September, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 2

AUD/USD Intraday: bullish bias above 0.7830.

 
Pivot: 0.7830
 
Our preference: long positions above 0.7830 with targets at 0.7860 & 0.7880 in extension.
 
Alternative scenario: below 0.7830 look for further downside with 0.7805 & 0.7780 as targets.
 
Comment: a support base at 0.7830 has formed and has allowed for a temporary stabilisation.
 
Supports and resistances:
0.7900
0.7880
0.7860
0.7845 Last
0.7830
0.7805
0.7780

Comment: Overall, the general trend is still down. Today's and Monday's upward retrwcement are part of a correction, preparing for deeper dips. A close over 0.7908 is needed for reversing trend and become bullish.


Gold spot Intraday: rebound.

 
 Pivot: 1282.00
 
Our preference: long positions above 1282.00 with targets at 1289.00 & 1295.00 in extension.
 
Alternative scenario: below 1282.00 look for further downside with 1276.00 & 1271.00 as targets.
 
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
 
Supports and resistances:
1300.00
1295.00
1289.00
1285.13 Last
1282.00
1276.00
1271.00

Comment: The market is bearish, but against the 1282.50- target. The market posture remains negative and close under 128450-1280 implies declines to 1270-1267. Yesterday's rebound from under 1282.50 should put us on guard for stalled declines and minor turn that could trigger a rebound into 2-3 flagging congestion days near 1300. A close over 1301.10* is friendly.


Crude Oil‏ (WTI)‏ (X7) Intraday: break of a ST rising trendline support.

 
Pivot: 51.85
 
Our preference: short positions below 51.85 with targets at 51.20 & 50.75 in extension.
 
Alternative scenario: above 51.85 look for further upside with 52.25 & 52.85 as targets.
 
Comment: the RSI advocates for further downside.
 
Supports and resistances:
52.85
52.25
51.85
51.40 Last
51.20
50.75
50.30

Comment: The market is bullish, powering a breakout run up from congestion. The market alignment holds potential for additional rallies to 52.60+/-. Any corrective congestion contained to the upper edges of Monday's run will remain aligned for rallies. Only a close under 50.76* signals a topping turnover.


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.

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FxGrow Daily Technical Analysis – 02nd October, 2017
By FxGrow Research & Analysis Team

GBP/USD Testing 20-EMA For The Third Session Ahead of UK PMI


GBP/USD rallied on Monday's Asian clocking 1.3398 high, testing 10-EMA 1.3400 successfully, and retreated to 1.3331 low, still testing 20-EMA area since Thursday, but has closed below it, which keep the daily trend bullish.

Fundamentally, PM May promised on Saturday to deliver the best deal for Brexit and offered her apologies for putting the Conservatives under pressure after the snap election that ended in less control for UK Parliament and within her party, My is under pressure as calls for resignation has been requested which explain the why the Pound in under selloff wave today ahead of UK Manufacturing PMI.

Technical Overview:

Target: None

Closing Price: 1.3396

Trend: Sideways / Up

Resistance: 1.3456 , 1.3489 , 1.3532

Support levels: 1.3337, 1.3269, 1.3225

Comment The market remains in a corrective setback against the prevailing bull trend, hinting for possible topping action. A close under 1.3371* opens up potential to 1.3225*. Stay prepared for defensive trading pressures, but stabilizing off 13381* could swing trade back to recovery action. A close over 1.3532* rekindles bull forces and should spark rallies back to the last 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.

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FxGrow Daily Technical Analysis – 03rd Oct, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 1

EUR/USD Intraday: the downside prevails.

 
Pivot: 1.1740
 
Our preference: short positions below 1.1740 with targets at 1.1680 & 1.1645 in extension.
 
Alternative scenario: above 1.1740 look for further upside with 1.1770 & 1.1800 as targets.
 
Comment: the RSI has broken down its 30 level.
 
Supports and resistances:
1.1800
1.1770
1.1740
1.1707 Last
1.1680
1.1645
1.1615


GBP/USD Intraday: the downside prevails.

 
Pivot: 1.3315
 
Our preference: short positions below 1.3315 with targets at 1.3205 & 1.3165 in extension.
 
Alternative scenario: above 1.3315 look for further upside with 1.3355 & 1.3400 as targets.
 
Comment: the RSI is capped by a bearish trend line.
 
Supports and resistances:
1.3400
1.3355
1.3315
1.3252 Last
1.3205
1.3165
1.3125

USD/JPY Intraday: the bias remains bullish.

 
Pivot: 112.75
 
Our preference: long positions above 112.75 with targets at 113.25 & 113.50 in extension.
 
Alternative scenario: below 112.75 look for further downside with 112.50 & 112.20 as targets.
 
Comment: the RSI is bullish and calls for further upside.
 
Supports and resistances:
113.75
113.50
113.25
113.00 Last
112.75
112.50
112.20

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.

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FxGrow Daily Technical Analysis – 03rd Oct, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 2

AUD/USD Intraday: capped by a negative trend line.

 
Pivot: 0.7850
 
Our preference: short positions below 0.7850 with targets at 0.7790 & 0.7765 in extension.
 
Alternative scenario: above 0.7850 look for further upside with 0.7875 & 0.7900 as targets.
 
Comment: the RSI is bearish and calls for further downside.
 
Supports and resistances:
0.7900
0.7875
0.7850
0.7815 Last
0.7790
0.7765
0.7725

Gold spot Intraday: under pressure.

 
Pivot: 1277.00
 
Our preference: short positions below 1277.00 with targets at 1267.00 & 1262.00 in extension.
 
Alternative scenario: above 1277.00 look for further upside with 1281.00 & 1286.50 as targets.
 
Comment: the RSI lacks upward momentum.
 
Supports and resistances:
1286.50
1281.00
1277.00
1269.90 Last
1267.00
1262.00
1254.00


Crude Oil (WTI) (X7) Intraday: under pressure.

 
Pivot: 50.95
 
Our preference: short positions below 50.95 with targets at 50.05 & 49.75 in extension.
 
Alternative scenario: above 50.95 look for further upside with 51.30 & 51.75 as targets.
 
Comment: the RSI is capped by a bearish trend line.
 
Supports and resistances:
51.75
51.30
50.95
50.47 Last
50.05
49.75
49.25

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.

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FxGrow Daily Technical Analysis – 04th Oct, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 1

EUR/USD Intraday: the upside prevails.

 
  Pivot: 1.1735
 
Our preference: long positions above 1.1735 with targets at 1.1780 & 1.1800 in extension.
 
Alternative scenario: below 1.1735 look for further downside with 1.1715 & 1.1695 as targets.
 
Comment: the RSI lacks downward momentum.
 
Supports and resistances:
1.1825
1.1800
1.1780
1.1760 Last
1.1735
1.1715
1.1695

GBP/USD Intraday: under pressure.

 
  Pivot: 1.3290
 
Our preference: short positions below 1.3290 with targets at 1.3230 & 1.3205 in extension.
 
Alternative scenario: above 1.3290 look for further upside with 1.3355 & 1.3400 as targets.
 
Comment: the upward potential is likely to be limited by the resistance at 1.3290.
 
Supports and resistances:
1.3400
1.3355
1.3290
1.3257 Last
1.3230
1.3205
1.3165

USD/JPY Intraday: the downside prevails.

 
  Pivot: 112.95
 
Our preference: short positions below 112.95 with targets at 112.30 & 112.05 in extension.
 
Alternative scenario: above 112.95 look for further upside with 113.20 & 113.50 as targets.
 
Comment: the RSI shows downside momentum.
 
Supports and resistances:
113.50
113.20
112.95
112.60 Last
112.30
112.05
111.80


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.

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FxGrow Daily Technical Analysis – 04th Oct, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 2

AUD/USD Intraday: the bias remains bullish.

 
  Pivot: 0.7825
 
Our preference: long positions above 0.7825 with targets at 0.7875 & 0.7890 in extension.
 
Alternative scenario: below 0.7825 look for further downside with 0.7800 & 0.7785 as targets.
 
Comment: the RSI shows upside momentum.
 
Supports and resistances:
0.7905
0.7890
0.7875
0.7850 Last
0.7825
0.7800
0.7785

Crude Oil‏ (WTI)‏ (X7) Intraday: capped by a negative trend line.

 
  Pivot: 50.75
 
Our preference: short positions below 50.75 with targets at 49.75 & 49.25 in extension.
 
Alternative scenario: above 50.75 look for further upside with 51.30 & 51.75 as targets.
 
Comment: the RSI is bearish and calls for further downside.
 
Supports and resistances:
51.75
51.30
50.75
50.12 Last
49.75
49.25
48.90

Gold spot Intraday: bullish bias above 1272.00.

 
  Pivot: 1272.00
 
Our preference: long positions above 1272.00 with targets at 1281.00 & 1286.50 in extension.
 
Alternative scenario: below 1272.00 look for further downside with 1268.00 & 1262.00 as targets.
 
Comment: the RSI is supported by a rising trend line.
 
Supports and resistances:
1290.00
1286.50
1281.00
1275.90 Last
1272.00
1268.00  
1262.00


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.

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FxGrow Daily Technical Analysis – 05th Oct, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 1

EUR/USD Intraday: continuation of the rebound.

 
  Pivot: 1.1745
 
Our preference: long positions above 1.1745 with targets at 1.1800 & 1.1825 in extension.
 
Alternative scenario: below 1.1745 look for further downside with 1.1725 & 1.1695 as targets.
 
Comment: the RSI shows upside momentum.
 
Supports and resistances:
1.1860
1.1825
1.1800
1.1774 Last
1.1745
1.1725
1.1695

GBP/USD Intraday: the downside prevails.

 
  Pivot: 1.3250
 
Our preference: short positions below 1.3250 with targets at 1.3165 & 1.3115 in extension.
 
Alternative scenario: above 1.3250 look for further upside with 1.3290 & 1.3330 as targets.
 
Comment: the RSI shows downside momentum.
 
Supports and resistances:
1.3330
1.3290
1.3250
1.3190 Last
1.3165
1.3115
1.3080

USD/JPY Intraday: turning down.

 
  Pivot: 112.95
 
Our preference: short positions below 112.95 with targets at 112.30 & 112.05 in extension.
 
Alternative scenario: above 112.95 look for further upside with 113.20 & 113.50 as targets.
 
Comment: the RSI shows downside momentum.
 
Supports and resistances:
113.50
113.20
112.95
112.59 Last
112.30
112.05
111.80



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.

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FxGrow Daily Technical Analysis – 05th Oct, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 2

AUD/USD Intraday: under pressure.

 
  Pivot: 0.7855
 
Our preference: short positions below 0.7855 with targets at 0.7815 & 0.7800 in extension.
 
Alternative scenario: above 0.7855 look for further upside with 0.7870 & 0.7890 as targets.
 
Comment: the RSI is mixed to bearish.
 
Supports and resistances:
0.7890
0.7870
0.7855
0.7830 Last
0.7815
0.7800
0.7780

Crude Oil‏ (WTI)‏ (X7) Intraday: key resistance at 50.45.

 
  Pivot: 50.45
 
Our preference: short positions below 50.45 with targets at 49.75 & 49.25 in extension.
 
Alternative scenario: above 50.45 look for further upside with 50.75 & 51.00 as targets.
 
Comment: even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
 
Supports and resistances:
51.00
50.75
50.45
50.03 Last
49.75
49.25
48.85

Gold spot Intraday: rebound expected.

 
  Pivot: 1270.50
 
Our preference: long positions above 1270.50 with targets at 1278.50 & 1282.50 in extension.
 
Alternative scenario: below 1270.50 look for further downside with 1268.00 & 1265.00 as targets.
 
Comment: the RSI lacks downward momentum.
 
Supports and resistances:
1286.50
1282.50
1278.50
1275.20 Last
1270.50
1268.00
1265.00


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.

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FxGrow Daily Technical Analysis – 10th October, 2017
By FxGrow Research & Analysis Team

GBP/USD Surpasses 50-EMA Over Upbeat Manufacturing Production Data


GBP/USD extends the recovery for the third consecutive session rallying from 1.3027 low on Friday, clocking 1.3198 high today after receiving a positive push by Manufacturing Production at 0.4% while expectations placed at 0.2%. On the other hand, the U.S Dollar continues to show weakness since Friday, dipping to to 93.21 low today, giving the Pound a wilder tone.

Technical Overview GBP/USD

Closing Price: (1.3140)

Target:  1.2956?

Resistance levels: 1.3168, 1.3220, 1.3290*

Support levels: 1.3130, 1.3027-, 1.2986

Trend: Down

Trend Reversal Price: 1.3290

Comment The market is short term bearish and a close under 1.3130 warns for pressing selloffs to 12986. Monday's rebound may carry over into today, but any corrections contained within last Thursday's range for 1-2 days should bear flag and keep the bear trend forces intact. A close over 1.3290* is needed for a short term bottoming turnaround.

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.

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

FxGrow's Forex Daily Technical Overview - Part 1

EUR/USD Intraday: further upside.

 
Pivot: 1.1785
 
Our preference: long positions above 1.1785 with targets at 1.1860 & 1.1890 in extension.
 
Alternative scenario: below 1.1785 look for further downside with 1.1760 & 1.1735 as targets.
 
Comment: the RSI shows upside momentum.
 
Supports and resistances:
1.1915
1.1890
1.1860
1.1818 Last
1.1785
1.1760
1.1735

GBP/USD Intraday: the bias remains bullish.

 
Pivot: 1.3175
 
Our preference: long positions above 1.3175 with targets at 1.3225 & 1.3260 in extension.
 
Alternative scenario: below 1.3175 look for further downside with 1.3130 & 1.3100 as targets.
 
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
 
Supports and resistances:
1.3290
1.3260
1.3225
1.3200 Last
1.3175
1.3130
1.3100

USD/JPY Intraday: the upside prevails.

 
Pivot: 112.20
 
Our preference: long positions above 112.20 with targets at 112.55 & 112.80 in extension.
 
Alternative scenario: below 112.20 look for further downside with 111.95 & 111.65 as targets.
 
Comment: the RSI has just landed on its neutrality area at 50% and is turning up.
 
Supports and resistances:
113.05
112.80
112.55
112.40 Last
112.20
111.95
111.65

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.

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

FxGrow's Forex Daily Technical Overview - Part 2


AUD/USD Intraday: bullish bias above 0.7770.

 
Pivot: 0.7770
 
Our preference: long positions above 0.7770 with targets at 0.7800 & 0.7820 in extension.
 
Alternative scenario: below 0.7770 look for further downside with 0.7745 & 0.7730 as targets.
 
Comment: a support base at 0.7770 has formed and has allowed for a temporary stabilisation.
 
Supports and resistances:
0.7840
0.7820
0.7800
0.7785 Last
0.7770
0.7745
0.7730

Crude Oil‏ (WTI)‏ (X7) Intraday: bullish bias above 50.70.

 
Pivot: 50.70
 
Our preference: long positions above 50.70 with targets at 51.20 & 51.50 in extension.
 
Alternative scenario: below 50.70 look for further downside with 50.45 & 50.00 as targets.
 
Comment: the RSI lacks downward momentum. The prices remain bullish above the horizontal support at 50.70, and are likely to challenge the resistance at 51.20, representing Oct 5 top.
 
Supports and resistances:
51.75
51.50
51.20
51.07 Last
50.70
50.45
50.00

Gold spot Intraday: bullish bias above 1285.00.

 
Pivot: 1285.00
 
Our preference: long positions above 1285.00 with targets at 1294.00 & 1297.00 in extension.
 
Alternative scenario: below 1285.00 look for further downside with 1281.00 & 1279.00 as targets.
 
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
 
Supports and resistances:
1301.00
1297.00
1294.00
1288.22 Last
1285.00
1281.00
1279.00

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 October, 2017
By FxGrow Research & Analysis Team

Gold On The Edge Of Turning Bullish Ahead Of FOMC Statement


Gold has surged $34 since Friday, and clocked 1294.30 high yesterday, giving positive signs of trend reversal and turning bullish in case the precious metal managed to close above 1295 in the coming days. On the other hand, renewed tension between USA and NK is attracting safe haven buyers pushing gold higher. Add to that, the DXY continues to show weakness with 92.87 low today giving XAUUSD more chance to seek higher price.

Technically, on daily chart, gold has closed above 10-EMA for the third consecutive session and we can notice that daily 5-EMA crossing below with 10-EMA. On H4 time frame, gold rallied from 1260 and closed first 1278, then closed 1288, finally yesterday, gold closed above 1292. This is an additional early sign giving that H4 closing time is going on a higher H4 levels.

Today, as FOMC statement will be released, we will see how gold behaves and closes on daily and four hours time frame. In case gold tested 1280+ support and managed reject these prices, then market should expect further rallies extended above at 1295 and 1300+. In case gold showed deeper retracement and closed below 1278, it is an indication that the precious metal has entered the old range between 1200 and 1296 and recent rallies were a correction phase preparing for depper dips aimed at 1260+/-.

Technical Overview XAUUSD

Closing price: 1287.70

Trend: Sideways / Bearish

Resistance levels: 1291, 1295, 1299

Support levels: 1288, 1282, 1279-77

Trend reversal: 1295.20

Comment: The market is showing a correction, trying to retrace for a test of key 1295.20* resistance and challenge for a bottoming turn. Trade may again try to foster rallies, but trade capped by 1295.20* will retain bear forces, likely easing for defensive congestion along 1282.00. A close under 1277.70* alerts for secondary selloffs against Friday's spike.

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 Oct, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 1

GBP/USD Intraday: the upside prevails.

 
Pivot: 1.3210
 
Our preference: long positions above 1.3210 with targets at 1.3290 & 1.3320 in extension.
 
Alternative scenario: below 1.3210 look for further downside with 1.3175 & 1.3130 as targets.
 
Comment: the RSI shows upside momentum.
 
Supports and resistances:
1.3345
1.3320
1.3290
1.3250 Last
1.3210
1.3175
1.3130

USD/JPY Intraday: under pressure.

 
Pivot: 112.60
 
Our preference: short positions below 112.60 with targets at 112.10 & 111.95 in extension.
 
Alternative scenario: above 112.60 look for further upside with 112.80 & 113.05 as targets.
 
Comment: the RSI shows downside momentum.
 
Supports and resistances:
113.05
112.80
112.60
112.35 Last
112.10
111.95
111.80

EUR/USD Intraday: the upside prevails.

 
Pivot: 1.1830
 
Our preference: long positions above 1.1830 with targets at 1.1890 & 1.1925 in extension.
 
Alternative scenario: below 1.1830 look for further downside with 1.1795 & 1.1760 as targets.
 
Comment: the RSI is mixed to bullish.
 
Supports and resistances:
1.1960
1.1925
1.1890
1.1862 Last
1.1830
1.1795
1.1760


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 Oct, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 2

AUD/USD Intraday: further upside.

 
Pivot: 0.7790
 
Our preference: long positions above 0.7790 with targets at 0.7840 & 0.7860 in extension.
 
Alternative scenario: below 0.7790 look for further downside with 0.7770 & 0.7745 as targets.
 
Comment: the RSI shows upside momentum.
 
Supports and resistances:
0.7875
0.7860
0.7840
0.7815 Last
0.7790
0.7770
0.7745

Crude Oil‏ (WTI)‏ (X7) Intraday: the bias remains bullish.

 
Pivot: 50.82
 
Our preference: long positions above 50.82 with targets at 51.40 & 51.75 in extension.
 
Alternative scenario: below 50.82 look for further downside with 50.45 & 50.05 as targets.
 
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
 
Supports and resistances:
52.10
51.75
51.40
51.00 Last
50.82
50.45
50.05

Gold spot Intraday: further advance.

 
Pivot: 1290.00
 
Our preference: long positions above 1290.00 with targets at 1301.00 & 1306.00 in extension.
 
Alternative scenario: below 1290.00 look for further downside with 1284.00 & 1281.00 as targets.
 
Comment: the RSI is bullish and calls for further advance.
 
Supports and resistances:
1310.00
1306.00
1301.00
1296.60 Last
1290.00
1284.00  
1281.00

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 Oct, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview

GBP/USD Intraday: the upside prevails.

 
Pivot: 1.3220
 
Our preference: long positions above 1.3220 with targets at 1.3290 & 1.3345 in extension.
 
Alternative scenario: below 1.3220 look for further downside with 1.3175 & 1.3125 as targets.
 
Comment: the RSI is bullish and calls for further upside.
 
Supports and resistances:
1.3400
1.3345
1.3290
1.3265 Last
1.3220
1.3175
1.3125

USD/JPY Intraday: capped by a negative trend line.

 
Pivot: 112.45
 
Our preference: short positions below 112.45 with targets at 111.95 & 111.80 in extension.
 
Alternative scenario: above 112.45 look for further upside with 112.60 & 112.80 as targets.
 
Comment: the RSI is capped by a declining trend line.
 
Supports and resistances:
112.80
112.60
112.45
112.15 Last
111.95
111.80
111.55

EUR/USD Intraday: caution.

 
Pivot: 1.1855
 
Our preference: short positions below 1.1855 with targets at 1.1820 & 1.1795 in extension.
 
Alternative scenario: above 1.1855 look for further upside with 1.1880 & 1.1900 as targets.
 
Comment: intraday technical indicators are mixed and call for caution.
 
Supports and resistances:
1.1900
1.1880
1.1855
1.1835 Last
1.1820
1.1795
1.1760
 

[FxGrow Support]

AUD/USD Intraday: the bias remains bullish.

 
Pivot: 0.7805
 
Our preference: long positions above 0.7805 with targets at 0.7855 & 0.7875 in extension.
 
Alternative scenario: below 0.7805 look for further downside with 0.7785 & 0.7770 as targets.
 
Comment: technically the RSI is above its neutrality area at 50.
 
Supports and resistances:
0.7900
0.7875
0.7855
0.7830 Last
0.7805
0.7785
0.7770

Crude Oil (WTI) (X7) Intraday: rebound expected.

 
Pivot: 50.25
 
Our preference: long positions above 50.25 with targets at 51.10 & 51.40 in extension.
 
Alternative scenario: below 50.25 look for further downside with 49.75 & 49.20 as targets.
 
Comment: the RSI advocates for further advance. A strong support base around 50.25 (the previous swing low) has formed,and should limit any downward attempts.
 
Supports and resistances:
51.75
51.40
51.10
50.94 Last
50.25
49.75
49.20

Gold spot Intraday: the upside prevails.

 
Pivot: 1289.50
 
Our preference: long positions above 1289.50 with targets at 1301.00 & 1306.00 in extension.
 
Alternative scenario: below 1289.50 look for further downside with 1284.00 & 1281.00 as targets.
 
Comment: the RSI advocates for further advance.
 
Supports and resistances:
1310.00
1306.00
1301.00
1295.70 Last
1289.50
1284.00
1281.00

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 – 16th Oct, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview

EUR/USD Intraday: under pressure.

 
Pivot: 1.1825
 
Our preference: short positions below 1.1825 with targets at 1.1775 & 1.1760 in extension.
 
Alternative scenario: above 1.1825 look for further upside with 1.1850 & 1.1875 as targets.
 
Comment: the RSI shows downside momentum.
 
Supports and resistances:
1.1875
1.1850
1.1825
1.1800 Last
1.1775
1.1760
1.1735

USD/JPY Intraday: intraday support around 111.65.

 
Pivot: 111.65
 
Our preference: long positions above 111.65 with targets at 112.05 & 112.25 in extension.
 
Alternative scenario: below 111.65 look for further downside with 111.40 & 111.20 as targets.
 
Comment: the RSI lacks downward momentum.
 
Supports and resistances:
112.45
112.25
112.05
111.86 Last
111.65
111.40
111.20

GBP/USD Intraday: further advance.

 
Pivot: 1.3260
 
Our preference: long positions above 1.3260 with targets at 1.3325 & 1.3350 in extension.
 
Alternative scenario: below 1.3260 look for further downside with 1.3230 & 1.3180 as targets.
 
Comment: the RSI shows upside momentum.
 
Supports and resistances:
1.3375
1.3350
1.3325
1.3295 Last
1.3260
1.3230
1.3180

 

[FxGrow Support]

AUD/USD Intraday: the bias remains bullish.

 
Pivot: 0.7850
 
Our preference: long positions above 0.7850 with targets at 0.7900 & 0.7920 in extension.
 
Alternative scenario: below 0.7850 look for further downside with 0.7825 & 0.7805 as targets.
 
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
 
Supports and resistances:
0.7950
0.7920
0.7900
0.7875 Last
0.7850
0.7825
0.7805

Crude Oil‏ (WTI)‏ (X7) Intraday: further advance.

 
Pivot: 51.35
 
Our preference: long positions above 51.35 with targets at 52.40 & 52.85 in extension.
 
Alternative scenario: below 51.35 look for further downside with 50.95 & 50.55 as targets.
 
Comment: the RSI lacks downward momentum.
 
Supports and resistances:
53.20
52.85
52.40
51.93 Last
51.35
50.95
50.55

Gold spot Intraday: further advance.

 
Pivot: 1295.00
 
Our preference: long positions above 1295.00 with targets at 1310.00 & 1315.00 in extension.
 
Alternative scenario: below 1295.00 look for further downside with 1290.00 & 1284.00 as targets.
 
Comment: the RSI is bullish and calls for further advance.
 
Supports and resistances:
1322.00
1315.00
1310.00
1303.28 Last
1295.00
1290.00
1284.00

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 Oct, 2017
By FxGrow Research & Analysis Team

GBP/USD Trading Flat Ahead of UK Inflation Data


GBP/USD peeked yesterday to 1.3311 but failed to guard 1.3300 level and dipped to 1.2325 low and closed above 10-EMA at 1.2350 reviving the daily trend to turn bullish, depending on how the pair closes on daily time frame.

Today, the cable is trading flat with 38-pips price action after clocking 1.3268 high, ahead of UK CPI inflation report, followed by BOE's Gov. Carney with expectation for a tone to set the Pound in a certain direction depending on the data outcome. Expectations are placed at 3.00% compared to 2.9% on previous sessions. In case CPI managed to score a 3% and above, the pair will set a new course with a bull destination as the data could motivate Carney for a hawkish tone.
Technical Overview GBP/USD

Current price: 1.3256

Closing price: 1.3250

Target: None

Resistance levels: 1.3285 , 1.3333 , 1.3350

Support levels: 1.3240 , 1.3212 , 1.3154

Trend: Sideways

Comment: Overall the market is short term bearish with near term rebounds capped trying to push beyond 1.3285 resistance. A close over 1.3285* or pop over 1.3333-50 signals short term bottoming upturn and could launch a climb to the 1.3410+ area. The roll off from 1.3285 hints for bear forces to pressure selloff back with last Thursday's range. A close under 1.3200 alerts for secondary selloff.


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 Oct, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview

GBP/USD Intraday: under pressure.

 
Pivot: 1.3290
 
Our preference: short positions below 1.3290 with targets at 1.3220 & 1.3180 in extension.
 
Alternative scenario: above 1.3290 look for further upside with 1.3325 & 1.3350 as targets.
 
Comment: as long as the resistance at 1.3290 is not surpassed, the risk of the break below 1.3220 remains high.
 
Supports and resistances:
1.3350
1.3325
1.3290
1.3259 Last
1.3220
1.3180
1.3150

USD/JPY Intraday: the upside prevails.

 
Pivot: 111.85
 
Our preference: long positions above 111.85 with targets at 112.30 & 112.55 in extension.
 
Alternative scenario: below 111.85 look for further downside with 111.65 & 111.40 as targets.
 
Comment: the RSI shows upside momentum.
 
Supports and resistances:
112.80
112.55
112.30
112.10 Last
111.85
111.65
111.40

EUR/USD Intraday: the downside prevails.

 
Pivot: 1.1800
 
Our preference: short positions below 1.1800 with targets at 1.1740 & 1.1715 in extension.
 
Alternative scenario: above 1.1800 look for further upside with 1.1815 & 1.1835 as targets.
 
Comment: the RSI is bearish and calls for further downside.
 
Supports and resistances:
1.1835
1.1815
1.1800
1.1765 Last
1.1740
1.1715
1.1695

 

[FxGrow Support]

AUD/USD Intraday: consolidation.

 
Pivot: 0.7875
 
Our preference: short positions below 0.7875 with targets at 0.7825 & 0.7805 in extension.
 
Alternative scenario: above 0.7875 look for further upside with 0.7900 & 0.7925 as targets.
 
Comment: as long as 0.7875 is resistance, look for choppy price action with a bearish bias.
 
Supports and resistances:
0.7925
0.7900
0.7875
0.7850 Last
0.7825
0.7805
0.7770

Crude Oil‏ (WTI)‏ (X7) Intraday: the bias remains bullish.

 
Pivot: 51.50
 
Our preference: long positions above 51.50 with targets at 52.40 & 52.85 in extension.
 
Alternative scenario: below 51.50 look for further downside with 50.95 & 50.55 as targets.
 
Comment: the RSI is mixed with a bullish bias.
 
Supports and resistances:
53.20
52.85
52.40
51.90 Last
51.50
50.95
50.55

Gold spot Intraday: under pressure.

 
Pivot: 1296.00
 
Our preference: short positions below 1296.00 with targets at 1284.00 & 1282.00 in extension.
 
Alternative scenario: above 1296.00 look for further upside with 1300.00 & 1306.00 as targets.
 
Comment: the RSI is bearish and calls for further downside.
 
Supports and resistances:
1306.00
1300.00
1296.00
1290.40 Last
1284.00
1282.00
1279.50

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 Oct, 2017
By FxGrow Research & Analysis Team

EUR/USD Extends The Bear Forces, Looking For Clues By Draghi


EUR/USD prolonged the selloff sessions this week and yesterday, the pair  dipped to 1.1736 low after clocking 1.1800 high, still testing daily 10-EMA zone with 5-EMA dropping below, indicating for additional bear forces to take control these coming days after making a correction last week.

Today, EUR/USD the pair traded 22-pips price action and managed to record 1.1754 high then retreated 1.1758 low, currently trading 1.1764 intraday.

Fundamentally, the rift between the Catalans and Spain, although has been eased a bit, but the Brexit negotiations with EU and its absence of progress still weighs negatively on both the EUR and the Pound as European Union's chief Brexit negotiator Michel Barnier crossed the wires yesterday, with key quotes:

• Progress in Brexit talks ‘not there at this point
• New dynamic since UK pm may’s speech in Florence
• Important that past issues have been sorted out first
• No intentions of holding up Brexit process
• EU stands ready to ‘speed up’ Brexit talks  
  

Today, all eyes are focused on Draghi due to deliver a speech shortly afterwards without any clues how the ECB Gov. will set the tone. Any hints about QE winding or setting a date for shrinking the EU bond purchasing budget should set the EUR bulls in action.


EUR/USD Technical Overview:

Target price: None

Closing Price: 1.1765

Resistance levels: 1.1784 , 1.1819 , 1.1866

Support levels: 1.1744 , 1.1710-20, 1.1670

Trend : Down / Sideways

Trend reversal price: 1.1900

General Technical Overview: Overall the market is bearish and a close under 1.1741* suggests a selloff under last swing  low. The larger formation cautions declines to 1.1600. Any near term rallies will likely be capped under 1.1840 - 1.1860 and likely stick to sideways congestion. A close over 1.1900* is needed to start a reversing turn back to higher levels.

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.