Daily Technical Analysis by FxGrow

[FxGrow Support]

FxGrow Daily Technical Analysis – 15th Nov 2017
By FxGrow Research & Analysis Team

EURO Bulls Takes Over Dollar Bears, Eyes On CPI


EUR/USD bulls were highly occupied yesterday with 143-pips price action and 1.1805 high. Today, the pair extended the upward destination and clocked 1.1852 high, currently trading 1.1836 intraday.

Apparently, comments yesterday by Fed's Bullard indicating that current interest rate level likely to remain appropriate over near-term weighted negatively on the DXY, losing $1.10 value since yesterday which broke daily rising trend line and closed below it.

Market is currently in action, but suspense will increase shortly as U.S releases multi inflation figures with CPI and Core CPI in focus. Today's data is vital and it will re-shape the odds of potential Dec. Fed hike.  

 

EUR/USD Technical Overview:

Closing price: 1.1797

Target price: 1.1934

Resistance levels: 1.1880, 1.1934*

Support levels:  1.1781 , 1.1731

Trend: Up

Comment Yesterday's surge higher triggers a short term bottoming upturn and projects a drive to 1.1934*. Trade is poised for continuation rallies today. Any corrections that hang in the upper half of yesterday's upturn should bull flag. Only a close under 1.1731* stops the upswing anf warns for corrective congestion along 1.1700+/-.  


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 Nov 2017
By FxGrow Research & Analysis Team

GBP/USD Intraday: under pressure.

 
Pivot: 1.3185
 
Our preference: short positions below 1.3185 with targets at 1.3130 & 1.3110 in extension.
 
Alternative scenario: above 1.3185 look for further upside with 1.3215 & 1.3250 as targets.
 
Comment: the RSI shows downside momentum.
 
Supports and resistances:
1.3250
1.3215
1.3185
1.3152 Last
1.3130
1.3110
1.3080

USD/JPY Intraday: continuation of the rebound.

 
Pivot: 112.70
 
Our preference: long positions above 112.70 with targets at 113.50 & 113.75 in extension.
 
Alternative scenario: below 112.70 look for further downside with 112.45 & 112.15 as targets.
 
Comment: the RSI shows upside momentum.
 
Supports and resistances:
113.90 ***
113.75 ***
113.50 ***
113.07 Last
112.70 **
112.45 **
112.15 ***

EUR/USD Intraday: consolidation.

 
Pivot: 1.1805
 
Our preference: short positions below 1.1805 with targets at 1.1760 & 1.1725 in extension.
 
Alternative scenario: above 1.1805 look for further upside with 1.1830 & 1.1860 as targets.
 
Comment: a break below 1.1760 would trigger a drop towards 1.1725.
 
Supports and resistances:
1.1860
1.1830
1.1805
1.1775 Last
1.1760
1.1725
1.1700

 

[FxGrow Support]

AUD/USD Intraday: under pressure.

 
Pivot: 0.7610
 
Our preference: short positions below 0.7610 with targets at 0.7570 & 0.7550 in extension.
 
Alternative scenario: above 0.7610 look for further upside with 0.7630 & 0.7650 as targets.
 
Comment: the upward potential is likely to be limited by the resistance at 0.7610.
 
Supports and resistances:
0.7650 ***
0.7630 *
0.7610 ***
0.7590 Last
0.7570 ***
0.7550 *
0.7525 **

Gold spot Intraday: key resistance at 1280.00.

 
Pivot: 1280.00
 
Our preference: short positions below 1280.00 with targets at 1274.00 & 1271.00 in extension.
 
Alternative scenario: above 1280.00 look for further upside with 1283.00 & 1286.50 as targets.
 
Comment: the RSI lacks upward momentum.
 
Supports and resistances:
1286.50
1283.00
1280.00
1276.70 Last
1274.00
1271.00
1266.00

Crude Oil‏ (WTI)‏ (Z7) Intraday: turning up.

 
Pivot: 55.15
 
Our preference: long positions above 55.15 with targets at 55.80 & 56.05 in extension.
 
Alternative scenario: below 55.15 look for further downside with 54.80 & 54.40 as targets.
 
Comment: the RSI is bullish and calls for further advance.
 
Supports and resistances:
56.30
56.05
55.80
55.42 Last
55.15
54.80
54.40

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 Nov 2017
By FxGrow Research & Analysis Team

GBP/USD Intraday: further advance.

 
Pivot: 1.3175
 
Our preference: long positions above 1.3175 with targets at 1.3275 & 1.3300 in extension.
 
Alternative scenario: below 1.3175 look for further downside with 1.3135 & 1.3110 as targets.
 
Comment: the RSI shows upside momentum.
 
Supports and resistances:
1.3320
1.3300
1.3275
1.3230 Last
1.3175
1.3135
1.3110

USD/JPY Intraday: under pressure.

 
Pivot: 113.00
 
Our preference: short positions below 113.00 with targets at 112.15 & 111.90 in extension.
 
Alternative scenario: above 113.00 look for further upside with 113.30 & 113.55 as targets.
 
Comment: technically the RSI is below its neutrality area at 50.
 
Supports and resistances:
113.55 ***
113.30 ***
113.00 ***
112.60 Last
112.15 **
111.90 ***
111.60 **

EUR/USD Intraday: the upside prevails.

 
Pivot: 1.1760
 
Our preference: long positions above 1.1760 with targets at 1.1830 & 1.1860 in extension.
 
Alternative scenario: below 1.1760 look for further downside with 1.1725 & 1.1700 as targets.
 
Comment: the RSI lacks downward momentum.
 
Supports and resistances:
1.1880
1.1860
1.1830
1.1796 Last
1.1760
1.1725
1.1700

 

[FxGrow Support]

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

GBP/USD Intraday: the bias remains bullish.

 
Pivot: 1.3220
 
Our preference: long positions above 1.3220 with targets at 1.3280 & 1.3300 in extension.
 
Alternative scenario: below 1.3220 look for further downside with 1.3200 & 1.3180 as targets.
 
Comment: the RSI advocates for further upside.
 
Supports and resistances:
1.3320
1.3300
1.3280
1.3250 Last
1.3220
1.3200
1.3180

USD/JPY Intraday: the bias remains bullish.

 
Pivot: 112.20
 
Our preference: long positions above 112.20 with targets at 112.75 & 113.00 in extension.
 
Alternative scenario: below 112.20 look for further downside with 111.90 & 111.60 as targets.
 
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
 
Supports and resistances:
113.35 ***
113.00 ***
112.75 ***
112.45 Last
112.20 **
111.90 ***
111.60 **

EUR/USD Intraday: consolidation.

 
Pivot: 1.1770
 
Our preference: short positions below 1.1770 with targets at 1.1720 & 1.1685 in extension.
 
Alternative scenario: above 1.1770 look for further upside with 1.1810 & 1.1850 as targets.
 
Comment: the RSI lacks upward momentum.
 
Supports and resistances:
1.1850
1.1810
1.1770
1.1745 Last
1.1720
1.1685
1.1650

 

[FxGrow Support]

AUD/USD Intraday: the downside prevails.

 
Pivot: 0.7570
 
Our preference: short positions below 0.7570 with targets at 0.7510 & 0.7490 in extension.
 
Alternative scenario: above 0.7570 look for further upside with 0.7590 & 0.7610 as targets.
 
Comment: the RSI is mixed to bearish.
 
Supports and resistances:
0.7610 ***
0.7590 **
0.7570 ***
0.7535 Last
0.7510 ***
0.7490 **
0.7465 ***

Crude Oil? (WTI)? (F8) Intraday: rebound expected.

 
Pivot: 56.25
 
Our preference: long positions above 56.25 with targets at 56.65 & 56.95 in extension.
 
Alternative scenario: below 56.25 look for further downside with 55.95 & 55.75 as targets.
 
Comment: the RSI is mixed with a bullish bias.
 
Supports and resistances:
57.20
56.95
56.65
56.45 Last
56.25
55.95
55.75

Gold spot Intraday: key resistance at 1285.00.

 
Pivot: 1285.00
 
Our preference: short positions below 1285.00 with targets at 1274.00 & 1271.50 in extension.
 
Alternative scenario: above 1285.00 look for further upside with 1290.00 & 1293.50 as targets.
 
Comment: the upward potential is likely to be limited by the resistance at 1285.00.
 
Supports and resistances:
1293.50
1290.00
1285.00
1280.70 Last
1274.00
1271.50
1266.00

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 – 22nd Nov, 2017
By FxGrow Research & Analysis Team

GBP/USD Intraday: supported by a rising trend line.

 
Pivot: 1.3220
 
Our preference: long positions above 1.3220 with targets at 1.3280 & 1.3300 in extension.
 
Alternative scenario: below 1.3220 look for further downside with 1.3200 & 1.3180 as targets.
 
Comment: the RSI is mixed to bullish.
 
Supports and resistances:
1.3320
1.3300
1.3280
1.3250 Last
1.3220
1.3200
1.3180

USD/JPY Intraday: under pressure.

 
Pivot: 112.50
 
Our preference: short positions below 112.50 with targets at 111.95 & 111.70 in extension.
 
Alternative scenario: above 112.50 look for further upside with 112.70 & 113.00 as targets.
 
Comment: the RSI shows downside momentum.
 
Supports and resistances:
113.00 ***
112.70 ***
112.50 ***
112.20 Last
111.95 ***
111.70 ***
111.35 ***

EUR/USD Intraday: continuation of the rebound.

 
Pivot: 1.1730
 
Our preference: long positions above 1.1730 with targets at 1.1775 & 1.1810 in extension.
 
Alternative scenario: below 1.1730 look for further downside with 1.1710 & 1.1685 as targets.
 
Comment: the RSI shows upside momentum.
 
Supports and resistances:
1.1850
1.1810
1.1775
1.1765 Last
1.1730
1.1710
1.1685

 

[FxGrow Support]

AUD/USD Intraday: bullish bias above 0.7555.

 
Pivot: 0.7555
 
Our preference: long positions above 0.7555 with targets at 0.7590 & 0.7610 in extension.
 
Alternative scenario: below 0.7555 look for further downside with 0.7530 & 0.7510 as targets.
 
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
 
Supports and resistances:
0.7635 ***
0.7610 ***
0.7590 ***
0.7575 Last
0.7555 ***
0.7530 ***
0.7510 **

Crude Oil‏ (WTI)‏ (F8) Intraday: further advance.

 
Pivot: 57.20
 
Our preference: long positions above 57.20 with targets at 58.15 & 58.60 in extension.
 
Alternative scenario: below 57.20 look for further downside with 56.85 & 56.55 as targets.
 
Comment: the RSI advocates for further upside.
 
Supports and resistances:
59.00
58.60
58.15
57.86 Last
57.20
56.85
56.55

Gold spot Intraday: continuation of the rebound.

 
Pivot: 1276.00
 
Our preference: long positions above 1276.00 with targets at 1290.00 & 1293.50 in extension.
 
Alternative scenario: below 1276.00 look for further downside with 1271.50 & 1266.00 as targets.
 
Comment: the RSI is supported by a bullish trend line.
 
Supports and resistances:
1297.00
1293.50
1290.00
1283.80 Last
1276.00
1271.50
1266.00

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 – 23rd Nov, 2017
By FxGrow Research & Analysis Team

GBP/USD Intraday: further advance.

 
Pivot: 1.3280
 
Our preference: long positions above 1.3280 with targets at 1.3345 & 1.3375 in extension.
 
Alternative scenario: below 1.3280 look for further downside with 1.3255 & 1.3220 as targets.
 
Comment: the RSI shows upside momentum.
 
Supports and resistances:
1.3405
1.3375
1.3345
1.3310 Last
1.3280
1.3255
1.3220

USD/JPY Intraday: the downside prevails.

 
Pivot: 111.95
 
Our preference: short positions below 111.95 with targets at 111.00 & 110.65 in extension.
 
Alternative scenario: above 111.95 look for further upside with 112.40 & 112.70 as targets.
 
Comment: even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
 
Supports and resistances:
112.70
112.40
111.95
111.50 Last
111.00
110.65
110.25

EUR/USD Intraday: the bias remains bullish.

 
Pivot: 1.1785
 
Our preference: long positions above 1.1785 with targets at 1.1850 & 1.1880 in extension.
 
Alternative scenario: below 1.1785 look for further downside with 1.1755 & 1.1735 as targets.
 
Comment: the RSI is mixed to bullish.
 
Supports and resistances:
1.1910
1.1880
1.1850
1.1820 Last
1.1785
1.1755
1.1735

 

[FxGrow Support]

AUD/USD Intraday: the upside prevails.

 
Pivot: 0.7590
 
Our preference: long positions above 0.7590 with targets at 0.7625 & 0.7650 in extension.
 
Alternative scenario: below 0.7590 look for further downside with 0.7560 & 0.7530 as targets.
 
Comment: the RSI shows upside momentum.
 
Supports and resistances:
0.7675 ***
0.7650 ***
0.7625 ***
0.7610 Last
0.7590 ***
0.7560 ***
0.7530 ***

Crude Oil‏ (WTI)‏ (F8) Intraday: supported by a rising trend line.

 
Pivot: 57.50
 
Our preference: long positions above 57.50 with targets at 58.20 & 58.60 in extension.
 
Alternative scenario: below 57.50 look for further downside with 57.15 & 56.85 as targets.
 
Comment: the RSI lacks downward momentum.
 
Supports and resistances:
59.00
58.60
58.20
57.90 Last
57.50
57.15
56.85

Gold spot Intraday: bullish bias above 1284.00.

 
Pivot: 1284.00
 
Our preference: long positions above 1284.00 with targets at 1297.00 & 1300.00 in extension.
 
Alternative scenario: below 1284.00 look for further downside with 1279.00 & 1276.00 as targets.
 
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
 
Supports and resistances:
1303.50
1300.00
1297.00
1289.27 Last
1284.00
1279.00
1276.00

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 – 24th Nov, 2017
By FxGrow Research & Analysis Team

GBP/USD Intraday: intraday support around 1.3280.

 
Pivot: 1.3280
 
Our preference: long positions above 1.3280 with targets at 1.3315 & 1.3335 in extension.
 
Alternative scenario: below 1.3280 look for further downside with 1.3255 & 1.3220 as targets.
 
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
 
Supports and resistances:
1.3375
1.3335
1.3315
1.3300 Last
1.3280
1.3255
1.3220

USD/JPY Intraday: under pressure.

 
Pivot: 111.65
 
Our preference: short positions below 111.65 with targets at 111.05 & 110.65 in extension.
 
Alternative scenario: above 111.65 look for further upside with 111.95 & 112.40 as targets.
 
Comment: the upward potential is likely to be limited by the resistance at 111.65.
 
Supports and resistances:
112.40
111.95
111.65
111.35 Last
111.05
110.65
110.25

EUR/USD Intraday: intraday support around 1.1825.

 
Pivot: 1.1825
 
Our preference: long positions above 1.1825 with targets at 1.1860 & 1.1880 in extension.
 
Alternative scenario: below 1.1825 look for further downside with 1.1800 & 1.1770 as targets.
 
Comment: technically the RSI is above its neutrality area at 50.
 
Supports and resistances:
1.1910
1.1880
1.1860
1.1846 Last
1.1825
1.1800
1.1770

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 27th Nov, 2017
By FxGrow Research & Analysis Team

GBP/USD Intraday: continuation of the rebound.

 
Pivot: 1.3305
 
Our preference: long positions above 1.3305 with targets at 1.3360 & 1.3375 in extension.
 
Alternative scenario: below 1.3305 look for further downside with 1.3280 & 1.3255 as targets.
 
Comment: the RSI shows upside momentum.
 
Supports and resistances:
1.3390
1.3375
1.3360
1.3330 Last
1.3305
1.3280
1.3255

USD/JPY Intraday: consolidation.

 
Pivot: 111.70
 
Our preference: short positions below 111.70 with targets at 111.05 & 110.80 in extension.
 
Alternative scenario: above 111.70 look for further upside with 111.95 & 112.15 as targets.
 
Comment: the RSI shows downside momentum.
 
Supports and resistances:
112.15
111.95
111.70
111.40 Last
111.05
110.80
110.65

EUR/USD Intraday: the bias remains bullish.

 
Pivot: 1.1895
 
Our preference: long positions above 1.1895 with targets at 1.1960 & 1.1990 in extension.
 
Alternative scenario: below 1.1895 look for further downside with 1.1855 & 1.1825 as targets.
 
Comment: the RSI is mixed to bullish.
 
Supports and resistances:
1.2020
1.1990
1.1960
1.1931 Last
1.1895
1.1855
1.1825

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 – 06th Dec, 2017
By FxGrow Research & Analysis Team

Gold Breaks The Pennant After Long Consolidation Sessions


After sixty consolidation session where gold was fluctuating between 70s and 90s levels, gold has finally broke the pennant that has been confined inside with sideways range and congestion. The precious metal gaped downward on Monday, then peeked to 1277 yesterday, but failed to press forward and dipped to 1261 low.

Fundamentally, the U.S tax plan approval during the weekend boosted the U.S Dollar and last week's upbeat U.S economic data has increased the odds of U.S Fed hike pushing the DXY to 93.45 high today. On the other hand, failure between UK and Eurozone is still weakening the British pound and EURO, giving more strength to the greenback against XAUUSD.

Gold Technical Overview

Closing price: 1265.85

Target price: 1251

Trend: Sideways / Down

Trend reversal price: 1286

Resistance levels: 1271, 1276

Support levels: 1258, 1251

Comment The market extended the short term flagging downturn and suggests further selling to 1251. Minor corrections should stay in the 1270's to maintain bear trend forces. A push over 128050 stops pressing bear forces, but only a close over 1286.00* highlights a lasting turn to higher prices.

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 – 07th Dec, 2017
By FxGrow Research & Analysis Team

EUR/USD: Downside Action More Likable Ahead of Draghi Speech


EUR/USD has entered the fourth cosolodation session with choppy sideways trading. The pair has failed to stay above 1.1800 (10-EMA) level since Monday and still flirting with 1.1780 support level.

The pair lost traction after reports indicating rough negotiations with the UK and Brexit deal, weighing negatively on the EURO. On the other hand, last weak upbeat U.S data and approval for tax plan is still boosting the U.S dollar with expectations for more upward action as the Dec. rates odds are on the U.S Fed's menu.

Draghi, head of ECB will cross wires today but expectations are high for a neutral stance, no game changer for the EURO currency.

EUR/USD technical overview

Closing price: 1.1797

Target price: 1.1760

Resistance levels: 1.1840+, 1.1870, 1.1900*

Support levels: 1.1760-50, 1.1700-

Trend: Sideways / Down

Trend reversal price: 1.1900

Comment The choppy slide this week is shifting the short term trend bias down and warns for a larger unfolding selling wave to 1.1760-/1.1700. Trade is poised for selling pressures today. A reluctance to extend / stay under 1.1800- cautions for a bounce into congestion near 11840. However, a close over 1.19000* is needed to highlight a reversing upturn form corrections to launch a fresh bull wave near 1.2000+.

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 – 08th Dec, 2017
By FxGrow Research & Analysis Team

Britain and EU Strike Brexit Deal, EUR and GBP Up?


The EU and UK managed finally to reach a deal and move forward with Brexit as major news sources has just headlined as a breaking news. As a result, expectations for more upward action for British pound and some upward corrections as a retracement for the EURO. On the other hand, U.S will release major data today with NFP taking center stage.

GBP/USD technical overview:

Closing price: 1.3473

Trend: Sideways / Up

Target price: 1.3590?

Resistance levels: 1.3505, 1.3590-1.3667

Support levels: 1.3418, 1.3353*-, 1.3290

Trend reversal price: 1.3353

Comment Overall the market is short term bullish. A close over 13505 will rekindle bull trending to reach previous peaking levels at 1.3612+. A close over 1.3667 is bullish for moves to 1.3860. Be prepared for a near term slip and congestion inside the upper half of yesterday's range. Stable action over 1.3400+ suggests a build up for rallies. A close under 1.3353* highlights a topping turnover and chance for declines along 1.3200.  

EUR/USD Technical overview:


Closing price: 1.1772

Target price: 1.1760 ( Achieved)

Resistance levels: 1.1836, 1.1876-1.1897*

Support levels:  11760-50, 11700-

Trend: Sideways / Down

Trend reversal price: 1.1897

Comment: The choppy slide this week is shifting the short term trend bias down and warns for a larger unfolding selling wave to 1.1760-/1.1700. Trade is poised for selling pressures today. Trade may recover for near term congestion just over 1.1800+. However, a close over 1.1897* is needed to highlight a reversing upturn form corrections to launch a fresh bull wave near 1.2000+.

U.S Dollar Index Technical Overview:

DEC US DOLLAR

Closing price(9378)

Target price: 94.05

Resistance levels: 93.89, 94.055*

Support levels: 9343, 9318, 9294*

Trend: Sideways / Up

Trend reversal price: 92.94

Comment The market has worked into a short term bottoming / bullish pattern and targets rallies to 94.055* resistance to challenge for a larger upturn. A close over 94.055* is bullish. Any minor dips should level off into sideways basing action off the low 93.00 area. A close under 92.94* is needed to reverse back to lower prices.

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 Dec, 2017
By FxGrow Research & Analysis Team

GBP/USD Inching Higher Ahead of UK's Inflation Report


GBP/USD inaugurated Monday's trading session with bulls in action clocking 1.3427 high and 1.3366 low. The cable took a massive punch on Friday after releasing positive U.S Data, retreating from 1.3520 high and plunging to 1.3355 low. Technically, expectations for further upside action for the cable seems limited especially Friday's daily candle engulfing Thursday's strong bullish candle.

Fundamentally, a busy week for the market, first with today's CPI data coming from the UK with expectations placed at 3%, as as previous outcome. We are looking for a deviation in the inflation today which could set a more dovish tone for BOE's economic statement on Thursday taking into consideration that rates will stay put. On the other hand, FOMC meeting on Wednesday is taking all the attention with high expectations for hike.

Last but not least, market is looking forward  to the UK PM Theresa May’s cabinet meeting scheduled later today, with the key agenda on the Brexit negotiations ahead of this week’s EU Summit.

GBP/USD Technical overview:

Closing price: 1.3395

Target price:  None

Resistance levels: 1.3463, 1.3505+, 1.3610-67

Support levels: 1.3353*-, 1.3290

Trend: Sdwys/Up

Trend reversal price: 1.3353

Comment Overall the market is still short term bullish. A close over 1.3505 will rekindle bull trending to reach previous peaking levels at 1.3612+. A close over 1.3667 is bullish for moves to 1.3860. Friday's back off alerts for near term corrections. A close under 1.3353* highlights a topping turnover and chance for declines along 1.3240-00.

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 – 12th Dec, 2017
By FxGrow Research & Analysis Team

EUR/USD Trading Flat Ahead of Zew Sentiment And U.S PPI


EUR/USD has been trading flat since Monday with low price, 28-pips and 1.1788 high. On technical level, the pair is still sold off with daily downtrend and expectations for further downside action. On the upside, EURO bulls should be contaminated at 10-EMA at 1.1800 level along with yesterday's upper daily wick. The pair could test daily rising trend line at 1.1740 level, and in case EUR/USD closed below it, then further dips are expected.

On the fundamental level, market awaits German Zew sentiment which will be released shortly and expectations that the sentiment could call behind at 17.4. On NY opening sessions, U.S is due to release Producer Price Index which could shake the market a bit as eyes will be focused on Wednesday and Thursday with FOMC and ECB meeting. On the other hand, Draghi will cross wires today, but taking into consideration the ECB event on Thursday, the speech should be neutral without any major effect. As for tomorrow, it is highly anticipated that the U.S Fed will hike rates at 1.50% with 0.25% point basis which should add more pressure on the pair temporary till market take an action for the FOMC statement.  

EUR/USD Technical Overview:

Closing price: 1.1769

Target price: None

Resistance levels: 1.1800, 1.1880, 1.1860*

Support levels: 1.1720-1.1709*, 1.1640

Trend: Sideways / Down

Trend reversal price: 1.1860*

Current None 11881, 11910, 11954* 11807-11799*, 11728

Sdwys/Down

Comment: The current slide puts short term trend forces down and warns for a larger unfolding selling wave to 1.1640. Trade is poised for selling and a close under 1.1709* will fuel selloffs. Trade may recover for near term congestion up near 1.1820. However, a close over 1.1860* is needed to highlight a reversing upturn for a bull wave over 1.1920+.

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 Dec, 2017
By FxGrow Research & Analysis Team

CFDs Technical Overview With a Priced in Hike By the Feds


Most markets are highly anticipating a hike today by the U.S Fed with 0.25% basis to initial 1.25%. Analysts are supporting the rate hike decision especially that Mrs. Yellen has recently stressed out that any future hikes will be subject to economic data. As a result, we have seen the DXY rallying by $1.78 since Nov. 27th, soaring all currency rivals as rates will be increased as a done deal especially recent U.S upbeat data.

Last year when the Fed hiked rates, market saw an opposite performance for the Dollar Index, and instead of further upside action, the DXY was sold off aggressively which leaves us wondering if the same scenario will be repeated as Déjà vu because market anticipated the hike and it was priced in. Now that we have covered this section, eyes will be focused on the FOMC statement and projections for 2018 whether they will drop a hawkish or dovish tone.

Last but not least, yesterday's democrat Jones winning U.S senate in Alabama state has flipped the cards for Trump and his tax plan final touch. Trump will cross wires today giving more hints about so the long awaited tax reform plan. As a result, the U.S dollar stands at two battles, first as FOMC released the statement, and second Trump's tax plan updates.

CFD's Technical overview:

MAR US DOLLAR

Closing price: 93.825

Target price: 93.755 achieved

Resistance levels: 93.755*, 94.01

Support levels: 93.89, 93.17, 92.77*

Trend: Sdwys/Up

trend reversal price: 92.77

Comment The market has worked into a short term bottoming / bullish pattern with rallies pushing beyond the 93755* resistance, giving bull signals for a climb to 9434+. Any near term dips should try to hang in sideways congestion, stabilizing over 9317. A close under 9277* is needed to reverse back to lower prices.  

MAR B-POUND

Closing price: 1.3366

Target price:  1.3289

Resistance levels: 1.3441-58, 1.3504*

Support levels: 1.3355, 1.3289*

Trend: Sdwys/Down

Trend reversal price: 1.3504

Comment The market is signaling a short term negative turnover and warns for a larger selling wave to 1.3289*. A sustained press below 1.3355 will fuel selloffs. Any corrections contained to narrow sideways congestion should bear flag into additional selloffs. A close over 1.3504* is needed to reverse back to higher prices.

MAR CANADIAN$

Closing price: (77855)

Target price: None

Resistance levels: 7829, 7869*, 79585*

Support levels: 7760-45, 7672-

Trend: Sdwys/Down

Trend reversal price: 79585

Comment The market still favors reactionary selloffs to test the previous week's low. A penetration below 7758-54 could possibly open up a bear target to 7672-. Any corrections will likely fade in the low 7800's. Only a close over 7869* stops aggressive bear forces. A close over 79585* is needed to mark a bull turn for a drive to 8000+/-.

MAR EURO

Closing price: (1.1821)

target price: None

Resistance levels: 1.1880, 1.1904, 1.1949*

Support levels: 1.1799*, 1.1728

Trend: Sdwys/Down

Trend reversal price: 1.1954

Comment The current slide puts short term trend forces down and warns for a larger unfolding selling wave to 1.1700. Trade is poised for selling and a close under 1.1799* will fuel selloffs. Trade may recover for near term congestion up near 1.1900. However, a close over 1.1949* is needed to highlight a reversing upturn for a bull wave over 1.2000+.

MAR J-YEN

Closing price (88545)

Target price:  None

Resistance levels: 88945, 89305*, 8984*

Support levels: 8831-, 87825-

Trend: Down

Trend reversal price: 89865

Comment The market is in a downturn and suggests further washouts to 8831-. A close under 8831 is negative. We may see some corrective congestion, but keeping corrections trapped below 89305* should maintain a bear alignment. Only a close over 8984* alerts for a reversing turn.

MAR SWISS

Closing price: (10156)

Target price:  None

Resistance levels: 1.0188, 1.0222, 1.0257*

Support levels: 1.0038-25, 1.0000-

Trend: Sdwys/Down

Trend reversal price: 1.0257

Comment The market is short term bearish and a close under Friday's low alerts for a selling wave to attack the 1.0062 low. Suspect a fight to correct for a few days. Narrow corrective congestion around 1.0200 for a few days will likely bear flag. A close over 1.0257* is needed for a shift back to the upside.

MAR AUSSIE$

Closing price: (7554)

Target price:  7430

Resistance levels: 7579, 7592*

Support levels: 7495-?, 7430-10

Trend: Sdwys/Down

Trend reversal price: 7592

Comment The market is bearish. Despite corrective rebounds the past couple days, the pattern alerts for a potential wash to 7430-. Trade is poised for follow through selloffs with a close under 7498 fueling declines. Any further corrections should struggle with previous congestion levels over 7550 and tight congestion should bear flag. A close over 7592* is needed for a reversing turnaround.

FEB GOLD

Closing price: 1246.40

Target price: 1233

Resistance levels: 1254.00-1256.00, 1260

Support levels: 1233- 1220+

Trend: Down

Trend reversal price: 1265.10

Comment The market is bearish, alerting for an acceleration in the selloff, opening up potential for a drop to 1233. The pattern still warns for pressing selloffs. Any corrections will likely find downside forces keeping trade in sideways congestion, stopped in the upper 1250's. A close over 1265.10* is needed to alert for a reversing 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.

[FxGrow Support]

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

GBP/USD Rallies As Market Undigested FOMC Statement, Eyes on MPC Vote


GBP/USD made a reverse turn yesterday and rallied 118-pips after clocking 1.3428 high as market was anticipating a hike by the Feds as a priced in news. On the other hand, FOMC statement by Yellen was seen neutral to dovish which gave the cable extra push. Today, the pair plunged to 1.3380 low as a correction and preparation for more upward action supported by upbeat retail sales by the UK at 1.1% while expectations were placed at 0.4%. As a result, GBP/USD extended the bulls and clocked 1.3466 high, currently trading 1.3442 intraday.

Fundamentally, UK inflation recorded a rise by 0.1% during November compared to October but the core CPI remained at 2.7% as expected. With inflation above the target, logically the BOE should take action by hiking rates or at least drop a hawkish tone in the statement signaling future monetary tightening. On the other hand, the dilemma lies in the domestic growth which is below potential which could be counterproductive as growth continues to show deceleration. Just a moment ago, UK retail sales result at 1.1% was seen unexpected which could turn MPC voting today to more hawkish.

GBP/USD bulls and bears stand on three major elements that needs to be considered to speculate how the cable should and will perform in the coming hours.

1-BOE's Current rates stands at 0.50%, and it is widely expected to stay put with no game changer especially that last the last hike was during November, but still, BOE could take market off guard and increase current rates by 25 point basis, in this case, we could see the pound breaking previous tops and extending action beyond 1.35 level at to 1.3800. Although this scenario is not in discussion, but market should be opened to all scenarios taking into consideration this and last week strong UK data.

2- Now comes BOE's statement or summary where we should focus on the following. The statement could drop a hawkish tone by mentioning that inflation is intolerant and growth is growing at high pace which forces BOE to take action in the near future, this is considered positive for the pound. A dovish scenario would include that recent data is strong and it was mentioned before by the BOE, still the central bank needs to look for additional inputs without seeing any reason for near-term action or the BOE pushes rates till end of 2018, this is dovish for the pound and in previous comments by Carney, the Gov. did postponed rate hikes till end of 2018 which caused GBP to collapse.

3- Third, and most important, the MPC voting. There are two possible outcomes. First, in case voting was 0-0-9, this is considered negative for the pound as the members are not considering an near term action by the BOE. Second, in case we see a conflict between members where voting is 2-0-7 or 3-0-6, this is an indication that the members are turning more hawkish since expectations are at 0-0-9 and this will be reflected in the policy summary.

GBP/USD technical Overview:

Closing price: 1.3416

Target price:  1.3240?

Resistance levels: 1.3450*, 1.3550+/-

Support levels: 1.3370, 1.3320-10, 1.3240*

Trend: Sdwys/Down

Trend reversal price: 1.3450*

Comment: The market remains in the short term back off of the past week and half. A complete retracement of yesterday's range with a drop under 1.3310 will release a selling wave to 13240*. A close over 1.3450* will highlight a reversing turn back to higher prices targeting a run to reach past the 1.3550 swing 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 – 14th Dec, 2017
By FxGrow Research & Analysis Team

Gold Initiated Upward Correction With Potential of a Trend Reversal, Eyes on U.S Data

After Last week's major break for the sideways congestion, gold plunged to five months fresh-lows at 1236.55 on Tuesday, then started upward correction first as a result of the deep down dips, second as a response to yesterday's FOMC's priced in news and a neutral statement without giving any new perspectives for 2018 outlook. The precious metal rallied yesterday from 1240.35, and recorded 1257.15 high. Today, gold extended the bulls action with only +$3 after clocking 1259.15 high, currently trading 1258 intraday.

On technical level, gold is currently test 10-EMA level at 1259 with expectations for 20-EMA testing at 1263-5 and in case gold closed above 10-EMA, this should be considered as first warning for trend reversal. Add to that, Tuesday's and yesterday's daily bullish grabbers support further upside action but it still early to determine if the upward correction is an introduction for trend reversal or the precious metal could drop beyond 1236 level, aimed at 1228 first, 1210+ area. Daily RSI was at 31 level on Tuesday, at that level, gold often started a bullish trend as market is oversold.

As for U.S dollar index, we can see that DXY bulls were contained by downtrend resistance line which was tested successfully and has formed a perfect head and shoulders pattern both on Daily and H4 time frame with AB leg = CD leg, and next target for the Dollar Index will be around 91.00 unless DXY rallied beyond 94.00 erasing the head and shoulders pattern, then we should expect more pressure on the gold.

Fundamentally, if we go back in memory, i late 2016 when the Feds hiked, gold showed an opposite reaction with a rally started from 1195 as market was already trading the fact that rates are done deal. Today U.S will release major data with Retail Sales in focus and depending on gold hourly behavior and daily closing price, we can draw a better technical image for XAUUSD next move.  

 
XAUUSD and U.S Dollar Technical Overview:


MAR US DOLLAR Technical Overview

Closing price:  93.024

Target price:  None

Resistance levels: 93.75, 94.05, 94.35

Support levels: 93.31, 93.16, 92.77

Trend: Sideways / Up

Trend reversal price: 92.77

Comment: The market shows a short term bottoming / bullish pattern, but rallies were capped by 93.755* resistance, prompting yesterday's drop off. Be prepared for near term negative / corrective action and chance to test 92.77* support. A close under 9277* signals a short term negative turnover, but initially suspect a bounce off 9277*. A close over 93755* is short term bullish and will spark further upside action at 94.05, next 94.35

XAUUSD  Technical overview


Closing price: 1255.60

Target price: 1231

Resistance levels:  1257+/-, 1263.10*

Support levels: 1250.30-00, 1244.50*, 1231-

Trend: Down

Trend reversal price: 1263.10

Comment: Overall the market is bearish, still showing potential for a drop to 1231. Yesterday's spike higher starts near term corrections and we could see trade again try to rally. Corrections will likely find downside forces keeping trade in sideways congestion, stopped in the upper 1250's. A close over 1263.10* is needed to secure a reversing turnaround. A close under 1244.50* should renew selloffs/bear trending.

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 Dec, 2017
By FxGrow Research & Analysis Team

GBP/USD Intraday: continuation of the rebound.

 
Pivot: 1.3360
 
Our preference: long positions above 1.3360 with targets at 1.3420 & 1.3445 in extension.
 
Alternative scenario: below 1.3360 look for further downside with 1.3330 & 1.3300 as targets.
 
Comment: the RSI shows upside momentum.
 
Supports and resistances:
1.3470
1.3445
1.3420
1.3391 Last
1.3360
1.3330
1.3300

USD/JPY Intraday: consolidation.

 
Pivot: 112.75
 
Our preference: short positions below 112.75 with targets at 112.30 & 112.05 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
112.50 Last
112.30
112.05
111.85

EUR/USD Intraday: further advance.

 
Pivot: 1.1775
 
Our preference: long positions above 1.1775 with targets at 1.1835 & 1.1865 in extension.
 
Alternative scenario: below 1.1775 look for further downside with 1.1760 & 1.1740 as targets.
 
Comment: the RSI shows upside momentum.
 
Supports and resistances:
1.1885
1.1865
1.1835
1.1810 Last
1.1775
1.1760
1.1740

AUD/USD Intraday: the bias remains bullish.
 
Pivot: 0.7650
 
Our preference: long positions above 0.7650 with targets at 0.7680 & 0.7695 in extension.
 
Alternative scenario: below 0.7650 look for further downside with 0.7635 & 0.7615 as targets.
 
Comment: the RSI shows upside momentum.
 
Supports and resistances:
0.7720 **
0.7695 ***
0.7680 ***
0.7670 Last
0.7650 ***
0.7635 ***
0.7615 ***

Crude Oil‏ (WTI)‏ (F18) Intraday: turning up.
 
Pivot: 56.80
 
Our preference: long positions above 56.80 with targets at 57.85 & 58.15 in extension.
 
Alternative scenario: below 56.80 look for further downside with 56.45 & 56.10 as targets.
 
Comment: the RSI calls for a rebound.
 
Supports and resistances:
58.55
58.15
57.85
57.40 Last
56.80
56.45
56.10

Gold spot Intraday: further upside.
 
Pivot: 1256.50
 
Our preference: long positions above 1256.50 with targets at 1267.00 & 1272.00 in extension.
 
Alternative scenario: below 1256.50 look for further downside with 1250.50 & 1245.00 as targets.
 
Comment: the RSI is bullish and calls for further advance.
 
Supports and resistances:
1276.50
1272.00
1267.00
1263.61 Last
1256.50
1250.50  
1245.00  


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 – 20th Dec, 2017
By FxGrow Research & Analysis Team

GBP/USD Extends Consolidation Sessions, Looking for Cues By Carney


GBP/USD edged up on Asian trading session with 1.3400 high but failed to press forward and dipped to 1.3374 low, currently trading 1.3388 intraday. On technical level, the pair managed to close above 10-EMA yesterday and currently flirting at it at 1.3380. Any upward action for the cable today should be contaminated at 1.3450 strong resistance area as the pair still failed to break it since last week.

Fundamentally, BOE's Gov. Carney will cross wires today on NY opening sessions where he will testify on the November Financial Stability Report before the Treasury Select Committee, which should offer fresh impetus to the GBP. On the other hand, Brexit negotiations with absence of clear terms still weights negatively on the pound and market is awaiting for fresh details as a BBC report mentioned that the Bank of England (BOE) is set to unveil plans allowing European banks to operate in the UK as normal post-Brexit. As for the greenback, tax bill vote should see the light either today and tomorrow followed by a press conference by president Trump which will set the tone for the U.S Dollar facing GBP.

GBP/USD Technical overview:

Closing price: 1.3384

Target price: None

Resistance levels: 1.3450-60, 1.3500

Support levels: 1.3310, 1.3235+/-

Trend: Sideways / Down

Trend reversal price: 1.3454
 
Comment: The market is still biased down, contained under 1.3450* resistance. A roll off from Mon-Tuesday's sideways days open up potential for selloffs to 1.3235 and chance to stretch for the low 13200's. Trade may again congest in Mon-Friday's range, but tight congestion will bear flag. A close over 1.3454* is needed for a short term reversing upturn.

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 Dec, 2017
By FxGrow Research & Analysis Team

Crude Oil Inches Higher As API Report Shows A Drop in U.S Inventories


Crude oil inaugurated Monday's trading session with clocking 57.86 high and has been trading cautious-flat since Monday. Yesterday, API report mentioned that U.S. crude inventories fell by 5.2 million barrels in the week to Dec. 15 to 438.7 million and the ongoing outage of the North Sea Forties pipeline system (Reuters), which gave oil some solid ground hanging above 57 level.

Market is awaiting U.S Inventories release today in the afternoon which should bring fresh impetus for oil levels. On the other hand, Reuters has mentioned that most analysts expect U.S. output to break through 10 million bpd soon, which would be a new record and take it to levels on par with top exporter Saudi Arabia and close to top producer Russia, which pumps around 11 million bpd.

Crude Oil Technical Overview:

Closing price:  (57.66)

Target price:  None

Resistance levels: 57.65*, 58.01, 58.60

Support levels: 56.77, 56.18, 55.88

Trend: Sideways

Trend reversal price: 57.65

Comment: The market closed up around the 57.65* resistance and balance level between short term bull / bear trend forces. Another close over 57.65* signals for climbing moves to challenge recent highs. A rejection from 5765* today and close under 55.88 rekindles bear forces for a selling wave to 54.50-00.

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 – 21st Dec, 2017
By FxGrow Research & Analysis Team

Gold Shows Bearish Pattern Ahead of U.S GDP Data


Gold extended recovery through the week, rallying from 1252.85 low on Monday and clocking 1268.35 high on Thursday, overall $15.50 as an upward correction after dipping to 1236 on 12 Dec.

Technically, gold closed above 10-EMA and 20-EMA successfully on daily level, which indicates a bullish trend, but the upward action is seen limited and weak. Also we can notice that since gold started the recovery, it's still inside 6th and 7th daily candles borders. On H4 time frame, we can notice that gold is stuck inside a rising wedge which is almost coming to an end, should not break above 1270, and afterwards, technically gold should break downward heavily.

Fundamentally, the U.S is due to release final GDP for 2017 last quarter which should shake the market in current seasonal holidays where price action all over is dull and slow.

Spot Gold Technical Overview:


Closing price:  1265.40

Target price: 1277

Resistance levels: 1267, 1269, 1276

Support levels: 1258, 1254, 1248*

Trend: Sideways / Up

Comment: The market has muscled a short term upturn and suggests climbing moves to 1278-1281. Trade is positioned to extend rallies. A push over 1269.80+ will fuel rallies. Any corrective dips that hold the upper-mid 1250's should maintain the positive upturn. A close under 1248* is needed for a bear turnover into a secondary selling wave aimed at 1230 area.

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 Dec, 2017
By FxGrow Research & Analysis Team

GBP/USD: Still Struggling To Break The 1.3400 Handle Ahead of UK Data


GBP/USD still trading dull through the week with failure to close above 1.3400 level, trading flat with consolidation congestion. The pair dipped today to 1.3364 at 20-EMA and tested successfully with a rebounce. Yesterday, the cable found some support and managed to overcome losses after plunging to 1.3331, and closed at 1.3385 after disappointing U.S GDP outcome 3.2% while expectations were at 3.3% and above.

Today, the pound awaits Current Account and Final GDP for last quarter of 2017 which should give push GBP/USD into newer levels and break out of the triangle that is seen stuck inside. As for the U.S Dollar, Core Durable Goods data + Core PCE Index ( Feds favorite indicator ), both are due as NY session opens.

GBP/USD technical overview:

Closing price: 1.3385

Target price: None

Resistance levels: 1.3400  1.3454*

Support levels: 1.3314, 1.3235+/-

Trend: Sdwys/Down

Trend reversal price: 1.3454*

Comment: The market is still biased down, contained under 1.3454* resistance. A roll off from this week's sideways days open up potential for selloffs to 13285 and chance to stretch for the low 13200's. Trade may again congest in Mon-last Friday's ranges, but tight congestion will bear flag. A close over 1.3454* is needed for a short term reversing upturn.

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.