Daily Technical Analysis by FxGrow

[FxGrow Support]

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

EUR/USD Dips Over Spain's Political Uncertainty, Eyes On U.S Data


EUR/USD received a punch on Friday's trading sessions as Catalan's referendum taking major headlines news with increasing pace through media. As a result the pair dipped at 1.1816 low this morning but strongly succeeded in climb back at 1.1850 at this moment.

Senior currency strategist at Daiwa Securities in Tokyo crossed wires earlier quoting:  “The overall impact of the Catalan vote on the euro and the wider global markets is likely to be limited, however. Catalonia cannot become a sovereign state if no other country recognizes its independence. It won’t even be able to have its own currency under such conditions.”

However, it could take more time to know for sure how market will react as events accelerate especially that at the moment it's holidays season. The real impact will start to shape up in the coming days after Tuesday.

Technically, the pair was testing 5-EMA level the past three trading sessions and successfully bouncing off, and with 10-EMA below, currently EUR/USD is still considered in an uptrend motion especially that the dip this morning was targeting 20-EMA with a rebounce.

Fundamentally, U.S is set to release Core Durable Goods Order data along with Personal Spending and Personal Income, and PCE Index Feds favorite intake which should give some heads up on how the pair will trade before this week trading session comes to and end.

EUR/USD technical overview: 

Closing price: 1.1873

Target price: None

Resistance levels: 1.1950-70, 1.2010

Support levels: 1.1850+/-, 1.1815*

Trend: Sdwys/Up

Trend reversal price: 1.1815*

Comment The short term trend is shifting up and calls for rallies to push for a breakout over the previous swing highs and could stretch out to 1.1950 as well as 1.2050+. Any corrective dips must hold over 1.1815* + to continue the shifting turn to higher levels. A close under 1.1815*  flips the short term trend forces down for a drop under 1.1757-.  

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 – 28th Dec, 2017
By FxGrow Research & Analysis Team

Gold Bulls Overtake DXY Bears, 1300+?

An impressive rally for gold with 568 pips, $56.80, since 12 of Dec after plunging to 1236.55 low. On the other hand, the U.S dollar bears are still in action clocking 92.33, lowest since four weeks, still pushing gold higher today with 1293.35 high for today.

Technically, with 5-EMA crossing above 10-EMA and 20-EMA indicates that gold is expected to expand the upside ride if the precious metal managed to close 2017 session above 1290 which will indicate a weekly bullish engulfing candle for previous bear candles, and more important is Dec 2017 monthly candle which is shaping a bullish grabber that signals for a retesting of 2017's highs.

U.S Dollar and XAUUSD Technical Overview:


MAR US DOLLAR

Closing price: (92.80)

Target price:  92.73 (Achieved

Resistance levels: 92.99-93.03

Support levels: 92.58-92.54

Trend: Down

Swing Target: 92.54

Range Reversal: 0.44

Comment 1* Market showing a breakout under a previous daily swing low and should quickly extend selloffs. Failure to extend the breakout now alerts for a bear failure. A close back over 93.06 signals a breakout failure and turnaround. 2* Yesterday's close signals breakout under a previous daily swing low and should prompt continuation selloffs the next 1-3 days. Sustained trade under the previous low will help motivate selloffs. Corrections should not close above 93.06 to maintain the breakout. 3* The downside objectives for this formation range from 92.54 to 92.41 with a close over 93.10 needed to negate a bear trading stance.

Gold Technical Overview:


Closing price: 1287.05

Target price: 1289.74 ( Achieved )

Resistance levels: 1291.82-1295.50

Support levels: 1287  1281.41-1279.11

Trend: Up

Swing Target: 1303.30

Range Reversal: 12.21

Comment 1* Historical analysis of this minor swing pattern shows a definite bullish bias for today's action, with the odds of this market taking out yesterday's high in the next two trading sessions around 71 percent. 2* Market is challenging a previous daily swing high and may attempt a breakout. Closing beyond 1292.50 calls for continuation rallies. A failure around 1292.50 cautions for a reactionary setback. 3* The upside target zone for this pattern is from 1303.30 to 1345.70 with a close under 1255.44 needed to negate a bull trading stance. 4* Market is within proximity of this week's projected resistance range of 1307.90-1295.18, which may provide a likely zone for topping action or setbacks.  

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 Jan, 2018
By FxGrow Research & Analysis Team

Gold And EUR/USD technical Overview Ahead of NFP


Gold inaugurated Friday trading session with almost $7 losses after peeking to 1323.43 high as a correction with expectations for more upward action in the coming trading sessions. With daily RSI above 70 indicating an overbought market, it is expected that the precious metal could test 5-EMA at 1312 and 10-EMA at 1302 which could recoup gold bulls before extending further upside action.

As for EUR/USD, the pair clocked 4-months fresh highs yesterday at 1.2088 with expectations to take 2017's highs and extend gains at 1.2230.

Gold Technical Overview:

Closing price: 1321.94

Target price: None

Resistance levels: 1318 - 1328 - 1334

Support levels: 1314/12 - 1305

Trend reversal price: 1293

Comment: The market is bullish and it shows potential at 1328+/- and 1350. Trade is positioned to extend rallies today, but be in guard for stall and setback around 1328+/-. Any corrections that last two days and stays over yesterday's lows will maintain bull forces. A drop under 1305 alerts for a near term reversal info corrections back under 1300-. cautioning for back tracking 1293* and in case gold closed below it, the trend will shift downward.  

EUR/USD Technical overview:


closing price: 1.2068

target price: 1.2100

Resistance levels: 1.2100 - 1.2150

support levels:  1.2020 - 1.1990 - 1.1950*

Trend reversal price:  1.1950*

Comment: The short term trend is up and pressing rallies give bull signals for a run at 1.2100+. A close over 1.2100 is bullish. A back off from 1.2100 cautions for 1-2 corrective - flagging setback days. Corrective dips should now should now fight to hold over 1.1990 to maintain upside momentum forces. Although, only a close below 1.1950* flips the short term trend forces down.

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 Jan, 2018
By FxGrow Research & Analysis Team

EUR/USD Plunges at 10-EMA Over Recovering U.S Dollar


EUR/USD dipped on Morning trading session to 1.1976 flirting with 10-EMA (1.1980) successfully with a re-bounce after four consolidation sessions last week. The pair received a positive Retail Sales in Eurozone at 1.5% while expectations were at 1.4% which should keep EUR bulls in action. On the other hand, the U.S Dollar is showing signs of recovery after surging to $92.02 high today adding more pressure on EUR/USD. Currently, the pair is trading 1.2002 intraday.

With absence of strong fundamentals today, eyes will be shifted towards FOMC members as they cross wires today in the afternoon. Both Bostic and Williams with expectations that comments from Williams will have more weight considering the occasion and the topic.

EUR/USD Technical Overview:

Closing price: 1.2041

Target price: 1.2100

Resistance levels: 1.2065, 1.2100, 1.2150

Support levels: 1.2000 , 1.1980 (10-EMA) , 1.1900

Trend: Sideways / Up

Trend reversal price: 1.1945

Comment:  The short term trend is up and pressing rallies give bull signals for a run to 1.2100+. A close over 1.2150 is bullish. A roll off from last week's congestion alerts for 2-4 days of retracements / defensive congestion. However, only a close under 1.1945 marks a short term reversing downturn.

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.