Daily Technical Analysis by FxGrow

[FxGrow Support]

FxGrow Daily Technical Analysis – 23rd Nov, 2015
By FxGrow Research & Analysis Team

AUDNZD - highest since September 2015

AUDNZD continue its upward rally. In November price increased more than 500 pips. There was a return to consolidation in which price moved from June to October (see orange lines).

Today demand has confirmed its strength breaking above resistance at 1.1027 and test of 1.1330 and 1.1440 levels seems to be a matter of time. Break above level 1.1400 give a signal to realization of huge head and shoulders pattern. Range of upward movement which is estimated by distance between head and neck line reaches to level 1.2560. In case of rebound nearest supports are at levels:  1.1027, 1.0950, 1.0880.

Time-frame H4:


 
Time-frame W1:





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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, 2015
By FxGrow Research & Analysis Team

EURAUD – rebound from level 1.4700

Previous analysis of November 13 gave profit 350 pips. I wrote: "Support at 1.5150 was break below and downward movement is continuing in direction of level 1.5000. After break below support at 1.5000 target of falls will be 1.4730, 1.4400". Actually falls reached to level 1.4700 and yesterday was a rebound.

There is a possibility that at current level will be a rebound or even trend reversal because that level is supported by fibo 61,8% of previous upward movement. If rebound will be succeed resistances are at levels: 1.5000, 1.5270, 1.5500. However if support at 1.4700 will be break below nearest supports are at levels 1.4400, 1.4000.



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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, 2015
By FxGrow Research & Analysis Team

GBPUSD - downtrend returns after the end of simple correction

Dollar weakened today after statements of FED members regarding interest rate hikes. Rapid achievement of the inflation target of 2% isn't so sure at this moment and it may influent the rate hikes dynamics.

GBPUSD has returned to the main downward trend. All upward movements which took place since November 5 were a simple ABCD correction. That correction was harmonic CD = 61,8% * AB. Supports at levels 1.5250, 1.5120 were broken below. Nearest target of falls is low of November at level 1.5035. After its break next support is at level 1.4970 (April 2015 level).



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

[FxGrow Support]

FxGrow Daily Technical Analysis – 25th Nov, 2015
By FxGrow Research & Analysis Team

AUDUSD - rebound reached to resistance

Since November 19 on AUDUSD is rebound because downtrend line was break above. Upward movement reached to resistance at level 0.7270 and 30 pips higher at level 0.7300 there is fibo 78.6% of previous downward movement. If demand will be strong next resistances are at levels 0.7340, 0.7420. However if there will be a rebound, nearest supports are at levels 0.7250, 0.7210, 0.7080.

Wider view. time-frame W1

Since 2011 AUDUSD moves in downtrend. At this time price moved down by 4000 pips. Low was tested at August 2015 at level 0.6900, it was important level 7 and 11 years ago. However if that support will be break below falls may reach to more important support at 0.6350.



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

[FxGrow Support]

FxGrow Daily Technical Analysis – 25th Nov, 2015
By FxGrow Research & Analysis Team

EURUSD below 1.0600 - getting closer to test of this year's low

Today's macro data series from the US economy led to a further strengthening of the dollar. Published data of durable goods orders are better that expected and US citizens income raised month to month. What is more, jobless claims fell by 13000.

It is another week when EURUSD deepens its lows. And it's hard to think about bigger rebound while low of this year wasn't tested again. Target for declines is at level 1.0500 and there should be rebound. Because for a quite long time EURUSD falls without any correction. If there will be rebound nearest resistances are at levels: 1.0600, 1.0680, 1.0730.

Time-frame M30:


 
Time-frame D1:



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

[FxGrow Support]

FxGrow Daily Technical Analysis – 26th Nov, 2015
By FxGrow Research & Analysis Team

USDCAD - another test of resistance 1.3400 without a deep rebound

On Monday for the second time was tested resistance at level 1.3400. Right now rebound after that test is low. First test was in September 29 and rebound regressed price of 550 pips what took two weeks. In the coming days demand should to carry out another attack at the resistance. Deeper declines appear only when dollar start a correction of the current strengthening. Importance of level 1.3400 is visible only at monthly interval. At this level the price reacted many times in the years 1992-2005. If this resistance will be break above next target for demand is at the level 1.3860. However if there will be a rebound nearest supports are at levels: 1.3280, 1.3180 and 1.3060 which is strengthened by uptrend line.

Time-frame H4


 
Time-frame Monthly



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

[FxGrow Support]

FxGrow Daily Technical Analysis – 26th Nov, 2015
By FxGrow Research & Analysis Team

AUDJPY - rebound from important resistance

After dynamic falls in August, AUDJPY did not deepen established lows. Even more upward movement is getting stronger. Demand has exceeded the fibo 61,8% level of August's downward movement. Strong resistance, which make rebound is the downward gap from August 24. Break above 89.30 will be a strong buy signal.

However at this moment it is more likely that decline will be a little deeper before demand will test for the second time pointed resistance. Nearest supports are at levels 88.10, 87.40, 86.50, 85.50. If 89.30 breaks next resistance is at 90.30 but upward movement could reach much higher.

Time-frame H4



Time-frame D1



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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 – 27th Nov, 2015
By FxGrow Research & Analysis Team

EURJPY - this year's lows at the viewfinder of supply

Since half year price moves in downward trend. On last Friday supply break below important support at 131.00 level. Today EURJPY drop below 130.00. Nearest target of declines is level 128.80. Below it is strong support at 127.20 level. Currently it is more likely if there won't be any macro data which could make upward movement, only 127.20 level could make a rebound.



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 – 27th Nov, 2015
By FxGrow Research & Analysis Team

EURGBP - two weeks in consolidation of range 100 pips

EURGBP moves in consolidation after strong wave of sell-off started on mid-October. Price moves between 0.7080 - 0.6980. If price break below support at 0.6980 level next support is low from this year's July 0.6935. After its break, next support is at 0.6600 level, which was in the game in 2004 - 2007 years. However if supply will be strong enough and 0.7080 level will be break above, next supports are at levels: 0.7100, range: 0.7130 - 0.7150, 0.7200.

For 6 years EURGBP moves in strong downward trend. The next lower lows and lower highs are break by corrections and it confirms current downward trend. Therefore there is more likely break below from the lower limit of that consolidation.



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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 – 03rd Dec, 2015
By FxGrow Research & Analysis Team

USDJPY - another attempt of breaking above consolidation upper limit

Since a month USDJPY moves in a consolidation between 122.20 - 123.60, yesterday we saw an unsuccessful attempt of breaking above consolidation upper limit. That breakout may occur today, after ECB meeting or tomorrow after Non-farm Payrolls. If upper limit of consolidation breaks, next resistances will be seen near: 124.40, 125.10. Alternatively if price moves down next supports will be at levels: 121.40, 120.30, 118.80.

In a long term, since 2012 USDJPY moves in an uptrend. However since six months we did not see a new high. It is possible that the correction is coming to an end which is currently more likely than trend reversal. Breaking above year-to-date high (125.85) will signal that price returned to an uptrend.



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 – 03rd Dec, 2015
By FxGrow Research & Analysis Team

EURUSD - earth quake after ECB meeting

Today ECB meeting took place. Expectations about further easing monetary policy were huge and… have failed. Also in the previous analysis I have indicated the possibility of rebound, I wrote: "Currently EURUSD moves under low volatility and since 1,5 months there wasn't bigger rebound", "this all may indicate that it's time for an upward correction. Targets for the bulls are located at: 1.0640, 1.0690, 1.0760".
After the ECB decision and press conference by Mario Draghi, EURUSD made unpredictable upward move of 371 pips in 1,5 hours. Firstly support at 1.0520 was tested, and nextly price reached resistance at 1.0890 level which is strengthen by Fibonacci 38,2% of last downward movement. Tomorrow will be another important event - non-farm payrolls - and reaction to it could be also violent. If upward movement will be continued next resistances are located at: 1.1000, 1.1120. If price will return to declines next supports are at  1.0810, 1.0690.



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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 – 04th Dec, 2015
By FxGrow Research & Analysis Team

EURAUD - dynamic upward movement, but this is only a correction

Since August 2015 EURAUD moves in downward trend. Yesterday price dynamically rebounded from support area 1.4350 and within a few hours made upward movement (620 pips). Awaken expectations after Thursday ECB meeting helped here a lot: central bank didn't extend QE program what was expected.

However market overreacted and that was caused not due to the lack of correction for a long time but due to the ECB. Current rebound has to be treated just like a correction before new wave of falls. Today price reached Fibonnaci 23,6% 1.4870 and resistance 1.4990. But rebound can reach higher, good level is Fibonacci 38,2% at 1.5200. Don't forget about today's very important data from US economy which may cause volatility on the market (similiar to the yesterday's one).



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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 – 04th Dec, 2015
By FxGrow Research & Analysis Team

AUDUSD - highest since August 2015

Today one of the most volatile currency was AUDUSD. Despite today's non-farm payrolls market behaved calmly. Reading was in line with forecasts and reaction wasn't too big. AUDUSD within 15 minutes reached to December's low and rebounded. An hour later price broke above December's high. In a long term there is downtrend so you may want to look into resistances. Rebound from one of them should bring new wave of falls.

Next resistances are at levels: 0.7380, 0.7600, 0.7800, 0.7900. Only break above 0.8000 will give a chance to trend reversal. Current rebound has a chance to reach Fibonacci 38.2% level (0.7000) which is supported by resistance. If one of that resistances cause rebound nearest target of falls are at 0.7020, 0.6900.



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, 2015
By FxGrow Research & Analysis Team

GBPNZD - fibo 38.2% level stopped declines
Since August 24 at GBPNZD there is a correction. Currently price reached to fibo 38.2% level of full upward impuls. However it seems that this is not the end of declines. The current downward movement took the form of simple correction ABC. If there will be often seen equal where lengths A=C declines may occur to the level of 2.0800.



Wider view, time-frame W1
Since April 2014 GBPNZD moves in uptrend. The most dynamic movement took place between April and August 2015. Then the attempt of break resistance at 2.4600 level has failed, and rebound continues to this day. The current decline in the long term should only be correction, after that price may return to uptrend. The trend shows fact that last low was established in April 2013 and in next months the price reached new highs and new lows.




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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, 2015
By FxGrow Research & Analysis Team

EURGBP - it's time for a second test of resistance at 0.7250

Last analysis from November 27 gave earn 120 pips. I wrote about consolidation and possible target of upward movement at 0.7200. In fact that movement reached 50 pips higher and rebounded. In long term EURGBP moves in a downward trend and current rebound could be seen as an opportunity for short.

For the trend reversal the price should break above resistance at 0.7480 level. If the declines will be continue next supports are located at levels: 0.7155, 0.7125, 0.7060. If there will be another attack at the resistance on area 0.7250 which is more likely and it failed it will give an interesting investment opportunity.




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, 2015
By FxGrow Research & Analysis Team

AUDCAD - 500 pips of upward movement without correction

Since November 11 AUDCAD moves in an uptrend rally. Price moved upward 500 pips without correction and 3 resistances were broken above. Soon there could be a correction and minimum declines should reach 38.2% fibo. It is possible that rebound will be higher than last week's high. Two important resistances are at levels: 0.9880, 0.9980. However if there will be a rebound nearest supports are at levels: 0.9730, 0.9590, 0.9420.



Wider view, time-frame W1
AUDCAD looks very interesting at weekly time-frame. The behavior of price at current level will be important for a further direction of movement. In last week weekly candle broke above downtrend line extending from 2013. The end of current week will be really important. Any retracement may look like fake breakout and new high can give a big chances of trend change.





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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, 2015
By FxGrow Research & Analysis Team

CADJPY - on its way to support at 88.90

Today CADJPY broke below support at 90.70 level. Currently declines stopped at weak support at 90.10 and we should see a return movement attempts. If price will move back above 90.70 today's movement will be a false breakout and next targets for upward movement will be the levels 91.20, 91.80, 92.40. More likely scenario is rebound - if price could reach 90.70.

Since August 25 CADJPY moves in consolidation between 93.00, 88.90. Last time at November 19 price tested upper limit of consolidation so there is a huge probability that right now lower limit of consolidation 88.90 will be tested. Breaking one of the pointed levels will give us a confirmation of consolidation end.




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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 – 09th Dec, 2015
By FxGrow Research & Analysis Team

AUDJPY - correction in upward trend

In last week 90.40 level was tested and caused rebound. Yesterday price broke below support at 89.60 level (visible at daily time-frame) and currently price will test next support 88.00. On the way there is an uptrend line, however it is more likely that price will test 88.00 and rebound after it. If supply will be strong enough another strong support is at 86.20 level.


 
Wider view, time-frame D1
Since the beginning of September 2015 AUDJPY moves in an uptrend. Last week price with strong candle broke above 89.60 level. However current week began and continues as a correction. It is likely that 88.00 could be a good level for a rebound. AUDJPY is characterized by high volatility and until there are higher highs and higher lows at daily time-frame declines should be seen as a correction in an uptrend.



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 – 09th Dec, 2015
By FxGrow Research & Analysis Team

USDJPY - monthly support has been broken

Since last month USDJPY moves in a narrow consolidation between 122.30 - 123.60. Today demand gave up after 4 defenses of support at 122.30 level. Currently return movement to the broken support is very likely. The behavior of price in this area will determine the future direction of the movement. If price will go back to consolidation, movement to 123.60 level should be easy. However if supply will confirm today's breakout, nearest target of falls is 121.45 level. Further targets for the supply were pointed below on the higher time-frame.



Wider view, time-frame W1
Since 2012 USDJPY moves in an uptrend. Trend is strong, what is confirmed by the fact that for more than a year uptrend line  hasn't been tested (dotted line on the chart below). If declines will still continue, next strong supports are at levels: area 119.00 (trend line reinforced by support), 116.00 (strong support).



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 – 10th Dec, 2015
By FxGrow Research & Analysis Team

NZDUSD - upward movement after RBNZ decision
Yesterday Reserve Bank of New Zealand announced its interest rate decision. As forecasted, main rate was reduced. This caused volatility on the NZDUSD. First, price false broke below support at 0.6610 and second dynamic upward candle reached to 0.6780 level. Further attempt to break above indicated resistance and upward movement to 0.6850 is very likely.



Wider view, time-frame D1
Since 5 months NZDUSD moves in consolidation between 0.6260 - 0.6850. Last time lower limit of the consolidation was tested in September 2015. Currently price approaches range upper limit. However price still stays below downtrend line and that suggests return to declines in the future. Right now break above 0.6900 will change sentiment and gives a hope to trend reversal.



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 – 10th Dec, 2015
By FxGrow Research & Analysis Team

GBPCHF - high volatility under the influence of central banks
Today at GBPCHF traders that were range-trading should earn a lot. Those ones who waited for a range breakout might dent their deposits. In the morning SNB took a decision on interest rates. Interest rates remained at the same level. GBPCHF failed to break above resistance and rebounded. After that it reached a daily low. Demand was supported by Bank of England and here interest rates were also unchanged what brought another upward impuls.

Time-frame M30:


If break above 1.5000 level will succeed target for upward movement is at 1.5070. Only above this level it will prove whether this rebound is likely to be a new uptrend. But if new wave of fall activates, the nearest strong support is at 1.4890 level.

Time-frame M30:


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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, 2015
By FxGrow Research & Analysis Team

EURUSD - markets awaits FED decision

After last week's fast upward movement, in current week demand does not give up. On Wednesday we saw a test of 50% fibo level of the previous downward movement. After that there was a shallow correction. Currently, upward movement continues and it is likely that high from last days will be exceeded.

Next Wednesday investors will know the FED decision on interest rates. If there won't be a first hike it will be a big surprise for the markets. From the fundamental side there is a divergence between the central banks policy which should result in a further weakening of the euro against the dollar. However the decision is not yet published and technically EURUSD has a chance to test the 61,8% fibo level, which is located in the area 1.1120. That level is also strengthened by resistance. Nearest resistances: 1.1030, 1.1120. Supports: 1.0910, 1.0860, 1.0810, 1.0685, 1.0630.



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, 2015
By FxGrow Research & Analysis Team

GBPUSD - on three weeks high

Today US inflation data was published. That was one of the last important macro reading before next week FED meeting. As federal reserve expected, inflation increased more rapidly than forecasted. The time of FOMC meeting is approaching and it may cause big volatility because nobody knows what will be the markets reaction on first rate hike.
At GBPUSD (H1) today demand broke above resistance at 1.5190 level and approached next resistance at 1.5240. What's interesting, this month's upward movement took the form of simple ABCD correction and price already reached D point, where AB=CD.



Wider view, time-frame D1

GBPUSD continues rebound that started on December 2nd. Nearest resistance is 1.5240 level (blue line at chart D1). Stronger resistance (monthly high) is at 1.5330 level (red dotted line at chart H1).




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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, 2015
By FxGrow Research & Analysis Team

EURAUD - reached to resistance, for the last week point for the bulls

At the beginning of December there was a test of support at 1.4400 level. That level caused dynamical rebound. After impressing last week's candle (at weekly time-frame), price reached to the resistance that stopped upward movement. Currently this upward movement should be treated as a correction.

However it is likely that price will reach to 1.5500 level where is resistance and fibo 50% of last downward movement or even to 1.5720 level where is fibo 61,8%. On each of that important levels: 1.5270, 1.5500, 1.5720 bears will be looking oportunity to end that correction. When declines will back we will be able to determine in what condition are the bulls. Then it turns out if it is a chance to return to upward movement, which last at EURAUD since April 2015.



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, 2015
By FxGrow Research & Analysis Team

USDCAD - new highs, but resistance is on the horizon

Previous analysis USDCAD from November 26 gave more than a 400 pips profit. I wrote: "In the coming days demand should carry out another attack at the resistance 1.3400" and "if this resistance will be broken, next target for demand is at the level 1.3860". Actually continuation of upward movement is very dynamic and today price tested 1.3780 level.

Since 2004 price wasn't at such high levels. Currently next resistances should be looking for at monthly time-frame. It should be noted that levels from monthly time-frame aren't precise. Nearest resistances are at area: 1.3860, 1.4070. If there will be a correction nearest support is at 1.3430 level.

Time-frame H4



Time-frame monthly



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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.