Daily Technical Analysis by FxGrow

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FxGrow Daily Technical Analysis – 21st April, 2016
By FxGrow Research & Analysis Team

GBPUSD might face a strong downtrend ahead of retail sales

The GBPUSD rally might have come to an end on expectations of weak retail sales and that the Bank of England (BOE) is going to adapt a dovish outlook for monetary policy. The GBPUSD breaks the strong resistance level 1.1400 but then decreased failing to expand its way higher and cutting 1.4300 will trigger a downward movement to reach near-term support levels 1.4270 and 1.4225.

However, the GBPUSD needs a push above 1.4382 to terminate the bearish sentiment and therefore the pair have confluence of resistance levels near 1.4440, 1.4480 and 1.4520.

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

 

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FxGrow Daily Technical Analysis – 21st April, 2016
By FxGrow Research & Analysis Team

The EURUSD is under pressure ahead of ECB meeting

The EURUSD failed to cut 1.1390 giving signs of a bearish movement especially after Draghi’s press conference as he announced to deliver easing rather than further cuts in interest rates. Speculations of more easing and breaking the major support point 1.1285 will extend the bearish trend near next support points 1.1245, 1.1215 and 1.1190.

However, the EURUSD topside targets are still on the way as Draghi keeps the door open to further support the monetary union and a close near 1.1360 is needed to create a bullish move toward 1.1380, 1.1420 and 1.1460 respectively.

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

 

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FxGrow Daily Technical Analysis – 22nd April, 2016
By FxGrow Research & Analysis Team

The EURUSD struggled after ECB meeting

The EURUSD failed to cut the key resistance level 1.1400 as the ECB kept rates unchanged. Draghi’s comments put the euro under pressure below 1.1300 after claiming that the ECB policy of printing money and keeping borrowing cost at lower levels was working, thus increasing speculations that the ECB is ready for further easing in the coming months. Breaking 1.1255 will open the door for a downward trend toward 1.1235, 1.1190 and 1.1170.

However, the EURUSD needs a push above 1.1370 to trigger an upward move toward 1.1405 and 1.1450 respectively.

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

 

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FxGrow Daily Technical Analysis – 25th April, 2016
By FxGrow Research & Analysis Team

GBPUSD bottom might have found an end

The GBPUSD scaled a 5 week high at 1.4475 after US president Barack Obama visit to UK urging Britons to stay in the European Union. The GBPUSD was also supported by policy makers who disagree with UK exiting the Euro zone. Breaking 1.4485 give signs that the downside trend obviously comes to an end and the pair will continue sliding higher toward strong resistance levels 1.4525 and 1.4565.
However, the GBPUSD needs a push below the pivot point 1.4385 in order to continue its bearish sentiment reaching next support levels 1.4345 and 1.4325 respectively.

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

 

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FxGrow Daily Technical Analysis – 25th April, 2016
By FxGrow Research & Analysis Team

The reaction to the EURUSD is to be limited ahead of monetary policy bets

The Euro was flat against the dollar after it touched a 4 week low at 1.1215 as Draghi claimed that rates are likely to remain at current levels (near lows). The EURUSD is anticipated for more declines as central bank policies prompt inflation protection and breaking 1.1200 will continue shrinking toward near term support levels 1.1185 and 1.1155.

However, the 1.1400 zone is still in place as the EURUSD cuts 1.1285 thus breaking out and triggering an upward move toward 1.1355 and 1.1385 respectively.

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

 

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FxGrow Daily Technical Analysis – 26th April, 2016
By FxGrow Research & Analysis Team

The GBPUSD breaks an inverse head and shoulder

The GBPUSD finally broke the inverse head and shoulder yesterday and rallied above the 100 days moving average touching the strong the strong resistance level 1.4520. Monday’s gap gives the GBPUSD a bullish signal ahead of the FOMC meeting minutes and UK GDP, and breaking 1.4525 will push the GBPUSD higher toward next resistance levels 1.4545 and 1.4565 respectively.

Alternatively, hawkish statements from Fed and week UK GDP will force the pound backward and cutting 1.4465 provides a declining wave toward 1.440 and 1.4410.

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

 

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FxGrow Daily Technical Analysis – 26th April, 2016
By FxGrow Research & Analysis Team

The USDJPY is struggling ahead of BOJ meeting

The Japanese Yen rose again amid speculations that the bank of Japan (BOJ) may expand stimulus at policy meeting on Thursday. The USDJPY touches 2 weeks high at 1.1188 before opening a leg lower this morning and remains in the bearish formation ahead of both BOJ meeting and Japan’s CPI data. Breaking 1.1030 might continue its downtrend movement toward 109.80 and 109.40.

However, bearish RSI is still strong for the USDJPY and thus the pair might continue to advance awaiting further data and breaking 1.1160 might ends the bearish signal and continue increasing to reach next resistance points 112.10 and 112.50.

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

 

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FxGrow Daily Technical Analysis – 27th April, 2016
By FxGrow Research & Analysis Team

The Aussie tumbled on soft CPI data

The AUDUSD fell sharply near 0.7605 after disappointing inflation data. This drop in Australia’s consumer prices raises speculations that the reserve bank of Australia (RBA) may cut rates or at least keep their easing program in play thus putting more pressure on the Aussie. Breaking the long-term support 0.7595 creates a bearish signal toward 0.7555 and 0.7525 respectively.

However, the RBA statement and rate cut decision could support the Australian Dollar and the AUDUSD could rally again after breaking 0.7775 thus touching next resistance levels 0.7805 and 0.7835.

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 April, 2016
By FxGrow Research & Analysis Team

The EURUSD may have found an end to its downward movement

The EURUSD is recovering after 1.1216 lows breaking the minor support 1.1298 giving signs that the Euro is pressing back to 1.1400- 1.1500 zone. A push near the 14.6% Fibonacci Expansion 1.1355 may lead to a corrective wave and continue increasing to reach 1.1385 and 1.1410.

However, the EURUSD will remain under pressure ahead of FOMC statement on expectations that the Fed will keep the door open for rate hike in June and cutting 1.1280 provide a lower leg again toward 1.1255, 1.1230 and 1.1215 respectively.

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 April, 2016
By FxGrow Research & Analysis Team

The Yen strengthened as BOJ maintains policy balance rate

The Japanese Yen surged higher as the Bank of Japan (BOJ) left monetary policy unchanged. The BOJ was away from further easing and forecasted that the CPI will hit the 2% target in 2017 boosting the Yen. The USDJPY is in a downturn territory and breaking the support level 107.90 tends to create a strong downtrend toward 107.60, 107.30 and 106.90.
However, the USDJPY needs a push near 109.80 again to clear the downward movement and to reach 110.40 and 110.80 respectively.

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 April, 2016
By FxGrow Research & Analysis Team

The EURUSD may recover ahead of US GDP figures

The EURUSD is playing a sideway congestion in the last 2 days staying in a range between 1.1255 and 1.1355 as Draghi argued that more time is needed to assess the impact of a large stimulus expansion before considering further easing. But the EURUSD started increasing after Fed statement yesterday showing a slower economic growth in the US and staying cautious regarding rate hike. Breaking 1.1370 will keep moving higher toward 1.1410 and 1.1450.

However, the EURUSD might fail a bullish breakout awaiting US GDP figures today, and breaking 1.1275 may continue its downward wave toward next support points 1.1235 and 1.1190.

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 – 29th April, 2016
By FxGrow Research & Analysis Team

The EURUSD rallied as US GDP worsen

The EURUSD surged higher and crosses the 1.1400 zone on slowing US growth to reach 1.1415. The Dollar index drops more as weak US GDP data eased the Fed rate hike decision and as the BOJ kept monetary stimulus unchanged. The EURUSD will gain momentum if it breaks 1.1435 and thus continue rallying toward 1.1460 and 1.1480 respectively.

However, struggling to reach inflation target and slower Euro zone GDP might embark the ECB to expand easing program and therefore pushing the Euro lower back to support levels 1.1335, 1.1295 and 1.1275.

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 – 02nd May, 2016
By FxGrow Research & Analysis Team

The EURUSD along new target zones on disappointing US data

The EURUSD breaks the 1.1400 zone and is pushing a leg higher toward 1.1500 zone after stronger than expected Euro GDP data. Although inflation comes below expectations on Friday, the EURUSD continue rallying and is eying new targets as it breaks 1.1495 to reach near-term resistance levels 1.1535 and 1.1565.

However, increasing QE program is still on the way thus putting the Euro under pressure and cutting 1.1415 might show a reversal pattern toward 1.1370 and 1.1350 respectively.

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

 

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FxGrow Daily Technical Analysis – 03rd May, 2016
By FxGrow Research & Analysis Team

The Aussie tumbled as the RBA cut rates

The AUDUSD changed a little bit after weak Caixin PMI data and touches 0.77 range, but the Reserve Bank of Australia (RBA) cut rates to 1.75% and commented that inflation data was low thus pushing the Australian dollar near 0.7555 lows. Breaking 0.7550 may show a lower leg toward 0.7525 and 0.7485 respectively.

However, the AUDUSD needs a push above 0.7660 again to continue its upward movement to reach next resistance levels 0.7695 and 0.7725.

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 May, 2016
By FxGrow Research & Analysis Team

The EURUSD reached 8 months high on weaker dollar

The EURUSD maintained its highest levels since August 2015 against the Dollar to touch 1.1600 zone. The US Dollars continue its slump on weak Chinese data and as the RBA cut rates lately this morning. The RSI is bullish and breaking the resistance point 1.1615 might extend the bullish trend toward 1.1645 and 1.1685.

However, the Euro is still under pressure as the ECB left the door opened for further easing in the coming months and breaking 1.1515 gives a reverse sign toward 1.1500, 1.1475 and 1.1445 respectively.

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 May, 2016
By FxGrow Research & Analysis Team

The EURUSD flat again as the dollar rose

The EURUSD decreased and the prices squeezed again in the 1.1400 and 1.1500 zone as the Dollar recovered after Fed policy makers claimed that there is a possibility of 2 rate hike this year. Breaking the major support 1.1460 will trigger a bearish leg to reach 1.1430, 1.1415 and 1.1395 respectively.

However, the EURUSD needs a close above the 38.2% Fibonacci expansion at 1.1575 to breakout and pave the way near next resistance levels 1.1615 and 1.1655.

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 May, 2016
By FxGrow Research & Analysis Team

The USDJPY is under pressure ahead of US payroll data

The US Dollars showed some gains against several major currencies especially against the Yen after it touches 105.53 lows supported by talks from Fed policymakers yesterday. Looking ahead, a strong US payroll data due on Friday will give the US Dollars a bullish signal and breaking 107.60 will make an end to the bearish move and continue rallying toward 108.15 and 108.50.

However, the USDJPY needs to break the strong support level 105.85 in order to pave the way near next support points 105.50 and 105.20.

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 – 05th May, 2016
By FxGrow Research & Analysis Team

The GBPUSD moves lower approaching initial support targets

The GBPUSD is showing a reversal pattern as it fails to surge higher and break the major resistance point 1.4590. The GBPUSD remains in focus awaiting UK PMI data as it favorably entering the support point 1.4470, and cutting this level will pave the way near next support points 1.4450 and 1.4420.

Alternatively, the US Dollars remains under pressure ahead of US payroll data due on Friday, and breaking the weekly resistance level 1.4590 will trigger a bullish move toward 1.4615 and 1.4665 respectively.

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 – 05th May, 2016
By FxGrow Research & Analysis Team

The EURUSD rose on positive ISM non-manufacturing survey

The EURUSD was flat but moved higher as the US ISM non-manufacturing Survey beats expectations. The EURUSD advanced and moved above the resistance level 1.1475 to touch 1.1494 highs ahead of US non-farm payroll. Breaking the minor resistance level 1.1500 will continue its upward direction near 1.1535 and 1.1565 respectively.

However, the sentiment for the EURUSD remains bearish and the pair needs to break 1.1430 in order to open the door for a bearish leg toward next support levels 1.1415, 1.1385 and 1.1365.

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

 

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FxGrow Daily Technical Analysis – 06th May, 2016
By FxGrow Research & Analysis Team

The EURUSD struggles ahead of US NFP data

The EURUSD dropped sharply ahead of US payroll data as it fails to hold above the major resistance level 1.1460. The EURUSD reverses after touching 1.1616 high on weak Asian markets and continue slumping on rising expectations that the Fed is going to raise rates sooner than later this year. Failing to hold above 1.1455 would indicate fake breakout, and breaking 1.1385 will create a bearish leg toward 1.1360 and 1.1320 respectively.

However, the EURUSD needs to break the strong resistance level 1.1460 in order to form a corrective wave thus paving the way to reach next resistance levels 1.1515, 1.1535 and 1.1575.

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.