Daily Technical Analysis by FxGrow

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FxGrow Daily Technical Analysis – 26th July, 2017
By FxGrow Research & Analysis Team

Crude Oil Rallies Over Declining U.S Stocks And OPEC's Positive Efforts, Eyes on U.S Inventories

Crude Oil managed to gain +2.27 On Tuesday after clocking $48.65 high, however, oil failed to add any $-pip value today, after a minor dip at 48.15. Currently, oil is trading with low price action with 43-pip-value, but expectations of higher volatility as markets awaits U.S Inventories release today 2:30 PM GMT.

Positive Fundamentals since Monday has been pushing oil and contributing to oil bullish forces. First reports of U.S crude stocks falling sharply last week by 10.2 million barrels in the week ending July 21 to 487 M while expectations were at 2.6 M. Add to that, The market has been buoyed by Saudi Arabia's announcement at a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers on Monday that it would limit crude exports to 6.6 million barrels per day (bpd) in August, down nearly 1 million bpd from a year earlier. (Reuters).

Technical Overview...

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 July, 2017
By FxGrow Research & Analysis Team

Gold With Three Trend Scenarios Ahead of FOMC Statement
Today, U.S Feds will release FOMC statement and analysts are divided about tilts or stance. The main points to be discussed are potential rate hike by 2017 and current balance sheet tapering. Market will be volatile, there is no doubt about that, along with it, gold will be on ups and downs. Traders can benefit if they managed to decipher a hawkish or dovish, but analysts could see the statement in their own perspective in case of vague or hidden as devils lies in details and Yellen has been noticed recently by not giving confirmed hints to build on. Preferable, to wait for a 100% confirmation with following three difference scenarios for gold to take next step for shortening or longing.

Currently gold is traing 1246 and has not overpassed 1247.50 or dropped below 1244.50, indications that market is poised for FOMC so long waited this afternoon at 6:00 PM GMT.

The Three Scenarios:

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

FOMC Overview And It's Impact ON CFD's
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Today, the U.S Federal Reserve will announce the rates with high expectations for a no change and will maintain at current 1.25%. Along with it, FOMC economic projections, a statement, and finally a press conference which will create chaos in the market depending on the content of the answers. In case Yellen has the intention and was serious by gearing up the market, then expect intended hints because Yellen usually delivers vague speeches, leaving market confused. FOMC will focus on two elements, December odds rates and more importantly, current QE program and the edition that will undergo.

First regarding rates, it is highly expected that Yellen & Co will leave rates at current 1.25% especially that last PPI was projected at 0.3% and the Producer Price Index slipped by 0.1% and recorded 0.2%, while consesus aimed at 0.3% . On the other hand, Inflation last recorded in August was 1.9%, still below 2% as a central bank aims. Come to Core Retail Sales last week, a disappointing data with -0.2%, falling from 0.4% last shown, while expectations were at 0.5%. Last but not least, PCE, Fed's preferred measure added no change at 0.1%. Adding all these elements, increasing rates will be postponed for another session, and as Yellen previously expressed, any increase for current rates will depend on how market is performing and recorded data

Enough said, market already knows the above and there is no doubt about it. The real question will be, is end of 2017's rates December is still on the table? In case yes, what are the odds for that (currently below 50%). Any hints that rates odds has increased, and the Feds are serious expressing concerns that inflation has increased by 0.3% since last recorded 0.1%, and its meeting their projections, and its being intolerant, this to be taken hawkish and will boost the buck. On the other hand, a dovish scenario will be that inflation is still below 2%, and any rate decision will be subject to further coming data.

Second, Now this part has been covered, we come to the balance sheet that Yellen promised in last FOMC meeting relatively soon. Market is expecting date and numbers, any failure to deliver on this part, the DXY will take a dip. In case an announcement came out that starting by October and December trimming the balance sheet by $10 billion a month for the first three months, $20 billion per month for the next three, and on and on until it hits a pace of $50 billion per month. This will create a high demand of the U.S Dollar and Index will peek (Hawkish Scenario). In case dates were set without numbers given, this will be left for the market and how they feel about it as its considered neutral. Just a reminder that during last Jackson hole meeting, Yellen has announced that the QE ( Quantitative Easing Program or Bond Purchasing ) has been introduced after 2008's crisis and has kept global monetary policy system safe and its still exist for a reason. One can only wonder how far will Yellen go giving up such a measure especially that Trump is in the oval office.

Finally, recent FOMC members who crossed wires during Sep has expressed a hawkish tone towards rates especially on Dec, we will see how far their statement is serious tonight. On the other hand, it is highly expected that Yellen will end its term as head of U.S Federal reserve during 2018 and be replaced by Cohn, Trump's favorite as they both prefer low rates.Trump has already expressed that previously and hinted for Yellen his desire for low U.S dollar which has kept the greenback from seeing the light, if not intentionally, then by his demand for building the wall, elevating the sharp war tone on NK, delay on tax plan, health care bill, last but not least, his twitters, always tackling the Dollar, and so on.

There is a scenario that Yellen, and out of her concern for U.S monetary policy could take market off guard by a rate increase, if not today, maybe during December even if expectations hints for a no. In case of that, market will be caught off guard and U.S Index will be rallying with fire and fury just like BOC did last meeting where they hiked.

After expressing the above fundamentals, here is technical overview for CFD's including currencies, commodities, and indices to have an idea where and will market will head.

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

Gold: Technically Bearish, Fundamentally Bullish Temporary Over NK Threat

After a hawkish FOMC sentiment, gold was on a selloff mode extended from Wednesday 1316 high, ended on Thursday with 1288.20 low. Today, the precious metal made some upward correction retracement clocking 1298.75 high and currently showing some stamina hanging above 1295 support area as the tension renews after NK threatens by an H bomb in the Pacific.

Technically, closing below 20-EMA and 50-EMA level indicates a 100% downtrend with expectations to test 1285 level, in case XAUUSD closed below that level, then the second destination will be the 70's area. On the other hand, daily RSI is below 50 level, at 44 which is another proof that till further notice, bearish trend overwhelms. On the other hand, the U.S Dollar today is showing weakness and the boost by FOMC seems to be short as the DXY plunged to 91.56 low, and has been bearish for the second day with daily RSI still below 50 at 43.

Right now, gold is trading 1296, and has sustained this price strongly, rejecting 1295 area as political tension is renewed, and four hours candles closed above 1296 which indicated that gold could retest 1300-4 area, but market still awaits for NY sessions to open and see how market reacts technically and fundamentally are on opposite terms. Closing on daily and H4 time frame will giver a better outlook how gold will perform next week. There is a scenario that taking into consideration that today is Friday and usually NK puts words into action on weekend, such scenario could keep gold levels poised till Monday.

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 September, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 1

EUR/USD Intraday: the downside prevails.

Pivot: 1.1960

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

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

Comment: the RSI shows downside momentum.

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


GBP/USD Intraday: rebound.

Pivot: 1.3490

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

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

Comment: the RSI shows upside momentum.

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

USD/JPY Intraday: the bias remains bullish.

Pivot: 111.95

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

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

Comment: the RSI is mixed to bullish.

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

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 September, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 2

AUD/USD Intraday: bullish bias above 0.7935.

Pivot: 0.7935

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

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

Comment: the RSI is mixed to bullish.

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

Gold spot Intraday: consolidation.

Pivot: 1298.00

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

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

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

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


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

Pivot: 50.30

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

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

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

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

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 September, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 1

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

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


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

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

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


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

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

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 September, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 2

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

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


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

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


Crude Oil‏ (WTI)‏ (X7) Intraday: break of a ST rising trendline support.
Pivot: 51.85
Our preference: short positions below 51.85 with targets at 51.20 & 50.75 in extension.
Alternative scenario: above 51.85 look for further upside with 52.25 & 52.85 as targets.
Comment: the RSI advocates for further downside.
Supports and resistances:
52.85
52.25
51.85
51.40 Last
51.20
50.75
50.30

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


For more in depth Research & Analysis please visit FxGrow.https://goo.gl/iMefgZ

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 October, 2017
By FxGrow Research & Analysis Team

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

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

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

Technical Overview:

Target: None

Closing Price: 1.3396

Trend: Sideways / Up

Resistance: 1.3456 , 1.3489 , 1.3532

Support levels: 1.3337, 1.3269, 1.3225

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

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 Oct, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 1

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


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

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

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 Oct, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 2

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

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


Crude Oil (WTI) (X7) Intraday: under pressure.
Pivot: 50.95
Our preference: short positions below 50.95 with targets at 50.05 & 49.75 in extension.
Alternative scenario: above 50.95 look for further upside with 51.30 & 51.75 as targets.
Comment: the RSI is capped by a bearish trend line.
Supports and resistances:
51.75
51.30
50.95
50.47 Last
50.05
49.75
49.25

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 Oct, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 1

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

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

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


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 Oct, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 2

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

Crude Oil‏ (WTI)‏ (X7) Intraday: capped by a negative trend line.
Pivot: 50.75
Our preference: short positions below 50.75 with targets at 49.75 & 49.25 in extension.
Alternative scenario: above 50.75 look for further upside with 51.30 & 51.75 as targets.
Comment: the RSI is bearish and calls for further downside.
Supports and resistances:
51.75
51.30
50.75
50.12 Last
49.75
49.25
48.90

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


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 Oct, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 1

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

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

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


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 Oct, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 2

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

Crude Oil‏ (WTI)‏ (X7) Intraday: key resistance at 50.45.
Pivot: 50.45
Our preference: short positions below 50.45 with targets at 49.75 & 49.25 in extension.
Alternative scenario: above 50.45 look for further upside with 50.75 & 51.00 as targets.
Comment: even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
Supports and resistances:
51.00
50.75
50.45
50.03 Last
49.75
49.25
48.85

Gold spot Intraday: rebound expected.

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


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 October, 2017
By FxGrow Research & Analysis Team

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

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

Technical Overview GBP/USD

Closing Price: (1.3140)

Target: 1.2956?

Resistance levels: 1.3168, 1.3220, 1.3290*

Support levels: 1.3130, 1.3027-, 1.2986

Trend: Down

Trend Reversal Price: 1.3290

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

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 Oct, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 1

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

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

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

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 Oct, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview - Part 2


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

Crude Oil‏ (WTI)‏ (X7) Intraday: bullish bias above 50.70.
Pivot: 50.70
Our preference: long positions above 50.70 with targets at 51.20 & 51.50 in extension.
Alternative scenario: below 50.70 look for further downside with 50.45 & 50.00 as targets.
Comment: the RSI lacks downward momentum. The prices remain bullish above the horizontal support at 50.70, and are likely to challenge the resistance at 51.20, representing Oct 5 top.
Supports and resistances:
51.75
51.50
51.20
51.07 Last
50.70
50.45
50.00

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

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

 

[FxGrow Support]

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

Gold On The Edge Of Turning Bullish Ahead Of FOMC Statement

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

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

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

Technical Overview XAUUSD

Closing price: 1287.70

Trend: Sideways / Bearish

Resistance levels: 1291, 1295, 1299

Support levels: 1288, 1282, 1279-77

Trend reversal: 1295.20

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

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

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 12th Oct, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview

GBP/USD Intraday: the upside prevails.

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

USD/JPY Intraday: under pressure.

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

EUR/USD Intraday: the upside prevails.

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


AUD/USD Intraday: further upside.

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

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

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

Gold spot Intraday: further advance.

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


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.