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Fort Financial Services - fundamental and technical analysis
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[QUOTE="Fort Financial Services, post: 114714, member: 31380"] [b][color=#0000BF]17.11.16[/color][/b] [b][color=#00BF00]Fundamental and technical analysis[/color][/b] [color=#0000BF][b][u]Euro[/u][/b][/color] [b]General overview[/b] The euro softened on the back of strong dollar and lack of drivers from the Eurozone. Moreover, investors keep pricing in the Fed possibility to hike rates in December. [b]Current situation[/b] The EUR/USD failed to hold to gains and turned negative after the opening on Wednesday. The euro continued to grind lower and tested 1.0700 at the London open. The price touched the 50-EMA and bounced downwards in the 1 hour chart. All moving averages continued moving lower. The resistance is seen at 1.0750, the support could be found at 1.0700. Technical indicators retained bearish signals. MACD remained in the negative area. The RSI oscillator consolidated within negative area. [b]Trading recommendations[/b] We believe the euro will maintain its bearish momentum in the short-term. The 1.0700 level is likely to be broken soon and the level 1.0650 appears to be the next intraday support and probable bearish target. [img]http://savepic.ru/12302754.jpg[/img] [color=#0000BF][b][u]Pound[/u][/b][/color] [b]General overview[/b] Mixed employment data in the UK weighed on the pound. Average Earnings including Bonus fell together with Claimant Count Change while Unemployment Rate grew. [b]Current situation[/b] As for the technical outlook the pair held a bullish tone during the Asian and European hours on Wednesday. The pound was hovering above 1.2400 trying to extend its recovery. The level 1.2500 appeared to be a strong barrier on its way upwards. After testing the level prices rolled back and reached 1.2400 ahead of the NY session. The price kept struggling with the 200-EMA ahead of London opening. The line limited its further gains in the 4 hours chart. The moving averages are neutral in the same chart. The current resistance is seen at 1.2500, the support is at 1.2400. Technical indicators are neutral now. MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. The RSI indicator was holding near overbought levels, favoring a move lower. [b]Trading recommendations[/b] Failure to hold above 1.2500 risks a slide to 1.2400. After breaking 1.2400 the level 1.2300 will come back to the radar. [img]http://savepic.ru/12274082.jpg[/img] [color=#0000BF][b][u]Yen[/u][/b][/color] [b]General overview[/b] The USD/JPY continued with gains due to risk-on sentiment. Nikkei 225 reached the highest since February supporting the safe heaven yen. The U.S. dollar is strong across the board amid renewed hopes that the Fed will hike the rate this year. [b]Current situation[/b] The pair trades in an upward channel. The U.S. dollar was hovering near multi month highs against its Japanese counterpart on Wednesday. The dollar climbed higher and reached the mark 109.50 in the mid-European session. Traders failed to extend their gains, the price turned around and retreated back to 109.00. The USD/JPY pair traded well above the moving averages in the 4 hours chart. The moving averages 50, 100 and 200 accelerated their growth. The resistance can be found at 110.00, the support comes in at 109.00. The technical indicators retained bullish signals. MACD remained at the same level which confirms the strength of buyers. RSI consolidated within positive territory. [b]Trading recommendations[/b] The price seems to be heading towards its immediate resistance at 110.00. Should this mark be reached successfully, a further extension towards 110.50 could be observed further. A break below 109.00 will ease the upward pressure. The USD/JPY may soften to 108.00 and lower to the mark 107.50. [img]http://savepic.ru/12309925.jpg[/img] [color=#0000BF][b][u]USD/CAD[/u][/b][/color] [b]General overview[/b] The USD/CAD strengthened on Wednesday amid oil prices decline. [b]Current situation[/b] The pair is in an ascending channel, trading around its lower boundary. A two day decline was stopped when prices met a barrier around 1.3400. Prices bounced from the oversold area and trended upwards during the course of the day. The US dollar broke the level 1.3470 in late European trades. After breaking the level the USD/CAD extended its gains heading towards 1.3540. The bullish spike faded after testing the 1.3500 mark. The USD/CAD pair came across a selling pressure and returned to opening prices. The price bounced off the 50-EMA in the 4 hours chart. The moving averages extended their growth in the same chart. The resistance is at 1.3470, the support can be found at 1.3400. MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI bounced from the oversold area and headed north. [b]Trading recommendations[/b] The pair is turning bullish now. A consolidation above 1.3470 will strengthen buyers' positions. Bulls may lead prices towards 1.3540. [img]http://savepic.ru/12281253.jpg[/img] [color=#0000BF][b][u]XAUUSD[/u][/b][/color] [b]General overview[/b] Gold prices traded higher on Wednesday however its gains are limited due to renewed expectations that the Fed will hike rates in December. [b]Current situation[/b] A consolidation phase remained intact on Wednesday. Buyers managed to reverse just a minor part of their losses before the recovery action stalled around 1230 dollars per ounce. An attempt to reclaim the 1230 level failed during the European trades. The yellow metal rolled back immediately after the level test. According to the 1 hour chart the pair failed to break the 50-EMA. The moving appeared to be a solid barrier which rejected the yellow metal downwards. The moving averages pointed lower in the mentioned timeframe. The resistance is at 1230, the support comes in at 1220 dollars per ounce. The technical indicators headed lower within negative territory. MACD remained at the same level which confirms the strength of sellers. The RSI indicator was holding near oversold levels, favoring a new move lower. [b]Trading recommendations[/b] The price came across fresh selling offers around 1230 dollars per ounce. A failed test of the barrier may renew the selling interest sending prices to 1210 through 1220. [img]http://savepic.ru/12277157.jpg[/img] [color=#0000BF][b][u]Brent[/u][/b][/color] [b]General overview[/b] Oil prices hold onto gains despite the U.S. crude inventories increase. [b]Current situation[/b] Oil prices retreated from 2 week high on Wednesday. The benchmark met a barrier around 47.50 where buyers lost strength and turned around. Traders pushed Brent futures down and tested 46.50 dollars per barrel in the mid-Europe trades. The ongoing weakening could be attributed to some profit taking from bull following two day rally. Brent oil prices bounced from the 100-EMA and moved lower. The price is sandwiched between the 50 and 100 EMAs in the 4 hours chart. The moving averages direction is downwards. The resistance is at 47.50, the support comes in at 46.50 dollars per barrel. The indicators bounced from oversold level. MACD decreased which indicates the buyers’ positions weakening. RSI moved downwards. [b]Trading recommendations[/b] Buyers are unable to climb above 47.50 for now. Bears took control over the market and drove prices lower. Should the Brent prices lose ground and advance below 46.50, the decline can extend in the short term to 45.50 first. The second sellers' target lies at 44.50 dollars per barrel. [img]http://savepic.ru/12260773.jpg[/img] [color=#0000BF][b][u]DAX[/u][/b][/color] [b]General overview[/b] European shares traded higher amid mining stocks strengthening alongside with Wire Card and Bouygues shares. [b]Current situation[/b] The index traded in a wide range between 10700 and 10800 during the first part of the day. Sellers seemed to be getting more control as weak buyers failed to retake the 10800 mark. The index sharply moved below 10700 and tested 10600 post-European open. The price tested the 50-EMA in the 4 hours chart. The moving briefly slowed down the index decline. The moving averages presented modest bullish slopes. The resistance is seen at 10700, the support is at 10600. MACD decreased which indicates the buyers’ positions weakening. RSI left the overbought area and moved south. [b]Trading recommendations[/b] The overall picture is bearish now. Firm break below 10700 handle would open the way to 10600 and further out to 10500. [img]http://savepic.ru/12297636.jpg[/img] [color=#0000BF][b][u]NASDAQ[/u][/b][/color] [b]General overview[/b] Wall Street moved lower on Wednesday amid oil prices decrease. [b]Current situation[/b] The market sentiment switched to a bearish one. The benchmark recovery lost legs just above 4770. The index turned around and softened right after piercing the level. NASDAQ now seems to be heading towards its immediate support near 4740. A failure test of the 100-EMA caused a sell-off and the index weakening. The price is in-between the 100 and 50 EMAs in the 4 hours chart. The lines act as a resistance and a support for the benchmark. The resistance is seen at 4770, the support is at 4740. MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI is moving downwards. [b]Trading recommendations[/b] The further upmove is expected to face stiff barrier around the current resistance. The index is overbought and the move below 4740 shall ease the buying pressure. Sellers will try to drive prices to the level 4710. [img]http://savepic.ru/12287396.jpg[/img] [i] [b]*Analytical review is presented by the leading analyst of the broker Fort Financial Services, [color=#0000BF]Alexander Kofman[/color][/b].[/i] [url=https://www.fortfs.com][img]http://www.picshare.ru/uploads/140726/3UKf6za6n5.jpg[/img][/url] [/QUOTE]
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