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Fort Financial Services - fundamental and technical analysis
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[QUOTE="Fort Financial Services, post: 87554, member: 31380"] [color=#00cc00][u][b]"Fort Financial Services"- fundamental and technical analysis[/b][/u][/color] [color=#0000cc][b]05.08.2015[/b][/color] [i][color=#ff6600][b]Fundamental analysis[/b][/color][/i] [i]The beginning of the current week was relatively calm in the currency market. The dollar continued to strengthen against the major competitors, continuing to enjoy the support by the Fed rate hike expectations. However the dollar slightly weakened on the yesterday’s trades. Earlier the pair EUR/USD once again came under pressure, at the same time there was not any problem with the local growth drivers. The July PMI manufacturing activity index in the euro zone countries was mostly positive while the region index exceeded expectations and amounted to 52.4 against the expected 52.2. But it was not enough to strengthen the single European currency. Nevertheless the pair slightly increased on Tuesday. Earlier the dollar got a new reason to grow. The personal spending rose in June more than expected, reflecting a growth by 0.4% against the forecast at the level of 0.3%. At a time when traders are almost convinced in the Fed rates raising until the end of the year, it was enough to trigger a purchases wave. The pair pound/dollar closed the trades with a growth and the pair dollar/yen was trading in a flat.[/i] [img]http://savepic.net/7051251.jpg[/img] [color=#ff6600][i][b]Technical analysis[/b][/i][/color] [color=#00cc00][u][b]Euro (EUR)[/b][/u][/color] [color=#0000cc][b]General overview[/b][/color] The euro fell amid the dollar growth in anticipation of the Friday US government employment publication. Investors expect the data to be strong and it may lead to move the forecasts, relating the interest rates growth by the Federal Reserve at an earlier date. However the pair slightly grew on Tuesday’s trades. The trade within the pair euro/dollar looks lowly volatile. The price reduction is on the lower volumes and reached the strong support level of 1.0925. Then the pair rebounded upwards. The price is finding the first support at 1.0925, the next one is 1.0790. The price is finding the first resistance at 1.1050, the next one is at 1.1150. There is a confirmed and a weak sell signal. The price is under the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Dead Cross”. The upward movement will be until the price is under the Cloud. The MACD indicator is in a negative territory. The price is correcting. [color=#0000cc][b]Trading recommendations[/b][/color] The potential decrease targets are two levels of support: 1.0925 and 1.0790. [img]http://savepic.net/7073778.jpg[/img] [color=#00cc00][u][b]Pound (GBP)[/b][/u][/color] [color=#0000cc][b]General overview[/b][/color] The Bank of England will announce its key interest rate decision on Thursday, the 6th of August and at the same time it will publish the meeting minute. Undoubtedly, the regulator tendency to increase the key rate will put upward pressure on the pair GBP/USD. We can observe the pound decline against the US dollar amid the weak volatility and low volumes reduction. The price decline was close the strong support level of 1.5550. Then the pair showed an upward rebound. The price is finding the first support at 1.5550, the next one is 1.5460. The price is finding the first resistance at 1.5670, the next one is 1.5775. There is a non-confirmed and a weak buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen shows a horizontal movement and form a “Dead Cross”. The upward movement will be until the price is above the Cloud. The MACD histogram is in a neutral territory. The price is growing. [color=#0000cc][b]Trading recommendations[/b][/color] The pair can grow to the resistance level of 1.5775. [img]http://savepic.net/7062514.jpg[/img] [color=#00cc00][u][b]Yen (JPY)[/b][/u][/color] [color=#0000cc][b]General overview[/b][/color] The main driving force that influenced the dollar growth was the personal income and spending data which rose by 0.4% and 0.2% respectively while revenues have grown more than it was forecasted. The Americans incomes grow more than expenditures that indicates the consumption slowdown. This trend threatens the fact that inflation may remain low and investors wait for the Fed rate hikes. Nevertheless, investors regarded revenue growth as a signal for the consumption and inflation future growth. The resistance level of 124.30 re-testing led to the upward trend reversal downwards then a consolidation was formed. The price is finding the first support at 123.50, the next one is at 122.40. The price is finding the first resistance at 124.30, the next one is at 125.50. There is a confirmed and a weak buy signal. The price is above the Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement and form a “Golden Cross”. The upward movement will be until the price is above the Cloud. The MACD indicator is in a neutral territory. The price is consolidating. [color=#0000cc][b]Trading recommendations[/b][/color] The buyers need to break above 124.30 for a steady growth. [img]http://savepic.net/7049202.jpg[/img] [i][b]*Analytical review is presented by the leading analyst of the broker Fort Financial Services, [color=#0099cc]Alexander Kofman.[/color][/b][/i] [/QUOTE]
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