Daily Technical Analysis by FxGrow

[FxGrow Support]

FxGrow Daily Technical Analysis – 16th Feb, 2016
By FxGrow Research & Analysis Team

EURGBP - bulls offensive in progress

EURGBP moves in uptrend since lows from November 2015. Upward movement is very dynamic. Corrections which occurred during this period retraced only 23.6% of main trend. Struggle between demand and supply can be seen at 0.7760 - 0.7800. Because it lasts since a week it shows the determination of the bulls and the strength of that level. It can be found at weekly TF how important that level was in the past.

It is likely that this level won't break and rebound will occur. Nearest support is at 0.7700 however more important level were potential declines should reach is 0.7540. This level coincides with Fibonacci 38.2% of previous upward movement. Alternatively if bulls are strong enough next resistances will be at 0.7900, 0.8030.

Time-frame H1

Time-frame W1

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 – 17th Feb, 2016
By FxGrow Research & Analysis Team

GBPUSD returned to declines, after short correction

Previous GBPUSD analysis gave almost 300 pips profit. I wrote: "If price stays above 1.4500 first target for falls will be at 1.4400. Next goal for bears will be 1.4200". First indicated level was reached very fast and second level could be tested today. Current chart pattern supports declines.

After downward movement which lasted since December 11 to January 21 rebound occurred. Corrections which occurred after this period retraced 50% of previous declines. Price returned to main trend and yesterday support at 1.4380 was broken below. Today GBPUSD continues downward movement, nearest supports are located at 1.4200, 1.4080. When that last level will be broken (January 2016 low) next important levels are located at: 1.3720, 1.3500 (2009 historical low).

Time-frame H4

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.

 

[Masterfx]

Daily Technical Analysis – 08th May, 2015
By FxGrow Research & Analysis Team

EURUSD

EURUSD could not hold on to its bullish trend and came down on profit taking at 1.1220 Near term bias is bearish but overall scenario remains bullish.

RSI (14), ADX (14) and MACD (12, 26) indicate a SELL while Average True Range (14) indicates Less Volatility.

Support is at 1.1197 while Resistance is at 1.1265, 1.1288 and 1.1391



GBPUSD

GBPUSD continues its strong bullish momentum crossing 1.5480; the short term bias is bullish within range of 1.5500 to 1.5550, and a correction is expected due to profit taking.

RSI (14), MACD (12, 26) and ADX (14) indicate a BUY while ATR (14) indicates High volatility.

Support is at 1.5303 while Resistance is at 1.5497 and 1.5521



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 Support]

What’s Taking place i am new to this, I stumbled upon this I have discovered It positively helpful and it has aided me out loads. I’m hoping to contribute & assist different customers like its helped me.

Dear Masterfx,

FxGrow strives to deliver outstanding, innovative, and professional trading services to its clients and partners through the use of state of the art technology.

Thanks

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 17th Feb, 2016
By FxGrow Research & Analysis Team

GBPCAD - lowest since 7 months

Since mid-January GBPCAD moves in a downtrend. Price moved above support 1.9890 until yesterday. Support was broke below and price continues its declines. Next support at 0.9730 also wasn't able to stop further depreciation, due to this current goal for bears is 1.9480 level. Today's macroeconomic data from UK labour market were weak and did not help with rebound. The unemployment rate stayed at 5,1% in December versus forecasted 5%.

If price tests 1.9480 level, rebound will occur. After rebound resistances are at levels: 1.9730, 1.9890, 2.0350.

Time-frame H4

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 – 18th Feb, 2016
By FxGrow Research & Analysis Team

EURUSD - above support 1.1100, movement towards 1.1380 possible

Since a week EURUSD continues downward movement. Yesterday better than forecasted macro data were published - the US Producer Price Index. The second macro data was FOMC minutes. Investors didn't see nothing new in FOMC protocol and it was confirmed by lack of volatility at EUR/USD. Officials stressed timing of hikes would depend on data.
EURUSD tested support at 1.1100 and for the third day in a row it moves below 1.1180 - 1.1100. It is likely that rebound may occur, follow by movement towards 1.1380. However if supply breaks above 1.1100 level declines will continue to 1.1020 and then to 1.0930.

Time-frame H1:

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 – 18th Feb, 2016
By FxGrow Research & Analysis Team

GBPAUD - rebound from support at 1.9900

Since a half year GBPAUD moved in a downtrend. Price moves inside bearish regression channel and its upper band wasn't tested since early November. Yesterday price reached important support 1.9900 and today bullish rebound occurred. You shouldn't see this as trend reversal, but it is likely that some upward movement will occur and it should reach at least 2.0640.

However, if current support breaks, another equally strong support is at 1.9000. If today's upward movement will be continued targets for bulls should be located at 2.0640, 2.0860. Only break above last indicated level will be a signal that downtrend was finished.

Time-frame D1

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 – 19th Feb, 2016
By FxGrow Research & Analysis Team

EURSEK – sharp rebound from resistance
EURSEK moved in uptrend since the year beginning. Last week price rebounded sharply after testing the resistance at 9.6100 . Yesterday huge downward candle reached two weeks low. Nearest supports are located at: 9.3600, 9.3040, 9.2550. If rebound occurs and demand maintains its strength nearest resistances will be located at: 9.4220, 9.5000, 9.6100.

Wider view, time-frame W1
Since 2012 EURSEK moved in uptrend, it was finished at the beginning of 2015. Currently there aren't any new highs or lows so since one year price is moving in consolidation. In this period EURSEK is forming triangle pattern. In a long term it is likely that price will be moving between levels: 9.1400, 9.6100. Breaking one of that levels will show further movement direction.

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 – 19th Feb, 2016
By FxGrow Research & Analysis Team

EURJPY - lowest since mid-2013
Yesterday EURJPY broke below support at 126.00 level and continues downward movement. Nearest support at area 125.00 was tested. Currently it is likely that price will rebound to 126.10 and return to declines. Alternatively if bulls will be as weak as so far new low may occur without any correction.

Wider view time-frame W1
In long term, uptrend at EURJPY looks like finished. After last high in December 2014 price falls and new lows occurred. While price is below 127.30 it is likely that declines will proceed. Next strong support at W1 TF could be found at 122.90.

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 – 22nd Feb, 2016
By FxGrow Research & Analysis Team

GBPNZD - broke below support at 2.1500

Today price broke below support at 2.1500, and now is continuing its declines. After almost vertical upward movement which lasted between April - August 2015 currently almost all bullish moves has been corrected. Today support was broken (it stopped declines for 2 months) and right now there is a clear path for bears to test 2.0800.
At 2.0800 level support coincides with equal A=C. Before that test, rebound to 2.1500 and test from the bottom may occur.

Time-frame D1

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 Feb, 2016
By FxGrow Research & Analysis Team

USDCHF – appreciation of the dollar pushes the price towards resistance

The currency pair USD CHF been declining since the beginning of February, a dynamic drop led to a break of the trend line conducted since the one-day landslide associated with the release of the EURCHF exchange rate, as well as support around the 0.9797 level.

Price now rebounded from the low which was formed in the second week of February, near the 0.9700 level. Strong growth, interrupted only one downward day today are continued and gaining pushes dollar price to the resistance, which now provides previously broken trend line. If the bullish movement is to be continued, bulls should effectively break resistance and then may re-test this year’s highs. However, if the bears take control, it is likely to return back to support at 0.9797.

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 – 23rd Feb, 2016
By FxGrow Research & Analysis Team

EURUSD - nearest supply target 1.0980, support at 1.1100 was broke below

In the last Wednesday there were an attempt of breaking below support 1.1100, it hasn't succeed and price moved around that region. At last support was broken yesterday and today EURUSD is continuing its declines.

Small rebound occurred at equal 1.1000 level, however more important support is located at 1.0980. It is likely that bigger rebound will occur at 1.0980. It have to be noted that declines are continuing since almost two weeks without any correction. During this time price fell 370 pips. If indicated level also breaks next important support will be located at 1.0810.

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 – 23rd Feb, 2016
By FxGrow Research & Analysis Team

GBPCAD - new 8-months low

Last week's analysis was profitable for traders. I wrote: "current goal for bears is 1.9480 level" and "if price tests 1.9480 level, rebound will occur. After rebound resistances are at levels: 1.9730, 1.9890".

In fact price moved 20 pips above indicated level and rebound occurred. Upward movement finished at level 1.9830. Monday begun with a sharp falls and support at 1.9480 didn't cause demand reaction. Next supports are located at 1.9280, 1.8970. Currently it is likely that 1.9480 level will be tested from the bottom and if demand is still weak new wave of falls will occur after that test.

Time-frame D1

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 Feb, 2016
By FxGrow Research & Analysis Team

EURAUD - support at 1.5270 was defended so far
EURAUD is at the interesting level. Price already reached support at 1.5270 and that level was in game many times since December 2014. Yesterday rebound occurred, but right now it is indicating demand's weakness. If supply breaks this level next supports will be located at 1.5000, 1.4880. However if rebound is successful nearest resistance will be located at 1.5480.

Wider-view, time frame W1
Since August 2012 EURAUD moves in uptrend, inside Bullish regression channel. Right now price is in a middle of that channel. You can’t rule out new lows, however direction of the main trend and support's proximity indicate that in a mid-term upward movement should be continued.

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 Feb, 2016
By FxGrow Research & Analysis Team

GBPUSD - forecast of brexit plunges the bulls

This week is a bulls' nightmare. Since Monday we observe fall at GBP/USD, despite the recommendations of British Prime Minister David Cameron. He will be urging to stay in the E.U.

Support at area 1.4080 was broken and now there is an open road to the next support at 1.3720. Downtrend is so strong that even test of 1.3500 is likely (which is low from 2009). Emotions are currently ruling on the market, so any positive information from the U.K. can cause equally dynamic rebound. Nearest resistance is at 1.4080.

Time-frame H4:

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 Feb, 2016
By FxGrow Research & Analysis Team

EURJPY - PIN BAR candle on the support

In accordance to the last week analysis declines were continued to indicated support. I wrote: "It is likely that declines will proceed. Next strong support at W1 TF could be found at 122.90".

Yesterday price rebounded and upward PIN BAR candle occurred (visible on D1 time-frame). Now upward movement should be continued, minimum range after rebound is at 126.10 and there will be two scenarios. Price may rebound and new wave of declines will start. At the chart it will be a re-test from the bottom of strong support which currently will be a new resistance. Second scenario forecasts return above 126.10 and denial of last breakout.

Time-frame H4:

Time-frame D1:

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 Feb, 2016
By FxGrow Research & Analysis Team

EURUSD - support at 1.0980 stopped declines, it is likely that 1.1100 will be tested

Declines at EURUSD were stopped by support at 1.0980. At this level you can clearly see the support reaction. Now area 1.1100 should be tested and there we will see in which direction price wants to move in the nearest future. Return above 1.1100 will lead price to last high at 1.1380.

Before that, demand must break above two weak resistances 1.1160, 1.1230. Alternatively if price falls, initial target for declines is located at 1.0980 and next equally strong is located at 1.0810.

Time-frame H1

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 Feb, 2016
By FxGrow Research & Analysis Team

USDCAD - 1.3670 support broke, potential 300 pips decline

Yesterday USDCAD broke below support which has been stopping declines since the beginning of February. Nearest target for falls is located at 1.3420. If rebound occurs at indicated level nearest important resistance will be at 1.3670. Despite the current declines it's too early to talk about new down trend which I will show at weekly time-frame.

Wider view, time-frame W1
Since 2011 USDCAD moved in uptrend and now 300 pips left to test the uptrend line. That line can be found currently near 1.3200 and only break below that level will be a strong signal of trend reversal.

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 Feb, 2016
By FxGrow Research & Analysis Team

USDJPY - dollar appreciated after macroeconomic data
After Friday’s macroeconomic data (US GDP) publication dollar sharply appreciated versus other currencies. EURUSD dynamically reached support at 1.0980 and USDJPY tested resistance at 113.35.

Situation at USDJPY is very interesting because after double bottom pattern, current upward movement began. Nearest resistances are at levels: 113.35, 114.50, 116.10.

Wider view, time-frame D1
However in a long term current rebound should be seen just as a correction. After side trend which lasted more than a year since the beginning of February there is a clear downtrend at USDJPY. If we want to think about trend reversal price has to return above 116.10 level.

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 Feb, 2016
By FxGrow Research & Analysis Team

GBPNZD - demand reaction at very interesting level

Last week analysis was profitable. I wrote: "Today support was broken (it stopped declines for 2 months) and right now there is a clear path for bears to test 2.0800". In the area 2.0800 there is an equal A=B of current correction. This level is strengthened by important support.

A little lower at 2.0600 there is Fibonacci 78.6% of previous upward movement which lasted from April to August 2015. Nearest resistances are at levels: 2.1510, 2.2430, 2.3300 and price is reaching there. Support is located at area 2.0800 - 2.0600.

Time-frame D1

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.