Daily Technical Analysis by FxGrow

[FxGrow Support]

FxGrow Daily Technical Analysis – 29th Feb, 2016
By FxGrow Research & Analysis Team

AUDCAD - reached lower limit of bearish channel

Friday brought huge selloff at AUDCAD. Falls ranging almost 200 pips during just one session certainly isn't a common picture. Bears broke three important supports 0.9820, 0.9730, 0.9650. Today's rebound started by bulls finished with a long upper shadow on the chart.

Potential test of channel lower limit gives a change for a rebound. Support located at area 0.9600 - 0.9650 may also help with the rebound move. However any upward movement should be treated as correction. Nearest resistances are located at levels: 0.9650, 0.9730, 0.9820.

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 – 01st March, 2016
By FxGrow Research & Analysis Team

EURUSD - on the way to 1.0810

On last Friday price broke below support at 1.0980 and downward movement is continuing. Period of low volatility at EURUSD should has been already finished, because in next three weeks there will be important macro events which should cause higher volatility (US non-farm payrolls, ECB meeting, FED meeting).

Nearest target for supply is 1.0810 and currently that level should be tested. At that level rebound should occur and targets for that movement are located at: 1.0980, 1.1100. If EURUSD continues declines next supports will be located at: 1.0710, 1.0520.

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 – 01st March, 2016
By FxGrow Research & Analysis Team

EURCAD - 80 pips left to important support

Downward movement at EURCAD is continuing after broke below support in last week. It is likely that today's session will bring fifth downward candle in a row. Supply should test 1.4520 area, where price need only 80 pips to achieve that level. That level is the nearest strong support and 40 pips lower there is a 78.6% Fibonacci retracement of previous upward movement.

You can't expect that this level will make trend reversal but at least some rebound should occur. Next strong support is located at 1.4050 and nearest resistance is at 1.4830.

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

EURAUD - lowest since two months

Declines accelerated after EURAUD broke below support at 1.5270. Today price tested next support at 1.5000, but currently there are no signs that declines may end. Next weak supports are located at: 1.4890, 1.4730. Nearest strong support is 600 pips below current level at 1.4400.

At similar level there is lower limit of bearish channel (visible at time-frame W1), in which price moves since more than 3 years.

Obviously because of the wide time-frame it can't be indicated precisely, but few supports in area 1.4400 - 1.4300 should cause strong rebound.

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 March, 2016
By FxGrow Research & Analysis Team

GBPUSD - upward movement reached first resistance

After huge selloff during last week, GBPUSD reached 1.3850 support. At this area we observe lows from 2009 and since the beginning of current week area caused a rebound. The goal for market demand side won't be easy because price is in downtrend, however after so big selloff rebound's range might be big.

Currently price reached first resistance at 1.4080 and bulls aren't giving up. Next resistance is located at 1.4200 but really significant level is located at 1.4400.

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 March, 2016
By FxGrow Research & Analysis Team

AUDCAD - dynamic rebound from lower limit of a bearish channel

Monday's analysis was very profitable. Rebound that occurred was much faster and more dynamic than it was expected after last weeks' weakness of demand. I wrote on Monday: 'Potential test of channel lower limit gives a chance for a rebound. Support located at area 0.9600 - 0.9650 may also help with the rebound move'.

Demand broke above levels 0.7930 and 0.9820 with equal ease, like in previous week supply done it in different direction. Right now it has to be noted that price is reaching the upper limit of a bearish channel (currently it is at 0.9920). That level should finish the bulls offensive.

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 March, 2016
By FxGrow Research & Analysis Team

AUDUSD - third test of important resistance

AUDUSD reached to resistance at area 0.7380. Last time price was so high three months ago and it finished new low. If demand breaks above current support, next target will be located at 0.7610. However only break above level 0.8160 will be a strong signal to trend reversal. At current level it is likely that rebound occurs and will be a new downtrend wave because of the main train, what I will show at time-frame weekly.

Wider view, time-frame W1
Since 2011 AUDUSD moves in downtrend. Often there are strong upward candles and next new lows. New low that occurred at the beginning of the year confirms downtrend in long term. If price doesn't come back above 0.7610 situation should be seen as occasion to short.

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 – 07th March, 2016
By FxGrow Research & Analysis Team

USDJPY side trend after rebound from support and double bottom pattern

Since a week USDJPY moves between 113.30 - 114.20. Side trend occurred after dynamic rebound from area 111.00. There was a support strenghtened by double bottom pattern. If indicated level 113.30 brakes successfully it is likely that third test of 111.00 will occur. It have to be noted that main trend at USDJPY is downward one and it is more likely that there will be a new wave of falls than new uptrend movement.

However if demand is strong enought and level 114.20 will be break above target for upward movement is located at 116.10. Last level that I pointed is very important for futher direction of USDJPY. Only return above that resistance will be a very good signal for demand.

Time-frame H1

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 – 08th March, 2016
By FxGrow Research & Analysis Team

EURUSD - nearest target for demand 1.1070

After huge EURUSD volatility last saw on Friday (just after US non-farm payrolls data), yesterday's session was similar. At the beginning supply broke below support at 1.0980 but in the afternoon failed to move further and demand was on the top. Today EURUSD is continuing upward movement and price achived new local high. Nearest important resistance is located at 1.1070.

If demand breaks it next resistances will be located at 1.1160, 1.1230, 1.1370. Current supports 1.0980, 1.0910, 1.0810.

Till Thursday EURUSD may move up, but during ECB metting (March 10th) there will be one thing for sure - huge volatility.

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 – 08th March, 2016
By FxGrow Research & Analysis Team

EURGBP - return above important support area 0.7710 - 0.7760


EURGBP is above very important support - area 0.7710 (support from 2008) and 0.7760 (support from 2012, 2014). Since the beginning of February there was a correction of previous strong upward movement. Today demand is trying to finish it. Price is approaching 0.7800 and after breakout of that resistance price will move in direction of 0.7920.

It is a good sign for bulls that price is still above indicated support. Break above resistance at 0.7920 will finally confirm the strength of the bulls. Alternatively falls below 0.7710 will cause further declines to 0.7540.

Time-frame H1

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 – 09th March, 2016
By FxGrow Research & Analysis Team

AUDNZD broke above important resistance

Yesterday important resistance at 1.0970 was broken. Price was for the last time at a such high level on December 2015. Currently AUDNZD is reaching 1.1080, which was high from November 2015. It is likely that on indicated level there will be a rebound because from the beginning of March price didn't show any corrective moves.

Nearest supports are located at 1.0970, 1.0910, 1.0810. If price breaks above resistance at 1.1080 next resistances will be located at levels: 1.1130, 1.1200, 1.1260, 1.1400.

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 – 09th March, 2016
By FxGrow Research & Analysis Team

GBPAUD - after 5 weeks of falls it's time to look for the correction

GBPAUD falls since 5 weeks. Correction has to occur in all trends even in as strong as this. Current level give a chance that rebound may occur at the moment. Price reached support in 1.8970 - 1.8820 area. Of course you can't count on trend reversal, but some correction in such oversell price should occur. If price rebounds nearest target for falls will be at 1.9280. After break above indicated level next target is located at 1.9590. During tomorrow's ECB meeting we have to be prepared for high volatility on the main currency pairs, which should cause higher volatility also at GBPAUD.

Time-frame H4

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 – 14th March, 2016
By FxGrow Research & Analysis Team

GBPUSD below important resistance

Upward movement at GBPUSD is in progress. In March situation is opposed that it was in February. In February we saw huge sell-off wave and in March price is continuing its rebound. Right now after two weeks of upward movement GBPUSD is starting below important resistance.

At charts below you can see that 1.4400 level was important in the past. This level stopped declines in 2010. It is likely that till next Wednesday (nearest FOMC meeting) price won't be very far from current level.

Further direction of movement will be indicated on Wednesday. If bulls break above 1.4400 level next targets will be at 1.4600, 1.4950. Otherwise nearest support is located at 1.4200.

Time-frame H4

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 – 14th March, 2016
By FxGrow Research & Analysis Team

USDJPY - movement inside big triangle pattern
Since February 26 USDJPY is moving in side trend between levels 112.30 - 114.40. It has to be noted that volatility is decreasing and at time-frame H4 triangle pattern occurred. Currently lower limit of the triangle should be found at 112.60 and upper limit at 114.30. After breaking one of indicated levels, dynamic movement is expected.

However, we should be careful - currency pairs with Japanese yen like to have first breakout fakey (false breakout). Nearest supports: 113.30, 112.30, 111.10, nearest resistances: 114.40, 116.00.

Time-frame H1

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 – 15th March, 2016
By FxGrow Research & Analysis Team

CADJPY - declines after BOJ meeting

On Tuesday there was a meeting of the Japanese central bank. BOJ didn't change anything - left interest rates and QE at current levels. Japanese Yen in reaction, strengthened to all of the currencies.

Declines at CADJPY wasn't a surprise. Since two weeks price moved below upper limit of the bullish regression channel. Yesterday we saw a rebound from resistance at 86.20. Target for declines should be 83.10 level. There coincides lower limit of the channel and support. On the way to indicated level there is a support at 84.30.

Only successful breakout of one of the levels 86.20 or 83.10 will allow for faster movement according with the breakout's 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 – 15th March, 2016
By FxGrow Research & Analysis Team

EURUSD - silence before the storm, ahead of FOMC meeting

Price stabilized above 1.1070 level after huge volatility on the last Thursday. It was caused by ECB meeting. It's not the end of market's attractions because tomorrow there will be the FOMC meeting and decision about interest rates.

Till tomorrow price should stay between 1.1070 - 1.1200. However after FOMC decision it will be important which pointed level will be broken. Break below 1.1070 will lead price to 1.0810, but break above 1.1200 allows to test even 1.1380 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 – 16th March, 2016
By FxGrow Research & Analysis Team

EURGBP highest since the beginning of march

Yesterday EURGBP broke above resistance at 0.7840. Upward movement may reach 0.7910 and next 0.8020 if demand won't fail. However if supply wins and price returns below 0.7840 nearest supports will be located at levels: 0.7710, 0.7610.

Wider view, time-frame W1

Since November 2015 EURGBP is moving in uptrend and corrections are very flat. It has to be noted that in long term (since 2008) price moves were bearish. Currently only break above 0.8150 will be a signal of trend reversal.

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 – 16th March, 2016
By FxGrow Research & Analysis Team

EURPLN - uptrend line was broken

During last 2 months EURPLN felt 2400 pips. Previous upward movement from January 2016 was caused by the decision of Standard & Poor's agency, which unexpectedly cut Poland's credit rating. As you can see current declines shows that previous reaction on PLN was exaggerated.

Supply broke below uptrend line and until price does not return above 4.3100 it is likely that EURPLN will continue its declines. Nearest supports are located at 4.2650, 4.2240 and because price hasn't rebounded since more than a month rebound may occur at one of the indicated supports.

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

AUDUSD broke above resistance at 0.7600

Since two months there is a bull market on AUDUSD. Today price broke above resistance at 0.7600 and right now is leading to next resistance at 0.7880. Before test of indicated level it is likely that price will re-test 0.7600 again, but this time test will be from the top.

Wider view, time-frame W1

For last 3 years AUD/USD has moved in a downtrend. Return above 0.7600 is a first signal that trend is reversing. However only break above 0.8150 confirms it. As we can see on weekly chart huge problem for bulls will occur at 0.7880. In this area resistance and upper limit of downward channel coincide.

Time-frame D1

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 March, 2016
By FxGrow Research & Analysis Team

EURUSD - fight at 1.1330 resistance area

EURUSD sharply moved up after FOMC meeting where Janet Yellen FED's chair was very dovish. For last 24 hours price moved up by 300 pips. So far high from February wasn't tested however it is a matter of time that level 1.1380 will be re-tested.

If price continues upward movement the biggest problem for demand will be 1.1490 level. That level was tested only once since last 14 months and there price should rebound and start correction. Alternatively if falls occur earlier nearest supports will be located at 1.1200, 1.1070.

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.