Daily Technical Analysis by FxGrow

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FxGrow Daily Technical Analysis – 09th May, 2016
By FxGrow Research & Analysis Team

The EURUSD slumps although US jobs data weakens

The EURUSD hovered around 1.1400 again although payroll data showed US economy added the fewest jobs in seven months. The US Dollars fell on Friday but then extended its rally of the week after encouraging annual wage growth. The EURUSD is now in a bearish territory and breaking 1.1365 will continue its sluggish move toward next support levels 1.1335 and 1.1305.

However, the EURUSD needs a push above 1.1435 in order to gain momentum and continue rising to touch 1.1455 and 1.1475 respectively.

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

The Aussie decreased on weak Chinese data

The AUDUSD has been heavily sold off after Reserve Bank of Australia (RBA) prompted another cut in interest rate this year. The AUDUSD extended losses to trade below the 0.7400 zone on weaker than expected Chinese data and as the dollar surged higher last week. Breaking 0.7330 might open a lower leg to touch 0.7305 and 0.7275 respectively.

Alternatively, the AUDUSD have to break 0.7405 in order to recover and starts its upward move to reach next resistance levels 0.7445 and 0.7475.

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 – 10th May, 2016
By FxGrow Research & Analysis Team

The British pound looks bearish ahead of inflation report

The GBPUSD is still moving lower as it is paving the way toward the 38.2% Fibonacci retracement 1.4310. Both inflation report and ‘BREXIT’ puts pressure on the pound as policymaker’s views on monetary policy are now mixed. Breaking the support point 1.4355 creates a bearish signal to touch the next support levels 1.4315 and 1.4280.

However, rising expectations that the Bank of England (BOE) will not see immediate rate hike changes give support to the GBPUSD and breaking the strong resistance level 1.4470 will trigger an upward move toward 1.4490 and 1.4525 respectively.

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 – 10th May, 2016
By FxGrow Research & Analysis Team

The EURUSD remains under pressure ahead of risky key events

The US Dollars was extremely strong despite weak US payroll data and despite shrinking Fed rate hike expectations. The EURUSD is awaiting the Greek GDP and British inflation reports this week and a close below the 23.6% Fibonacci retracement 1.1357 will strengthen the bearish movement and will open a lower leg toward 1.1330, 1.1290 and 1.1270 respectively.

However, the EURUSD is awaiting further ECB actions and needs a push above 1.1455 in order to put an end to the bearish movement and will open the door for an upward movement to reach next resistance levels 1.1485 and 1.1535.

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 – 11th May, 2016
By FxGrow Research & Analysis Team

The USDJPY rally might have come to an end

The USDJPY surged higher in the past two days to touch 109.35 high following BOJ QQE upgrade. Central bank monetary policy intervention will shape the trend of the USDJPY and a push above 109.60 is needed to continue its upward movement to touch near-term resistance levels 110.00, 110.30 and 110.60.

However, the US dollars is losing momentum as weaker Asian equities affect the dollar negatively. The USDJPY needs to break 108.30 in order to trigger a downward push toward 107.90 and 107.55 respectively.

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 – 12th May, 2016
By FxGrow Research & Analysis Team

The GBPUSD is preparing for a short-term breakout ahead of BOE decision

The GBPUSD gained momentum after breaking the strong resistance level 1.4460. The GBPUSD is searching for a recovery as it is heading into the Bank of England (BOE) quarterly meeting today. The GBPUSD has the opportunity to scope higher on rising expectations that the BOE is unlikely to change monetary policy and breaking 1.4460 triggers an upward move toward next resistance levels 1.4490 and 1.4535.

However, the BOE is going to release its quarterly inflation report that has a great impact on bank decision thus putting pressure on the pound and cutting 1.4400 opens a bearish leg to reach 1.4375 and 1.4345 respectively.

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 – 12th May, 2016
By FxGrow Research & Analysis Team

The EURUSD recovered ahead of US retail sales data

The EURUSD notched higher this morning to trade above 1.1400 zone waiting to bounce back at the 1.1445 initial resistance level. The FX pairs are looking for further data to smash out and play in a new range. The EURUSD needs to break the major resistance level 1.1465 in order to pave its way to touch next resistance levels 1.1495 and 1.1525.

However, the SSI is still short on the EURUSD and failing to hold above the initial support level 1.1385 will lead to an immediate downward wave toward next support points 1.1350 and 1.1320.

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 – 13th May, 2016
By FxGrow Research & Analysis Team

The EURUSD is finding support ahead of US retail sales report

The EURUSD was playing in a range between 1.1345 and 1.1445 in the past two days as the US Dollars strengthen. The EURUSD failed to cut 1.1460 and breakout on stronger comments from Fed policymakers as they said that the Fed should hike rates if data improves especially inflation. Breaking the support point 1.1320 will create a strong bearish movement to reach next support levels 1.1280, 1.1260 and 1.1235.

However, volatility remains in the market and the EURUSD kept an opened wave higher to breach new targets and breaking the minor resistance point 1.1390 paves the way for a bullish leg toward 1.1430 and 1.1460 respectively.

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 – 13th May, 2016
By FxGrow Research & Analysis Team

The British pound gained momentum as the BOE retains current policy

The GBPUSD reached 1.4530 high yesterday as the Bank of England (BOE) reiterated its view on policy and downgraded its GDP outlook. The GBPUSD is attempting to breakout of the downward trend and the RSI remains bullish for the pound and breaking the resistance point 1.4475 will expand its upward move toward 1.4495, 1.4515 and 1.4545 respectively.

However, the BOE used the quarterly inflation report to warn on ‘BREXIT’ putting pressure on the British pound and cutting 1.4365 supports the bearish trend and open the door for further declines toward near-term support levels 1.4335 and 1.4300.

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

The AUDUSD tumbles after weak Chinese data

The AUDUSD gapped lower as Chinese industrial production and retail sales data came weaker than expected to touch 0.7248 low. Year to date figures also missed expectations showing signs of a sluggish Chinese economy and thus giving a further slump to the AUDUSD. The AUDUSD will face a continued selling pressure as the pair cuts the support point 0.7235 to reach next support levels 0.7205 and 0.7165.

Alternatively, the RSI remains flat and the AUDUSD needs a push above 0.7308 in order to reverse back and trade higher toward 0.7325 and 0.7355 respectively.

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

The EURUSD largest drop after strong US retail sales data

The Euro falls against the US dollars as US retail sales data upbeat expectations. The EURUSD lost upside momentum and turned lower after a shooting star candlestick appeared above 1.1600 zone. The EURUSD is still losing ground especially as US economic data started stronger than expected and at the same time the SSI remains short and breaking the strong support point 1.1290 will put the euro in a bearish territory to touch near-term support levels 1.1260, 1.1220 and 1.1195.

However, the EURUSD needs a push above 1.1365 in order to put an end to the bearish trend and opens a leg higher toward 1.1395, 1.1415 and 1.1455 respectively.

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

The EURUSD is finding support ahead of US CPI data

The EURUSD was flat and was held in arrange between 1.1300 and 1.1345 as investors awaits new economic data to be released today. US economic data started improving on rising energy prices and better inflation report will boost expectations of Fed rate hike in June thus putting pressure on the EURUSD. Breaking 1.1300 will pave the way toward near-term support points 1.1275, 1.1235 and 1.1212.

However, the EURUSD needs a push above 1.1355 in order to trigger an upward move toward 1.1375 and 1.1395 respectively.

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

The EURUSD is struggling on stronger than expected US CPI data

The EURUSD hovered lower and cut the 1.1300 zone reaching 1.1270 low after upbeat US inflation data. These strong US economic data increases expectations that the Fed is going to increase rates in June thus putting the US Dollars in a bullish territory. The EURUSD is now vulnerable to deeper losses and breaking 1.1255 will push the EURUSD lower toward 1.1215 and 1.1190 respectively.

However, FOMC dovish statements regarding interest rate will create bearish signs for the US Dollars and will support the Euro, and breaking 1.1330 might create a recovery wave to touch next resistance points 1.1365 and 1.1395.

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

The GBPUSD dropped on weaker than expected UK CPI data

The GBPUSD treaded water to touch 1.4396 low after lower than expected UK inflation report. The GBPUSD hovered lower on stronger Dollar after strong US CPI data. The GBPUSD remains under pressure ahead of UK unemployment report and ahead of “Brexit” votes and cutting 1.4400 will provide a lower leg toward 1.4365 and 1.4330 respectively.

However, strong UK wage growth may spark a bullish reaction in GBPUSD as it plays a big role on the Bank of England (BOE) to normalize monetary policy and breaking 1.4480 push the GBPUSD higher toward 1.4500 and 1.4525.

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

The EURUSD largest drop after hawkish FOMC meeting

The EURUSD decreased sharply to touch 1.1214 low on hawkish comments from the Federal Reserve policy meeting. The US Dollars gains as the FOMC raised expectations that the Fed might hike rate in June if economic data continue improving. The EURUSD will remain bearish as it cuts the 38.2% Fibonacci retracement 1.1210 and breaking 1.1190 will extend losses toward 1.1175 and 1.1135 respectively.

However, the EURUSD needs a push above 1.1235 in order to end the downward move and continue surging higher to reach next resistance levels 1.1255 and 1.1285.

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

The AUDUSD suffered losses after disappointing Australia’s labor data

The Australian dollar dropped against its counterparts after weak Australia’s employment report. Weak data and lower cash rate puts pressure on the reserve bank of Australia (RBA) that made him change the policy by opting against a rate cut thus putting the AUDUSD in a bearish form. Breaking the support point 0.7180 creates a lower leg toward near-term support levels 0.7150 and 0.7110.

Alternatively, the AUDUSD needs to trade higher and close above 0.7255 in order to trigger an upward move toward 0.7285 and 0.7315.

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 May, 2016
By FxGrow Research & Analysis Team

The USDCAD increased ahead of Canadian CPI/Retail sales data

The USDCAD is hitting higher for the third consecutive day awaiting Canadian CPI and retail sales reports today. The USDCAD extended gains to touch 1.3155 high on stronger US Dollars after Fed hawkish comments and rising expectations of an interest rate hike in June. Breaking the minor resistance point 1.3108 will expand its bullish move toward the 32.8% Fibonacci retracement 1.3130 and cutting this point will open the door for an uptrend and thus continue increasing to touch topside target 1.3165 and 1.3217.

However, Canadian CPI data is expected to improve and powerful reports will push the Bank of Canada (BOC) to normalize policy in the coming period. A break below 1.3050 might pave the way toward near-term support levels 1.3015 and 1.2980.

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

The EURUSD under pressure ahead of EU PMI data

The EURUSD remains flat at 1.1220 ahead of PMI data today. The Euro was dipping lower on stronger dollar after rising concerns over Fed rate hike in June especially as policy makers claimed that June rate hike is a live and real possibility. Breaking the strong support 1.1196 will pave the way to touch 1.1170 and 1.1130 respectively.

However, better than expected PMI data will give support to the Euro as it will create responses to the ECB views and might change their dovish posture, and breaking 1.1255 will trigger an upward movement toward next resistance levels 1.1294- 1.1315.

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

The USDJPY decreased after G7 meeting

The Yen surged higher as Asian stocks declined. The USDJPY slumps to touch 109.40 after G7 meeting concluded that the US warned Japan against interventions to weaken the currency. Finance ministers also discussed further BOJ easing knowing that Yen’s actions was considered orderly, and breaking 109.25 will give the USDJPY a bearish wave to touch next support points 108.85 and 108.55.

However, volatility rose as Fed signaled the possibility of a much anticipated rate hike in June and breaking the minor resistance levels 110.40 will give an end to the downward movement and will open the door for further gains toward 110.65 and 110.95 respectively.

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 – 24th May, 2016
By FxGrow Research & Analysis Team

The British pound gains before BOE official’s decision

The GBPUSD rose ahead of Bank of England (BOE) official’s decision regarding “BREXIT” especially on rising expectations that the BOE is going to defend “BREXIT” outlook. The GBPUSD have to break the resistance point 1.4528 in order to trigger an upward movement to touch near-term resistance levels 1.4550 and 1.4570.

However, Fed policymakers claimed that “BREXIT” will not affect US rate hike decision and the US Dollars will continue its bullish move on Fed’s outlook. Cutting the minor support 1.4455 might push the GBPUSD lower toward 1.4424 and 1.4397 respectively.

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.