Daily Technical Analysis by FxGrow

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FxGrow Fundamental Analysis – 15th Feb, 2017
By FxGrow Investment Research Desk

Gold Earns Further Immunity Ahead of US Data
Gold has successfully sustained the 1220 threshold yesterday after positive US Producer Price Index release. The yellow metal dipped to 1221.95 low, then managed to peek again to 1231.11, currently XAUUSD trading 1226 intraday. Although US stocks are on top performance and Dow Jones pushed for a higher record today at 20550, lifting US Index today at 101.48 two-weeks-fresh-highs, gold is maintaining high levels due to US political uncertainties. Gold immunity will be subject for second test today as US releases Consumer Price Index (CPI) and Retails sales, both at 1:30 GMT. In addition to US data today, Mrs. Yellen will appear again at 3:00 PM GMT with possible repetition of yesterday's scenario about US Fed rate hikes.

Trend : Bullish Sideways

Key levels to watch : Daily Pp 1226.50

Resistance levels : R1 1230.80, R2 1240.53, R3 1249.52, R4 1259.63

Support levels : S1 1221.81, S2 1212.08, S3 1202.72, S4 1193.36

Remark : Look forward for US data today in addition to Yellen speech as they decide USD levels. A setback from R1 is an indication for additional rallies and a penetration for R1 level will fuel further demand for gold and closing above R2 levels is an alarm for R3&R4 to get ready. On the other hand, closing under S1 level will increase further selloffs and wash towards S2 then S3 level at which the metal will turn bearish.

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 Fundamental Analysis – 16th Feb, 2017
By FxGrow Investment Research Desk

USD/JPY Loses Bullish Traction Ahead of further US Data
USD/JPY rallied 109 pips yesterday and clocked a high 114.95 after strong US Data released positive CPI 0.6% and Retail Sales 0.4% pushing US index at 101.75 high. The pair failed to withhold strong gains, and dipped to 113.76 low today after US index collapsed to 100.84. BOJ's Kuroda crossed wires today warning that low interest rates may sow seeds of new financial crises. He also mentioned that many central banks like BOJ, US Fed, and ECB, have adopted unconventional monetary easing steps since the global financial crisis in 2008 Facing low inflation and tepid economic growth. Currently the Pair is trading at 113.90 intraday.

USD/JPY and US index levels awaits today US economic data today with main focus on Unemployment Claims and Building Permits for US Dollars. All data are scheduled for a release at 1:30 PM GMT.

Trend : Bullish Sideways

Key levels to watch : Daily Pp 114.32

Resistance levels : R1 114.38, R2 114.86, R3 115.60, R4 116.15

Support levels : S1 113.72, S2 113.30, S3 112.51, S4 111.94

Remark : Look forward for US Data today with expectations for higher volatility shortly before and after data release. Closing below S2 levels is an indication for a reverse trend to bearish momentum. Stalling above R1 level will spark further attacks at R3 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.

 

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FxGrow Fundamental Analysis – 16th Feb, 2017
By FxGrow Investment Research Desk

Australian Dollar touches new year highs after strong local data, US Data Eyed
AUD/USD extended bullish momentum on Asian trading sessions taking advantage of two elements. First by positive Australian unemployment rate at 5.7%, second by collapsing US dollar as US index plunged today at 100.72 low. The pair clocked 2017-fresh-highs at 0.7731, tripped shortly with 0.7692 low and currently fighting to reclaim the 0.7700 level as the cable is trading at 0.7698 intraday. Markets are anticipating US data today with Unemployment rate and Building Permits in focus, both scheduled at 1:30 PM GMT.

Trend : Bullish Sideways

Key levels to watch : Daily Pp 0.7687

Resistance levels : R1 0.7725 , R2 0.7773, R3 0.7850

Support levels : S1 0.7680, S2 0.7608, S3 0.7526

Remark : look forward for US data release today which will bring high volatility in the market. Closing above R1 will fuel fresh buying and further attacks to R2 & R3 level. Stalling below S1 is an alarm for further selloffs and wash towards S2, then S3. Below S3 level is an indication that the pair has ended the jet ride and the momentum has turned bearish.

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 Fundamental Analysis – 17th Feb, 2017
By FxGrow Investment Research Desk

Sterling Builds Expectation on Local Retail Sales
GBP/USD surges for the second consecutive trading session fueled by dipping US dollar as US Index drops to 100.40 today. As a result, the pair rallied yesterday from 1.2453, and clocked a high today at 1.2511, currently the pair is trading 1.2502, struggling to withhold the 1.2500 level.

Fundamentals : GBP awaits today local Retail Sales at 9:30 AM GMT which will either arm Sterling facing recent recovering US Dollar, or shorten GBP/USD depending on the result.

Technicals : Key levels to watch : Daily Pp 1.2489

Resistance levels : R1 1.2520, R2 1.2557, R3 1.2597

Support levels : S1 1.2482, S2 1.2483, S3 1.2405

Remark : The cable trend remains uptrend due to weaker US Dollar. The main gear for GBP/USD today is UK Retail Sales at 9:30 AM GMT. A break above R1 will spark additional attacks towards R2 level. Closing below S1 will increase further selloffs and wash towards S2 at which trend will shift bearish, then S3. Be careful from setbacks as the price tend to make a test on S and R levels.

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 Fundamental Analysis – 17th Feb, 2017
By FxGrow Investment Research Desk

Gold Prepares For the Jet Ride
Gold stands immune against US Dollar and the previous rebounds from this week lows confirms more. On Wednesday, XAUUSD dropped to 1216.80 low after strong US CPI and Retails sales were released, but managed to climb back to 1233.41. Yesterday, the yellow metal showed additional stiffness and clocked 1242.45 high despite positive and strong US data and proved to deserve the title of sacred haven metal when political uncertainties revolves globally.

Fundamentals : Gold recent psychological behavior facing USD indicates additional rallies. No Economic news on USD today.

Technical : Daily Pp 1237.97

Trend : Bullish

Resistance levels : R1 1242.45, R2 1250.54, R3 1261.82

Support levels : S1 1232.74, S2 1220.46, S3 1209.18

Remark : With absence of economic news on US Dollar, gold odds for additional hikes increase. Long positions above R1 is an alarm for secondary rallies towards R3 level. A penetration for S3 levels is needed to confirm shift to bearish trend.

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 Fundamental Analysis – 21st Feb, 2017
By FxGrow Investment Research Desk

EUR/USD Under Pressure Ahead of Local Data
EUR/USD traded narrow on Monday's trading sessions between 1.0632 high and 1.0603 low. Today, the pair confirmed the bearish momentum with a low 1.0577 being pressured by stronger US Dollar performance as US index gaped upward with a high 101.22. Overall, the uncertainty still revolves around Euro with series of pending elections and promises of some parties of breaking out of EU adds a negative aura and recent reports of Greece's debt crisis returning with a vengeance could encourage bearish traders to attack the EURUSD incessantly.

On the other hand, Draghi, head of ECB, promised that economy in the EU should progress based on Bundesbank (Buba) Germany's Central bank. Recent reports indicates that inflation in EU remains low despite previous recent positive CPI.

Key Points:

"German economy should strengthen in 2017 due to industrial & construction activity and lower unemployment."

"Against a backdrop of a very dynamic order intake, strong impulses can be expected from manufacturing."

Fundamentals for EURO levels:

1-French Flash Manufacturing and Services PMI at 8:00 AM GMT.

2-German Flash Manufacturing and Services PMI at 8:30 AM GMT.

3-EUR flash Manufacturing and Services PMI 9:00 AM GMT.

Fundamentals for USD levels:

1- FOMC member Kashkari will make a speech at 1:50 PM GMT.

2- FOMC member Harker speech 5:00 PM GMT.

3- FOMC meeting minutes tomorrow at 7:00 PM GMT

Technical:

Trend : Down - Bearish - Sideways

Key levels to watch : Daily Pp 1.0617

Resistance levels : R1 1.0634, R2 1.0682, R3 1.0743

Support levels : S1 1.0561, S2 1.0499, S3 1.0424

Remark : Over all EUR/USD remains bearish and negative trend. Closing below S1 levels adds pessimism with additional selloffs and wash at S2&S3 levels. Closing above R3 level is needed for market reverse trend.

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 Fundamental Analysis – 21st Feb, 2017
By FxGrow Investment Research Desk

Japanese Yen Shortens as USD Sharpens, FOMC meeting In sight
USD/JPY extends the bullish momentum despite positive Japanese PMI at 53.5 compared 52.7 on previous sessions. The pair plunged to 113.04 low, then took a reverse turn and clocked 113.77 high today as US index gaped upward at 101.53 high. BOJ Governor Kuroda crossed Reuters early morning stressing that continuing powerful easing is more appropriate. Mr. Kuroda didn't specify steps for easing on monetary system.

Key Headlines:

"Easing is for achieving inflation target, not aimed at FX"

"BOJ is still far from inflation target"

"Continuing powerful easing is appropriate"

"Too early to raise target rates"

"Cannot assume that the BOJ will raise rates because rates are rising overseas "

Fundamentals:

1- FOMC member Kashkari will make a speech at 1:50 PM GMT.

2- FOMC member Harker speech 5:00 PM GMT.

3- FOMC meeting minutes tomorrow at 7:00 PM GMT

Technical levels to watch :

Trend : Bullish Sideways

Key levels to watch : Daily Pp 113.04

Resistance levels : R1 114.16, R2 114.90, R3 115.61

Support levels : S1 112.74, S2 111.82, S3 111.19

Remark : With absence of economic Japanese news, the main focus now is on FOMC meeting tomorrow and US index levels. Stalling above R1 level will send additional bullish waves towards R2&R3 levels. Closing under S2 level is needed to reverse the bullish trend.

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 Fundamental Analysis – 22nd Feb, 2017
By FxGrow Investment Research Desk

Sterling Surges on Collapsing US Dollar, Awaiting Local GDP
GBP/USD extended the bullish momentum for the third consecutive session taking advantage of tripping US dollar yesterday. US Dollar opened yesterday with a strong tone with an upward gap, then rallied further more with a 101.60 high but failed to withhold strong gains as the US Index plunged to 101.22 today in early morning sessions. GBP/USD clocked a high today at 1.2508, struggling to hold the 1.25 level as the pair trades 1.2501 intraday.

Yesterday, Analysts at Scotiabank mentioned that the UK public sector net borrowing data showed a surplus of 9.4B Pound in January, the largest for the month since at least 2001. BOE Gov. Carney crossed wires yesterday stressing that last week's CPI 1.8% overpass was justified by a weaker GBP and that wages were key to how much tolerance the BoE had for above target inflation. The governor cautioned that the BoE had perhaps been “over-predicting” wage growth, which suggests no rush to react to the inflation push..."

GBP Fundamentals

1- Second Estimate GDP q/q at 9:30 AM GMT.

USD Fundamentals

1- FOMC meeting minutes tonight at 7:00 PM GMT

2- Unemployment claims tomorrow at 1:30 PM GMT.

Technical levels to watch :

Trend : Bullish Sideways

Daily Pp : 1.2451

Resistance levels : R1 1.2521, R2 1.2574, R3 1.2647

Support levels : S1 1.2445, S2 1.2382, S3 1.2312

Remark : look forward for UK GDP today. Also FOMC meeting tonight and US data tomorrow will decide USD levels. A penetration for S1 level is a negative sign for the cable with increase of additional selloffs and wash towards S2 level. Closing above R1 level will confirm the bullish momentum and spark additional attacks toward R2&R3 levels.

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 Fundamental Analysis – 22nd Feb, 2017
By FxGrow Investment Research Desk

Canadian Dollar : Hopes on Local Retail Sales
USD/CAD rallied for the third trading session in a row as US dollar imposed the strong tone again this week. The pair is on the path of clocking yesterday's high at 1.3164 as US Index peeks again to 101.64 today. Crude oil bearish forces with -$0.83 added additional losses for the loonie and USD/CAD surged +54 pips since Wednesday's opening session.

CAD Fundamentals :

Core Retail Sales today at 1:30 PM GMT

USD Fundamentals :

1- FOMC meeting minutes tonight at 7:00 PM GMT

2- Unemployment claims tomorrow at 1:30 PM GMT.

Technical levels to watch:

Trend : Bearish Sideways

Daily Pp : 1.3135

Resistance levels : R1 1.3177, R2 1.3248, R3 1.3304

Support levels : S1 1.3128, S2 1.3075, S3 1.3014

Remark : Look forward for Canadian data today but the main focus will be on FOMC meeting tonight and US unemployment claims tomorrow as US Dollar is dominant. Also Crude Oil levels tend to have an impact on USD/CAD considering Canada is a major oil producer. Closing above R2 level, the cable will shift to bullish trend.

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 Fundamental Analysis – 23rd Feb, 2017
By FxGrow Investment Research Desk

Crude Oil Rallies With Vengeance Ahead of US Inventories

Fundamentals :

Crude oil surged significantly this week from 53.33 low, overstepped 55 level slightly with 0.01 with a new record for Feb 2017. Oil futures increased nearly 1 percent on Thursday after data released by an industry group showed a shocking slump in U.S. crude stocks as imports fell. Crude inventories dropped by 884,000 barrels in the week to Feb. 17 to 512.7 million, compared with analysts' forecasts for an increase of 3.5 million barrels as American Petroleum Institute (API) data report showed on Wednesday.

OPEC and Non-OPEC producers including Russia will boost compliance with agreed oil output curbs in a bid to clear a supply glut that has weighed on prices, the group's secretary general said on Tuesday. OPEC Secretary General Mohammad Barkindo also said he was "cautiously optimistic" on the outlook for the oil market, almost two months into the group's supply cut deal with Russia and other producers. (Reuters)

However, for prices to break out of their trading ranges, the market needs to see signs that OPEC inventories are falling, said Tony Nunan, oil risk manager at Mitsubishi Corp. in Tokyo.

Conclusion : OPEC efforts seems more fruitful and crude oil levels being stable proves so. With more compliance, we look forward for additional boosters on oil price.

Technical : The upside prevails

Trend : Bullish

Daily Pp: 54.06

Resistance levels : R1 54.76, R2 55.54, R3 56.49

Support levels : S1 53.84, S2 52.79, S3 51.90

Remark : Look forward for US crude oil inventories today at 4:00 PM GMT. Stalling above R1 level projects further attacks towards R2&R3 levels. On the other hand, closing below S2 level is needed to reverse the bullish momentum.

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 Fundamental Analysis – 23rd Feb, 2017
By FxGrow Investment Research Desk

Gold Dodges FOMC's Strike, Awaiting US Unemployment Claims
Gold has successfully sustained 1230 levels yesterday after FOMC minute meeting ended with ambiguous hints that US fed rates hike is inevitable without any specifications on date and time, but it's coming. Traders didn't digest the released news properly and XAUUSD replied with a rally from 1231 low to 1240.58 high. Gold, which was recently proved a sacred haven metal will undergo further test today as US releases unemployment claims.

Fundamentals :

1 - US jobless claims today at 1:30 PM GMT.

Technical levels to watch :

Trend : Up sideways

Daily Pp 1234.13

Resistance levels : R1 1243.90, R2 1249.36, R3 1259.33 , R4 1268.49

Support levels : S1 1232.70, S2 1221.50, S3 1213.71, S4 1198.37

Remark : Gold trend is still up but US data today will creative volatility. Keep in mind that gold has managed to reclaim bearish forces. Stalling above R1 level will spark additional bull waves towards R2&R3 level. Closing below S2 level is needed to shift to downward trend. Be careful from set backs on support levels as a first test.

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 Fundamental Analysis – 27th Feb, 2017
By FxGrow Investment Research Desk

EUR/USD Under Pressure Ahead of US Core Durable Goods
EUR/USD digested Friday's gains as US Dollar perused bullish forces and continued the strong tone after Trump speech on 24th, with tax reformation as a main subject. US index surged $0.5 and clocked a high 100.63, currently trading 101.12 intraday. Analysts at Namoura expressed concerns about what's coming ahead of EU and French election is the main frame that revolves EURO levels.

Quote:

"Higher polling for Marine Le Pen justifies the markets’ recent fears, but our base case remains for her to lose the election. If fears escalate, we think 0.97 will be a key level in EUR/USD (-20% deviation from PPP), and the level the euro would settle around in the event of a Le Pen victory. If fears of a Le Pen victory subside, as we expect, then we see a very positive picture for the euro with the possibility of ECB tapering later in the year.”

Fundamentals :

1- EUR -M3 Money Supply y/y today at 9:00 AM GMT.

1- USD - Core durable goods order today at 1:30 PM GMT.

Technical levels to watch:

Trend: Bearish Sideways.

Resistance levels : R1 1.0587, R2 1.0628, R3 1.0658

Support levels : S1 1.0552, S2 1.0519 , S3 1.0492

Remark : The market remains bearish trend. Closing below S1 projects further declines with selloffs and wash towards to S2 level. Closing above R3 is needed for trend reversal. Look forward for US data today which will impact US index levels.

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 Fundamental Analysis – 28th Feb, 2017
By FxGrow Investment Research Desk

Sterling Declines as US Dollar Inclines, US GDP in Focus
GBP/USD extended the bearish momentum for the third consecutive session this week. The pair clocked two-weeks-fresh-lows yesterday at 1.2383 pressured by reviving US Dollar yesterday as US index rallied from 100.66 low and parked at 101.18 hill, currently trading 101.11. The pair is trading 1.2432 right now, struggling to trespass it's daily pivot at 1.2437.

Other contributing fundamentals added negative weight for Sterling, starting with PM Theresa May and the possibility of releasing article 50 approaches and mid March in on her Agenda. Second, reports released by the Times saying that the UK government is preparing for a potential independence referendum in Scotland next March. Reports (Times) also mentioned that PM May has granted the green light for such referendum on the condition that it will take action after UK leaves EU.

Fundamentals :

1- US Prelim GDP q/q today at 1:30 PM GMT ( Heavy Impact )

2- US Consumer Confidence today at 3:00 PM GMT ( less Impact )

Technical :

Trend : Bearish Sideways

Resistance levels : R1 1.2479, R2 1.2527, R3 1.2570

Support levels : S1 1.2412, S2 1.2371, S3 1.2325

Remark : Look forward for US data today which will impact US Dollar levels. Stalling below S1 level projects further congestion with attacks towards S2&S3 levels. Closing above R2 level is needed for a short-term-trend-reversal and above it, GBP/USD will be considered Bullish.

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 Fundamental Analysis – 28th Feb, 2017
By FxGrow Investment Research Desk

Japanese Yen Surges on Local Positive Retail Sales, US GDP in Sight
Japanese Yen inaugurated early trading hours with a sharp tone facing strong US Dollar, armored with positive local Retail Sales at 0.1% compared to 0.7% on previous sessions. USD/JPY rallied yesterday 92 pips and clocked a high 112.84 but managed to deduct -40 pips this morning as the pair plunged to 112.44 low. US index strong performance yesterday at 101.18 high was justified by positive local Durable Goods at 1.8%, while forecasts were 1.6%. Fed President and 2017 FOMC voter Kaplan crossed wires yesterday with a repetition to his previous comments that Fed rates should be increased sooner rather now and quoted:

"even raising rates a few times this year would leave monetary policy stance accommodative."

Fundamentals :

1- US Prelim GDP q/q today at 1:30 PM GMT ( Heavy Impact )

2- US Consumer Confidence today at 3:00 PM GMT ( less Impact )

Technical :

Trend : Bearish Sideways

Daily Pp 112.48

Resistance levels : R1 112.86, R2 113.58, R3 114.29

Support levels : S1 112.04, S2 111.37, S3 110.59

Remark : Keep an eye on US Index levels with local US news today. Stalling below S1 projects further attacks towards S2 level. Closing above R1 levels will spark additional bullish waves at R2&R3 levels. Above R2 the cable to be considered bullish.

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 Fundamental Analysis – 01st March, 2017
By FxGrow Investment Research Desk

Crude Oil Recoups Yesterday's Losses Ahead of US Inventories
Fundamentals :

Crude oil levels plunged yesterday to 53.13 20-Feb-fresh-lows after signals that the U.S. shale industry is recovering weighed on the market ( ANZ Report ).

Quote: "One of the biggest shale producers, EOG Resources said it had boosted its drilling budget by 44 percent after the recent rally in prices."

OPEC with Saudi Arabia in focus, has set its eye on $60 P/B as a target for 2017. The Organization of the Petroleum Exporting Countries, Russia and other producers pledged last year to cut production by about 1.8 million barrels per day (bpd) from Jan. 1. The first cut in eight years is intended to boost prices and get rid of a supply glut.

OPEC could extend its oil supply-reduction pact with non-members or even apply deeper cuts from July if global crude inventories fail to drop to a targeted level, OPEC sources have told Reuters.

Positive Chinese Caixin Manufacturing PMI released early this morning give signs of increasing oil demand and therefore pushed oil prices higher.

Conclusion : US will increase drilling rigs to glut market with oil supply and OPEC can only reply by ascending compliance and additional reduction to the initial 1.8M bpd. Today US crude inventories at 3:30 PM GMT, will bring new perspectives for oil levels.

Technical :

Trend : Bullish Sideways

Resistance levels : R1 54.27, R2 54.90, R3 55.65

Support levels : S1 53.47, S2 52.85, S3 52.35

Remark : The key player today is US crude inventories. A penetration for R1 level and stalling above it projects further attacks towards R2 level. Closing Above R2 level is an alarm for R3 level to get ready. A correction below S1 level will create congestion with further selloffs and wash towards S2 levels. Below S3 level the market to be considered downtrend.

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 Fundamental Analysis – 01st March, 2017
By FxGrow Investment Research Desk

Canadian Dollar levels Awaits Local Interest Rate Decision
USD/CAD dilated further gains early this morning and the greenback boogie is back on the field. Yesterday, FOMC members Williams and Harker were on the right time, right place supporting US Dollar, and both scenarios in accord waving the Fed rate hike card again and odds for March increase is officially on the menu. Trump contributed positively with a patriotic speech that boosted US index more, currently 101.72 and it's expected to surge further more. As a result, USD/CAD rallied yesterday from 1.3164 and clocked 1.3330 24-Jan-fresh-highs. Canadian Dollar awaits BOC interest decision today and stakes of leaving rates at current 0.50% are outweigh.

Fundamentals :

1- CAD Interest Rate decision today at 3:00 PM GMT.

2- US ISM Manufacturing PMI today at 3:00 PM GMT.

3- US FOMC Member Kaplan speech today at 6:00 PM GMT.

Technical :

Trend : Bullish

Daily Pp 1.3259

Resistance levels : R1 1.3333, R2 1.3384, R3 1.3430, R4 1.3478

Support levels : S1 1.3255, S2 1.3192, S3 1.3140, S4 1.3030

Remark : Look forward for Canadian and US data today which will new perspectives for USD/CAD. Also, indirectly, crude oil levels tend to impact Canadian Dollar. Canadian GDP and Unemolyment Rate data tomorrow at 1:30 PM GMT not to be missed.

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 Fundamental Analysis – 01st March, 2017
By FxGrow Investment Research Desk

USD/MXN Edges On Stronger US Dollar
USD/MXN rallied yesterday at 20.1079 after FOMC's members Williams and Harker crossed wires yesterday with hints that Fed Rate Hikes are more important than ever and March odds are increasing. Then Trump appeared early this morning with patriotic speech, boosting US index higher at 101.79 and USD/MXN clocked a higher record for this week 20.1600, but the pair couldn't withhold the 20 level and retreated to 19.9788 at which the currency is currently trading.

Unemployment in Mexico peeked up to 3.6% in January, a 0.2% rise on December’s reading but lower than market expectations of a rise to 3.8%. The USD clawed back some of the session’s losses against the Peso but the Mexican currency still remains vulnerable to further downside pressure from President Donald Trump’s job repatriation vows.

Fundamentals :

1- US ISM Manufacturing PMI today at 3:00 PM GMT.

2- US FOMC Member Kaplan speech today at 6:00 PM GMT.

3- MXN Manufacturing PMI report today at 3:30 PM GMT.

Technical :

Trend : Bullish Sideways

Resistance levels : R1 20.1597, R2 20.3342, R3 20.6069

Support levels : S1 19.9665, S2 19.7622 , S3 19.5024

Remark : Look forward for US and Mexican economic data today with expectation of high volatility after release.

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 Fundamental Analysis – 02nd March, 2017
By FxGrow Investment Research Desk

GBP/USD Sinks as Brexit Final Touches Approaches, Awaiting UK PMI
Once again, GBP/USD dips to 1.2260 20-Jan-Fresh-lows with a reminder of Brexit bearish levels. The pair is downtrend for fifth consecutive session through this week due to the following factors.

1- Strong US Dollar performance after Fed Rate hikes has increased from 35% on Tuesday to 69% on Wednesday (CNBC). US index peeked yesterday to 101.97, highest levels since Feb.

2- PM Theresa May mentioned recently that papers ( Article 50 ) for final divorce from EU are ready and the green light is granted for a release. (Reuters).

3- Yesterday, UK negative Manufacturing PMI at 54.8 while forecasts were 55.9, added more negative mood for Sterling future and what about to come.

These are the elements that created the dark cocktail for Sterling and fears grow further more, along with it uncertainty evolves around GBP/USD coming future. The pair has a chance to claim some dignity today at UK releases local construction PMI which will either dig a deeper hole or the pair will make an upward temporary correction.

Fundamentals :

1- GBP Construction PMI today at 9:30 AM GMT.

2- USD Unemployment Rate today at 1:30 PM GMT.

3- USD - Yellen Speech tomorrow at 6:00 PM GMT.

Technical :

Trend : Bearish

Daily Pp 1.2326

Resistance levels : R1 1.2329, R2 1.2383, R3 1.2469

Support levels : S1 1.2257, S2 1.2208, S3 1.2134

Remark : Look forward for UK and US data today. The market is negative due to strong US Index and Yellen Speech tomorrow could create additional gains for USD. A penetration for S1 level will create further congestion with increase selloffs and wash towards S2 level. Closing above R2 level is needed for short-term correction and above R3 level, the pair to be considered bullish.

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 Fundamental Analysis – 02nd March, 2017
By FxGrow Investment Research Desk

Gold Maintains High Levels Despite Strong US Dollar
Gold has successfully sustained high levels even though US Dollar is back with the bully tone. XAUUSD peeked this week to 1263.95, highest level since 11 Nov 2016, but then lost momentum after FOMC's members hints that Fed Rate Hikes are important now more than ever. As a result, the yellow metal rolled -$26.99 and sank to 1236.79 low yesterday.

US Dollar is on the strongest performance after Fed Rate hikes has increased from 35% on Tuesday to 69% on Wednesday (CNBC). US index peeked yesterday to 101.97, highest levels since Feb.

Fundamentals :

1- US Unemployment Rate today at 1:30 PM GMT.

2- Yellen Speech tomorrow at 6:00 PM GMT.

Technical :

Trend: Bullish Sideways

Resistance levels : R1 1250.54, R2 1263.52, R3 1273.44, R4 1282.58

Support levels : S1 1241.32, S2 1230.69, S3 1220.52, S4 1207.00

Remark : Look forward for US Data today but the main focus is shifted to Yellen speech, any hints about Fed Rates Hikes will impact gold levels. Stalling above R2 level will fuel further attacks towards R3&R4 levels. Closing below S2 level, the market will shift to bearish.

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 Fundamental Analysis – 03rd March, 2017
By FxGrow Investment Research Desk

Forex Technical Levels Ahead Of Yellen Speech Today
Fundamentals:

Markets, analysts, and traders are all poised ahead Fed chair Mrs. Yellen speech today at 6:00 PM GMT and what would result from her speech. Recent appearance of FOMC members kaplan, Harker, Evans, Brainnard, and Powel boosted US Dollar significantly as US Dollar index added +$1.6 from Monday with a 12-Jan-fresh-highs at $102.26. All members were in accord waving the Fed Rates hike card, now important more than ever.

March hike previously was out of consideration and the debate about it was considered a taboo with low probability, but recent booming US economy with Dow breaking record 12 consecutive sessions touching new historical highs and strong US data, forced FOMC members to appear on T.V. and discuss March hike officially on the menu. Now, March odds has increased to 69% (CNBC), therefore Yellen appearance today is considered articular.

Scenarios 1 : Yellen speech would go along with FOMC members adding more value to March hike and US Index will peek further more.

Scenario 2: Previous history of Mrs. Yellen, leaving details vague without confirmation nor denial about March hike would result in US index wallowing and possibility of USD decline.

Fx Technical levels

EUR/USD

Resistance levels : R1 1.0553, R2 1.0587, R3 1.0633

Support levels : S1 1.0510, S2 104.66, R3 104.22

USD/JPY

Resistance levels : R1 114.59, R2 114.96, R3 115.38

Support levels : S1 114.05, S2 113.50, S3 112.96

GBP/USD

Resistance levels : R1 1.2275, R2 1.2363, R3 1.2446

Support levels : S1 1.2210, S2 1.2131, S3 1.2068

AUD/USD

Resistance levels : R1 0.7572, R2 0.7609, R2 0.7650

support levels : S1 0.7536 , S2 0.7493, S3 0.7449

USD/CAD

Resistance levels : R1 1.3455, R2 1.3516, R3 1.3591

Support levels : S1 1.3357, S2 1.3278, S3 1.3210

Gold - XAUUSD

Resistance levels : R1 1232.87, R2 1242.12, R3 1258.14
Support levels: S1 1218.98, S2 1205.45, S3 1194.06

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.