Daily Technical Analysis by FxGrow

[FxGrow Support]

FxGrow Daily Technical Analysis – 13th Oct, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview

GBP/USD Intraday: the upside prevails.
Pivot: 1.3220
Our preference: long positions above 1.3220 with targets at 1.3290 & 1.3345 in extension.
Alternative scenario: below 1.3220 look for further downside with 1.3175 & 1.3125 as targets.
Comment: the RSI is bullish and calls for further upside.
Supports and resistances:
1.3400
1.3345
1.3290
1.3265 Last
1.3220
1.3175
1.3125

USD/JPY Intraday: capped by a negative trend line.
Pivot: 112.45
Our preference: short positions below 112.45 with targets at 111.95 & 111.80 in extension.
Alternative scenario: above 112.45 look for further upside with 112.60 & 112.80 as targets.
Comment: the RSI is capped by a declining trend line.
Supports and resistances:
112.80
112.60
112.45
112.15 Last
111.95
111.80
111.55

EUR/USD Intraday: caution.
Pivot: 1.1855
Our preference: short positions below 1.1855 with targets at 1.1820 & 1.1795 in extension.
Alternative scenario: above 1.1855 look for further upside with 1.1880 & 1.1900 as targets.
Comment: intraday technical indicators are mixed and call for caution.
Supports and resistances:
1.1900
1.1880
1.1855
1.1835 Last
1.1820
1.1795
1.1760

AUD/USD Intraday: the bias remains bullish.
Pivot: 0.7805
Our preference: long positions above 0.7805 with targets at 0.7855 & 0.7875 in extension.
Alternative scenario: below 0.7805 look for further downside with 0.7785 & 0.7770 as targets.
Comment: technically the RSI is above its neutrality area at 50.
Supports and resistances:
0.7900
0.7875
0.7855
0.7830 Last
0.7805
0.7785
0.7770

Crude Oil (WTI) (X7) Intraday: rebound expected.
Pivot: 50.25
Our preference: long positions above 50.25 with targets at 51.10 & 51.40 in extension.
Alternative scenario: below 50.25 look for further downside with 49.75 & 49.20 as targets.
Comment: the RSI advocates for further advance. A strong support base around 50.25 (the previous swing low) has formed,and should limit any downward attempts.
Supports and resistances:
51.75
51.40
51.10
50.94 Last
50.25
49.75
49.20

Gold spot Intraday: the upside prevails.
Pivot: 1289.50
Our preference: long positions above 1289.50 with targets at 1301.00 & 1306.00 in extension.
Alternative scenario: below 1289.50 look for further downside with 1284.00 & 1281.00 as targets.
Comment: the RSI advocates for further advance.
Supports and resistances:
1310.00
1306.00
1301.00
1295.70 Last
1289.50
1284.00
1281.00

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 Oct, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview

EUR/USD Intraday: under pressure.
Pivot: 1.1825
Our preference: short positions below 1.1825 with targets at 1.1775 & 1.1760 in extension.
Alternative scenario: above 1.1825 look for further upside with 1.1850 & 1.1875 as targets.
Comment: the RSI shows downside momentum.
Supports and resistances:
1.1875
1.1850
1.1825
1.1800 Last
1.1775
1.1760
1.1735

USD/JPY Intraday: intraday support around 111.65.
Pivot: 111.65
Our preference: long positions above 111.65 with targets at 112.05 & 112.25 in extension.
Alternative scenario: below 111.65 look for further downside with 111.40 & 111.20 as targets.
Comment: the RSI lacks downward momentum.
Supports and resistances:
112.45
112.25
112.05
111.86 Last
111.65
111.40
111.20

GBP/USD Intraday: further advance.
Pivot: 1.3260
Our preference: long positions above 1.3260 with targets at 1.3325 & 1.3350 in extension.
Alternative scenario: below 1.3260 look for further downside with 1.3230 & 1.3180 as targets.
Comment: the RSI shows upside momentum.
Supports and resistances:
1.3375
1.3350
1.3325
1.3295 Last
1.3260
1.3230
1.3180

AUD/USD Intraday: the bias remains bullish.
Pivot: 0.7850
Our preference: long positions above 0.7850 with targets at 0.7900 & 0.7920 in extension.
Alternative scenario: below 0.7850 look for further downside with 0.7825 & 0.7805 as targets.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Supports and resistances:
0.7950
0.7920
0.7900
0.7875 Last
0.7850
0.7825
0.7805

Crude Oil‏ (WTI)‏ (X7) Intraday: further advance.
Pivot: 51.35
Our preference: long positions above 51.35 with targets at 52.40 & 52.85 in extension.
Alternative scenario: below 51.35 look for further downside with 50.95 & 50.55 as targets.
Comment: the RSI lacks downward momentum.
Supports and resistances:
53.20
52.85
52.40
51.93 Last
51.35
50.95
50.55

Gold spot Intraday: further advance.
Pivot: 1295.00
Our preference: long positions above 1295.00 with targets at 1310.00 & 1315.00 in extension.
Alternative scenario: below 1295.00 look for further downside with 1290.00 & 1284.00 as targets.
Comment: the RSI is bullish and calls for further advance.
Supports and resistances:
1322.00
1315.00
1310.00
1303.28 Last
1295.00
1290.00
1284.00

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 Oct, 2017
By FxGrow Research & Analysis Team

GBP/USD Trading Flat Ahead of UK Inflation Data

GBP/USD peeked yesterday to 1.3311 but failed to guard 1.3300 level and dipped to 1.2325 low and closed above 10-EMA at 1.2350 reviving the daily trend to turn bullish, depending on how the pair closes on daily time frame.

Today, the cable is trading flat with 38-pips price action after clocking 1.3268 high, ahead of UK CPI inflation report, followed by BOE's Gov. Carney with expectation for a tone to set the Pound in a certain direction depending on the data outcome. Expectations are placed at 3.00% compared to 2.9% on previous sessions. In case CPI managed to score a 3% and above, the pair will set a new course with a bull destination as the data could motivate Carney for a hawkish tone.
Technical Overview GBP/USD

Current price: 1.3256

Closing price: 1.3250

Target: None

Resistance levels: 1.3285 , 1.3333 , 1.3350

Support levels: 1.3240 , 1.3212 , 1.3154

Trend: Sideways

Comment: Overall the market is short term bearish with near term rebounds capped trying to push beyond 1.3285 resistance. A close over 1.3285* or pop over 1.3333-50 signals short term bottoming upturn and could launch a climb to the 1.3410+ area. The roll off from 1.3285 hints for bear forces to pressure selloff back with last Thursday's range. A close under 1.3200 alerts for secondary selloff.


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 Oct, 2017
By FxGrow Research & Analysis Team

FxGrow's Forex Daily Technical Overview

GBP/USD Intraday: under pressure.
Pivot: 1.3290
Our preference: short positions below 1.3290 with targets at 1.3220 & 1.3180 in extension.
Alternative scenario: above 1.3290 look for further upside with 1.3325 & 1.3350 as targets.
Comment: as long as the resistance at 1.3290 is not surpassed, the risk of the break below 1.3220 remains high.
Supports and resistances:
1.3350
1.3325
1.3290
1.3259 Last
1.3220
1.3180
1.3150

USD/JPY Intraday: the upside prevails.
Pivot: 111.85
Our preference: long positions above 111.85 with targets at 112.30 & 112.55 in extension.
Alternative scenario: below 111.85 look for further downside with 111.65 & 111.40 as targets.
Comment: the RSI shows upside momentum.
Supports and resistances:
112.80
112.55
112.30
112.10 Last
111.85
111.65
111.40

EUR/USD Intraday: the downside prevails.
Pivot: 1.1800
Our preference: short positions below 1.1800 with targets at 1.1740 & 1.1715 in extension.
Alternative scenario: above 1.1800 look for further upside with 1.1815 & 1.1835 as targets.
Comment: the RSI is bearish and calls for further downside.
Supports and resistances:
1.1835
1.1815
1.1800
1.1765 Last
1.1740
1.1715
1.1695

AUD/USD Intraday: consolidation.
Pivot: 0.7875
Our preference: short positions below 0.7875 with targets at 0.7825 & 0.7805 in extension.
Alternative scenario: above 0.7875 look for further upside with 0.7900 & 0.7925 as targets.
Comment: as long as 0.7875 is resistance, look for choppy price action with a bearish bias.
Supports and resistances:
0.7925
0.7900
0.7875
0.7850 Last
0.7825
0.7805
0.7770

Crude Oil‏ (WTI)‏ (X7) Intraday: the bias remains bullish.
Pivot: 51.50
Our preference: long positions above 51.50 with targets at 52.40 & 52.85 in extension.
Alternative scenario: below 51.50 look for further downside with 50.95 & 50.55 as targets.
Comment: the RSI is mixed with a bullish bias.
Supports and resistances:
53.20
52.85
52.40
51.90 Last
51.50
50.95
50.55

Gold spot Intraday: under pressure.
Pivot: 1296.00
Our preference: short positions below 1296.00 with targets at 1284.00 & 1282.00 in extension.
Alternative scenario: above 1296.00 look for further upside with 1300.00 & 1306.00 as targets.
Comment: the RSI is bearish and calls for further downside.
Supports and resistances:
1306.00
1300.00
1296.00
1290.40 Last
1284.00
1282.00
1279.50

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 Oct, 2017
By FxGrow Research & Analysis Team

EUR/USD Extends The Bear Forces, Looking For Clues By Draghi

EUR/USD prolonged the selloff sessions this week and yesterday, the pair dipped to 1.1736 low after clocking 1.1800 high, still testing daily 10-EMA zone with 5-EMA dropping below, indicating for additional bear forces to take control these coming days after making a correction last week.

Today, EUR/USD the pair traded 22-pips price action and managed to record 1.1754 high then retreated 1.1758 low, currently trading 1.1764 intraday.

Fundamentally, the rift between the Catalans and Spain, although has been eased a bit, but the Brexit negotiations with EU and its absence of progress still weighs negatively on both the EUR and the Pound as European Union's chief Brexit negotiator Michel Barnier crossed the wires yesterday, with key quotes:

• Progress in Brexit talks ‘not there at this point
• New dynamic since UK pm may’s speech in Florence
• Important that past issues have been sorted out first
• No intentions of holding up Brexit process
• EU stands ready to ‘speed up’ Brexit talks

Today, all eyes are focused on Draghi due to deliver a speech shortly afterwards without any clues how the ECB Gov. will set the tone. Any hints about QE winding or setting a date for shrinking the EU bond purchasing budget should set the EUR bulls in action.


EUR/USD Technical Overview:

Target price: None

Closing Price: 1.1765

Resistance levels: 1.1784 , 1.1819 , 1.1866

Support levels: 1.1744 , 1.1710-20, 1.1670

Trend : Down / Sideways

Trend reversal price: 1.1900

General Technical Overview: Overall the market is bearish and a close under 1.1741* suggests a selloff under last swing low. The larger formation cautions declines to 1.1600. Any near term rallies will likely be capped under 1.1840 - 1.1860 and likely stick to sideways congestion. A close over 1.1900* is needed to start a reversing turn back to higher 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.

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 18th Oct, 2017
By FxGrow Research & Analysis Team

Forex Daily Technical Overview 18 Oct 2017

GBP/USD Intraday: under pressure.
Pivot: 1.3200
Our preference: short positions below 1.3200 with targets at 1.3120 & 1.3090 in extension.
Alternative scenario: above 1.3200 look for further upside with 1.3235 & 1.3265 as targets.
Comment: the RSI shows downside momentum.
Supports and resistances:
1.3265
1.3235
1.3200
1.3155 Last
1.3120
1.3090
1.3070

USD/JPY Intraday: further advance.
Pivot: 112.25
Our preference: long positions above 112.25 with targets at 112.80 & 112.95 in extension.
Alternative scenario: below 112.25 look for further downside with 112.00 & 111.65 as targets.
Comment: the RSI shows upside momentum.
Supports and resistances:
113.20
112.95
112.80
112.50 Last
112.25
112.00
111.65

EUR/USD Intraday: key resistance at 1.1780.
Pivot: 1.1780
Our preference: short positions below 1.1780 with targets at 1.1715 & 1.1690 in extension.
Alternative scenario: above 1.1780 look for further upside with 1.1815 & 1.1850 as targets.
Comment: the RSI shows downside momentum.
Supports and resistances:
1.1850
1.1815
1.1780
1.1750 Last
1.1715
1.1690
1.1670

AUD/USD Intraday: the downside prevails.
Pivot: 0.7860
Our preference: short positions below 0.7860 with targets at 0.7815 & 0.7800 in extension.
Alternative scenario: above 0.7860 look for further upside with 0.7875 & 0.7895 as targets.
Comment: the RSI shows downside momentum.
Supports and resistances:
0.7895
0.7875
0.7860
0.7836 Last
0.7815
0.7800
0.7770

Gold spot Intraday: the downside prevails.
Pivot: 1284.00
Our preference: short positions below 1284.00 with targets at 1275.00 & 1272.00 in extension.
Alternative scenario: above 1284.00 look for further upside with 1289.00 & 1293.00 as targets.
Comment: the break below the support at 1284.00 triggered a downward acceleration to 1272.00.
Supports and resistances:
1293.00
1289.00
1284.00
1280.55 Last
1275.00
1272.00
1269.50

Crude Oil‏ (WTI)‏ (X7) Intraday: further upside.
Pivot: 51.65
Our preference: long positions above 51.65 with targets at 52.40 & 52.65 in extension.
Alternative scenario: below 51.65 look for further downside with 51.45 & 51.20 as targets.
Comment: the RSI is mixed with a bullish bias.
Supports and resistances:
52.85
52.65
52.40
52.14 Last
51.65
51.45
51.20

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 Oct, 2017
By FxGrow Research & Analysis Team

Forex Daily Technical Overview 19 Oct 2017

GBP/USD Intraday: turning down.
Pivot: 1.3200
Our preference: short positions below 1.3200 with targets at 1.3120 & 1.3070 in extension.
Alternative scenario: above 1.3200 look for further upside with 1.3225 & 1.3260 as targets.
Comment: the RSI shows downside momentum.
Supports and resistances:
1.3260
1.3225
1.3200
1.3155 Last
1.3120
1.3070
1.3025

USD/JPY Intraday: turning down.
Pivot: 113.15
Our preference: short positions below 113.15 with targets at 112.45 & 112.10 in extension.
Alternative scenario: above 113.15 look for further upside with 113.45 & 113.75 as targets.
Comment: the RSI shows downside momentum.
Supports and resistances:
113.75
113.45
113.15
112.75 Last
112.45
112.10
111.85

EUR/USD Intraday: the bias remains bullish.
Pivot: 1.1775
Our preference: long positions above 1.1775 with targets at 1.1835 & 1.1860 in extension.
Alternative scenario: below 1.1775 look for further downside with 1.1755 & 1.1735 as targets.
Comment: the RSI shows upside momentum.
Supports and resistances:
1.1880
1.1860
1.1835
1.1801 Last
1.1775
1.1755
1.1735

AUD/USD Intraday: the upside prevails.
Pivot: 0.7830
Our preference: long positions above 0.7830 with targets at 0.7875 & 0.7895 in extension.
Alternative scenario: below 0.7830 look for further downside with 0.7815 & 0.7800 as targets.
Comment: the RSI shows upside momentum.
Supports and resistances:
0.7915
0.7895
0.7875
0.7855 Last
0.7830
0.7815
0.7800

Crude Oil‏ (WTI)‏ (X7) Intraday: the downside prevails.
Pivot: 51.70
Our preference: short positions below 51.70 with targets at 50.95 & 50.55 in extension.
Alternative scenario: above 51.70 look for further upside with 52.05 & 52.35 as targets.
Comment: the RSI has broken down its 30 level.
Supports and resistances:
52.35
52.05
51.70
51.33 Last
50.95
50.55
50.15

Gold spot Intraday: rebound expected.
Pivot: 1276.50
Our preference: long positions above 1276.50 with targets at 1289.00 & 1293.00 in extension.
Alternative scenario: below 1276.50 look for further downside with 1273.00 & 1270.00 as targets.
Comment: the RSI advocates for further upside.
Supports and resistances:
1296.50
1293.00
1289.00
1285.40 Last
1276.50
1273.00
1270.00

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 Oct, 2017
By FxGrow Research & Analysis Team

Gold Recovers Seeing Weakness In U.S Dollar, Eyes on U.S Data

Gold rallied to 1306.10 high on Monday but failed to press forward and started deep retracements as price correction and ended today with at 1276.70 low, currently XAUUSD is trading 1286 after clocking 1288 high.

On technical level, since gold closed above 1296, the trend shifted up and the failure to close below 1280 (Daily) kept the bull forces in action. At the moment we are standing two scenarios that awaits gold.

First scenario is that gold will extend price correction towards 1290+ levels and could end the rally at 1295 forming head and shoulders pattern, then the daily candle will turn bearish and market should prepare for deeper retracement exceeding today's low aimed at 1258+ zone.

The second scenario is that gold will reach the 1290+ area and closes above 1296 which set the precious metal on the track to 1305+ area washing the head and shoulders pattern. In case gold managed to close above 1305-08, then market should expect a search for higher levels aimed at 1315+/-. Both scenarios will be affected by the DXY ( U.S Index ) performance as U.S releases Unemployment claims today at 12:30 PM GMT.

Technical overview XAUSUD:

Current Price: 1286

Closing Price: 1281

Target: 1308 ? ?

Resistance levels: 1286 (10-EMA) , 1290 (20-EMA lined with 50 EMA) , 1295-96

Support levels: 1280.90, 1276, 1270

Trend reversal: 1279

General Overview: The market is showing a near term secondary selloff, calling for a test of the 1279.20* support. Look for follow through selling today. A close under 128020* targets declines back through the 1270's. Any corrections capped by 1291.80* will favors further declines. A close over 1296.80* is needed to flip back to bull trending.

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 Oct, 2017
By FxGrow Research & Analysis Team

Forex Daily Technical Overview 23 Oct 2017

GBP/USD Intraday: the bias remains bullish.
Pivot: 1.3145
Our preference: long positions above 1.3145 with targets at 1.3225 & 1.3260 in extension.
Alternative scenario: below 1.3145 look for further downside with 1.3100 & 1.3060 as targets.
Comment: the RSI is mixed to bullish.
Supports and resistances:
1.3290
1.3260
1.3225
1.3190 Last
1.3145
1.3100
1.3060


USD/JPY Intraday: the bias remains bullish.
Pivot: 113.45
Our preference: long positions above 113.45 with targets at 114.30 & 114.80 in extension.
Alternative scenario: below 113.45 look for further downside with 113.05 & 112.70 as targets.
Comment: the RSI shows upside momentum.
Supports and resistances:
115.35
114.80
114.30
113.85 Last
113.45
113.05
112.70


EUR/USD Intraday: the downside prevails.
Pivot: 1.1790
Our preference: short positions below 1.1790 with targets at 1.1740 & 1.1720 in extension.
Alternative scenario: above 1.1790 look for further upside with 1.1820 & 1.1840 as targets.
Comment: the RSI shows downside momentum.
Supports and resistances:
1.1840
1.1820
1.1790
1.1760 Last
1.1740
1.1720
1.1700

AUD/USD Intraday: under pressure.
Pivot: 0.7835
Our preference: short @ 0.7820 with targets @ 0.7800 & 0.7780 in extension.
Alternative scenario: above 0.7835 look for further upside with 0.7855 & 0.7870 as targets.
Comment: even though a continuation of the technical rebound cannot be ruled out, its extent should be limited.
Supports and resistances:
0.7870
0.7855
0.7835
0.7820 Last
0.7800
0.7780
0.7765

Crude Oil‏ (WTI)‏ (Z7) Intraday: further advance.
Pivot: 51.60
Our preference: long positions above 51.60 with targets at 52.40 & 52.60 in extension.
Alternative scenario: below 51.60 look for further downside with 51.30 & 50.85 as targets.
Comment: the RSI is bullish and calls for further upside.
Supports and resistances:
52.80
52.60
52.40
52.16 Last
51.60
51.30
50.85

Gold spot Intraday: capped by a negative trend line.
Pivot: 1282.00
Our preference: short positions below 1282.00 with targets at 1270.00 & 1265.00 in extension.
Alternative scenario: above 1282.00 look for further upside with 1286.00 & 1291.00 as targets.
Comment: the RSI is capped by a bearish trend line.
Supports and resistances:
1291.00
1286.00
1282.00
1274.94 Last
1270.00
1265.00
1261.00

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 Oct, 2017
By FxGrow Research & Analysis Team

Forex Daily Technical Overview 24 Oct 2017

GBP/USD Intraday: under pressure.
Pivot: 1.3230
Our preference: short positions below 1.3230 with targets at 1.3155 & 1.3125 in extension.
Alternative scenario: above 1.3230 look for further upside with 1.3260 & 1.3290 as targets.
Comment: the RSI broke below a rising trend line.
Supports and resistances:
1.3290
1.3260
1.3230
1.3190 Last
1.3155
1.3125
1.3085

USD/JPY Intraday: caution.
Pivot: 113.75
Our preference: short positions below 113.75 with targets at 113.10 & 112.70 in extension.
Alternative scenario: above 113.75 look for further upside with 114.10 & 114.30 as targets.
Comment: the RSI is mixed and calls for caution.
Supports and resistances:
114.30
114.10
113.75
113.40 Last
113.10
112.70
112.35

AUD/USD Intraday: under pressure.
Pivot: 0.7825
Our preference: short positions below 0.7825 with targets at 0.7765 & 0.7745 in extension.
Alternative scenario: above 0.7825 look for further upside with 0.7855 & 0.7885 as targets.
Comment: the RSI shows downside momentum.
Supports and resistances:
0.7885
0.7855
0.7825
0.7795 Last
0.7765
0.7745
0.7730

Crude Oil‏ (WTI)‏ (Z7) Intraday: the downside prevails.
Pivot: 52.10
Our preference: short positions below 52.10 with targets at 51.65 & 51.30 in extension.
Alternative scenario: above 52.10 look for further upside with 52.30 & 52.60 as targets.
Comment: the RSI is bearish and calls for further decline.
Supports and resistances:
52.60
52.30
52.10
51.85 Last
51.65
51.30
50.85


Gold spot Intraday: bullish bias above 1276.50.
Pivot: 1276.50
Our preference: long positions above 1276.50 with targets at 1284.00 & 1291.00 in extension.
Alternative scenario: below 1276.50 look for further downside with 1272.00 & 1267.00 as targets.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Supports and resistances:
1296.00
1291.00
1284.00
1279.97 Last
1276.50
1272.00
1267.00

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 Oct, 2017
By FxGrow Research & Analysis Team

Brexit Still Pressures GBP/USD, Eyes On UK GDP

GBP/USD extends the downtrend momentum for eighth consecutive session after peeking to 1.3227 high yesterday, the pair failed to press forward and hold gains, taking a dip to 1.3113 low and closed at 1.3131. Currently the pair is trading narrow with 20-pips price action after hitting 1.3116 low support, but expectations for higher volatility as UK releases its quarter GDP shortly.

Technically, on the chart we can notice that GBP/USD is capped inside wedge triangle and has been touching the boundaries but failing to close neither above the descending trend line, nor below ascending one, putting the pair in a state of congestion in case daily price managed to close above or below both lines.

Fundamentally, GBP/USD is traded cautiously. First Brexit negotiations still weighs negatively on the pair favoring selloff mood and last week Carney was noticed less hawkish than precious press conferences held, but rate hike in November is still on the table and open to discussion which keeps the cable on solid ground preventing it from severe losses. Today, expectations are placed for GDP at 3% as recorded previously. Market stands on two potential scenarios. First, in case GDP scored 3% or above, this should be taken as a booster and second, if GDP missed 3% target, then adding all the negative elements above, market should expect a heavier abandon for GBP/USD and extending the bearish momentum.

Technical Overview GBP/USD:

Closing price: 1.3116

Target price: None

Resistance levels: 1.3154 , 1.3200, 1.3248

Support levels: 1.3114 , 1.3080 , 1.3030

Trend: Sideways / Down

Trend reversal price: 1.3226*

General overlook: The market is still caught is a secondary decline. Near term trade is working through corrective congestion, but retains the bear bias. A close under 1.3080 should open ip a fresh bear leg. Near term trade may yet try to congest around 1.3154 +/- . A close over 1.3226* and 1.3260* are the triggers for a re-turn into higher prices.

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 Oct, 2017
By FxGrow Research & Analysis Team

EUR/USD Pushes Higher, Seeing Draghi Hawkish

EUR/USD has been actively bullish since yesterday rallying from 1.1753 low recording 1.1817 high. Today, the pair extended yesterday's action and pushed higher at 1.1836 with expectations for more pips as 5-EMA crossed with 10-EMA from below.

Today market is expecting a hawkish statement as Super Mario Draghi crosses wires at 12:30 PM GMT. On the other hand, rates are highly expected to be left unchanged at 0% point basis, which turns all the attention to the ECB's Gov.

Draghi has mentioned previously in Sep that tapering with QE program and details will laid out in Oct as the ECB holds a press conference. At the moment, ECB is currently running QE purchasing at 60B value. Now the question comes is how much or at which pace will Draghi slow down the amount and setting specific dates.

Note expectations are between 25B and 40B reduction.

Logically, any tapering with QE as reduction should be taken positive and EUR/USD should rally as the event itself is highly anticipated since a long time of period. But still, market may not digest the details and below are possible scenarios that should take action.

First scenario which most likely, ECB will reduce monthly bond purchasing at 30B value and commit to buying bonds till Sep 2018 with a guidance. (Positive for EUR/USD).

Second scenario which is likely. ECB will cut bond purchasing by 30B and commit the QE program till Jun 2018. ( Less positive ).

Third scenario which is possible that ECB could cut monthly bond buys by 20B and commit to buying bonds to June 2018. ( Negative for EUR/USD)

Last and fourth scenario which is unlikely, ECB will cut monthly bond buys by 40B and commit to buying bonds to Sept 2018. ( Strongly positive for EUR/USD).

Technical Overview EUR/USD

Current price: 1.1822

Closing price: 1.1812

Target price: None

Resistance levels: 1.1830, 1.1860 , 1.1907*

Support levels: 1.1760 , 1.1730? , 1.1680-70

Trend: Down

Trend reversal price: 1.1909

General comment: Comment Overall the market is bearish and penetration under Monday's low suggests a selloff under the last 1.1780 swing low. Near term trade is showing corrections and may again work sideways higher today. A surge over 1.18945 voids the bear alignment. However, a close over 1.1907* is the key to start a reversing turn and sustained climb to higher 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.

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 27th Oct, 2017
By FxGrow Research & Analysis Team

EUR/USD Clocks Three Months Low Over Dovish ECB, Eyes on U.S GDP

EUR/USD was knocked out yesterday as the market undigested ECB's reduced QE size by half and simultaneously extended the duration, thus maintaining the same level of stimulus as before. As a result, the pair was on a massive selloff wave dipping from 1.1836 high to 1.1640 low, 196 pips during only eight hours.

Today, EUR/USD extended losses at 1.1624 the months fresh lows with expectations for further dips in the coming days seeing the buck strengthening with 94.74 high today.

Fundamentally, the U.S Index is back with a sharper tone sending strong message for all currency rivals as the House of Representatives has passed a budget bill paving the way for Trump's so long waited tax cut plan. The only bump at moment fronting is who will inherit the U.S Fed, still nominees are mixed between Powell and Taylor.

Recent Reports has mentioned that current Yellen is ruled out, but rumors looms that Trump is worried about such scenario which could disrupt the hardy stock market rally that has taken place since his election. The Dow industrials have surged more than 30 percent from the low just a couple days before the Nov. 8 election.

Last but not least, Spanish tension with Catalans referendum still vows which add more pressure on the EURO.

Finally, this week risk event will be conducted with U.S GDP release today at 12:30 PM GMT with all eyes focused with expectations for a growth during third quarter. The data today will play significantly on the promised late U.S rate hike and DXY levels.

EUR/USD Technical Overview:

Current price: 1.1624

Target: 1.1480?

Closing Price: 1.1652

Trend: Down

Resistance levels: 1.1680, 1.1705 +/- , 1.1763*

Support levels: 1.1540, 1.1480

Trend Reversal: 1.1763*

Down 117.93

Comment: The market triggered a significant downside breakout from sideways congestion of the past month, opening up potential for a bear wave to 1.1480. Trade is poised for continuation selloffs. Any corrections should be rejected up along the lower edges of recent congestion. Only a close over 1.1763* marks a short term turnaround.

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 – 27th Oct, 2017
By FxGrow Research & Analysis Team

Gold Has triggered A Price Action With Deeper Retractment, US GDP ??

After seven consolidation sessions where gold was fluctuating between 80+ and 70s area, finally gold has give a clear sign for a deeper dips and washes 6th Oct daily bullish grabber candle at 1260 low. Yesterday, gold extended the correction phase clocking 1282.60 high then started deprecation gradually, but after ECB's dovish scenario and as the EURO was aggressively plunging, the Dollar Index (DXY) was strengthening hitting three months high at 94.60, gold submitted closed one hour below 70, then extended losses at 1265.80 low.

Today, gold traded narrow inside yesterday's candle with 1264.80 low, then started another correction phase till 1269, currently trading 1268 Intraday.

Technically, yesterday's bearish candle is to be considered engulfing for 6th Oct bullish grabber and erased all the scenarios for potential upward trend reversal, and at this moment, market should expect some upward corrections between 72 and 78, but the 1250-45 zone still persists. Add to that, the 10-year yield bonds were also rising with 2.47 high today which adds more pressure on gold along with strong greenback.

Fundamentally, market is awaiting U.S GDP which will be released today at 12:30 PM GMT, and market stands at two possible scenarios. In both cases, whether data is negative or positive and taking into consideration that DXY levels at H1 and H4 are oversold at RSI, gold and in react to the data, could rally shortly around 72 and 76 levels, but eventually the 1250+/- will be achieved (Technically). The other scenario is that gold could start falling reaching 1260-58 support area and start upward correction retracement also at 70s area, and again, the 1250+/- should be achieved (technically).

Last but least, and to add an unpleasant scenario that could reverse the technical overview is any real political tension between NK and USA with serious actions, in this case we gold will shift as safe haven substitute and will start rising gradually depending on the level or pace of the events.

XAUUSD Technical Summary

Current price: 1268

Closing price: 1267.60

Trend: Down

Target price: none at this moment

Trend Reversal price: 1291.40

Resistance levels: 1270-72, 1282

Support levels: 1262.50 , 1260, 1250+/-

Comment: Comment The market is bearish and suggesting a bear extension to test around the last swing low in the 1264-1261 levels. A close under 1260 opens up potential near 1250. Any corrections trapped within yesterday's outside bear range should retain bear forces and bear flag. A pop over 1282.30 is needed to stop pressing bear forces, however, only a close above 1291.40 will shit bear to bull 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.

 

[FxGrow Support]

FxGrow Daily Technical Analysis – 31st Oct, 2017
By FxGrow Research & Analysis Team

Forex Daily Technical Overview 31 Oct 2017

GBP/USD Intraday: the bias remains bullish.
Pivot: 1.3165
Our preference: long positions above 1.3165 with targets at 1.3235 & 1.3280 in extension.
Alternative scenario: below 1.3165 look for further downside with 1.3125 & 1.3080 as targets.
Comment: the RSI is mixed to bullish.
Supports and resistances:
1.3325
1.3280
1.3235
1.3210 Last
1.3165
1.3125
1.3080

USD/JPY Intraday: consolidation.
Pivot: 113.55
Our preference: short positions below 113.55 with targets at 112.95 & 112.70 in extension.
Alternative scenario: above 113.55 look for further upside with 113.80 & 114.00 as targets.
Comment: the RSI lacks upward momentum.
Supports and resistances:
114.00
113.80
113.55
113.21 Last
112.95
112.70
112.30

EUR/USD Intraday: intraday support around 1.1600.
Pivot: 1.1600
Our preference: long positions above 1.1600 with targets at 1.1675 & 1.1710 in extension.
Alternative scenario: below 1.1600 look for further downside with 1.1570 & 1.1520 as targets.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Supports and resistances:
1.1750
1.1710
1.1675
1.1637 Last
1.1600
1.1570
1.1520

AUD/USD Intraday: bullish bias above 0.7650.
Pivot: 0.7650
Our preference: long positions above 0.7650 with targets at 0.7700 & 0.7720 in extension.
Alternative scenario: below 0.7650 look for further downside with 0.7625 & 0.7605 as targets.
Comment: the RSI is mixed to bullish.
Supports and resistances:
0.7745
0.7720
0.7700
0.7670 Last
0.7650
0.7625
0.7605

Crude Oil‏ (WTI)‏ (Z7) Intraday: the bias remains bullish.
Pivot: 53.60
Our preference: long positions above 53.60 with targets at 54.50 & 54.75 in extension.
Alternative scenario: below 53.60 look for further downside with 53.15 & 52.85 as targets.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Supports and resistances:
55.00
54.75
54.50
53.97 Last
53.60
53.15
52.85

Gold spot Intraday: the bias remains bullish.
Pivot: 1271.50
Our preference: long positions above 1271.50 with targets at 1279.00 & 1283.00 in extension.
Alternative scenario: below 1271.50 look for further downside with 1268.50 & 1260.00 as targets.
Comment: the RSI is supported by a rising trend line.
Supports and resistances:
1288.00
1283.00
1279.00
1276.22 Last
1271.50
1268.50
1260.00

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 – 2nd Nov 2017
By FxGrow Research & Analysis Team

Forex Daily Technical Overview 2nd Nov 2017

EUR/USD Intraday: continuation of the rebound.
Pivot: 1.1625
Our preference: long positions above 1.1625 with targets at 1.1690 & 1.1720 in extension.
Alternative scenario: below 1.1625 look for further downside with 1.1600 & 1.1570 as targets.
Comment: the break above 1.1625 is a positive signal that has opened a path to 1.1690.
Supports and resistances:
1.1750 **
1.1720 **
1.1690 **
1.1643 Last
1.1625 ***
1.1600 *
1.1570 **

USD/JPY Intraday: bullish bias above 113.75.
Pivot: 113.75
Our preference: long positions above 113.75 with targets at 114.30 & 114.75 in extension.
Alternative scenario: below 113.75 look for further downside with 113.30 & 112.95 as targets.
Comment: a support base at 113.75 has formed and has allowed for a temporary stabilisation.
Supports and resistances:
115.20
114.75
114.30
114.05 Last
113.75
113.30
112.95

GBP/USD Intraday: intraday support around 1.3240.
Pivot: 1.3240
Our preference: long positions above 1.3240 with targets at 1.3320 & 1.3360 in extension.
Alternative scenario: below 1.3240 look for further downside with 1.3190 & 1.3155 as targets.
Comment: a support base at 1.3240 has formed and has allowed for a temporary stabilisation.
Supports and resistances:
1.3380
1.3360
1.3320
1.3256 Last
1.3240
1.3190
1.3155

AUD/USD Intraday: continuation of the rebound.
Pivot: 0.7680
Our preference: long positions above 0.7680 with targets at 0.7750 & 0.7770 in extension.
Alternative scenario: below 0.7680 look for further downside with 0.7640 & 0.7620 as targets.
Comment: the break above 0.7680 is a positive signal that has opened a path to 0.7750.
Supports and resistances:
0.7790 **
0.7770 **
0.7750 **
0.7684 Last
0.7680 ***
0.7640 **
0.7620 *

Crude Oil‏ (WTI)‏ (Z7) Intraday: under pressure.
Pivot: 54.70
Our preference: short positions below 54.70 with targets at 53.80 & 53.40 in extension.
Alternative scenario: above 54.70 look for further upside with 55.22 & 55.70 as targets.
Comment: technically the RSI is below its neutrality area at 50.
Supports and resistances:
55.70
55.22
54.70
54.10 Last
53.80
53.40
52.80

Gold spot Intraday: bullish bias above 1273.00.
Pivot: 1273.00
Our preference: long positions above 1273.00 with targets at 1282.50 & 1286.00 in extension.
Alternative scenario: below 1273.00 look for further downside with 1268.00 & 1265.00 as targets.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Supports and resistances:
1291.00
1286.00
1282.50
1276.40 Last
1273.00
1268.00
1265.00

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 – 6th Nov 2017
By FxGrow Research & Analysis Team

Forex Daily Technical Overview 6 Nov 2017

AUD/USD Intraday: key resistance at 0.7670.
Pivot: 0.7670
Our preference: short positions below 0.7670 with targets at 0.7635 & 0.7615 in extension.
Alternative scenario: above 0.7670 look for further upside with 0.7695 & 0.7715 as targets.
Comment: as long as 0.7670 is resistance, look for choppy price action with a bearish bias.
Supports and resistances:
0.7715 **
0.7695 **
0.7670 ***
0.7665 Last
0.7635 *
0.7615 *
0.7595 *

GBP/USD Intraday: continuation of the rebound.
Pivot: 1.3070
Our preference: long positions above 1.3070 with targets at 1.3135 & 1.3170 in extension.
Alternative scenario: below 1.3070 look for further downside with 1.3040 & 1.3000 as targets.
Comment: the RSI is supported by a bullish trend line.
Supports and resistances:
1.3190 **
1.3170 *
1.3135 *
1.3113 Last
1.3070 ***
1.3040 *
1.3000 *

USD/JPY Intraday: bullish bias above 114.00.
Pivot: 114.00
Our preference: long positions above 114.00 with targets at 114.40 & 114.70 in extension.
Alternative scenario: below 114.00 look for further downside with 113.60 & 113.30 as targets.
Comment: a support base at 114.00 has formed and has allowed for a temporary stabilisation.
Supports and resistances:
115.00
114.70
114.40
114.06 Last
114.00
113.60
113.30

EUR/USD Intraday: the downside prevails.
Pivot: 1.1620
Our preference: short positions below 1.1620 with targets at 1.1570 & 1.1530 in extension.
Alternative scenario: above 1.1620 look for further upside with 1.1665 & 1.1685 as targets.
Comment: the RSI has failed to break above its bearish trendline.
Supports and resistances:
1.1685 **
1.1665 **
1.1620 ***
1.1596 Last
1.1570 *
1.1530 *
1.1490 **

Gold spot Intraday: under pressure.
Pivot: 1273.50
Our preference: short positions below 1273.50 with targets at 1265.00 & 1260.00 in extension.
Alternative scenario: above 1273.50 look for further upside with 1280.50 & 1284.00 as targets.
Comment: the RSI is capped by a bearish trend line.
Supports and resistances:
1284.00
1280.50
1273.50
1269.72 Last
1265.00
1260.00
1253.00

Crude Oil‏ (WTI)‏ (Z7) Intraday: the upside prevails.

Pivot: 55.25

Our preference: long positions above 55.25 with targets at 56.55 & 56.85 in extension.

Alternative scenario: below 55.25 look for further downside with 54.90 & 54.40 as targets.

Comment: the RSI is supported by a bullish trend line.

Supports and resistances:
57.50
56.85
56.55
56.04 Last
55.25
54.90
54.40


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 – 7th Nov 2017
By FxGrow Research & Analysis Team

Forex Daily Technical Overview 7 Nov 2017

EUR/USD Intraday: the downside prevails.
Pivot: 1.1620
Our preference: short positions below 1.1620 with targets at 1.1580 & 1.1560 in extension.
Alternative scenario: above 1.1620 look for further upside with 1.1640 & 1.1665 as targets.
Comment: as long as 1.1620 is resistance, look for choppy price action with a bearish bias.
Supports and resistances:
1.1665 **
1.1640 **
1.1620 ***
1.1589 Last
1.1580 *
1.1560 *
1.1530 **

AUD/USD Intraday: intraday support around 0.7670.
Pivot: 0.7670
Our preference: long positions above 0.7670 with targets at 0.7695 & 0.7710 in extension.
Alternative scenario: below 0.7670 look for further downside with 0.7650 & 0.7635 as targets.
Comment: the break above 0.7670 is a positive signal that has opened a path to 0.7695.
Supports and resistances:
0.7730 **
0.7710 **
0.7695 **
0.7677 Last
0.7670 ***
0.7650 *
0.7635 *

USD/JPY Intraday: the downside prevails.
Pivot: 114.15
Our preference: short positions below 114.15 with targets at 113.65 & 113.30 in extension.
Alternative scenario: above 114.15 look for further upside with 114.40 & 114.70 as targets.
Comment: the break below 114.15 is a negative signal that has opened a path to 113.65.
Supports and resistances:
114.70
114.40
114.15
114.13 Last
113.65
113.30
113.00

GBP/USD Intraday: bullish bias above 1.3125.
Pivot: 1.3125
Our preference: long positions above 1.3125 with targets at 1.3190 & 1.3235 in extension.
Alternative scenario: below 1.3125 look for further downside with 1.3080 & 1.3040 as targets.
Comment: the break above 1.3125 is a positive signal that has opened a path to 1.3190.
Supports and resistances:
1.3290 **
1.3235 *
1.3190 *
1.3170 Last
1.3125 ***
1.3080 *
1.3040 *

Crude Oil‏ (WTI)‏ (Z7) Intraday: further upside.
Pivot: 56.75
Our preference: long positions above 56.75 with targets at 58.00 & 58.40 in extension.
Alternative scenario: below 56.75 look for further downside with 56.10 & 55.65 as targets.
Comment: the RSI is supported by a bullish trend line.
Supports and resistances:
59.15
58.40
58.00
57.42 Last
56.75
56.10
55.65

Gold spot Intraday: the bias remains bullish.
Pivot: 1273.00
Our preference: long positions above 1273.00 with targets at 1284.00 & 1290.50 in extension.
Alternative scenario: below 1273.00 look for further downside with 1265.00 & 1260.00 as targets.
Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Supports and resistances:
1296.50
1290.50
1284.00
1277.70 Last
1273.00
1265.00
1260.00


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 – 13th Nov 2017
By FxGrow Research & Analysis Team

Forex Daily Technical 13 Nov 2017

GBP/USD Intraday: the downside prevails.

Pivot: 1.3175
Our preference: short positions below 1.3175 with targets at 1.3080 & 1.3040 in extension.
Alternative scenario: above 1.3175 look for further upside with 1.3230 & 1.3270 as targets.
Comment: the RSI shows downside momentum.
Supports and resistances:
1.3270 **
1.3230 **
1.3175 **
1.3130 Last
1.3080 ***
1.3040 **
1.3025 **

USD/JPY Intraday: turning down.

Pivot: 113.75
Our preference: short positions below 113.75 with targets at 113.20 & 113.05 in extension.
Alternative scenario: above 113.75 look for further upside with 114.05 & 114.30 as targets.
Comment: the RSI shows downside momentum.
Supports and resistances:
114.30 *
114.05 *
113.75 ***
113.45 Last
113.20 **
113.05 *
112.90 **

EUR/USD Intraday: the upside prevails.

Pivot: 1.1635
Our preference: long positions above 1.1635 with targets at 1.1680 & 1.1700 in extension.
Alternative scenario: below 1.1635 look for further downside with 1.1610 & 1.1580 as targets.
Comment: the RSI is mixed to bullish.
Supports and resistances:
1.1720 **
1.1700 **
1.1680 **
1.1655 Last
1.1635 ***
1.1610 *
1.1580 **

AUD/USD Intraday: consolidation.

Pivot: 0.7670
Our preference: short positions below 0.7670 with targets at 0.7635 & 0.7620 in extension.
Alternative scenario: above 0.7670 look for further upside with 0.7695 & 0.7710 as targets.
Comment: as long as the resistance at 0.7670 is not surpassed, the risk of the break below 0.7635 remains high.
Supports and resistances:
0.7710 *
0.7695 *
0.7670 **
0.7650 Last
0.7635 **
0.7620 *
0.7600 *

Crude Oil‏ (WTI)‏ (Z7) ST: further advance.

Pivot: 52.80
Our preference: long positions above 52.80 with targets at 59.45 & 62.00 in extension.
Alternative scenario: below 52.80 look for further downside with 50.00 & 47.50 as targets.
Comment: the RSI advocates for further advance.
Supports and resistances:
64.50 ***
62.00 **
59.45 **
56.79 Last
52.80 ***
50.00 **
47.50 ***

Gold spot Intraday: the downside prevails.

Pivot: 1282.00
Our preference: short positions below 1282.00 with targets at 1273.00 & 1270.00 in extension.
Alternative scenario: above 1282.00 look for further upside with 1285.50 & 1289.00 as targets.
Comment: technically the RSI is below its neutrality area at 50.
Supports and resistances:
1289.00
1285.50
1282.00
1276.10 Last
1273.00
1270.00
1266.00

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 Nov 2017
By FxGrow Research & Analysis Team

GBP/USD Remains In Consolidation Downtrend With Positive CPI Expectations

GBP/USD still trades inside Nov. 2nd candle shadow with failure to break lower or higher, thus entering eighth trading consolidation session, and remains bearish with heavy selloff wave.

Yesterday, the cable rallied to 1.3179 high but failed to press forward, retreated to 1.3061 low, and closed at 1.3113. Today, GBP/USD is trading narrow with 38-pips price action after plunging to 1.3090 low.

As for Fundamentals, UK is set to release Inflation (CPI) data with high anticipation for a record above 3.1% with 0.2 point basis, but still it is not clear how market will react for such data release especially after the pair was already priced in for last BOE's rate hike. Shortly afterwards Carney will cross wires a long with major governors key speakers.

Analysts at TDS are looking for UK headline CPI to accelerate from 3.0% to a firmly outside the target band level of 3.3% y/y in October, leaving us above consensus (3.1%) and the BoE’s forecast from the Nov IR (3.2%).

Technical Overview GBP/USD

Current price: 1.3102

Target price: 1.2950

Resistance levels: 1.3140, 1.3170, 1.3200-20

Support levels: 1.1380, 1.3035, 1.3001

Trend: Sideways Down

Comment The market is short term negative and Monday's gap lower highlights a return to down trending action, projecting an initial bear leg to 1.2950-. A close below 1.3080 should release selloffs. Stay prepared for additional near term sideways corrective congestion, but rejected rallies against Monday's gap should bear flag. A close over 1.3210* is needed to signal a trend turn back to the upside.

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.