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Daily Technical Analysis by FxGrow

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    FxGrow Daily Technical Analysis – 20th Dec, 2016
    By FxGrow Research & Analysis Team

    NZD Plunges on Stronger US Dollar, GDT in Mind
    [​IMG]

    NZD/USD depreciates further more as US dollar continues to strengthen further more after Fed Rate hike. The pair extends bearish momentum for the fifth consecutive session, dropping from 0.7238 highs last Wednesday, landing on 0.6015 low today. Yesterday, ANZ business confidence was released with surplus of 1.2 to 20.5 in previous sessions but it didn't support NZD facing strong greenback. The main player on the ground still remains strong USD as the index managed to break the 103 level yesterday once again, currently trading at 103.19 intraday. Today, local GDT data will be released in the after noon with possibility of short-term-correction to support the Kiwi. The pair is currently trading 0.6919 intraday, below its weekly Pp 0.7049.

    Trend: Bearish

    Key levels to watch : Weekly Pp 0.7049

    Resistance levels : R1 0.6952, R2 0.6993, R3 0.7051, R4 0.7084

    Support levels : S1 0.6904, S2 0.6861, S3 0.6802, S4 0.6771

    Remark : First today the GDT index to be released in the after noon, second q/q GDP tomorrow before midnight to give a further outlook for the New Zealand dollars.

    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    FxGrow Daily Technical Analysis – 21st Dec, 2016
    By FxGrow Research & Analysis Team

    Trade on US GDP, Technical Levels to Watch
    [​IMG]

    Gross Domestic Product, It's the broadest measure of economic activity and the primary gauge of the economy's health. The United States is the world's largest national economy in nominal terms and second largest according to purchasing power parity (PPP), representing 22% of nominal global GDP and 17% of gross world product (GWP). Giving that US dollar is strongest and most traded currency globally, the US GDP released data will have a huge impact on US dollar strength and US economy. A positive outcome means additional stamina to a currently-strong-USD, which means weakening other currencies and the opposite could be said. US GDP is scheduled on 22 of Dec at 1:30 PM GMT.

    EUR/USD Technical levels to watch:

    Weekly Pp 1.0496

    Resistance levels : R1 1.0465, R2 1.0526, R3 1.0580, R4 1.0657

    Support levels : S1 1.0350, S2 1.0285, S3 1.0163, S4 1.0120

    GBP/USD technical levels to watch :

    Weekly Pp 1.2535

    Resistance levels : R1 1.2410, R2 1.2463, R3 1.2502, R4 1.2558

    Support levels : S1 1.2320, S2 1.2259, S3 1.2197 , 1.2149

    USD/JPY technical levels to watch :

    Weekly Pp 117.12

    Resistance levels : R1 118.64, R2 119.17, R3 119.69, R4 120.26

    Support levels : S1 117.14, S2 116.46, S3 115.85, S4 115.24

    AUD/USD technical levels to watch :

    Weekly Pp 0.7364

    Resistance levels : R1 0.7285 , R2 0.7323, R3 0.7366, .7412

    Support levels : S1 0.7223 , S2 0.7186, s3 0.7152, S4 0.7111

    Gold technical levels to watch :

    Resistance levels : R1 1142.35, R2 1152.03, R3 1163.85, R4 1176.75

    Support levels : S1 1125.61, S2 1116.02, S3 1107.96, S4 1102.05

    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    FxGrow Daily Technical Analysis – 21st Dec, 2016
    By FxGrow Research & Analysis Team

    Oil Price Inches Higher after API Report, US Inventories in Sight
    [​IMG]

    Oil prices, on both sides of the Atlantic surged during weekly trading sessions. On Monday oil clocked a 51.49 low, but managed to get fresh traction exceeding 53 level, after after the American Petroleum Institute’s (API) weekly report showed a larger than expected draw of 4.15 million barrels to the United States’ commercial crude inventories, instead of an expected 2.5 million-barrel draw.

    On Tuesday, president Obama moved to indefinitely block drilling in vast swaths of U.S. waters. Obama had been expected to take the action by invoking a provision in a 1953 law that governs offshore leases. The law allows a president to withdraw any currently un-leased lands in the Outer Continental Shelf from future lease sales. There is no provision in the law that allows the executive's successor to repeal the decision, so President-elect Donald Trump would not be able to easily brush aside the action. Trump has vowed to open more federal land to oil and natural gas production in a bid to boost U.S. output. Obama on Tuesday said he would designate "the bulk of our Arctic water and certain areas in the Atlantic Ocean as indefinitely off limits to future oil and gas leasing, though the prospects for drilling in the affected areas in the near future were already questionable. This could create an issue for US oil drilling and supply inventories.

    Oil prices clocked a 53.75 on Tuesday, closing to last week highs 54.49 as OPEC put final touches on the so long anticipated deal or no deal that markets were awaiting. With absence of fundamentals that could spark additional factors for driving prices, support and resistance could be the elemental factor today. Also US crude inventories scheduled for a release today at 3:30 PM GMT will give a better outlook on how traders will react to the news.

    Key levels to watch : Weekly Pp 52.12

    Trend : Bullish Sideways

    Resistance levels : R1 53.87, R2 54.72, R3 55.92

    Support levels : S1 53.11, S2 52.28, S3 51.45

    Remark : look forward for US crude inventories today which will drive the market. A break above R2 level is an alarm for R3 to get ready. S3 is a hard level, any below penetration will cause further selloffs and additional downtrend.

    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    FxGrow Daily Technical Analysis – 22nd Dec, 2016
    By FxGrow Research & Analysis Team

    USD/CAD Sinks on Crude Oil Uncertainties, Awaiting Local Data
    [​IMG]

    USD/CAD is bullish for the 7th consecutive session after a remarkable dip-phase the pair witnessed last week. On Dec 14th, USD/CAD dropped to 1.3080, 20-Oct-fresh-low, taking advantage of local Canadian positive data, and oil prices peeking to 54.49 as OPEC put final touch on December the 10th for the so long waited deal to cut oil surplus in markets. The loonie had a short moment of strength to enjoy as FOMC meeting concluded with a hike of 0.25% to initial 0.50% bid rate which energized US dollar index to peek to 103.56 2003-fresh-high.

    USD/CAD rallied today clocking 1.3446 high in today opening trading sessions following the path of stronger US dollar, then the collapsed crude oil prices added it's additional negative-weigh on Canadian economy which is considered top oil producer. Today, Canadian dollar awaits CPI and retail sales report, on the other hand USD is focused mainly on US GDP report, both scheduled at 1:30 PM GMT.

    Trend : Bullish

    Key levels to watch: weekly Pp 1.2378

    Resistance levels : R1 1.3456, R2 1.3480, R3 1.3516, R4 1.3545

    Support levels : S1 1.3400, S2 1.3359, S3 1.3318, S4 1.3279

    Remark : Look forward for economic data today both on behalf of Canada and U.S which will determine how the market will react to the published news. A break with long position above R2 is a spark for additional R3 level. However, S1 is a hard psychological level for the pair and a close below S2 is needed for the cable to be considered bearish.

    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    FxGrow Daily Technical Analysis – 22nd Dec, 2016
    By FxGrow Research & Analysis Team

    Gold Prices In Confusion Ahead of US GDP
    [​IMG]

    XAUUSD prices on swing since last week between 1144.48 high and 1122.73 low. First gold prices collapsed on Fed rate hike 0.25%, second US economy received additional boost by positive Philly index 21.5 compared with 7.6 in previous session, causing a heavy selloffs for the precious metals. US dollar responded splendidly as the Index peeked to 103.62, 2003-fresh-highs, causing the yellow metal to extend its downward movement, sinking to 2016-Feb-fresh-lows at 1122.73. Gold levels will be tested today further more as US releases local GDP scheduled at 1:30 PM GMT.

    Gold is currently trading at 1131.30 intraday, below weekly Pp at 1141.07.

    Trend: Bearish Sideways

    Resistance levels : R1 1142.88, R2 1153.47, R3 1165.29

    Support Levels : S1 1123.10, S2 1113.10, S3 1100.90

    Remark : Price range between S1 and R1 but look forward for wider range as the market is poised awaiting US GDP. Long positions below S1 with targets S2, & S3. However, a break R2 will boost additional increase towards R3 level on which XAUUD will be considered as bullish trend.

    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    FxGrow Daily Technical Analysis – 23rd Dec, 2016
    By FxGrow Research & Analysis Team

    GBP/USD Diggs Deeper Ahead of UK Local Data
    [​IMG]

    Sterling extends bearish momentum for the 5th consecutive session and every time the GBP/USD shows signs of recovery, the pair re-collapses again, seems to be stuck below 1.25 level. The pair dropped yesterday from 1.2378, hitting 3-Nov-fresh-lows at 1.2277. The GBPUSD seems to have immunity when it comes to holding strong gains or maintaining bull candles over the past days as the pair dug deeper in today's trading sessions hitting 1.2270 low, currently trading 1.2290 intraday.

    The fundamentals that are responsible for GBP/USD bears are:

    1- Fed Rate hike at 0.75% end result which is still boosting US economy till now.

    2- Negative consumer confidence in UK yesterday scoring -7 compared to -8 earlier.

    3- Strong US Dollar as the index, hitting 2003-fresh-highs 103.63, currently 102.97 intraday.

    4- Lack of confidence for GBP.

    5- Positive US GDP yesterday at 3.5% compared to 3.2% previously.

    Today, Sterling awaits local economic news scheduled for a release at 9:30 AM GMT which should impact GBP/USD trend for the coming hours.

    Trend : Bearish

    Resistance levels : R1 1.2315, R2 1.2389, R3 1.2452

    Support levels : S1 1.2248, S2 1.2198, S3 1.2147

    Remark : The market remains bearish and negative towards GBP/USD which signals for further selloffs and a break below S1 is an indication for lower hole. On the other hand, long positions above R2 level is needed for spark bulls candles and above R3, the pair will wash the bearish trend.

    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    FxGrow Daily Technical Analysis – 03rd Jan, 2017
    By FxGrow Research & Analysis Team

    STERLING BOOSTS ON POSITIVE LOCAL PMI, AWAITING US DATA
    [​IMG]


    Just a moment ago, UK strated 2017 with positive ISM PMI 56.1, with addition 2.5 of 53.6 previous seesion, causing GBP/USD to rally from 1.2246, and clocked a high 1.2306. US index scored 102,62 low today, then spiked 103.33, currently trading 103.30 which to be considered high and a threatening level for all the rivals, specially sterling. The pair made a test on Fibonacci 100 resistance level R1 1.2301 which was successful causing GBP/USD to retreat 1.2298 at which the cable is trading right now, closing to its weekly Pivot at 1.2308. Today, GBP/USD will undergo a further test when US dollar awaits local PMI at 3:00 PM, published by Institute of Supply management.
    '
    Trend : Bearish Sideways
    Key levels to watch : Weekly Pp 1.2308
    Resistance Fibonacci levels : R1 1.2301 , R2 1.2389, R3 1.2444
    Support Levels : S1 1.2244 , S2 1.2195, S3 1.2180
    Remark : Although Sterling received a positive PMI, the market remains negative and warns for harder selloffs. S1 is a strong level, breaking it and stalling below is a warning for extending the bearish momentum towards S2 and S3 relatively. On the other hand, for the pair to shift into bullish tred, a close above R3 level is needed to spark further rallying. Look forward for US PMI todays at 3:00 PM which should bring new levels to GBP/USD.

    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    FxGrow Daily Technical Analysis – 03rd Jan, 2017
    By FxGrow Research & Analysis Team

    EUR/USD UNDER PRESSURE YET AGAIN, US PMI IN SIGHT
    [​IMG]

    EUR/USD ended 2016 and started 2017 extending bearish momentum following strong greenback bulls today, and ECB non changed bid rate policy plus 20B cut from 80B EUR bond purchasing, which market received with negative reaction towards the EURO following lack of confidence after UK breaking EURO zone. Earlier, the pair opened 2017 sessions at 1.0452, peeked to 1.0490 high, then faded away from 1.04 level, failing to guard it, sank to 1.0390, at which the pair is currently trading. EUR/USD collapsed today following strong US index peeking to 103.40. On the other hand, EUR index dropped to 85.75 dropping from 86.41 top. Today, US index will undergo a further test when US local PMI is released at 3:00 PM, published by Institute of Supply management. Also, tomorrow EUR PMI will be published at 8:55 AM GMT. Market is ignoring EUR data and has its eye set on US data and US index which they both have more impact on the cable.
    Trend : Bearish Sideways -- The downside prevails
    Key levels to watch : Weekly Pp 1.0513

    Fibonacci resistance levels : R1 (38.2) 1.478, R2 (50) 1.0478, R3 (61.8) 1.0511, R4 1.0590

    Support levels : S1 1.0372. S2 1.0351, S3 1.0322, S4 1.0295

    Remark : The market overall remains bearish and closing under Friday's suggests that bear forces retain control. A close under S1 is will encourage further selloffs. A penetration for S2 could send wash towards S3 & S4 levels. On the other hand, a close above R4 will spark 100 Fibonacci level at 1.0651 which will spark the bullish momentum for EUR/USD. Keep eye on US index level as it lays heavily on EUR/USD plus today's US local PMI at 3:00 PM GMT will bring new perspectives for the cable.

    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    FxGrow Daily Technical Analysis – 04th Jan, 2017
    By FxGrow Research & Analysis Team

    Kiwi Collapses on Negative local GDT
    [​IMG]

    NZD/USD extended bearish momentum following negative local GDT, not meeting expectations. Diary price index scored -3.9% compared -0.5% in previous sessions, causing the pair to plunge to 0.6884 low, after clocking a high 0.6973. NZD/USD opened trading session with a surge at 0.6951 high, at which the cable is currently trading, taking advantage of weaker US dollar as US index dropping from 103.42 high to 102.91 low. Although the pair is showing some short-term-up-trend correction, it's still to be considered bearish taking into consideration strong US dollar even though the index is taking a rest right now after peeking to 103.81 at the end of 2016.

    Trend : Bearish Sideways

    Key levels to watch : Weekly Pp 0.6933

    Resistance levels : R1 0.6973, R2 0.7044, R3 0.7118

    Support levels : S1 0.6880, S2 0.6833, S3 0.6766

    Remark : Overall the market remains bearish even though the cable is showing some slight recovery. US index is still to be considered relatively high with minor down correction. A break below S1 will cause further selloffs and wash towards S2 & S3. However, if the pair closes above R2 level, price level will trigger towards R3 level and above it the NZD/USD will shift to bullish momentum. Keep eye on US index.


    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    FxGrow Daily Technical Analysis – 04th Jan, 2017
    By FxGrow Research & Analysis Team

    Japanese Yen Strengthen on Kuroda's Positive Comments, NFP Eyed
    [​IMG]

    Japanese Yen received a positive shock earlier this morning with hints by Governor Kuroda on behalf of BOJ that progress is being made to end deflation. Yesterday, USD/JPY spiked yesterday to 118.60 April-2016-fresh-highs following strong US index peeking to 103.81, highest since March 2003 after receiving +1.5 on ISM PMI compared to 53.2 previous session. On today's opening sessions, the pair showed minor short-term-down correction following the path of Kuroda's positive comments first, second collapsing US index today at 102.93 low. Japanese Yen was energized by Nekkei index peeking today to 19594 Dec-2015-fresh-highs. USD/JPY is currently trading 117.51 intraday, above weekly Pp 116.91.

    Key Headlines:

    "More confident will make progress ending deflation"

    "More confident will make progress in 2017 on deflation "

    Trend : Bullish Sideways

    Key levels to watch : Weekly Pp 116.91

    Fibonacci resistance levels : R1 117.91, R2 118.27, R3 118.60

    Fibonacci Support levels : S1 117.22, S2 116.87, S3 116.35

    Remark : The market remains Bullish. Short term minor-downtrend correction is expected due to the ebb and flow between strong US dollar and excessive effort by BOJ to support Japanese Yen. Long positions above R1 will spark additional boost for the cable towards R2 & R3 levels. A break under S3 is needed for USD/JPY to shift into bearish momentum. US index strength is the main player. Also today's FOMC minute meetings is a hint of Friday's NFP which will have a huge impact on US dollar strength.

    For more in depth Research & Analysis please visit FxGrow.

    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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