Daily Market Analysis by FxGrow - page 11
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Daily Technical Analysis – 06th July, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD opened the week lower but then consolidated upwards in the early Asian trading session. Now the pair is trading below its 20day moving average of 0.7505 in the European trading session. The near term bias remains Bearish with targets of 0.7400
RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), ROC, MA100, MA200 indicate a SELL; while Average True Range (14) indicates High Volatility.
Support is at 0.7460 while Resistance is at 0.7598
06th July 2015 – 06:09hrs GMT
USDJPY
USDJPY opened the week lower touching a low of 121.85 in the early Asian trading session. Now it is trading below its 20day moving average of 122.60 in the European trading session. The near term bias remains Bullish with targets of 123.00
RSI (14) is Neutral; STOCH(9,6), Williams %R, Ultimate Oscillator indicate a BUY; while Average True Range (14) indicates High Volatility.
Support is at 121.81 while Resistance is at 122.84
06th July2015 – 06:13hrs GMT
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.
Daily Market Analysis – 06th July, 2015
By FxGrow Research & Analysis Team
Global Markets sink after Greek voters rejected the terms of an International bailout
The final result of the Greek referendum, was 61.3% "No", against 38.7% who voted "Yes".
Global markets have sunk after voters in Greece rejected austerity plans demanded by International creditors, as the country's future in the Eurozone is in danger.
The Nikkei 225 index dropped 2.1% to close at 20,112.12 on Monday. In South Korea, the Kospi index fell 2.4% to 2,054. And in Hong Kong, the Hang Seng index was down 3.3% to 25,205.56.
“As of tomorrow, Greece will go back to the negotiating table and our primary priority is to reinstate the financial stability of the country" - Greek Prime Minister Alexis Tsipras.
"Today we celebrate the victory of democracy. We proved even in the most difficult circumstances that democracy won't be blackmailed" - Greek Prime Minister Alexis Tsipras.
“I’m fully aware that the mandate that I was given (by voters) is not for a rupture with Europe, but a mandate boosting our negotiating strength for reaching a sustainable deal" - Greek Prime Minister Alexis Tsipras.
"For recovery of the Greek economy, difficult measures and reforms are inevitable. We will now wait for the initiatives of the Greek authorities" - Jeroen Dijsselbloem, head of the Eurozone finance ministers.
"I believe that with the hard efforts of all sides, Greece's economic situation will turn around. The economic crisis will be appropriately handled. Whether or not it can be appropriately handled will not only have an important impact on Greece and its people, but will have an important impact on ... the world too" - Deputy Chinese Foreign Minister.
If there is no agreement on a deal, the European Central Bank will shut down Emergency Liquidity Assistance no later than 20 July. Banks will then not only be illiquid but would then turn bankrupt, and the lack of financing would trigger a collapse of the Greek economy.
“Euro area member states intend to make full use of all the instruments available to preserve the integrity and stability of the euro area (which would) complement any actions the European Central Bank may take in full independence and in line with its mandate” - ECB.
US stocks are poised to open sharply lower on Monday after Greeks rejected the terms of the bailout proposed by its International creditors.
Crude Oil is trading lower at $54.95 8.86 after Greece rejected debt bailout terms.
Gold is trading lower in the Europe at 1164.88, while Silver is flat at 15.62
06th July 2015 – 08:32hrs GMT
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.
Daily Technical Analysis – 07th July, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD was slightly up yesterday and touched a high of 1.1093 and remained indecisive towards the end of the trading session. Now the pair is trading below its 20day moving average of 1.1047 in the European trading session. The near term bias remains Bearish with targets of 1.0950
RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC indicate a SELL; while Average True Range (14) indicates Less Volatility.
Support is at 1.0969 while Resistance is at 1.1076
07th July 2015 – 07:01hrs GMT
GBPUSD
GBPUSD was moderately bullish yesterday and touched a high of 1.5627 but then it consolidated lower towards the end of the trading session. Now the pair is trading below its 20day moving average of 1.5594 in the European trading session. The near term bias remains Bearish with targets of 1.5500
STOCH (9, 6) is Neutral; RSI (14), MACD (12, 26), ADX (14), Ultimate Oscillator, ROC, MA100, MA200 indicate a SELL; while Average True Range (14) indicates Less Volatility.
Support is at 1.5531 while Resistance is at 1.5602
07th July 2015 – 07:05hrs GMT
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.
Daily Technical Analysis – 07th July, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD remained indecisive yesterday as it touched a low of 0.7462 and a high of 0.7528 yesterday. Now the pair is trading below its 20day moving average of 0.7495 in the European trading session. The near term bias remains Bearish with targets of 0.7400
RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), ROC, Ultimate Oscillator, MA200 indicate a SELL; while Average True Range (14) indicates Less Volatility.
Support is at 0.7462 while Resistance is at 0.7532
07th July 2015 – 07:09hrs GMT
USDJPY
USDJPY had a bullish momentum yesterday and touched a high of 122.91 and remained firm towards the end of the trading session. Now it is trading just above its 20day moving average of 122.62 in the European trading session. The near term bias remains Bullish with targets of 123.50
RSI (14) is Neutral; STOCH (9, 6), STOCHRSI (14), MACD (12, 26), CCI (14), Ultimate Oscillator, ROC indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 122.45 while Resistance is at 122.93
07th July2015 – 07:13hrs GMT
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.
Daily Market Analysis – 07th July, 2015
By FxGrow Research & Analysis Team
Greek debt crisis: Eurozone struggles to find solution
Eurozone leaders are meeting for an emergency summit in Brussels today to find a solution to the Greek debt crisis after Greece’s landslide rejection of bailout proposals. They are awaiting a new proposal from Greece after its Finance Minister Yanis Varoufakis announced his resignation.
“The prospects of a happy resolution of this crisis are rapidly diminishing. If there is no signal from these meetings that Greece and the Eurozone are ready to get around the table again, we can expect the financial situation in Greece to deteriorate rapidly" - George Osborne, British chancellor.
“Greece is a member of the euro. It is up to Greece and its government to act so that this can remain the case. It depends now on what proposals the Greek government puts on the table" - spokesman of Angela Merkel, the German chancellor.
Global leaders have expressed concerns about the ongoing Greek debt crisis and are looking for an amicable solution.
"It is now up to the government of Alexis Tsipras to make serious, credible proposals so that this willingness to stay in the Eurozone can translate into a lasting programme. Time is running out and there is urgency for Greece and the Eurozone" - French President Francois Hollande.
"Washington looked forward to Athens and other parties resuming conversations toward resolving the Greek situation. Such an outcome will allow Greece to make difficult but necessary fiscal and structural reforms, return to growth, and achieve debt sustainability within the Euro zone" - Jack Lew, US Treasury Secretary.
"I understand why the Greek people are venting their frustration. Fiscal consolidation is not making progress. They are in deflation. The world expects Greece and the EU to cooperate on a final bailout plan" - Akira Amari, Japan's Economics minister.
Greek Banks will run out of cash by next week as large parts of the Greek economy are hit by the imposed capital controls and closure of Banks.
Greek government is also running out of cash to pay public service wages and pensions to its citizens. The country is just days away from deciding whether to leave the Eurozone, if there is no financial support from the European Central Bank.
In UK Manufacturing production dropped 0.6 percent for the month of May, while Industrial production rose by 0.4 percent.
The Reserve Bank of Australia kept its Official Cash Rate unchanged at 2.00%.
"In such circumstances, monetary policy needs to be accommodative. Low interest rates are acting to support borrowing and spending." - Reserve Bank of Australia.
US Non-Manufacturing PMI came in at 56 for the month of June according to the Institute for Supply Management.
Canada's Purchasing activity rose for the month of June as Ivey PMI came in at 55.9.
"On the other hand, domestic demand is strengthening in regions that are less exposed to the energy sector" - Bank of Canada.
Crude oil plunged to $53.13 on concerns of Greek exit and persistent oversupply in the market.
Gold is trading lower in the Europe at 1166.39, while Silver is weak at 15.64
07th July 2015 – 09:43hrs GMT
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.
Daily Technical Analysis – 08th July, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD was lower yesterday and touched a low of 1.0915 but then it bounced upwards towards the end of the trading session. Now the pair is trading above its 20day moving average of 1.0981 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.0950
RSI (14), STOCH (9, 6), ADX (14) are Neutral; MACD (12, 26), Ultimate Oscillator, MA100, MA200 indicate a SELL; while Average True Range (14) indicates Less Volatility.
Support is at 1.0916 while Resistance is at 1.1065
08th July 2015 – 06:22hrs GMT
GBPUSD
GBPUSD was bearish yesterday and touched a low of 1.5416 remaining weak towards the end of the trading session. Now the pair is trading just near its 20day moving average of 1.5445 in the European trading session. The near term bias remains Bearish with targets of 1.5400
STOCH (9, 6), RSI (14), MACD (12, 26), Ultimate Oscillator, MA100, MA200 indicate a SELL; while Average True Range (14) indicates Less Volatility.
Support is at 1.5413 while Resistance is at 1.5588
08th July 2015 – 06:27hrs GMT
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.
Daily Technical Analysis – 08th July, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD was strongly bearish yesterday and touched a low of 0.7396 but then it corrected upwards towards the end of the trading session. Now the pair is trading below its 20day moving average of 0.7428 in the European trading session. The near term bias remains Bearish with targets of 0.7350
RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), ROC, Ultimate Oscillator, MA200 indicate a SELL; while Average True Range (14) indicates High Volatility.
Support is at 0.7384 while Resistance is at 0.7432
08th July 2015 – 06:30hrs GMT
USDJPY
USDJPY was weaker yesterday but remained indecisive towards the end of the trading session. Now it is trading below its 20day moving average of 122.30 in the European trading session. The near term bias remains Bearish with targets of 121.50
RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC indicate a SELL; while Average True Range (14) indicates Less Volatility.
Support is at 121.85 while Resistance is at 122.45
08th July2015 – 06:34hrs GMT
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.
Daily Market Analysis – 08th July, 2015
By FxGrow Research & Analysis Team
Chinese stock market crash continues
China’s stock market crashed as the government announced more measures to try to boost the sagging market after a spectacular bull-run reversed course in June.
The Shanghai Composite Index has lost about €2.9 trillion in value in the crash, which is nearly 12 times Greece’s entire foreign debt, which is estimated at €242.8 billion, and more than 12 times its gross domestic product (GDP) which is reckoned at about €238 billion last year.
"At the moment there is a mood of panic in the market and a large increase in irrational dumping of shares, causing a strain of liquidity in the stock market" - China Securities Regulatory Commission.
"Also, the ripple effect from the market correction has yet to show up. We expect slower growth, poorer corporate earnings, and a higher risk of a financial crisis" - Analyst of Bank of America Merrill Lynch.
More than 1,300 companies representing about 40 percent of the value of companies in China have halted trading in an effort to stop the slide.
More than 500 China-listed firms announced trading halts on the Shanghai and Shenzhen exchanges on Wednesday, taking total suspensions to about 1,300 - 45 percent of the market or roughly $2.4 trillion worth of stock - as companies scuttled to sit out the carnage – Reuters.
“Fears about the risks to financial stability and the wider economy have contributed to negative sentiment toward commodities. The impact has been felt most in industrial metals, such as copper, where China is by far the most important consumer" - Analyst from Capital Economics.
In Eurozone, after the emergency summit in Brussels, European leaders have given Greece time until Thursday to present new proposals to secure a deal with creditors, and have called a full EU summit for Sunday.
"If this does not happen, it will mean an end of the negotiations with all the possible consequences, including the worst-case scenario, where all of us will lose. Our inability to find agreement may lead to the bankruptcy of Greece and the insolvency of its banking system. Tonight I have to say loud and clear that the final deadline ends this week" - European Council President Donald Tusk.
"The Commission does not want a Grexit. Grexit would be a terrible failure and we are fighting to avoid it." - Pierre Moscovici.
Canada's Trade deficit increased to C$3.3 billion deficit, while the volume of exports plunged 2.5% in May.
"On the other hand, domestic demand is strengthening in regions that are less exposed to the energy sector" - Bank of Canada.
Crude oil plunged to $52.37 on China stock market turmoil ahead of weekly supply data from US.
Gold is trading lower in the Europe at 1153.89, while Silver is weak at 15.01
08th July 2015 – 09:38hrs GMT
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.
Daily Technical Analysis – 09th July, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD had a bullish trend yesterday and touched a high of 1.1091 and remained firm towards the end of the trading session. Now the pair is trading above its 20day moving average of 1.1067 in the European trading session. The near term bias remains Bullish with targets of 1.1160
RSI (14), MACD (12, 26), ADX (14), Ultimate Oscillator, ROC, MA100, MA200 indicate a BUY; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 1.1065 while Resistance is at 1.1131
09th July 2015 – 06:25hrs GMT
GBPUSD
GBPUSD had a bearish momentum yesterday and touched a low of 1.5329 but then it corrected upwards towards the end of the trading session. Now the pair is trading above its 20day moving average of 1.5367 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.5450
STOCH (9, 6) is Neutral; RSI (14), ADX (14), Ultimate Oscillator, ROC indicate a BUY; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 1.5351 while Resistance is at 1.5450
09th July 2015 – 06:30hrs GMT
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.
Daily Technical Analysis – 09th July, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD remained indecisive yesterday as it touched a low of 0.7370 and a high of 0.7448 towards the end of the trading session. Now the pair is trading above its 20day moving average of 0.7439 in the European trading session. The near term bias remains Bullish with targets of 0.7500
RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), ROC, Ultimate Oscillator indicate a BUY; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 0.7371 while Resistance is at 0.7516
09th July 2015 – 06:37hrs GMT
USDJPY
USDJPY was strongly bearish yesterday as it touched a low of 120.40 and remained weak towards the end of the trading session. Now it is trading above its 20day moving average of 120.97 in the European trading session. The near term bias remains Neutral to Bullish with targets of 122.00
RSI (14) is Neutral; STOCH (9, 6), ADX (14), CCI (14), Ultimate Oscillator, ROC indicate a BUY; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 120.41 while Resistance is at 121.94
09th July2015 – 06:42hrs GMT
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.