Daily Market Analysis by FxGrow - page 13
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Daily Technical Analysis – 15th July, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD remained indecisive yesterday as it touched a low of 1.0965 and a high of 1.1071 but came down towards the end of the trading session. Now the pair is trading just below its 20day moving average of 1.1009 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.0950
RSI (14), CCI (14) are Neutral; STOCH (9, 6), MACD (12, 26), ADX (14), MA100, MA200 indicate a SELL; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 1.0965 while Resistance is at 1.1076
15th July 2015 – 07:42hrs GMT
GBPUSD
GBPUSD was bullish yesterday as it touched a high of 1.5637 and remained strong towards the end of the trading session. Now the pair is trading above its 20day moving average of 1.5628 in the European trading session. The near term bias remains Bullish with targets of 1.5700
RSI (14), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC, MA100, MA200 indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 1.5497 while Resistance is at 1.5672
15th July 2015 – 07:48hrs 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 – 15th July, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD was bullish yesterday and remained strong towards the end of the trading session. Now the pair is trading just above its 20day moving average of 0.7456 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), CCI (14), ROC, MA100, MA200 indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 0.7449 while Resistance is at 0.7488
15th July 2015 – 07:58hrs GMT
USDJPY
USDJPY remained indecisive yesterday as it touched a low of 122.99 but then recovered towards the end of the trading session. Now it is trading above its 20day moving average of 123.38 in the European trading session. The near term bias remains Bullish with targets of 124.00
RSI (14), STOCH (9, 6), 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 123.22 while Resistance is at 123.73
15th July2015 – 08:02hrs 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 – 15th July, 2015
By FxGrow Research & Analysis Team
US retail sales drop in June, weighing on Fed's interest rate decision
The U.S. Census Bureau announced today that advance estimates of U.S. retail and food services sales for June, adjusted for seasonal variation and holiday and trading-day differences, but not for price changes, were $442.0 billion, a decrease of 0.3 percent from the previous month.
“Unexpectedly weak retail sales data adds to signs that the US economy is slowing again after pulling out of the soft patch earlier in the year” - MarkIt economist Chris Williamson.
“The weakness of the sales data in June, alongside disappointing PMI survey data and a smaller than hoped-for rise in non-farm payrolls, all points to the economy having moved down a gear after this rebound, settling into a far weaker underlying pace of growth than was seen throughout much of last year” - MarkIt economist Chris Williamson.
"The numbers add to a growing body of evidence which suggests that the US economy is slowing again as we head into the second half of the year. Such a slowing will most likely persuade policymakers to hold off on raising rates until next year unless there is a swift revival of demand in coming months" - MarkIt economist Chris Williamson.
Chinese Stock markets fell further, with the Shanghai Composite down by -3.74% while the Shenzhen Composite lost -4.21%.
China's Economy Grew 7% in the second quarter of the 2015, being supported by the government's stimulus measures.
Bank of Japan kept its monetary policy unchanged, and downgraded its economic growth outlook for the year 2015. The Bank reduced its growth forecast to 1.7% from 2% for 2015.
In UK Interest rate hike is getting closer due to consistent UK economy's growth above the trend.
“The point at which interest rates may begin to rise is moving closer with the performance of the economy, consistent growth above trend, a firming in domestic costs, counterbalanced somewhat by disinflation imported from abroad" - Mark Carney, BoE Governor.
Today Greek parliament is to vote on the bailout plan and pass the proposed reforms needed to secure the loans and avoid the default from the Eurozone. If the vote passes in the Greek parliament today it will require the support of the opposition parties.
Greek needs to pass the bailout plan to avoid a total Banking collapse and get assistance from the European Central Bank thru Emergency Liquidity Assistance.
Crude oil prices have jumped to $52.62 after Iran nuclear deal.
Gold is trading flat in the Europe at 1154.88, while Silver is weak at 15.29
15th July 2015 – 10:28hrs 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 – 16th July, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD had a bearish trend yesterday as it touched a low of 1.0929 and remained weak towards the end of the trading session. Now the pair is trading below its 20day moving average of 1.0944 in the European trading session. The near term bias remains Bearish with targets of 1.0850
RSI (14), STOCH (9, 6), MACD (12, 26), CCI (14), Ultimate Oscillator, ROC, MA100, MA200 indicate a SELL; ADX (14) is Neutral; while Average True Range (14) indicates Less Volatility.
Support is at 1.0916 while Resistance is at 1.0969
16th July 2015 – 07:23hrs GMT
GBPUSD
GBPUSD was indecisive as it touched a high of 1.5673 and a low of 1.5577 but recovered towards the end of the trading session. Now the pair is trading above its 20day moving average of 1.5627 in the European trading session. The near term bias remains Bullish with targets of 1.5710
RSI (14), STOCH (9, 6), MACD (12, 26), CCI (14), Ultimate Oscillator, MA100, MA200 indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 1.5602 while Resistance is at 1.5675
16th July 2015 – 07:27hrs 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 – 16th July, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD was bearish yesterday as it touched a low of 0.7353 and remained weak towards the end of the trading session. Now the pair is trading just above its 20day moving average of 0.7380 in the European trading session. The near term bias remains Neutral to Bullish with targets of 0.7450
RSI (14), STOCH (9, 6) are Neutral; 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 0.7326 while Resistance is at 0.7434
16th July 2015 – 07:32hrs GMT
USDJPY
USDJPY was bullish yesterday as it touched a high of 123.94 and remained strong towards the end of the trading session. Now the pair is trading just above its 20day moving average of 123.84 in the European trading session. The near term bias remains Neutral to Bullish with targets of 124.20
STOCH (9, 6), ADX (14), CCI (14) are Neutral; RSI (14), MACD (12, 26), Ultimate Oscillator, ROC, MA100, MA200 indicate a BUY; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 123.64 while Resistance is at 123.97
16th July2015 – 07:36hrs 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 – 16th July, 2015
By FxGrow Research & Analysis Team
Greek Parliament approves Bailout package
Greek parliament has approved the €86 billion bailout package in a tense voting session with 229 members voting Yes, 64 voting No and 6 members refrained from voting.
The new bailout package demands tough economic reforms imposing sweeping sales tax hikes, reforms in pensions and a series of austerity measures as imposed by the European Union.
"I had specific choices before me: one was to accept a deal I disagree with on many points, another was a disorderly default. We will not back down from our pledge to fight to the end for the right of the working people. There is no other option but for all of us to share the weight of this responsibility" - Greek PM Alexis Tsipras.
The new third bailout package for Greece needs to be passed by the domestic parliaments of the other 19 members of the Eurozone before Greece can receive the Funds. Germany is expected to vote on the new bailout package on Friday.
Eurozone finance ministers will hold a conference call on Thursday to discuss the next steps in finalizing Greece’s third bailout of 86 billion euros and prevent the Greek Bank's from collapsing.
“We support the government but we disagree with this new memorandum, with these measures. We are the heart and soul of Syriza" - Greek Energy minister.
The European Central Bank is expected to hold a meeting of its governing council to extend financial support to Greek banks, which have remained closed for the last ten days.
"In the absence of a better solution, the European Commission has proposed to the Council to grant short-term emergency assistance to Greece from the EFSM" - European Commission VP, Valdis Dombrovskis.
Yesterday, Fed Chairwoman Janet Yellen said before the House of Representatives that a rate hike in 2015 is still on the table if economy evolves as expected.
"If the economy evolves as we expect, economic conditions likely would make it appropriate at some point this year to raise the federal funds rate target" -Janet Yellen, Fed Chair.
Following the comments US Dollar was higher against its major counterparts with the EURUSD trading at 1.0903 and AUDUSD at 0.7391 in the European trading session.
In US Wholesale prices rose to 0.4% for the month of June according to the Labor department. Meanwhile, core prices increased by 0.3% for the same period. A pickup in the prices would reinforce Fed's view of raising the interest rates this year.
In UK unemployment rate climbed to 5.6% for the month of June, the first time in more than two years. With good growth prospects the Bank of England has signaled that it is moving closer to hike interest rate this year.
The Bank of Canada has cut its interest rate by 25 basis points to 0.50%, and downgraded GDP forecast to 1% in 2015.
"Additional monetary stimulus is required at this time to help return the economy to full capacity and inflation sustainably to target" -Bank of Canada.
Crude oil prices have moved higher to $51.77 after Greek bailout vote.
Gold is trading lower in the Europe at 1144.79, while Silver is weak at 14.98
16th July 2015 – 10:42hrs 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.
Daily Technical Analysis – 17th July, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD had a bearish trend yesterday as it touched a low of 1.0854 and remained weak towards the end of the trading session. Now the pair is trading just below its 20day moving average of 1.0885 in the European trading session. The near term bias remains Bearish with targets of 1.0800
RSI (14), STOCHRSI (14), MACD (12, 26), Ultimate Oscillator, MA100, MA200 indicate a SELL; CCI (14) is Neutral; while Average True Range (14) indicates Less Volatility.
Support is at 1.0855 while Resistance is at 1.0965
17th July 2015 – 07:01hrs GMT
GBPUSD
GBPUSD was indecisive as it touched a high of 1.5648 and a low of 1.5559 but recovered towards the end of the trading session. Now the pair is trading above its 20day moving average of 1.5617 in the European trading session. The near term bias remains Bullish with targets of 1.5700
RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), Ultimate Oscillator, ROC, MA100, MA200 indicate a BUY; STOCHRSI (14), CCI (14) are Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 1.5602 while Resistance is at 1.5716
17th July 2015 – 07:04hrs 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 – 17th July, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD was bullish yesterday as it touched a high of 0.7434 and remained firm towards the end of the trading session. Now the pair is trading below its 20day moving average of 0.7411 in the European trading session. The near term bias remains Neutral to Bearish with targets of 0.7350
RSI (14), ADX (14) are Neutral; ADX (14), CCI (14), Ultimate Oscillator, ROC, MA100, MA200 indicate a SELL; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 0.7349 while Resistance is at 0.7437
17th July 2015 – 07:11hrs GMT
USDJPY
USDJPY was bullish yesterday as it touched a high of 124.16 and remained firm towards the end of the trading session. Now the pair is trading below its 20day moving average of 124.09 in the European trading session. The near term bias remains Bearish with targets of 123.50
RSI (14), STOCH (9, 6), ADX (14), CCI (14), Ultimate Oscillator, ROC indicate a SELL; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 123.73 while Resistance is at 124.23
17th July2015 – 07:14hrs 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 – 17th July, 2015
By FxGrow Research & Analysis Team
ECB Raises ELA to Greek Banks by 900 Million Euros
European Central Bank President Mario Draghi raised Emergency Liquidity Assistance to Greek Banks providing an additional 900 million euros that would allow Greek banks to reopen.
The ECB has hiked its ELA to Greek banks after the Greek parliament voted in favor of the austerity reforms and the third bailout program for Greece.
"If things continue to proceed in a positive way as they have done in the last two days we will have a phase during the Bank of Greece and the ECB, which are working very actively in monitoring the situation, will look at exactly the needs of the Greek economy" - Mario Draghi, ECB President.
The European Central Bank has kept its interest rates unchanged in an effort to counter deflation as per analyst expectations.
"Recent developments in financial markets, which partly reflect greater uncertainty, have not changed the Governing Council's assessment of a broadening of the euro area's economic recovery and a gradual increase in inflation rates over the coming years" - Mario Draghi, ECB President.
"As explained on previous occasions, our monthly asset purchases of EUR60 billion are intended to run until the end of September 2016 and in any case until we see a sustained adjustment in the path of inflation that is consistent with our aim of achieving inflation rates below but close to 2 percent over the medium term" - Mario Draghi, ECB President.
"Several positive things have happened that could justify us to increase the ELA we approved today. Incidentally I didn't say how much. We substantially accommodated the request put forward by the bank of Greece recalibrated over one week. The increase would be €900m over one week" - Mario Draghi, ECB President.
Greek banks will reopen on Monday after being closed for nearly three weeks. Greek Deputy Finance Minister Madras said that withdrawal restrictions will remain in place.
Bank of England Governor Mark Carney said that the UK interest rates could rise around the end of this year.
"In my view, the decision as to when to start such a process of adjustment will likely come into sharper relief around the turn of this year" - Mark Carney, BoE Governor.
In US Jobless Claims declined to 281K last week indicating improving labour market conditions.
"If the economy evolves as we expect, economic conditions likely would make it appropriate at some point this year to raise the federal funds rate target" -Janet Yellen, Fed Chair.
In New Zealand Inflation Rose to 0.4% in the second quarter of the 2015, but remained well below the target range of 1% to 3% putting pressure on the Reserve Bank of New Zealand to cut interest rates.
Crude oil prices have moved lower to $50.83 as investors await weekly US Oil rig count.
Gold is trading lower in the Europe at 1143.85, while Silver is weak at 14.98
17th July 2015 – 09:26hrs 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 – 20th July, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD had a bearish trend last week and opened this week lower touching a low of 1.0820 in the Asian trading session. Now the pair is trading above its 20day moving average of 1.0840 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.0910
RSI (14) is Neutral; 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 1.0820 while Resistance is at 1.0906
20th July 2015 – 07:21hrs GMT
GBPUSD
GBPUSD had a bullish trend last week and opened this week flat. Now the pair is trading above its 20day moving average of 1.5604 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.5700
RSI (14) is Neutral; ADX (14), CCI (14), ROC, MA100, MA200 indicate a BUY; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 1.5589 while Resistance is at 1.5675
20th July 2015 – 07:26hrs 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.