Daily Market Analysis by FxGrow - page 14
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Daily Technical Analysis – 20th July, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD was indecisive last week and opened the week lower touching a low of 0.7326 in the Asian trading session. Now the pair is above its 20day moving average of 0.7371 in the European trading session. The near term bias remains Neutral to Bullish with targets of 0.7430
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 High Volatility.
Support is at 0.7334 while Resistance is at 0.7404
20th July 2015 – 07:34hrs GMT
USDJPY
USDJPY was bullish last week and opened the week at 124.03 today. Now the pair is trading below its 20day moving average of 124.10 in the European trading session. The near term bias remains Neutral to Bullish with targets of 124.70
RSI (14), CCI (14) are Neutral; STOCH (9, 6), MACD (12, 26), Ultimate Oscillator, ROC, MA100, MA200 indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 123.91 while Resistance is at 124.19
20th July2015 – 07:41hrs 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 – 20th July, 2015 By FxGrow Research & Analysis Team Gold plunges to Five-Year Low as US Interest Rate Rise looms
Gold plunged to its lowest level in more than five years in the early Asian trading session as investor sentiments were hit on the backdrop of a strong US dollar amid prospects for higher US interest rates in the coming months. The precious metal fell to drop as much as 5.5 percent touching a low of $1072, its weakest level since March 2010 when Shanghai Gold exchange opened trading early this morning. Gold is considered as a safe haven investment in times of financial uncertainty, but is seen as a less attractive option in the times of rising interest rates. The prices of Gold tumbled on speculation that Fed is moving closer to raising interest rates after eight years. “In the physical market this would not be possible because that would consume a whole lot of physical gold. But in the futures market, because it's all digital, as long as you find a buyer to bid for it then that would be possible” - Luke Chua, Bullion Star Singapore. "Gold market looks very technically weak and the biggest buyer of all, China, is now selling gold as opposed to buying it on price dips. That's a recipe for weaker prices" - Victor Thianpiriya, ANZ Bank Singapore. "I think there's further downside on the price once the dust settles and the focus shifts back to US dollar strength and the interest rate outlook. The risk of it hitting $1,050 is clearly elevated." - Victor Thianpiriya, ANZ Bank Singapore. Greek Banks opened today after being closed for three weeks to restore normalcy with withdrawal limits remaining in place of €420 in a week. “Capital controls and restrictions on withdrawals will remain in place but we are entering a new stage which we all hope will be one of normality” - Louka Katseli, Greek bank association. Canada's annual inflation rose 1.0% in the month of June, while core inflation climbed 2.3% more than analyst expectations. "Expectations are more biased for another rate cut. Core CPI is less meaningful to the bank than non-energy exports and gross domestic product at this stage of the game" - Jack Spitz, National Bank of Canada. The New Zealand Dollar is under selling pressure on speculations that the Reserve Bank of New Zealand (RBNZ) is set to cut interest rates on Wednesday. NZDUSD is trading at 0.6580 in the European trading session after it opened the week lower at 0.6505 today. Crude oil prices have moved lower to $50.98 as Saudi Arabian exports fell to the lowest in five months. Gold is trading lower in the Europe at 1111.47, while Silver is weak at 14.73 20th July 2015 – 10:31hrs 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 – 21st July, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD was indecisive yesterday as it touched a high of 1.0866 and a low of 1.0815 remaining weak towards the end of the trading session. Now the pair is trading above its 20day moving average of 1.0833 in the European trading session. The near term bias remains Bullish with targets of 1.0900
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 1.0820 while Resistance is at 1.0864
21st July 2015 – 08:45hrs GMT
GBPUSD
GBPUSD was indecisive yesterday as it touched a high of 1.5625 and a low of 1.5537 remaining weak towards the end of the trading session. Now the pair is trading above its 20day moving average of 1.5569 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.5500
RSI (14), ADX (14) are Neutral; STOCH (9, 6), MACD (12, 26), Ultimate Oscillator, MA100 indicate a SELL; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 1.5538 while Resistance is at 1.5588
21st July 2015 – 08:53hrs 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 – 21st July, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD was bearish yesterday as it touched a low of 0.7340 remaining weak towards the end of the trading session. Now the pair is trading just above its 20day moving average of 0.7368 in the European trading session. The near term bias remains Neutral to Bearish with targets of 0.7300
RSI (14) is Neutral; STOCH (9, 6), MACD (12, 26), ROC, MA100, MA200 indicate a SELL; STOCHRSI (14) is Overbought; while Average True Range (14) indicates High Volatility.
Support is at 0.7327 while Resistance is at 0.7383
21st July 2015 – 08:58hrs GMT
USDJPY
USDJPY was slightly bullish yesterday but did not make any significant moves. Now the pair is trading just below its 20day moving average of 124.33 in the European trading session. The near term bias remains Neutral to Bullish with targets of 124.75
RSI (14), CCI (14) are Neutral; STOCH (9, 6), MACD (12, 26), ADX (14), Ultimate Oscillator, ROC, MA100, MA200 indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 124.23 while Resistance is at 124.47
21st July2015 – 09:06hrs 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 – 21st July, 2015
By FxGrow Research & Analysis Team
Reserve Bank of Australia minutes see steady Interest rates
Reserve Bank of Australia released its minutes from the July 7 meeting and the Board decided to leave the cash rate unchanged at 2.0 per cent.
Members noted that the exchange rate had thus far offered less assistance than would normally be expected in achieving balanced growth in the economy and that further depreciation seemed both likely and necessary - RBA minutes.
Members noted that global economic conditions remained consistent with growth in Australia's major trading partners being around average over the period ahead. Global financial conditions were very accommodative and would remain so even in the event that the Federal Reserve started to raise its policy interest rate later in the year - RBA minutes.
Expectations about the timing of the US Federal Reserve's first increase in the federal funds rate were little changed over the past month. Market pricing continued to suggest that the first increase would occur around the end of 2015. Although commentary by Federal Reserve officials suggested that it could be a little sooner than that, they continued to emphasize that the exact timing of the first increase would be less important than the pace of subsequent increases, which were expected to be gradual - RBA minutes.
In light of current and prospective economic circumstances and financial conditions, the Board judged that leaving the cash rate unchanged was appropriate - RBA minutes.
Greece received emergency bridging loan of €7.2bn from the European Union which was used to repay its debts. The Greek government made payments of €4.2bn to the European Central Bank, which consisted of €3.5bn loan plus €0.7bn interest.
Greece cleared its overdue debt repayments of 2.05 billion euros to the International Monetary Fund.
"The fund stands ready to continue assisting Greece in its efforts to return to financial stability and growth" - IMF.
Meanwhile heavy rush was seen in Greek Banks as queues formed outside bank branches as restrictions remain in place.
“Capital controls and restrictions on withdrawals will remain in place, but we are entering a new stage which we all hope will be one of normality” Louka Katseli, head of the Greek banking association.
Canada's Wholesale Trade fell for the month of May to C$54.5 billion led by a decrease in motor vehicle sales, according to Statistics Canada.
"Expectations are more biased for another rate cut" - Jack Spitz, National Bank of Canada.
UK public sector net borrowing rose to £8.58 billion for the month of June according to the Office for National Statistics.
Gold prices have consolidated near the $1100 level as investors shift their focus on prospects of higher interest rates in the US.
Crude oil prices have moved lower to $50.44 on supply concerns.
Gold is trading lower in the Europe at 1106.80, while Silver is weak at 14.82
21st July 2015 – 11:12hrs 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 – 22nd July, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD was bullish yesterday as it touched a high of 1.0967 yesterday and remained firm towards the end of the trading session. Now the pair is trading just above its 20day moving average of 1.0938 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.1000
CCI (14) is Neutral; RSI (14), MACD (12, 26), Ultimate Oscillator, MA100 indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 1.0819 while Resistance is at 1.0969
22nd July 2015 – 08:30hrs GMT
GBPUSD
GBPUSD was indecisive yesterday and remained in a range bound trading towards the end of the trading session. Now the pair is trading above its 20day moving average of 1.5568 in the European trading session. The near term bias remains Bullish with targets of 1.5650
RSI (14), ADX (14), MACD (12, 26), Ultimate Oscillator, ROC, MA100, MA200 indicate a BUY; STOCHRSI (14) is Overbought; while Average True Range (14) indicates High Volatility.
Support is at 1.5529 while Resistance is at 1.5650
22nd July 2015 – 08:43hrs 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 – 22nd July, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD was bullish yesterday as it touched a high of 0.7444 remaining strong towards the end of the trading session. Now the pair is trading just below its 20day moving average of 0.7419 in the European trading session. The near term bias remains Neutral to Bearish with targets of 0.7350
RSI (14) is Neutral; ADX (14), CCI (14), ROC, MA200 indicate a SELL; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 0.7392 while Resistance is at 0.7449
22nd July 2015 – 09:07hrs GMT
USDJPY
USDJPY was bearish yesterday as it touched a low of 123.77 and remained weak towards the end of the trading session. Now the pair is trading just below its 20day moving average of 123.80 in the European trading session. The near term bias remains Bearish with targets of 123.10
RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), Ultimate Oscillator, ROC, MA100 indicate a SELL; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 123.64 while Resistance is at 124.44
22nd July2015 – 09:12hrs 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 – 22nd July, 2015
By FxGrow Research & Analysis Team
Bank of England policymakers edge towards Rate hike
Bank of England released minutes from its July policy meeting which showed that all the nine monetary policy committee members voted unanimously to holding both interest rate at its record low of 0.50 percent and the amount of asset purchases at 375 billion pounds.
In light of recent developments, all members thought it appropriate to leave the stance of monetary policy unchanged at this meeting. For a number of members, the balance of risks to medium-term inflation relative to the 2% target was becoming more skewed to the upside at the current level of Bank Rate - Bank of England.
The sterling effective exchange rate had risen by close to 3% over the month. The actual path that Bank Rate would follow over the next few years was uncertain, and would depend on the economic circumstances - Bank of England.
UK forward short-term interest rates had fallen following the Greek referendum and over the month. Absent that uncertainty, the decision between holding Bank rate at its current level versus a small increase was becoming more finely balanced - Bank of England.
For a number of members, the balance of risks to medium-term inflation relative to the 2 percent target was becoming more skewed to the upside at the current level of bank rate - Bank of England.
After the release of the BoE minutes the pound appreciated 0.4 percent versus the US dollar and is currently trading at $1.5627 in the European trading session.
Investors are expecting the interest rates in UK to increase in the May 2016, as indicated by the BOE Governor Mark Carney.
Greece's PM Alexis Tsipras seeks support of the Syriza party ahead of the crucial vote on reforms. The vote is expected to be passed with the support of opposition parties to start talks on a new €86bn bailout package for Greece.
EURUSD has recovered from a low of 1.0813 to trade at 1.0930 in the European trading session ahead of the crucial Greek vote.
"We have agreed to lighten the interest burden, lengthen the maturity of the Greek debt. It's something that can be done when the time comes, after the negotiation of a good program of development and assistance" - Pierre Moscovici, European Union Commissioner.
Reserve Bank of Australia Governor Glenn Stevens said an interest-rate cut is possible as the central bank prefers a weaker Australian dollar to support business and industry.
"That is why we have felt that, on balance, a somewhat lower exchange rate was likely to be a part of the necessary adjustment. That adjustment seems to be occurring, with relatively little disruption, and is having an expansionary effect" -Glenn Stevens, RBA Governor.
In UK public sector borrowing declined to 9.4 billion pounds for the month of June according to the office for National Statistics.
Swiss trade surplus rose to 3.578 billion francs for the month of June according to the Federal Statistics Office.
"The economic outlook for Switzerland has dimmed again, and while analysts expect to see the strongest economic momentum in the Eurozone over the next six months, the present state of the Eurozone economy is still rated as poor" - Credit Suisse
Crude oil prices have moved lower to $50.20 after industry data showed rise in US crude stocks.
Gold is trading lower in the Europe at 1089.54, while Silver is weak at 14.70
22nd July 2015 – 11:56hrs 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 – 23rd July, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD was indecisive yesterday as it touched a high of 1.0961 and a low of 1.0871 remaining weak towards the end of the trading session. Now the pair is trading above its 20day moving average of 1.0925 in the European trading session. The near term bias remains Bullish with targets of 1.1050
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 1.0916 while Resistance is at 1.0991
23rd July 2015 – 07:51hrs GMT
GBPUSD
GBPUSD was bullish yesterday as it touched a high of 1.5638 yesterday but came down towards the end of the trading session. Now the pair is trading above its 20day moving average of 1.5619 in the European trading session. The near term bias remains Bullish with targets of 1.5700
RSI (14), ADX (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 1.5631 while Resistance is at 1.5731
23rd July 2015 – 08:11hrs 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 – 23rd July, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD was bearish yesterday as it touched a low of 0.7360 and remained weak towards the end of the trading session. Now the pair is trading above its 20day moving average of 0.7377 in the European trading session. The near term bias remains Neutral to Bullish with targets of 0.7450
STOCH (9, 6), ADX (14) are Neutral; RSI (14), Ultimate Oscillator, ROC, MA100, MA200 indicate a BUY; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 0.7374 while Resistance is at 0.7456
23rd July 2015 – 08:29hrs GMT
USDJPY
USDJPY was bullish yesterday as it touched a high of 124.13 and remained strong towards the end of the trading session. Now the pair is trading below its 20day moving average of 124.00 in the European trading session. The near term bias remains Bearish with targets of 123.00
RSI (14), MACD (12, 26), Ultimate Oscillator, ROC, MA100, MA200 indicate a SELL; STOCHRSI (14) is Oversold; while Average True Range (14) indicates High Volatility.
Support is at 123.57 while Resistance is at 124.15
23rd July2015 – 08:34hrs 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.