Daily Market Analysis by FxGrow - page 17
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Daily Technical Analysis – 05th Aug, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD was bearish yesterday and remained weak towards the end of the trading session. Now the pair is trading below its 20day moving average of 1.0899 in the European trading session. The near term bias remains Bearish with targets of 1.0800
RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), ROC, MA100, MA200 indicate a SELL; STOCHRSI (14) is Neutral; while Average True Range (14) indicates Less Volatility.
Support is at 1.0848 while Resistance is at 1.0915
05th Aug 2015 – 07:38hrs GMT
GBPUSD
GBPUSD remained indecisive yesterday towards the end of the trading session. Now the pair is trading just below its 20day moving average of 1.5572 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.5520
RSI (14), ADX (14) are Neutral; STOCH (9, 6), MACD (12, 26), ROC, MA100, MA200 indicate a SELL; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 1.5510 while Resistance is at 1.5600
05th Aug 2015 – 07:44hrs 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 – 05th Aug, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD was mildly bullish yesterday and remained firm towards the end of the trading session. Now the pair is trading below its 20day moving average of 0.7380 in the European trading session. The near term bias remains Bearish with targets of 0.7310
STOCH (9, 6), STOCHRSI (14), ADX (14), CCI (14), ROC indicate a SELL; RSI (14) is Neutral; while Average True Range (14) indicates Less Volatility.
Support is at 0.7327 while Resistance is at 0.7428
05th Aug 2015 – 07:49hrs GMT
USDJPY
USDJPY was mildly bullish yesterday and remained firm towards the end of the trading session. Now the pair is trading above its 20day moving average of 124.26 in the European trading session. The near term bias remains Bullish with targets of 124.80
RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), CCI (14), ROC, MA100, MA200 indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 124.22 while Resistance is at 124.47
05th Aug 2015 – 07:54hrs 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 – 05th Aug, 2015
By FxGrow Research & Analysis Team
Greece in severe depression after third bailout
Greece is trapped in a prolonged and severe depression after securing the third bailout from its European creditors. The country will need a debt write-down of €95 billion to avoid a permanent recession according to the National Institute of Economic and Social Research (NIESR).
“We don’t see Greece getting back to the level it was when it joined the euro in 2001, let alone anywhere near where it was before this crisis struck, so this is a prolonged and severe depression for Greece” - Jack Meaning, NIESR.
“Certainly, as the prospects for Greece deteriorate while inside the euro area, questions over Greece remaining a member will persist” - NIESR.
Greek bank shares sold off sharply for the third day in a row on Wednesday with buyers yet to emerge on a scale large enough to counter continued dumping of the stocks - Reuters.
Greece's banks have seen deposits severely depleted as Greeks pulled out their euros for fear they would be forcibly converted into a new drachma outside the euro zone. The banks have been propped up by emergency money from the European Central Bank - Reuters.
Greece's dismal economic prospects may also weigh on the market. The European Commission says the Greek economy will shrink by 2 to 4 percent this year, a return to the recession that plagued the country for six years until 2014 - Reuters.
EURUSD is down from the yesterday’s high of 1.0985 to trade at 1.0877 in the European trading session today.
US Dollar is stronger after comments from Atlanta Fed President Dennis Lockhart said that the US economy was ready for the first rate hike in September.
UK PMI services declined to 57.4 in the month of July. Investors are awaiting the Bank of England quarterly inflation report to know the central bank’s growth and inflation outlook.
UK construction PMI fell to 57.1 for the month of July amid weak demands. Shortage of new housing and increasing demand has pushed house prices upwards.
"Commercial activity was a key growth driver during July, which partly offset ongoing weakness in civil engineering and softer residential building trends" - Tim Moore, Markit.
New Zealand unemployment rate rose to 5.9% as the number of n ew jobs created could not meet the growing demand. It is expected that the Reserve Bank of New Zealand will consider further monetary policy easing.
"Despite lower quarterly growth, this is still the 11th consecutive quarter of employment growth, making it the second-longest period of growth since the period between 1992 and 1996" - Diane Ramsay, New Zealand.
In China services sector rose as Caixin services PMI surged to 53.8 in July, showing a positive sign in the world's second biggest economy.
Crude oil is trading lower at $46.20 after Iran’s oil minister said the country could boost output within a week of the lifting of international sanctions.
Gold is trading lower in the Europe at 1089.75, while Silver is flat at 14.61
05th Aug 2015 – 13:13hrs 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 Technical Analysis – 06th Aug, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD was indecisive yesterday towards the end of the trading session. Now the pair is trading below its 20day moving average of 1.0900 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.0800
RSI (14), MACD (12, 26) are Neutral; STOCH (9, 6), CCI (14), Ultimate Oscillator, MA100, MA200 indicate a SELL; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 1.0879 while Resistance is at 1.0939
06th Aug 2015 – 08:31hrs GMT
GBPUSD
GBPUSD remained indecisive yesterday as it touched a low of 1.5525 and a high of 1.5646 towards the end of the trading session. Now the pair is trading below its 20day moving average of 1.5610 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.5550
RSI (14) is Neutral; STOCH (9, 6), CCI (14), Ultimate Oscillator indicate a SELL; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 1.5526 while Resistance is at 1.5627
06th Aug 2015 – 08:39hrs 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 – 06th Aug, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD did not make any significant moves and remained indecisive towards the end of the trading session. Now the pair is trading below its 20day moving average of 0.7343 in the European trading session. The near term bias remains Bearish with targets of 0.7270
RSI (14), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC indicate a SELL; STOCH (9, 6), STOCHRSI (14) are Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 0.7310 while Resistance is at 0.7340
06th Aug 2015 – 08:57hrs GMT
USDJPY
USDJPY was bullish yesterday as it touched a high of 124.99 and remained firm towards the end of the trading session. Now the pair is trading just above its 20day moving average of 124.82 in the European trading session. The near term bias remains Bullish with targets of 125.50
RSI (14), STOCHRSI (14), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, MA100, MA200 indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 124.43 while Resistance is at 125.01
06th Aug 2015 – 09:03hrs 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 Aug, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD was indecisive yesterday as it touched a low of 1.0877 and a high of 1.0933 towards the end of the trading session. Now the pair is trading below its 20day moving average of 1.0918 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.0850
RSI (14) is Neutral; STOCH (9, 6), 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 1.0893 while Resistance is at 1.0932
07th Aug 2015 – 06:07hrs GMT
GBPUSD'
GBPUSD was bearish yesterday as it touched a low of 1.5465 and remained weak towards the end of the trading session. Now the pair is trading below its 20day moving average of 1.5514 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.5450
STOCH (9, 6), CCI (14) are Neutral; RSI (14), MACD (12, 26), Ultimate Oscillator, ROC, MA100, MA200 indicate a SELL; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 1.5466 while Resistance is at 1.5551
07th Aug 2015 – 06:14hrs 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 Technical Analysis – 07th Aug, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD was indecisive yesterday as it touched a low of 0.7313 and then recovered its losses towards the end of the trading session. Now the pair is trading just near its 20day moving average of 0.7359 in the European trading session. The near term bias remains Bullish with targets of 0.7400
RSI (14), STOCH (9, 6), STOCHRSI (14), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 0.7327 while Resistance is at 0.7378
07th Aug 2015 – 06:19hrs GMT
USDJPY
USDJPY was indecisive yesterday as it touched low of 124.52 and then recovered towards the end of the trading session. Now the pair is trading just above its 20day moving average of 124.75 in the European trading session. The near term bias remains Bullish with targets of 125.50
RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC, MA100, MA200 indicate a BUY; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 124.54 while Resistance is at 124.85
07th Aug 2015 – 06:53hrs 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 Market Analysis – 07th Aug, 2015
By FxGrow Research & Analysis Team
Bank of England maintains Bank Rate at 0.5% and the size of the Asset Purchase Programme at £375 billion
The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy in order to meet the 2% inflation target and in a way that helps to sustain growth and employment. At its meeting ending on 5 August 2015, the MPC voted by a majority of 8-1 to maintain Bank Rate at 0.5%. The Committee voted unanimously to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375 billion, and so to reinvest the £16.9 billion of cash flows associated with the redemption of the September 2015 gilt held in the Asset Purchase Facility - Bank of England.
Robust private domestic demand is expected to produce sufficient momentum to eliminate the margin of spare capacity over the next year or so, despite the continuing fiscal consolidation and modest global growth. This is judged likely to generate the rise in domestic costs expected to be necessary to return inflation to the target in the medium term - Bank of England.
There had been a range of influences on international financial markets over the month, including: reactions to news on the progress of negotiations between the Greek government and its creditors; falls in global commodity prices; and large moves in Chinese equity prices. There had been some associated volatility in UK equity markets within the month - Bank of England.
Following the news GBPUSD plunged to a low of 1.5465 yesterday and is currently trading at 1.5517 in the European trading session.
"It would have been imprudent to push through a rate rise at this moment when our economic recovery remains in need of care and encouragement" - John Longworth, British Chambers of Commerce.
"Rates will eventually have to rise and when they do, it should be done slowly and steadily. Until that moment, the Bank of England is right to keep interest rates at current levels" - John Longworth, British Chambers of Commerce.
Globally Investors are awaiting the Non-Farm Payrolls report due to be released at 12:30 GMT today. US NFP is expected to come at 225K and Unemployment rate is expected to stay steady at 5.3%
This month Nonfarm Payroll release will decide the timing of the rate hike by the Federal Reserve this year.
A better than expected report will see US Dollar gaining ground and EURUSD is expected to touch 1.0800 on strong NFP data.
Crude oil is trading lower at $44.73 on oversupply concerns.
Gold is trading higher in the Europe at 1090.91, while Silver is up at 14.75
07th Aug 2015 – 10:51hrs 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 – 10th Aug, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD was indecisive last week and opened the week lower at 1.0949 today. Now the pair is trading above its 20day moving average of 1.0931 in the European trading session. The near term bias remains Bullish with targets of 1.1010
RSI (14), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC, MA100, MA200 indicate a BUY; STOCH (9, 6), STOCHRSI (14) is Overbought; while Average True Range (14) indicates High Volatility.
Support is at 1.0940 while Resistance is at 1.0982
10th Aug 2015 – 06:44hrs GMT
GBPUSD
GBPUSD was bearish last week as it touched a low of 1.5423 and opened this week higher at 1.5487 in the Asian trading session. Now the pair is trading below its 20day moving average of 1.5495 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.5410
RSI (14), STOCH (9, 6), CCI (14) are Neutral; MACD (12, 26), Ultimate Oscillator, ROC, MA100, MA200 indicate a SELL; STOCHRSI (14) is Overbought; while Average True Range (14) indicates High Volatility.
Support is at 1.5470 while Resistance is at 1.5509
10th Aug 2015 – 06:49hrs 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 – 10th Aug, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD was bullish last week and opened the week firm in the early Asian trading session. Now the pair is trading just above its 20day moving average of 0.7383 in the European trading session. The near term bias remains Bullish with targets of 0.7440
RSI (14), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC indicate a BUY; STOCH (9, 6), STOCHRSI (14) are Overbought; while Average True Range (14) indicates High Volatility.
Support is at 0.7394 while Resistance is at 0.7421
10th Aug 2015 – 07:01hrs GMT
USDJPY
USDJPY was indecisive last week and opened the week higher in the early Asian trading session today. Now the pair is trading below its 20day moving average of 124.60 in the European trading session. The near term bias remains Bearish with targets of 124.00
RSI (14), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC, MA100 indicate a SELL; STOCHRSI (14) is Oversold; while Average True Range (14) indicates High Volatility.
Support is at 124.09 while Resistance is at 124.34
10th Aug 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.