Daily Market Analysis by FxGrow - page 7
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Daily Technical Analysis – 17th June, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD remained indecisive yesterday as it touched a high of 1.1327 and a low of 1.1210 and then consolidated towards the end of the trading session. Now it is trading just above its 20day moving average of 1.1245 in the Asian trading session. The near term bias remains Neutral but overall scenario remains bearish.
RSI (14), STOCHRSI (14), MACD (12, 26), CCI (14), Ultimate Oscillator are Neutral; while Average True Range (14) indicates Less Volatility.
Support is at 1.1213 while Resistance is at 1.1288
17th June 2015 – 06:15hrs GMT
GBPUSD
GBPUSD touched a low of 1.5544 yesterday but then it continued its Bullish trend and remained firm towards the end of the trading session. Now the pair is trading just above its 20day moving average of 1.5639 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 1.5700
ADX (14), CCI (14) are Neutral; RSI (14), MACD (12, 26), ROC, MA100, MA200 indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 1.5597 while Resistance is at 1.5653
17th June 2015 – 06:22hrs 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 June, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD remained bearish yesterday and touched a low of 0.7722 and corrected higher towards the end of the trading session. Now the pair is trading below its 20day moving average of 0.7742 in the Asian trading session. The near term bias remains Bearish with targets of 0.7650
STOCH (9, 6), RSI (14), ADX (14), MACD (12, 26), CCI (14), Ultimate Oscillator, ROC, MA100 indicate a SELL; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 0.7712 while Resistance is at 0.7760
17th June 2015 – 06:27hrs GMT
USDJPY
USDJPY remained indecisive yesterday touching a high of 123.80 and a low of 123.33 towards the end of the trading session. Now it is trading above its 20day moving average of 123.43 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 124.00
RSI (14), MACD (12, 26), ADX (14), Ultimate Oscillator, ROC, MA100 indicate a BUY; STOCH (9, 6) is Neutral; while Average True Range (14) indicates Less Volatility.
Support is at 123.32 while Resistance is at 123.75
17th June 2015 – 06:33hrs 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 June, 2015
By FxGrow Research & Analysis Team
Global Investors await FOMC rate decision
Globally investors are awaiting the outcome of the Federal Open Market Committee's two day meeting at 18:00hrs GMT which is expected to create high volatility in the markets.
Analysts expect that Federal Reserve policy makers will raise interest rates in September this year. Market is pricing in a 67% probability of the Fed hiking rates before its December policy meeting.
“We expect Fed Chairwoman Janet Yellen to make it clear that the first rate hike is not far off” - Ian Shepherdson, Pantheon Macroeconomics.
“They think the economy is doing fine, and the majority on the Fed now favors starting rate hikes soon and going slowly" - James Glassman, J.P. Morgan Chase.
The FOMC is unlikely to change policy in its June meeting, but the statement and comments by Fed Chairwoman Janet Yellen in the news conference will be very important.
“This market has been and still is a Fed-driven market and it is fan of clear guidance. If Janet Yellen hints whether the Fed will raise in September or December it would be ultimately good for the markets, even though the very short-term reaction will almost certainly be negative” - Michael Antonelli, R.W Baird & Co.
“The Fed has to start normalizing rates, but there is never a perfect time to do it. The market will adjust to the rate hike cycle if it accepts that the economy is growing and that the Fed will indeed be “gradual” as it moves towards higher rate” - Quincy Krosby, Prudential Financial.
Greece is running out of time to secure bailout funds and avoid a possible default. The Greek government must reach a deal with its European creditors soon or risk an exit from the Eurozone.
The probability of a Greek default is at 75% to 80% according to market strategists, with the chances that Greece will secure a last minute deal are at 50%.
In Germany Investor confidence declined for the month of June. The ZEW Economic Sentiment Index dropped to 31.5 amid concerns over the Greek debt default.
In UK Inflation turned positive for the month of May. UK inflation edged higher 0.2%, according to the Office for National Statistics.
In Japan trade deficit increased in May, while imports declined. Trade deficit was 216.0 billion yen in May, while Imports declined by 8.7% to 5.956 trillion yen.
In New Zealand current account deficit decreased to NZ$1.8 billion in the first quarter of 2015.
Crude Oil is trading higher at $61.11 mainly driven by the huge decline in US crude stockpile.
Gold is trading lower in the Europe at 1178.92 ahead of the FOMC statement, while Silver is weak at 15.97
17th June 2015 – 08:54hrs 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 Technical Analysis – 18th June, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD had a strong bullish trend yesterday and crossed the 1.1350 level. Now it is trading just above its 20day moving average of 1.1319 and touched a high of 1.1371 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.1400
RSI (14), STOCH (9, 6), MACD (12, 26), ROC, MA100, MA200 indicate a BUY; ADX (14), CCI (14) are Neutral; while Average True Range (14) indicates Less Volatility.
Support is at 1.1269 while Resistance is at 1.1374
18th June 2015 – 06:48hrs GMT
GBPUSD
GBPUSD continued its Bullish trend and crossed 1.5800 yesterday. Now the pair is trading above its 20day moving average of 1.5796 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.5860
RSI (14), STOCH (9, 6), MACD (12, 26), ROC, MA100, MA200 indicate a BUY; STOCHRSI (14) is Oversold; CCI (14) is Neutral; while Average True Range (14) indicates Less Volatility.
Support is at 1.5700 while Resistance is at 1.5850
18th June 2015 – 06:55hrs 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 – 18th June, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD had a Bullish trend yesterday and crossed the 0.7750 level. Now the pair is trading above its 20day moving average of 0.7735 in the European trading session. The near term bias remains Neutral to Bullish with targets of 0.7800
RSI (14), MACD (12, 26), CCI (14), Ultimate Oscillator, ROC, MA100 indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 0.7721 while Resistance is at 0.7760
18th June 2015 – 06:59hrs GMT
USDJPY
USDJPY had a bearish trend yesterday and touched a low of 123.20 in the US trading session. Now it is trading below its 20day moving average of 123.58 in the European trading session. The near term bias remains Bearish with targets of 122.50
RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC, MA100 indicate a SELL; while Average True Range (14) indicates High Volatility.
Support is at 122.85 while Resistance is at 124.43
18th June 2015 – 07:06hrs 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 – 18th June, 2015
By FxGrow Research & Analysis Team
FOMC Minutes reflect a Dovish tone
The Federal Reserve on Wednesday kept its benchmark interest rate near zero, as it believes improving US economic growth is likely to warrant one or two interest rate increases before the end of the year.
"Information received since the Federal Open Market Committee met in April suggests that economic activity has been expanding moderately after having changed little during the first quarter" - FOMC.
"To support continued progress toward maximum employment and price stability, the Committee today reaffirmed its view that the current 0 to 1/4 percent target range for the federal funds rate remains appropriate" - FOMC.
"In determining how long to maintain this target range, the Committee will assess progress - both realized and expected - toward its objectives of maximum employment and 2 percent inflation" - FOMC.
Majority of Fed officials are willing to raise interest rates this year, according to a survey released by the central bank. Fed is on track to hike interest rates this year.
"We have to put in place a policy that is appropriate to evolving conditions in the U.S. economy but we can’t promise that there will not be volatility when we make a decision to raise rates" - Federal Reserve Chairwoman Janet Yellen.
"The timing of a first decision to raise rates is something that should not be overblown whether it is September or December or March, what matters is the entire path of rates, and as I have said the committee anticipates economic conditions that would call for a gradual evolution of the Fed funds rate towards normalization" - Federal Reserve Chairwoman Janet Yellen.
USD Dollar was weak against its major counterparts after the FOMC minutes signaled a gradual hike path with the EURUSD crossing 1.1350 yesterday and 1.1400 in the European trading session today.
Euro group is meeting in Luxembourg today and Greece has a last chance to secure a deal before the end of this month. Since Greek officials have refused to submit any new proposals hopes for a solution to the Greek debt deal are low.
Greek PM Alexis Tsipras is travelling to Russia to meet Vladimir Putin for some weekend talks.
"Failure to reach an agreement would... mark the beginning of a painful course that would lead initially to a Greek default and ultimately to the country's exit from the euro area and, most likely, from the European Union" - The Bank of Greece.
Meanwhile Germany is making contingency plans for Greece to leave the euro as it believes that Greece and its creditors would reach agreement on the release of new bail-out funds.
In New Zealand economy slowed in the Q1 of 2015. The nation’s economy grew at 0.2% the lowest quarterly growth rate since 2 years. Following the news NZDUSD slipped to a 5 year low of 0.6881 in the European trading session today.
Crude Oil is trading lower at $61.06 mainly driven by a weak US Dollar as Fed left its benchmark interest rate unchanged.
Gold is trading higher in the Europe at 1196.44, while Silver is strong at 16.30
18th June 2015 – 09:01hrs 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 – 19th June, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD was higher yesterday and touched a high of 1.1435 but came down towards the end of the trading session. Now the pair is trading below its 20day moving average of 1.1376 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.1280
RSI (14), STOCH (9, 6), ADX (14), Ultimate Oscillator, ROC, indicate a SELL; STOCHRSI (14), CCI (14) are Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 1.1329 while Resistance is at 1.1391
19th June 2015 – 06:41hrs GMT
GBPUSD
GBPUSD has a Bullish trend yesterday and touched a high of 1.5929 but then it came down towards the end of the trading session. Now the pair is trading below its 20day moving average of 1.5883 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.5800
RSI (14), STOCH (9, 6) are Neutral; ADX (14), CCI (14), Williams %R, ROC indicate a SELL; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 1.5814 while Resistance is at 1.5929
19th June 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 – 19th June, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD had a Bullish trend yesterday and touched a high of 0.7846 but came down towards the end of the trading session. Now the pair is trading below its 20day moving average of 0.7802 in the European trading session. The near term bias remains Neutral to Bearish with targets of 0.7700
RSI (14), STOCH (9, 6), ADX (14), CCI (14), ROC indicate a SELL; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 0.7725 while Resistance is at 0.7818
19th June 2015 – 06:59hrs GMT
USDJPY
USDJPY had a bearish trend yesterday and touched a low of 122.45 but closed higher towards the end of the trading session. Now it is trading above its 20day moving average of 122.95 in the European trading session. The near term bias remains Neutral to Bullish with targets of 123.50
RSI (14), STOCH (9, 6) are Neutral; ADX (14), CCI (14), Ultimate Oscillator, ROC indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 122.47 while Resistance is at 123.29
19th June 2015 – 07:03hrs 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 Market Analysis – 19th June, 2015
By FxGrow Research & Analysis Team
Eurozone Summit called after failure of Greece Bailout Talks
Euro zone leaders will hold an emergency summit on Monday to avoid a Greek default after finance ministers failed again to bridge the gap between Greece and its European creditors.
The emergency summit will be held in Brussels just eight days before the deadline ends of a Greek default.
IMF, members of Eurozone and European commission all want Greece to implement budget cuts, mainly through pensions and sales-tax increases, which are needed to restore the country’s long-term financial health.
“Those are measures that are not popular, they will not be easy to take and the big question is whether the Greek government is prepared to take them. And if they’re not prepared to do that, then they are taking a big, big risk on the future of Greece” - Jeroen Dijsselbloem, Head of Eurozone finance ministers.
Cash withdrawals from Greek Banks are increasing with almost 2 billion Euros pulled out between Monday and Wednesday after the weekend talks in Brussels failed. Though the Greek government has denied imposing any Capital controls as of now, Greek Central Bank has warned of economic catastrophe if Greece defaults and leaves the Eurozone.
“Greece will be in default, it will be in arrears vis-a-vis the IMF on July 1, but I hope it is not the case, I really do. There is no grace period or two-month delay, as I have seen here and there" - Christine Lagarde, IMF.
"Germany's efforts are directed to Greece remaining in the Eurozone. Where there's a will, there's a way - if the political leaders in Greece show this will an agreement is still possible” - German Chancellor Angela Merkel.
The options that Greece will have whether it is able to reach a deal in the Eurozone summit on Monday or not are:
- No Deal is reached, Greece will default on its payments to the IMF and ECB, and ECB will pull plugs on emergency bank assistance leading to run on Greek banks, capital controls and potential Grexit.
- Deal is reached as Greece agrees to the reforms and is able to secure the bailout funds and stays in the Euro.
- No Deal is reached and Greece still remains in the Euro.
Greek PM is meeting Russian President Vladimir Putin over the weekend. Russian deputy Finance minister has told that there has been no request for money from Greece, and Russia had no resources for such a bailout.
"The Eurozone summit on Monday is a positive development on the road toward a deal. There will be a solution based on respecting EU rules and democracy which would allow Greece to return to growth in the euro" - Greek Prime Minister.
The Swiss National Bank keeps its monetary policy of negative interest rates intact in anticipation that negative interest rates will dampen the value of the Swiss Franc over time.
“Negative interest rates in Switzerland make holding investments in Swiss francs less attractive and will help to weaken the Swiss franc over time" - Thomas Jordan, Swiss National Bank Chairman.
UK Retail Sales rose for the month of May to 0.2% while analyst’s expectations were of a 0.1% decline.
Crude Oil is trading higher at $60.27 after data showed US Crude stockpiles on the decline.
Gold is trading higher in the Europe at 1200.40, while Silver is flat 16.14
19th June 2015 – 09:16hrs 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 June, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD was bullish last week and touched a high of 1.1435 and remained strong at the end of the week. Now the pair is trading above its 20day moving average of 1.1359 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.1450
RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC, indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 1.1344 while Resistance is at 1.1421
22nd June 2015 – 06:54hrs GMT
GBPUSD
GBPUSD has a Bullish trend last week and touched a high of 1.5929 remaining firm towards the end of the week. Now the pair is trading above its 20day moving average of 1.5881 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.5950
RSI (14), STOCH (9, 6), MACD (12, 26), 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 1.5834 while Resistance is at 1.5918
22nd June 2015 – 07:02hrs 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.