Daily Market Analysis by FxGrow - page 3
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Daily Technical Analysis – 29th May, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD is in a bullish trend and touched a high of 1.0973 yesterday, and is trading just at its 20day moving average of 1.0939 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 1.0980 to 1.1000
RSI (14), CCI (14) are Neutral; ADX (14), MACD (12, 26), ROC indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 1.0926 while Resistance is at 1.0973
29th May 2015 – 06:41hrs GMT
GBPUSD
GBPUSD continued in its bearish trend yesterday touching a low of 1.5264 and is trading just at its 20day moving average of 1.5312 in the Asian trading session. The near term bias remains Neutral to bearish with sideways movements expected in the European trading session.
RSI (14), CCI (14) are Neutral; STOCHRSI (14), MACD (12, 26), Ultimate Oscillator indicate a SELL; while Average True Range (14) indicates Less Volatility.
Support is at 1.5259 while Resistance is at 1.5341 and 1.5352
29th May 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 – 29th May, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD continued its bearish trend yesterday and touched a low of 0.7619; since then it has recovered and is trading just near its 20day moving average of 0.7651 in the Asian trading session. The near term bias remains Neutral to bearish with targets of 0.7600
RSI (14), MACD (12, 26), Ultimate Oscillator, MA100, MA200 indicate a SELL; ADX(14) is Neutral; while Average True Range (14) indicates Less Volatility.
Support is at 0.7616 while Resistance is at 0.7738
29th May 2015 – 06:56hrs GMT
USDJPY
USDJPY had a bullish trend yesterday and touched a high of 124.45 but since then it has come down to trade just at its 20day moving average of 123.93 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 124.50
RSI (14), ADX (14) are Neutral; MACD (12, 26), CCI (14), ROC, Ultimate Oscillator, MA200 indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 123.59 while Resistance is at 124.45
29th May 2015 – 07:01hrs 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 Market Analysis – 29th May, 2015
By FxGrow Research & Analysis Team
US Initial Jobless Claims Rise, Pending Home Sales reach a 9-Year High
In US the number of Americans filing for Initial Jobless benefits rose last week to 282K while analyst expectations were at 270K.
US pending home sales soared to a nine-year high in April in a strong start to the prime spring season, according to the National Association of Realtors. The National Association of Realtors said its Pending Home Sales Index rose 3.4% in April to a level of 108.7 which is the highest level since May 2006.
Jim O'Sullivan, US economist said "Housing is an important reason why the trend in growth looks much stronger for non-manufacturing and the overall economy, than for manufacturing now".
This uptrend in home sales came after a growth in US Jobs sector, which has increased demand to buy houses.
UK GDP expanded by 0.3% while analyst expectations were for a 0.4% increase. Economic growth slowed due to the service sector performing worse than expected and a widening UK trade deficit.
In Japan Inflation and Industrial production increased more than expected. Japan's Industrial production increased 1.0% in April, while inflation data showed the CPI moving higher 0.2% in May.
USD/JPY is steady at 13-year highs due to increased demand for US Dollar and the indications that the US economy is gaining momentum after a slowdown in the first quarter.
NZDUSD fell to 0.7115 undermined by New Zealand's lac of business optimism and estimates of inflation below the central bank's target.
In a report, European Central Bank said that Euro Zone M3 Money Supply rose to 5.3%. It is the amount of domestic currency in circulation and deposited in banks.
The Euro Zone Consumer and Business Confidence was stable in May at 103.8, overall economic sentiment was mixed across the Euro zone. While it improved in Germany, France, and the Netherlands, it dropped in Italy and Greece.
Howard Archer, Chief UK and European Economist said "The fact that overall Eurozone economic sentiment held up well in May could ease concern that the Eurozone's recovery is starting to flag as the recent stimulus it has received is diluted by a recent firming in the euro, oil prices and bond yields from very low levels".
Crude Oil is trading higher at $58.60 after US Crude Stockpile fell for 4th Week.
Gold is trading stronger in the Asia at 1189.63 while Silver has recovered its losses at 16.75
29th May 2015 – 09:32hrs 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 – 01st June, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD closed the weekend higher at 1.0989 but has now entered the bearish trend trading below its 20day moving average of 1.0969 in the Asian trading session. The near term bias remains Neutral to Bearish with targets of 1.0900 to 1.0880
RSI (14), MACD (12, 26) are Neutral; ADX (14), STOCHRSI (14), CCI (14), STOCH (9, 6), ADX (14), ROC indicate a SELL; while Average True Range (14) indicates Less Volatility.
Support is at 1.0928 while Resistance is at 1.1005
01st June 2015 – 06:50hrs GMT
GBPUSD
GBPUSD continued in its bearish trend last week touching a low of 1.5235 and is trading below its 20day moving average of 1.5283 in the Asian trading session. The near term bias remains Neutral to Bearish with targets of 1.5200
RSI (14), CCI (14), ADX (14) are Neutral; STOCHRSI (14), MACD (12, 26), MA200 indicate a SELL; while Average True Range (14) indicates Less Volatility.
Support is at 1.5235 while Resistance is at 1.5332
01st June 2015 – 06:56hrs 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 – 01st June, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD remained bearish last week touching a low of 0.7619; since then it has recovered and is trading above its 20day moving average of 0.7651 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 0.7700
MACD (12, 26) is Neutral; RSI (14), STOCH (9, 6), ADX (14), CCI (14), Ultimate Oscillator, MA50, ADX (14) indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 0.7624 while Resistance is at 0.7673
01st June 2015 – 07:02hrs GMT
USDJPY
USDJPY had a Bullish tone last week touching a high of 124.45; but since then it has come down and is trading above its 20day moving average of 124.10 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 124.50 to 124.75
STOCHRSI (14), CCI (14) are Neutral; RSI (14), MACD (12, 26), ROC, Ultimate Oscillator, MA100, MA200 indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 123.59 while Resistance is at 124.33
01st June 2015 – 07:21hrs 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 – 01st June, 2015
By FxGrow Research & Analysis Team
Euro Drops amid ongoing Greece talks
Euro is trading lower against all its counterparts amid concerns that Greece will be unable to repay over €300 million due to the IMF on June 5 and a possible exit from the Eurozone.
Euro recovery seems to have lost steam as concerns are rising over a possible Greek default if it is unable to reach a deal with its European creditors soon. Greek negotiations are going on as its creditors are pressing for action in areas including the pension system, labor market and sales tax.
Greek Prime Minister Alexis Tsipras has said “The lack of an agreement so far is not due to the supposed intransigent, uncompromising and incomprehensible Greek stance. It is due to the insistence of certain institutional actors on submitting absurd proposals and displaying a total indifference to the recent democratic choice of the Greek people".
Germany's EU Commissioner Guenter Oettinger said "We will need progress at the working group level, in order that we can agree on a reform agenda, perhaps even by the end of the week, which would trigger the payment of the last tranche of aid from the current aid program".
"Greek debt yields provide only a rough guide, and although a missed deadline will not spell default, market concern remains high. It's difficult to quantify how much the currency market has factored in the possibility of Greece missing the June 5 repayment deadline" said Shinichiro Kadota, chief Japan Forex strategist at Barclays in Tokyo.
China HSBC Manufacturing PMI for May came at 49.2 in line with analyst expectations.
Annabel Fiddes, Economist at Markit, on the HSBC PMI, said it "signaled a further deterioration in the health of China's manufacturing sector in May."
In Japan, capital spending for non-financial firms jumped 7.3% in the first quarter, while Japan manufacturing for May was steady at 50.9 as expected.
Euro zone’s Manufacturing PMI fell to 52.2 while analyst expectations were at 52.3
Germany’s Manufacturing PMI fell to 51.1 while analyst expectations were at 51.4
Crude Oil is trading higher at $59.85 as traders await OPEC meeting in Vienna on June 5.
Gold is trading lower in the Asia at 1187.22 while Silver has recovered its losses at 16.68
01st June 2015 – 09:31hrs 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 – 02nd June, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD touched a low of 1.0886 yesterday but has recovered since then and has now entered the bullish trend trading above its 20day moving average of 1.0929 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 1.0970 to 1.1000
RSI (14) is Neutral; ADX (14), Ultimate Oscillator, ROC, MA100 indicate a BUY; STOCHRSI (14), CCI (14) are Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 1.0912 while Resistance is at 1.0956
02nd June 2015 – 06:51hrs GMT
GBPUSD
GBPUSD had a bearish trend yesterday and touched a low of 1.5169 but has recovered since then and has now entered the bullish trend trading above its 20day moving average of 1.5208 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 1.5240 to 1.5260
RSI (14), STOCH (9, 6) are Neutral; ADX (14), Ultimate Oscillator, ROC, MA20 indicate a BUY; STOCHRSI (14), CCI (14) are Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 1.5169 while Resistance is at 1.5269
02nd June 2015 – 06:56hrs 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 – 02nd June, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD had a bearish trend yesterday touching a low of 0.7598 but has recovered since then and has now entered the bullish trend trading above its 20day moving average of 0.7630 in the Asian trading session. The near term bias remains Bullish with targets of 0.7750
STOCH (9, 6) is Neutral; STOCHRSI (14), RSI (14), CCI (14) are Overbought; MACD (12, 26), ADX (14), Ultimate Oscillator, ROC, MA100 indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 0.7625 while Resistance is at 0.7712
02nd June 2015 – 07:07hrs GMT
USDJPY
USDJPY had a Bullish tone yesterday touching a high of 124.90 but since then it has come down and is trading below its 20day moving average of 124.67 in the Asian trading session. The near term bias remains Neutral to Bearish with targets of 124.30 to 124.10
RSI (14) is Neutral; STOCH (9, 6), CCI (14), ADX (14), ROC, Ultimate Oscillator indicate a SELL; while Average True Range (14) indicates Less Volatility.
Support is at 123.59 while Resistance is at 124.33
02nd June 2015 – 07:12hrs 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 – 02nd June, 2015
By FxGrow Research & Analysis Team
US ISM Manufacturing Index Increased to a 3-month high in May
US Institute for Supply Management (ISM) manufacturing index increased to a 3-month high in May as manufacturing activity in the US expanded at a faster pace than expected.
US Manufacturing expanded in May as the PMI registered 52.8 percent, an increase of 1.3 percentage points over the April reading of 51.5 percent, indicating growth in manufacturing for the 29th consecutive month.
US consumer spending remained flat in April as households cut back on purchases of luxury items and continued to increase savings.
"While the US economy still looks set to rebound from the decline seen in the first quarter, the extent of the second quarter recovery therefore remains highly uncertain and could well disappoint. It therefore remains too early to take a reliable reading on the health of the economy and the data flow over the summer will be crucial in determining the timing of the first Fed rate hike." - said Chris Williamson, Chief Economist at Markit.
The Reserve Bank of Australia kept interest rates unchanged at a record low 2.0 percent, in line with analysts' expectations. Following the news Australian dollar remained bullish and AUDUSD touched a high of 0.7700
"There are a lot of factors influencing the currency. One of those is probably tomorrow, the GDP number for the first quarter. It's probably going to be very strong," Matthew Circosta, an analyst at Moody's Analytics, told CNBC. "But moving forward, you'll see that Aussie dollar weakness coming through in the next few months, because the U.S. is going to be raising interest rates."
UK manufacturing activity increased in May to 52.0 which accounts for about 10% of the UK economy.
"Expectations of a broad rebound in U.K. economic growth during the second quarter of the year is called into question by these readings" – said Rob Dobson, senior economist at Markit.
Greek debt negotiations continue between Greece and its European creditors. IMF chief Christine Lagarde, ECB president Mario Draghi, French president Francois Hollande and European Commission president Jean-Claude Juncker met yesterday to give out an offer for Greece to consider.
Crude Oil is trading higher at $60.90 ahead of weekly US supply data.
Gold is trading lower in the Asia at 1187.26 while Silver is weak at 16.65
02nd June 2015 – 09:54hrs 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 – 03rd June, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD had a strong bullish trend and is trading above its 20day moving average of 1.1146 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 1.1250 to 1.1300
RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), Ultimate Oscillator, ROC, MA100 indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 1.1097 while Resistance is at 1.201
03rd June 2015 – 06:54hrs GMT
GBPUSD
GBPUSD had a bullish trend yesterday and is currently trading above its 20day moving average of 1.5335 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 1.5400
RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), Ultimate Oscillator, ROC, CCI (14), MA100 indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 1.5269 while Resistance is at 1.5385
03rd June 2015 – 06:59hrs 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.