Daily Market Analysis by FxGrow - page 5
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Daily Technical Analysis – 08th June, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD had a bearish trend last week and touched a low of 0.7598; now it is trading above its 20day moving average of 0.7622 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 0.7680
RSI (14), ADX (14) are Neutral; Ultimate Oscillator, ROC, MA10 indicate a BUY; STOCHRSI (14), CCI (14) are Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 0.7598 while Resistance is at 0.7712
08th June 2015 – 07:10hrs GMT
USDJPY
USDJPY was bullish last week and touched a high of 125.78; now it is trading below its 20day moving average of 125.12 in the Asian trading session. The near term bias remains Neutral to Bearish with targets of 124.60
RSI (14), Ultimate Oscillator, ROC, MA10 indicate a SELL; STOCH (9, 6), ADX (14) are Neutral; STOCHRSI (14), CCI (14) are Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 124.67 while Resistance is at 125.85
08th June 2015 – 07:15hrs 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 – 08th June, 2015
By FxGrow Research & Analysis Team
Strong US Non-Farm Payrolls report boosts Fed Rate Hike in September
In US total nonfarm payroll employment increased by 280,000 in May, and the unemployment rate was essentially unchanged at 5.5 percent. Job gains occurred in professional and business services, leisure and hospitality, and health care. Mining employment continued to decline - US Bureau of Labor Statistics.
NFP report indicates that the US job market continues to improve solidly and the health of the US economy is more favorable than the weakness displayed in the Q1 GDP report.
US dollar remained strong across its major counterparts on Friday after the US jobs report boosted speculation of a Fed rate hike in September this year.
New York Fed president Dudley noted that "if the labour market continues to improve and inflation expectations remain well-anchored, then I would expect, in the absence of some dark cloud gathering over the growth outlook, to support a decision to begin normalizing monetary policy later this year".
Greece talks continue to dominate the markets as Greek PM Alexis Tsipras stated "the proposals from the creditors are clearly unrealistic...The Greek government cannot consent to unreasonable proposals that call for devastating measures for pensioners and Greek families. I want to believe that it was a bad negotiating trick".
Greek Finance Minister Yanis Varoufakis said "the government will not sign a deal that extends this self-feeding crisis of the last 5 years".
In Canada Net Change in Employment for the month of May was +58.9K Jobs while Unemployment Rate remained at 6.8%.
In Japan the economy grew at 3.9% in the first quarter of 2015 beating analyst expectations of a 2.7% growth.
In Germany Factory orders increased by 1.4% in April as German industry looks to experience a boost this year.
Crude Oil is trading higher at $59.02 after OPEC decided to keep its production target unchanged.
Gold is trading higher in the Europe at 1173.24 while Silver is flat at 16.10
08th 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 – 09th June, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD is in a strong bullish momentum and touched a high of 1.1344 in the Asian trading session today. Now it is trading above its 20day moving average of 1.1268 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.1360 to 1.1380
RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC, MA100, MA200 indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 1.1269 while Resistance is at 1.1322
09th June 2015 – 06:33hrs GMT
GBPUSD
GBPUSD is in a strong bullish momentum and touched a high of 1.5372 in the Asian trading session today. Now the pair is trading above its 20day moving average of 1.5327 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.5410
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 1.5269 while Resistance is at 1.5374
09th June 2015 – 06:44hrs 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 – 09th June, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD had a bullish trend yesterday and touched a high of 0.7715 in the Asian trading session today. Now the pair is trading just above its 20day moving average of 0.7678 in the European trading session. The near term bias remains Neutral to Bullish with targets of 0.7700
STOCH (9, 6), ADX (14) are Neutral; RSI (14), MACD (12, 26), Ultimate Oscillator, ROC, MA200 indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 0.7625 while Resistance is at 0.7721
09th June 2015 – 06:49hrs GMT
USDJPY
USDJPY was bearish yesterday and touched a low of 124.15 in the Asian trading session today. Now it is trading below its 20day moving average of 124.72 in the European trading session. The near term bias remains Neutral to Bearish with targets of 124.00
RSI (14), STOCHRSI (14), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC, MA100 indicate a SELL; STOCH (9, 6) is Neutral; while Average True Range (14) indicates Less Volatility.
Support is at 124.12 while Resistance is at 124.80
09th June 2015 – 06:54hrs 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 – 09th June, 2015
By FxGrow Research & Analysis Team
Greece expects to get bailout extension until March 2016
Greece is in talks with its European creditors for an extension of the country's bailout program until March 2016.
Greece is running out of funds as talks continue over agreements between Greece and the European Commission, European Central Bank (ECB) and International Monetary Fund (IMF).
The European Commission has received a new three page proposal from the Greek government to unlock the bailout funds and bridge the differences on critical issues such as the pension and VAT reforms.
Greek Prime Minister Alexis Tsipras said "that a Greek bankruptcy will be the beginning of the end for the Eurozone. If Europe’s political leadership is unable to handle a problem like Greece, which represents 2% of its economy, how will the markets react for countries with much bigger problems, such as Spain and Italy. If Greece goes under, the markets will immediately seek out the next one. If negotiations should collapse, the cost to European taxpayers will be huge”.
He further stated "I think we're very close to an agreement on the primary surplus for the next few years. There just needs to be a positive attitude on alternative proposals to cuts to pensions or the imposition of recessionary measures."
US President Barack Obama said after the end of the G7 summit meeting “We support the efforts to find a path that will allow Greece to implement the necessary reforms and return to growth, in a strong, stable and developing Eurozone”.
EURUSD has reversed its losses post NFP as the European and US bond yields have soared to their highest levels this year.
In Germany Exports and Industrial output rose for the month of April. Exports rose by 1.9% while the industrial production increased 0.9% in April.
"German exporters are increasingly capitalizing on the advantages of a weaker euro, as well as a global demand recovery" - Christian Schulz, economist at Berenberg.
In Australia Business confidence increased for the month of May as the Reserve Bank of Australia made operating conditions easier by cutting interest rates to a record low.
National Bank of Australia has revised its fiscal 2015 GDP forecast to 2.4% but lowered its fiscal 2016 GDP forecast to 2.6%.
Crude Oil is trading higher at $59.19 as weak US dollar boosted demand and pushed global prices higher.
Gold is trading higher in the Europe at 1181.34 while Silver is strong at 16.16
09th June 2015 – 09:25hrs 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 June, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD remained indecisive yesterday but remains poised for further gains. Now it is trading above its 20day moving average of 1.1273 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 1.1350 to 1.1400
RSI (14), STOCH (9, 6), STOCHRSI (14), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC, MA100, MA200 indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 1.1269 while Resistance is at 1.1322
10th June 2015 – 04:46hrs GMT
GBPUSD
GBPUSD maintains its Bullish trend and touched a high of 1.5415 in the Asian trading session today. Now the pair is trading above its 20day moving average of 1.5359 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 1.5460 to 1.5500
RSI (14), 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 1.5332 while Resistance is at 1.5392
10th June 2015 – 04:52hrs 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 June, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD remained indecisive yesterday and has resumed its bullish trend today touching a high of 0.7693 in the Asian trading session. Now the pair is trading just above its 20day moving average of 0.7681. The near term bias remains Neutral to Bullish with targets of 0.7750
STOCH (9, 6), 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 0.7643 while Resistance is at 0.7712
10th June 2015 – 04:57hrs GMT
USDJPY
USDJPY remained indecisive yesterday and has now resumed its bearish trend in the Asian trading session with the pair touching a low of 122.89 today. Now it is trading below its 20day moving average of 124.26. The near term bias remains Neutral to Bearish with targets of 122.00
RSI (14), STOCHRSI (14) are Oversold; MACD (12, 26), Ultimate Oscillator, ROC, MA100, MA200 indicate a SELL; ADX(14) is Neutral; while Average True Range (14) indicates High Volatility.
Support is at 124.12 while Resistance is at 124.80
10th June 2015 – 05:01hrs 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 – 10th June, 2015
By FxGrow Research & Analysis Team
Yen Soars on Bank of Japan comments
Bank of Japan Governor Haruhiko said today "The yen is unlikely to fall further on a real effective exchange rate basis because it is already very weak".
The US dollar touched a 2 week low against yen after the comments. USDJPY dropped 200 pips to touch a low of 122.56 in the European trading session.
"There is no asset bubble in Japan at this point. It's hard to conclude decisively that the dollar will continue to strengthen further just because the Fed has done tapering and eyeing raising interest rates" - Bank of Japan Governor Haruhiko Kuroda.
"If you look at the real effective exchange rate, it shows that the yen is already very weak. Even further declines on a real effective exchange rate basis are not likely to happen" - Bank of Japan Governor Haruhiko Kuroda.
Globally Bond yields are increasing as Australian 10-year bonds advanced to 3.05%, New Zealand rates rose to 3.92%, 10 year German bund rates rose to 0.95%, US 10 year 10-year Treasury note was at 2.417%, 10-year U.K. government bond yield increased to 2.119%.
“It’ll take some time for the bond market to recover its composure. The situation in Greece and moves surrounding the U.S. rate hike are still cause for concern” - Yutaka Miura, Mizuho Securities Tokyo.
“Last week we saw a stand-off between the EU authorities and Greece’s government. Volatility in the bond market has added to investor nervousness, not helped by Mario Draghi’s comments last week” - James Barty, BofA-Merrill Lynch.
Greek PM Alexis Tsipras is in Brussels to meet German Chancellor Angela Merkel and French President Francois Hollande with an aim to achieve a breakthrough in the negotiations and secure the much needed bailout funds for his country.
In US number of job openings has hit the highest level in April as conditions are improving in the US labour market. The US recorded 5.4 million job openings for the month of April.
In UK trade deficit shrank more than expected for the month of April. UK's trade deficit was at 1.2 billion pounds while imports increased by 2.1%.
"In UK although the near-term outlook for the external sector does not look fantastic, at least net trade this quarter looks unlikely to repeat the first quarter's big negative contribution to overall GDP growth" - Vicky Redwood, chief UK economist at Capital Economics.
Crude Oil rallied to reach a high of $61.41 after news that US stockpiles posted a larger than expected decline for last week.
Gold is trading higher in the Europe at 1184.89 while Silver recovers its losses at 16.13
10th June 2015 – 07:52hrs 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 – 11th June, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD was bullish yesterday and touched a high of 1.1385 but has now lost its gains. Now it is trading below its 20day moving average of 1.1303 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.1200
STOCH (9, 6) is Neutral, RSI (14), MACD (12, 26), 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 1.1247 while Resistance is at 1.1288
11th June 2015 – 08:47hrs GMT
GBPUSD
GBPUSD was bullish yesterday and touched a high of 1.5553 but now it has corrected lower. Now the pair is trading below its 20day moving average of 1.5504 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.5400
RSI (14), 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 1.5444 while Resistance is at 1.5521
11th June 2015 – 08:21hrs 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 Technical Analysis – 11th June, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD remained bullish yesterday and touched a high of 0.7781 but now it has corrected lower. Now the pair is trading below its 20day moving average of 0.7753 in the European trading session. The near term bias remains Neutral to Bearish.
RSI (14), CCI (14) are Neutral; STOCHRSI (14), ADX (14), ROC indicate a SELL; while Average True Range (14) indicates Less Volatility.
Support is at 0.7721 while Resistance is at 0.7784
11th June 2015 – 08:27hrs GMT
USDJPY
USDJPY had a strong bearish momentum yesterday and touched a low of 122.44 but has now corrected higher. Now it is trading above its 20day moving average of 122.94 in the European trading session. The near term bias remains Neutral to Bullish with targets of 124.00
RSI (14), STOCH (9,6), ADX(14), Ultimate Oscillator, ROC indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 122.45 while Resistance is at 123.75
11th June 2015 – 08:31hrs 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.