Daily Market Analysis by FxGrow - page 9
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Daily Market Analysis – 25th June, 2015
By FxGrow Research & Analysis Team
Markets run out of steam as Greek talks stall again
European stock markets closed lower on Wednesday after Alexis Tsipras, Greece’s prime minister, failed to reach a deal with its creditors in Brussels to secure the much needed €7.2bn bailout funds.
FTSE, DAX, CAC40, IBEX35 all ended the day in red as a Greek official told reporters that the governments proposed measures had not been accepted by its international creditors.
Greece and its European creditors now have less than four hours to reach some agreement, before Eurozone finance ministers resume their own meeting today.
If Greece will fall out of the Eurozone, German Chancellor Angela Merkel would suffer the blow. As the de facto leader of the European Union she is responsible for deciding whether the cost of 240 billion euros is justified for keeping Greece in the Eurozone.
“The chancellor is completely aware of the situation and the consequences, both politically speaking and economically speaking, of a Grexit. I think the Germans now will push with us to find a compromise in the coming days if the Greeks decide to accelerate and work for a credible package" - Emmanuel Macron, French economy minister.
Greece's ruling party has condemned the latest proposals from its European creditors as being blackmail over a bailout deal.
"The lenders' demand to bring annihilating measures back to the table shows that the blackmail against Greece is reaching a climax." - Syriza party's spokesman.
"There's a sense Greek negotiations will extend through the end of the month and markets appear to believe there'll eventually be an accord. An agreement may spur buying momentarily, but the euro will probably be sold as focus shifts to the dollar" - Yasuhiro Kaizaki, Sumitomo Mitsui Trust Bank.
"The previously unsuccessful attempts to find a solution to the debt crisis in Greece as well as the country's impending default now appear to be dampening German consumers' economic outlook, this raises doubts in consumers' minds, because the consequences of Greece's departure cannot be predicted at the moment" - GfK market research group.
In Germany Business Confidence hit a 4 month low in June. The Business climate Index declined to 107.4 according to the German research institute.
In US the economy contracted in the Q1 due to bad weather, a strong US dollar as US GDP declined to 0.2% annualized rate according to the Commerce Department.
Crude Oil is trading lower at $60.28 after a report showed weekly drop in US crude stockpiles.
Gold is trading lower in the Europe at 1175.81, while Silver is weak at 15.86
25th June 2015 – 08:00hrs 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 – 26th June, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD was indecisive yesterday and remained neutral towards the end of the trading session. Now the pair is trading just near its 20day moving average of 1.1197 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.1250 to 1.1300
RSI (14), ADX (14), CCI (14) are Neutral; Ultimate Oscillator, Williams %R, MA50 indicate a BUY; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 1.1188 while Resistance is at 1.1230
26th June 2015 – 07:45hrs GMT
GBPUSD
GBPUSD was indecisive yesterday but then corrected upwards towards the end of the trading session. Now the pair is trading just above its 20day moving average of 1.5741 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.5800
RSI (14), STOCH (9, 6), STOCHRSI (14), MACD (12, 26), Ultimate Oscillator, ROC indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 1.5708 while Resistance is at 1.5769
26th June 2015 – 07:49hrs 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 – 26th June, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD was moderately higher yesterday and remained flat towards the end of the trading session. Now the pair is trading below its 20day moving average of 0.7730 in the European trading session. The near term bias remains Bearish with targets of 0.7600
RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC indicate a SELL; while Average True Range (14) indicates High Volatility.
Support is at 0.7694 while Resistance is at 0.7734
26th June 2015 – 07:52hrs GMT
USDJPY
USDJPY was moderately weaker yesterday and remained flat towards the end of the trading session. Now it is trading below its 20day moving average of 123.53 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 indicate a SELL; while Average True Range (14) indicates Less Volatility.
Support is at 123.30 while Resistance is at 123.65
26th June 2015 – 07:55hrs 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 Market Analysis – 26th June, 2015
By FxGrow Research & Analysis Team
Greek crisis extends into weekend before Sunday's Final Deadline
Greece was unable to close a deal with its European creditors on Thursday, as the crisis extends into weekend before the final deadline on Sunday to avoid a default.
Euro zone finance ministers finished their third round of meeting in a week without an agreement as Greek Prime Minister Alexis Tsipras tries to convince its European creditors and secure the much needed bailout funds for his country.
"The institutions informed us that on a number of issues there is still a wide gap with the Greek authorities. In the meantime, the door is still open for the Greek authorities to accept the proposals tabled by the institutions" - Euro group chairman Jeroen Dijsselbloem.
"The climate is that either by Saturday Greece accepts or on Saturday there will be a discussion about Plan B" - Euro zone official.
"The institutions are going to look again at the two documents - our documents and their own. There will be discussions with the Greek government and we'll continue until we find a solution” - Greek Finance Minister Yanis Varoufakis.
"Certain institutions insist in not accepting equivalent measures suggested by the Greek government. The non-acceptance of equivalent measures has never happened before. Neither in Ireland nor in Portugal." - Greek Prime Minister Alexis Tsipras.
Greek's International creditors have rejected the government's plan to end its financial crisis, but they have submitted counterproposals. Time is running out and strong measures would be needed to avoid a default and prevent Greek banks from collapsing thereby limiting any market contagion to other euro area countries.
The new proposal submitted by Greece aims to make €8bn in savings, by new taxes on the wealthy and businesses, VAT increases and a cut in defense spending. But in counter-proposals its European creditors have called for further measures on pensions, higher value added tax for restaurants, and for defense expenditure to be slashed by € 400 million.
"I want to stress that it's not just a matter of Greece, it's a matter of the future of Europe. What's happening now in Greece is going to happen tomorrow in other countries" - Dimmitris Kammenos.
“Without a substantial form of debt relief, which looks unlikely in an initial agreement, Greece’s debt ratio will remain unsustainably high and the crisis will continue.” - Jonathan Loynes, Capital Economics.
In Germany GfK consumer sentiment index declined to 10.1 going into July following a decline in German business morale in June. GfK said that Greece's default and exit from the currency bloc, which had seemed a remote possibility, now appears to be quite realistic.
New Zealand logged a Trade surplus of NZ$350 million for the month of May far surpassing analysts’ expectations. The Reserve Bank of New Zealand is unhappy with New Zealand Dollar' strength as the Kiwi Dollar slid to the lowest level in five years versus the US Dollar.
In UK Retail sales growth slowed for the month of June. The British retail sales balance dropped to +29 this month, down from +51 in May.
In US Initial Jobless Claims rose to 271K last week according to the US Department of Labor.
Crude Oil is trading lower at $59.58 as trader’s eye Greece debt talks.
Gold is trading lower in the Europe at 1173.53, while Silver is weak at 15.83
26th June 2015 – 09:39hrs 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 – 29th June, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD has opened this week with a gap of 200 pips touching a low of 1.0953 in the Asian trading session. Now the pair is trading just near its 20day moving average of 1.1083 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.1000
RSI (14), STOCH (9, 6), ADX (14), CCI (14) are Neutral; MACD (12, 26), ROC, MA100, MA200 indicate a SELL; STOCHRSI (14) is Overbought; while Average True Range (14) indicates High Volatility.
Support is at 1.1048 while Resistance is at 1.1150
29th June 2015 – 07:40hrs GMT
GBPUSD
GBPUSD opened the week lower touching a low of 1.5661 in the Asian trading session. Now the pair is trading just below its 20day moving average of 1.5721 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.5650
RSI (14), ADX (14), CCI (14) are Neutral; MACD (12, 26), Ultimate Oscillator, ROC, MA100, MA200 indicate a SELL; while Average True Range (14) indicates High Volatility.
Support is at 1.5672 while Resistance is at 1.5769
29th June 2015 – 07:45hrs 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 June, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD opened the week lower touching a low of 0.7585 in the Asian trading session. Now the pair is trading just below its 20day moving average of 0.7645 in the European trading session. The near term bias remains Neutral to Bearish with targets of 0.7600
RSI (14), MACD (12, 26), Ultimate Oscillator, ROC, MA100, MA200 indicate a SELL; CCI (14) is Neutral; while Average True Range (14) indicates High Volatility.
Support is at 0.7625 while Resistance is at 0.7712
29th June 2015 – 07:49hrs GMT
USDJPY
USDJPY has opened the week lower touching a low of 122.09 in the Asian trading session. Now it is trading below its 20day moving average of 123.28 in the European trading session. The near term bias remains Neutral to Bearish with targets of 122.00
STOCH (9, 6), STOCHRSI (14), CCI (14) are Neutral; RSI (14), MACD (12, 26), ADX (14), ROC, MA100, MA200 indicate a SELL; while Average True Range (14) indicates High Volatility.
Support is at 122.46 while Resistance is at 123.20
29th June 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 – 29th June, 2015
By FxGrow Research & Analysis Team
Greece Crisis Intensifies as Global Stock Markets Slide
Greece debt crisis has intensified after the European Central Bank decided not to extend emergency funding. Greek Prime Minister Alexis Tsipras has announced a referendum to vote on whether to accept the bailout measures offered by its European creditors on July5.
Greek Banks have been closed and capital controls have been imposed to prevent financial chaos following the breakdown of talks with its European creditors.
Stock markets in Europe and Asia witnessed falls with London's FTSE 100 index down by nearly 2%. In Asia Japan's Nikkei fell nearly 3% in the early trading session.
Euro opened with a gap of more than 200 pips touching a low of 1.0953 in the early Asian trading session.
Bond yields for Italy, Spain and Portugal rose sharply, while German bond yields fell in the time of crisis.
In Greece Banks will remain closed till 6th of July and cash withdrawals are limited to €60 in a day. The Athens stock exchange will also remain closed.
“Following the decision by the Greek authorities to hold a referendum and the non-prolongation of the EU adjustment programme for Greece, the governing council declared it will work closely with the Bank of Greece to maintain financial stability” - ECB.
“We continue to work closely with the Bank of Greece and we strongly endorse the commitment of member states in pledging to take action to address the fragilities of euro area economies” - ECB President, Mario Draghi.
"While the imposed restrictive measures appear necessary and proportionate at this time, the free movement of capital will however need to be reinstated as soon as possible in the interest of the Greek economy, the Eurozone, and the European Union's single market as a whole" - European Commission.
After the failure of the debt talks on Friday and the decision of the European Central Bank to freeze emergency loans for Greek banks has led to capital controls. This has increased the risks of a Greek exit from the Euro in the coming times.
After the Eurozone finance ministers on Saturday turned down a request for an extension of the Tuesday payment to the IMF Grexit is possible. “Grexit” is short for the possibility of Greece exiting the European Union and moving away from the Euro.
Crude Oil is trading lower at $58.37 on Greek default concerns.
Gold is trading lower in the Europe at 1177.22, while Silver is weak at 15.81
29th June 2015 – 11:00hrs 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 – 30th June, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD was bullish yesterday and touched a high of 1.1277 but then it corrected lower towards the end of the trading session. Now the pair is trading below its 20day moving average of 1.1196 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.1100
RSI (14) is Neutral; STOCH (9, 6), 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 1.1134 while Resistance is at 1.1288
30th June 2015 – 07:23hrs GMT
GBPUSD
GBPUSD was indecisive yesterday as it touched a low of 1.5661 and then moved upwards to touch a high of 1.5778 but corrected lower towards the end of the trading session. Now the pair is trading below its 20day moving average of 1.5731 in the European trading session. The near term bias remains Bearish with targets of 1.5650
RSI (14), STOCHRSI (14), MACD (12, 26), ADX (14), Ultimate Oscillator, ROC, MA100, MA200 indicate a SELL; while Average True Range (14) indicates Less Volatility.
Support is at 1.5708 while Resistance is at 1.5787
30th June 2015 – 07:28hrs 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 – 30th June, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD was lower yesterday but then it corrected upwards to reach a high of 0.7710 towards the end of the trading session. Now the pair is trading just above its 20day moving average of 0.7677 in the European trading session. The near term bias remains Neutral.
STOCHRSI (14), ADX (14), CCI (14) are Neutral; while Average True Range (14) indicates Less Volatility.
Support is at 0.7632 while Resistance is at 0.7711
30th June 2015 – 07:43hrs GMT
USDJPY
USDJPY was bearish yesterday and remained weak towards the end of the trading session. Now it is trading below its 20day moving average of 123.48 in the European trading session. The near term bias remains Bearish with targets of 121.50
RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC, MA100, MA200 indicate a SELL; while Average True Range (14) indicates Less Volatility.
Support is at 122.02 while Resistance is at 122.47
30th June 2015 – 07:49hrs 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 Market Analysis – 30th June, 2015
By FxGrow Research & Analysis Team
Greece expected to Default on Its Payment to the IMF today
Greece is expected to default on its payment of €1.6bn to the IMF today. The 5 year Greece bailout program will come to an end today by 6pm Washington time.
Meanwhile Greek banks remain closed as Greece is almost out of money after the European Central Bank turned down a request from the Bank of Greece for €6bn in emergency funds.
Greece has threatened to seek a court injunction against the EU institutions, both to block the country's expulsion from the euro and to halt asphyxiation of the banking system - Telegraph.
“The Greek government will make use of all our legal rights. We are taking advice and will certainly consider an injunction at the European Court of Justice. The EU treaties make no provision for euro exit and we refuse to accept it. Our membership is not negotiable" - Greek Finance minister, Yanis Varoufakis.
Greek PM Alexis Tsipras has called the referendum over the weekend on July 5, as Euro hits a 7 year low against the British pound.
“The greater the number of no [votes], the greater the weapon the government will have to relaunch negotiations. Greece never left the negotiating table, it is still at the negotiating table” - Greek prime minister, Alexis Tsipras.
“I do see the potential for disruptions that could affect the European economic outlook and global financial markets. To the extent that there are impacts on the euro-area economy or on global financial markets, there would undoubtedly be spillovers to the United States that would affect our outlook as well” - Federal Reserve Chair Janet Yellen.
Greek Prime Minister Alexis Tsipras has urged voters to reject the demands of its European creditors.
"We ask you to reject it with all the might of your soul, with the greatest margin possible. The greater the participation and the rejection of this deal, the greater the possibility will be to restart the negotiations to set a course of logic and sustainability" - Greek PM.
Greek Banks remain closed with capital controls in place so that customers can only withdraw a maximum of 60 euros in a day. After ECB refused further funding Greek banks had no choice.
Greece has to repay 1.6billion euros to the IMF today and is likely to default on its payment today. Greece owes 3.5 billion euros to the ECB on July20. The current Greek bailout financed by ECB, IMF and the European Commission also expires today.
Crude Oil is trading lower at $58.86 on Greek default concerns.
Gold is trading lower in the Europe at 1173.79, while Silver is weak at 15.72
30th June 2015 – 10:47hrs 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.