Daily Market Analysis by FxGrow - page 10
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Daily Technical Analysis – 01st July, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD had a bullish momentum yesterday and remained firm towards the end of the trading session. Now the pair is trading below its 20day moving average of 1.1146 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.1050
RSI (14), MACD (12, 26), 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 1.1115 while Resistance is at 1.1155
01st July 2015 – 07:11hrs GMT
GBPUSD
GBPUSD moved upwards touching a high of 1.5738 but then it came down and remained indecisive towards the end of the trading session. Now the pair is trading below its 20day moving average of 1.5713 in the European trading session. The near term bias remains Neutral to Bearish.
RSI (14), STOCH (9, 6), ADX (14), CCI (14) are Neutral; MACD (12, 26), Ultimate Oscillator, ROC indicate a SELL; while Average True Range (14) indicates Less Volatility.
Support is at 1.5673 while Resistance is at 1.5768
01st July 2015 – 07:18hrs 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 July, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD was moderately higher yesterday and remained firm towards the end of the trading session. Now the pair is trading above its 20day moving average of 0.7710 in the European trading session. The near term bias remains Neutral to Bullish with targets of 0.7800
RSI (14), STOCH (9, 6), MACD (12, 26), Ultimate Oscillator, ROC indicate a BUY; STOCHRSI (14) is Neutral; while Average True Range (14) indicates Less Volatility.
Support is at 0.7681 while Resistance is at 0.7738
01st July 2015 – 07:44hrs GMT
USDJPY
USDJPY remained indecisive yesterday as it came below 122.00 levels but corrected upwards towards the end of the trading session. Now it is trading above its 20day moving average of 122.43 in the European trading session. The near term bias remains Bullish with targets of 123.50
RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 122.60 while Resistance is at 122.89
01st July 2015 – 07:51hrs 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 Market Analysis – 01st July, 2015
By FxGrow Research & Analysis Team
Greece defaults on $1.7 billion IMF payment
Greece has defaulted on its payment to the IMF on June 30 and became the first developed nation to do so. Greece is now into a deeper recession as its bailout program has expired and now it is cut off from the access to IMF resources. International Monetary Fund in an organization that helps the world economy remains stable.
"I confirm that the about EUR 1.5 billion due by Greece to the IMF June 30 has not been received. We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared" - Director of Communications, IMF.
The ECB's policymaking governing council was to meet in Frankfurt to decide whether to maintain, increase or curtail emergency lending that is keeping Greek banks afloat despite a wave of deposit withdrawals and the state's default. - Reuters.
"Greece was fully committed to service its external debt in a manner that secures the viability of the Greek economy, growth and social cohesion" - Greek Finance Minister Yanis Varoufakis.
Greece has received nearly 240 billion euros in two bailouts from the European Union and IMF since the start of the program in 2010.
"What would happen if Greece came out of the euro? There would be a negative message that euro membership is reversible" - Spanish Prime Minister Mariano Rajoy.
"Before the planned referendum is carried out, we will not negotiate over anything new" - German Chancellor Angela Merkel.
The risks of a default to the IMF forced European Central Bank to limit its emergency loans to Greek banks and Greece’s government was forced to institute capital controls in order to prevent mass exodus of cash out of the country.
"I think Mr. Tsipras screwed up the negotiations, frankly. Because he believed that Europe needs Greece as much as Greece needs Europe, and that is sadly not the case. So now I believe he's in a state of panic because the banks have closed, people are complaining, they were queuing for hours over the weekend to get their cash out" - Miranda Xafa, Centre for International Governance Innovation.
Crude Oil is trading lower at $58.89 on uncertainty about the financial crisis in Greece.
Gold is trading lower in the Europe at 1171.60, while Silver is weak 15.57
01st July 2015 – 09:09hrs 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 July, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD was broadly lower yesterday and touched a low of 1.1051 and remained weak towards the end of the trading session. Now the pair is trading just near its 20day moving average of 1.1071 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.1010
STOCH (9, 6), ADX (14), 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 1.1031 while Resistance is at 1.1134
02nd July 2015 – 04:33hrs GMT
GBPUSD
GBPUSD was bearish yesterday and touched a low of 1.5606 remaining weak towards the end of the trading session. Now the pair is trading below its 20day moving average of 1.5621 in the European trading session. The near term bias remains Neutral to Bearish.
STOCH (9, 6), CCI (14) are Neutral; RSI (14), ADX (14), MACD (12, 26), Ultimate Oscillator, ROC indicate a SELL; while Average True Range (14) indicates Less Volatility.
Support is at 1.5587 while Resistance is at 1.5652
02nd July 2015 – 04:43hrs 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 July, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD was moderately higher yesterday touching a high of 0.7714 but then it came down towards the end of the trading session. Now the pair is trading just below its 20day moving average of 0.7659 in the European trading session. The near term bias remains Neutral to Bearish with targets of 0.7600
CCI (14), STOCH (9, 6) are Neutral; MACD (12, 26), RSI(14), ROC, MA100, MA200 indicate a SELL; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 0.7634 while Resistance is at 0.7738
02nd July 2015 – 04:49hrs GMT
USDJPY
USDJPY was bullish yesterday and remained firm towards the end of the trading session. Now it is trading above its 20day moving average of 123.16 in the European trading session. The near term bias remains Bullish with targets of 124.00
RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 122.60 while Resistance is at 122.89
02nd July 2015 – 04:58hrs 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 July, 2015
By FxGrow Research & Analysis Team
US ISM Manufacturing Index Rises to 53.5 in June
Manufacturing expanded in June as the PMI registered 53.5 percent, an increase of 0.7 percentage point over the May reading of 52.8 percent, indicating growth in manufacturing for the 30th consecutive month. A reading above 50 percent indicates that the manufacturing economy is generally expanding; below 50 percent indicates that it is generally contracting - Institute for Supply Management.
Improvement seen in US manufacturing reflects stronger domestic spending with improving demand abroad. 11 out of 18 manufacturing industries expanded in June, led by makers of furniture and wood products. Producers of oil, metals, plastics and machinery said business contracted.
New orders rose to 56.0 from 55.8. The gauge of prices paid was unchanged at 49.5, compared with expectations of 51.0. June PMI indicates manufacturing activity has begun to recover from the softer demand, output and hiring levels experienced earlier in the year.
Globally falling oil prices have forced energy companies to curtail orders for new equipment and pipelines as their margins were squeezed and rigs were shut down. The stronger dollar made US goods more expensive overseas, which is weighing on sales.
In Eurozone finance ministers have ruled out any further talks on a fresh bailout for Greece until the country holds its referendum on Sunday.
Greek PM Tsipras has written to European leaders and the International Monetary Fund, accepting most of the conditions for the bailout.
"Greece is prepared to accept this staff level agreement subject to the following amendments, additions or clarifications" - Prime Minister Alexis Tsipras.
Greece is out of money after being cut off from European bailout funds and has defaulted to the IMF. If Greeks will vote for "Yes" a new bailout deal will take weeks and may need a change of government.
"How do you persuade European government to vote for a third bailout when the Greek government has actively campaigned in a referendum against the terms of a second bailout?" - James Nixon.
NZDUSD slid to a 5 year low as the monetary policy divergence New Zealand and the US and the strong US dollar are driving the New Zealand dollar to its lowest since May 2010.
Crude Oil is trading lower at $57.11 after progress on Iran Nuclear deal.
Gold is trading lower in the Europe at 1163.70, while Silver is weak 15.52
02nd July 2015 – 07:48hrs 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 July, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD remained indecisive yesterday with a mild recovery on the upper side. Now the pair is trading just above its 20day moving average of 1.1087 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 1.1150
STOCH (9, 6) is Neutral; RSI (14), STOCHRSI (14), MACD (12, 26), ADX (14), Ultimate Oscillator, ROC indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 1.1048 while Resistance is at 1.1119
03rd July 2015 – 04:00hrs GMT
GBPUSD
GBPUSD remained indecisive yesterday as it touched a low of 1.5560 and a high of 1.5638. Now the pair is trading just above its 20day moving average of 1.5608 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 1.5660
STOCH (9, 6), CCI (14) are Neutral; RSI (14), ADX (14), MACD (12, 26), Ultimate Oscillator, ROC indicate a SELL; while Average True Range (14) indicates Less Volatility.
Support is at 1.5560 while Resistance is at 1.5624
03rd July 2015 – 04:08hrs 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 July, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD was lower yesterday and touched a low of 0.7588 but then it corrected upwards towards the end of the trading session. Now the pair is trading below its 20day moving average of 0.7618 in the Asian trading session. The near term bias remains Neutral to Bearish with targets of 0.7510
STOCH (9, 6) is Neutral; MACD (12, 26), ADX (14), 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 0.7572 while Resistance is at 0.7616
03rd July 2015 – 04:14hrs GMT
USDJPY
USDJPY moved upwards hitting a top of 123.70 but then it corrected lower towards the end of the trading session. Now it is trading below its 20day moving average of 123.13 in the Asian trading session. The near term bias remains Neutral to Bearish.
RSI (14), ADX (14), CCI (14) are Neutral; MACD (12, 26), ROC, MA200 indicate a SELL; while Average True Range (14) indicates Less Volatility.
Support is at 122.80 while Resistance is at 123.70
03rd July 2015 – 04:20hrs 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 – 03rd July, 2015
By FxGrow Research & Analysis Team
US Non-Farm Payrolls increased by 223k in June
Total nonfarm payroll employment increased by 223,000 in June, and the unemployment rate declined to 5.3 percent. Job gains occurred in professional and business services, health care, retail trade, financial activities, and in transportation and warehousing - US Bureau of Labor Statistics.
Employment in other major industries, including construction, manufacturing, wholesale trade, information, and government, showed little or no change over the month - US Bureau of Labor Statistics.
The unemployment rate declined to 5.3% due to a decline in the labor force of 432K as the participation rated declined to 62.6% from 62.9%.
Recent US data suggests that US growth should pick up in the current and coming quarters. The June employment report leaves the door open for a first rate hike in September. The uncertain financial conditions in Greece may affect the timing of the first rate hike.
US Dollar was weaker after the Non-Farm payrolls came out, seen as mildly disappointing by the economists. While the expectations for two rate hikes before the end of the year are cut down, the expectations of a September hike are maintained.
With US holiday on Friday NFP data was released a day earlier, and we are unlikely to see major moves until the opening of the markets on Monday.
Focus is now shifting to Greece as Prime Minister Alexis Tsipras has called a referendum on July 5 for Greeks to decide if the country should accept what his government regards as a raw deal offered by its creditors.
On Monday, a larger than usual price gap between the market's close on Friday and the open of the Asian markets is expected.
If the majority of Greeks will vote against the current deal drafted by the IMF, European Commission, and the European Central Bank, it will push the country closer to Grexit.
Meanwhile, European leaders are not ready to negotiate with Athens until the referendum has passed. According to some reports Germany might refuse to negotiate with Greek government post-referendum.
In UK business activity in the services sector outpaced estimates for the month of June. Markit services purchasing managers' index came at 58 for June.
"In UK Growth is looking increasingly unbalanced. The recent weakness of the manufacturing PMI means industrial production looks likely to have declined in the second quarter, leaving the economy once again dependent on the service sector to sustain any growth. June’s rebound is therefore welcome news, but policymakers will want to see further improvements in the data, including signs of a sustainable upturn in pay growth, before feeling comfortable that the UK economy is ready for higher interest rates" - Chris Williamson, chief economist at Markit.
Crude Oil is trading lower at $56.52 7.11 after US oil drilling this week increased after 29 weeks of declines.
Gold is trading mildly higher in the Europe at 1168.70, while Silver is weak 15.65
03rd July 2015 – 08:55hrs 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 – 06th July, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD opened the week lower touching a low of 1.0968 in the early Asian trading session. Now the pair is trading just below its 20day moving average of 1.1065 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.0950
RSI (14), STOCH (9, 6) are Neutral; MACD (12, 26), ADX (14), Ultimate Oscillator, ROC, MA100, MA200 indicate a SELL; while Average True Range (14) indicates High Volatility.
Support is at 1.1031 while Resistance is at 1.1117
06th July 2015 – 05:46hrs GMT
GBPUSD
GBPUSD opened the week lower touching a low of 1.5538 in the early Asian trading session. Now the pair is trading just above its 20day moving average of 1.5580 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.5500
RSI (14) is Neutral; STOCH (9, 6), MACD (12, 26), Ultimate Oscillator, MA100, MA200 indicate a SELL; while Average True Range (14) indicates Less Volatility.
Support is at 1.5552 while Resistance is at 1.5624
06th July 2015 – 06:01hrs 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.