Daily Market Analysis by FxGrow - page 16
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Daily Technical Analysis – 30th July, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD was bearish yesterday as it touched a low of 1.0965 and remained weak towards the end of the trading session. Now the pair is trading below its 20day moving average of 1.1008 in the European trading session. The near term bias remains Bearish with targets of 1.0900
RSI (14), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC, MA100 indicate a SELL; STOCH (9, 6), STOCHRSI (14) are Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 1.0968 while Resistance is at 1.1051
30th July 2015 – 05:12hrs GMT
GBPUSD
GBPUSD was indecisive yesterday as it touched a high of 1.5687 but soon it came down to touch a low of 1.5592 towards the end of the trading session. Now the pair is trading below its 20day moving average of 1.5619 in the European trading session. The near term bias remains Neutral to Bearish with targets of 1.5550
RSI (14), Ultimate Oscillator are Neutral; STOCH (9, 6), STOCHRSI (14), MACD (12, 26), ADX (14), CCI (14), ROC indicate a SELL; while Average True Range (14) indicates Less Volatility.
Support is at 1.5590 while Resistance is at 1.5689
30th July 2015 – 05:41hrs 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 July, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD was indecisive yesterday as it touched a high of 0.7349 and a low of 0.7282 remaining weak towards the end of the trading session. Now the pair is trading just above its 20day moving average of 0.7307 in the European trading session. The near term bias remains Neutral to Bullish with targets of 0.7370
RSI (14) is Neutral; STOCH (9, 6), ADX (14), CCI (14), Ultimate Oscillator, ROC, MA100, indicate a BUY; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 0.7292 while Resistance is at 0.7340
30th July 2015 – 05:46hrs GMT
USDJPY
USDJPY was bullish yesterday as it touched a high of 123.98 and remained firm towards the end of the trading session. Now the pair is trading above its 20day moving average of 123.91 in the European trading session. The near term bias remains Neutral to Bullish with targets of 124.50
ADX (14) is Neutral; RSI (14), MACD (12, 26), CCI (14), Ultimate Oscillator, ROC, MA100, MA200 indicate a BUY; STOCH (9, 6) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 123.63 while Resistance is at 124.18
30th July2015 – 05:50hrs 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 July, 2015
By FxGrow Research & Analysis Team
FOMC - September Rate Hike Remains Open
Federal Open Market Committee (FOMC) released its policy statement which showed that the members are locked in a debate on the timing of the rate hike as the US labor market continues to improve with solid job gains and declining unemployment.
The statement from the July meeting of FOMC suggests that September rate hike remains open as FOMC is on track to deliver a 25bp rate hike at the next meeting in September.
Information received since the Federal Open Market Committee met in June indicates that economic activity has been expanding moderately in recent months. The labor market continued to improve, with solid job gains and declining unemployment - FOMC.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace, with labor market indicators continuing to move toward levels the Committee judges consistent with its dual mandate - 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. 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.
When the Committee decides to begin to remove policy accommodation, it will take a balanced approach consistent with its longer-run goals of maximum employment and inflation of 2 percent. The Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run - FOMC.
Following the FOMC statement US dollar rose against its major counterparts with EURUSD touching 1.0948 and GBPUSD 1.5593 in the European trading session today. USDJPY crossed the 124 handle to reach 124.20 while NZDUSD is trading at 0.6614
Global equity markets are up with the Dow Jones industrial average up by 121.12 points to close at 17,751.39; S&P 500 gained 15.32 points to close at 2,108.57; the Shanghai Composite index was up 0.7% to 3,819.27; the Nikkei Stock Average was up 1.1%; Australia’s S&P ASX 200 was up 0.6% today as Fed remains on track to hike interest rates later this year.
Greek PM Alexis Tsipras is facing opposition from Syriza party over the €86bn bailout deal and a series of economic reforms as demanded by its European creditors.
"I would be the last person to want elections, if I had the secured parliamentary majority to make it through to the end of the four-year term" - Greek PM Alexis Tsipras.
German consumer confidence index remained flat at 10.1 points amid uncertainty about Greece's financial stability.
"German consumers apparently assume that the hard-won solution in the debt dispute with Greece will have negative consequences on the German economy" - GfK analyst.
UK Retail sales growth slowed in the month of July according to a report by the Confederation of British Industry (CBI).
CBI Retail sales balance dropped to +21 in July while analysts expectations were for a rise to +30.
Crude oil prices have stabilized at $48.91 following the FOMC statement.
Gold is trading lower in the Europe at 1086.71, while Silver is flat at 14.67
30th July 2015 – 07:57hrs 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 – 31st July, 2015
By FxGrow Research & Analysis Team
Greek Bailout - IMF won't back Greek deal without reforms
The International Monetary Fund said after its board meeting on Wednesday that it cannot officially join the €86bn third bailout deal for Greece as the country’s debt levels are unsustainable.
"As we've said before, the IMF can only support a program that is comprehensive. What do we mean? We mean a program that ensures medium-term sustainability" - IMF spokesperson, Angela Gaviria.
"In order to ensure that sustainability, that medium-term sustainability, there's a need for difficult decisions on both sides and by both sides. I mean, difficult decisions in Greece regarding reforms, and difficult decisions for Greece's European partners about debt relief” - IMF spokesperson, Angela Gaviria.
“According to its own rules, the IMF cannot participate in any new bailout. I mean, they’ve already violated their rules twice to do so, but I don’t think they will do it a third time” - Greek finance minister.
Germany has insisted that IMF has to be involved in the new 86 billion euro bailout deal.
Greece needs to repay 3.2 billion euro to the European Central Bank on August 20 and with the recent IMF move will make it difficult for Greece to receive the new bailout funds in time.
"There is a need for difficult decisions on both sides... difficult decisions in Greece regarding reforms, and difficult decisions among Greece's European partners about debt relief" - IMF official.
Greece's talks with its International creditors for a €86bn third bailout deal continue with top officials from the European Union and International Monetary Fund meeting key ministers in Athens.
Greek Prime Minister Alexis Tsipras is seeking support from Syriza party for accepting the tough bailout as demanded by its European creditors.
“We are telling the Greek people loud and clear and with no remorse that this is the deal we managed to bring to them and if there is someone who thinks that they could have achieved a better deal, let them come out and say that” - Greek PM Alexis Tsipras.
US Economy grew by 2.3% in the second quarter of 2015 according to the Commerce Department. Initial jobless claims rose by 12K in the week ended July 25 according to the Labor Department.
In Japan household spending declined for the month of June showing signs of contraction in the world's third biggest economy. Annual core consumer inflation rose 0.1% in June.
"There's a risk the recent softness in exports and output may hurt corporate sentiment just when companies were beginning to turn more aggressive on investment" - Koji Ishida, Bank of Japan board member.
New Zealand Business Confidence declined to the lowest level in 6 years according to ANZ Business Outlook.
Crude oil prices fell to $47.66 on concerns of oversupply after OPEC indicated there would be no cuts in production.
Gold is trading lower in the Europe at 1083.44, while Silver is weak at 14.62
31st July 2015 – 12:23hrs 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 Aug, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD was indecisive last week and opened the week lower this morning. Now the pair is trading below its 20day moving average of 1.0997 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.1050
RSI (14) is Neutral; STOCH (9, 6), STOCHRSI (14), MACD (12, 26), CCI (14), Ultimate Oscillator indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 1.0947 while Resistance is at 1.1034
03rd Aug 2015 – 07:29hrs GMT
GBPUSD
GBPUSD was bullish last week and opened the week at same levels. Now the pair is trading above its 20day moving average of 1.5628 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.5700
STOCH (9, 6), Ultimate Oscillator are Neutral; RSI (14), STOCHRSI (14), MACD (12, 26), ADX (14), ROC indicate a BUY; CCI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 1.5551 while Resistance is at 1.5675
03rd Aug 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 – 03rd Aug, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD was bearish last week and opened the week at same levels. Now the pair is trading below its 20day moving average of 0.7309 in the European trading session. The near term bias remains Neutral to Bearish with targets of 0.7200
RSI (14) is Neutral; STOCH (9, 6), 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 0.7256 while Resistance is at 0.7328
03rd Aug 2015 – 07:50hrs GMT
USDJPY
USDJPY was bullish last week and opened the week higher. Now the pair is trading above its 20day moving average of 123.95 in the European trading session. The near term bias remains Neutral to Bullish with targets of 124.70
RSI (14) is Neutral; STOCH (9, 6), 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 123.63 while Resistance is at 124.37
03rd Aug 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 – 03rd Aug, 2015
By FxGrow Research & Analysis Team
US Consumer Sentiment declines to the lowest level in the last eight months
Consumer confidence slipped a bit in the July 2015 survey. A disappointing pace of economic growth was the main reason for the small decline in consumer confidence - University of Michigan.
The Sentiment Index was 93.1 in the July 2015 survey, down from 96.1 in June. A disappointing pace of economic growth was the main reason for the small decline in consumer confidence. Importantly, consumers still anticipate that the expansion will continue - University of Michigan.
While expected changes in unemployment have been trendless at positive levels in the past year, the July survey was the first since last September that consumers on balance expected no significant change in the rate of joblessness during the year ahead - University of Michigan.
US economy growth has been low this year, with an annual rate of growth at just 0.6% from January to March 2015. Most of the economists still see that the Federal Reserve will raise its interest rates later this year.
Gold has opened the week lower with prices down as much as 7 percent after Federal Reserve indicated the prospects of raising its interest rates this year.
Investors are awaiting the US Non-Farm Payrolls data this week which will provide fresh clues on the timing of the rate hike and the strength of the US economy.
In China manufacturing activity declined to the lowest level in 2 years showing signs of a further slowdown in the later part of the year. Caixin manufacturing PMI declined to 47.8 in the month of July the weakest level seen since 2013.
Eurozone Consumer Inflation rose to 1.0%, while the unemployment rate remained at 11.1%
In Canada Economic output shrank 0.2% in May according to the data released by the Statistics Canada.
Greek Stock markets opened today after a 5 - week shutdown, with restriction put in place due to capital controls.
The Greek benchmark index slumped by 19 percent to 649.48 reaching the lowest levels seen since September 2012.
Greek Banking sector was in spotlight as their shares were down due to Recapitalization, Bad debts and they are not expected to make any profits this year.
Crude oil prices fell to $46.41 on weak China data and oversupply concerns.
Gold is trading lower in the Europe at 1092.90, while Silver is weak at 14.69
03rd Aug 2015 – 10:14hrs 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 – 04th Aug, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD did not made any major moves yesterday and remained Neutral. Now the pair is trading just above its 20day moving average of 1.0953 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.1010
RSI (14), STOCH (9, 6) are Neutral; 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 1.0940 while Resistance is at 1.0976
04th Aug 2015 – 07:20hrs GMT
GBPUSD
GBPUSD did not make any significant moves yesterday and remained Neutral. Now the pair is trading just above its 20day moving average of 1.5594 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.5650
RSI (14), ADX (14) are Neutral; STOCH (9, 6), CCI (14), Ultimate Oscillator, ROC, MA200 indicate a BUY; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 1.5570 while Resistance is at 1.5636
04th Aug 2015 – 07:26hrs 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 – 04th Aug, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD did not make any significant moves yesterday and remained Neutral. Now the pair is trading above its 20day moving average of 0.7295 in the European trading session. The near term bias remains Neutral to Bullish with targets of 0.7450
STOCH (9, 6), MACD (12, 26), ADX (14), CCI (14), ROC, MA100, MA200 indicate a BUY; RSI (14), STOCHRSI (14), Ultimate Oscillator is Overbought; while Average True Range (14) indicates High Volatility.
Support is at 0.7350 while Resistance is at 0.7401
04th Aug 2015 – 07:37hrs GMT
USDJPY
USDJPY was indecisive yesterday and did not make any major moves. Now the pair is trading below its 20day moving average of 124.00 in the European trading session. The near term bias remains Neutral to Bearish with targets of 123.50
ADX (14), Ultimate Oscillator are Neutral; RSI (14), MACD (12, 26), CCI (14), ROC indicate a SELL; STOCHRSI (14) is Oversold; while Average True Range (14) indicates High Volatility.
Support is at 123.85 while Resistance is at 124.18
04th Aug 2015 – 07:42hrs 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 – 04th Aug, 2015
By FxGrow Research & Analysis Team
Reserve Bank of Australia holds rates steady at 2 percent
At its meeting today, the Board decided to leave the cash rate unchanged at 2.0 percent - Reserve Bank of Australia.
The global economy is expanding at a moderate pace, but some key commodity prices are much lower than a year ago. Much of this trend appears to reflect increased supply, including from Australia. Australia's terms of trade are falling nonetheless - Reserve Bank of Australia.
The Federal Reserve is expected to start increasing its policy rate later this year, but some other major central banks are continuing to ease policy. Hence, global financial conditions remain very accommodative. Despite fluctuations in markets associated with the respective developments in China and Greece, long-term borrowing rates for most sovereigns and creditworthy private borrowers remain remarkably low - Reserve Bank of Australia.
In Australia, the available information suggests that the economy has continued to grow. Overall, the economy is likely to be operating with a degree of spare capacity for some time yet. Recent information confirms that domestic inflationary pressures have been contained. In such circumstances, monetary policy needs to be accommodative. Low interest rates are acting to support borrowing and spending - Reserve Bank of Australia.
Further information on economic and financial conditions to be received over the period ahead will inform the Board's ongoing assessment of the outlook and hence whether the current stance of policy will most effectively foster sustainable growth and inflation consistent with the target - Reserve Bank of Australia.
Following the news AUDUSD soared and is currently trading at 0.7382 in the European trading session.
The Euro zone manufacturing PMI came in at 52.4 for the month of July as the manufacturing sector continues to grow amid Greek debt crisis.
"Policymakers will be reassured by the robust growth rates seen in these countries and the resilience of the manufacturing sector as a whole, especially as growth is likely to pick up again now that Greece has jumped its latest hurdle in the ongoing debt crisis" - Chris Williamson, chief economist at Markit.
UK Manufacturing PMI rose to 51.9 for the month of July as the British economy continues to gain momentum.
"Although a tick higher in the headline PMI breaks the decelerating trend in UK manufacturing, growth in the sector remains near-stagnant and suggests that the sector is continuing to act as a drag on the economy" - Rob Dobson, Markit.
Crude oil is trading lower at $45.87 on slowdown in China and oversupply concerns.
Gold is trading lower in the Europe at 1092.85, while Silver is weak at 14.55
04th Aug 2015 – 09:50hrs 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.