Daily Market Analysis by FxGrow - page 4
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Daily Technical Analysis – 03rd June, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD had a bullish trend yesterday and is now trading above its 20day moving average of 0.7768 in the Asian trading session. The near term bias remains Bullish with targets of 0.7800 with some correction expected in the European trading session.
STOCH (9, 6), RSI (14), CCI (14), MACD (12, 26), ADX (14), Ultimate Oscillator, ROC, MA100 indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 0.7739 while Resistance is at 0.7818
03rd June 2015 – 07:03hrs GMT
USDJPY
USDJPY had a bearish trend yesterday touching a low of 123.79 and is now trading below its 20day moving average of 124.07 in the Asian trading session. The near term bias remains Neutral to Bearish with targets of 123.50
RSI (14), STOCH (9, 6), MACD (12, 26), MA100 indicate a SELL; CCI (14), Ultimate Oscillator are Neutral; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 123.75 while Resistance is at 125.04
03rd June 2015 – 07:09hrs 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 Market Analysis – 03rd June, 2015
By FxGrow Research & Analysis Team
Euro Surges on Greek Deal Hopes
The euro surged against its major counterparts on hopes that Greece will soon reach a deal with its European creditors. EURUSD touched a two week high of 1.1195 and US Dollar plunged with Dollar index recording a 1.5% decline, the biggest decline in 24hrs since July 2013.
Greek Prime Minister Alexis Tsipras is going to Brussels today to discuss his government's proposal for deal with its creditors and secure the bailout funds.
European institutions and the International Monetary Fund have completed the draft of an agreement to unlock bailout aid for Greece. Greek Prime Minister Alexis Tsipras said that he has submitted his terms for a deal to European institutions and the IMF, and he is optimistic that Greece’s proposal would be accepted.
Greece needs to repay IMF 1.6 billion euros this month. The first installment of 300 million euros is due Friday, with other installments due on June 12, 16 and 19. Greece is running out of cash without a deal and is close to a default.
Greek Prime Minister Alexis Tsipras said "We have submitted a realistic plan for Greece to exit the crisis. We are not waiting for them to submit a proposal, Greece is submitting a plan - it is now clear that the decision on whether they want to adjust to realism... the decision rests with the political leadership of Europe."
European Central Bank will announce its monetary policy and rate decision today. It will be followed by the press conference of ECB President Mario Draghi. It is expected that ECB will continue to implement its €60/month QE program.
In Euro Zone Inflation is back according to a report from Eurostat, consumer prices have jumped to 0.3% in the last month while core inflation is at 0.9%, but is below the ECB's target of 2%.
"Spain and Italy appear to be staging strong recoveries, benefiting in particular from impressive export performances”. - Chris Williamson, Markit's chief economist.
UK Construction PMI climbed to 55.9 as the construction sector continues its recovery and growth after Prime Minister David Cameron unexpectedly won the general election with an outright majority.
"Additionally, construction firms experienced an upturn in new business growth from April's near two-year low and job creation was the fastest recorded so far in 2015" - Tim Moore, Markit
Australian GDP surged to 4.3%, while analyst expectations were at 4.1%. Australian economy faces pressure as domestic demand and consumption remains low, followed by slowdown in China and lower global commodity prices.
Crude Oil is trading lower at $59.95 on bets for US supply gain.
Gold is trading lower in the Asia at 1187.06 while Silver is weak at 16.60
03rd June 2015 – 09:41hrs 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 – 03rd June, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD had a bullish trend yesterday and is now trading above its 20day moving average of 0.7768 in the Asian trading session. The near term bias remains Bullish with targets of 0.7800 with some correction expected in the European trading session.
STOCH (9, 6), RSI (14), CCI (14), MACD (12, 26), ADX (14), Ultimate Oscillator, ROC, MA100 indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 0.7739 while Resistance is at 0.7818
03rd June 2015 – 07:03hrs GMT
USDJPY
USDJPY had a bearish trend yesterday touching a low of 123.79 and is now trading below its 20day moving average of 124.07 in the Asian trading session. The near term bias remains Neutral to Bearish with targets of 123.50
RSI (14), STOCH (9, 6), MACD (12, 26), MA100 indicate a SELL; CCI (14), Ultimate Oscillator are Neutral; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 123.75 while Resistance is at 125.04
03rd June 2015 – 07:09hrs 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.You pined the support to the pip
Nice analysis
Daily Technical Analysis – 04th June, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD had a strong bullish trend yesterday and touched a high of 1.1284 and is now trading below its 20day moving average of 1.1247 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 1.1350
RSI (14), STOCH (9, 6), MACD (12, 26), MA100, MA200 indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 1.1130 while Resistance is at 1.1284
04th June 2015 – 07:02hrs GMT
GBPUSD
GBPUSD remained indecisive yesterday and is now trading just at its 20day moving average of 1.5324 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 1.5400
RSI (14), ADX (14) are Neutral; STOCH (9, 6), MACD (12, 26), STOCHRSI (14), Ultimate Oscillator, ROC, MA100 indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 1.5300 while Resistance is at 1.5374
04th June 2015 – 07:10hrs 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 June, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD had a bullish trend yesterday and is now trading below its 20day moving average of 0.7761 in the Asian trading session. The near term bias remains Bearish with targets of 0.7650
RSI (14), CCI (14), MACD (12, 26), ADX (14), Ultimate Oscillator, ROC, MA200 indicate a SELL; STOCH (9, 6), STOCHRSI (14) are Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 0.7707 while Resistance is at 0.7801
04th June 2015 – 07:16hrs GMT
USDJPY
USDJPY was indecisive yesterday and is now trading below its 20day moving average of 124.34 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 124.85
RSI (14) is Neutral; STOCH (9, 6), MACD (12, 26), Ultimate Oscillator, MA100, MA200 indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 123.86 while Resistance is at 125.45
04th 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 – 04th June, 2015
By FxGrow Research & Analysis Team
Greek deal hopes and Euro zone debt yields lift Euro
Greek Prime Minister Alexis Tsipras said after talking with the senior EU officials that Greece was close to a deal with its creditors and it would make a payment due to the IMF on Friday.
"It was a good, constructive meeting. Progress was made in understanding each other's positions on the basis of various proposals. It was agreed that they will meet again. Intense work will continue." - Statement given by the European Commission.
Greece has enough cash to repay a €300 million payment due to the IMF on Friday.
German 10-year bond yields climbed to 0.887 percent, after the ECB raised its inflation forecast for the year 2015.
The 10 year US Treasury yields reached at 2.3696% the highest level since Nov 2014.
"The biggest positive about the bond market weakness is that yields’ going higher is a net positive for all of the financials. Higher yields on fixed income translate into higher rates and that increases the net interest margin for financials," - Michael James, MD Wedbush Securities, Los Angeles.
EURUSD is trading at 1.1345 in the European trading session having touched a high of 1.1378
European Central Bank kept its benchmark rates unchanged at 0.05 percent and increased its forecast for inflation in the Eurozone this year to 0.3 percent.
ECB President said bond buying program of 60 billion euros per month will continue till September 2016 with an aim to inject liquidity into the financial system and drive up the Eurozone’s low rate of inflation.
Draghi said "The full implementation of all our monetary policy measures will provide the necessary support to the euro area's economy."
On Greek Debt deal Draghi called for a strong agreement between Greece and its Creditors saying "A strong agreement is one that produces growth, that has social fairness but that is also fiscally sustainable and addresses the remaining sources or factors of financial instability in the financial sector."
In China HSBC PMI climbed to 53.5 the highest level in 8 months as growth remains sluggish in China.
"Overall, growth momentum in China appears relatively weak, weighed down by an ongoing deterioration in manufacturing operating conditions" - Annabel Fiddes, economist at Markit.
In UK the services PMI declined to 56.5 in May, while the UK's economy grew by 0.3% in the first quarter of the year. The UK service sector forms a large part of the economy.
"Additionally, construction firms in UK experienced an upturn in new business growth from April's near two-year low and job creation was the fastest recorded so far in 2015" - Tim Moore, Markit.
Crude Oil is trading lower at $59.56 after Russian Energy Minister's confirmation that the OPEC would not cut output at Friday's meeting.
Gold is trading lower in the Asia at 1182.65 while Silver is flat at 16.46
04th June 2015 – 09:30hrs 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 – 05th June, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD had a strong bullish trend yesterday and touched a high of 1.1378 and is now trading above its 20day moving average of 1.1240 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 1.1350
RSI (14), STOCH (9, 6), ADX (14), CCI (14), ROC, MA100, MA200 indicate a BUY; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 1.1201 while Resistance is at 1.1288
05th June 2015 – 07:05hrs GMT
GBPUSD
GBPUSD was bullish yesterday touching a high of 1.5440 and is now trading below its 20day moving average of 1.5362 in the Asian trading session. The near term bias remains Bearish with targets of 1.5250
RSI (14), ADX (14), Ultimate Oscillator, ROC, MA50 indicate a SELL; STOCHRSI (14), CCI (14) are Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 1.5303 while Resistance is at 1.5440
05th June 2015 – 07:11hrs 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 – 05th June, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD had a bearish trend yesterday and touched a low of 0.7663; it is now trading below its 20day moving average of 0.7690 in the Asian trading session. The near term bias remains Bearish with targets of 0.7600
RSI (14), STOCHRSI (14), MACD (12, 26), Ultimate Oscillator, MA100, MA200 indicate a SELL; CCI (14) is Neutral; while Average True Range (14) indicates Less Volatility.
Support is at 0.7667 while Resistance is at 0.7738
05th June 2015 – 07:18hrs GMT
USDJPY
USDJPY was indecisive yesterday and is now trading above its 20day moving average of 124.45 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 125.50
STOCH (9, 6) is Neutral; RSI (14), MACD (12, 26), ADX (14), Ultimate Oscillator, ROC, MA100, MA200 indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 124.33 while Resistance is at 124.67
05th June 2015 – 07:22hrs 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 – 05th June, 2015
By FxGrow Research & Analysis Team
Greece delays IMF payment until end of June
Greece moves closer to default and a possible exit from the Eurozone as it will not make a scheduled €300m loan repayment to IMF on Friday.
IMF said on Thursday "The Greek authorities have informed the fund today that they plan to bundle the country's four June payments into one, which is now due on June 30," Gerry Rice, IMF spokesperson, said, citing rules allowing debtor countries to regroup "multiple principal payments falling due in a calendar month".
It is the first time that Greece will postpone a repayment to IMF as Prime Minister Alexis Tsipras is facing opposition from his supporters on tough terms associated with the debt deal.
Greek prime minister has come under pressure from his supporters to withhold the payment of €300m due to IMF on June 5. The country is running out of funds and needs the final €7.2bn bailout funds to be able to repay €1.54 billion to IMF by June 30.
Greece PM Tsipras said “Such extremist proposals cannot be accepted by the Greek government. Everyone must understand that the Greek people have greatly suffered over the last five years and some have to stop playing games at their expense.”
EURUSD pulled back yesterday after this decision from a high of 1.1365 to a low of 1.1178 in the Asian trading session today.
Traders are focusing on the US Non-Farm Payroll report due to be released today at 12:30 GMT. Analysts expect a growth of 227K in the job markets for the month of May. Pre-NFP data suggest a strong NFP report today. Analysts forecast for the Unemployment rate is at 5.4%, the lowest level in seven years.
Today’s NFP report will indicate whether Fed is willing to hike interest rates in September 2015. Fed will hike interest rates this year if the NFP data picks up in May.
In UK the Bank of England kept its benchmark interest rate at 0.5%, the lowest level since 2009. The decision by BoE to hold interest rates was supported by data that showed growth of the UK economy slowed down in the Q1 2015 to 0.3%.
"In UK much will clearly depend on how economic growth, earnings and productivity develop over the coming months, as well as just how quickly inflation moves up later on this year" - Howard Archer, chief UK and European economist at IHS Global Insight.
In Canada Ivey PMI rose to 62.3 supported by an increase in employment and inventory levels. Today investors will focus on CAD Full Time Employment Change report due on 12:30 GMT. Analysts estimate that Canada's economy will add 10K jobs in May with jobless rate remaining at 6.8%.
Crude Oil is trading lower at $57.85 on concerns over spiking European yields.
Gold is trading lower in the Asia at 1176.26 while Silver is flat at 16.18
05th June 2015 – 10:16hrs 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 – 08th June, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD came down last week touching a low of 1.1048 and is now trading above its 20day moving average of 1.1113 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 1.1200
RSI (14) is Neutral; ADX (14), CCI (14), Ultimate Oscillator, ROC, MA200 indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 1.1099 while Resistance is at 1.1288
08th June 2015 – 07:02hrs GMT
GBPUSD
GBPUSD came down last week touching a low of 1.5189 and is now trading above its 20day moving average of 1.5264 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 1.5350
RSI (14) is Neutral; ADX(14), Ultimate Oscillator, ROC, MA10 indicate a BUY; STOCHRSI(14), CCI(14) are Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 1.5223 while Resistance is at 1.5332
08th June 2015 – 07:06hrs 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.