Daily Technical Analysis by FxGrow

[FxGrow Support]

FxGrow Daily Technical Analysis – 19th May, 2016

By FxGrow Research & Analysis Team

 

The EURUSD largest drop after hawkish FOMC meeting

 

The EURUSD decreased sharply to touch 1.1214 low on hawkish comments from the Federal Reserve policy meeting. The US Dollars gains as the FOMC raised expectations that the Fed might hike rate in June if economic data continue improving. The EURUSD will remain bearish as it cuts the 38.2% Fibonacci retracement 1.1210 and breaking 1.1190 will extend losses toward 1.1175 and 1.1135 respectively.

 

However, the EURUSD needs a push above 1.1235 in order to end the downward move and continue surging higher to reach next resistance levels 1.1255 and 1.1285.

 

http://i1148.photobucket.com/albums/o568/onestore40/EURUSD_la_zpsqtxxhopf.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 19th May, 2016

By FxGrow Research & Analysis Team

 

The AUDUSD suffered losses after disappointing Australia’s labor data

 

The Australian dollar dropped against its counterparts after weak Australia’s employment report. Weak data and lower cash rate puts pressure on the reserve bank of Australia (RBA) that made him change the policy by opting against a rate cut thus putting the AUDUSD in a bearish form. Breaking the support point 0.7180 creates a lower leg toward near-term support levels 0.7150 and 0.7110.

 

Alternatively, the AUDUSD needs to trade higher and close above 0.7255 in order to trigger an upward move toward 0.7285 and 0.7315.

 

http://i1148.photobucket.com/albums/o568/onestore40/AUDUSD_lf_zpsjdegckox.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 20th May, 2016

By FxGrow Research & Analysis Team

 

The USDCAD increased ahead of Canadian CPI/Retail sales data

 

The USDCAD is hitting higher for the third consecutive day awaiting Canadian CPI and retail sales reports today. The USDCAD extended gains to touch 1.3155 high on stronger US Dollars after Fed hawkish comments and rising expectations of an interest rate hike in June. Breaking the minor resistance point 1.3108 will expand its bullish move toward the 32.8% Fibonacci retracement 1.3130 and cutting this point will open the door for an uptrend and thus continue increasing to touch topside target 1.3165 and 1.3217.

 

However, Canadian CPI data is expected to improve and powerful reports will push the Bank of Canada (BOC) to normalize policy in the coming period. A break below 1.3050 might pave the way toward near-term support levels 1.3015 and 1.2980.

 

http://i1148.photobucket.com/albums/o568/onestore40/USDCAD_lf_zpsfh1f7vaq.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 23rd May, 2016

By FxGrow Research & Analysis Team

 

The EURUSD under pressure ahead of EU PMI data

 

The EURUSD remains flat at 1.1220 ahead of PMI data today. The Euro was dipping lower on stronger dollar after rising concerns over Fed rate hike in June especially as policy makers claimed that June rate hike is a live and real possibility. Breaking the strong support 1.1196 will pave the way to touch 1.1170 and 1.1130 respectively.

 

However, better than expected PMI data will give support to the Euro as it will create responses to the ECB views and might change their dovish posture, and breaking 1.1255 will trigger an upward movement toward next resistance levels 1.1294- 1.1315.

 

http://i1148.photobucket.com/albums/o568/onestore40/EURUSD_le_zpsmmauaqrg.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 23rd May, 2016

By FxGrow Research & Analysis Team

 

The USDJPY decreased after G7 meeting

 

The Yen surged higher as Asian stocks declined. The USDJPY slumps to touch 109.40 after G7 meeting concluded that the US warned Japan against interventions to weaken the currency. Finance ministers also discussed further BOJ easing knowing that Yen’s actions was considered orderly, and breaking 109.25 will give the USDJPY a bearish wave to touch next support points 108.85 and 108.55.

 

However, volatility rose as Fed signaled the possibility of a much anticipated rate hike in June and breaking the minor resistance levels 110.40 will give an end to the downward movement and will open the door for further gains toward 110.65 and 110.95 respectively.

 

http://i1148.photobucket.com/albums/o568/onestore40/USDJPY_lf_zpsyjdq1xga.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 24th May, 2016

By FxGrow Research & Analysis Team

 

The British pound gains before BOE official’s decision

 

The GBPUSD rose ahead of Bank of England (BOE) official’s decision regarding “BREXIT” especially on rising expectations that the BOE is going to defend “BREXIT” outlook. The GBPUSD have to break the resistance point 1.4528 in order to trigger an upward movement to touch near-term resistance levels 1.4550 and 1.4570.

 

However, Fed policymakers claimed that “BREXIT” will not affect US rate hike decision and the US Dollars will continue its bullish move on Fed’s outlook. Cutting the minor support 1.4455 might push the GBPUSD lower toward 1.4424 and 1.4397 respectively.

 

http://i1148.photobucket.com/albums/o568/onestore40/GBPUSD_ls_zpszpqi8rmb.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 25th May, 2016

By FxGrow Research & Analysis Team

 

The EURUSD sluggish move on stronger than expected US housing report

 

The EURUSD decreased sharply to touch 1.1133 low after strong US housing data which boosts expectations that the Fed is going to hike rate in June. The EURUSD is aiming for further declines below 1.1100 on concerns that Britain is going to leave the Euro zone. Breaking 1.1125 will open a lower leg to touch near-term support levels 1.1105 and 1.1070 the (50 % Fibonacci retracement).

 

However, the EURUSD found little support as the Euro group announced a deal on Greek bailout funding and the EURUSD needs to trade above 1.1155 in order to show further gains toward 1.1175 and 1.1215 respectively.

 

http://i1148.photobucket.com/albums/o568/onestore40/EURUSD_lc_zpseumvz8qn.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 25th May, 2016

By FxGrow Research & Analysis Team

 

The GBPUSD still bullish on Carney’s hawkish comments

 

The GBPUSD rallied and touched 1.4660 high as Carney defended Bank of England (BOE) recent actions. Governor carney insist that inflation target will be reached and the latest poll showed strong support for Britain to remain in the Euro zone thus surging the GBPUSD higher, and breaking the key resistance level 1.4685 will pave the way toward next resistance levels 1.4700 and 1.4740.

 

However, risks arise on “Brexit” vote and volatility will remain until the 23rd of June and cutting the support point 1.4590 will lead to a downside wave to touch 1.4565 and 1.4535 respectively.

 

http://i1148.photobucket.com/albums/o568/onestore40/GBPUSD_lz_zpsmxqgxa5l.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 26th May, 2016

By FxGrow Research & Analysis Team

 

The Euro gains on softer US Dollars ahead of US durable goods data

 

The EURUSD found support as the dollar eased awaiting further US data today and Yellen’s speech due on Friday that will give an outlook of whether the Fed will hike rate sooner or later this year. The Euro also found support as Euro group ministers agreed on Greece bailout funds. The EURUSD will continue surging higher on weak US durable goods data and breaking 1.1195 will open an upward wave toward 1.1215 and 1.1255 respectively.

 

However, strong expectations of US rate hike in June puts pressure on the EURUSD and cutting the strong support 1.1130 will continue its bearish movement to touch near-term resistance levels 1.1085 and 1.1055.

 

http://i1148.photobucket.com/albums/o568/onestore40/EURUSD_ld_zpsstdpiqy6.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 27th May, 2016

By FxGrow Research & Analysis Team

 

The USDJPY to turn higher ahead of US GDP data

 

The USDJPY consolidates around 109.80 ahead of US GDP data and then traded higher to touch 110.00 high on weaker than expected Japanese inflation data. The USDJPY might have found support as Federal Reserve officials bolstered expectations of interest rate hike next month, and breaking the interim resistance 110.10 will support the upward movement and continue surging higher to touch 110.40, 110.70 and 111.10 respectively.

 

However, G7 meeting today might give dovish tones thus pushing the Yen higher and cutting 109.45 will lead for further declines to target near-term support levels 109.00 and 108.65.

 

http://i1148.photobucket.com/albums/o568/onestore40/USDJPY_ld_zps1audacds.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 30th May, 2016

By FxGrow Research & Analysis Team

 

The EURUSD falls on hawkish Yellen comments

 

The EURUSD fell below 1.1100 as Yellen claimed that interest rate hike in the next few months is probable. The EURUSD sharp decline was a result of hawkish Yellen comments especially as she said that Fed should hike rate soon. Breaking the support point 1.1080 pushes the euro lower to touch near-term support levels 1.1045 and 1.1015.

 

However, the European central bank (ECB) might chase monetary policy and give the Euro positive directions and the EURUSD need to break 1.1135 in order to pull back toward 1.1150 and 1.1190 respectively.

 

http://i1148.photobucket.com/albums/o568/onestore40/EURUSD_li_zpsmiisbggc.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 30th May, 2016

By FxGrow Research & Analysis Team

 

The Yen dropped as equity markets rallied to post its biggest week

 

The USDJPY traded higher to touch 111.45 high as risk appetite firms and as equity markets posted biggest weekly gains. The USDJPY supported its rally after Yellen commented that US interest rate hike this summer is a big possibility. Breaking 111.55 might continue its upward movement toward 111.90 and 112.40 respectively.

 

However, further monetary easing by the bank of Japan (BOJ) and moderate fiscal policy will boost the Yen and breaking the minor support 110.25 will create a lower leg to touch 109.90 and 109.60.

 

http://i1148.photobucket.com/albums/o568/onestore40/USDJPY_lg_zpsxxmibgk1.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 31st May, 2016

By FxGrow Research & Analysis Team

 

The Australian dollar jumped on better than expected economic data

 

The AUDUSD surged higher to touch 0.7250 high after upbeat building approval data and strong net exports. The Reserve Bank of Australia (RBA) would change its monetary policy view and rate cut speculation in the coming month eased on better than expected Australian data thus pushing the Aussie higher and breaking the major resistance point 0.7250 will trigger an upward move toward 0.7285 and 0.7315.

 

Alternatively, weak Australian growth report (GDP) and weak Chinese data will re-nourish RBA rate cut policy putting the Aussie under pressure again and cutting 0.7175 will open the door for a bearish movement to touch 0.7135 and 0.7095 respectively.

 

http://i1148.photobucket.com/albums/o568/onestore40/AUDUSD_ls_zpskw3mld9y.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 31st May, 2016

By FxGrow Research & Analysis Team

 

The EURUSD rebounded ahead of ECB meeting

 

The EURUSD gains and reached 1.1155 after touching 1.1098 low ahead of European Central Bank (ECB) meeting due on Thursday. The Eurozone inflation report (CPI) will give signs of how the ECB is going to react regarding monetary stimulus program, and a reversal in ECB monetary policy will push the Euro higher and breaking the resistance point 1.1170 might create a bullish wave and expand its gains to touch 1.1200, 1.1215 and 1.1235 respectively.

 

However, the Euro remains under pressure on high volatility in the market and the SSI remains bearish on the EURUSD and cutting the support point 1.1100 will create a bearish move toward 1.1086 and then continue moving lower toward 50% Fibonacci Expansion 1.1067.

 

http://i1148.photobucket.com/albums/o568/onestore40/EURUSD_lm_zpsby9uzgci.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 01st June, 2016

By FxGrow Research & Analysis Team

 

The British pound slumps ahead of UK manufacturing PMI data

 

The GBPUSD suffered its biggest drop after ICM poll showed and increased support for “leave” providing chances for the UK to exit the Eurozone. UK PMI data and “BREXIT” issue are weighing on the pound and make it fall more than 1.1 percent to touch 1.4455 low. The GBPUSD remains under pressure as “BREXIT” worries predominate and cutting the support point 1.4440 might continue tumbling to touch next support points 1.4422 and 1.4385.

 

However, the GBPUSD might get support on new votes for the UK to stay in the Eurozone awaiting for further updates and trading above 1.4502 will pave the way toward 1.4522 and 1.4555 respectively.

 

http://i1148.photobucket.com/albums/o568/onestore40/GBPUSD_lb_zpswocowe3n.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 01st June, 2016

By FxGrow Research & Analysis Team

 

The Australian dollar climbs on solid local data

 

The AUDUSD surged higher to touch 0.7299 high as Australia GDP crossed the wires and beat expectations. The AUDUSD find support as strong economic data give signs that the Reserve Bank of Australia (RBA) would probably relieve rate cut policy in the coming period and the AUDUSD need a break above 0.7315 in order to expand gains and touch 0.7355 and 0.7395.

 

Alternatively, if the RBA assists in rebalancing monetary policy and weak Chinese data will keep the AUDUSD under pressure and breaking the support point 0.7225 will open a lower leg to touch near-term support levels 0.7185 and 0.7155.

 

http://i1148.photobucket.com/albums/o568/onestore40/AUDUSD_lb_zpsznlmcqzq.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 02nd June, 2016

By FxGrow Research & Analysis Team

 

The Australian dollar stabled on mixed data

 

The AUDUSD increased against several major counterparts after strong Australia’s trade balance data recording the smallest deficit for more than a year. The reserve bank of Australia (RBA) rate cut bets started to recoil as Australian data beats expectations and breaking the major resistance level 0.7295 will push the AUDUSD higher to touch 0.7308 the 23.6% Fibonacci retracement. Breaking this point will continue expanding to touch 0.7335 and 0.7375.

 

Alternatively, the AUDUSD soared on weak retail sales data and as the board member of Japanese central bank took center stage and expressed the flexibility of the BOJ monetary policy. The SSI for the AUDUSD remains bearish and cutting the support point 0.7220 will pave the way toward near-term support levels 0.7187 and 0.7145.

 

http://i1148.photobucket.com/albums/o568/onestore40/AUDUSD_la_zpsokqsxayw.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 02nd June, 2016

By FxGrow Research & Analysis Team

 

The EURUSD gained ahead of ECB meeting

 

The EURUSD surged higher on expectations that the European central bank (ECB) is anticipated to stand pat on monetary policy. The EURUSD traded above the 1.1200 on speculations that Draghi is going to depend on the wait and see approach and breaking 1.1235 will trigger an upward move toward 1.1265 and 1.1295.

 

However, strong US ADP data will give signs that the Fed is going to hike rate in June thus pushing the Euro lower and cutting the support point 1.1178 will delete gains and will continue sliding toward next support points 1.1135 and 1.1095.

 

http://i1148.photobucket.com/albums/o568/onestore40/EURUSD_ly_zpszrfgibsu.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 03rd June, 2016

By FxGrow Research & Analysis Team

 

The EURUSD decreased on ECB comments

 

The EURUSD slipped to touch 1.1145 after breaking 1.1200 zone as the European central bank (ECB) kept rates unchanged. Draghi said that ‘risks remain tilted to the downside’ and did not give any signals regarding ECB policy but awaits further economic releases thus pushing the Euro lower and cutting the strong support 1.1133 will pave the way to touch near-term support points 1.1095 and 1.1045.

 

However, US payroll today will shape the way the EURUSD is going to move and weak US data might delay Fed rate hike this month and will push the EURUSD higher and breaking 1.1170 might open the door for further upside movement toward 1.1195, 1.1215 and 1.1245 respectively.

 

http://i1148.photobucket.com/albums/o568/onestore40/EURUSD_ac_zpsbg68eldo.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 06th June, 2016

By FxGrow Research & Analysis Team

 

The EURUSD climbed on disappointing US jobs report

 

The Euro found some support as Draghi stressed the need for patience from the latest ECB meeting last week. The EURUSD surged higher to touch 1.1370 high after sharp miss on US jobs report. The EURUSD is showing an uptrend as US jobs data fell well below expectations and breaking 1.1400 zone will open the door for further bullish movement toward next resistance levels 1.1435 and 1.1465.

 

However, the EURUSD remains under pressure as Yellen speech today will cover Fed’s view regarding rate hike and cutting 1.1315 will create a bearish wave again to touch 1.1285 and 1.1265 respectively.

 

http://i1148.photobucket.com/albums/o568/onestore40/EURUSD_ac_zps7xiifxet.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 07th June, 2016

By FxGrow Research & Analysis Team

 

The Australian dollar surged higher as the RBA held policy steady

 

The AUDUSD rose and touched 0.7438 high as the Reserve Bank of Australia (RBA) claimed that its decision was consistent with sustainable growth after it kept its policy steady. The AUDUSD soared as the RBA kept rates unchanged at 1.75% and breaking the resistance point 0.7455 will trigger an upward movement toward 0.7485 and 0.7515 respectively.

 

Alternatively, investors are awaiting Chinese trade balance data and the AUDUSD is under pressure as the SSI remains bearish and cutting 0.7350 will lead to further declines to touch next support points 0.7325 and 0.7290.

 

http://i1148.photobucket.com/albums/o568/onestore40/AUDUSD_lu_zpsk6h6luyx.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 07th June, 2016

By FxGrow Research & Analysis Team

 

The EURUSD flat after Yellen’s speech

 

The EURUSD turned higher after disappointing US jobs report but then stabled as Yellen struck to a positive tone on US economy and remarks that rates will rise gradually but concerns rose regarding the timing of rate hike. The EURUSD have to break the 38.2% Fibonacci expansion 1.1400 in order to open the door for a bullish wave toward 1.1435, 1.1465 and 1.1495 respectively.

 

However, the EURUSD remains under pressure ahead of ECB meeting due on Thursday and “BREXIT” vote, and cutting 1.1325 will continue declining toward next support points 1.1285 and 1.1265.

 

http://i1148.photobucket.com/albums/o568/onestore40/EURUSD_aa_zpsqojm4rpv.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 08th June, 2016

By FxGrow Research & Analysis Team

 

The NZDUSD increased ahead of RBNZ rate decision

 

The NZDUSD surged higher and trade above 0.7000 zone ahead of Reserve Bank of New Zealand (RBNZ) interest rate decision. The NZDUSD is eying a double top above 0.7000 on weaker dollar and on central bank monetary policy announcement and breaking the strong resistance 0.7030 will open the door for further upside movement to reach next resistance levels 0.7055 and 0.7085.

 

However, the NZDUSD remains in a downside territory as long as the RBNZ provides dovish statement and as the long term trend remains bearish and cutting 0.6940 creates a lower leg to toward 0.6900 and 0.6865 respectively.

 

http://i1148.photobucket.com/albums/o568/onestore40/NZDUSD_la.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 09th June, 2016

By FxGrow Research & Analysis Team

 

The USDCAD tumbles on strong oil prices

 

The USDCAD fell sharply to touch 1.2655 low on a surprising rise in oil prices. The USDCAD pushed lower on weak Canadian housing data and as US crude inventories fell sharply yesterday giving signs of diminishing oil supply and at the same time opens a lower leg for the USDCAD. The pair remains bearish after it cut the key support level 1.2965 last week and cutting 1.2655 will continue its bearish movement toward next support point 1.2630, 1.2590 and 1.2540.

 

However, investors are awaiting Canadian employment report tomorrow and weak data might support the USDCAD and breaking the minor resistance point 1.2722 creates an upward wave toward 1.2750 and 1.2770 respectively.

 

http://i1148.photobucket.com/albums/o568/onestore40/USDCAD_aa_zpswv8e3nl6.png

 

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 10th June, 2016

By FxGrow Research & Analysis Team

 

The EURUSD fell on Draghi’s comments

 

The EURUSD slumped and touched 1.1290 low on Draghi’s dovish comments as he warned of lasting economic consequences. The EURUSD came under pressure as Draghi also warned of weak stagnation and diminishing output and cutting the support point 1.1275 will continue its downward movement to touch near-term support levels 1.1235, 1.1215 and 1.1180.

 

However, volatility rose ahead of Fed meeting next week as investors awaits a hike rate decision, BOJ stimulus, BREXIT vote and further economic releases. The EURUSD needs to break 1.1325 in order to push forward toward 1.1365 and 1.1390 respectively.

 

http://i1148.photobucket.com/albums/o568/onestore40/EURUSD_ae_zpsgr8mq6ph.png

 

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.