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Thread: Daily Market Analysis from ForexMart

  1. #351
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    EUR/USD Technical Analysis: April 3, 2017

    The US dollar is positioned near its weekly highs on Tuesday but the bullish tone of German jobless rate stalled its advancement which offered another leg to the common European currency.

    Furthermore, the price maintained a bearish sentiment last Friday, however, the bears did not hold its stance longer favoring the bull to reversed few of its ground.

    The price bounced towards the area of 1.0675 amid Asian session on Friday. The EURUSD made a reversal to the mark 1.0700 throughout the European trades.

    The 4-hour chart showed the EUR/USD cut through the 100-EMA downwards while 100 and 200-EMAs directed upwards, showing the 50-EMA to drove downwards.

    Resistance was seen at 1.0700, support entered at 1.0650.

    The MACD histogram grew less which indicates a sell signal. RSI indicator spent the day around the oversold territory, confirming a renewed higher move.

    Forecasts say a move on top of the immediate resistance involves higher chance of testing the region 1.0750. Alternatively, a sell-off has a probability to occur towards mark 1.0650.

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    GBP/USD Technical Analysis: April 3, 2017

    The renewed figures of British Gross Domestic Product saddened the investors as it presented lower than expected results. The report stalled the current recovery which pushed the spot downwards.

    The Cable started the day with a bullish tone. Traders successfully lead the price near the resistance level 1.2500 where the spot met new offers. The GBP/USD stirred away from the barrier in the mid-session of Asian hours and sustained a downward sentiment amid European trades.

    The price moved close the mark 1.2450 in the middle part of the day in which the sterling lost its selling impetus.

    The 4-hour chart pointed out the 50-EMA being tested by the major. Meanwhile, the 50 and 100-EMAs preserved its bullish pattern, alongside the 200-EMA to appear neutral.

    Resistance touched 1.2500, support entered 1.2400.

    The MACD histogram increased indicating weak seller’s position. The RSI maintained its position within the neutral grounds.

    The major is seen struggling with an aim to build towards the recovery gains. A break over the region 1.2500, the next focus would probably the 1.2600 mark.

    Andrea ForexMart, Official Representative
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    NZD/USD Technical Analysis: April 3, 2017

    On Friday, the New Zealand currency was kept intact below the selling pressure on the back of the sluggish business confidence released by ANZ.

    The suffering of kiwi extended its softening until Friday. The sellers ran out of steam despite maintaining the control and breaking under the level 0.7000. Moreover, they were able to drove the NZD/USD lower.

    During the morning, the pair traded in a tight range, viewed in the middle points of 0.7000 and 0.6980.

    According to the 4-hour chart, the spot crossed downwards to the 50-EMA and resumed its development under the moving averages. The 50 and 200-EMAs continued to move down while the 100-EMA steered higher.

    Resistance touched the region 0.7000, support made an entry at 0.6950 mark.

    The MACD weakened indicating strength for the sellers. In case the histogram stayed within the positive zone, the position of the buyers will strengthen. The RSI indicator is in the oversold levels.

    The price was stuck in a range in order to get some steam used for further activities. There is a possibility of minor correction. Having broken the 0.7000, the radar will prompt 0.7050 level.

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    USD/CAD Fundamental Analysis: April 4, 2017

    The USD/CAD pair had a fairly good trading session yesterday as it tested its range highs and is now trading at just under its range highs. The USD/CAD is expected to remain within the 1.3300-1.3400 region as of the moment and this was very evident during yesterday’s session. The market is now waiting for the string of economic data set to be released within this week. The market is now in a ranging and consolidation mood as traders prepare themselves for the possible repercussions of this said release of various economic data.

    Oil prices dropped a bit below $51 yesterday, which is one of the main reasons behind the sudden weakness in the Canadian dollar. The Canadian economy is highly dependent on oil prices and as such, an increase in oil prices would mean an increase in the CAD and vice versa. And since oil prices dropped yesterday, this resulted to a weak CAD as well and caused the USD/CAD pair to go above 1.3350 points before moving towards its range highs of 1.3400 points. The currency pair was then met with a lot of selloffs, and although yesterday was a generally very dismal trading session, volatility levels are expected to increase today as several economic data are scheduled to be released within the week.

    The Canadian Trade Balance Data will be released today, and the market will be monitoring this reading since this is a very essential economic basis for the Canadian economy especially due to its trade relationship with US. This is expected to increase volatility in the pair and could cause the USD/CAD to break through 1.3400 and could even reach 1.3500 points.

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    EUR/USD Fundamental Analysis: April 5, 2017

    The EUR/USD pair is still trading within a very limited range, although the pair’s bulls have somewhat managed to maintain its hold on the currency pair in spite of the pair’s inability to move in any definite direction for quite a while now. The pair’s bulls were initially expected to surrender its gains in order to enable the EUR to advance towards 1.0500 points at least prior to the FOMC meeting, but so far this has not yet occurred and it is possible that the minutes will be released with the EUR/USD pair still trapped within its current trading range.

    The market was taken by surprise yesterday as Fed member Lacker tendered his resignation after admitting that he had leaked top-secret information with regards to the 2012 FOMC meeting to a certain financial institution. Lacker has also stated that the firm’s analysts had the said information but regardless of Lacker’s manipulation of the said statement, it remains clear that he has illegally leaked confidential information and subsequently resigned when the said scheme was revealed. The USD had surprisingly no reaction to to this particular news once it was released.

    However, during today’s session, the USD backtracked across the board as the EUR/USD pair surged from 1.0650 points and traded very near its range highs of 1.0680 points. As of the moment, the market is now in a consolidating move as a lot of economic data are expected to be released later today. The ADP Employment Change data will be released today, which is an important piece of economic news since this is largely considered as a basis for the result of the NFP report. The US Manufacturing PMI data will also be released, followed by the FOMC minutes towards the close of the NY session. A volatility surge is expected prior to the release of the FOMC minutes and as such, traders are advised to tread very carefully with regards to trading with the EUR/USD pair. The pair’s bulls are most likely to dominate the pair and could enable the EUR/USD pair to inch higher during today’s series of sessions.

    Andrea ForexMart, Official Representative
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    USD/CAD Fundamental Analysis: April 5, 2017

    The USD/CAD pair briefly made it towards 1.3400 points and even managed to surpass this region following a series of very dismal economic readings from the Canadian economy. However, the advancement of the Canadian dollar was almost immediately met with tremendous pressure from sellers, causing the CAD to retreat towards 1.3400 points. Analysts are now saying that unless the USD/CAD pair manages to surpass the large-scale selling at 1.3500 points, then the currency pair would be unable to make any significant progress as of now. But the pair’s bulls have yet to reveal how they plan to handle this dilemma in the pair as the USD is expected to be more level in the next few days on the back of an increase in oil prices.

    The 1.3500 region has proven to be very crucial for the USD/CAD pair since the currency pair has been unable to overcome this pair for several times in a row. The currency pair would have to have large-scale buys in order to push past through this region and reach 1.4000 points. As of the moment, the Canadian economy has been throwing up some fairly decent economic data, although the Canadian trade balance data had somewhat paled and could be a precursor to a dismal future for the country’s economy. The trade balance data was at a negative while the market was expecting a positive reading, and this basically means that the country’s imports and exports are most likely to suffer in the long run.

    However, the increase in oil prices could possibly provide a short-term breather for the Canadian economy, and since the USD is expected to experience short-term consolidations, the USD/CAD pair would most likely follow this particular trend and consolidate within 1.3300-1.3500 points. However, the pair is still not strong enough to surpass 1.3500 in the near future.

    For today’s session, there are no releases from the Canadian economy but the US will be releasing several economic readings, such as the ADP employment change data and the FOMC meeting minutes. The NY session could possibly be met by a significant amount of volatility and if the pair’s price touches the 1.3500 range, then this could be a great opportunity for a stop loss.

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    EUR/USD Technical Analysis: April 17, 2017

    A sell-off occurred last Thursday was followed by the building recovery attempt by the single European currency on Friday. Meanwhile, sellers were unable to cut through below the region 1.0600. In light of this, the price resulted to rebound through the level during the night and trailed northwards amid day trading.

    The EURUSD highlighted 1.0625 in the late session of Europe. Resistance entered the area 1.0650 while the support lies at the mark 1.0600.

    A fresh bearish pressure is expected in the short-term. A breakout within 1.0600 would direct to its next objective at 1.0550.

    Moreover, the major headed through 1.0650 for a correction. A gapped near the region would extend the recovery towards 1.0675. A bounced off hitherto will send back bearishness in the market.

    Andrea ForexMart, Official Representative
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    GBP/USD Technical Analysis: April 17, 2017

    The 1.2500 level halted the sellers activity on Thursday. The price rebounded the mark during the Asian hours and continued to climb higher. The British currency strengthen overnight and highlighted the area 1.2515 during the first part of the day.

    The spot maintained a spot nearly its recent highs within the day. Resistance is at 1.2600 region, support touched the 1.2500 range.

    It is much anticipated for a move below the 1.2400 area.


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    USD/JPY Fundamental Analysis: April 18, 2017

    The US dollar crashed to its lowest levels within a five-month period against the Japanese yen as a reaction to North Korea-related tensions during the previous weekend. However, as the USD/JPY pair came within a major retracement barrier at 107.856 points, the USD managed to recover its losses and closed down on a much higher level than expected. The USD/JPY pair closed down the previous session at 108.904 points.

    The current volatility level of the USD/JPY pair has been mostly influenced by the price action of the US Treasuries. US bond prices crashed during the previous session immediately after reaching an all-time high since November last year. Now that both the USD/JPY pair and Treasury yields are on their lowest rungs since November 2016, a lot of investors are now speculating that the Trump administration will be unable to complete its campaign promises within the preset timeframe, including the implementation of a new healthcare plan, tax cuts, and even imposing an increased fiscal spending mechanism. In addition, some traders are also saying that the USD was propelled forward by reports that Trump is leaning towards appointing a bank-friendly figure for the Federal Reserve’s vice chair for bank supervision post.

    For today’s session, the course of the USD/JPY pair is expected to be dominated mostly by investor sentiment as well as Treasury yields. The currency pair will be able to regain its momentum only if there is an increase in yields and if investors put their interests towards high-earning assets.


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    GBP/USD Fundamental Analysis: April 18, 2017

    The GBP/USD pair traded on a strong note during yesterday’s session as it was able to not only maintain its gains but has also managed to propel itself forward and attempt to make a dent in the resistance region situated at 1.2600 points. As of the moment it is still unable to make a significant impact in this particular region but it has yet to be seen whether it will be able to make a dent as the European traders are now going back to work after the holidays. A retraction towards the 1.2500 trading range is expected to occur before making any serious gains.

    The sterling pound has been doing really well as the market is now waiting for the start of the Brexit negotiations between the EU and UK officials. The negotiations are expected to be very long and very winding, and both sides should be able to hold onto their respective gains. The Brexit process itself is also expected to affect the sterling pound in the long run. The string of economic data released from the UK economy looks good so far, with the Bank of England managing to hold the current economic situation together, however it remains to be seen whether it will still be able to do so once the negotiations begin. The 1.2600 region is expected to be sustained but as the negotiations wear on, this is expected to induce additional volatility into the pair and this is why traders should be extra careful when it comes to trading with the GBP/USD pair in the medium term outlook.

    There are no major news releases from both the UK and the US economy for today, and as such, the GBP/USD pair is expected to continue its current trend of ranging and consolidation with a bullish undertone as it again tries to break through the 1.2600 range.

    Andrea ForexMart, Official Representative
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