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Thread: Daily Market Analysis from ForexMart

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    Daily Market Analysis from ForexMart

    Hello Forum Members!

    Me and my colleagues will post daily analysis on this thread to help you enhance your trading skills. Please follow this thread to receive fresh analyses daily.

    Thank you! Good luck!

    Andrea ForexMart, Official Representative
    ForexMart

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    Fundamental Analysis for GBP/USD: June 15, 2016

    A latest survey showing that Vote Leave is points ahead dragged the British pound to 1.41 cents against a stronger US dollar. As the EU referendum approaches, the sterling is swaying nonstop due to voters’ sentiment and the release of poll results after another.

    TNS revealed yesterday that 47 percent of respondents wanted the UK to leave the EU, while only 40 percent wanted to remain a member of the bloc. GBP/USD fell to two-month lows.

    UK inflation in May was also on the red, printing only a 0.3 percent rise, similar to the same period last year. Analysts were expecting a 0.4 percent growth. In m/m terms, CPI also disappointed as it climbed by 0.2 percent, missing the forecasted 0.3 percent. Transport costs rose by 0.9 percent in Mayi from the previous month but was offset by declines in food and clothing.

    As we predicted, CPI didn’t have significant effect on the sterling especially because a Brexit poll was released in the same day. The Bank of England’s decision on its interest rate is next on the GBP’s economic headline.

    The USD performed slightly stronger than its counterparts with the release of positive retail sales which hit 0.5 percent m/m against a 0.3 percent forecast. Core retail sales was in line with expectations at 0.4 percent. Both exports and imports at 1.1 percent and 1.4 percent respectively eclipsed their forecasted rates.

    Atlanta Fed upgraded its GDP forecast for Q2 to 2.8 percent from an initial estimate of 2.5 percent. Strong retail sales was also viewed as a signal that consumer expenditure will most likely print robust numbers.

    We are looking at an immediate support of 1.4089 and 1.4040 subsequently, while resistance is at 1.4265 and 1.4350. The MACD indicator is in negative location. The spot exchange is at 1.4142 and rising.


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    Andrea ForexMart, Official Representative
    ForexMart

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    NZDUSD has been down but it has made a sharp reversal and the signs are looking bullish.


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    Technical Analysis for AUD/USD: June 21, 2016

    The Aussie dollar is benefiting from a volatile sterling and euro as investors seek a safe heaven in the AUD. The RBA meeting minutes headlined the impetus this week. The Board implied the importance of a weak domestic currency to support Q2 and Q3’s GDP growth. However, the minutes did not have a significant impact on the AUD/USD.

    Australia’s house price index printed surprising numbers, declining by 0.2 percent in the first quarter of the year compared to the previous quarter’s 0.2 percent growth. Analysts expected a 0.8 percent rise in Q1.

    Although AUD/USD is trading at 0.7487, the upsurge is limited due to easing commodity prices. The USD has been fairly quiet and is waiting for Yellen’s statement later on the semi-annual monetary policy report.

    The first support can be found at 0.7454 and 0.7413 subsequently. The first resistance is at 0.7500 and 0.7550. The MACD indicator is positive location and the price is rising. However we are not expecting the AUD to break into the 0.75 level anytime today.


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    Andrea ForexMart, Official Representative
    ForexMart

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    Fundamental Analysis for EUR/USD: June 22, 2016

    EUR/USD was hit with profit-taking and a warning from ECB president Mario Draghi that another stimulus is on the way. The euro retreated to 1.12 cents after reaching 1.13 in the past days due to a firming ‘Bremain’ public sentiment. The pair is trading at 1.1272.

    Draghi said that more stimulus is on the way as the ECB sees inflation rate missing the 2 percent target until 2018. Inflation is predicted to reach 1.3 percent in 2017 and 1.6 percent in 2018.

    On the data front, Germany’s ZEW Economic Sentiment for June was at 19.2, largely exceeding the predicted 4.7 increase. The country’s current conditions grew to 54.5 from 53.1 in May, while the Eurozone’s economic sentiment was up to 20.2, surpassing the 15.3 expected rate.

    The USD is also taking a beating from Yellen’s statement that shows Fed’s worry over the labor market. The Fed chairwoman effectively reduced the possibility of a rate hike in its next monetary meeting in July.

    EUR/USD is still on the bullish side but a drop below the immediate support of 1.1240 will move it to a neutral position, with the next support at 1.1213. The first resistance is at 1.1291 and 1.1350 subsequently. The MACD indicator is in a positive location.


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    Andrea ForexMart, Official Representative
    ForexMart