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Thread: Daily Market Analysis from ForexMart

  1. #501
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    Daily Market Analysis from ForexMart

    GBP/USD Fundamental Analysis: December 6, 2017

    The pound dollar pair resumed declining as the greenbacks remain unchanged. The market is generally preferred a wait-and-see mode since this last month of the year. However, the case of the British pound would likely show higher volatility due to the emergence of political turmoil within and over the United Kingdom. This further caused the GBP to weaken which was seen in the past couple of days.

    During the previous entire week, the sterling is crowned to be the strongest currency among its rivals because of the agreement prospect concluded in the Brexit negotiations that helped the bid to keep under the British currency. Moreover, the pound climbs higher to the 1.35 mark and seems that the Cable pair plans to ascend to the 1.38 level upon the release of the contract details within this week or the next. There are expectations that everyone will end the year with satisfaction after the details were announced.

    Nevertheless, the opposition of the DUP party towards the Irish borders interrupted the deal that erased hopes for the current week. This deterred the plans of UK Prime Minister Theresa May that delayed her domestic and international plans. It may also imply a tough decision to conduct any deal in the short-term for this apparently put pressure on the pound, while the pair slumped again to the 1.34 mark amid the current trading course.


    Ultimately, there are no major economic releases from Britain as the spotlight is turned to the USD and the ADP employment report scheduled later today. On the other hand, UK services PMI data showed some weakness yesterday that further contributed pressure on the GBP. In case that the ADP figures came in positive, then the pair is expected to soften in the near-term.

    Andrea ForexMart, Official Representative
    ForexMart

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    Daily Market Analysis from ForexMart

    EUR/USD Technical Analysis: December 6, 2017

    The European currency edged downwards while the yields declined and the American dollar was able to conduct further progress. This happened after the release of a weaker than anticipated result of the European Retail Sales data. Moreover, the Services PMI in the euro region had increased as the US trade deficit expanded that could lessen the overall growth in the U.S. economy.

    The eurodollar pair descended during the trading session on Tuesday and fell near the support at 1.1866 level around the 10-day moving average. The current support highlighted the 1.1757 mark beside the 50-day moving average. Further support lies at 1.1630 near the ascending trend line. Additionally, the momentum became negative and at the same time, the MACD histogram formed a crossover sell signal. The moving average convergence divergence index prints in the red, showing a descending sloping trajectory that moves to a lower exchange rate.

    Andrea ForexMart, Official Representative
    ForexMart

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    Daily Market Analysis from ForexMart

    EUR/USD Technical Analysis: December 13, 2017

    The EURUSD edged downwards as the German investor confidence came in weaker than predicted results, along with the robust figures of American inflation data that reinforced the US dollar and put pressure on the single European currency. Small business confidence in the United States also showed secured position combined with strong U.S. chain store sales.

    Originally, the euro-dollar pair trailed lower on Tuesday and drove upwards to test the resistance at 1.1819 area near the 10-day moving average. The support of the pair touched the 1.1675 region around the ascending trend line. While prices generate a topping formation and market participant anticipates for the Fed decision as the central bank is highly expected to increase interest rates in the US by 25 basis points. The momentum became negative and the MACD indicator created a crossover sell signal. The moving average convergence divergence further prints in the red with a descending trajectory which implies for a lower exchange of rate.


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    Andrea ForexMart, Official Representative
    ForexMart

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