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Thread: Daily Market Analysis from ForexMart

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    Daily Market Analysis from ForexMart

    NZD/USD Technical Analysis: January 8, 2018

    The New Zealand dollar was able to break higher upon the opening session on Monday, however, took a reversal throughout the week to move lower and fill the gap. In line with this, a sufficient support was seen and bounced to the upside. The day closed with a slight formation of a hammer pattern, which implies that buyers will return to the market.

    It is possible that the Kiwi dollar will resume driving near the top of the overall consolidation zone, marked on the chart around 0.75 area. The 0.68 region below is considered highly supportive and basically the “floor” in the NZD/USD pair.

    It remains to be seen prior shorting this market despite the noticeable breakdown underneath the bottom of the hammer for the week appears to be negative. But 0.70 level seems to be supportive which requires some time before taking long positions.

    In case that commodity markets would rally in general, the upward trend would likely to continue. However, the current situation is slightly overbought which could possibly be followed by a pullback that should only offer value going forward. This is because the American currency was very weak versus other currencies. The market remains to have plenty of noise but a significant amount of bullish pressure is expected in order to continue moving forward. The highs will be tested again and will eventually break out.


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    Daily Market Analysis from ForexMart

    GBP/USD Fundamental Analysis: January 9, 2018

    The GBP/USD pair trades around a tight range yesterday considering the fact that consolidation period is already expected in the markets. The US dollar remained unchanged, as it traded initially for the week, the course showed mainly about trade positioning and the price action was monitored by the market participants which limits market’s actions.

    The British economy is predicted to recover if the Brexit process will flow according to the plan. The economic data issued from the United Kingdom last week was choppy and should be regarded as an indication for negotiators about the importance of Brexit talks to go as planned r else it might bring adverse effect for the UK economy. This was avoided almost be everyone since uncertain UK economy is far from the goal of international leaders. With this, the leaders of Euro and the UK will be responsible for this and should outline some good trade agreement for both sides.

    On the other hand, the United States are waiting for the incoming data because the figures sent last week was choppy and obscure. The market expects for a three-time rate hike this 2018, however, the new Fed Chair Jerome Powell will take over in February and it remains uncertain about his plans and the way he works. Hence, this could lead to some risks for the dollar and the American economy as well. The Federal Reserve and the upcoming data should coincide in order to drive away this concept, resulting in stability for the dollar which is essential for the world economy.

    Generally, there are no fundamentals or economic data from the UK or the US for today but the ranging between the levels of 1.35 and 1.36 should resume in order to engage more participants, particularly the day traders.


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    Daily Market Analysis from ForexMart

    NZD/USD Technical Analysis: January 10, 2018

    During the trading course on Tuesday, the New Zealand dollar appears to be choppy and mainly negative. The marketplace is characterized as wrist sensitive because the NZ dollar is generally influenced by “risk appetite” and commodity markets. Aside from that, there exist a dollar bias that further leads the market.

    The 0.7150 mark looks like offering some kind of support for the NZD/USD currency pair, which appeared to be really strong lately. But the markets are consolidating which means that pullbacks are expected to attempt establishing momentum in order to resume the move to the upside. The longer-term charts imply consolidation between the 0.68 region on the bottom and 0.75 level above, which caused the market to resume further consolidation but the situation is regarded to be larger and longer term.

    There is a tendency for the market to continue buying on the dips due to inability to reach the top of the consolidation zone after the rebound from the bottom. The Kiwi dollar would likely be slightly oversold, therefore, it is acceptable for some recovery and normality. Upon the breakdown, a significant support at the 0.71 handle should be expected which is previously a significant resistances and accompanied by a large gap since the past few weeks. Most likely, the American currency will continue to lose it strength.


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    Daily Market Analysis from ForexMart

    GBP/USD Fundamental Analysis: January 16, 2018

    There is a hint of bullishness in yesterday’s trading session of the pound since there is no fundamental news to affect the market aside from the bank of the holiday in the U.S. As a result, the pound bulls have become relax in trading. Most likely, this is one of the reasons why the pair has been steady in the past few days but failed to break the level of 1.38 amid the weakness of the dollar.

    Other than that, it could possibly be because of a big news expected to come this week, particularly the inflation data and retail sales data. Traders and investors anticipate the data prior to positioning themselves to any direction. The incoming data from the U.K. came out stronger which brought choppiness to trading while others came in weak, which has brought further uncertainty to the Brexit negotiations and affect the U.K. economy.

    Yet, the pound was able to take advantage of euro strengthening and the weakening of the dollar. Although, this may not last for a long time. More importantly, the pound is beginning to gain momentum to move higher regardless of its condition. Also, rate hikes from the U.K. are also becoming an issue after its one rate hike last year. The succeeding hikes are deemed to be more important and the central bank has to be certain on its support actions from last year to boost the U.K. economy and confidence of investors.

    There is no major news from the U.S. for today but the U.S. is presumed to return to the market following their long weekend holiday. On the other end, the inflation from the U. K. is highly anticipated later this day as it will have a significant insight on the movement of the market and give a hint on which direction does the GBP/USD pair will go.


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    Daily Market Analysis from ForexMart

    USD/JPY Technical Analysis: January 17, 2018

    There has been a choppy trading for the U.S. dollar during the Tuesday session, the day of returning to work for Americans. Looking at the hourly chart, a slight downward occurred. There are also some major levels and expect the presence of noise in the market.

    The U.S. dollar swayed back and forth yesterday. The next trading level would be at 111 which is a bit resistive. If the market breaks higher, it will probably be at 112 which has been significant in the past. It seems that there will be downward pressure and push the market towards 110. Overall, there will be noise in the market that puts the global economic outlook at a better position and at the same time, there is general selling of the U.S. dollar.

    Hence, there will be high volatility in the market, which will attract more traders. If the pair breaks lower than the significant level of 110, the market will probably move down towards 108 soon after. Moreover, there are a lot of areas to cover which will highlight every 100 pips. Amid the presence of noise, the market could bounce back which would become an important pullback.


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    Daily Market Analysis from ForexMart

    EUR/USD Fundamental Analysis: January 18, 2018

    There is choppiness in trading the EUR/USD pair and continues its trading between 1.22 and 1.23 without no specific direction yet. Yesterday, the pair moved higher in the first half of the day, which will most likely favor the dollar. However, it shifted by the end of the day when the dollar has recovered and became stronger.

    The euro has been gaining momentum in the past week although the euro rallied against the dollar in the previous month, which was influenced by the decline of the dollar while the euro became stronger. It was only in the past week that the euro started to strengthen independently due to the possibility of ECB tapering and completion of the quantitative easing by the end of the year. This largely influenced the euro as it rose higher and has most likely continued during the first half of yesterday. It reached the level of 1.23 and established a beeline on the trend.

    Yet, this was reversed during the second half of the day as the ECB was thrown into a disarray following the quick rise of the euro and should be brought down through statements and confirmation of the QE to return to normal levels. It clearly shows that their position would lead to termination of the QE, which was further supported by the incoming data. Although the central would rather strengthen the euro slowly. Thus, this supported the euro and slid down while the dollar was able to grow during the U.S. trading session and further pushed the price lower than 1.22 as of the moment.

    For today, there are is no major news from the U.S. or the eurozone, which will most likely continue the choppiness for the day. Support is found in the area of 1.2180 then move further towards 1.21.


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