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Daily Market Analysis from ForexMart

Discussion in 'FOREX Forums' started by Andrea ForexMart, Apr 5, 2016.

  1. Luis ForexMart

    Luis ForexMart Active Member

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    NZD/USD Technical Analysis: February 16, 2017

    The New Zealand dollar against U.S. dollar declined on Wednesday trading session. It reversed with hints of bullish tone as it breaks higher than the 0.72 handle. If the price breaks highers than the current range, it is possible to reach the 0.7250 level which could further go to the 0.7350 level. It has been a while for the pair to be in uptrend and the reversal with 38.2% Fibonacci retracement is indifferent in trading. It may not be favorable to position for a short-term since the price keeps on climbing higher.
     
  2. Luis ForexMart

    Luis ForexMart Active Member

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    EUR/GBP Technical Analysis: February 16, 2017

    The Euro against the British pounds surged on Wednesday’s trading session but failed to break higher than the 0.85 mark which is quite a strong Resistance level. Hence, it may not be advisable to trade this market giving quite a negative outlook in trading compared to other currencies. It might be wise to stay on the sidelines this time. On a brighter note, a resistive candle formed could halt the selling opportunity in the market which chances to go down towards the 0.83 handle.
     
  3. Luis ForexMart

    Luis ForexMart Active Member

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    AUD/USD Technical Analysis: February 16, 2017

    The Australian dollar against the U.S. dollar declined on Wednesday's trading session but was able to recover after a break out reaching a new high. It broke higher than the 0.7695 Resistance level and proceed with the upward momentum after lows at 0.7159 level. It is expected for the price to go higher in the next trading sessions towards the next target at 0.7800 zone. The key support is found at 0.7605 level and a break lower than the said level would complete the uptrend of the pair.

    The market could try to move towards the 0.7750 level that is found to be a resistance level for the long-term charts. Short term reversals are eminent to be become buying opportunities to be forward implying a purchase after decline may not be favorable for short-term charts. Most likely, the 0.76 level will continue to be a strong psychological level in the market.
     
  4. Luis ForexMart

    Luis ForexMart Active Member

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    USD/CAD Technical Analysis: February 16, 2017

    The USDCAD is in the red in spite of the renewed buying interest in the US dollar following the statements made by Janet Yellen. The predictions about the rate hike in March stimulated the market sentiment. According to the Fed Chair, the hike will implement sooner in order to tighten monetary policy. Jeffrey Lacker, President of Fed Reserve Bank, suggested that the Chairwoman have the power to carry out 3 rate increases in 2017.

    The price preserved a bearish sentiment on Wednesday. The bullishness of the greenbacks was short-lived making the pair to loosened their grip into their recent gains. The USDCAD trade in a narrow range amid European hours and hovered on top of range-bound.

    According to the 4-hour chart, the price tested the 50 and 100-EMAs. Moreover, the 50-EMA exhibited an upward crossover to the 100-EMA. The 100 and 200-EMAs moved southwards while 50-EMA headed upwards. Resistance is found at 1.3120, support is seen at 1.3050

    The MACD is bearish sitting in the negative zone. The RSI settled around the neutral territory.

    Furthermore, the bullish pressure is expected to revive. As the commodity-linked pair reaches the top of 1.3120 resistance region, we expect to see an uptrend. The next target is 1.3190 mark.
     
  5. Luis ForexMart

    Luis ForexMart Active Member

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    GBP/USD Technical Analysis: February 16, 2017

    The British currency had refreshed its lows following the mixed data of employment. The jobless rate in the UK remained steady for the month of December while the measure for Claimant Count Change is lower than the said forecast. The GBPUSD further hovered in the selling pressure on the back of Yellen’s comments on Tuesday.

    A short period of consolidation concluded in the early trade of EU. The sterling met a downside pressure stimulating its declivity. The price reached 1.2400 level on the back of the London session. The cable is confined under the 100 and 50-EMAs indicated in the 4-hour chart, the two further moved southbound while the 200-EMAs directed up. Resistance is seen at 1.2500, support stayed at 1.2400.

    MACD indicator grew less which confirmed a sell signal. The RSI hovered in the oversold area after leaving the neutral zone. The bearish sentiment dominated the market on Wednesday. A close below the support region 1.2400 would cause the major to resume its decline towards 1.2300.
     
  6. Luis ForexMart

    Luis ForexMart Active Member

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    EUR/USD Technical Analysis: February 16, 2017

    The US dollar stays close on its renewed highs versus other major pairs. The hawkish remarks made by J. Yellen provided support for the greens regarding the possible rate increase in March. The consumer price index in Spain came in lower than expected and weighed against the euro.

    Having touched the 1.0550 level, the EUR rebounded and reversed few of its losses. The recovery took overnight tried to slowed down below 1.0600 hurdle. The EURUSD were kept in the pressured area, en route negative zone during the post-Asian hours. Sellers moved the price downwards and tested the 1.0550 region amid EU session. The pair resumed its development under the moving averages as shown in the 4-hour chart.

    The 100 and 50-EMAs preserved its bearish sentiment while the 200-EMA headed upwards as indicated in the same timeframe. Resistance touched 1.0600, support hit 1.0550.

    MACD histogram appeared to be bearish and settled in the negative zone. RSI favored another downtrend staying in the oversold territory.

    The price continued to remain bearish according to the 4-hour chart. A clear break below the range of 1.0550 will further decline to 1.0500 mark.
     
  7. Luis ForexMart

    Luis ForexMart Active Member

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    USD/CAD Fundamental Analysis: February 16, 2017

    The USD/CAD pair continues to be subject to tremendous pressure, with the currency bulls doing their best to maintain their hold on the USD/CAD pair. The currency pair has been consistently on the brink of breaking through its critical support barrier for over weeks now, and forecasts have been saying that any breakthrough in this region would result to a major trend change for the currency pair.

    The US released a string of important economic data yesterday which has significantly affected the value of the USD and injected volatility into the market. Both the CPI data and the retail sales data from the country were able to exceed market expectations, but then these positive data were overshadowed by a dismal wage data, and this caused the USD/CAD pair to temporarily break through 1.3100 points. However, as the market began to feel the effects of a weak wages data, a massive selloff in the USD started to occur and this put downward pressure on the USD/CAD, pushing it way below 1.3100. The currency pair is now trading just over its critical support barrier of 1.3060 points.

    There are no major economic data scheduled to come out from both the US and Canada except for the unemployment claims data from the US. The USD/CAD pair is expected to remain within a limited range of 1.3000-1.3100 points.
     
  8. Luis ForexMart

    Luis ForexMart Active Member

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    GBP/USD Fundamental Analysis: February 16, 2017

    The GBP/USD pair has managed to regain all of its previous losses and was able to keep itself afloat as the US dollar weakened in value during yesterday’s trading sessions. The sterling pound continues to be the strongest currency as of the moment as it manages to weather the adverse effects of the USD’s activity, with a strong support barrier at 1.2400 points. The GBP has also managed to revert back all of its losses to trade at just over 1.2450 points as of the moment.

    Both the UK and the US released a string of economic data yesterday. For the UK, the country’s average earnings data came in at a somewhat disappointing reading of 2.6%, but fortunately the effect of this reading was offset by a highly positive claimant count change data reading, which helped in dampening the adverse effects of the weaker data. The US retail sales data and CPI data also exceeded market expectations, and this, along with the dollar strength, caused the GBP/USD pair to drop down to 1.2400 for a short period. However, this period of slump in the currency pair was only short-lived as the strength of the USD began losing its momentum after the market finally noticed the pronounced weakness in the wages data of the US, which then helped the GBP/USD pair to get back on its feet.

    There are no major news data coming from the UK for today but the US will be releasing its Manufacturing Index data and unemployment claims data, and the GBP/USD pair is expected to merely continue its ranging and consolidation for today due to the lack of possible game-changers in the currency pair.
     
  9. Luis ForexMart

    Luis ForexMart Active Member

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    EUR/USD Fundamental Analysis: February 16, 2017

    The USD slid back during the past trading session and went through a massive reversal of its recent gains which it had initially garnered during the start of the week. The EUR/USD pair surged by over 100 pips as a result of this recent reversal and is currently trading just over 1.0600 points, where it looks poised to increase further in value.

    Yesterday the market saw the release of a slew of economic data from the US, specifically the CPI data and the retail sales data. In general, these set of data proved to be very good for the US, with the retail sales data coming in with a reading of 0.4%, exceeding market expectations of 0.1%. However, although the CPI data had a very positive reading and has exceeded market expectations as well, the wages data came in at 0.6%, prompting the wage growth year-on-year to come in at 0.0%, which led to the disappointment of the USD’s bulls. This was especially disappointing since the wages factors was the weakest link in the NFP report, and the CPI data reading only affirmed the lackluster wages data. Although the USD increased almost immediately after the EUR/USD dropped down towards 1.0520 points, the currency experienced reversions as the drop in the wages data began to take effect in the market, with the dollar bearing the brunt of this effect.

    There are no major news releases coming from the European Union today, but the Philadelphian Manufacturing Index data and the Unemployment Claims data from the US will be released today. These set of data are not expected to induce that much volatility, and the EUR/USD pair would most likely continue its ranging and consolidation with bullish undertones for today.
     
  10. Luis ForexMart

    Luis ForexMart Active Member

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    USD/JPY Technical Analysis: February 17, 2017
    The U.S. dollar traded against the Japanese yen was under an intense selling pressure resulting to a Bearish sentiment. This was followed by a sudden drop. The traders broke the level at 114.00 during the beginning of the session but reversed by night as the price fell. European traders tried to move the price to decline and reach the 113.50 level during the mid-European session. The Resistance level was seen at 114.00 while the support was positioned at 113.00 mark.
    The price was seen to break downward at 200-EMA chart while the price maintained its range both in the 50 and 100-EMA for the day. Particularly, the 50-EMA chart gave a bullish tone while the other two, 100-EMA and 200-EMA, moves downward. As for the MACD, the price decreased implying the weakened stance of buyers. Yet, the RSI entered the Neutral area coming from the Oversold area.
    Traders target now the 113.50 mark. If the price stays below the said level, the pair could further go down towards the 113.00 level which will bring back the buyers to dominate the market.
     
  11. Luis ForexMart

    Luis ForexMart Active Member

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    USD/CAD Technical Analysis: February 17, 2017

    The U.S. dollar against the Canadian dollar dropped during the trading session on Thursday testing towards the 1.30 level. This zone was seen to give a significant support in the past session which seems to happen again. There seems to be a strong resistance level found above the 1.31 level which seems to consolidate within this range. Moreover, the oil market has no clear direction which will also be reflected in the price trend of the pair.

    However, if the market is able to break atop the shooting star pattern formed on Wednesday’s trading session, this could further go up towards the 1.32 level. Oppositely, a breakdown lower than the 1.2967 level could shift the direction of the price move downward.
     
  12. Luis ForexMart

    Luis ForexMart Active Member

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    NZD/USD Technical Analysis: February 17, 2017

    The New Zealand dollar against the U.S. dollar seems to move in a neutral state despite the high volatility found during the trading session on Thursday. If the market is able to break higher than the peak of the shooting star, the price could further go up towards 0.7350 level. A reversal from the said level would open support level close to the 0.7150 mark implying a low opportunity for selling. Overall, it seems that the market will maintain the current high volatile condition and will proceed to move higher. This could signal an opportunity for selling.
     
  13. Luis ForexMart

    Luis ForexMart Active Member

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    EUR/GBP Technical Analysis: February 17, 2017

    The Euro traded against the British pound on Thursday trading session but the market was able to find a significant support lower than the 0.85 level. The 50-day Exponential Average seems to swing close to the 0.8560 mark. If there is an exhaustive candle formed, this would give a selling opportunity for traders. However, if the market is able to close on an average daily close, there is an opportunity to trade for a short-term.
     
  14. Luis ForexMart

    Luis ForexMart Active Member

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    AUD/USD Technical Analysis: February 17, 2017

    The positive figures from the labor market in Australia were ignored by the Australian currency. The report for employment in January showed neutral, the jobless rate grew less whereas the total number of part-time laborers rose while the total of full-time employees declines. Yesterday, the AUD/USD preserved an upward trajectory in the short-term. The AUD rallied on Wednesday and renewed its multi-month highs near 0.7732.

    Investors agreed to support the Aussie and rebounded in the Asian trades on Thursday. The pair weakened in the interim of profit taking action and advance to 0.7700 level and tested it during the early session of Europe. The spot hovered within the aforesaid level.

    The 4-hour chart presented the price bounced off to 50-EMA with an upward direction staying on top of the moving averages.The 50, 100 and the 200-EMAs sustained a bullish sentiment as shown in the same timeframe. Resistance plunged in 0.7750, support lies at 0.7700.

    The MACD histogram is on the upside. RSI settled around the overvalued territory.

    Technicals posted a bullish bias. The AUDUSD is possible for gain resumption towards the mark 0.7750, heading 0.7800.
     
  15. Luis ForexMart

    Luis ForexMart Active Member

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    GBP/USD Technical Analysis: February 17, 2017

    The British currency reversed minor part of its losses and returned to its session highs in spite of the unfavorable inflation coupled with the current trends in the labor market. The investors’ attention fixated on the release of retail sales data.

    Sellers stalled upon meeting a hurdle at 1.2400 yesterday. The level declined the price and shortly spikes higher following the level testing. The sterling had a gradual growth amid Asian session and continued to track the upward trajectory during EU hours.

    The cable tested the 1.2500 region on the onset of London trades, however, failed to break it. The 4-hour chart showed that the pair tested the 50-EMA, lead the 100-EMA upwards and rebounded in the 200-EMA. All moving averages established a bullish-neutral stance. Resistance is at 1.2500, support is found at 1.2400.

    The MACD histogram is set at the centerline. If the indicator entered the positive zone, the buyers will procure further strength. While an entry towards the negative territory will imply sellers ability to gain the driver’s seat. RSI headed upwards after leaving the oversold area.

    A sustained break on top of the 1.2500 mark is the recommended in order to resume the bullishness. In line with this, buyers have the tendency to take the price near 1.2600 but unable to do so may push the price back towards the downside.
     
  16. Luis ForexMart

    Luis ForexMart Active Member

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    USD/CAD Fundamental Analysis: February 17, 2017

    The USD/CAD pair merely continued its current trend of ranging and consolidation as the currency pair waits for a definite direction to appear in the market. A recurring dollar strength has caused the currency pair to experience slight bounces and subsequent drops led to recurring drops in the currency pair as well, but the currency pair still has no definite path as the bulls and bears both have no catalyst whatsoever which could propel them to take hold of the USD/CAD pair.

    The US released a slew of positive economic data yesterday but this was still not enough to induce significant movement in the USD/CAD pair. The pair continues to fail to surpass 1.3100 points and simply reverted back to 1.0360 points. There seems to be no major movement for the pair anytime soon, especially since analysts have been constantly saying that the pair would only experience a major trend change if it manages to break through its support barrier of 1.3000 points. The bulls have been trying to increase the pair’s momentum but has failed miserably due to the dollar weakness, thereby causing the pair to merely range and consolidate.

    There are no major news releases coming from both US and Canada today and since the US market will be on a holiday this coming Monday, the pair would most likely continue its current trend.
     
  17. Luis ForexMart

    Luis ForexMart Active Member

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    GBP/USD Fundamental Analysis: February 17, 2017

    The sterling pound has consistently been taking advantage of the dollar weakness during these past two days and was able to revert all of its losses during the start of the week. The GBP/USD pair is currently within a very large range and might continue its activity of repeatedly correcting and reverting in the short term. As of the moment, the currency pair has reverted but it is highly possible that a major selloff might occur soon, which will then send the currency pair back into the lower rung of its trading range.

    The USD was unable to increase its value in spite of a slew of positive economic data coming from the region, including the latest manufacturing index data. In Trump’s latest speech, he failed to discuss his administration’s fiscal and economic policies, but this has done nothing to support the dollar. Even the recent comments from the Fed also failed to revitalize the dollar slump, and this has boded well for the GBP/USD pair, which immediately capitalized on the dollar weakness and has propelled the pair into becoming the strongest currency pair amidst the USD slump.

    UK will be releasing its retail sales data today, and this is also expected to come in at a strong note which will lend further support to the sterling pound, and will continue the string of positive economic data coming from the UK in spite of the ongoing Brexit process.
     
  18. Luis ForexMart

    Luis ForexMart Active Member

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    EUR/USD Fundamental Analysis: February 17, 2017

    The US dollar further dropped in value during the previous trading session in spite of a series of highly positive economic data coming from the region. This latest update in the activity of the USD has helped the EUR to regain its footing and reverse all of last week’s losses. The currency is now trading just below its previously support but now resistance barrier of 1.0680 points. However, since the US dollar is still trading in a fairly weak manner, the EUR/USD could possibly increase further in value in the coming weeks.

    The Philly Fed Manufacturing Index was released yesterday and had significantly exceeded market expectations after coming in at a whopping 43.3 reading when the expected reading was only at 18. This particular bit of data is the latest in the string of consecutively good readings from the region, but this has done nothing to increase the value somewhat of the USD. Aside from a series of highly positive reports coming from the region, the Federal Reserve has also hinted at the possibility of the central bank implementing up to 3 interest rate hikes this year, but again this has done nothing significant for the US dollar. One of the reasons behind this is that a lot of market players are still uncertain with regards to Trump’s very protectionist policies, and majority of them are concerned that Trump’s protectionism might have an adverse effect on their investments, which is why most of them are still very skeptical with regards to investing in the US dollar.

    The EUR/USD pair is expected to undergo more ranging and consolidation with a bullish bias as there are no major economic data expected from both the US and the European Union today. The New York session might experience an increased level of volatility since most traders will be squaring off their respective positions as preparation for the market holiday on Monday.
     
  19. Luis ForexMart

    Luis ForexMart Active Member

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    AUD/USD Technical Analysis: February 23, 2017

    The Australian dollar traded against the U.S. dollar declined on Thursday trading session. After the announcement of the Fed minutes saying that the central will pushed through the interest rate hike on March if needed, the U.S. dollar unexpectedly depreciated.

    The market is being pressured the recent released of minutes from the Reserve Bank of Australia. They have signalled that the central bank would maintain its low interest rates for the mean time.

    The main trend moves in an upward direction shown in the daily chart. Yet, the upside impetus shifted downward formed close price reversal in the peak at .7732 level last Thursday session. A trade in the said level contradicts the negative chart pattern which could be followed by a rally which will extend towards the .7777 peak reached last November 8, 2016.

    If trading positioned at .7649 level, this would shift the minor trend to go down indicating the pair losing its momentum in the market. The minor psychological level ranges between .7732 and .7649 area with 50% level or pivot level in .7691. This area shifts the near-term direction of the market but if traded lower than the said range, the price trend will go downward instead.

    The main range settles between .7511 and .7732 area with the retracement area within .7621 and .7595 as the principal lower target. An uptrend angle moves to the .7606 area being the next target. With the main trend progressing upwards, buyers could trade in the first test of the said area.

    Currently, the trend for the pair depends on the market sentiment with the current price at .7767 moving in a near-term downtrend angle at .7682 level.

    A steady move below the .7682 level implies the dominance of sellers. This could turn the price around to propel downwards until it reaches the .7649 mark. If this is not successful, the next target would be 50% towards the .7621 level.

    Buyers could try to sustain the .7682 level with chances for the price to climbed towards the possible resistance levels at .7691 then .7701 followed by .7707 towards the .7720 mark before the highest level at .7732. Traders should monitor the price action and follow the succession of pending orders at .7682 during the whole session on Thursday. This will be an indicator whether buyers dominated the market or the sellers.
     
  20. Luis ForexMart

    Luis ForexMart Active Member

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    USD/CAD Technical Analysis: February 23, 2017

    The U.S. dollar depreciated but was able to find significant support at 1.31 level to reverse the trend and rally on Wednesday trading session. The market broke higher than the 1.32 level for the day and this could further go up if the price breaks higher than the peak of the range. The currency is relative to the activity in the oil market when the oil market goes up, the currency follows. There is volatility in the market but after some time, buyers could go back in the market if given enough time.

    The pair moves in an upward direction according to the 4-hour chart and this seems to maintain the current uptrend from 1.3009 level. If the support level is sustained, the uptrend could persist towards the next target at 1.3250 mark. If the price breaks lower than the current support level, this implies the uptrend has been completed. Comes after is the downtrend with chances of a reversal back to test support at 1.2968 level.
     

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