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Thread: Daily Market Analysis from ForexMart

  1. #231

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    EUR/USD Fundamental Analysis: March 22, 2017

    The EUR/USD pair was able to move towards 1.0800 points, with the currency pair managing to stay at over 1.0800 for a brief period. However, since the pair has not yet managed to make a clean breakthrough at this very tough barrier since it only momentarily peeked over this level, the pair’s surge was eventually met with large selling and had no choice but to retreat at just under 1.0800 points.

    However, in spite of this particular occurrence, the EUR/USD pair is still trading on a somewhat stronger note, thanks to the pair’s bulls who continue to trade on a strong streak. The EUR/USD pair’s move at under 1.0800 now seems as just more of a correction as the pair’s price are still well-maintained within its range highs. This is why the currency pair might give another shot at surpassing the 1.0800 barrier for today, especially since the forthcoming French polls might have Macron as its next President after all. This is a sigh of relief especially for the EUR currency, since Le Pen, Macron’s opponent, is a widely-known critic of the euro currency. In addition, the pairs bulls are getting a lot of encouragement from the very bullish stance of the ECB, who recently stated that the strength of the euro can be mostly attributed to an improvement in the EU economy. The USD has also been struggling to make significant gains in spite of the recent rate hike and there is a very definite possibility that the pair could possibly move towards 1.1000 points once makes a clean break through 1.0850 points.

    There are no major news from both the EU and the US economy for today, and this is why the EUR/USD pair might again attempt to break through its barrier. Traders could opt to wait whether the currency pair is able to surpass 1.0850 during the course of the day.
    Andrea ForexMart, Official Representative


  2. #232

    Default GBP/USD Fundamental Analysis: March 22, 2017

    The GBP/USD pair has been consistently making its way towards 1.2500 points and it looks like the pairís bulls are more determined than ever to break through this particular range. As of the moment, the GBP/USD pair is now trading at just beneath 1.2500 points and is bracing itself once the currency pair pushes past 1.2500 points, where it is expected to be met with a lot of sells. The bulls must be able to weather these large-scale selloffs in order for the currency pair to go past this particular barrier.

    The UK economy released its inflation data yesterday with a reading of 2.3% going well beyond the initial market expectations. This, along with one of the BoE officials voting for a rate hike just goes to show that the Bank of Englandís data and policy seem to be in sync, thereby causing the sterling pound to increase in value. However, now that the GBP/USD pair as well as the euro are both in a very critical situation, the market is waiting whether the currency bulls would be able to break through these respective regions.

    However, the positive bearing of the sterling pound does not mean that the currency does not run any risks. We still have the nearing invocation of Article 50 as well as Scotlandís recent demand for an independence referendum, although the market has chosen not to focus on these and instead focus on the weakness of the USD. There are no major news releases coming from both the US and UK economy for today and so the market will be focusing instead on the battle at the 1.2500 barrier, with the market focusing on whether the currency pair will be finally making it through this section or weaken eventually and resort to some more consolidation for the rest of the trading day.
    Attached Images Attached Images Daily Market Analysis from ForexMart-gbpusd22-png 
    Andrea ForexMart, Official Representative


  3. #233

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    USD/CAD Fundamental Analysis: March 22, 2017

    The price action of the USD/CAD pair during the previous session was mostly dictated by the Canadian retail sales data, which came out better than expected. However, one downside to this is that the positivity of the data was somewhat offset by the data last month, which was revised on a much lower level. This correction has then helped remove some of the pressure off of the currency pair and enabled it to move towards 1.3350 before finally settling at just under this particular range. The pair eventually dropped towards 1.3260 where it is currently situated.

    The pair was met with a lot of buying and this has helped the pair to slowly recover towards 1.3300 points, and the correction in the country’s retail sales data enabled the pair to go even higher. The Canadian dollar has also weakened as a reaction to the repeated failed attempts of oil prices to recover from its recent slump, causing the USD/CAD pair to recover towards 1.3350 points and even surpassed this particular barrier.

    For today’s session, there are no major news releases from the US economy aside from the oil inventory data, which is expected to affect the status of the CAD based on the currency’s previous price action. Expect the Canadian dollar to drop in value as a reaction to this particular data and consolidate within 1.3300-1.3400 points for the duration of today’s trading session.
    Andrea ForexMart, Official Representative


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