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Thread: Daily Market Analysis from ForexMart

  1. #281

    Default GBP/USD Fundamental Analysis: August 30, 2017

    The pound-dollar pair followed a pattern made by the single European currency and closed the day unchanged despite the high level of volatility throughout the day. Yesterday morning, we witnessed the weakening of the dollar that helped the GBPUSD to drove above the region 1.2950. Later the day, the strength of the greens returned and the Cable corrected under the 1.2950 level and ended the day unchanged.

    The London market was able to have its initial reaction regarding the remarks of Yellen and Draghi last Friday. According to expectations, their reactions are focused to the dollar selling across the board.

    Yellen did not provide support for the dollar amid its sluggish stance, hence this signaled traders to sell the USD. This assisted the pair to reach the 1.2950 zone and further drove near 1.30, however, stalled due to heavy selling. It leads to pair’s correction which helped to touch the 1.2920 support region as of the moment.

    As the month nearly ends, the month end currency flows is expected which could influence the sterling in the near-term. In respect to the ongoing negotiations of Brexit, risks are also anticipated to put pressure on the GBP. however, as the greenbacks continue to weaken, the Cable would likely have extra support to ascend to 1.3030 in the short term.

    Ultimately, there is no scheduled major release from the United Kingdom for the rest of the day, except for the US ADP employment report and Preliminary GDP data. Both data has the potential to cause volatility for the GBP/USD and has the chance to push the pair touch the 1.30 mark.
    Andrea ForexMart, Official Representative

  2. #282

    Default Daily Market Analysis from ForexMart

    GBP/USD Fundamental Analysis: September 6, 2017

    The British pound soared to 1.30 and labeled as the strongest currency for the day during Tuesday session. Currently, it moves to the highs of the range in the 1.3030 region and put a risk for a breakout. It seems to be not performing well in the past whole week but this was supported by the expected data from the U.K. and the weakened dollar which has assisted the recovery of the GBP/USD pair.

    The center of attention has been the U.S. dollar majority of the day since the U.S. market opened after the long weekend as well as rhetorics from various speakers of the Federal Reserve. The market anticipates what will happen to the U.S. economy and when will be the next rate hike. It seems that they do not really think about it. It is mainly dovish on both issues but this did not appeal to investors which resulted in another round of selling the greenback.

    In turn, this has supported the GBP/USD pair to ascend towards 1.3000 level and the 1.3030 is now an important resistance region. If it successfully breaks through the said region in a clean manner, the pair is anticipated to move towards 1.3250 region for short term. Yet, there is a possibility for this to happen when the dollar further weakened.

    There is no major economic news from the U.K. for this day. The dollar will once again be the center of attention and if the market can recover for short-term. It seems that the dollar index is at a crucial stage where it could decline or bounce up from this point. It is ideal for traders to be careful and determine its next move whether it will go down or up prior to placing orders.
    Attached Images Attached Images Daily Market Analysis from ForexMart-gbpusd07-png 
    Andrea ForexMart, Official Representative

  3. #283

    Default Daily Market Analysis from ForexMart

    EUR/USD Fundamental Analysis: September 22, 2017

    The EUR/USD had a mixed performance during the daytime trading on Thursday, showing some choppiness without any hints on how to handle the dollar recovery. It happened after the FOMC meeting in which the Federal Reserve did not exclude chances for a rate increase in December and decided to begin the program to cut balance sheets. These combined announcements enabled to maintain the bid under the greenbacks, however, the trend of the EURUSD pair remained choppy to a certain extent.

    Moreover, the single European currency weakened and moved below the 1.19 mark during the morning session, afterward, it started to recover and moved upwards since the US dollar weakened again over other selected currencies. With this, the euro was able to drive higher than the 1.19 level and currently trading in the 1.2950 area which continues to gain strength. It appeared that the pair would retrace its losses in the near term while the dollar bulls still having a tough time to generate strength recovery.

    The USD failed to become well-composed in the past couple of days, as it loses its bullish gains. While the EUR successfully recovered due to the discussion about the continuous QE tapering in the market which is very visible to everyone.

    In the near term, the euro is expected to remain in the bid as the pair test the range highs at 1.2070. The time for the dollar has not happened yet, therefore, bulls should be willing to wait for strong signals sent by the Fed regarding the rate hike, together with the ECB’s tapering talk and from that, we could expect for a reversal of fortune.

    Ultimately, there are no major economic releases for today except the speech of ECB President Mario Draghi which is anticipated during London hours. According to forecasts, Draghi will tackle about the monetary policy while the market is still searching for some insights about tapering, however, the ECB president is known for his inclination not to touch the monetary policy during this kind of meetings. Furthermore, it remains unclear if this will brought an impact towards the euro-dollar pair.
    Andrea ForexMart, Official Representative

  4. #284

    Default Daily Market Analysis from ForexMart

    GBP/USD Fundamental Analysis: September 27, 2017

    The British pound has been competing with the surge of the dollar and a basket of currencies is already behind of the currency. The performance of the British currency has been better than other currencies as reflected in the past few weeks as it was supported by the Bank of England and the U.K. government which keeps it from collapsing.

    The central bank supports the currency which allows the probability of a rate hike for the year. It seems that the bank would not disturb the economy with the ongoing process of Brexit that flows at a faster pace than in their last meeting. Although, they noted that they would interfere when necessary. It has improved the confidence of the U.K. economy which also pushes the currency at a slower but steady in the past few weeks.

    The U.K. government aptly proceeds with the Brexit process through their parliament which helped the situation and supported the pound to rise stronger over time. Although the U.K. Prime Minister May lengthened the timeline for Brexit in the new few years. In the meantime, her approach implies that the both the nation and the investors trust the economy.

    Today, there is no major economic news from the U.K. anticipated but the durable goods data will be released from the U.S. The greenback is presumed to hold the current rates because of the expected announcement in the afternoon from Trump to implement a new tax system. Consequently, the GBP/USD pair will be put under pressure.
    Andrea ForexMart, Official Representative

  5. #285

    Default Daily Market Analysis from ForexMart

    GBP/USD Fundamental Analysis: October 2, 2017

    The GBP/USD pair showed some choppiness in the past couple of days without any definite direction. The British pound was able to recover in the previous weeks, considering the fact that it is one of the strongest currency in the market. However, the Sterling was also affected by the dollar buying, forcing the Cable pair for a correction over the 1.35 level to trade beneath the 1.34 region in the past few days. Previously, the pound-dollar pair failed to broke the 1.3420 area after certain attempts which the pair did during the USD weakening.

    In case that this pattern keep on going, it would likely cause further weakness in the GBP and could push the pair downwards. Moreover, we are waiting for a bundle of data from the United States later this week, which could possibly manage the greenback well bid in the near-term. These events when combined would likely place the sterling in the pressured area in the short-term.

    On one side, the sterling pound was supported by the Bank of England (BOE), as the bank did not lose the possibility for a rate hike despite the ongoing Brexit process. Primarily, the market expected that the BoE will remain quiet during this kind of precarious scenario but the most recent meeting of the UK central bank clearly announced that they will only take action if necessary. This has provided support to the GBP, considering that British government showed optimistic views regarding the retention of the free market access to the European Union.

    Ultimately, the manufacturing PMI data from the United Kingdom and the United States which could probably enough volatility. While it is essential for the bulls to break 1.3420 mark in the near-term for the completion of an upward trend.
    Andrea ForexMart, Official Representative

  6. #286

    Default Daily Market Analysis from ForexMart

    USD/JPY Technical Analysis: October 6, 2017

    The American currency weakened versus its Japanese counterpart during the trading session yesterday, however, the dollar found adequate support around the 112.50 region to manage a reversal and bounce. It is possible that the market will keep on searching for buyers below, and buying the dips appeared to be attractive. Moreover, the interest rate differential would likely take the side of the USD, since the Bank of Japan is far from any interest rate hike decisions.

    On one side, the Fed Reserve is expected to tighten its monetary policy which has the tendency for the pair to drive higher. Take note that the USD/JPY has high sensitivity on risk and the stock market should focus on it when they tend to move upwards, for this could place bullish pressure within the trading area.

    Buying the dips is preferred for it could provide buying opportunities linked with significant values. The 114.50 mark offers massive resistance hurdle which is extended through 115 handle. Breaking over the 115 handle would imply a “buy-and-hold” in the market. Therefore, it will send the market near the 120 region, but it requires a lot of time to get into it.

    Ability to break down under the 112 area, the 111 level below would be the next target. Shorting is ruled out due to the resumption of buying pressure. Eventually, buyers will dominate the market, nevertheless, the dollar-yen pair seems volatile which could trigger varying issues. Therefore, it is recommended to be cautious.
    Attached Images Attached Images Daily Market Analysis from ForexMart-usdjpy04-png 
    Andrea ForexMart, Official Representative

  7. #287

    Default Daily Market Analysis from ForexMart

    EUR/USD Fundamental Analysis: October 13, 2017

    There is a consolidation in during the trading session of the EUR/USD pair as it fluctuates up and down for the day without specific trajectory. The Resistance area is found close to the 1.18880 and it cannot be determined yet the market will be able to break this area or its direction for short-term.

    The price moved headed to the level mentioned and it seems that there will be a lot of selling to take place which would result in a minor correction. Although, there is choppiness present in the pair and it might be best to stay on the sidelines. The data from the U.S. particularly the PPI has no big impact on the movement of the pair and move sluggishly but steadfastly.

    The dollar is moving behind with the NFP data came in weaker anticipated in the previous week. The FOMC minutes also gave a hawkish sentiment as awaited by the market. The trend is hinting for an uptrend of the EUR/USD pair to persist both for short and medium term while the question remains if the Federal Reserve will raise the rate for December and continue to affect the market.

    Today, the market may get answers as the CPI data from the U.S. will be released later this day which put the Fed member at a worrisome state while dollar bulls are hoping for a positive output for today and keep open the possibility of a rate hike in December. Other than the CPI data, the retail sales data is also scheduled to be released for today which would greatly influence the short-term activity of the pair.
    Andrea ForexMart, Official Representative

  8. #288

    Default Daily Market Analysis from ForexMart

    GBP/USD Fundamental Analysis: October 19, 2017

    The pound-dollar pair continued to move upwards after the weakening of the dollar across the board in the past 24 hours. We believe that there are no fundamentals that drive the market which caused the U.S. dollar to weaken, hence, it all boils down to the condition during the second half of the month accompanied by disappointing news from all over the world. Generally, the main focus is turned to the positioning and flows rather than the fundamental news.

    Moreover, there are reports that calling UK Prime Minister Theresa May to stop the Brexit negotiations without any settled trade agreements. This is the ongoing agreement about Brexit since last week. So far, there have been barely some progress with the process, showing some strength and getting nearer to the end of the talks while PM Theresa May is planning to fly to Brussels in order to resume the discourse and bring out a resolution. The appeal for a no deal and demanding May to leave the talks are much preferred compared to anything else for this current time.

    The United Kingdom could decide to work out some good deal which should offer justice both on the European Union and the Britain since there is some block as of this moment. Eventually, the talks could possibly continue to gain traction which is a positive factor the sterling pound.

    Ultimately, the British retail sales figures and American unemployment claims data are expected to be published within this day. The retail sales are projected to contribute volatility to the Cable pair, considering the upcoming statistics from the UK were sluggish in the past couple of weeks that prompted the market to be very cautious since this data is capable of identifying the trend of the British currency throughout the entire week.
    Andrea ForexMart, Official Representative

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