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Thread: Daily Technical Analysis by FxGrow

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    FxGrow Daily Technical Analysis – 04th Jan, 2015
    By FxGrow Research & Analysis Team

    NZDCAD - correction may lead to 0.9000

    In previous analysis December 18 entitled: "upward rally is coming to an end?" I pointed that correction may occur because of overbought at NZDCAD. So it happened however correction has started 100 pips above level that I pointed in that analysis. At December 29 at daily chart there is a PIN BAR candle which tested area of highest level of 2015. Since that moment price falls.

    Today price is testing 93.70 level however it is likely that falls will be deeper. If current support will be break below next supports are located at 92.20, 91.10, 90.10. It is likely that price will test 0.9000 level. This area is strengthened by support and Fibonacci 61,8% level of previous upward movement. Alternatively if demand is still strong after short correction price could begin consolidation below 2015 top.




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    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    FxGrow Daily Technical Analysis – 05th Jan, 2015
    By FxGrow Research & Analysis Team

    GBPJPY - it is time for a rebound

    Last week analysis brought a good profit. When price was at 178.22 I pointed that falls will continue in analysis entitled "next break 175.80". Currently price reached the support in area 175.50 where exchange rate reacted many times between December 2013 and April 2015. It is likely that rebound will occur at current level and further price direction will depend on that rebound strength. However if GBPJPY breaks below this support it will be a confirmation of deeper correction or even a trend reversal. Strong rebound from this support with new local high will be a signal that correction is over and price will return to uptrend.

    Wider view.
    Since 2012 GBPJPY moved in an uptrend but last six months was highly problematic for demand and achieving new highs. Last time new high was approached in June 21 2015 at 195.87 level and after that price moved with lower highs and lower lows. It is a confirmation that correction is in progress or even a trend reversal.



    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    FxGrow Daily Technical Analysis – 05th Jan, 2015
    By FxGrow Research & Analysis Team

    EURUSD - consolidation breakout

    Since December 4 EURUSD moved in consolidation between levels: 1.0800 - 1.1040 (blue lines at the chart). Today price broke below lower consolidation band and immediately price broke two nearest supports: 1.0780, 1.0730. Direction of movement is in line with fundamentals which means a politics of both central banks. Dovish EBC and hawkish FED should cause euro depreciation against the dollar what could be seen on today's chart.

    Next supports are located at levels: 1.0680, 1.0630, 1.0560. Currently it is likely that price will return and test lower limit of consolidation at 1.0800. If demand moves back inside the consolidation, then breakout will be a fake one. However if this scenario won't succeed and price will rebound, then the lows from 2015 should be tested.




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    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    FxGrow Daily Technical Analysis – 06th Jan, 2015
    By FxGrow Research & Analysis Team

    EURJPY - approached important support

    The beginning of the year for EURJPY brought 3 sessions of consecutive declines. Price is at lowest level since April 2015. EURJPY moved the entire 2015 inside consolidation without clear trend between 126.10 - 140.50 levels. Rebound may occur in a moment. Key level which should bring demand reaction is located near 126.50. However if rebound won't succeed and declines will continue (what is currently less likely) break below 126.00 level will confirm that EURJPY is in a downtrend.



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    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    FxGrow Daily Technical Analysis – 06th Jan, 2015
    By FxGrow Research & Analysis Team

    USDTRY - return above 3.0000


    Since more than 5 years USDTRY moves in an uptrend. In September 2015 price reached 3.0000 level and after creation of the double top pattern correction occured. Correction lasted one month and took a form of ABCD simple correction with AB=CD dependence. Since bottom in November 2 price moved upward with higher highs and higher lows.

    Today USDTRY broke above key level 3.0000. Next resistances are located at 3.0280, 3.0610. If price will break above last top at 3.0750 it will be a signal for a new uptrend impulse. Alternatively if current breakout won't succeed and price will fall below 3.0000 nearest supports are located at levels: 2.9850, 2.9400, 2.9050.

    Time-frame H4


    Time-frame D1


    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    FxGrow Daily Technical Analysis – 07th Jan, 2015
    By FxGrow Research & Analysis Team

    GBPUSD - at key support

    Hawkish FED strengthened dollar at all of the fronts. Yesterday FOMC minutes were published and they confirmed FED's members unanimity in the matter of rates hike. There is 45% chance of next rate hike during March's meeting.

    Due to this fact, GBPUSD fell to last year's low. If attempt of support breakout at 1.4600 succeeds next support will be find near 1.4250 - 1.4400 area (2010 low). If that level also breaks, historical low from 2009 at region 1.3500 will become a next support. However if price rebounds from current support, nearest resistances are located at levels: 1.4740, 1.4820, 1.4940.



    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    FxGrow Daily Technical Analysis – 07th Jan, 2015
    By FxGrow Research & Analysis Team

    USDJPY - movement to 116.00

    USDJPY continues downward movement which lasts since early December with a short break. It should be noted, price is oversold and since two weeks there wasn't any correction. However today's low could be deepened. Yesterday's support at 118.70 was broken and that fact showed some consequences today. Strong downtrend candle broke below 4-months low and currently 2015 low (area 116.00) is a bearish target.

    It is likely that weak correction may appear and 118.70 will be tested. If there will be a rebound at 118.70 level price will fall to 116.00. Behavior of price at this level will be important for further direction of USDJPY movement. Breakout of one year's low will give a strong sell signal and a trend reversal in the long term.



    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    FxGrow Daily Technical Analysis – 08th Jan, 2015
    By FxGrow Research & Analysis Team

    AUDCAD - support at 0.9870 paused correction

    Previous analysis was extremely precise. I pointed that currency is overbought and correction may occur in a moment, I wrote: "Correction may begin at every moment, however it is likely that current movement will lead price to supports at 1.0130 or 1.0200. If one of that levels will cause rebound, nearest support is at 0.9970 level". So it happened and price shadow (wick of the candle) exceeded firstly pointed level about 37 pips and dynamic correction occured.

    AUDCAD doesn't like movement in consolidation and by the fact, that upward move which lasted since the beginning of November was almost vertical now correction could be also dynamic. First support at 0.9970 was broken below and a pause in declines caused second support test at 0.9870. If there will be a breakout of that level next stronger support is located in 0.9730 area (conicided with Fibonacci 50%). At one of that supports rebound should occur and it shows current strength of demand.



    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    FxGrow Daily Technical Analysis – 08th Jan, 2015
    By FxGrow Research & Analysis Team

    EURGBP - triple top pattern

    Today's nonfarm payrolls data were extremely calm, despite that the forecasts were completely different. Unemployment in USA remained at 5% and US economy created almost 50% more work places in nonfarm sector than it was forecasted (292k vs 200k). EURGBP chart looks really interesting, where price (since last year's April) for the third time reached resistance 0.7480 and rebounded again.

    Right now we can see triple top pattern, which is a declines signal. This time demand should try another attack at this resistance and it can even reach again to yesterday's high. At time-frame H4 the possibility of rebound is confirmed by yesterday's candle with a long upper shadow. Nearest supports: 0.7420, 0.7320, 0.7250. Key resistance at 0.7480 level.

    Time-frame D1


    Time-frame H4


    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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    FxGrow Daily Technical Analysis – 11th Jan, 2015
    By FxGrow Research & Analysis Team

    EURJPY - support reacted, it is time for a bigger rebound

    Last week analysis was very profitable. In analysis entitled: "EURJPY - approached important support", I wrote: "Rebound may occur in a moment. Key level which should bring demand reaction is located near 126.50". In fact rebound occurred 50 pips above that level and signal to take the long position was OUTSIDE BAR price action pattern. It is visible at chart H4 (pointed by arrow). Low of that pattern was deepened by long shadow (it required wider SL or renewed long position), after which upward movement continued to first resistance at 128.80.

    If this resistance breaks next target for bulls will be located at 129.80, 130.75. However if declines shows once again, supply will want to test area 126.50 and there should be stable rebound.



    For more in depth Research & Analysis please visit FxGrow.

    Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
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