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Thread: Daily Market Analysis from ForexMart

  1. #141

    Default USD/CAD Technical Analysis: October 6, 2016

    The CAD increased its trading value following the release of the US crude oil inventories data this week, which portrayed a drop of 3 million barrels. The drop in the weekly data for stocks was unexpected since forecasts showed a significant increase after consecutive drops in the data. The CAD has been previously on the lower rung during the first few hours of the trading session after the data released showed a decrease in trade deficits from Augustís $1.47 billion.

    Meanwhile, the Bank of Canada is not yet expected to cut back on its interest rates in spite of the ambiguities portrayed in the recent trade data. This is because the BoC is still awaiting the fiscal stimulus data from the Canadian government and will keep the CAD from further appreciation by using dovish stances. Non-resource exports were not able to increase and the direction of oil prices are still uncertain after the OPECís cuts in its production will still be subjected to another review in another meeting in Vienna.

    The USD/CAD pair decreased by up to 0.267 points during the last trading session. The currency pair is presently trading at 1.3166 points following an increase in oil prices. The CAD initially traded over the 1.32 price levels prior to the release of the crude stocks data but eventually plummeted to 1.3166.
    Attached Images Attached Images Daily Market Analysis from ForexMart-usdcadtech06-png 
    Andrea ForexMart, Official Representative


  2. #142

    Default GBP/USD Technical Analysis: October 6, 2016

    The GBP/USD pair is now trading within the 1.2370 range after the pair failed to take out in the 50-MA during the North American session and the Asian trading session. The two-year treasury yields increased by two points as a result of investorsí reaction to a heightened probability of an interest rate hike this coming December due to the positive data release of the ISM Non-Manufacturing PMI.

    The GBP/USD is generally on the downside since market players are generally worried about a possible ďhard brexitĒ. Should the GBP/USD break above the 50-MA level of 1.2751 points, then this could increase the possibility of a break into the 1.2789 trading range, which would then cause the currency pair to target the 1.2836 level of the 100-MA. However, if the GBP/USD continues to decrease, then this could cause the pair to break below the support levels of 1.2685, which was the pairís lowest reach during the last trading session, and can also lead to the 1.2590 range.
    Attached Images Attached Images Daily Market Analysis from ForexMart-gbpusdtech06-png 
    Andrea ForexMart, Official Representative


  3. #143

    Default USD/JPY Technical Analysis: October 6, 2016

    The USD/JPY pair is now trading at the 103.65 range after its value reverted back to the middle of the 103 range. The currency pair went back into the red zone in the middle of the Asian trading session but was still able to go well above the 103 trading handle. The USD/JPY closed down the recent session at 103.45 points, decreasing by -0.07%.

    The currency pair is now collecting its rallies into per-month highs after consecutive US fundamentals all turned out to be on the positive territory, increasing the possibility of an interest rate hike by the Federal Reserve during the latter part of 2016. The release of the US non-farm payrolls data this coming Friday is seen as a determinant as to whether the Federal Reserve will be pushing through with its interest rate hike in December.

    The USD/JPYís resistance levels are now at the 103.66 range. If the currency pair would be able to break through this particular range, then the pair could go within the 103.89 range and could possibly break through 104.14. However, if the pair further decreases its value, then it could hit immediate support levels at 103.00, 102.68 and even lower at the 102.25 range.
    Andrea ForexMart, Official Representative


  4. #144

    Default NZD/USD Technical Analysis: October 10, 2016

    The NZD/USD pair had unchanged rates during the last session at 0.7168 points with a possibility of daily lows at 0.7149 points. The NZD/USD is expected to slow down in spite of a diminishing trade activity surrounding the USD, and the negative impact of lowered oil prices to the NZD.

    The financial market in general has also moved towards the sidelines as different market players are now closely monitoring the second US presidential debate. The US market holiday is also expected to further cause stagnation in this particular currency pair.

    Investors are now awaiting a series of statements to be released by the Federal Reserve, as well as Chinese trading data and CPI data which are all due within this week. These data are all expected to have an impact on the NZD/USD pair.

    The resistance levels for the NZD/USD is currently at 0.7207 at the 100-DMA, with a significant possibility of a gain extension at 0.7521 at the 20-DMA. From there, the pair could possibly extend its range at 0.7275 at the 50-DMA. On the other hand, the pairís current support levels is located at its two-month low of 0.7110, with a possibility of lowering at 0.7084 and 0.7064 points.
    Attached Images Attached Images Daily Market Analysis from ForexMart-nzdusdtech10-png 
    Andrea ForexMart, Official Representative


  5. #145

    Default GBP/USD Technical Analysis: October 11, 2016

    The GBP/USD pair dropped from its peak of 1.2440 points and has now recorded a new low during the New York trading session. The pair is now trading within the 1.2360 range and its slight recovery during the earlier part of the London session caused the GBP/USD to retain its downward direction in the middle of little market volatility.

    The direction of the currency pair was driven by the movement of the USD due to lack of any relevant economic data released during the last trading session. The USD movement has recently been benefitting from an ease in risk aversion following the results of the US Presidential Debate. On the other hand, the sterling pound is experiencing downward pressures due to post-Brexit uncertainties, causing the GBP to decrease further during the last trading session.

    The 4-hour chart for the currency pair shows that the GBP/USD is starting to bounce back from Fridayís sudden decline even though technical indicators are still a long way from fully recovering. The 20-SMA has also decreased further and is now at 1.2560. The pair reached 1.2476 points, its highest point reached after its most recent decline. The GBP/USD must go beyond this range and reach up to 1.2520 and 1.2600 in case the USD succumbs to selling pressure.
    Attached Images Attached Images Daily Market Analysis from ForexMart-gbpusdtech11-png 
    Andrea ForexMart, Official Representative


  6. #146

    Default AUD/USD Technical Analysis: October 11, 2016

    The AUD/USD pairís 50-MA level for the recent trading session reached the 0.7608 trading range, with trades now at 0.7590 in spite of the widening of the 10-year yield spread for AU-US. High yielders further reaped benefits during the second quarter of yields in the international market. The 10-year yields for Australia increased by 7 bps while the 10-year US yields increased by 3 bps.

    Analysts are stating these higher yields could have negative impacts on all aspects of the risk spectrum since this could lead to a drop in high-yielding currencies such as the NZD.

    Should the AUD/USD recover, then the bid tone recovery could go up into the resistance level of 0.7608 for the 50-DMA and could possibly go further up to 0.7626 for the 10-DMA. However, if the previous support levels of 0.7580 would be reached by the pair, then this could lead to a possible drop to 0.7553, with sell-offs further extending to 0.7526 which is the 100-DMA level for the GBP/USD pair.
    Attached Images Attached Images Daily Market Analysis from ForexMart-audusdtech11-png 
    Andrea ForexMart, Official Representative


  7. #147

    Default NZD/USD Technical Analysis: October 11, 2016

    The NZD/USD weakened during the last trading session after the USD regained some of its lost value, with the demand now testing within the 0.71 range. The USD remained sturdy throughout the Asian trading session due to the US treasury yields increase caused by rising oil prices. This also heightened the possibility of an interest rate hike this coming December, along with an exhaustion on the part of central banks and a deepening of the yield curve on the international market.

    The currency pair is now dependent on the market sentiment, particularly now that the Reserve Bank of New Zealandís Assistant Governor is set to deliver a statement with regards to the countryís low inflation rates.

    Since the NZD/USD is already trading lower than the 50-DMA and 100-DMA levels, an acceptance rate lower than 0.71 might have a significant impact on the bulls. Should the currency pair break through the support levels of 0.7049, then this could possibly reveal the 0.70 handle. On the other hand, an increase from Fridayís low of 0.7110 might lead to a steeper retracement level to 0.7155 for the 100-DMA and 0.7204 for the 10-DMA.
    Andrea ForexMart, Official Representative


  8. #148

    Default EUR/JPY Technical Analysis: October 12, 2016

    The EUR/JPY pair was able to retain its support on the 50-DMA and expected to incur additional losses in the light of an expected increase in the USD/JPY pair. The cross-currency pair is now at 114.40 points, going above the 38.2% Fibonacci retracement of 114.09 points. The EUR/JPY dropped yesterday to 114.01 points after constant rejection in the 100-DMA in the past week.

    All eyes are on Bank of Japan as BoJ Governor Kuroda is slated to make a speech today. Meanwhile, European industrial production data is also expected to be released today. But the major announcement for today will be likely coming from the Federal Reserveís Esther George and William Dudley, who is expected to announce that there is a huge possibility for an interest rate hike in December.

    For the cross-currency pairís technical indicators, the pairís break through at 114.09 could possibly lead to a low of 112.79, which could then lead to a leveling of 112.00. On the other hand, an increase over the 10-DMA of 144.76 could cause another break at the 5-DMA of 115.05, which could ultimately lead to a confluence of 115.60.
    Attached Images Attached Images Daily Market Analysis from ForexMart-eurjpytech12-png 
    Andrea ForexMart, Official Representative


  9. #149

    Default EUR/USD Technical Analysis: October 12, 2016

    The EUR/USD pair was able to extend the sell-off during the Asian trading session and is now targeting the monthly pivot support at 1.1024 points. The decrease in the value of the EUR/USD might be attributed to the sudden controversial drop of the EUR/GBP pair, which shook the whole market in general. The strengthening of the USD has also added pressure on the pair, particularly now that the US dollar is now transacting against risky currencies such as the NZD and AUD.

    On the other hand, the bearish break through of the pair at the 1.11 range again served as a level support for the pair, a function well-used since August. The EUR/USD pair experienced a small recovery after increasing up to 1.1068 before weakening further to 1.1042 points.

    The daily chart for the currency pair shows the trend line going around the 1.1042 range. A break below this particular range could cause a test of the 1.10 range, and might lead to a weakening of up to 1.0911. On the higher side, if the pair goes over its daily high of 1.1068, then this could lead to the pair reaching the 5-DMA of 1.1115 and possibly the 200-DMA of 1.1169.
    Attached Images Attached Images Daily Market Analysis from ForexMart-eurusdtech12-png 
    Andrea ForexMart, Official Representative


  10. #150

    Default AUD/USD Technical Analysis: October 13, 2016

    The Aussie further improved its strength after the price of petroleum products had increased also. Consequent on the testing of its lowest low last 20th of September, the AUDUSD made a sudden upturn in the midst of Asian session held on Wednesday. Last Tuesday, the commodity currency easily regains its previous deficit. Seeing the bullish spike procured a brief momentum only, it made the AUD and USD to stand in a constrained area. While in the beginning of the NY meeting the price deal with value depreciation.

    The moving averages shore up over the upward momentum while it persist to slowed down and manifested a bearish slope. The 50-EMA intervenes the 100 and 200-EMAs then proceeded to a lower position. Resistance step in the 0.7600 level, support captured the 0.7540 region. MACD had softened but uphold strength for the sellers then ended up in the negative zone. The RSI oscillator grow less. The Australian and U.S dollar remained to be bearish.
    Attached Images Attached Images Daily Market Analysis from ForexMart-audusdtech13-png 
    Andrea ForexMart, Official Representative


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