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Thread: Daily Market Analysis from ForexMart

  1. #151

    Default USD/CAD Technical Analysis: October 14, 2016

    The Canadian dollar inched higher than the USD during the last trading session in the light of the impending US retail sales data to be released on Friday. The risk appetite for the currency pair dropped due to a slowdown of the Chinese economy, with the nationís exports contracting 10% annually and imports sinking by 2% in spite of a drop in commodity prices.

    Oil prices rose due to the weakening of the USD and an offset in crude stocks due to drawbacks from inventories in refined products. Meanwhile, Canadian house prices increased by 0.2% last August, while prices of real estates are now under close monitoring due to an increase in household debt fuelled by lower interest rates, which might become unsustainable for the Canadian economy.

    Meanwhile, the Canada-EU Trade deal has already passed another test after the German court denied a petition to block the said agreement. EU Ministers will be having a meeting next week with an aim to discuss this particular deal following concerns that the Belgian opposition might attempt to block the said deal due to the possibility of farm imports overshadowing local farm production.
    Attached Images Attached Images Daily Market Analysis from ForexMart-usdcadtech14-png 
    Andrea ForexMart, Official Representative

  2. #152

    Default USD/JPY Technical Analysis: October 14, 2016

    The USD/JPY pair is at steady in an uptrend channel for short-term. Nevertheless, the Yen strengthened against greenback despite the weak economy of China.

    The price increase for a while but it declined again lower than 104.00 level. It is expected to go lower but the tension dwindled when it reached the 103.50 level. The price bounce back and the traders were able to recover some losses. Henceforth, the pair is trying to gain its momentum back to 104.00 level. The Resistance level is at 104.00 while the Support level is at 103.00 .

    In the Moving Averages chart, the prices are at a high level as it continues the Bullish trend. The MACD is within the positive territory but the histogram declined implying the frail command of buyers. The RSI is also moving downward. It is expected for the physiological level to hold at 104.00 level followed by a decline to 103.00 level.
    Attached Images Attached Images Daily Market Analysis from ForexMart-usdjpytech14-png 
    Andrea ForexMart, Official Representative

  3. #153

    Default EUR/JPY Technical Analysis: October 18, 2016

    The EUR/JPY pair has recently experienced a trading high of 116.30, a long shot from Septemberís monthly low of 112.00 points. The currency pair backtracked from the Fibonacci levels of 23.6 and 38.2 last week after support levels went up to 1114.00-114.12 due to the 20-50 DMA, as well as the Fibonacci levels of 50.0. A breach beyond this level might cause a drop at 113.00 and 112.00, which is in line with the weekly and monthly time frames for the currency pair.

    The EUR will be reliant on this coming Thursdayís events, with the European Central Bank seemingly uncertain on whether to increase stimulus to an already expanded policy due to increasing inflation rates and an increase in momentum levels as suggested by growth indicators. However, the ECB still has to remedy the decrease in supply as a means to keep its current program in line and make way for another program, albeit at a reduced level.

    Market players are expecting a particularly uneventful ECB statement due to speculations of an unchanged policy and ECB merely repeating its calls for politicians to improve structural reforms in order to boost economic growth in the European Union and to increase inflation in the region.
    Attached Images Attached Images Daily Market Analysis from ForexMart-eurjpytech18-png 
    Andrea ForexMart, Official Representative

  4. #154

    Default USD/JPY Technical Analysis: October 19, 2016

    The USD/JPY pair is currently trading at 103.87 points, increasing by 0.01% during the last trading session after a high of 103.98 and a daily low of 103.80 points. The Asian trading session exhibited an ambiguous trading activity while the market waits for the release of the Chinese GDP data for the third quarter of the year. The USD is currently on the uncertain side while the USD/JPY was able to retain its stance in the positive territory in spite of rallying from the 100 handle in September.

    However, this ambiguity of the pair can be remedied by the oil bulls, since this can be used as a means to measure risk appetite and market demand. So far, oil has been moving on an impressive note recently, with the AUD/JPY pair having a positive bid on its 4-hour chart from the handle of 76-80.

    Although the currency pair is trading on the positive side, analysts are speculating that going above the 104.63 means that this could possibly target the monthly low in May at 105.55 points. Since the pair is currently trading at 103.88 points, then the next resistance point is at the 103.91 range of the 20 EMA, 103.98 range of the 100 SMA and the daily high. Meanwhile, support levels is expected to be at the 103.87 range and could also possibly drop to the 200 SMA of 103.80.
    Attached Images Attached Images Daily Market Analysis from ForexMart-usdjpytech19-png 
    Andrea ForexMart, Official Representative

  5. #155

    Default AUD/USD Technical Analysis: October 19. 2016

    The AUD/USD pair was able to maintain its hold on the upper range of the 0.76 handle after AUD bulls were unimpressed with the expectations coming from the impending release of the Chinese GDP data. The currency pair is now trading at 0.7672 points after increasing by +0.07%. The AUD streamlined its gains after consecutive macro releases from China, which caused an uncertain outlook for the Chinese economy and curbed a possible catalyst for the AUD, especially since China is one of Australiaís main export destinations.

    In spite of this, the AUD/USD has still managed to maintain its current bids after sentiment levels remain supported by recent oil prices. The positive data from the Australian Westpac Index also improved support for the AUD in spite of the weakness exhibited by the USD. After the release of the Chinese GDP data, investors are now waiting for the releases of the US housing data, as well as inventory reports on the EIA crude oil, which will be released during the New York session.

    The resistance levels for the AUD/USD is currently at 0.7693, and gains could further extend to 0.7707 and 0.7750. On the other hand, support levels for the pair is currently located at the 0.7637 range for the 5-DMA. If selling pressure for the pair manages to increase, then the pair would drop further to 0.7576 for the 100-DMA and 0.7511 at the 200-DMA.
    Attached Images Attached Images Daily Market Analysis from ForexMart-audusdtech19-png 
    Andrea ForexMart, Official Representative

  6. #156

    Default AUD/NZD Technical Analysis: October 20, 2016

    The AUD/NZD pair is currently trading at 1.0624 after dropping by -0.50% during the last session with a session high of 1.0696 points and a session low of 1.0613. The currency pair has decreased significantly following a negative Australian market report release, and the Reserve Bank of Australia is now considering ways on how to further stimulate economic factors for the nation.

    The currency pair plummeted from 1.0696 to 1.0612 on the hourly chart, with the AUD exhibiting remarkable resiliency in the recent bulls in the market. The NZD and AUD are both exceeding expectations and gaining significant profits especially now that the market is primarily driven by oil prices.

    Since the currency pair is at the 1.0624 region, resistance levels is expected to be at the last session low of 1.0626, 1.0633, and 1.0667 for the hourly EMA. Meanwhile, support levels are expected to be at the daily S1 of 1.0621, its daily low of 1.0613, and the daily 20-SMA of 1.0594.
    Attached Images Attached Images Daily Market Analysis from ForexMart-audnzdtech20-png 
    Andrea ForexMart, Official Representative

  7. #157

    Default GBP/USD Technical Analysis: October 20, 2016

    The GBP/USD pair closed the last trading session with a minimal decrease in its value after closing the session at 1.2260 points after reaching a weekly high of 1.2332 points, which was due to the release of the UK employment data. The employment data showed that the number of employed people in the UK increased up to 106,000 from June to August 2016, although the unemployment rate maintained its previous stance at 4.9%. On the other hand, the data for wages exceeded market expectations after surging to 2.3% excluding bonuses.

    However, in spite of the fairly positive jobs data which is expected to persist until the following months, investors and traders are expressing concerns with regards to the possible divergence in inflation rates and salary increases, which might create market problems in the long run.

    The resistance levels for the currency pair retreated significantly in the 4-hour chart. The resistance levels moved back from the 1.2320-1.2330 range, while other technical indicators are also reverting back from their previous values but still manages to remain in the positive side of the chart. If the pair breaks below 1.2230, then the pair is most likely to drop further into the 1.21 trading range.
    Attached Images Attached Images Daily Market Analysis from ForexMart-gbpusdtech20-png 
    Andrea ForexMart, Official Representative

  8. #158

    Default USD/JPY Technical Analysis: October 21, 2016

    The USD/JPY pair is currently trading at 104.13 points after increasing by 0.18% during the last session and has recorded a session high of 104.18 and a session low of 103.91 points. The currency pair is already losing its Asian session bid after the USD finally regained some of its lost value. The Bank of Japanís Sakura Regional Economic Report has expressed possibilities of the yen increasing its pressure and has decreased the economic assessment for the Tokai region.

    Analysts are noting how the USD/JPY pair has remained stable all throughout the yield curve control set by the Bank of Japan, with all major Japanese markets such as JPY yields, Nikkei stock index and the USD/JPY experiencing relatively low volatility during the past trading sessions. The lower range for the USD/JPY pair might also be supported by the simultaneous selling off by Japan-based investors.

    Since the current trading value for the USD/JPY is at 104.13 points, resistance levels are expected to be at 104.18 points and 104.20 points. Meanwhile, support levels are expected to come in at the 104.14 range and 104.12 and could possibly drop further to 103.89.
    Attached Images Attached Images Daily Market Analysis from ForexMart-usdjpytech21-png 
    Andrea ForexMart, Official Representative

  9. #159

    Default GBP/USD Technical Analysis: October 21, 2016

    The GBP/USD pair closed down the last trading session with little activity after the pair was unable to break through a large-scale resistance at the 1.2330 region. The sterling pound suffered during the first part of the London trading session after the release of retail sales data for September turned out to be a major disappointment for investors and traders. The initial demand for the EUR/GBP also increased significantly due to a reaction from investors after the release of the ECBís statement, causing the GBP/USD to further plummet to a daily basis of 1.2209 points. However, the pair was able to revert back to its present value of 1.2260 during the New York session.

    The general risk for the GBP/USD is currently leaning towards the negative territory, especially if the currency pair fails to go back to the 1.2300 region. The 4-hour chart for the currency pair is exhibiting a bearish-neutral stance, with the pairís momentum possibly going over the downside with a significant downward curve.

    Meanwhile, the pairís RSI levels could possibly consolidate at 48 and the price could hit the 20 SMA. The currency pair might decline further to the 1.2100 trading range if selling interest gets reverted below the pairís daily lows.
    Attached Images Attached Images Daily Market Analysis from ForexMart-gbpusdtech21-png 
    Andrea ForexMart, Official Representative

  10. #160

    Default EUR/JPY Technical Analysis: October 24, 2016

    The EUR/JPY pair dropped in value for the second straight week, recording session lows of 112.60 last Friday and closing down the last trading session at 112.96 points. The Japanese yen was boosted by statements from the Bank of Japanís governor Kuroda, who has said that there is little possibility that the financial activity in the region would be facing actual risk-taking anytime soon. Furthermore, Kuroda also added that the BoJ might delay hitting its inflation target of 2%, with the imminent weakness in the euro adding up to the bearish stance of the currency pair.

    The EUR/JPY has been trading with the 112.05-116.30 since July, and charts for the currency pair are showing that it could possibly go even lower especially since technical indicators for the currency pair are exhibiting bearish stances. The pricing for the EUR/JPY has also received repeated rejections while attempting to break through its 100 DMA.

    However, if the pair manages to go beyond its recorded lows, then this could cause the pair to reach 112.05 points, while a further drop could lead to a speeding up of the pairís momentum with regards to its bearish stance.
    Attached Images Attached Images Daily Market Analysis from ForexMart-eurjpytech24-png 
    Andrea ForexMart, Official Representative

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