Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Daily Market Analysis from ForexMart
EUR/USD Technical Analysis: March 20, 2017

The Eurozone Trade Balance, particularly in Italy, presented negative results. While the greenbacks sentiment remained to be a major driver of the markets. The US dollar kept its stance near its lows on the back of slightly hawkish remarks of J. Yellen.

The common European currency spiked amid the post session of New York last Thursday. The buyers lead the price higher and broke the level 1.0750. On one side, bulls successfully edged higher towards 1.0770 in the latter part of the day and decided to stop.

The spot kept intact in a narrow range over the 1.0750 region. The neutral position was preserved amid morning session.

The 4-hour chart presented the price to develop beyond the moving averages, as the 50-EMA showed an upward crossover to the 200-EMA. The 50 and 100-EMAs advanced upwards while 200-EMA is found neutral. Resistance is at 1.0800, support lies at 1.0750.

The MACD histogram increased which suggested a buy signal. RSI have seen consolidated within the positive zone.

It is expected that the outlook, in general, will remain to be bullish due to ascending trend en route 1.0800. Nevertheless, there still a possibility of reversal towards 1.0720-1.0700.
Andrea ForexMart, Official Representative
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
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 pair’s 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 England’s 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 Scotland’s 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.
Andrea ForexMart, Official Representative
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
AUD/USD Technical Analysis: March 23, 2017

The risk-off market sentiment alongside the softening of copper and other commodities affected the Australian dollar on Wednesday.

On Wednesday, the AUDUSD was neutral following the sell-off occurred on Tuesday. The sellers found a hurdle around 0.7650 mark. The handle slowed down the seller’s movement and the price was rejected. The spot was confined near the region as its progresses in an aimless manner.

The commodity-linked pair tested the 50 and 200-EMA while the 50-EMA crossed on top of the 100-EMA touching the 200-EMA as shown in the 4-hour chart. Also, the 50-EMA preserved a bullish pattern while the 100-EMA shifted downwards while the 200-EMA showed signs of being neutral.

Resistance entered 0.7700, support is at 0.7650.

The MACD declined which confirmed the weak position of the buyers. RSI oscillator en route downwards.

A break to 0.7600 region will pass the attention to the level 0.7550.
Andrea ForexMart, Official Representative
USD/CAD Technical Analysis: March 27, 2017

The Canadian currency was unable to sustain its upside momentum as it currently endures the continuous weakening following the weak prices of crude oil.
The greenbacks rebounded 1.3330 and reversed towards 1.3375 in which the buying impetus seems short-lived. The price headed back in the mid-session of Asia and begin to retreat afterward.

The pair continued to decline amid early European trades and attempted to cut through the 50-EMA, nevertheless, failed to do so which caused it to reenter under the moving averages. Furthermore, the 50-EMA remain to move lower, 100-EMA appeared neutral and the 200-EMA headed upwards.

Resistance covered 1.3400, support is at 1.3330.

The MACD histogram was spotted at the centerline. On one side, an entry in the positive territory will favor buyers’ strength and on the negative grounds will allow sellers seize the control within the market. RSI was confined in the neutral area.

A break under 1.3330 mark would indicate further weakening towards support level 1.3260.
Andrea ForexMart, Official Representative
GBP/USD Technical Analysis: March 27, 2017

The recovery of the greenbacks coupled with the BBA Mortgage Approvals of UK place pressure towards the British currency on Friday.

The Cable secured its bullish market position on Friday. The spot leaves the upper limit of the channel in the night and slowed down near its lower limit during the morning session of Europe. The GBPUSD kept steady amid the day maintaining its seat close to the 1.2500 region.

The 4-hour timeframe illustrated the major stayed aloft moving averages, seeing the 100 and 50-EMAs to drive higher while 200-EMA turned neutral.

Resistance touched 1.2500, support hit 1.2400.

The MACD indicator grew less presenting weak position of the buyers. RSI oscillator sits next to the overbought grounds, confirming for a higher move.

A move over the 1.2500 level would likely take an advance move towards 1.2600 mark.
Andrea ForexMart, Official Representative
EUR/USD Technical Analysis: March 27, 2017

The positive figures of Manufacturing and Composite PMI from the countries, France, Europe and Germany offered some strength to the single European currency. Particularly, German index which attained the strongest level for almost six years. Meanwhile, the greenbacks obtained a weaker position after the treasury yields inch lower in which provided further support for euro.

The EURUSD continued to stay in the hands of the bulls on Friday. The EUR reached its lower limit in the ascending channel over the night and jumped higher. The price also spiked from the mark 1.0760 towards 1.0800 amid EU morning sessions and sit still in the New York trades.

The 4-hour chart determined that the pair resumed its development on top of the moving averages as the 100 and 50-EMA preserved a bullish pattern while 200-EMA came in neutral.

Resistance entered 1.0800, support touched 1.0750 region.

MACD indicator strengthened which showed a buy signal. RSI oscillator edged upwards.

In case the level 1.0800 broke, the next level would possibly be at 1.0850.
Andrea ForexMart, Official Representative
EUR/USD Fundamental Analysis: March 28, 2017

The EUR/USD pair crashed during the previous session as the pair corrected its current upmove which has been the pair’s trend for the past few weeks. The USD finally recovered across the board, resulting to sellers taking advantage of this occurrence and selling the EUR. The dollar strength has helped to propel the pair’s value towards 1.0800 points, therefore eradicating the pair’s previous gains which was made last Monday.

Because of this, traders are now mulling over the fact that the EUR/USD pair could be in for more corrections as the sessions progresses. However, the market has no choice but to wait and see how the pair’s price action turns out in the next few days, particularly if whether the pair would continue its current trend of correction or if the pair backs down as it approaches its support barrier at 1.0800, where the currency pair is situated as of the moment. The USD remained weak last Friday up until Monday due to the repeated failed attempts of the Trump administration to pass the healthcare bill. However, the White House is now trying to make another attempt at passing the said bill after Republicans reached out to like-minded Democrats. In addition, the US economy continues to release a slew of strong economic data and this has caused the EUR/USD pair to fall further during the US trading session.

For today’s session, there are no expected releases coming from both the EU and the US economy. However, the month-end flows are expected to come anytime soon as March comes to a close, and since the USD’s strength is expected to persist today, the EUR/USD pair would continue to remain under pressure with the 1.0800 range remaining the essential barrier for the currency pair.
Andrea ForexMart, Official Representative
GBP/USD Fundamental Analysis: March 29, 2017

The GBP/USD had a very disastrous trading day yesterday as the currency pair crashed by over 200 pips following the USD’s recovery, as well as the nearing invocation of Article 50. A lot of market players have been saying that today will be a very interesting day for the GBP/USD pair as the Article 50 will be invoked later today, which will mark the start of the Brexit process and basically a point of no return for the British economy.

The GBP/USD pair has seen a consistent buildup of shorts during the past week as the market awaits a very large drop today. However, the value of the GBP/USD pair is also consistently moving higher and increasing towards 1.2600 points. This is a potentially very risky combination and the effect of this combo manifested yesterday, wherein both the USD’s strength and Brexit-related concerns caused the currency pair to drop from its range highs of 1.2600 towards 1.2400 points, where the pair is currently trading. The USD recovered amid possibilities that the Trump admin might again try to pass the healthcare bill by seeking help from like-minded Democrats. Theresa May will also be signing the order for Article 50, and it will be interesting to see how the sterling pound will react to this most recent development in the UK economy.

For today’s session, there are no major releases from both the US and the UK economy and this is why the market will be mostly focusing on the invocation of Article 50 and the subsequent reaction of the GBP/USD pair following the said invocation.
Andrea ForexMart, Official Representative
AUD/USD Technical Analysis: March 29, 2017

The Australian dollar against the U.S. dollar declined in the beginning of Tuesday trading but turned around and found significant support level at 0.7587 with 61.8% Fibonacci retracement level. A bullish candle was seen and the market tries to move to higher towards the .7750 level and above.

Later on, the market was able to break higher than the 0.7648 resistance level completing the downtrend from 0.7749 to 0.7587 level. It is more favorable to buy this pair with chances for a breakout in the gold market which traders are trying to attain and if they are successful in doing so higher than $1262 level, this would give higher returns to the traders.

The current price could further go up towards the next target at 0.7700 zone while a break lower than the support level at 0.7587 could follow downtrend towards 0.7500 mark.
Andrea ForexMart, Official Representative

Possibly Related Threads...
Thread Author Replies Views Last Post
  Company News by ForexMart AndreaForexMart 121 808 1 hour ago
Last Post: AndreaForexMart
  Wave Analysis by InstaForex IFXGertrude21 239 3,096 5 hours ago
Last Post: IFXGertrude21
  Invest you money in the safest market riksho 4 58 03-25-2017, 05:31 PM
Last Post: Ben Milano
  China eCommerce Market: How were Alibaba and JD doing in Q1 2016? tmogroup1 4 130 07-13-2016, 09:35 PM
Last Post: E S AKSHAY
  How to earn $100 daily? imTracy 5 1,336 11-22-2015, 04:34 AM
Last Post: malik94

Forum Jump:

Users browsing this thread: 1 Guest(s)