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Daily Market Analysis from ForexMart (Technical)

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Re: Daily Market Analysis from ForexMart (Technical)

Postby Andrea ForexMart » Thu Feb 08, 2018 4:28 am

EUR/GBP Technical Analysis: February 7, 2018

Volatility was predominant during the Tuesday trading session as the U.S. dollar dominates the market, which had an unfavorable effect on both currencies. The market shows the relative strength of the market.

It has been bullish during the Tuesday trading session as the British pound declined against the U.S. dollar. Nonetheless, the euro did not fall, as much as, the British pound. For now, the pair will be based on their relative strength but since the euro did not drop as low as the British pound, traders are anticipated to trade and push the pair higher. The market is close to the level of 0.89 which is a fair value in the consolidation area. The upward momentum implies the uptrend of the pair towards 0.90 level.

A massive resistance was seen at the area of 0.90 which has been the upper boundary in the past and it will be not easy to break this level. Although, there is a bit of noise found lower than the level of 0.8875 which proceeds to offer support in the market. I would suggest buying on the lows but it will be part by part instead of a big move. The pair will break out of the consolidation area and proceeds to move up towards the level of 0.95. Alternately, it is also possible to a have a new low which would send the market to reach the level of 0.86 based on the long-term charts.
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Re: Daily Market Analysis from ForexMart (Technical)

Postby Andrea ForexMart » Mon Feb 12, 2018 8:32 am

USD/CAD Technical Analysis: February 12, 2018

The American dollar rallied versus other currencies around the globe, and the Loonie seems different. The USD/CAD rally due to declining prices of the oil. The Canadian dollar is commonly used by currency traders as a substitute for the oil markets which means that when the WTI Crude Oil drop, the Loonie will typically follow.

The US dollar attempts to create some stand to resume the bullish pressure, this could be done if the oil markets continue to remain weak. An unidentified employment figure will be released on Friday from Canada but failed to help things. Looking forward, the interest rates in the United States are rising which indicates a good sign for the currency. With this, the buying pressure is projected to continue, however, there is a tendency that the opposite thing may happen. We could consider this upon breaking down under the hammer formation last week. Basically, it is a breakdown beneath the 1.22 handle. In the past, there are a lot of short-term volatility in the USD/CAD which normally occur upon the intertwining of the two economies.

It should be noted that the United States and Canada are each other’s biggest trading partners which often grind each other. It can be assumed that this point can be defined as a “crucial inflection”, so it is advised to maintain a small position and add when the market establishes itself well.

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Re: Daily Market Analysis from ForexMart (Technical)

Postby Andrea ForexMart » Thu Feb 22, 2018 3:53 am

EUR/GBP Technical Analysis: February 21, 2018

The single European currency paired with British pound had broken down during the course of Tuesday’s session. The EUR/GBP pair moved lower near the 0.88 mark which is a previous support and resistance. Hence, it should be expected that the market will have plenty of noise around that level.

Generally, the market will be noisy due to potential headline risk brought by the euro/pound pair in line with the negotiations of the European Union and the United Kingdom. Therefore, this problem might continue until the next couple of months that make trading tough over a long period of time.

Breaking down under the 0.88 region will allow the market to touch the 0.8740 zone. Otherwise, a rally from that point will push the market above the 0.8860 level or even to 0.90 eventually. This type of market requires players to take profits hurriedly for it’s nearly impossible to hover a trade in the longer-term, except when one is able to deal with wild swings for both profit and loss. Nevertheless, the general upward trend will resume since participants favor the EU stability against the uncertain future of the UK. It is possible to move on top of the 0.93 area.


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