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Daily Technical Analysis by FxGrow

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Re: Daily Technical Analysis by FxGrow

Postby FxGrow Support » Fri Oct 27, 2017 9:17 am

FxGrow Daily Technical Analysis – 27th Oct, 2017
By FxGrow Research & Analysis Team

EUR/USD Clocks Three Months Low Over Dovish ECB, Eyes on U.S GDP

EUR/USD was knocked out yesterday as the market undigested ECB's reduced QE size by half and simultaneously extended the duration, thus maintaining the same level of stimulus as before. As a result, the pair was on a massive selloff wave dipping from 1.1836 high to 1.1640 low, 196 pips during only eight hours.

Today, EUR/USD extended losses at 1.1624 the months fresh lows with expectations for further dips in the coming days seeing the buck strengthening with 94.74 high today.

Fundamentally, the U.S Index is back with a sharper tone sending strong message for all currency rivals as the House of Representatives has passed a budget bill paving the way for Trump's so long waited tax cut plan. The only bump at moment fronting is who will inherit the U.S Fed, still nominees are mixed between Powell and Taylor.

Recent Reports has mentioned that current Yellen is ruled out, but rumors looms that Trump is worried about such scenario which could disrupt the hardy stock market rally that has taken place since his election. The Dow industrials have surged more than 30 percent from the low just a couple days before the Nov. 8 election.

Last but not least, Spanish tension with Catalans referendum still vows which add more pressure on the EURO.

Finally, this week risk event will be conducted with U.S GDP release today at 12:30 PM GMT with all eyes focused with expectations for a growth during third quarter. The data today will play significantly on the promised late U.S rate hike and DXY levels.

EUR/USD Technical Overview:

Current price: 1.1624

Target: 1.1480?

Closing Price: 1.1652

Trend: Down

Resistance levels: 1.1680, 1.1705 +/- , 1.1763*

Support levels: 1.1540, 1.1480

Trend Reversal: 1.1763*

Down 117.93

Comment: The market triggered a significant downside breakout from sideways congestion of the past month, opening up potential for a bear wave to 1.1480. Trade is poised for continuation selloffs. Any corrections should be rejected up along the lower edges of recent congestion. Only a close over 1.1763* marks a short term turnaround.

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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Re: Daily Technical Analysis by FxGrow

Postby FxGrow Support » Fri Oct 27, 2017 12:48 pm

FxGrow Daily Technical Analysis – 27th Oct, 2017
By FxGrow Research & Analysis Team

Gold Has triggered A Price Action With Deeper Retractment, US GDP ??

After seven consolidation sessions where gold was fluctuating between 80+ and 70s area, finally gold has give a clear sign for a deeper dips and washes 6th Oct daily bullish grabber candle at 1260 low. Yesterday, gold extended the correction phase clocking 1282.60 high then started deprecation gradually, but after ECB's dovish scenario and as the EURO was aggressively plunging, the Dollar Index (DXY) was strengthening hitting three months high at 94.60, gold submitted closed one hour below 70, then extended losses at 1265.80 low.

Today, gold traded narrow inside yesterday's candle with 1264.80 low, then started another correction phase till 1269, currently trading 1268 Intraday.

Technically, yesterday's bearish candle is to be considered engulfing for 6th Oct bullish grabber and erased all the scenarios for potential upward trend reversal, and at this moment, market should expect some upward corrections between 72 and 78, but the 1250-45 zone still persists. Add to that, the 10-year yield bonds were also rising with 2.47 high today which adds more pressure on gold along with strong greenback.

Fundamentally, market is awaiting U.S GDP which will be released today at 12:30 PM GMT, and market stands at two possible scenarios. In both cases, whether data is negative or positive and taking into consideration that DXY levels at H1 and H4 are oversold at RSI, gold and in react to the data, could rally shortly around 72 and 76 levels, but eventually the 1250+/- will be achieved (Technically). The other scenario is that gold could start falling reaching 1260-58 support area and start upward correction retracement also at 70s area, and again, the 1250+/- should be achieved (technically).

Last but least, and to add an unpleasant scenario that could reverse the technical overview is any real political tension between NK and USA with serious actions, in this case we gold will shift as safe haven substitute and will start rising gradually depending on the level or pace of the events.

XAUUSD Technical Summary

Current price: 1268

Closing price: 1267.60

Trend: Down

Target price: none at this moment

Trend Reversal price: 1291.40

Resistance levels: 1270-72, 1282

Support levels: 1262.50 , 1260, 1250+/-

Comment: Comment The market is bearish and suggesting a bear extension to test around the last swing low in the 1264-1261 levels. A close under 1260 opens up potential near 1250. Any corrections trapped within yesterday's outside bear range should retain bear forces and bear flag. A pop over 1282.30 is needed to stop pressing bear forces, however, only a close above 1291.40 will shit bear to bull trend.


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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Re: Daily Technical Analysis by FxGrow

Postby FxGrow Support » Tue Oct 31, 2017 1:17 pm

FxGrow Daily Technical Analysis – 31st Oct, 2017
By FxGrow Research & Analysis Team

Forex Daily Technical Overview 31 Oct 2017

GBP/USD Intraday: the bias remains bullish.
Image

Pivot: 1.3165

Our preference: long positions above 1.3165 with targets at 1.3235 & 1.3280 in extension.

Alternative scenario: below 1.3165 look for further downside with 1.3125 & 1.3080 as targets.

Comment: the RSI is mixed to bullish.

Supports and resistances:
1.3325
1.3280
1.3235
1.3210 Last
1.3165
1.3125
1.3080

USD/JPY Intraday: consolidation.
Image

Pivot: 113.55

Our preference: short positions below 113.55 with targets at 112.95 & 112.70 in extension.

Alternative scenario: above 113.55 look for further upside with 113.80 & 114.00 as targets.

Comment: the RSI lacks upward momentum.

Supports and resistances:
114.00
113.80
113.55
113.21 Last
112.95
112.70
112.30

EUR/USD Intraday: intraday support around 1.1600.
Image

Pivot: 1.1600

Our preference: long positions above 1.1600 with targets at 1.1675 & 1.1710 in extension.

Alternative scenario: below 1.1600 look for further downside with 1.1570 & 1.1520 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances:
1.1750
1.1710
1.1675
1.1637 Last
1.1600
1.1570
1.1520

AUD/USD Intraday: bullish bias above 0.7650.
Image

Pivot: 0.7650

Our preference: long positions above 0.7650 with targets at 0.7700 & 0.7720 in extension.

Alternative scenario: below 0.7650 look for further downside with 0.7625 & 0.7605 as targets.

Comment: the RSI is mixed to bullish.

Supports and resistances:
0.7745
0.7720
0.7700
0.7670 Last
0.7650
0.7625
0.7605

Crude Oil‏ (WTI)‏ (Z7) Intraday: the bias remains bullish.
Image

Pivot: 53.60

Our preference: long positions above 53.60 with targets at 54.50 & 54.75 in extension.

Alternative scenario: below 53.60 look for further downside with 53.15 & 52.85 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances:
55.00
54.75
54.50
53.97 Last
53.60
53.15
52.85

Gold spot Intraday: the bias remains bullish.
Image

Pivot: 1271.50

Our preference: long positions above 1271.50 with targets at 1279.00 & 1283.00 in extension.

Alternative scenario: below 1271.50 look for further downside with 1268.50 & 1260.00 as targets.

Comment: the RSI is supported by a rising trend line.

Supports and resistances:
1288.00
1283.00
1279.00
1276.22 Last
1271.50
1268.50
1260.00

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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Re: Daily Technical Analysis by FxGrow

Postby FxGrow Support » Thu Nov 02, 2017 11:21 am

FxGrow Daily Technical Analysis – 2nd Nov 2017
By FxGrow Research & Analysis Team

Forex Daily Technical Overview 2nd Nov 2017

EUR/USD Intraday: continuation of the rebound.
Image

Pivot: 1.1625

Our preference: long positions above 1.1625 with targets at 1.1690 & 1.1720 in extension.

Alternative scenario: below 1.1625 look for further downside with 1.1600 & 1.1570 as targets.

Comment: the break above 1.1625 is a positive signal that has opened a path to 1.1690.

Supports and resistances:
1.1750 **
1.1720 **
1.1690 **
1.1643 Last
1.1625 ***
1.1600 *
1.1570 **

USD/JPY Intraday: bullish bias above 113.75.
Image

Pivot: 113.75

Our preference: long positions above 113.75 with targets at 114.30 & 114.75 in extension.

Alternative scenario: below 113.75 look for further downside with 113.30 & 112.95 as targets.

Comment: a support base at 113.75 has formed and has allowed for a temporary stabilisation.

Supports and resistances:
115.20
114.75
114.30
114.05 Last
113.75
113.30
112.95

GBP/USD Intraday: intraday support around 1.3240.
Image

Pivot: 1.3240

Our preference: long positions above 1.3240 with targets at 1.3320 & 1.3360 in extension.

Alternative scenario: below 1.3240 look for further downside with 1.3190 & 1.3155 as targets.

Comment: a support base at 1.3240 has formed and has allowed for a temporary stabilisation.

Supports and resistances:
1.3380
1.3360
1.3320
1.3256 Last
1.3240
1.3190
1.3155

AUD/USD Intraday: continuation of the rebound.
Image

Pivot: 0.7680

Our preference: long positions above 0.7680 with targets at 0.7750 & 0.7770 in extension.

Alternative scenario: below 0.7680 look for further downside with 0.7640 & 0.7620 as targets.

Comment: the break above 0.7680 is a positive signal that has opened a path to 0.7750.

Supports and resistances:
0.7790 **
0.7770 **
0.7750 **
0.7684 Last
0.7680 ***
0.7640 **
0.7620 *

Crude Oil‏ (WTI)‏ (Z7) Intraday: under pressure.
Image

Pivot: 54.70

Our preference: short positions below 54.70 with targets at 53.80 & 53.40 in extension.

Alternative scenario: above 54.70 look for further upside with 55.22 & 55.70 as targets.

Comment: technically the RSI is below its neutrality area at 50.

Supports and resistances:
55.70
55.22
54.70
54.10 Last
53.80
53.40
52.80

Gold spot Intraday: bullish bias above 1273.00.
Image

Pivot: 1273.00

Our preference: long positions above 1273.00 with targets at 1282.50 & 1286.00 in extension.

Alternative scenario: below 1273.00 look for further downside with 1268.00 & 1265.00 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances:
1291.00
1286.00
1282.50
1276.40 Last
1273.00
1268.00
1265.00

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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Re: Daily Technical Analysis by FxGrow

Postby FxGrow Support » Mon Nov 06, 2017 6:51 pm

FxGrow Daily Technical Analysis – 6th Nov 2017
By FxGrow Research & Analysis Team

Forex Daily Technical Overview 6 Nov 2017

AUD/USD Intraday: key resistance at 0.7670.
Image

Pivot: 0.7670

Our preference: short positions below 0.7670 with targets at 0.7635 & 0.7615 in extension.

Alternative scenario: above 0.7670 look for further upside with 0.7695 & 0.7715 as targets.

Comment: as long as 0.7670 is resistance, look for choppy price action with a bearish bias.

Supports and resistances:
0.7715 **
0.7695 **
0.7670 ***
0.7665 Last
0.7635 *
0.7615 *
0.7595 *

GBP/USD Intraday: continuation of the rebound.
Image

Pivot: 1.3070

Our preference: long positions above 1.3070 with targets at 1.3135 & 1.3170 in extension.

Alternative scenario: below 1.3070 look for further downside with 1.3040 & 1.3000 as targets.

Comment: the RSI is supported by a bullish trend line.

Supports and resistances:
1.3190 **
1.3170 *
1.3135 *
1.3113 Last
1.3070 ***
1.3040 *
1.3000 *

USD/JPY Intraday: bullish bias above 114.00.
Image

Pivot: 114.00

Our preference: long positions above 114.00 with targets at 114.40 & 114.70 in extension.

Alternative scenario: below 114.00 look for further downside with 113.60 & 113.30 as targets.

Comment: a support base at 114.00 has formed and has allowed for a temporary stabilisation.

Supports and resistances:
115.00
114.70
114.40
114.06 Last
114.00
113.60
113.30

EUR/USD Intraday: the downside prevails.
Image

Pivot: 1.1620

Our preference: short positions below 1.1620 with targets at 1.1570 & 1.1530 in extension.

Alternative scenario: above 1.1620 look for further upside with 1.1665 & 1.1685 as targets.

Comment: the RSI has failed to break above its bearish trendline.

Supports and resistances:
1.1685 **
1.1665 **
1.1620 ***
1.1596 Last
1.1570 *
1.1530 *
1.1490 **

Gold spot Intraday: under pressure.
Image

Pivot: 1273.50

Our preference: short positions below 1273.50 with targets at 1265.00 & 1260.00 in extension.

Alternative scenario: above 1273.50 look for further upside with 1280.50 & 1284.00 as targets.

Comment: the RSI is capped by a bearish trend line.

Supports and resistances:
1284.00
1280.50
1273.50
1269.72 Last
1265.00
1260.00
1253.00

Crude Oil‏ (WTI)‏ (Z7) Intraday: the upside prevails.
Image

Pivot: 55.25

Our preference: long positions above 55.25 with targets at 56.55 & 56.85 in extension.

Alternative scenario: below 55.25 look for further downside with 54.90 & 54.40 as targets.

Comment: the RSI is supported by a bullish trend line.

Supports and resistances:
57.50
56.85
56.55
56.04 Last
55.25
54.90
54.40


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.
FxGrow
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Re: Daily Technical Analysis by FxGrow

Postby FxGrow Support » Wed Nov 08, 2017 3:06 am

FxGrow Daily Technical Analysis – 7th Nov 2017
By FxGrow Research & Analysis Team

Forex Daily Technical Overview 7 Nov 2017

EUR/USD Intraday: the downside prevails.
Image

Pivot: 1.1620

Our preference: short positions below 1.1620 with targets at 1.1580 & 1.1560 in extension.

Alternative scenario: above 1.1620 look for further upside with 1.1640 & 1.1665 as targets.

Comment: as long as 1.1620 is resistance, look for choppy price action with a bearish bias.

Supports and resistances:
1.1665 **
1.1640 **
1.1620 ***
1.1589 Last
1.1580 *
1.1560 *
1.1530 **

AUD/USD Intraday: intraday support around 0.7670.
Image

Pivot: 0.7670

Our preference: long positions above 0.7670 with targets at 0.7695 & 0.7710 in extension.

Alternative scenario: below 0.7670 look for further downside with 0.7650 & 0.7635 as targets.

Comment: the break above 0.7670 is a positive signal that has opened a path to 0.7695.

Supports and resistances:
0.7730 **
0.7710 **
0.7695 **
0.7677 Last
0.7670 ***
0.7650 *
0.7635 *

USD/JPY Intraday: the downside prevails.
Image

Pivot: 114.15

Our preference: short positions below 114.15 with targets at 113.65 & 113.30 in extension.

Alternative scenario: above 114.15 look for further upside with 114.40 & 114.70 as targets.

Comment: the break below 114.15 is a negative signal that has opened a path to 113.65.

Supports and resistances:
114.70
114.40
114.15
114.13 Last
113.65
113.30
113.00

GBP/USD Intraday: bullish bias above 1.3125.
Image

Pivot: 1.3125

Our preference: long positions above 1.3125 with targets at 1.3190 & 1.3235 in extension.

Alternative scenario: below 1.3125 look for further downside with 1.3080 & 1.3040 as targets.

Comment: the break above 1.3125 is a positive signal that has opened a path to 1.3190.

Supports and resistances:
1.3290 **
1.3235 *
1.3190 *
1.3170 Last
1.3125 ***
1.3080 *
1.3040 *

Crude Oil‏ (WTI)‏ (Z7) Intraday: further upside.
Image

Pivot: 56.75

Our preference: long positions above 56.75 with targets at 58.00 & 58.40 in extension.

Alternative scenario: below 56.75 look for further downside with 56.10 & 55.65 as targets.

Comment: the RSI is supported by a bullish trend line.

Supports and resistances:
59.15
58.40
58.00
57.42 Last
56.75
56.10
55.65

Gold spot Intraday: the bias remains bullish.
Image

Pivot: 1273.00

Our preference: long positions above 1273.00 with targets at 1284.00 & 1290.50 in extension.

Alternative scenario: below 1273.00 look for further downside with 1265.00 & 1260.00 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances:
1296.50
1290.50
1284.00
1277.70 Last
1273.00
1265.00
1260.00

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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Re: Daily Technical Analysis by FxGrow

Postby FxGrow Support » Fri Nov 24, 2017 2:30 pm

FxGrow Daily Technical Analysis – 24th Nov, 2017
By FxGrow Research & Analysis Team

GBP/USD Intraday: intraday support around 1.3280.
Image

Pivot: 1.3280

Our preference: long positions above 1.3280 with targets at 1.3315 & 1.3335 in extension.

Alternative scenario: below 1.3280 look for further downside with 1.3255 & 1.3220 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances:
1.3375
1.3335
1.3315
1.3300 Last
1.3280
1.3255
1.3220

USD/JPY Intraday: under pressure.
Image

Pivot: 111.65

Our preference: short positions below 111.65 with targets at 111.05 & 110.65 in extension.

Alternative scenario: above 111.65 look for further upside with 111.95 & 112.40 as targets.

Comment: the upward potential is likely to be limited by the resistance at 111.65.

Supports and resistances:
112.40
111.95
111.65
111.35 Last
111.05
110.65
110.25

EUR/USD Intraday: intraday support around 1.1825.
Image

Pivot: 1.1825

Our preference: long positions above 1.1825 with targets at 1.1860 & 1.1880 in extension.

Alternative scenario: below 1.1825 look for further downside with 1.1800 & 1.1770 as targets.

Comment: technically the RSI is above its neutrality area at 50.

Supports and resistances:
1.1910
1.1880
1.1860
1.1846 Last
1.1825
1.1800
1.1770

AUD/USD Intraday: intraday support around 0.7600.
Image

Pivot: 0.7600

Our preference: long positions above 0.7600 with targets at 0.7640 & 0.7660 in extension.

Alternative scenario: below 0.7600 look for further downside with 0.7575 & 0.7555 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances:
0.7680 ***
0.7660 **
0.7640 ***
0.7625 Last
0.7600 ***
0.7575 **
0.7555 ***

Crude Oil‏ (WTI)‏ (F8) Intraday: further upside.
Image

Pivot: 58.15

Our preference: long positions above 58.15 with targets at 59.00 & 59.40 in extension.

Alternative scenario: below 58.15 look for further downside with 57.80 & 57.30 as targets.

Comment: the RSI advocates for further advance.

Supports and resistances:
60.00
59.40
59.00
58.61 Last
58.15
57.80
57.30

Gold spot Intraday: bullish bias above 1286.00.
Image

Pivot: 1286.00

Our preference: long positions above 1286.00 with targets at 1297.00 & 1300.00 in extension.

Alternative scenario: below 1286.00 look for further downside with 1279.00 & 1276.00 as targets.

Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances:
1303.50
1300.00
1297.00
1291.00 Last
1286.00
1279.00
1276.00

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.
FxGrow
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Re: Daily Technical Analysis by FxGrow

Postby FxGrow Support » Mon Nov 27, 2017 3:16 pm

FxGrow Daily Technical Analysis – 27th Nov, 2017
By FxGrow Research & Analysis Team

GBP/USD Intraday: continuation of the rebound.

Pivot: 1.3305

Our preference: long positions above 1.3305 with targets at 1.3360 & 1.3375 in extension.

Alternative scenario: below 1.3305 look for further downside with 1.3280 & 1.3255 as targets.

Comment: the RSI shows upside momentum.

Supports and resistances:
1.3390
1.3375
1.3360
1.3330 Last
1.3305
1.3280
1.3255

USD/JPY Intraday: consolidation.

Pivot: 111.70

Our preference: short positions below 111.70 with targets at 111.05 & 110.80 in extension.

Alternative scenario: above 111.70 look for further upside with 111.95 & 112.15 as targets.

Comment: the RSI shows downside momentum.

Supports and resistances:
112.15
111.95
111.70
111.40 Last
111.05
110.80
110.65

EUR/USD Intraday: the bias remains bullish.

Pivot: 1.1895

Our preference: long positions above 1.1895 with targets at 1.1960 & 1.1990 in extension.

Alternative scenario: below 1.1895 look for further downside with 1.1855 & 1.1825 as targets.

Comment: the RSI is mixed to bullish.

Supports and resistances:
1.2020
1.1990
1.1960
1.1931 Last
1.1895
1.1855
1.1825

AUD/USD Intraday: continuation of the rebound.

Pivot: 0.7605

Our preference: long positions above 0.7605 with targets at 0.7640 & 0.7660 in extension.

Alternative scenario: below 0.7605 look for further downside with 0.7590 & 0.7575 as targets.

Comment: the RSI shows upside momentum.

Supports and resistances:
0.7675 **
0.7660 **
0.7640 ***
0.7630 Last
0.7605 ***
0.7590 ***
0.7575 **

Gold spot Intraday: rebound.

Pivot: 1289.00

Our preference: long positions above 1289.00 with targets at 1297.00 & 1300.00 in extension.

Alternative scenario: below 1289.00 look for further downside with 1286.00 & 1283.00 as targets.

Comment: the RSI shows upside momentum.

Supports and resistances:
1304.00
1300.00
1297.00
1292.00 Last
1289.00
1286.00
1283.00

Crude Oil‏ (WTI)‏ (F8) Intraday: the upside prevails.

Pivot: 58.15

Our preference: long positions above 58.15 with targets at 59.40 & 60.00 in extension.

Alternative scenario: below 58.15 look for further downside with 57.80 & 57.30 as targets.

Comment: the RSI calls for a new upleg. The prices remain supported by a rising trend line, which should call for a new rise. A strong support at 58.15 should also limit any downward attempts.

Supports and resistances:
60.45
60.00
59.40
58.71 Last
58.15
57.80
57.30

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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Re: Daily Technical Analysis by FxGrow

Postby FxGrow Support » Tue Dec 12, 2017 8:29 pm

FxGrow Daily Technical Analysis – 11th Dec, 2017
By FxGrow Research & Analysis Team

GBP/USD Inching Higher Ahead of UK's Inflation Report

GBP/USD inaugurated Monday's trading session with bulls in action clocking 1.3427 high and 1.3366 low. The cable took a massive punch on Friday after releasing positive U.S Data, retreating from 1.3520 high and plunging to 1.3355 low. Technically, expectations for further upside action for the cable seems limited especially Friday's daily candle engulfing Thursday's strong bullish candle.

Fundamentally, a busy week for the market, first with today's CPI data coming from the UK with expectations placed at 3%, as as previous outcome. We are looking for a deviation in the inflation today which could set a more dovish tone for BOE's economic statement on Thursday taking into consideration that rates will stay put. On the other hand, FOMC meeting on Wednesday is taking all the attention with high expectations for hike.

Last but not least, market is looking forward to the UK PM Theresa May’s cabinet meeting scheduled later today, with the key agenda on the Brexit negotiations ahead of this week’s EU Summit.

GBP/USD Technical overview:

Closing price: 1.3395

Target price: None

Resistance levels: 1.3463, 1.3505+, 1.3610-67

Support levels: 1.3353*-, 1.3290

Trend: Sdwys/Up

Trend reversal price: 1.3353

Comment Overall the market is still short term bullish. A close over 1.3505 will rekindle bull trending to reach previous peaking levels at 1.3612+. A close over 1.3667 is bullish for moves to 1.3860. Friday's back off alerts for near term corrections. A close under 1.3353* highlights a topping turnover and chance for declines along 1.3240-00.

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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Re: Daily Technical Analysis by FxGrow

Postby FxGrow Support » Wed Dec 13, 2017 7:43 am

FxGrow Daily Technical Analysis – 12th Dec, 2017
By FxGrow Research & Analysis Team

EUR/USD Trading Flat Ahead of Zew Sentiment And U.S PPI

EUR/USD has been trading flat since Monday with low price, 28-pips and 1.1788 high. On technical level, the pair is still sold off with daily downtrend and expectations for further downside action. On the upside, EURO bulls should be contaminated at 10-EMA at 1.1800 level along with yesterday's upper daily wick. The pair could test daily rising trend line at 1.1740 level, and in case EUR/USD closed below it, then further dips are expected.

On the fundamental level, market awaits German Zew sentiment which will be released shortly and expectations that the sentiment could call behind at 17.4. On NY opening sessions, U.S is due to release Producer Price Index which could shake the market a bit as eyes will be focused on Wednesday and Thursday with FOMC and ECB meeting. On the other hand, Draghi will cross wires today, but taking into consideration the ECB event on Thursday, the speech should be neutral without any major effect. As for tomorrow, it is highly anticipated that the U.S Fed will hike rates at 1.50% with 0.25% point basis which should add more pressure on the pair temporary till market take an action for the FOMC statement.

EUR/USD Technical Overview:

Closing price: 1.1769

Target price: None

Resistance levels: 1.1800, 1.1880, 1.1860*

Support levels: 1.1720-1.1709*, 1.1640

Trend: Sideways / Down

Trend reversal price: 1.1860*

Current None 11881, 11910, 11954* 11807-11799*, 11728

Sdwys/Down

Comment: The current slide puts short term trend forces down and warns for a larger unfolding selling wave to 1.1640. Trade is poised for selling and a close under 1.1709* will fuel selloffs. Trade may recover for near term congestion up near 1.1820. However, a close over 1.1860* is needed to highlight a reversing upturn for a bull wave over 1.1920+.

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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