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EUR/NZD Technical Analysis: January 17, 2017 A break higher than the minor resistance of 1.5007 is seen from 1.5235 level. This is followed by a next break at 1.5193 completes the second wave towards the 1.5837 third wave level. Beyond the third level indicates a long-term position while trying to confirm the latest correction completes the zig-zag correction. On the other hand, the support levels could go towards the 1.4778 level before the next unexpected surge comes in.
Currently the Resistance level of the pair comes in at 1.5007 then 1.5050 towards 1.5193 levels while the Support level is seen at 1.4841 then 1.4810 towards the 1.4778 levels. The Pivotal turn is at 1.4895 level with buying opportunity when the price breaks more than the 121.687 level.
Andrea ForexMart
Official Representative
EUR/USD Fundamental Analysis: January 17, 2017 The EUR/USD pair traded weakly during the previous trading session with the weak euro having more effect on the currency pair than the recent dollar weakness. The international economy is now very concerned with UK’s hard Brexit process, since this could spell disaster not only for UK but also for countries within the eurozone. Although the hard Brexit could have less negative effects for the UK, this could instead affect EU countries since most of them are doing business with UK, and the removal of a free trade zone with UK and the rest of the EU could become very disastrous for a lot of EU countries.
This was one of the reasons why the EUR/USD pair corrected largely during yesterday’s session and plummeted down to 1.0600 points yesterday and even went lower for some time. The currency pair could have experienced much larger corrections if not for the US bank holiday yesterday.
For today’s trading session, there are no important economic data coming from the eurozone but Theresa May will be speaking during the New York session with regards to the guidelines of the expected hard Brexit. May’s speech could have a negative effect on the value of the euro and traders are expected to take extra caution when it comes to trading with this particular currency pair.
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GBP/USD Fundamental Analysis: January 18, 2017 The GBP/USD pair exhibited heightened volatility during the previous trading session as the dollar lost strength and the sterling pound regained much of its footing in the market. Theresa May’s speech yesterday helped in clearing up some of the murkier parts of the Brexit process, and this has helped in placating various investors and has minimized concerns surrounding the Brexit process, thereby increasing the value of the sterling pound. This has then prompted investors to pull out their funds from the USD, thereby causing the dollar to drop in value.
Theresa May has highlighted in her speech yesterday that the UK will indeed be going for a hard Brexit and will be eliminating any kind of access from the eurozone. However, the PM has reiterated that the UK government will be negotiating with eurozone leaders in order to have a different kind of trade relations with the European bloc. Since this has eliminated confusions surrounding Brexit matters, thereby increasing the pair’s volatility levels. The GBP/USD pair initially dipped to 1.2015 points prior to Theresa May’s speech but quickly climbed up to a daily high of 1.2414 points.
However, there are still a handful of concerns surrounding the Brexit process, and the expected invocation of Article 50 is also seen as a possibly risk for the stance of the currency pair as well as the UK economy. As such, these are expected to continuously pressure the GBP in the next few days.
For today’s session, UK will be releasing its claimant count change data as well as its average earnings data, while US will be releasing its CPI data later today. It remains to be seen whether these data sets would be continuing the string of good economic data during the past few days. If the UK data comes out as positive, then this push the pair upwards to 1.2500 points, although this might not be enough to actually push the currency pair beyond this particular barrier.
Andrea ForexMart
Official Representative
USD/CAD Fundamental Analysis: January 18, 2017 The Prime Minister of UK, Theresa May laid out few ground rules yesterday regarding the possible flow of the Brexit process. Global risks were also expected to lessen and in whatever time it might occur, it will likely weigh on the dollar.
The greenbacks were seen to be on its weaker stance prior this event that will hit the currency much harder. This will caused for the USD/CAD to test 1.3000 over and over, there is also a sudden solid bounce upwards.
The USD continued to suffer from the drawbacks due to the risky environment from Trump’s administration which continue to confuse traders and investors because of its vague plans.
Moreover, the expected thrice rate increase of the Fed will likely be supported by the dollar with the medium and long term, however the near-term risk that surround the new US government causes the dollar to soften.
Another test of lows is assumed to occur in case the Canadian data will present an optimistic result. Since the economic data from the region is relatively strong and identify whether this upbeat is from the BOC statement about rate policy or from the media conference of the BOC Governor.
Furthermore, the BOC is scheduled to hold its rate for today, in case the statement came in hawkish, the 1.3000 level are needed to test again.
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EUR/USD Fundamental Analysis: January 18, 2017 The EUR received a much-needed boost from yesterday’s trading events, wherein the USD plummeted and weakened while the sterling pound regained its previous losses across the board. This has then caused the EUR/USD pair to break through the 1.0600 barrier after quite a time and even went up as high as 1.0700 points, where it traded momentarily before settling just below 1.0700 points.
In spite of the fact that Theresa May has indeed announced that the UK is headed for a hard Brexit process, the concerns surrounding this particular occurrence have somewhat diminished, prompting investors to pull out from the USD and onto high-risk areas such as the stock market. The US dollar has since then weakened, and the clarity of the Brexit process has helped in pushing the euro higher. Although the hard Brexit would most probably have an adverse effect on eurozone trades, the renewed clarity of the process has helped placate investors and has created upward support for the EUR/USD pair. The currency pair is now seen to possibly reach the 1.0850 trading region.
There are no major economic readings set to be released today from the eurozone, but the US will be releasing its Core CPI and CPI data during the New York session, and these will be closely monitored by investors since a string of good economic data could increase the chances of a Fed rate hike in the near future.
Andrea ForexMart
Official Representative
USD/JPY Technical Analysis: January 18. 2017 The JPY increased significantly in value against the USD after the majority of investors fled the USD after Donald Trump expressed his concerns that the US dollar might be becoming too strong for the US economy to handle. The US 10-year Treasury Yields plummeted to 2.307% during the early hours of yesterday’s trading session, possibly its lowest intraday levels since November 2016. This has then lended support for the bears of the USD/JPY pair after the currency pair traded at the lower regions of 112.67 points before making a slight recovery.
However, there came a slew of negative US data, such as the New York Empire State Manufacturing Index, which dropped to 6.5% from its previous reading of 9.0%. This reading is indicative of slower business growth in the region for this month. Since the USD/JPY was able to extend over 114.00 points, the currency pair is more than ready to extend sideways. The pair’s 4-hour chart shows that its momentum indicator retains its bearish stance and is still within the negative side of the chart, while RSI indicators for the currency pair are pointing to the downside. The 100 SMA for the USD/JPY pair has also lowered significantly.
Support levels for the USD/JPY are expected to manifest at the 112.65 points, while resistance levels could possibly appear once the pair hits 113.35 points.
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AUD/USD Technical Analysis: January 19, 2017 The Australian Dollar presented some optimism compared with its U.S peer that receives support from the dynamic pricing of oil. The awaited data from the labour market is deemed to support the Aussie at the same time.
The tone of the market remains to be positive. The AUD/USD is confined on its 2-week highs near the 0.7550 level. The price hovered around a very tight range and tends to go into a lower position. The 4-hour chart showed the spot stick on top of the moving averages. The 100 and 50-EMAs preserved its bullish tone while 200-EMA is flat. Resistance hit 0.7550 mark, support is found at 0.7500 range.
MACD lied in the same level which confirmed buyer’s strength once again. The RSI is currently on the consolidation period and entered the overvalued zone.
Forecasts mentioned for a further short-term downward correction. In case the closing trades are set under 0.7750, the price will impose a sell signal. The possible target of the bears is 0.7500.
Andrea ForexMart
Official Representative
GBP/USD Technical Analysis: January 19, 2017 Hard Brexit issues continued to affect the cable pair. The British currency weakened in spite of the upbeat in the labor market data as the unemployment stat maintained its rate and Claimant Count Change rose.
The sterling is in the red versus its American rival on Wednesday. The GBP/USD climb the edge of the overbought area and pointed downwards amid Asian hours. Sellers take out the 1.2400 level during the morning trades and tested the mark 1.2300 in the EU session. However, the mark stalled the progress of sellers. Having touched the level, the price reduced and stayed on top of the region prior to the onset of NY trading.
According to the 4-hour chart, spot bounced off to 200-EMA. The entire moving averages moved downwards. Resistance highlighted 1.2400 region, support entered 1.2300 area.
The MACD slowed down which favored seller’s strength. RSI kept intact in the overbought zone.
Moreover, the 4-hour chart showed a prevailing bearish tone.The primary target 1.2200 showed some signs as it will be going short followed by the consolidation phase, the pair is expected to move ahead through 1.2100 handle.
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EUR/USD Technical Analysis: January 19, 2017 The American dollar was able to rub out its losses versus the euro prior to the speech of Yellen yesterday. The greens further acquired some support from the consumer price index of U.S which met the expectations of investors. Moreover, the decision of the ECB about its interest rate will be announced later this day.
The market structure remained to be bullish on Wednesday. The single European currency executed an upside impulse and return from its weekly high towards 1.0716.
The ongoing rebound is deemed to be corrective during the profit-taking behind the current rally. The EUR/USD retreated under the 1.0700 level amid morning trades on Wednesday and it hovered throughout the level as the EU session took place.
The 4-hour chart shows the price resumed its advancement on top of the moving averages. The 100 and 50-EMAs continued to be bullish while 200-EMA stayed on the neutral position shown in the same time chart. Resistance sits at 1.0700, support lies at 1.0650 region.
The MACD histogram falls which indicate weak position of the buyers. The RSI oscillator kept around the overvalued territory.
The pair is expected to moved near the immediate support 1.0650. In case the level breaks, the support will return to 1.0600. However, the EUR will receive short-term support as much as 1.0500 remained intact.
Andrea ForexMart
Official Representative
USD/CAD Fundamental Analysis: January 19, 2017 The USD/CAD pair was previously situated in a very critical support region and has reverted in the region just below 1.3000 points. The Bank of Canada has already released its statement regarding the central bank’s rates, and the bank also held a press conference later in the day. The pair’s strong bounce was seen as the US dollar and the Canadian dollar went in highly opposite directions during the previous trading session.
The USD had already regained its lost strength and has exhibited positive activity across the board after Yellen announced that the Fed could possibly go for more rate hikes in the future if the economic data from the US continues to be positive. On the other hand, the Bank of Canada announced that it will be making no changes on its current interest rates. However, the succeeding press conference from BoC’s Poloz has made it clear to investors that the Canadian economy has not shown any progress and has instead stayed in the same place. Moreover, Poloze expressed his sentiments regarding a possible trade war under the Trump administration, and this has adversely affected the CAD and has caused the USD/CAD pair to revert back from the 1.3000 trading range and was able to shot up through 1.3100 and even through 1.3200 where it currently sits above as of present time.
Market players are expecting that the USD/CAD pair might be in for a strong uptrend and could possibly reach 1.4000 points. For today’s trading session, Canada will be releasing its Manufacturing Sales data, while US will be releasing its oil inventory data as well as the Unemployment claims data. These are expected to induce volatility in the pair. However, it is highly likely that the USD/CAD pair will be in for an uptrend in the long run.
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USD/ CAD Technical Analysis: January 23, 2017 The USD/CAD pair traded with a bullish tone on Friday. The uptrend reached the 1.3330 level in the beginning of the trading session. Later that day, the buyers were able to surpass the level as it persists to move higher in the mid-European trading session. Yet, it was not able to reach the 1.3400 level as the price withdraw back to 1.3330 losing its momentum during the New York trading session.
The Resistance level is seen at 1.3400 while the support level comes in at 1.3330 level. The Moving Averages broke in the upper channel and the price managed to linger higher for the day as the 20-EMA moves upward. On the other hand, the 100-EMA is moving lower while the 200-EMA moves in a neutral chart. Overall, the MACD histogram implies the buyers leading the market. Moving with it, the RSI was set within the overvalued readings where a new high is still possible.
Both the Retail sales and Consumer Price Index Reports did not meet the expectations of investors. Nevertheless, this has minimal effect to the currency but it is still under pressure despite the strong greenback.
The pair maintained its upward direction from 1.3018 level following the consolidation state of the uptrend at 1.3387 level. A close higher than the 1.3330 level may set it in motion to move towards 1.3400 level and if the pair strongly sets at 1.3400, this indicates the continues uptrend. However, if the market fails to break higher than the 1.3400 level, this would mean a negative outlook to the market.
Overall, the price trend remains bullish ranging from 1.3240 level to 1.3387 level until the next days to come but if the sellers dominate the market, this could move the price towards the 1.3190 mark instead. If the market is able to maintain the current support level at 1.3240 level, the market could anticipate a continuous uptrend with the next target at 1.3500 level.
Andrea ForexMart
Official Representative
USD/JPY Technical Analysis: January 23, 2017 Subsequent to the speech made by Janet Yellen, the US dollar abated. But the greens reversed few of its losses on Friday on the back of the inauguration speech of Donald Trump.
The greenbacks attempted to reach 115.00 barrier amid Asian hours. The bulls pushed the level prior to the onset of the EU trading. The price was unable to maintain its upward impetus and turn back through 115.00 eventually.
The 4-hour chart indicates that the price rebounded to the 50-EMA during the Asian session and it further moved between the 50 and 100-EMAs in the Euro hours. The 100 and 50-EMAs employ a downward trend while 200-EMA was confined in the flat lining. Resistance touched the 116.00 level, support hit 115.00 area.
The MACD histogram arrived in the positive zone and if it hovered on its position, the buyers will strengthened. RSI stayed around the overvalued territory.
The general outlook for the pair remained to be bullish as it rack up through the resistance region 116.00.
The USD/JPY could fail and return to the downside in case the 115.00 handle were unable to support the bullish investors.
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EUR/USD Fundamental Analysis: January 23, 2017 The EUR/USD increased for the past few days following the sluggish stance of the greenbacks. The single European dollar benefited from the position of the greens as it climbs to 1.0700 and further extended its gains. The USD weakened with no definite reason as others deemed for the general correction while some claimed it’s all because of the skepticism for Trump’s administration. However, the American currency is clearly at a disadvantage point against the euro.
The EUR is relatively buoyant for the previous week, much more when its U.S peer manifested some strength. The euro continued to bounce back from a limited correction and eventually broke the 1.0700 level, en route 1.0840 region.
There are some issues that the weakness are caused by the speech of Trump coupled with the curtailment for the rest of Obamacare. Moreover, there exist a general risk about the US President’s team and their plans and these uncertainties weighed on the USD.
As the last week of January enters, the economic news is lessened while the upcoming is a beginning for the USD towards an unidentified state which brings higher volatility.
The US and Euroregion do not have major reports to be released for today, what we expect is the continuous fall of the greens.
Andrea ForexMart
Official Representative
GBP/USD Fundamental Analysis: January 24, 2017 Today’s trading session is expected to be very critical for the GBP/USD pair since UK is now awaiting for the release of the country’s SC ruling with regards to its eurozone membership, as well as the Brexit process, which is set to be released during today’s session. The GBP/USD pair has increased in value over the past 24 hours as part of market anticipation, with the currency pair closing yesterday’s session at over 1.2500 points after months of being unable to go over 1.2500 due to repeated pummeling from bears of the said currency. However, since yesterday was a generally good day for the sterling pound, the market is expecting that this currency pair would be able to reach 1.2700 or even 1.2800 in the short-term outlook for the GBP/USD pair.
The UK Supreme Court will be releasing its decision on whether the Article 50 will have to undergo scrutiny from the Parliament or otherwise, since the Article 50 is an essential factor on the carrying out of the Brexit process. The market is generally anticipating that the SC will be approving the Article 50 invocation, and if this does happen, then this will ensure that the whole of the Brexit process will be well-thought of, and this will ensure that equal distribution of ideas instead of the power becoming limited to select people in the government. This is expected to drive up the value of the GBP, but then there are also some risks that the Parliament approval might cause delays in the Brexit process since all views and ideas must be taken into consideration as part of the process.
There are no major news releases from the UK except for the SC ruling for the Brexit process, as well as from the US.
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USD/CAD Fundamental Analysis: January 24, 2017 The USD/CAD pair continues to trade within a tight range and consolidated for the most part of yesterday’s trading sessions. The CAD was recently subject to an increased pressure after the Bank of Canada expressed it plans to implement an interest rate cut in the next few months as a result of the Canadian economy becoming increasingly stagnant after not showing much development in the recent economic readings. This added pressure in the CAD has however helped in offsetting the dollar weakness during the past few days.
The Canadian dollar is probably the only currency which the USD has gained in relation during the past few sessions and has continued to maintain its gains over this currency, while other major currencies have increased in value and has left the dollar behind. The US dollar has been in hot water recently, especially since the market is generally uncertain on Trump’s administration policies and how the newly-minted president plans to run the US economy. The market is constantly kept on its toes as Trump continues to act brash in spite of the initial euphoria during the US elections, where the market had hoped that Trump’s election might be generally be good news for businesses around the world. However, the current administration might have to undergo a lot of work before finally regaining the market’s confidence.
There are no major news releases from both the Canadian and the US economy, and as such, the USD/CAD pair is expected to experience more consolidation and ranging during today’s session. Since the weakness of both currencies are apparently cancelling each other out, the currency pair is unable to make any significant progress and the bulls might have a hard time pushing the currency pair towards 1.3400 points and higher.
Andrea ForexMart
Official Representative
NZD/USD Technical Analysis: January 25, 2017 As the Asian session emerged, the bullish momentum appeared to be short-lived yesterday. The price failed to hold its gains and reversed down from the 0.7250 level. Sellers expanded their profits breaking the price through 0.7200 region amid the EU trades. The selling interest was unable to maintain its position upon reaching the region and endured price rejection upwards.
The NZD/USD is confined on top of the moving averages based on the 4-hour chart. The 100 and 50-EMA kept its bullish stance while 200-EMA was flat. Resistance touched 0.7250 mark, support entered 0.7200 handle.
The MACD tool still presented the same position as buyer’s strength continued to grow. The RSI settled close to the oversold readings, confirming another lower trend.
Meanwhile, the 0.7250 barrier is the next bullish target. In case, a return occurred towards 0.7150 there is a probable decline against the 0.7100 support.
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GBP/USD Technical Analysis: January 25, 2017 Traders have locked in few profits prior to the ruling of the UK Supreme Court regarding the EU exit. The court should make a decision if it is required for a Parliament approval in launching the Article 50.
The market structure presented a bullish sentiment on Tuesday. Buyers were unable to regain 1.2500 level and needed to give up the floor to the sellers. A renewed buying interest around the greenbacks had supported the US currency to recover from its recent lows.
Sellers were able to lead the price lower amid Asian session, however, failed to move beyond the lower mark 1.2460 before the onset of the EU hours.
The GBPUSD keep on sliding through the area of 1.2450 before the opening of the New York session. According to the 4-hour chart, the moving averages are trading mixed. The 200-EMA preserved its bearish signal while 100 and 50-EMAs moved higher as the 50- day MA crossed the 100-EMA upwards.
MACD grew less which confirmed growing strength for the sellers. RSI stayed in the overbought area.
A break on top of the 1.2500 mark is the least required point in order to establish a bullish resumption. The most probable scenario is that buyers could take the price through the 1.2540 region and took 1.2600. While a close below the level 1.2400 will lessen the prevailing upward pressure but before reaching this level, a buy signal will be implied.
Andrea ForexMart
Official Representative
EUR/USD Technical Analysis: January 30, 2017 The European currency slowed down followed by the improvement on the dollar’s stance. The euro were left flat-out due to the absence of the market-moving news in the calendar. The EUR resumed to move down smoothly overnight and break away from the near-term rising channel. The euro had traded mixed as the Asian trades opened and hovered in the tight ranges of 1.0650-1.0690.
The EURUSD is confined in the neutral position in the morning EU session and met renewed bids within 1.0700 level. It further rallied around the level, en route 1.0750 prior to the outset of NY hours.
According to the 4-hour chart, the price leads the 50-EMA lower and headed northwards together with the 100-EMa. The spot hovered on top of the 100 and 200-EMAs eventually. Resistance is seen at 1.0750, support hit 1.0700.
The MACD proceeded to the negative zone and if the histogram stayed in this area, the position of the sellers will improve. The RSI lies in the oversold territory near the neutral ground.
A close on top of the 1.0700 mark will produce renewed bullish indicator which is possible to advance towards 1.0750.
Andrea ForexMart
Official Representative
GBP/USD Technical Analysis: January 30, 2017 The sterling softened on the back of the demand growth for the greenbacks. The GBPUSD was able to recover few of its losses subsequent to the meeting between Trump and May. The US data showed some pessimism which further hit the pair higher.
The British currency loses its value against its U.S peer during the night trades on Thursday. The spot was removed from 1.2600 level and placed in 1.2500 region amid Asian session. The pound extends its losses during EU hours, en route 1.2500. However, the level stalled the seller’s progress and kicked the spot higher. The price resumed its development on top of the moving averages as shown in the 4-hour chart while the 100 and 50-EMAs stirred upwards and the 200-EMA sits in the neutral position. Resistance touched 1.2600, support jump in the 1.2500 mark. The MACD histogram weakened which further slowed down buyer’s position. The RSI escaped from the overvalued territory and came in through the neutral zone.
The bullish outlook generally exists in the market while the pair got an opportunity to make recovery in case it surpassed 1.2600. A breakout within the 1.2600 handle would direct to 1.2700. Furthermore, the prevailing selling pressure could impact the spot and pushed below the mark 1.2500.
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NZD/USD Technical Analysis: January 30, 2017 The American dollar was able to sustain a bid tone last Friday. Meanwhile, the markets highly anticipated for the further plans of Trump coupled with the GDP of the country for the fourth quarter. The NZDUSD kept intact in the ascending channel pattern on Friday. The price were pushed by the downward impetus toward its lower limit last 26th of January. Moreover, a recovery lasted overnight showed insignificant results. The European traders solely managed to drive the spot upwards
The pair was able to expand its recovery during the NA session. The price continuously sits on top of the moving averages according to the 4-hour chart. The 100 and 50-EMAs moved higher while 200-EMA is positioned in the neutral trend mentioned in the similar chart.
Resistance entered 0.7300, support reached the 0.7250 region. The MACD indicator confirmed weak buyer’s position as it decreased steadily. Bullish sentiment was likely to prevail for today. The short-term goal for the pair is 0.7311.
Andrea ForexMart
Official Representative
USD/CAD Fundamental Analysis: January 30, 2017 The USD/CAD pair closed down the week on a much lower note as compared to the previous trading week after the Canadian dollar exhibited strength across the board and the USD weakened in value yet again even though it was able to recover during the latter part of the week. This particular recovery of the US dollar looks like it will be here for the long run, and this is why dollar bulls are putting added confidence to the performance of the US dollar in the next trading sessions. In addition, the Trump administration has already went about making changes and fulfilling its campaign promises, such as the shifts in Obamacare and the Mexican border wall, and the pulling out of US from trading agreements with Canada and other neighboring countries. This has created unrest in the market, and could open the doors for a possible trade war which is very bad news even for the US economy.
This has then prompted the USD/CAD pair to drop significantly in value from 1.3450 to 1.3000 points, but was saved by the sudden surge in the USD’s value as the previous week came to a close. The Canadian dollar also received support from the resiliency of oil prices, which managed to stay put in spite of the recent increase in the value of the US dollar. Market players are expecting this uptick in the USD/CAD to continue and could possibly extend up to 1.4000if it manages to stay just above 1.3000 points.
The Canadian GDP will be released this week, and governor Poloz from the Bank of Canada will also be releasing a statement this week. On the other hand, US will be releasing a string of important economic data including the NFP, wage earnings, as well as the statement from the FOMC. These are all expected to induce volatility in the market, and traders should either exercise caution or wait for things to settle before trading with this currency pair.
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USD/JPY Fundamental Analysis: January 31, 2017 The Japanese yen inched higher as opposed to the US dollar as a result of a flight-to-safety trend across the market, which was triggered by investor reactions to a sudden drop in global equity markets. Meanwhile, stocks were sold off as a result of Donald Trump’s immigration ban. The USD/JPY pair closed off the previous trading session at 113.778 after decreasing by -1.10% or 1.269 points.
A lot of investors have sought the protection of the Japanese yen after protectionism concerns arose due to the immigration ban since these could possibly have a negative effect on both exports and imports and could also create substantial risks for the economy. Towards the latter part of yesterday’s session, the Japanese Household Spending data came in with a reading of 0.3%, exceeding market expectations of 0.8% and the previous reading of -1.5%. However, the unemployment rates for the country remain stagnant at 3.1%. Meanwhile, the Bank of Japan chose to maintain its current benchmark interest rates at -0.10%, a move that was generally anticipated by the majority of market players. The central bank also increased its GDP forecast to 1.4% as opposed to its past prediction of 1.0% back in October. In addition, the BoJ also stated that it is expecting an inflation surge of around 2% come the fiscal year 2018.
Interest rate differentials could have a positive effect on the USD/JPY pair since the central bank chose to maintain its interest rates while the Fed hinted at high-frequency rate hikes for 2017. In the short term, the USD/JPY could be driven by volatility coming from the equity markets. However, the dollar-yen relationship could possibly be influenced by the positive interest rate differentials.
Andrea ForexMart
Official Representative
USD/CAD Fundamental Analysis: February 3, 2017 The market has been generally expecting the USD/CAD pair to undergo a period of ranging and consolidation as the US prepares to release its NFP report, and this was what happened with this particular currency pair during the past trading sessions. The USD/CAD is currently trading at over 1.3000 and is headed in a generally disappointing trading streak, but then again this region has strong support barriers, and this region might be a good place for traders to go long with a stop loss.
Oil prices have already settled down last month and has exhibited little activity on both directions. As a result, the Canadian dollar was able to obtain some support and the economic data scheduled to be released from Canada are also expected to be generally positive, and there are no major changes expected to occur within the Canadian economy. The drop in the value of the USD/CAD was mainly due to the weakness of the dollar, and once Trump makes major changes in the NAFTA agreement, then the trade relationship between US and Canada could be up for some major adjustments. This has no positive effect on both economies whatsoever, and this uncertainty has been fueling the drop in the value of the currency pair.
There are no major news expected to be released from the Canadian economy today but the market is expecting the release of the NFP report as well as the average earnings data and the non-manufacturing PMI data from the US. If these data comes out as positive, then this could further affirm an interest rate hike from the Fed in the near future, but a weak reading could cause the USD to further decrease in value.
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GBP/USD Fundamental Analysis: February 3, 2017 The GBP/USD pair is currently trading at 1.2500 points after briefly reaching 1.2700 points after traders took sell opportunities every time the GBP/USD exhibited reversions. The Bank of England released its statement yesterday and maintained its current rates as expected, while the monetary policy meetings and inflation reports did not deliver anything significant to the economy and did not induce any market activity. However, these neutral readings had adversely affected the currency pair since the majority of market players were expecting hawkish comments from the BoE as well as from the inflation reports, but since both of these data came out as neutral, the market was generally disappointed and this put a significant amount of downward pressure on the value of the sterling pound. However, it was a good thing that the dollar was weak, since if the dollar were stronger then the pound might sink even lower.
The pound is expected to continue its losing streak, and any reversions are expected to be met with major sell-offs, especially with the oncoming volatility which will be caused by the implementation of the Brexit process. For today’s session, UK will be releasing its services PMI data and US will be releasing its NFP reports and wage earnings data. These string of economic readings set to be released today are expected to increase the pair’s volatility. The market is expecting a positive US labor report, and if this happens, then the GBP/USD pair might be able to break through 1.2500 and move further towards 1.2400 points.
Andrea ForexMart
Official Representative
EUR/USD Fundamental Analysis: February 3, 2017 The EUR/USD pair has been subject to a lot of messy trading activity during the past trading sessions as the pair had no definite direction and generally exhibited an uncertain trading stance. The currency pair has been vainly trying to break through the 1.0800 trading range and briefly made it through this barrier and even reached up to 1.0828 points but eventually reverted back to its original stance after a massive sell-off met the pair, causing it to fall back to 1.0800 and even went as low as just over 1.0760 points.
Today is the scheduled release date of the NFP report from the US, and the market volatility is expected to surge as this particular report is one of the major economic reports anticipated by the markets every month. The NFP report now is even more crucial than ever, because the Fed has previously stated that the central bank will be relying on positive economic data as basis for whether they will be hiking interest rates in the future or otherwise. In addition, the release of the NFP report is equally important to restore investor and trader confidence in the USD, especially since the past few days has seen the dollar subject to more weakness as Trump drew negative comments from his recently implemented foreign policies such as the immigration ban. This is one of the reasons why the general direction of the EUR/USD remains uncertain since the market wants first to confirm the results of the NFP report before making any concrete moves.
For today’s session, US will be releasing its NFP report as well as the non-manufacturing PMI data and average wage earnings data. Investors are hoping that these economic data comes out as positive in order to induce some strength in the ever-weakening stance of the US dollar.
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NZD/USD Technical Analysis: February 6, 2017 The Kiwi against greenback declined on Friday's trading session. A strong support was found at 0.7250 level but was able to reverse the trend after forming a bullish candle while the resistance is found at 0.7350 level. If the price breaks higher than the psychological levels which will then result to a decline to the 0.71 level. Traders should expect high volatility in the market. Hence, fluctuations and rough trading for the pair.
Andrea ForexMart
Official Representative
USD/CAD Technical Analysis: February 6, 2017 The pair USD/CAD surged on Friday's trading session. It turned around finding a resistance towards the 1.30 level. The price could set into a new fresh low and this could further go down. However, if the price breaks higher than the candle pattern formed on Friday's session, there could be chances for buying opportunities. Traders should monitor the oil market as it has an influence to the Canadian dollar that usually affects the price inversely for the pair.
Andrea ForexMart
Official Representative
EUR/USD Fundamental Analysis: February 6, 2017 The EUR/USD pair will undergo pressure this week. Moreover, the NFP report was positive as the average earnings positioned at 0.1% lower than the expected 0.3%. When at first, it is expected for the bulls to take over the market but the trend doesn't have enough momentum bringing the price towards the 1.0800 as a resistance level which was the prior region. The greenback is being swayed because of the uncertainty from Trump and his team to change the policies and cannot be determined the next move of Euro.
The current psychological level at 1.0800 is a significant region and a break in this region could further bring the price towards the 1.12 mark which has been the region for some time last week. The market is trying to break the EUR/USD in the midst of the weakened dollar. At the same time, the market aims to stabilize the current rates but there were not enough support from the administration and economic policy changes and the reports of the economic data.
Although, a majority of the support for the currency supported from the economic data or the administration and at the same time influence the next Fed rate hike. However, it seems that the wage earnings reports are on the lows which could delay the rate hike process. This would put more pressure to the dollar today and this whole week and it is still uncertain until when the dollar rates would hold.
As for today, there will be no major economic news from the Euro or from U.S. regions. It is expected for the price to EUR/USD to remain in consolidation with a bullish bias with chances of a breakout near the 1.0800 level.
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Andrea ForexMart
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USD/JPY Fundamental Analysis: February 6, 2017 The USD/JPY pair attempted to rally several times during the past week due to the positive feel of the US equity markets as well as its effect on the US carry trade but there was a shortage of buyers which could have fueled an upside follow-through. The USD/JPY pair finished the previous trading session at 112.551 points after dropping by -2.17% or 2.496 points. This movement in the currency pair was largely due to Trump’s comments in the past week as well as statements coming from both the Fed and the BoJ.
The FOMC maintained its current rates last week at 0.50%-0.75% and was generally expected by the majority of market players, but the bearish tone of the USD/JPY pair was also largely influenced by the Fed’s refusal to give out hints with regards to its next interest rate hike.
There are no major news releases coming from either Japan or US for this week, and this means that the market will be affected by events that will have a bearing on the current stance of the US dollar. Currently, Trump is aiming for a weaker USD value in order for him to upgrade his statements with regards to currency devaluations and other unfair trade policies. The charts are indicating that the USD/JPY pair could possibly rise up to 109.919 points if sellers of the pair would be able to put enough pressure on the market to march through 112.00 points.
Andrea ForexMart
Official Representative
EUR/USD Fundamental Analysis: February 8, 2017 The market has been experiencing a lot of volatility recently due to the pronounced weakness of most major currencies, with traders having a hard time picking out definite directions, with profits going from positive to negative in just a matter of minutes. During yesterday’s session, the USD was able to regain the majority of losses against the EUR, with the EUR/USD pair falling down to 1.0700 points. For a brief moment it looked like that this particular stance of the currency pair would remain standing and would eventually become overpowered by the dollar’s strength but the following day saw the dollar losing its ground and dropping back to its previous lows. There is basically a surrounding fear and marked uncertainty felt within the market right now that all currencies are very weak, which has resulted in this very rare price action.
There are no major news data expected to be released from either the European Union or the US today, and this means more ranging and consolidation activity for the EUR/USD pair. This is generally okay for day traders but could spell disaster for long-term traders as they become hard pressed to find direction in this very chaotic market environment.
Andrea ForexMart
Official Representative
USD/CAD Technical Analysis: February 8, 2017 The decline in crude oil prices weighed on the Canadian dollar while the stronger US dollar added pressure to push the loonie downwards.
The USDCAD resumed a short-term uptrend on Tuesday. Moreover, the USD came in green against its Canadian peer. The spot gradually increased overnight reaching 1.3120 level prior to opening of the European session. There is a renewed buying pressure within the greens which supported the pair towards its fresh highs. The price spiked and touched 1.3190 region in the post-EU open.
The barrier restricted its developement as it holds the major enclosed the region. The price drove the 100 and 50-EMAs higher as shown in the 4-hour chart. The pair nearly reached the 200-EMA which became the resistance. Furthermore, the 50 and 100 EMAs shifted to an upward trend while 200-EMA headed lower. Resistance entered 1.3190 area, support holds 1.3120 handle.
The MACD approached the positive territory, preserving this area would mean a stronger stance for the buyers. RSI hovered around the overvalued range indicating another upward trajectory.
It is projected that a near-term bullish momentum will return. In order to resumed this bullishness, the pair should focus on top of 1.3190 mark.
Andrea ForexMart
Official Representative
USD/CAD Fundamental Analysis: February 9, 2017 The USD/CAD pair is still trapped within a tight trading range, however the currency pair’s bulls are fairly satisfied with the USD/CAD’s performance as the currency pair is still relatively strong in spite of the dollar weakness, and once the dollar regains its strength, then this will mean very good news for the pair’s bulls. The USD/CAD pair has recently undergone a very stressful period due to the dollar weakness combined with a surge in oil prices which has helped the Canadian dollar keep its head above water.
As the week unfurled, the market has seen oil prices being subject to tremendous pressure and corrections, thereby putting added pressure on the value of the CAD. This is why the Canadian dollar started losing some of its value at the beginning of the week and has provided support for the USD/CAD bulls. Strengthening the currency pair and revert back from its support barrier of 1.3000, with the USD/CAD currently trading at just under 1.3200 points. The pair is expected to continue its upward trend and would only go in for a trend reversal once it manages to break through 1.3000 points. Until then, the USD/CAD would probably exhibit reversions from its lows and the bulls would still be dominating the currency pair, with a medium-term target of 1.4000 points.
There are no major news scheduled to be released from the Canadian economy today but we do have the unemployment claims data from the US, as well as comments from some Fed officials. However, these are not expected to make a significant dent in the pair’s current stance and the pair is expected to consolidate at 1.3200 for the rest of today’s sessions.
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Andrea ForexMart
Official Representative
EUR/USD Fundamental Analysis: February 9, 2017 The EUR/USD pair failed to make significant progress during the previous trading session and merely continued its current trend of ranging and consolidation and still failed to find a definite direction and was still unable to capitalize on the USD’s marked weakness. The currency pair has been finding difficulty with regards to breaking through the 1.0705 barrier, which has boded well for the US dollar in spite of its lack of progress. Under wholly different circumstances, this particular situation might have caused the dollar to undergo massive corrections but since other other major currencies have been trading on the weaker side of the chart as well, the USD has only managed to keep itself floating amidst the market weakness.
For the past few trading sessions, the euro has been consistently exhibiting a weak trading stance, which was mostly due to various uncertainties and concerns surrounding the European Union. There are now a lot of rumors swirling around whether the EU would still exist after a few years and whether the Brexit phenomenon would be repeated by other countries who would wish to leave the EU. Although a lot of eurozone leaders have attempted to pacify these rumors, this has nonetheless left an effect on the state of the EUR. The forthcoming French and German elections is also a cause of concern for the market since there are strong contenders who are in favor of leaving the union should they win the said elections. All of these factors are putting constant downward pressure on the euro, therefore preventing the currency to make any substantial progress.
US will be releasing its unemployment claims data today and some Fed officials are due to make statements at various forums, and these events are expected to induce volatility in an otherwise very docile currency market.
Andrea ForexMart
Official Representative
EUR/USD Technical Analysis: February 13, 2017 Non-Farm Payrolls in France came in positive but the single European currency ignored these strong data. The euro was kept intact in the pressured area on the back of the increasing political instability relative to France’s Presidential election. Moreover, the imminent vote-casting within Germany, Italy, and Netherlands brought added pressure against the EUR. Meanwhile, the US dollar demand was supported by the tax reform proposal by Trump.
The greenbacks further strengthened on Friday while the euro weakened after a clear recovery at night amid EU session.
Traders surpass the 1.0650 level and drove the price downwards during the New York trades. The EUR/USD pushed the 200-day moving averages as shown in the 4-hour chart. The 100 and 50-EMAs were bearish-neutral while 200-EMA manifested a bullish bias in the aforesaid timeframe. Resistance is seen at 1.0650 region, support touched 1.0600 handle.
MACD indicator softened implying a sell signal. RSI is confined in the oversold territory, indicating a downtrend. Another lower movement is expected, reaching the 1.0600 mark. A close below the support region is possible to provide further weakening through 1.0550.
Andrea ForexMart
Official Representative
GBP/USD Technical Analysis: February 13, 2017 The figures for the United Kingdom Industrial Production exceeded the expected results which further give a temporary support for the British currency. Nevertheless, the recovery of the greens is wide-ranging causing the GBPUSD to conduct a reversal.
The sterling preserved its neutral stance amid Asian session on Friday. The spot hovered on top of 1.2500 close to the handle.
Traders were able to surpass the region after the EU hours and continued to push the spot through 1.2450 area.
The 4-hour chart presented that the price drove 100 and 50-EMAs towards a lower point. The 50 and 200-EMAs seem neutral while the 100-day moving averages descended as seen in the aforesaid chart. Resistance touched 1.2500 mark, support lies at 1.2400.
MACD is placed in the centerline. An entry within the positive zone will provide added strength for the buyers while an attempt towards the negative territory will allow sellers to take over the market. The RSI stayed in the neutral region. Either a move lower than 1.2500 would help produce an opportunity to test 1.2400.
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USD/CAD Technical Analysis: February 13, 2017 The USDCAD was neutral amid Friday night trades. The Asian recovery slowed down overhead the level 1.3120. The greens tried to resume its gains but attempts failed. Renewed selling pressure affected the spot rebounding the price lower than 1.3120 during afternoon session.
The USD fall behind 1.3050 level prior to the opening of the New York hours.
According to the 4-hour chart, the rebounded the 50-EMA lower and tested the 100-day moving averages. The pair is confined under the 200 and 100-EMA throughout the day. The 100 and 50-EMAs is neutralize while 200-EMA moved lower as shown in the same timeframe.
Resistance is at 1.3120, support entered 1.3050 region. The MACD histogram decreased which implied weak position for the buyers. RSI is confined in the overvalued territory near the neutral zone.
Bearish sentiment is expected to prevail. If the commodity-linked pair remained on top of the 1.3120 mark, sell order will be posted. The next possible target of the sellers is 1.3050.
Andrea ForexMart
Official Representative
EUR/USD Fundamental Analysis: February 14, 2017 The strength of the USD is now felt more than ever in the market, and this has caused other major currencies to experience the negative effects of the surge in the dollar’s value. For the EUR/USD pair, the currency pair has dropped to 1.0600 points and was only able to prevent itself from further decreasing due to its support barrier of 1.0580 points. However, the pair’s price activity looks very dismal and it is uncertain how long the bulls would be able to keep its hold on the pair before the bears manage to seize control and push the pair further downward. If this happens, then this could spell disaster for the euro.
The market is now able to fully adjust to Trump’s policies after an initial unrest caused by his team’s adjustments to certain regulations, with the market now sure of the administration’s approach with regards to policies, thereby improving investor confidence in the US dollar. This has helped to shift the market’s focus from the Fed’s future moves and Trump’s future implementations as well, and this has further helped to support the USD especially now that the Federal Reserve is keen on sticking to its statement that there will be a total of three interest rate hikes for this year.
The US will be releasing its PPI data today, and Fed chair Yellen will be making statements with regards to the central bank’s monetary policies during today’s speech in the New York session. The market will be monitoring Yellen’s speech later today and if Yellen becomes consistently bullish in her remarks, then the euro could be in for more price drops.
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Andrea ForexMart
Official Representative
USD/CAD Fundamental Analysis: February 14, 2017 A lot of analysts have been saying that it is highly likely that the USD/CAD pair will be subject to an increased amount of pressure as oil prices continue to stay afloat and the economic data coming from the Canadian region continues to be consistently positive, a signal that the country’s economy gets better everyday. The currency pair is expected to remain under pressure as long as the US dollar remains under control, and this also means that the pair’s bulls would need to consistently strive to maintain the support barrier at 1.3000 points. This activity has been seen during the past trading session as the pair was able to surpass the 1.3100 barrier and is now currently going towards 1.3050 points.
The USD/CAD bears were also helped by the fact that Trump and Trudeau’s meeting yesterday was quite cordial, with Trump clarifying that the shifts he will be making on trade agreements will not have that much of an effect towards Canada. This helped to support the Canadian dollar which tried to surpass the dollar strength but eventually failed as the USD consistently surged in value.
There are no major news releases coming from Canada to day but the US will be releasing its PPI data and Yellen will be making comments on the central bank’s future monetary policy as well as the current state of the US economy. If her comments come out as bullish, then the USD/CAD pair might move towards and could even surpass 1.3100 points.
Andrea ForexMart
Official Representative
GBP/USD Fundamental Analysis: February 14, 2017 The GBP/USD pair exhibited a tight trading activity during yesterday’s session as the USD’s value surge was felt across the market. However, this activity somewhat failed to make a dent in the value of the sterling pound. A lot of analysts have been saying during the past few days that the GBP is practically the only currency which has resisted the negative effects of the dollar strength in spite of the fact that it continues to be weak as a result of the Brexit process. This is because UK government officials have been working very hard to make the Brexit process clear for everyone, and any kind of certainty is very much welcomed by market traders and investors.
Another reason for the GBP/USD’s resistance against the strength of the dollar is the continuously positive string of economic data coming from UK which is an indicator that the country’s economy has not yet been affected by the repercussions of the Brexit process. This could also mean that both the UK economy and the sterling pound might even become better and stronger in the long term even when it finally relieves itself from the European Union. These speculations was able to maintain the GBP/USD pair’s position at 500 pips, with more ranging and consolidation expected to continue in the near future in spite of the dollar strength.
UK will be releasing its CPI data today and this will be closely monitored by the market whether this will come out as positive and affirm the country’s strong economic status. US will also be releasing its PPI data today and Yellen will be making a statement with regards to the monetary policy of the Federal Reserve, including economic status and interest rate hikes.
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AUD/USD Technical Analysis: February 16, 2017 The Australian dollar against the U.S. dollar declined on Wednesday's trading session but was able to recover after a break out reaching a new high. It broke higher than the 0.7695 Resistance level and proceed with the upward momentum after lows at 0.7159 level. It is expected for the price to go higher in the next trading sessions towards the next target at 0.7800 zone. The key support is found at 0.7605 level and a break lower than the said level would complete the uptrend of the pair.
The market could try to move towards the 0.7750 level that is found to be a resistance level for the long-term charts. Short term reversals are eminent to be become buying opportunities to be forward implying a purchase after decline may not be favorable for short-term charts. Most likely, the 0.76 level will continue to be a strong psychological level in the market.
Andrea ForexMart
Official Representative
EUR/USD Technical Analysis: February 20, 2017 The U.S. dollar weakened on Friday despite the light market caused by the federal holiday, US President's Day. Investor’s attention was drawn towards the nation’s current political condition while expecting for the final resolution regarding the financial assistance to Greece.
The upward trajectory weakened on Friday. The single European currency failed to break the 1.0680 region and reverse.
During the Asian hours, the market is relatively quiet and exhibit further agility amid EU session. The demand for the greens was brought by some European traders which drove the spot downwards. The EUR steeply declined and tested 1.0650 mark during the post opening of EU trades. The aforesaid mark stalled the sellers’ action, therefore, rejected the EURUSD higher.
The pair surpasses the 200-EMA lower, rebounded the 100-EMA and tested the 50-EMA.
Moreover, the 100 and 50-EMAs headed downwards and the 200-day moving averages appeared to be bullish-neutral. Resistance lies at 1.0700, support is seen at 1.0650.
The MACD indicator plunged to the positive territory and if it hovered within that area, the position of the buyers will reinforce. RSI is confined in the overvalued zone, favoring another downward trend.
The major struggled to proceed upwards. A break under 1.0600 region would consider further instability to 1.0550. Should the level jump up would signal an opportunity to buy on a dip.
Andrea ForexMart
Official Representative
GBP/USD Technical Analysis: February 20, 2017 The technical pictures the GBPUSD to hover around the trading range of the previous week. The cable came across with a wave of selling pressure after the failure of the spot in reacquiring the psychological mark 1.2500.
The British currency weakened to 1.2500 amid Asian hours and touched 1.2400 level overnight. The level prevents its losses which rejected the price higher. The pair pushed the 50-EMA lower, tested the 200-EMA and rebounded the 100-day moving averages as shown in the 4-hour chart.
Furthermore, the 200-EMA seems bullish-neutral while the 50 and 100-EMA are neutralized. Resistance settled at 1.2500, support entered 1.2400 area.
The MACD sits in the center point. Should the histogram move near the positive zone to provide further strength for the buyers. While an entry towards the negative territory will imply sellers capacity to manage the market. RSI departed from the neutral zone and advance south.
The technicals manifested a moderate bearish signal. We projected the major will proceed towards 1.2400 and the price might decline to 1.2340 after reaching the initial target.
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NZD/USD Technical Analysis: February 20, 2017 The NZDUSD were kept below the pressured area and resumed its decline under the 0.7200 level on Friday. Having broke the level, sellers weakened and took a pause to regain some steam attempting to make another move downwards.
The major rebounded the 50-EMA towards a lower point as indicated in the 4-hour chart. The spot extended its development in the middle of 200 and 50-EMAs. The 50-EMA is trending lower, 100-EMA was neutralized and the 200-EMA moved higher. Resistance is at 0.7200, support lies at 0.7150.
MACD histogram lies at the center point. If the indicator approaches the positive zone, it will provide added strength for the buyers. While an entry in the negative territory will open an opportunity for the sellers to dominate the market. RSI escaped from the overvalued area and settled around the neutral region. Should the spot surpass the 0.7200 mark higher, will negate the medium-term negative outlook.
The bulls are able to drive the pair to 0.7250 handle. While a decline under 0.7150 will cause the support the sellers having a chance to continue its slide through 0.7100.
Andrea ForexMart
Official Representative
EUR/USD Fundamental Analysis: February 20, 2017 The EUR/USD pair was subject to some nice amounts of volatility during the past week after the currency pair was mainly influenced by the dollar strength during the first half of the week, but immediately went into reversal as the latter part of the week started. The currency pair is now expected to consolidate with a bullish undertone for this week, with projected support levels at 1.0500 points and resistance levels expected to be at 1.0800 points.
Last week, the EUR/USD finally looked like it turned for the better as the currency pair made a steady march towards 1.0500 after breaking through 1.0600 after a foreshadowing of a long-awaited dollar uptrend. This was also further supported by Yellen’s confirmation that the Fed will be implementing another rate hike this coming March. However, the effect of this positive news was offset by the release of the CPI data which showed weak wages data in spite of the overall data being highly positive. This turned out to be unappealing for the dollar bulls and caused the USD’s strength to die down, causing the pair to end at just over 1.0600 points.
For this week, there will be a US market holiday and there are no expected data to come out from both the EU and the US for the week. The EUR/USD pair will most likely continue its current trend of ranging and consolidating for this week.
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USD/CAD Fundamental Analysis: February 22, 2017 The USD/CAD has still managed to keep itself afloat in spite of a small increase in oil prices during the previous trading session. The currency pair continued to trade within its ranges, but this could be a cause for celebration of the pair’s bulls as the USD/CAD traded within its range highs with no hints of weakness whatsoever. This movement was also partly due to the recent surge in the dollar’s value which ensured support for the pair’s bulls.
As of this morning, the USD/CAD has somewhat weakened in stance and spent most of the session consolidating within its range highs with no actual direction. The USD/CAD bulls are now monitoring the release of the FOMC minutes, whose hawkish outlook might possibly lend some much-needed support for the pair and finally create some sense of direction. If the minutes are able to meet market expectations, then the USD/CAD pair could possibly move towards 1.3200 and could even go beyond this range.
For today’s session, we have the FOMC meeting minutes set to be released as well as the release of the US housing data. Meanwhile, the Canadian economy will be releasing its core retail sales data which will have to be closely watched by the USD/CAD bears in order for them to regain dominance over the currency pair.
Andrea ForexMart
Official Representative
GBP/USD Fundamental Analysis: February 22, 2017 The GBP/USD pair continues to trade very well during the past trading sessions in spite of the US dollar regaining the majority of its losses. The GBP/USD pair remains to be one of the most resilient currency pairs, with the pair even bouncing back significantly as the dollar exhibited weakness and managing to hold on its own once the USD strengthened.
However, it is important to note that in spite of its relative strength, the GBP/USD pair is still trading within a very wide range of 400-500 pips, with the pair consistently trading within this range and not going much further. However, as the Brexit process starts to unfold and with the forthcoming invocation of Article 50, the pair might be in for some added volatility in the coming weeks. But it still remains to be seen whether the pair will be able to finally surpass its current ranges and record some significant change in trend.
UK will be releasing its second GDP estimate today which is expected to give the market an inkling of the current state of the UK economy. The GDP estimate would most likely come out as somewhat positive since the economic state of the country has been well during the past periods. The FOMC minutes will also be released later today, and this is expected to be an indicator of the GBP/USD pair’s short-term trend. If the market expectations with regards to the FOMC minutes is met, then the currency pair could possibly revert back to 1.2400 points.
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NZD/USD Technical Analysis: February 23, 2017 An objective trend seems bearish. The New Zealand dollar resumed its reversal on Tuesday regaining greater portion of its previous losses. The price halted on top of the 0.7150 level as it trade in a tight range yesterday.
The spot remained unsteady near its fresh highs throughout the day. As shown in the 4-hour chart, the 50-EMA made a downward crossover to 200-EMA whilst the price resumed its development on the lower area of the moving averages. Moreover, the 50 and 100-EMA drove downwards while 200-EMA preserved a bullish pattern. Resistance pierced 0.7200, support plunge in at 0.7150.
The MACD indicator had a dip confirming addition strength for the seller. RSI hovered around the neutral zone.
The price met a support within 0.7150 loss and stalled through 0.7100.
Andrea ForexMart
Official Representative
EUR/USD Technical Analysis: February 23, 2017 The rising concerns regarding France presidential elections and increasing rate hike expectations of the Fed scheduled in March caused the European currency to remain under the pressured area. Meanwhile, the Business Climate of Germany showed positive figures exceeding its expectations in spite of the bias forecast.
The common currency reversed few of its losses during the Asian hours on Wednesday. The EURUSD highlighted 1.0550 level but the selling pressure within EUR kept intact and drove the spot towards its fresh lows.
The rebounded the 1.0550 and declined to 1.0500 amid EU morning trades. The 4-hour chart showed that the 100-EMA tested the 200-EMA. While the 100 and 50-EMAs preserved a bearish sentiment and on the other hand, 200-EMA is neutral. The price extended its development under the moving averages. Resistance settled around 1.0550, support approached the 1.0500 area. MACD indicator softened which confirmed strength for the sellers. RSI consolidated near the negative territory.
A break under the mark 1.0500 will generate another lower support. A move below the handle 1.0500 would recover a bearish slope at 1.0450 region.
Andrea ForexMart
Official Representative
EUR/USD Technical Analysis: February 27, 2017 The EURUSD pair strengthened versus the sluggish U.S dollar. The greenbacks were kept below the pressured area during the mid-week of trading following the FOMC minutes and the comments made by Finance Minister Steven Mnuchin regarding tax reform.
The growth gained by the pair did not help the major and further hovered around the descending channel. The buyers lead the price towards its upper limit. The recovery sustained overnight tried to move in the underside of the 1.0600 hurdle during the morning trades of the EU session.
The upside of the pair lost its steam in searching for renewed offers within the level. Buyers attempted to make a gap on top of 1.0600 prior the opening of the New York trades. Moreover, the price surpassed the 50-EMA and continued to stay over the moving averages as outlined in the 4-hour chart. The 100-EMA carried a downward crossover through the 200-EMA. The 50 and 100-EMAs headed lower and the 200-EMA bounced along the neutral zone.
Resistance is at 1.0650 region, support settled in the 1.0600 mark. The MACD histogram acquired growth which signaled weak stance of the sellers. RSI is considered neutral.
A trend above the 1.0600 range indicates support buyers in sending the market through 1.0630 – 1.0650. Likewise, a return to the 1.0550 mark may open doors to move near 1.0500.
Andrea ForexMart
Official Representative
GBP/USD Technical Analysis: February 27, 2017 The British currency preserved a bid tone close to its recent highs. The sterling gained strength following the favorable results for the BBA Mortgage Approvals along with the USD retracement.
The GBPUSD lacks momentum and failed to touch resistance region 1.2600. The bulls stalled near the 1.2565 level due to failure in driving the spot upwards. The pair is confined in a tight range around 50 pips amid the European trades. A bout of renewed selling interest developed amid EU morning trades.
The Cable weakened versus the greenbacks moving near 1.2500 area. The GBP/USD bounced back from the 200-EMA and surpassed the 50 and 100-EMA higher viewed in the 4-hour chart. The GBP resumed its development over the moving averages. The 200 and 50-EMA directed higher while the 100-EMA preserved a bearish pattern indicated in the same chart. Resistance is set at 1.2600, support pierced the 1.2500 mark.
The MACD indicator increased which confirmed strength for the buyers. RSI weakened and descended.
Bullish sentiment would likely prevail. A trend on top of 1.2550 would restore the bullish tone through 1.2600 – 1.2650.
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AUD/USD Technical Analysis: February 27, 2017 The Australian currency declined following the announcement made by the RBA Governor, Philip Lowe confirming that the Central Bank will not approve for an interest rate hike in the near future. Regardless of the positive trend in general, bulls were unable to climb higher.
Having posted its recent highs within the 0.7739 region, the price weakened and turned back towards 0.7700 where sustained a consolidated position throughout the night trades.
The increasing demand for the US dollar caused the Aussie to break under 0.7700 driving the AUD to 0.7650.
The 50-EMA was being tested by the price as indicated in the 4-hour chart. The 50, 100 and 200 moving averages moved upwards. Resistance is shown at 0.7700, support is found at 0.7650. MACD decreased indicating a sell signal. The RSI appeared to be neutral.
The AUDUSD pair is required to beef up and take a grasp into the 0.7700 level as a means of strength recovery. The recent weakness is regarded as corrective. There is a chance to buy the dips.
A break under 0.7650 will ease the movement of the upward pressure. A move on the underside of 0.7550 will neutralize the buying pressure and open possibility for further weakening.
Andrea ForexMart
Official Representative
EUR/USD Fundamental Analysis: February 28, 2017 The market saw a very dismal durable goods data reading while Trump continues to further delay his long-awaited tax cut policies, thereby contributing to the further dwindling of the value of the US dollar. As a reaction to this particular phenomenon, the EUR/USD pair was able to reach 1.0630 points in a matter of a few hours and seems poised to move further.
However, the US dollar suddenly reverted its losses for no apparent reason at all and this caused the EUR/USD to drop further to 1.0600 before settling at just over 1.0580 points. Some market analysts are crediting this sudden surge in the dollar’s value to Trump’s previous statements regarding the infrastructure increases, a favorite campaign topic of Trump during his candidacy. Previously, there have been rumors swirling around that this infrastructure policies would not come into effect until 2018, but since Trump has already re-discussed this particular proposal, the market has since then been speculating that the increase might be implemented within the year which could help in keeping the buoyancy of the market. The USD has been able to revert its losses as a result but the real determinant here would be the rate statement next month as well as the FOMC rates.
Now that the market is slowly shifting its focus from Trump’s policies towards the move of the Federal Reserve, it is highly likely that the market’s movements will be relying on the Fed’s decision on when they will be implementing the next rate hike.
There are no major releases coming from the eurozone today but the US will be releasing its consumer spending data as well as its Preliminary GDP data today which could bring in added volatility to the USD and affect the EUR/USD pair. The currency pair is expected to continue consolidating with bullish undertones for today.
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Andrea ForexMart
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USD/CAD Fundamental Analysis: February 28, 2017 The USD/CAD had a strong bullish trade during the previous session after the bulls were able to regain its dominance over this particular currency pair. The bulls had previously attempted last week to gain control over the pair after the release of a dismal retail sales data from the Canadian economy but was eventually unable to do so after the release of a very strong CPI data. The bulls had also attempted to break through yesterday but has failed from last week’s range highs.
The currency pair’s strong resistance and support barriers of 1.3060 and 1.3000 respectively has led the market to believe that the USD/CAD pair is in for some major uptrend and is evident of the importance of the support barrier with regards to the struggle between the pair’s bulls and bears. Since the bears have constantly failed to break through this pair, the pair’s bears are currently in full dominance of the USD/CAD. The USD/CAD was previously consolidating within the 1.3100 barrier but a surge in the value of the USD helped in boosting the currency pair following’s Trump’s statement that he will be adding up the country’s infrastructure spending. The pair eventually increased in value after oil prices somewhat dropped in value.
This drop in oil prices could cause trouble for the USD/CAD pair in the short and medium term since Canada is very reliant on oil prices. The pair’s bears could become seriously affected once the dollar strength and weak oil prices come together since this could trigger the pair to move significantly upwards.
There are no major news coming from the Canadian economy today but the pair could get some volatility from the US consumer confidence data and Preliminary GDP which will be released today. The USD/CAD could possibly consolidate within 1.3100-1.3200 points with a bullish undertone.
Andrea ForexMart
Official Representative
GBP/USD Fundamental Analysis: February 28, 2017 The GBP/USD took a heavy hitting during the previous session as the pair’s bulls were unable to create a continuously good run for the pair since every time a bounce in the pair manifests, the pair immediately drops as it is met with major selloffs. There are still overshadowing concerns with the currency pair since the Brexit process is still ongoing, and this ensures that the GBP/USD pair will be unable to go higher for quite some time.
The GBP/USD pair was hit even more harder yesterday after rumors that Scotland is currently planning to implement another referendum in their favor in order to discern whether it would still be beneficial for them to continue becoming part of the UK. If this happens, then this would be disastrous for the UK economy since other parts of the UK might also be encouraged to do the same. This is probably the worst that could happen to the UK, especially since Scotland had initially voted to remain part of the European Union but was outvoted by the majority of UK members. But then further confirmation of this particular rumor never happened, and this caused the GBP/USD pair to bounce back from 1.2400 and is currently trading at just under 1.2450 points.
There are no major news releases expected from the UK today but the US will be releasing its Preliminary GDP data and consumer confidence data. The currency pair would most likely remain under pressure for today, with the 1.2500 barrier presenting a possibly limit to any kind of uptrend in the pair.
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EUR/USD Technical Analysis: March 1, 2017 The consumer price index of France inched up, however, it was unable to meet the projected level. While Italy’s rate of inflation remained consistent despite the forecasts about its potential decline. Moreover, the jobless rate in Germany is expected to decrease as mentioned by analysts and the German’s Manufacturing Purchasing Managers' Index is assumed to remain steady.
The single currency was not able to make some reversal on Monday. Buyers touched the 1.0631 region by which the spot eyed some renewed offers. The price turned back under the 1.0600 level and posted its session lows near 1.0567 area amid Asian session.
The EURUSD attempted to break the barrier in the European hours. The EUR made a slight recovery few of its losses during the night upon approaching 1.0600 in the mid-EU trades.
The price is close to the 50-EMA as it positioned in the neutral zone during the earlier trading while the 100-EMA preserved a bearish pattern and the 200-EMA drove downwards.
Resistance settled at 1.0600, support plunge towards 1.0550.
The MACD is situated at the centerline. When the indicator pierced the positive region, the strength of the buyers will grow while an entry in the negative territory will signal sellers to dominate the market. The RSI appeared to be neutral.
Furthermore, bullish momentum is possible to reclaim. The next target of the pair is 1.0630. The EUR/USD may resume its ascending movement to 1.0650.
Andrea ForexMart
Official Representative
GBP/USD Fundamental Analysis: March 3, 2017 The GBP/USD pair has been nursing its wounds during the past trading session as the currency pair is still at a loss on what it needs to do in order to propel its value higher up the chart. The sterling pound has been experience a lot of pressure this week, with the shadows of the ongoing Brexit process hanging over the currency, especially since it is still uncertain whether the impending talks between EU and UK leaders would go smoothly or otherwise. The invocation of Article 50 is drawing nearer and once the line is drawn, there will be no returning for both the European Union and the UK.
In addition to the pressure brought about by the Brexit, there have been also additional concerns that Scotland is planning to relieve itself from the UK, and though this has been nothing more than a rumor, it does not look like it’s going to die down any soon, and the USD is also undergoing a consistent rallying streak, another cause of trouble for the GBP/USD pair. The main reason behind the dollar strength is that the market is slowly getting used to Trump’s various eccentricities, and the Federal Reserve has also become increasingly hawkish, thereby cementing speculations that an interest rate hike is in the works.
The GBP/USD pair is expected to remain under pressure during today’s session. The UK is scheduled to release its services PMI data today but the market’s main focus would be Yellen’s speech at the New York session. The market will be monitoring whether Yellen will be giving out indications of a March rate hike, and if this is the case, then the dollar would possibly continue rallying and send the GBP/USD pair towards 1.2200 points.
Andrea ForexMart
Official Representative
USD/CAD Technical Analysis: March 6, 2017 The US dollar made some minor adjustments on Fridays as it moves close to its seven-week high versus other majors. The growing expectations of US rate increase within this month provided support for the greenbacks. The focus was turned to the testimony of Fed Chair Janet Yellen. Moreover, the greens were able to maintain its winning position on Friday.
The major came in green posting renewed highs during the onset of EU session.
Buyers demonstrated an active movement this morning subsequent to the flat Asian trading as they drove the price upwards and gapped the level 1.3400. The USDCAD preserved a bid tone, touching its renewed highs eventually.
The 4-hour chart presented the price extend its development on top of the moving averages while the MAs sustained a bullish pattern. The 100 and 50-EMA executed an upward crossover towards the 200-EMA. Resistance is at 1.3470, support entered 1.3400.
The MACD increased which confirmed a buy signal. RSI have seen consolidated around the positive readings.
In case that buyers dominate the market, the next target is 1.3470. In turn, the USD would likely pull back near 1.3330 mark.
Andrea ForexMart
Official Representative
GBP/USD Technical Analysis: March 6, 2017 The downbeat data of UK non-manufacturing PMI coupled with the growing expectation for the rate increase in US occurred on the back of British currency’s 6-week low recovery versus the greenbacks. Moreover, the sterling resumed its period of consolidation during the Asian trades took place on Friday. The price traded range-bound lower in a tight range of 50 pips. The sellers were able to push the GBP towards 1.2200 as it became active throughout the morning EU trades.
The 4-hour chart continued its development under the moving averages while the 50, 100 and 200-EMAs drove lower. Meanwhile, the 100 and 50-EMA made a downward crossover to the 200-EMA. Resistance is seen at 1.2300, support highlighted 1.2200.
The MACD histogram weakened which indicates seller’s strength. RSI came in the oversold territory, en route south.
Technicals are expected to support a downward extension to 1.2200 level. The final break would suggest further weakness at 1.2150 region. The possible minor correction still predicted to happen if the spot appeared to be oversold. In order to ease the downward pressure, buyers may push the price through the mark 1.2300.
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EUR/USD Technical Analysis: March 7, 2017 The common European currency strengthened on the back of the dollar retracement since investors did some profit-taking subsequent to the rally that occurred last week. The greenbacks continued to gain strength amid growing expectations about rate hike in line with the Fed meeting scheduled on March 14-15. All eyes are now turned to French presidential elections.
The EURUSD stayed in a downward channel yesterday. Failure to break beyond the level 1.0550 would pull back some buying interest which could lead the spot upwards. Meanwhile, a soft tone near the USD provided an opportunity for Euro’s recovery.
The EUR have rallied into certain regions till it touched the upper limit of 1.0650 range. The barrier stalled bull’s activity as they initiated period of consolidation. The renewed selling pressure crop up during the late of Europe and push the major below the marks 1.0600 to 1.0580.
As outlined in the 4-hour chart, the 100-EMA were being tested by euro in the morning.
Moreover, the 100-EMA moved lower while the 50-EMA headed upwards and the 200-EMA maintained a mild bearish tone. Resistance lies at 1.0600, support entered 1.0550.
The MACD decreased confirming a sell signal. RSI oscillator is confined in the oversold readings and favoring a downtrend.
Maintaining a level under 1.0600 may regain the 1.0550 support level.
Andrea ForexMart
Official Representative
EUR/USD Fundamental Analysis: March 8, 2017 The EUR/USD pair continued with its ranging and consolidation movement for the second consecutive day, with this current trend expected to continue for the subsequent trading session as well. There are no major economic news releases happening within the international market which might influence the movement of the EUR/USD pair, and this is why the market has been incessantly seeing this ranging and consolidation.
However, this particular movement coming from the currency pair is also part of the pair’s preparation for the onslaught of important economic data which are expected to be released in the middle of this week, especially since these economic data would most likely induce a lot of unprecedented volatility in the EUR/USD pair. So until these data gets released in the market, it is highly likely that the currency pair would continue consolidating. The USD experienced some minor corrections throughout the course of yesterday’s trading session, and this has become evident in the state of the EUR/USD pair after the currency pair dropped slightly in value and is now trading at just over 1.0550 points. The pair is expected to maintain its hold on this particular barrier as more buys are expected to come in at this region. This could also cause the currency pair to move towards 1.0600 points and will continue consolidating for the rest of the trading session.
There are no major news releases expected from the European Union for today but the US will be releasing its ADP employment data later today. This employment data is usually touted as a precursor to the NFP report and although its importance is now being overlooked, it still serves as a necessary gauge on how the the NFP report would eventually pan out. Any fluctuations in this particular data are most likely to show in the NFP report as well.
Andrea ForexMart
Official Representative
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