Daily Market Analysis by FxGrow

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Daily Market Analysis – 04th May, 2015
By FxGrow Research & Analysis Team

US ISM Manufacturing PMI at 51.5

The US ISM Manufacturing PMI remained at 51.5, well below market expectations of 52.0 for the month of April.

Activity in the US manufacturing sector showed slow growth in April 2015, while market expectations were for an increase to 52.0

US Construction spending declined by 0.6% in March 2015 while market expectations were for a 0.5% increase.

EURUSD is down from a High of 1.1220 to 1.1141 after Markit Eurozone Manufacturing PMI came out at 52.0 today.

GBPUSD slipped below 1.52 after the UK manufacturing PMI declined to 51.9, down from 54.0 in the preceding month ahead of UK elections on Thursday.

In the Asian trading session China's manufacturing PMI came in at 48.9 for April. Australian dollar is lower at 0.7835, amid expectations of RBA rate cut tomorrow.

Silver continues its consolidation to 16.32 while Gold is lower this morning at 1182.55

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.
 
Daily Market Analysis – 05th May, 2015
By FxGrow Research & Analysis Team

RBA Cuts Interest Rates to Record Low

Reserve Bank of Australia cut its interest rates by 25 basis points to 2.0%, to provide further stimulus to the economy. Meanwhile Australia's trade balance has stayed in deficit of $1.3B.

AUDUSD rose to 0.7900 following the rate cut, amid speculation that the RBA may be unwilling to cut further.

The Australian dollar has declined against US dollar over the past year, due to the falling commodity prices.

EURUSD is trading lower at 1.1110 ahead Of the European Commission Economic Growth forecast due today.

Greek negotiations continue this week and a deal can be achieved by the Euro group meeting on 11 May, with Greece having to repay €763 million in loans to the IMF.

The U.K. election polls show both major parties Conservatives and Labour as being head-to-head arriving at overall majority is unlikely.

GBPUSD remains under pressure at 1.5105 before polls and uncertain UK election.

Gold rebounded from a 6-week low to 1188.65 after weak Chinese PMI, while Silver is flat this morning at 16.40

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.
 
Daily Market Analysis – 06th May, 2015
By FxGrow Research & Analysis Team

Kiwi falls after Weak Employment Data

New Zealand Unemployment rate remains flat at 5.8 percent, while Employment growth slowed to 0.7%. Kiwi has been under some pressure after Reserve Bank of New Zealand signaled easing bias last month.

In the Asian trading session NZD/USD fell to 0.7480 after weaker than expected employment data.

In Australia, March retail sales rose less than expected to 0.3%. The Australian dollar gained to 0.7960 after China services PMI climbed to a 4-month high at 52.9

EURUSD is trading higher at 1.1230 ahead Of the Euro-Zone's Retail Sales Data. Greek debt talks with international creditors are making progress but no breakthrough yet.

U.S. trade deficit soared to $51.37 billion in March to its highest level. USD ISM Non-Manufacturing PMI rose to a five-month high of 57.8 in April.

GBPUSD crossed 1.5200 ahead of UK elections tomorrow. UK Construction PMI hits a 22 month low at 54.2

Crude Oil futures surged on NYMEX, WTI to $60 a barrel amid geopolitical tensions in Northern Africa and the Middle East.

Gold is trading higher at 1195.10 after broad decline in the global equity markets, with fresh demands for the safe-haven.

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
 
Daily Market Analysis – 07th May, 2015
By FxGrow Research & Analysis Team

German Bund yields lift Euro

German 10-year bond yields reached a four-month high of 0.595 percent lifting the Euro above 1.1340

German Bunds yields are at the highest after European Central Bank announced its intention to launch QE.

EURUSD is trading higher at 1.1343 ahead of the Germany's construction PMI data and the US initial jobless claims data.

UK goes to the polls today and it is still uncertain if we will get a hung Parliament in the UK.

GBPUSD is in the range of 1.5240 and traders expect heavy market volatility ahead of the Elections.

Australia's unemployment rate climbed to 6.2% as expected with a loss of 2.9K jobs. AUDUSD peaked to 0.8000 after the jobs report.

Australian bond yields rose further on Wednesday morning to above 2.8 per cent after the RBA decision.

Crude oil pulled back in Asian trading session, after rallying to new 2015 highs of 62.85 presently at 61.36

Gold is trading lower in the Asian session at 1187.68 while Silver is at 16.45

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.
 
Daily Market Analysis – 08th May, 2015
By FxGrow Research & Analysis Team

GBP spikes as Exit Polls Predict a Conservative Win in UK

In UK General Elections Exit Polls Predict a Conservative Win and that the Britain’s Prime Minister, David Cameron would retain his power.

GBPUSD spiked 2.1% to cross 1.5430 yesterday and to 1.5500 in the Asian trading session. Apart from the outcome of the UK elections, Britain’s trade data for March coming out today will reflect the health of the UK economy.

EURUSD is trading lower at 1.1198 ahead of Economic Data from Germany and US non-farm payrolls data.

USD Non-farm Payrolls forecast is 228K for the month of April. Meanwhile the ongoing Greek debt negotiations continue to affect the Euro.

The US Dollar bounced off a three-month low on stronger than expected initial jobless claims data.

German industrial production fell last month to an annual rate of -0.5%, from 0.2% in the preceding month, while Germany’s Trade Balance fell to 19.3B, from 20.0B in the preceding month.

The Reserve Bank of Australia cuts GDP Growth Forecast for the Australian economy to 2-3% and expects the Australian dollar to fall further.

Chinese Trade Balance rose to 34.13B, from 3.08B in the preceding month which was less than expected.

Crude oil is down on profit taking amid speculations of a strong NFP. WTI crude oil rose to 61.30 before settling at 58.92

Gold is trading flat in the Asian trading session at 1185.15 while Silver recovers its losses at 16.36

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.
 
Daily Technical Analysis by FxGrow

Dear Forum Members!

Here you can find Daily Technical Analysis of Major Currencies.

We hope that this information will be helpful for your trading.

Best Regards
FxGrow Support

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Terms used in our Analysis

RSI (14) - Relative strength index 14 days Time frame
MACD (12, 26) - Moving Average Convergence Divergence 12 day EMA - 26 day EMA
EMA - Exponential moving average
ADX (14) - Average Directional Index 14 days
ATR (14) - Average True Range 14 days
SMA - Simple Moving Average
MA x - Moving Average where x is the number of days
STOCH RSI (14) - Stochastic RSI 14 days
William %R - Momentum Indicator
CCI(14) - Commodity Channel Index
ROC - Rate of Change

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Daily Technical Analysis – 08th May, 2015
By FxGrow Research & Analysis Team

EURUSD

EURUSD08may15_zps4aajzcpi.png


EURUSD could not hold on to its bullish trend and came down on profit taking at 1.1220 Near term bias is bearish but overall scenario remains bullish.

RSI (14), ADX (14) and MACD (12, 26) indicate a SELL while Average True Range (14) indicates Less Volatility.

Support is at 1.1197 while Resistance is at 1.1265, 1.1288 and 1.1391



GBPUSD

GBPUSD08may15_zps6aw8doxa.png


GBPUSD continues its strong bullish momentum crossing 1.5480; the short term bias is bullish within range of 1.5500 to 1.5550, and a correction is expected due to profit taking.

RSI (14), MACD (12, 26) and ADX (14) indicate a BUY while ATR (14) indicates High volatility.

Support is at 1.5303 while Resistance is at 1.5497 and 1.5521



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.
 
Daily Technical Analysis – 08th May, 2015
By FxGrow Research & Analysis Team

AUDUSD

AUDUSD08may15_zpsl8utlj8c.png


AUDUSD could not hold on to its bullish trend and came down to 0.7900 and remains vulnerable to downside movements with targets of 0.7850 and 0.7800

RSI (14), MACD (12, 26) and MA100 indicate a SELL while STOCH (9, 6) is Neutral and STOCHRSI (14) is overbought. Average True Range (14) indicates Less Volatility.

Support is at 0.7862 and 0.7876 while Resistance is at 0.7937 and 0.7975




USDJPY

USDJPY08may15_zpsvaplci6v.png


USDJPY is higher at 119.90 and the near term bias remains bullish within the range of 120.00 to 120.35, sideways movements are possible in the European trading session.

RSI (14), STOCHRSI (14), ADX (14), CCI (14) and MACD (12, 26) indicate a BUY. STOCH (9, 6) is overbought and ATR (14) indicates less volatility.

Support is at 119.04 while Resistance is at 119.96 and 119.99



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.
 
Daily Technical Analysis – 11th May, 2015
By FxGrow Research & Analysis Team

EURUSD

EURUSD11may15_zpsgkmwcyst.png


EURUSD remained sideways with the pair testing 1.1140 in the Asian trading session. Near term bias remains bearish with targets of 1.1040 but overall scenario remains bullish.

RSI (14), ADX (14), ROC and MACD (12, 26) indicate a SELL while Average True Range (14) indicates Less Volatility.

Support is at 1.1136 while Resistance is at 1.1269 and 1.1288

11th May 2015 – 04:03hrs GMT


GBPUSD

GBPUSD11may15_zpsjz461dua.png


GBPUSD maintains its bullish tone still trading above 1.5400 but downside movements are possible due to price action and overall scenario remains bullish.

RSI (14) is Neutral, STOCH (9, 6), ADX (14), CCI (14) indicate a SELL while ATR (14) indicates Less volatility.

Support is at 1.5269, 1.5303 while Resistance is at 1.5497 and 1.5521

11th May 2015 – 04:12hrs GMT




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.
 
Daily Technical Analysis – 11th May, 2015
By FxGrow Research & Analysis Team

AUDUSD

AUDUSD11may15_zpsug9kogdz.png


AUDUSD remains in Uptrend at 0.7885 and is expected to consolidate at 0.7850 to 0.7900 in the Asian trading session.

RSI (14), MACD (12, 26), STOCH (9, 6) and MA100 indicate a SELL while STOCHRSI (14) is oversold. Average True Range (14) indicates Less Volatility.

Support is at 0.7860 and 0.7876 while Resistance is at 0.7937 and 0.7966

11th May 2015 – 04:19hrs GMT



USDJPY

USDJPY11may15_zpsignngmd8.png


USDJPY is moving sideways trading below 120.00 in the Asian trading session and the near term bias remains Neutral.

RSI (14) is Neutral; STOCHRSI (14) is overbought; ADX (14), CCI (14) and MACD (12, 26) indicate a BUY while ATR (14) indicates Less volatility.

Support is at 119.70 while Resistance is at 120.08

11th May 2015 – 04:26hrs GMT




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.
 
Daily Market Analysis – 11th May, 2015
By FxGrow Research & Analysis Team

US Non-Farm Payrolls rose by 223K in April

us620x350_zpsgnslltoe.jpg


US Non-Farm Payrolls rose by 223K in April which was just below market expectations for a 230,000 increase.

The unemployment rate was down to 5.4% and Participation Rate was at 62.8%. Following the NFP USD remained strong as the unemployment rate in the US plunged to a 7-year low.

EURUSD is trading lower in the Asian trading session at 1.1155 ahead of the Euro group Finance Ministers meeting in Brussels today.

The People’s Bank of China lowered interest rates to 5.1% as inflation figures fell short of expectations.

Asian markets are up after the PBOC cut its interest rates and a strong US NFP report on Friday.

Bank of England will announce its monetary policy decisions today with main focus on the quarterly inflation report.

In Canada Jobs report came with a loss of 19.7K jobs while the unemployment rate is at 6.8%.

WTI futures dropped to $59.22 per barrel on Monday on account of strong US dollar.

Gold is trading lower in the Asian trading session at 1187.20 after China rate cut while Silver is flat at 16.40

11th May 2015 – 06:36hrs GMT


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.
 
Daily Technical Analysis – 09th June, 2015
By FxGrow Research & Analysis Team

EURUSD

EURUSD09June15_zpsfgvyldql.png


EURUSD is in a strong bullish momentum and touched a high of 1.1344 in the Asian trading session today. Now it is trading above its 20day moving average of 1.1268 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.1360 to 1.1380

RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC, MA100, MA200 indicate a BUY; while Average True Range (14) indicates Less Volatility.

Support is at 1.1269 while Resistance is at 1.1322

09th June 2015 – 06:33hrs GMT


GBPUSD

GBPUSD09June15_zpsib1kmzlm.png


GBPUSD is in a strong bullish momentum and touched a high of 1.5372 in the Asian trading session today. Now the pair is trading above its 20day moving average of 1.5327 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.5410

RSI (14), STOCH (9, 6), MACD (12, 26), ADX (14), CCI (14), ROC, MA100, MA200 indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.

Support is at 1.5269 while Resistance is at 1.5374

09th June 2015 – 06:44hrs GMT

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.
 
Daily Technical Analysis – 09th June, 2015
By FxGrow Research & Analysis Team

AUDUSD

AUDUSD09June15_zpshunjozxz.png


AUDUSD had a bullish trend yesterday and touched a high of 0.7715 in the Asian trading session today. Now the pair is trading just above its 20day moving average of 0.7678 in the European trading session. The near term bias remains Neutral to Bullish with targets of 0.7700

STOCH (9, 6), ADX (14) are Neutral; RSI (14), MACD (12, 26), Ultimate Oscillator, ROC, MA200 indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.

Support is at 0.7625 while Resistance is at 0.7721

09th June 2015 – 06:49hrs GMT


USDJPY

USDJPY09June15_zpsif94dzfu.png


USDJPY was bearish yesterday and touched a low of 124.15 in the Asian trading session today. Now it is trading below its 20day moving average of 124.72 in the European trading session. The near term bias remains Neutral to Bearish with targets of 124.00

RSI (14), STOCHRSI (14), MACD (12, 26), ADX (14), CCI (14), Ultimate Oscillator, ROC, MA100 indicate a SELL; STOCH (9, 6) is Neutral; while Average True Range (14) indicates Less Volatility.

Support is at 124.12 while Resistance is at 124.80

09th June 2015 – 06:54hrs GMT

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.
 
Daily Market Analysis – 15th June, 2015
By FxGrow Research & Analysis Team

Fears of Greek Default Rise after talks break down

greek8_zpsqv3s57op.png


On Sunday night talks between Greek ministers and its European creditors collapsed after a new economic reform proposal submitted by Athens was deemed inadequate to continue negotiations.

Germany has given a clear warning that Greece could leave the Eurozone as officials were unable to reach out a last-minute deal in Brussels.

“The shadow of a Greek exit from the Eurozone is becoming increasingly perceptible. Greece’s game theorists are gambling the future of their country and Europe’s too” - German Vice Chancellor, Sigmar Gabriel.

Greece needs to repay €1.6bn to the IMF by June 30 or risk default, and a possible exit from the Euro. It also needs to repay €6.7bn when Greek bonds held by the European Central Bank fall due in July and August this year.

Greek default and exit from the Euro could trigger some huge moves in the markets and will have a damaging effect on countries that are part of the Eurozone.

"We want to help Greece and keep it in the euro. However, not just time is running out but also, everywhere in Europe, patience. All over Europe there is a growing sentiment: Enough!" - German Vice Chancellor, Sigmar Gabriel.

Greece is under pressure as it also needs another €1.5 billion to pay public sector wages and pensions and it cannot do so without the bailout funds.

The Greek government is blaming its European creditors and IMF who financed its 240 billion Euro bailout program in 2010, for sticking with demands that are economically senseless and politically unacceptable to the Greek citizens.

Manufacturing industry in the Euro zone rebounded by 0.1% in April lower than analyst expectations of a 0.4% gain. Largest contribution came in from Germany and France. A new report from the World Bank forecasts the Euro area's GDP to increase by 1.5% this year.

US Producer Prices rose to 0.5% in May indicating signs of an economic recovery as the world's biggest economy is getting back on track.

In Japan Industrial output rose by 1.2% in April while exports climbed to 0.6% supported by a weaker Yen.

"There's a large majority of bond investors who think the next move by the Bank of Japan is going to be more easing" - Morgan Stanley MUFG Securities Co.

Crude Oil is down to $59.51 on concerns over a global oversupply versus the demand.

Gold is trading lower in the Europe at 1174.30 while Silver is weak at 15.87

15th June 2015 – 10:11hrs GMT

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.
 
Daily Technical Analysis – 16th June, 2015
By FxGrow Research & Analysis Team

EURUSD

EURUSD16June15_zpsh84t9ycp.png


EURUSD had a bullish trend yesterday and touched a high of 1.1293 and remained firm towards the end of the trading session. Now it is trading above its 20day moving average of 1.1268 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.1360 to 1.1380

RSI (14), MACD (12, 26), ROC, MA100, MA200 indicate a BUY; STOCHRSI (14), CCI (14) are Overbought; while Average True Range (14) indicates Less Volatility.

Support is at 1.1207 while Resistance is at 1.1322

16th June 2015 – 07:00hrs GMT


GBPUSD

GBPUSD16June15_zpszc0xo5a5.png


GBPUSD had a bullish trend yesterday and touched a high of 1.5613 and remained firm towards the end of the trading session. Now the pair is trading above its 20day moving average of 1.5584 in the European trading session. The near term bias remains Neutral to Bullish with targets of 1.5680

RSI (14), STOCH (9, 6), MACD (12, 26), STOCHRSI (14), CCI (14), ROC, MA100, MA200 indicate a BUY; Ultimate Oscillator is Overbought; while Average True Range (14) indicates Less Volatility.

Support is at 1.5552 while Resistance is at 1.5650

16th June 2015 – 07:04hrs GMT

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.
 
Daily Technical Analysis – 16th June, 2015
By FxGrow Research & Analysis Team

AUDUSD

AUDUSD16June15_zpscs2j35sd.png


AUDUSD had a bullish trend yesterday and touched a high of 0.7775 but now it has corrected lower. Now the pair is trading below its 20day moving average of 0.7761 in the European trading session. The near term bias remains Neutral to Bearish.

STOCH (9, 6) is Neutral; RSI (14), ADX (14), Ultimate Oscillator, ROC indicate a SELL; STOCHRSI (14), CCI (14) are Oversold; while Average True Range (14) indicates Less Volatility.

Support is at 0.7721 while Resistance is at 0.7779

16th June 2015 – 07:09hrs GMT


USDJPY

USDJPY16June15_zpszv614tby.png


USDJPY remained indecisive yesterday and moved in a closed range. Now it is trading above its 20day moving average of 123.47 in the European trading session. The near term bias remains Neutral to Bullish with targets of 124.10

RSI (14), STOCHRSI (14), MACD (12, 26), ADX (14), CCI (14), ROC, MA100 indicate a BUY; STOCH (9, 6) is Neutral; while Average True Range (14) indicates Less Volatility.

Support is at 123.32 while Resistance is at 123.88

16th June 2015 – 07:15hrs GMT

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.
 
Daily Market Analysis – 16th June, 2015
By FxGrow Research & Analysis Team

RBA expects Australian Dollar to Drop Further

RBA_zpslfwvtudy.png


Reserve Bank of Australia released the minutes from its June monthly meeting. RBA stated "It was appropriate to leave the cash rate unchanged and to assess information on economic and financial conditions as it become available".

"A lower exchange rate would have an immediate beneficial effect on some sectors such as tourism. It would need to be lower for a sustained period to have a significant effect on large investment decisions in other trade-exposed sectors" - Reserve Bank of Australia.

“The board’s assessment was that the stance of monetary policy should be accommodative. Output growth had continued at a below-trend pace over the past year and would remain a little below trend in the period ahead before picking up to around trend in the latter part of 2016" - Reserve Bank of Australia.

"The current level of the exchange rate, particularly on a trade-weighted basis, continued to offer less assistance than would normally be expected in achieving balanced growth in the economy. A further depreciation therefore seemed both likely and necessary, particularly given the significant declines in commodity prices over the past year" - Reserve Bank of Australia.

AUDUSD is trading lower in the European trading session at 0.7728 following the release of the RBA minutes.

In Greece there is no visible progress in the bailout negotiations with its European partners. Risks of a Greek default and a possible exit from the Euro are running high.

If Greece is unable to reach a deal with its European creditors it could become bankrupt and leave the Eurozone. Major concern for Banks in Greece is that deposit outflows are gathering pace with another €400 million being withdrawn yesterday.

Failing to keep Greece in the Euro after years of negotiations and emergency bailouts of €240bn could mark a blow to the official currency of the 19 member nations.

In Germany Consumer Price Inflation rose to 0.1% last month according to a report released from the Federal Statistical Office.

Switzerland's Producer and Import prices declined 6% YoY basis in May according to the Federal Statistical Office. Swiss retail sales rebounded to a growth of 1.6% in April, after a fall of 2.4% in the previous month.

Crude Oil is down to $60.06 on concerns over global supplies.

Gold is trading steady in the Europe at 1182.64 while Silver is weak at 16.02

16th June 2015 – 09:46hrs GMT

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.
 
Daily Technical Analysis – 17th June, 2015
By FxGrow Research & Analysis Team

EURUSD

EURUSD17June15_zpsudgycrrb.png


EURUSD remained indecisive yesterday as it touched a high of 1.1327 and a low of 1.1210 and then consolidated towards the end of the trading session. Now it is trading just above its 20day moving average of 1.1245 in the Asian trading session. The near term bias remains Neutral but overall scenario remains bearish.

RSI (14), STOCHRSI (14), MACD (12, 26), CCI (14), Ultimate Oscillator are Neutral; while Average True Range (14) indicates Less Volatility.

Support is at 1.1213 while Resistance is at 1.1288

17th June 2015 – 06:15hrs GMT


GBPUSD

GBPUSD17June15_zpswr6pvgxq.png


GBPUSD touched a low of 1.5544 yesterday but then it continued its Bullish trend and remained firm towards the end of the trading session. Now the pair is trading just above its 20day moving average of 1.5639 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 1.5700

ADX (14), CCI (14) are Neutral; RSI (14), MACD (12, 26), ROC, MA100, MA200 indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.

Support is at 1.5597 while Resistance is at 1.5653

17th June 2015 – 06:22hrs GMT

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.
 
Daily Technical Analysis – 17th June, 2015
By FxGrow Research & Analysis Team

AUDUSD

AUDUSD17June15_zpswfo5jtxi.png


AUDUSD remained bearish yesterday and touched a low of 0.7722 and corrected higher towards the end of the trading session. Now the pair is trading below its 20day moving average of 0.7742 in the Asian trading session. The near term bias remains Bearish with targets of 0.7650

STOCH (9, 6), RSI (14), ADX (14), MACD (12, 26), CCI (14), Ultimate Oscillator, ROC, MA100 indicate a SELL; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.

Support is at 0.7712 while Resistance is at 0.7760

17th June 2015 – 06:27hrs GMT


USDJPY

USDJPY17June15_zps5j692byh.png


USDJPY remained indecisive yesterday touching a high of 123.80 and a low of 123.33 towards the end of the trading session. Now it is trading above its 20day moving average of 123.43 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 124.00

RSI (14), MACD (12, 26), ADX (14), Ultimate Oscillator, ROC, MA100 indicate a BUY; STOCH (9, 6) is Neutral; while Average True Range (14) indicates Less Volatility.
Support is at 123.32 while Resistance is at 123.75

17th June 2015 – 06:33hrs GMT

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.
 
Daily Market Analysis – 17th June, 2015
By FxGrow Research & Analysis Team

Global Investors await FOMC rate decision

Fed_zpsjszb5bxj.png


Globally investors are awaiting the outcome of the Federal Open Market Committee's two day meeting at 18:00hrs GMT which is expected to create high volatility in the markets.

Analysts expect that Federal Reserve policy makers will raise interest rates in September this year. Market is pricing in a 67% probability of the Fed hiking rates before its December policy meeting.

“We expect Fed Chairwoman Janet Yellen to make it clear that the first rate hike is not far off” - Ian Shepherdson, Pantheon Macroeconomics.

“They think the economy is doing fine, and the majority on the Fed now favors starting rate hikes soon and going slowly" - James Glassman, J.P. Morgan Chase.

The FOMC is unlikely to change policy in its June meeting, but the statement and comments by Fed Chairwoman Janet Yellen in the news conference will be very important.

“This market has been and still is a Fed-driven market and it is fan of clear guidance. If Janet Yellen hints whether the Fed will raise in September or December it would be ultimately good for the markets, even though the very short-term reaction will almost certainly be negative” - Michael Antonelli, R.W Baird & Co.

“The Fed has to start normalizing rates, but there is never a perfect time to do it. The market will adjust to the rate hike cycle if it accepts that the economy is growing and that the Fed will indeed be “gradual” as it moves towards higher rate” - Quincy Krosby, Prudential Financial.

Greece is running out of time to secure bailout funds and avoid a possible default. The Greek government must reach a deal with its European creditors soon or risk an exit from the Eurozone.

The probability of a Greek default is at 75% to 80% according to market strategists, with the chances that Greece will secure a last minute deal are at 50%.

In Germany Investor confidence declined for the month of June. The ZEW Economic Sentiment Index dropped to 31.5 amid concerns over the Greek debt default.

In UK Inflation turned positive for the month of May. UK inflation edged higher 0.2%, according to the Office for National Statistics.

In Japan trade deficit increased in May, while imports declined. Trade deficit was 216.0 billion yen in May, while Imports declined by 8.7% to 5.956 trillion yen.

In New Zealand current account deficit decreased to NZ$1.8 billion in the first quarter of 2015.

Crude Oil is trading higher at $61.11 mainly driven by the huge decline in US crude stockpile.

Gold is trading lower in the Europe at 1178.92 ahead of the FOMC statement, while Silver is weak at 15.97

17th June 2015 – 08:54hrs GMT

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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