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    Daily Market Analysis by ForexMart

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    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Thu Jun 15, 2017 2:37 am


    EUR/USD Technical Analysis: June 15, 2017

    The EURUSD climbed up higher during earlier session of Europe, however, the pair drive downwards amid North American session, and remained steady after the Fed announced its decision to raise the interest rates.

    The U.S Fed Reserve tightened its rates by 25 basis points to a range of 1% to 1.25%. They have already confirmed that inflation slowed down but based on their economic forecast, job markets appeared to be tighter in 2018 and 2019.

    The projections were unchanged as most of the officials from Fed implied further twice rate hike for this year. Moreover, the CPI and U.S. retail sales showed a lower than expected results that helped the major pair to buoyed initially.

    The pair moved near the resistance which currently acts as the support touching the 1.1231 level around the 10-day moving average. Further support came in at 1.1109 region placed near the lows of May 29 while the resistance highlighted the area 1.1285.

    Momentum was neutral and the moving average convergence divergence (MACD) prints in the red showing a flat trajectory that indicates for a consolidation.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Mon Jun 19, 2017 12:56 am


    GBP/NZD Technical Analysis: June 19, 2017

    The British pound against the New Zealand dollar rebounded in its descending channel resistance as it moves towards the support region. If the base of the support region at 1.7300 handle is sustained, there is a possibility for another retest of the resistance level.

    The stochastic diagrams are demonstrated the market has entered oversold area. This implies that the sellers are weakening and buyers are starting to dominate the trend. There is the least resistance found below as the 200-day Simple Moving Average is above the 100-day Simple Moving Average. The current price trend could initiate a selloff at a steeper price which could follow a break lower.

    Traders are expecting for a hawkish decision from the central bank this week but are still in a better position compared to the British currency that abruptly shifted following a hawkish decision from the Bank of England. Data from the U.K. gave a mixed results although, both the inflation rates and consumer spending send off signal for policymakers to tighten its policy rates to be able to sustain growth.

    Headlines about Brexit talks and the recent speech from the queen somehow gives risk in the financial market especially the concerns in hard Brexit or end it all which would then gives a bearish sentiment in the market. However, this could end up positively which would be favorable for all that brings a bullish sentiment for the pound.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Mon Jun 19, 2017 1:01 am


    USD/CAD Technical Analysis: June 19, 2017

    The U.S. dollar against the Canadian dollar moves sideways within the trading scope between 1.3164 and 1.3308 region. The resistance is found at 1.3308 level for short-term and break out in this level would test the next key resistance level at 1.3350. If the said level at 1.3350 is sustained, then the next move will most likely from 1.3164 as a form of consolidation for a descend from 1.3793.

    A downtrend towards the 1.3050 will most likely happen next, following the consolidation. The short-term support is found at 1.3164 and a breakdown from this mark would hint the extension of the downtrend.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Mon Jun 19, 2017 1:03 am


    USD/JPY Technical Analysis: June 19, 2017

    The U.S. dollar against the Japanese yen climbed higher during the Friday session. There is a massive resistance found in the 11.40 level to reverse the trend followed by a decline. A neutral candle is formed for the day although the market is trying to gain momentum as they are trying to recover following the drastic move in the upside on Thursday.

    The Federal Reserve is being hawkish more than expected which is favorable for the greenback since the Bank of Japan moves contradictorily when it comes to monetary policy. The 110 region remains supportive which would most likely become the floor of the market.

    For now, it is advisable to short this pair to take advantage of its short-term decline and rendering more support for every short-term credit. This is still not finite and the trend could decline anytime although the next move would most likely be in the upside reflecting the impulsiveness of the market. Hence, buying is much more practical in the current market condition.

    The initial next target would be at 112 then 112.50 level. For long-term, the trend could reach as high as 115 region although it might take longer to achieve this. There is also a tendency for the pair to be volatile which is not surprising. It is good to trade this pair in the current market as it could also benefit the greenback traded against the yen since the BOJ is dovish and most likely continue for a longer period of time.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Mon Jun 19, 2017 1:08 am


    USD/CAD Fundamental Analysis: June 19, 2017

    The USD/CAD pair had a very bearish trading session as the currency pair closed down last week’s session on a much lower note. The price action of the USD/CAD pair has been largely influenced by the dollar movement and oil prices, although last week was the week of the Canadian economy and its effect on the currency pair, which has maintained its strong stance throughout the course of last week’s session.

    The drop in the value of the loonie came about when BoC official Carolyn Wilkins stated that the central bank’s previous rate hikes are already past its prime, and that the central bank could possibly implement future rate hikes. This apparent policy reversal then had a wide-reaching effect on the state of the loonie. This remark from Wilkins came as a surprise, since her statement was wholly unexpected by the market. This triggered a sudden market reaction and caused the USD/CAD pair to sink through its support range at 1.3400 points, which continued for a few more days. However, the steadying oil prices has helped to strengthen the loonie and as traders started to feel as if they made the wrong decision with the loonie and this caused the CAD to crash towards 1.3160 points before making a slight reversion towards 1.3200 towards the close of last week’s session. As of the moment, the USD/CAD pair now has a bearish outlook.

    For this week’s session, the Canadian economy will be releasing its CPI and retail sales data while there are no releases from the US economy. If the data comes out as positive, then the USD/CAD pair could possibly advance towards 1.3000 during the course of the week.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Mon Jun 19, 2017 1:13 am


    GBP/USD Fundamental Analysis: June 19, 2017

    The GBP/USD pair had a very volatile trading action last week although the market trend was more about the dollar than of the pound. The sterling pound has somewhat settled down after news came out that the Conservatives is already finalizing a government set up, which in turn helped to stabilize the political state of the British government and has subsequently lended support for the GBP.

    Meanwhile, the Federal Reserve has opted to go for an interest rate hike, and this caused a dollar surge as the central bank was able to meet market expectations. The GBP/USD pair then sank to its range lows at the 1.2650 region, although it had some sort of reprieve from the Bank of England after it became hawkish with regards to its future rate hikes. Although the central bank maintained its current rates, the market was surprised that three BoE officials voted in favor of a rate hike, an indication that the central bank will not hesitate to implement a rate hike if the need arises. This hawkish outlook from the BoE enabled the GBP/USD pair to advance through 1.2700 points before settling at just under 1.2800 points on the back of a disappointing housing data from the US economy.

    For this week, the sterling pound will be dependent on Mark Carney’s speech with regards to the Bank of England’s stance, where is expected to announce its continued hawkishness. This would enable the cable pair to stay afloat and since the 1.2650 trading range is considered as a very strong support range, the GBP/USD pair is expected to consolidate with a bullish undertone.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Mon Jun 19, 2017 1:51 am



    EUR/USD Fundamental Analysis: June 19, 2017

    The EUR/USD pair exhibited a very volatile price action last week, although this was pretty much expected for the pair as the market reacted to the FOMC rate announcement, which brought upon a high level of liquidity into the market. As of late, the euro is among the strongest major currencies against the dollar because of a string of consistently good data from the EU economy, which was in turn recognized by both the IMF and the ECB last week. This triggered a surge in market expectations of a tapering of the ECB’s quantitative easing program, although Draghi has been naught to confirm any possible tapering measures from the central bank during these past months.

    The dominant market trend last week was the Fed rate hike and other relevant data from the US economy. The US economic data has been consistently on the downside during the past two months, the most recent being the release of the retail sales data, CPI data, and housing data which all failed to meet initial market expectations. This caused a tumult within the market as investors feared that the Fed might step back and rethink its scheduled rate hike due to these very weak data. This caused the EUR/USD pair to make an advancement towards 1.1295 points, although the Fed eventually came around and pushed through with its rate hike and this has helped to tame the currency pair. The Fed also chose to shrug off the consistent weakness in the economic data of the US and instead shifted its focus on projections for the US economy’s growth. The market took this as hawkish and enable the EUR/USD pair to surpass 1.1200 points and reach the 1.1130 mark. But as the week came to a close, the market received a very weak housing data, and while this triggered a slight bounce in the currency pair, the EUR/USD pair closed down the week on a slightly lower note at under 1.1200 points, an indicator that the bulls are still dominating the EUR/USD pair.

    For this week, there are no major news releases from both the US and the EU economy and the EUR/USD pair is expected to remain ranging with a bullish undertone, with 1.1300 points as the pair’s boundary.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Mon Jun 19, 2017 2:02 am


    NZD/USD Technical Analysis: June 19, 2017

    The New Zealand currency trend upwards amid sessions on Friday, touching the 0.7250 region. The 0.72 area acts as support by which the market would likely move close to 0.73 mark in the longer-term. The pullback has to offer buying opportunities since the Kiwi demonstrated some strength in the past few months. With this, a break on top of 0.73 will then be trailed towards the 0.75 area which is also the longer-term target based on the past analysis.

    The buy on dips is quite suitable to the NZ dollar as long as we remain over the level 0.72 which probably lots of traders planned as well.

    Entering the 0.75 range might take some time, however, there are many buying opportunities within that region. Taking advantage on these small steps towards gain is favorable and establishing a larger position in order to obtain strong returns along with an essential range bound from the FX market in general.

    Ability to breakdown underneath 0.72 region may move lower through 0.70 and this are few of the possible scenarios. A cut through below that point would mean an extremely negative position or may be driving the market near 0.68 handle. There is only roughly a 20% chance that buyers will become active.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Mon Jun 19, 2017 2:14 am


    GBP/USD Technical Analysis: June 19, 2017

    The sterling pound had increased in a moderate manner amid Friday session, as it grinds through the 1.28 handle. This level apparently offers some resistance, however, the market seems was determined in trying to cut through on top of it. Ability to do so, will enable the market to move over the 1.29 region. Otherwise, a pullback must find another leg close the area 1.27 as this might provide some support during trading on Thursday.

    The Bank of England provided support to the British currency as the bank became more hawkish which favors the GBP in general. When the market break out in the upside, it would touch the 1.3050 region.

    Many long-term speculators have purchase the Great Britain pound and it is not really surprising for the returns that could drive things towards their direction.

    As the year ends, the target will be at the 1.3450 level or even higher. The trend will further ascend when the UK’s government gained clarity about the EU exit.

    New highs of the pound can easily be done when this issue will be cleared combined with higher-than-expected inflation figures. Contrarily, a breakdown under the level 1.2640 would push the market to a lower grounds, down to 1.25 handle.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Mon Jun 19, 2017 2:21 am


    EUR/USD Technical Analysis: June 19, 2017

    The EURUSD have seen to crept higher on Friday, hitting the mark 1.12. The mentioned region contains plenty of noise and it remains uncertain in breaking out over the year. As the weekly chart reflects that the market appeared to confused, it is best to drop this pair at this moment. But an ability to slice on top of the 1.1225 region, the market will approach the 1.13 range eventually. A pullback to this level will push the market in reaching the 1.11 handle, en route 1.10. This might result in a volatile situation and trading with Euro is not highly recommended, better yet trade with other currencies.

    Many traders were unprepared after the hawkish stance of the Fed Reserve and they are now focused on the potential growth of the Europe. The EU appeared to gained stronger position, exceeding expectations from market participants.

    The figures for housing starts were released from the United States which cause an unfavorable session on Friday, and that also works against the greens. This is also one of the reasons that helped the pair to move upwards, however, the current trends in the market are not actually certain since it needs to come up with an agreement.

    As of now, it is recommended to start trading with the small positions when using the EUR/USD because volatility became high again.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Tue Jun 20, 2017 7:53 pm


    EUR/GBP Technical Analysis: June 20, 2017

    The Euro against the British pound declined during the Monday session as it reached the 0.725 region. A rebound from that level propelled the trend down to 0.8775 level. There is a chance that 0.88 level and above becomes a significant resistance which is the next target of the pair.

    Looking back at the long-term charts, several breakouts were seen and there are some levels being supportive. These breakouts indicate bullishness in the trend that is not yet filled. Although, there will be much more buying opportunities if the price fell down to the base of the trend. If the price breaks higher than the 0.88 handle, then the market could go higher towards the 0.8850 level then to 0.90 region.

    Overall, there will be choppiness in the market with the ongoing Brexit negotiation which brings uncertainty among traders. However, the principal driver of the movement of the pair will still be the major news as traders try to determine what will happen next as priority more than anything else. There are still remaining time and choppiness will still be present for the next few months or a few years later.

    The market will most likely move upward which makes buying more propitious wif given an opportunity. The breakdown could go down much further but would be favorable for seller this time whereas the bullish pressure will be lessened which would shift the overall sentiment of the market.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Tue Jun 20, 2017 7:57 pm


    AUD/USD Technical Analysis: June 20, 2017

    The Australian dollar declined a few levels during the Monday session. It attained the 0.76 level and it attracts more buyers below. A bit of recovery signals the possibility for the trend to go down towards the 0.7575 level. However, if the market rallies higher than the 0.7630 region, the trend will most likely go higher instead.

    Traders should also observe the gold market which will have an impact in this pair. A rollover for this pair could negatively affect the currency.

    The latest Australian GDP data came out higher than expected that initiated impulsiveness in the trading sessions before. Other markets such as copper is now being highlighted in the trading market that should also be considered by traders as well as the interest rate differential.

    Based on the GDP data, it is possible for the Reserve Bank of Australia to increase its rates which would be beneficial for the Australian dollar. Despite the choppiness in the market, the pair could have a sell off as the market identifies for support below.

    There will still be volatility in the market that makes trading in small positions to be much more practical. However, if the pair breaks in the upper channel, then the market could move as high as 0.7750 level up to 0.80 region. It is best to trade in bigger positions when the pair breaks above the 0.7650 level and above.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Tue Jun 20, 2017 7:59 pm


    GBP/JPY Technical Analysis: June 20, 2017

    The British pound surged against the Japanese yen during the Monday session but this was reversed as it found support close to the 142 level. A breakout at 142.50 level would give a bullish sentiment that makes buying beneficial at this moment. In the past sessions, the market broke multiple times and a gap in the upper channel would be a positive trend in the market. The next target would be at 145 handle. Volatility will persist because of the ongoing negotiations between the United Kingdom and the European Union.

    Currently, the market highly sensitive although it is usually vulnerable to risk appetite amid normal condition. Choppiness is also a contributing factor but a break out in the current psychological level would lead the trend in a single direction. A break lower than 141.50 level would be a negative sign for the market that makes selling more practical. The price could further go down towards the 140.50 level.

    The Japanese yen being a safety currency could collapse if there are negative factors that could affect this pair. There are various major events that go both ways which could bring an interesting change to this pair. If the pair breaks higher, the market will gain impetus that could abruptly move the trend to the upside. The long-term move would be significant before placing money in this pair as the market gains momentum in the trading.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Tue Jun 20, 2017 8:04 pm




    NZD/USD Technical Analysis: June 20, 2017

    The New Zealand dollar against the U.S. dollar pair attempted to surge during the Monday session. Although, there is sufficient resistance found at the 0.73 level to reverse the trend at a faster pace. A break lower than the 0.7250 level would bring the price down towards the 0.72 handle. It seems that traders are waiting for a collapse in the market but it is most likely due to the appreciation of the U.S. dollar as well as the market sentiment regarding the interest rate of the Federal Reserve. Notwithstanding, this won’t be detrimental in the current market condition.

    The latest move is more likely a technical one and traders should be cautious in placing their trades but they should look out for a possibility for a pullback. However, it could be a different situation for long-term trades.

    The 0.72 level below is being supportive while the resistance level is found at 0.73 level. It seems like a form of consolidation and it is inclined to another retest at the base of the trading range. The pair has a tendency to move upward when the commodity market surges.

    For now, it is advisable to trade in small positions and take advantage of the volatility. On a bright side, the returns are at faster rate despite its consolidation since the Kiwi also moves quickly. However, if the price breaks higher than the 0.73 level after some time, the trend could climb much higher towards the next psychological level target at 0.75 region. Hence, it is reasonable to pose long term trades higher than the 0.73 handle.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Tue Jun 20, 2017 8:08 pm


    USD/CAD Technical Analysis: June 20, 2017

    The USDCAD attempted to begin a rally during Monday trades, however, eyes resistance around 1.3250 region to made a reversal and move downwards. The 1.32 area had been offering some type of support while the oil sector continues to be shaky.

    Despite changes in Canada’s monetary policy, the oil still weighed pressured to the market. Having said that, a strong rally is anticipated but there is also a chance for the market to become choppy due to conflict amid interest rate and petroleum market from Ottawa.

    Market participants should remain cautious as the market fluctuations persist in moving erratically.

    The level above 1.33 mark is assumed to be the resistance and breaking on top of it would continue moving within a longer-term uptrend.

    As shown in the longer-term chart, a massive uptrend line lies below which aid the market to search for buyers immediately.

    In case a short-term selloff occurred, pay attention to oil for it will form a bearish pressure that will prevail over the Canadian dollar.

    Meanwhile, the grind in the sideways will keep moving as the 1.32 region is the epicenter of currency traders.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Tue Jun 20, 2017 8:10 pm


    GBP/USD Technical Analysis: June 20, 2017

    The national currency of Britain rallied initially amid Monday session, however, met some resistance around 1.28 mark to make reversal and decline. Moreover, the 1.27 region would likely provide another leg by which we can find 1.2750 range above the basic zone.

    An impulsive trend is necessary to see for a bounce in order to find an opportunity to take long position. Upon acquiring that move and broke the 1.28 region above, there is a chance that the market will touch 1.2950 range, en route 1.3050.

    The volatility will persist which will make the course be much tough because of the news releases from Brussels and London throughout negotiations about the United Kingdom withdrawal from the European Union.

    With this, having smaller position sizes will remain as we go through the market as we need to be very careful considering the volatility is going extremely worse.

    At the end of the day, the market would move above the 1.3450 area. Ability to slice that area will enable the market to climb higher and signaled for a support found in the upside. Nevertheless, the negotiation process about the EU exit would cause for the Cable to experienced volatility and at the same time, the sterling pound remains to be the focal point of the problem.

    The market still difficult to deal with, but an attempt to generate some bottom longer-term would be a great assistance. Should we breakdown the 1.26 mark below will push the market to had a significant decline. The buyers looks like trying to regain a stronger stand.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Tue Jun 20, 2017 8:13 pm


    EUR/USD Technical Analysis: June 20, 2017

    The EURUSD traded sideways during Monday’s trading session, however, there would be a massive decline when American traders regain the driver’s seat and test the 1.1150 region below. There is a sufficient noise underneath which has to trigger support for short-term market players, at least. A breakdown beneath the region 1.11 appears to be supportive. A cut through down that area indicates the market is able to move downwards reaching the 1.10 mark eventually.

    Otherwise, a rebound from this level would search for the next range which 1.12. Be mindful that the pair is expected to be volatile due to some reasons, especially the issue regarding Brexit negotiations.

    Different factors affect the single European currency and the pair has high chance to slide down, even if the greenbacks weren't involved. Contrarily, there are rising concerns about the interest rate hike imposed by the Federal Reserve and it remains uncertain but it looks like they will pursue this rate increase. The market is still surrounded by many bits and pieces, hence the choppiness will remain. Ultimately, the focus will shift to near-term trading only, applied in both directions, apparently.

    As the EUR/USD continued to be choppy, the pair appeared to unattractive to trade with. But every region could have brought effect towards the market and if you feel impetuously determined to employ this pair, you should be aware of that levels.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Tue Jun 20, 2017 8:17 pm


    USD/CAD Fundamental Analysis: June 20, 2017

    The USD/CAD pair continues to consolidate within its range lows as the loonie makes another attempt to recover its losses and possibly trigger a bounce in its value. Now that the Bank of Canada is more than eager to help the Canadian economy make a 360-degree turn, the pair’s bulls will be in for a hard time as it tries to induce any kind of price bounce. Should the pair manage to create a bounce, then this should be viewed as a selling opportunity and should not be taken as a trend adjustment.

    On the other hand, oil prices are still trading within its bottom rungs and remains weak as of the moment, however the CAD seems to be unaffected by this and has still managed to look very positive and has remained trading in a very positive manner. The CAD will only be able to gain some measure of short-term strength if the oil prices will be able to recover in the short run, and if this happens, then the USD/CAD pair might be able to make a substantial attempt to go beyond the critical range of 1.3000 points. The currency pair has weakened significantly ever since it surpassed 1.3500, with this region signalling a trend shift. The fact that the currency pair is still doing very well in spite of a drop in oil prices and dollar strength just goes to show how much of a change has happened within the price action of the USD/CAD pair. Meanwhile, the economic releases from the Canadian economy has showed consistently positive readings, with the BoC announcing its plans to help keep the country’s economy on the upside.

    For today’s trading session, there are no major releases from the Canadian economy, and the USD/CAD pair is expected to range and consolidate on both directions of 1.3200 points.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Tue Jun 20, 2017 8:19 pm


    GBP/USD Fundamental Analysis: June 20, 2017

    In spite of the Bank of England lending some much-needed support in order to prevent the sterling pound from having a total breakdown, the market is expecting the cable pair’s downturn to return soon since the GBP is currently being surrounded with lots of ambiguity due to the Brexit negotiations. This was what the GBP/USD pair exhibited during the previous session as the cable pair managed to go past 1.2800 points, although a sudden dollar-buying surge caused the currency pair to crash and retreat under the 1.2750 trading range, with the pair now expected to maintain its very weak stance at least in the short term.

    As of the moment, the sterling pound remains to be surrounded with high volatility levels, and while the institution of a new form of government is starting to gain some clarity including how the Brexit talks will be panning out, there are still several uncertainties which might not have a definite resolution in the near future. Since the market is very averse to any kind of ambiguity, this put severe downward pressure on the sterling pound. Moreover, the dollar strength has been further augmented by the Fed’s hawkish stance and the recent rate hike, and all of this has put the GBP/USD pair on the brink of crashing. The BoE is currently doing its best to help the pound keep its head above water via hawkish stances, but then again the central bank can only do so much to influence the value of the GBP/USD pair as the pair is still very much dependent on economic and political factors. This is why the cable pair’s recent downturn is regarded as somewhat normal by the market, since the sterling is surrounded by a lot of ambiguity as of the moment. Any reversion in the pair’s value should then be seen as a sell opportunity and should not be immediately taken as a trend shift.

    For today’s trading session, BoE’s Carney will be delivering a statement, where he is expected to be very hawkish as part of the central bank’s attempt to support the cable pair. If Carney comes out as dovish, then the pound could possibly become affected by the dollar strength and the GBP/USD pair could sink towards its support range at 1.2650 points.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Tue Jun 20, 2017 8:23 pm


    EUR/USD Fundamental Analysis: June 20, 2017

    The EUR/USD pair underwent a severe crash during the previous trading session as it was unable to bear the brunt of the dollar bulls’ activity. For the longest time, the USD’s bulls were very reticent and had instead focused on maintaining the value of the dollar as the market kept its attention on both the sterling pound and the euro. The bulls then took advantage of the Fed rate hike which was announced last week.

    Although the Federal Reserve has already implemented a rate hike, this has been pretty much priced in by the market and this is why it had a minimal effect on the market in general. However, what set the traders and investors’ teeth on edge was the overall hawkish stance of the entirety of the Fed, including Yellen. This can be clearly seen in the rate announcement of the FOMC, wherein the central bank chose to ignore the recently very disappointing US data and instead concentrated on the country’s economic status. This triggered a large-scale dollar buying spree, although it was unable to reach its peak as the succeeding economic data from the region still disappointed the market, particularly the housing data and retail numbers data. Yesterday’s session was marked with several Fed officials making statements pertaining to a higher chance of the central bank implementing another rate hike just before the year ends. These Fed officials also indicated their support to the ever-improving economic state of the US while choosing to brush off the recent dips in economic readings as minor glitches. This pleased the hawks and the dollar bulls took this as a sign to initiate a dollar buying. This caused the EUR/USD pair to sink from its previous range highs at 1.1215 points to settle at just under 1.1150 points.

    For today’s trading session, there will be more Fed officials with speaking engagements later in the day. Aside from that there are no expected releases from both the US and the EU economy. As such, the EUR/USD pair is expected to range and consolidate with bearish undertones at over 1.1100 points.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Wed Jun 21, 2017 2:03 am

    EUR/USD Technical Analysis: June 21, 2017


    The EUR/USD traded downwards as it was influenced by the sluggish report from the German PPI along with the tightening of the current account of EMU. Meanwhile, the European Union and the United Kingdom came to agree with the timetable of Brexit talks.


    Eric Rosengren, chief executive of Fed Reserve in Boston, further studies about the urge to increase rates.


    The pair headed lower, producing a toping pattern which is similar to the head-and-shoulder reversal formation. Prices cut through the trend line support that shifted as a resistance found at the level 1.1165 close to ascending trend line.


    An additional level of resistance lies at 1.1187 around the 10-day moving average. While the support entered 1.1109 region shown near the lows of May 29. Moreover, the momentum came in negative and dive lower seeing the Relative Strength Index (RSI) broke down. As the current reading of the index is 48 positioned in the middle of the neutral range.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Wed Jun 21, 2017 2:09 am

    AUD/USD Technical Analysis: June 21, 2017


    The Australian currency attempted to initiate a rally amid the day and reversed to sell off. The 0.7575 mark was being tested due Aussie’s actions, hence, it provides a significant amount of support. In case that a breakdown occurred beyond that point, the market will be pushed down through 0.7550 region which is an interesting area in the past.


    The market will keep on reaching the 0.765 handle when a bounce happen and when it break into the upside will drove near the region 0.7750.


    At the end of the day, the market will continue following its risk appetite and traders should watch closely what will happen within that point. The central bank of New Zealand is expected to release a statement about interest rates scheduled today while the Aussie dollar will seek the same path.


    Moreover, gold markets remain to be in a downbeat which can be felt by the AUD as well. With this, players should search for a support below prior the rebound. As the market still have challenging nature to deal with because of the many bits and pieces moving around, particularly the plan of the Fed Reserve to increase rates.
    Above all, the pressure brought by the precious metal, gold paired with the general outlook on risk tolerance is projected to wrought a chaotic situation over the market.

    In this event, it is complicated to determine where to go next as the consolidation is anticipated to keep going.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Wed Jun 21, 2017 2:17 am

    GBP/USD Technical Analysis: June 21, 2017


    The sterling pound traded sideways amid Tuesday’s session and slide downwards reaching the level 1.26. Having said that, the support appeared to large, round and psychologically significant figure. It appeared that the market has the tendency to made a bounce from that area and possibly searching for opportunities to sell around upper regions.


    The volatility will continue within this market since news releases are expected to issue from the divorce proceedings of the European Union that will influence many moving pieces in Britain.


    At the end of the day, the market will be driven by headlines which seem unpredictable and ineffective while the selloff was fairly drastic, therefore a rebound would likely happen.
    A break on top of 1.28 handle enables the market to resume over the 1.30 mark. Despite all of the things that happened, the volatility still has a strong stance and at the same time, lots of question are still hanging on what would happen after.


    The British currency would have been influenced by the proceeding making it a complicated environment to deal with. However, as the Fed Reserve will implement interest rate hike further placed bearish pressure on the market. In spite of everything, always maintain a very small position when trading.


    A rebound is expected to occur within the 1.26 region in the near-term and appeared to provide support once again like it had done in the past that gave a significant amount of resistance.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Wed Jun 21, 2017 2:28 am

    GBP/JPY Technical Analysis: June 21 2017


    The British pound against the Japanese yen moved laterally during the early Tuesday session, followed by a decline reaching the 140.50 level below. This is suggestive to become a relevant psychological level. However, sellers are waiting for a technical breakdown as the market fills the gap in the past few weeks.


    The general sentiment of commodities and the stock market should be taken into consideration of the market. If this collapse, this will put a bearish tone in the trend. A breakdown lower than the 140.50 region give a negative implication as it extends towards the 139 level. Volatility will still persist in the market and start to enter the oversold area in the short-term. Overall, the market is currently in a perilous state and requires patience from traders to gain profit in either direction.


    This pair is sensitive to risk appetite that makes it important for traders to observe the trend in the stock market and commodities. Furthermore, concerns in Brexit will generate more noise to the British currency as a whole which will have repercussions on the market afterward that should not be neglected. If the pound appreciates, the trend will then be reversed moving to the upper channel.


    However, if the currency falls instead, this further weaken traded against the Japanese yen, being the safety currency. Overall, there will be choppiness in this market and traders could get hints on what will happen next through other financial markets.

    AppleFX

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFX on Wed Jun 21, 2017 3:03 am

    NZD/USD Technical Analysis: June 21, 2017


    It’s been a volatile session for the New Zealand currency on Tuesday amid the rally happened, touching the region 0.7270.


    The market has to keep on searching for some noise in the market while buyers apparently came back which shows that the grind to the upside will resume in the near future. The market is starting to tighten up and should anticipate for an impulsive trend. This market appears to be very difficult to deal with in the short-term, however, you could perform a different move which is to sell.


    After some time, the Kiwi reflects for an impulsive trend which could be difficult to settle funds within the marketplace which contains high risk. Upon getting an important trend, it would be much easy to identify what move should the players will follow.


    The range bound market must be maintained as the level below 0.72 offers the bottom and 0.73 above. A slice over the top area would drive the market to an upwards directions and near 0.75 which is the target in the longer-term

    A gapped underneath 0.72 handle cause the market to trailed downwards reaching 0.70 mark. Otherwise, the market will just go with the low to the extent that the risk tolerance globally is far concerned, specifically the commodity markets.


    Having said that, we should watch closely the general tone of overseas traders along with the very important announcement of New Zealand regarding interest rate statement. In case the result will be hawkish, the market has the tendency to climb upwards.

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