Author Topic: Daily Market Analysis from ForexMart  (Read 21316 times)

Offline Andrea ForexMart

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Re: Daily Market Analysis from ForexMart
« Reply #225 on: February 10, 2017, 02:13:45 PM »
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 yesterdayís 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 dollarís 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.

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Re: Daily Market Analysis from ForexMart
« Reply #225 on: February 10, 2017, 02:13:45 PM »

Offline Andrea ForexMart

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Re: Daily Market Analysis from ForexMart
« Reply #226 on: February 10, 2017, 05:24:34 PM »
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.

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USD/CAD Fundamental Analysis: February 9, 2017
« Reply #227 on: February 10, 2017, 06:15:05 PM »

   The USD/CAD pair is still trapped within a tight trading range, however the currency pairís bulls are fairly satisfied with the USD/CADís 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 pairís 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 pairís current stance and the pair is expected to consolidate at 1.3200 for the rest of todayís sessions.

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Re: Daily Market Analysis from ForexMart
« Reply #228 on: February 10, 2017, 07:00:07 PM »
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 USDís 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.

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Re: Daily Market Analysis from ForexMart
« Reply #229 on: February 14, 2017, 04:46:56 PM »
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.

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Re: Daily Market Analysis from ForexMart
« Reply #230 on: February 14, 2017, 05:25:43 PM »
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 dollarís 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 pairís 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 Trumpís policies after an initial unrest caused by his teamís adjustments to certain regulations, with the market now sure of the administrationís approach with regards to policies, thereby improving investor confidence in the US dollar. This has helped to shift the marketís focus from the Fedís future moves and Trumpís 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 bankís monetary policies during todayís speech in the New York session. The market will be monitoring Yellenís 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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Re: Daily Market Analysis from ForexMart
« Reply #231 on: February 15, 2017, 02:07:18 PM »
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 countryís 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 pairís 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 Trudeauís 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 bankís 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.

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Re: Daily Market Analysis from ForexMart
« Reply #232 on: February 15, 2017, 06:08:53 PM »
GBP/USD Fundamental Analysis: February 14, 2017

   The GBP/USD pair exhibited a tight trading activity during yesterdayís session as the USDís 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/USDís resistance against the strength of the dollar is the continuously positive string of economic data coming from UK which is an indicator that the countryís 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 pairís 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 countryís 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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Re: Daily Market Analysis from ForexMart
« Reply #233 on: February 21, 2017, 02:04:29 PM »
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.

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EUR/USD Fundamental Analysis: February 20, 2017
« Reply #234 on: February 21, 2017, 05:33:00 PM »

   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 Yellenís 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 USDís 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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Re: Daily Market Analysis from ForexMart
« Reply #235 on: February 24, 2017, 03:54:44 PM »
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 pairís 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 dollarís value which ensured support for the pairís 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 todayís 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.

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GBP/USD Fundamental Analysis: February 22, 2017
« Reply #236 on: February 24, 2017, 05:28:33 PM »

   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 pairís 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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Re: Daily Market Analysis from ForexMart
« Reply #237 on: February 24, 2017, 06:01:48 PM »
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.

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Re: Daily Market Analysis from ForexMart
« Reply #238 on: February 28, 2017, 07:25:41 PM »
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 dollarís value to Trumpís 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 Trumpís policies towards the move of the Federal Reserve, it is highly likely that the marketís movements will be relying on the Fedís 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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Re: Daily Market Analysis from ForexMart
« Reply #239 on: March 01, 2017, 01:55:52 PM »
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 weekís range highs.

The currency pairís 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 pairís bulls and bears. Since the bears have constantly failed to break through this pair, the pairís 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 followingís Trumpís statement that he will be adding up the countryís 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 pairís 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.