Author Topic: Daily Market Analysis from ForexMart  (Read 28984 times)

Offline Andrea ForexMart

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Re: Daily Market Analysis from ForexMart
« Reply #240 on: March 01, 2017, 04:28:01 PM »
GBP/USD Fundamental Analysis: February 28, 2017

   The GBP/USD took a heavy hitting during the previous session as the pairís bulls were unable to create a continuously good run for the pair since every time a bounce in the pair manifests, the pair immediately drops as it is met with major selloffs. There are still overshadowing concerns with the currency pair since the Brexit process is still ongoing, and this ensures that the GBP/USD pair will be unable to go higher for quite some time.

   The GBP/USD pair was hit even more harder yesterday after rumors that Scotland is currently planning to implement another referendum in their favor in order to discern whether it would still be beneficial for them to continue becoming part of the UK. If this happens, then this would be disastrous for the UK economy since other parts of the UK might also be encouraged to do the same. This is probably the worst that could happen to the UK, especially since Scotland had initially voted to remain part of the European Union but was outvoted by the majority of UK members. But then further confirmation of this particular rumor never happened, and this caused the GBP/USD pair to bounce back from 1.2400 and is currently trading at just under 1.2450 points.

   There are no major news releases expected from the UK today but the US will be releasing its Preliminary GDP data and consumer confidence data. The currency pair would most likely remain under pressure for today, with the 1.2500 barrier presenting a possibly limit to any kind of uptrend in the pair.

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Re: Daily Market Analysis from ForexMart
« Reply #240 on: March 01, 2017, 04:28:01 PM »

Offline Andrea ForexMart

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Re: Daily Market Analysis from ForexMart
« Reply #241 on: March 03, 2017, 05:39:24 PM »
GBP/USD Fundamental Analysis: March 3, 2017

   The GBP/USD pair has been nursing its wounds during the past trading session as the currency pair is still at a loss on what it needs to do in order to propel its value higher up the chart. The sterling pound has been experience a lot of pressure this week, with the shadows of the ongoing Brexit process hanging over the currency, especially since it is still uncertain whether the impending talks between EU and UK leaders would go smoothly or otherwise. The invocation of Article 50 is drawing nearer and once the line is drawn, there will be no returning for both the European Union and the UK.

   In addition to the pressure brought about by the Brexit, there have been also additional concerns that Scotland is planning to relieve itself from the UK, and though this has been nothing more than a rumor, it does not look like itís going to die down any soon, and the USD is also undergoing a consistent rallying streak, another cause of trouble for the GBP/USD pair. The main reason behind the dollar strength is that the market is slowly getting used to Trumpís various eccentricities, and the Federal Reserve has also become increasingly hawkish, thereby cementing speculations that an interest rate hike is in the works.

   The GBP/USD pair is expected to remain under pressure during todayís session. The UK is scheduled to release its services PMI data today but the marketís main focus would be Yellenís speech at the New York session. The market will be monitoring whether Yellen will be giving out indications of a March rate hike, and if this is the case, then the dollar would possibly continue rallying and send the GBP/USD pair towards 1.2200 points.


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Re: Daily Market Analysis from ForexMart
« Reply #242 on: March 07, 2017, 03:04:32 PM »
USD/CAD Technical Analysis: March 6, 2017

The US dollar made some minor adjustments on Fridays as it moves close to its seven-week high versus other majors. The growing expectations of US rate increase within this month provided support for the greenbacks. The focus was turned to the testimony of Fed Chair Janet Yellen. Moreover, the greens were able to maintain its winning position on Friday.
The major came in green posting renewed highs during the onset of EU session.

Buyers demonstrated an active movement this morning subsequent to the flat Asian trading as they drove the price upwards and gapped the level 1.3400. The USDCAD preserved a bid tone, touching its renewed highs eventually.

The 4-hour chart presented the price extend its development on top of the moving averages while the MAs sustained a bullish pattern. The 100 and 50-EMA executed an upward crossover towards the 200-EMA. Resistance is at 1.3470, support entered 1.3400.

The MACD increased which confirmed a buy signal. RSI have seen consolidated around the positive readings.

In case that buyers dominate the market, the next target is 1.3470. In turn, the USD would likely pull back near 1.3330 mark.

Offline Andrea ForexMart

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Re: Daily Market Analysis from ForexMart
« Reply #243 on: March 08, 2017, 06:02:13 PM »
EUR/USD Fundamental Analysis: March 8, 2017

   The EUR/USD pair continued with its ranging and consolidation movement for the second consecutive day, with this current trend expected to continue for the subsequent trading session as well. There are no major economic news releases happening within the international market which might influence the movement of the EUR/USD pair, and this is why the market has been incessantly seeing this ranging and consolidation.

   However, this particular movement coming from the currency pair is also part of the pairís preparation for the onslaught of important economic data which are expected to be released in the middle of this week, especially since these economic data would most likely induce a lot of unprecedented volatility in the EUR/USD pair. So until these data gets released in the market, it is highly likely that the currency pair would continue consolidating. The USD experienced some minor corrections throughout the course of yesterdayís trading session, and this has become evident in the state of the EUR/USD pair after the currency pair dropped slightly in value and is now trading at just over 1.0550 points. The pair is expected to maintain its hold on this particular barrier as more buys are expected to come in at this region. This could also cause the currency pair to move towards 1.0600 points and will continue consolidating for the rest of the trading session.

   There are no major news releases expected from the European Union for today but the US will be releasing its ADP employment data later today. This employment data is usually touted as a precursor to the NFP report and although its importance is now being overlooked, it still serves as a necessary gauge on how the the NFP report would eventually pan out. Any fluctuations in this particular data are most likely to show in the NFP report as well.

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Re: Daily Market Analysis from ForexMart
« Reply #244 on: March 09, 2017, 11:24:20 AM »
GBP/USD Fundamental Analysis: March 8, 2017

   The GBP/USD pair continues to trade very weakly during the previous trading session. This could be initially attributed to the strengthening of the USD which was reflected across the board, but what has really affected the pound here is the fundamentals underlying the UK economy, as well as various uncertainties which is constantly putting pressure on the value of the GBP/USD pair.

   Once the Article 50 gets invoked, the Brexit process is pretty much locked in, and this means that there would be several negotiations between EU and UK leaders immediately after the invocation. UK leaders are expected to be stricter with regards to EU trade access since the majority of them would like the UK to realize the several benefits that it would lose once the country finally becomes a separate nation from the European Union. This uncertainty as well as the tediousness of the Brexit process is likely to take its toll on the GBP/USD pair and this is starting to become more evident as the currency pair continues its weak trading stance, with the currency pair just hovering over 1.2200 points.

   The UK will be releasing its yearly budget release today, and the country is expected to paint a pretty picture of their economy in order to boost public sentiment. This might give temporary resolve for the sterling pound but would eventually fizzle out as the fundamentals continue to put downward pressure on the state of the GBP/USD pair.

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Re: Daily Market Analysis from ForexMart
« Reply #245 on: March 09, 2017, 11:51:51 AM »
USD/CAD Fundamental Analysis: March 8, 2017

   The USD/CAD pair continues trading within a limited trading range near its range highs, which is the pairís current trend ever since the start of the week. The stability of oil prices has helped the Canadian dollar maintain its current stance, but since the USD has been consistently regaining its strength, the bears are having difficulty in exceeding the bullsí progress and this is why the currency pair is firmly in control, with the bulls dominating the USD/CAD pair.

   The Canadian trade balance data was released yesterday which came in at a value of 0.8 billion CAD which is very good news for the economy. The trade balance data from the US was als released yesterday and this reading somewhat fell short of initial market expectations/ However, neither of these data had a significant impact on the value of the USD/CAD even though the US dollar is now bracing itself for the onslaught of economic data releases later this week. Both the US and Canada will be releasing its employment data this coming Friday and market players are now preparing for the expected increase in volatility once the data gets released into the market.

   For todayís trading session, there no major news releases from the Canadian economy although the US will be releasing its ADP employment data and unless this shows a drastic shift in its economic readings, the USD/CAD pair would most likely continue its ranging and consolidation.

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Re: Daily Market Analysis from ForexMart
« Reply #246 on: March 10, 2017, 01:01:56 PM »
USD/CAD Technical Analysis: March 9, 2017

The Canadian dollar was able to preserve its stance compared with the US dollar yesterday. The loonie received some support from the positive figures of Trade Balance a few days ago. Investors wait with expectation for the statistics of US labor market which could establish a route for the USD/CAD.

The pair was trading flat and toggled in the middle of the Wednesday night session. The price is positioned in tight channels of  1.3400 - 1.3430 all throughout the night.
Moreover, the USD resumed its short-term bullish trajectory during the earlier trades. The major further pulled out from the 1.3400 region and rallied higher heading to 1.3470.

As rolled out from the 4-hour chart, the price was developing beyond the moving averages. It further mentioned the 100 and 50-EMAs preserved its bullish pattern while 200-EMA move over the neutral grounds. Resistance touched 1.3470 mark, support hit 1.3400.

The MACD histogram is positioned within the same level confirming buyerís strength. RSI oscillator hovered near the overbought readings and expected to support a fresh upward movement

The bullish market structure is expected to remain in its place in the short-term. Bullsí next target is at 1.3470.

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Re: Daily Market Analysis from ForexMart
« Reply #247 on: March 15, 2017, 02:23:06 PM »
USD/CAD Fundamental Analysis: March 14, 2017

   The USD/CAD pair spent most of yesterdayís trading session on a mostly ranging and consolidating manner, with the currency pair consolidating within the 1.3400-1.3500 region due to the lack of significant economic events from both the US and the Canadian economy. The market is now on a monitoring stance particularly on the USD and this has been reflected in the lack of any kind of activity in the USD/CAD pair.

   The market is currently waiting for the onslaught of the release of several economic data from the US tomorrow, with the most important release being the FOMC announcement where the central bank is expected to implement its first interest rate hike for the year. Aside from the FOMC announcement, the CPI data as well as the retail sales data will also be released tomorrow. The high expectations for an interest rate hike tomorrow has helped keep the USD/CAD pair to remain within its range highs. However, the market is not yet sure as to how much hawkishness will be needed for the USD bulls, and this has become somewhat problematic for the USD/CAD pair as the pair has difficulty calculating its move immediately after the FOMC data release.

   If the statement from the central bank comes out as satisfyingly hawkish, then the USD could boost its strength and could help the USD/CAD bulls to challenge the sells located at the pairís 1.3500 barrier. If the data comes out otherwise, then the USD/CAD pair could possibly retreat to its previous trading range. For todayís session, the US economy is expected to release its PPI data which is not expected to induce added volatility into the pair.

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Re: Daily Market Analysis from ForexMart
« Reply #248 on: March 15, 2017, 05:40:08 PM »
GBP/USD Fundamental Analysis: March 14, 2017

   Although the UK economy saw a lot of events and developments during yesterdayís trading session, this has done practically nothing to induce added activity into the GBP/USD pair. A slight bounce occurred in  the pair during the previous session but this was automatically met with a selloff, especially since the bounce was somewhat thin and was unable to hold on and prevent the said selloff from occurring. The GBP/USD pair has however managed to surpass 1.2200 points and even managed to reach 1.2250 following market rumors that Theresa May might not be invoking Article 50 within the week. However, since there was no actual confirmation that the invocation would indeed be happening this week, the market became initially confused on the British poundís rally and the lack of basis to this particular assumption has caused this bounce to eventually die out.

   In addition, there have been rumors swirling around that the British government might not accept Scotlandís request to hold an independence referendum, especially since the UK is already neck-deep in uncertainties and another referendum would only cause more disaster for the countryís economy. These series of events has caused the GBP/USD pair to retreat towards 1.2200, where it is currently trading.

   For todayís trading session, there are no expected data releases from the UK economy, while the US economy will be releasing its PPI data. However, all eyes will be on the FOMC rate announcement which is set to be released tomorrow. This, in addition to the impending invocation of Article 50, are both expected to keep the GBP/USD pair under pressure in the short term.

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Re: Daily Market Analysis from ForexMart
« Reply #249 on: March 15, 2017, 06:23:05 PM »
EUR/USD Fundamental Analysis: March 15, 2017

   The USD increased in value as the market anticipates the release of the FOMC rate announcement later today. As a result, the EUR/USD consistently weakened yesterday and has managed to break through 1.0650 points and is currently situated at just above 1.0600 points. A lot of analysts have been saying that the currency pair could possibly consolidate within the 1.0600-1.0700 barrier during the week of the FOMC statement and could possibly maintain its place within the region up until the end of this week.

The expected rate hike this coming March is pretty much secured and what the market will be focusing now is the amount of hawkishness of this particular announcement, and this is where the uncertainty lies. The majority of market players have no idea on just how hawkish the statement should be in order to push the value of the dollar further. Nonetheless, the market expects that there would be some sort of clue on the Federal Reserveís next move and if possible, hints on the next scheduled interest rate hike from the central bank. Of course, it would definitely be good news for the market if the statement outwardly gives out clues of the next rate hike, but then again the central bank is not known for such moves and could possibly state that the schedule of the subsequent rate hikes would depend on the status of various economic data in the future.

The volatility of the EUR/USD pair could possibly be increased by the release of the CPI index data and the retail sales data. The currency pair could possibly drop to 1.0600 points and could even reach 1.0580 for a short period if the data comes out as positive.

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Re: Daily Market Analysis from ForexMart
« Reply #250 on: March 21, 2017, 06:52:06 PM »
USD/CAD Fundamental Analysis: March 21, 2017

   The USD/CAD pair merely continued its weak trading streak within a limited trading range as the currency pair awaits clues on its price action as dictated by its fundamental indicators. Previously, the USD/CAD pair had already dropped in value last week following the FOMC rate statement, which disappointed investors in general, and since then the currency pair has been unable to make any significant progress and if the pair does move forward, it will be more of a consolidation in order to recover its recent losses than any move towards a definite direction.

   The USD/CAD is currently trading at just over 1.3350 points, with the market expecting the currency pair to consolidate within the 1.3300-1.3400 region. The pair is expected to return to its wider trading range and could possibly reach 1.3000 points in the near future. The USD/CAD pair, along with other major currency pairs, are expected to consolidate within a much higher range in spite of their collectively high volatility levels.

   The Canadian economy has been consistently releasing a slew of positive economic data, and this is expected to be very good news for the Canadian dollar and could cause the USD/CAD pair to retreat to 1.3000 points. For todayís session, Canada will be releasing its core retail sales data, which will be closely monitored by market players as this will be an important gauge on the overall health of the Canadian economy. If the data meets market expectations, then the USD/CAD pair could retreat towards 1.3300 points and could be poised for more retractions depending on the strength of the said retail sales data.

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Re: Daily Market Analysis from ForexMart
« Reply #251 on: March 22, 2017, 06:02:10 PM »
EUR/USD Fundamental Analysis: March 22, 2017

   The EUR/USD pair was able to move towards 1.0800 points, with the currency pair managing to stay at over 1.0800 for a brief period. However, since the pair has not yet managed to make a clean breakthrough at this very tough barrier since it only momentarily peeked over this level, the pairís surge was eventually met with large selling and had no choice but to retreat at just under 1.0800 points.

   However, in spite of this particular occurrence, the EUR/USD pair is still trading on a somewhat stronger note, thanks to the pairís bulls who continue to trade on a strong streak. The EUR/USD pairís move at under 1.0800 now seems as just more of a correction as the pairís price are still well-maintained within its range highs. This is why the currency pair might give another shot at surpassing the 1.0800 barrier for today, especially since the forthcoming French polls might have Macron as its next President after all. This is a sigh of relief especially for the EUR currency, since Le Pen, Macronís opponent, is a widely-known critic of the euro currency. In addition, the pairs bulls are getting a lot of encouragement from the very bullish stance of the ECB, who recently stated that the strength of the euro can be mostly attributed to an improvement in the EU economy. The USD has also been struggling to make significant gains in spite of the recent rate hike and there is a very definite possibility that the pair could possibly move towards 1.1000 points once makes a clean break through 1.0850 points.

   There are no major news from both the EU and the US economy for today, and this is why the EUR/USD pair might again attempt to break through its barrier. Traders could opt to wait whether the currency pair is able to surpass 1.0850 during the course of the day.

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Re: Daily Market Analysis from ForexMart
« Reply #252 on: March 22, 2017, 06:48:54 PM »
GBP/USD Fundamental Analysis: March 22, 2017

   The GBP/USD pair has been consistently making its way towards 1.2500 points and it looks like the pairís bulls are more determined than ever to break through this particular range. As of the moment, the GBP/USD pair is now trading at just beneath 1.2500 points and is bracing itself once the currency pair pushes past 1.2500 points, where it is expected to be met with a lot of sells. The bulls must be able to weather these large-scale selloffs in order for the currency pair to go past this particular barrier.

   The UK economy released its inflation data yesterday with a reading of 2.3% going well beyond the initial market expectations. This, along with one of the BoE officials voting for a rate hike just goes to show that the Bank of Englandís data and policy seem to be in sync, thereby causing the sterling pound to increase in value. However, now that the GBP/USD pair as well as the euro are both in a very critical situation, the market is waiting whether the currency bulls would be able to break through these respective regions.

   However, the positive bearing of the sterling pound does not mean  that the currency does not run any risks. We still have the nearing invocation of Article 50 as well as Scotlandís recent demand for an independence referendum, although the market has chosen not to focus on these and instead focus on the weakness of the USD. There are no major news releases coming from both the US and UK economy for today and so the market will be focusing instead on the battle at the 1.2500 barrier, with the market focusing on whether the currency pair will be finally making it through this section or weaken eventually and resort to some more consolidation for the rest of the trading day.

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Re: Daily Market Analysis from ForexMart
« Reply #253 on: March 22, 2017, 07:16:27 PM »
USD/CAD Fundamental Analysis: March 22, 2017

   The price action of the USD/CAD pair during the previous session was mostly dictated by the Canadian retail sales data, which came out better than expected. However, one downside to this is that the positivity of the data was somewhat offset by the data last month, which was revised on a much lower level. This correction has then helped remove some of the pressure off of the currency pair and enabled it to move towards 1.3350 before finally settling at just under this particular range. The pair eventually dropped towards 1.3260 where it is currently situated.

   The pair was met with a lot of buying and this has helped the pair to slowly recover towards 1.3300 points, and the correction in the countryís retail sales data enabled the pair to go even higher. The Canadian dollar has also weakened as a reaction to the repeated failed attempts of oil prices to recover from its recent slump, causing the USD/CAD pair to recover towards 1.3350 points and even surpassed this particular barrier.

   For todayís session, there are no major news releases from the US economy aside from the oil inventory data, which is expected to affect the status of the CAD based on the currencyís previous price action. Expect the Canadian dollar to drop in value as a reaction to this particular data and consolidate within 1.3300-1.3400 points for the duration of todayís trading session.

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Re: Daily Market Analysis from ForexMart
« Reply #254 on: March 27, 2017, 06:42:51 PM »
USD/CAD Technical Analysis: March 27, 2017

The Canadian currency was unable to sustain its upside momentum as it currently endures the continuous weakening following the weak prices of crude oil.
The greenbacks rebounded 1.3330 and reversed towards 1.3375 in which the buying impetus seems short-lived. The price headed back in the mid-session of Asia and begin to retreat afterward.

The pair continued to decline amid early European trades and attempted to cut through the 50-EMA, nevertheless, failed to do so which caused it to reenter under the moving averages. Furthermore, the 50-EMA remain to move lower, 100-EMA appeared neutral and the 200-EMA headed upwards.

Resistance covered 1.3400, support is at 1.3330.

The MACD histogram was spotted at the centerline. On one side, an entry in the positive territory will favor buyersí strength and on the negative grounds will allow sellers seize the control within the market. RSI was confined in the neutral area.

A break under 1.3330 mark would indicate further weakening towards support level 1.3260.