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  1. #971
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    FxGrow Daily Technical Analysis – 24th Nov, 2017
    By FxGrow Research & Analysis Team

    GBP/USD Intraday: intraday support around 1.3280.


    Pivot: 1.3280

    Our preference: long positions above 1.3280 with targets at 1.3315 & 1.3335 in extension.

    Alternative scenario: below 1.3280 look for further downside with 1.3255 & 1.3220 as targets.

    Comment: even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

    Supports and resistances:
    1.3375
    1.3335
    1.3315
    1.3300 Last
    1.3280
    1.3255
    1.3220

    USD/JPY Intraday: under pressure.


    Pivot: 111.65

    Our preference: short positions below 111.65 with targets at 111.05 & 110.65 in extension.

    Alternative scenario: above 111.65 look for further upside with 111.95 & 112.40 as targets.

    Comment: the upward potential is likely to be limited by the resistance at 111.65.

    Supports and resistances:
    112.40
    111.95
    111.65
    111.35 Last
    111.05
    110.65
    110.25

    EUR/USD Intraday: intraday support around 1.1825.


    Pivot: 1.1825

    Our preference: long positions above 1.1825 with targets at 1.1860 & 1.1880 in extension.

    Alternative scenario: below 1.1825 look for further downside with 1.1800 & 1.1770 as targets.

    Comment: technically the RSI is above its neutrality area at 50.

    Supports and resistances:
    1.1910
    1.1880
    1.1860
    1.1846 Last
    1.1825
    1.1800
    1.1770
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  2. #972
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    FxGrow Daily Technical Analysis – 27th Nov, 2017
    By FxGrow Research & Analysis Team

    GBP/USD Intraday: continuation of the rebound.


    Pivot: 1.3305

    Our preference: long positions above 1.3305 with targets at 1.3360 & 1.3375 in extension.

    Alternative scenario: below 1.3305 look for further downside with 1.3280 & 1.3255 as targets.

    Comment: the RSI shows upside momentum.

    Supports and resistances:
    1.3390
    1.3375
    1.3360
    1.3330 Last
    1.3305
    1.3280
    1.3255

    USD/JPY Intraday: consolidation.


    Pivot: 111.70

    Our preference: short positions below 111.70 with targets at 111.05 & 110.80 in extension.

    Alternative scenario: above 111.70 look for further upside with 111.95 & 112.15 as targets.

    Comment: the RSI shows downside momentum.

    Supports and resistances:
    112.15
    111.95
    111.70
    111.40 Last
    111.05
    110.80
    110.65

    EUR/USD Intraday: the bias remains bullish.


    Pivot: 1.1895

    Our preference: long positions above 1.1895 with targets at 1.1960 & 1.1990 in extension.

    Alternative scenario: below 1.1895 look for further downside with 1.1855 & 1.1825 as targets.

    Comment: the RSI is mixed to bullish.

    Supports and resistances:
    1.2020
    1.1990
    1.1960
    1.1931 Last
    1.1895
    1.1855
    1.1825

    For more in depth Research & Analysis please visit FxGrow.

    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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  3. #973
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    FxGrow Daily Technical Analysis – 06th Dec, 2017
    By FxGrow Research & Analysis Team

    Gold Breaks The Pennant After Long Consolidation Sessions


    After sixty consolidation session where gold was fluctuating between 70s and 90s levels, gold has finally broke the pennant that has been confined inside with sideways range and congestion. The precious metal gaped downward on Monday, then peeked to 1277 yesterday, but failed to press forward and dipped to 1261 low.

    Fundamentally, the U.S tax plan approval during the weekend boosted the U.S Dollar and last week's upbeat U.S economic data has increased the odds of U.S Fed hike pushing the DXY to 93.45 high today. On the other hand, failure between UK and Eurozone is still weakening the British pound and EURO, giving more strength to the greenback against XAUUSD.

    Gold Technical Overview

    Closing price: 1265.85

    Target price: 1251

    Trend: Sideways / Down

    Trend reversal price: 1286

    Resistance levels: 1271, 1276

    Support levels: 1258, 1251

    Comment The market extended the short term flagging downturn and suggests further selling to 1251. Minor corrections should stay in the 1270's to maintain bear trend forces. A push over 128050 stops pressing bear forces, but only a close over 1286.00* highlights a lasting turn to higher prices.

    For more in depth Research & Analysis please visit FxGrow.

    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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  4. #974
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    FxGrow Daily Technical Analysis – 07th Dec, 2017
    By FxGrow Research & Analysis Team

    EUR/USD: Downside Action More Likable Ahead of Draghi Speech


    EUR/USD has entered the fourth cosolodation session with choppy sideways trading. The pair has failed to stay above 1.1800 (10-EMA) level since Monday and still flirting with 1.1780 support level.

    The pair lost traction after reports indicating rough negotiations with the UK and Brexit deal, weighing negatively on the EURO. On the other hand, last weak upbeat U.S data and approval for tax plan is still boosting the U.S dollar with expectations for more upward action as the Dec. rates odds are on the U.S Fed's menu.

    Draghi, head of ECB will cross wires today but expectations are high for a neutral stance, no game changer for the EURO currency.

    EUR/USD technical overview

    Closing price: 1.1797

    Target price: 1.1760

    Resistance levels: 1.1840+, 1.1870, 1.1900*

    Support levels: 1.1760-50, 1.1700-

    Trend: Sideways / Down

    Trend reversal price: 1.1900

    Comment The choppy slide this week is shifting the short term trend bias down and warns for a larger unfolding selling wave to 1.1760-/1.1700. Trade is poised for selling pressures today. A reluctance to extend / stay under 1.1800- cautions for a bounce into congestion near 11840. However, a close over 1.19000* is needed to highlight a reversing upturn form corrections to launch a fresh bull wave near 1.2000+.

    For more in depth Research & Analysis please visit FxGrow.

    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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  5. #975
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    FxGrow Daily Technical Analysis – 08th Dec, 2017
    By FxGrow Research & Analysis Team

    Britain and EU Strike Brexit Deal, EUR and GBP Up?


    The EU and UK managed finally to reach a deal and move forward with Brexit as major news sources has just headlined as a breaking news. As a result, expectations for more upward action for British pound and some upward corrections as a retracement for the EURO. On the other hand, U.S will release major data today with NFP taking center stage.

    GBP/USD technical overview:

    Closing price: 1.3473

    Trend: Sideways / Up

    Target price: 1.3590?

    Resistance levels: 1.3505, 1.3590-1.3667

    Support levels: 1.3418, 1.3353*-, 1.3290

    Trend reversal price: 1.3353

    Comment Overall the market is short term bullish. A close over 13505 will rekindle bull trending to reach previous peaking levels at 1.3612+. A close over 1.3667 is bullish for moves to 1.3860. Be prepared for a near term slip and congestion inside the upper half of yesterday's range. Stable action over 1.3400+ suggests a build up for rallies. A close under 1.3353* highlights a topping turnover and chance for declines along 1.3200.

    EUR/USD Technical overview:


    Closing price: 1.1772

    Target price: 1.1760 ( Achieved)

    Resistance levels: 1.1836, 1.1876-1.1897*

    Support levels: 11760-50, 11700-

    Trend: Sideways / Down

    Trend reversal price: 1.1897

    Comment: The choppy slide this week is shifting the short term trend bias down and warns for a larger unfolding selling wave to 1.1760-/1.1700. Trade is poised for selling pressures today. Trade may recover for near term congestion just over 1.1800+. However, a close over 1.1897* is needed to highlight a reversing upturn form corrections to launch a fresh bull wave near 1.2000+.

    U.S Dollar Index Technical Overview:

    DEC US DOLLAR

    Closing price(9378)

    Target price: 94.05

    Resistance levels: 93.89, 94.055*

    Support levels: 9343, 9318, 9294*

    Trend: Sideways / Up

    Trend reversal price: 92.94

    Comment The market has worked into a short term bottoming / bullish pattern and targets rallies to 94.055* resistance to challenge for a larger upturn. A close over 94.055* is bullish. Any minor dips should level off into sideways basing action off the low 93.00 area. A close under 92.94* is needed to reverse back to lower prices.

    For more in depth Research & Analysis please visit FxGrow.

    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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  6. #976
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    FxGrow Daily Technical Analysis – 11th Dec, 2017
    By FxGrow Research & Analysis Team

    GBP/USD Inching Higher Ahead of UK's Inflation Report


    GBP/USD inaugurated Monday's trading session with bulls in action clocking 1.3427 high and 1.3366 low. The cable took a massive punch on Friday after releasing positive U.S Data, retreating from 1.3520 high and plunging to 1.3355 low. Technically, expectations for further upside action for the cable seems limited especially Friday's daily candle engulfing Thursday's strong bullish candle.

    Fundamentally, a busy week for the market, first with today's CPI data coming from the UK with expectations placed at 3%, as as previous outcome. We are looking for a deviation in the inflation today which could set a more dovish tone for BOE's economic statement on Thursday taking into consideration that rates will stay put. On the other hand, FOMC meeting on Wednesday is taking all the attention with high expectations for hike.

    Last but not least, market is looking forward to the UK PM Theresa May’s cabinet meeting scheduled later today, with the key agenda on the Brexit negotiations ahead of this week’s EU Summit.

    GBP/USD Technical overview:

    Closing price: 1.3395

    Target price: None

    Resistance levels: 1.3463, 1.3505+, 1.3610-67

    Support levels: 1.3353*-, 1.3290

    Trend: Sdwys/Up

    Trend reversal price: 1.3353

    Comment Overall the market is still short term bullish. A close over 1.3505 will rekindle bull trending to reach previous peaking levels at 1.3612+. A close over 1.3667 is bullish for moves to 1.3860. Friday's back off alerts for near term corrections. A close under 1.3353* highlights a topping turnover and chance for declines along 1.3240-00.

    For more in depth Research & Analysis please visit FxGrow.

    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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  7. #977
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    FxGrow Daily Technical Analysis – 12th Dec, 2017
    By FxGrow Research & Analysis Team

    EUR/USD Trading Flat Ahead of Zew Sentiment And U.S PPI


    EUR/USD has been trading flat since Monday with low price, 28-pips and 1.1788 high. On technical level, the pair is still sold off with daily downtrend and expectations for further downside action. On the upside, EURO bulls should be contaminated at 10-EMA at 1.1800 level along with yesterday's upper daily wick. The pair could test daily rising trend line at 1.1740 level, and in case EUR/USD closed below it, then further dips are expected.

    On the fundamental level, market awaits German Zew sentiment which will be released shortly and expectations that the sentiment could call behind at 17.4. On NY opening sessions, U.S is due to release Producer Price Index which could shake the market a bit as eyes will be focused on Wednesday and Thursday with FOMC and ECB meeting. On the other hand, Draghi will cross wires today, but taking into consideration the ECB event on Thursday, the speech should be neutral without any major effect. As for tomorrow, it is highly anticipated that the U.S Fed will hike rates at 1.50% with 0.25% point basis which should add more pressure on the pair temporary till market take an action for the FOMC statement.

    EUR/USD Technical Overview:

    Closing price: 1.1769

    Target price: None

    Resistance levels: 1.1800, 1.1880, 1.1860*

    Support levels: 1.1720-1.1709*, 1.1640

    Trend: Sideways / Down

    Trend reversal price: 1.1860*

    Current None 11881, 11910, 11954* 11807-11799*, 11728

    Sdwys/Down

    Comment: The current slide puts short term trend forces down and warns for a larger unfolding selling wave to 1.1640. Trade is poised for selling and a close under 1.1709* will fuel selloffs. Trade may recover for near term congestion up near 1.1820. However, a close over 1.1860* is needed to highlight a reversing upturn for a bull wave over 1.1920+.

    For more in depth Research & Analysis please visit FxGrow.

    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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  8. #978
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    FxGrow Daily Technical Analysis – 13th Dec, 2017
    By FxGrow Research & Analysis Team

    CFDs Technical Overview With a Priced in Hike By the Feds


    Most markets are highly anticipating a hike today by the U.S Fed with 0.25% basis to initial 1.25%. Analysts are supporting the rate hike decision especially that Mrs. Yellen has recently stressed out that any future hikes will be subject to economic data. As a result, we have seen the DXY rallying by $1.78 since Nov. 27th, soaring all currency rivals as rates will be increased as a done deal especially recent U.S upbeat data.

    Last year when the Fed hiked rates, market saw an opposite performance for the Dollar Index, and instead of further upside action, the DXY was sold off aggressively which leaves us wondering if the same scenario will be repeated as Déjà vu because market anticipated the hike and it was priced in. Now that we have covered this section, eyes will be focused on the FOMC statement and projections for 2018 whether they will drop a hawkish or dovish tone.

    Last but not least, yesterday's democrat Jones winning U.S senate in Alabama state has flipped the cards for Trump and his tax plan final touch. Trump will cross wires today giving more hints about so the long awaited tax reform plan. As a result, the U.S dollar stands at two battles, first as FOMC released the statement, and second Trump's tax plan updates.

    CFD's Technical overview:

    MAR US DOLLAR

    Closing price: 93.825

    Target price: 93.755 achieved

    Resistance levels: 93.755*, 94.01

    Support levels: 93.89, 93.17, 92.77*

    Trend: Sdwys/Up

    trend reversal price: 92.77

    Comment The market has worked into a short term bottoming / bullish pattern with rallies pushing beyond the 93755* resistance, giving bull signals for a climb to 9434+. Any near term dips should try to hang in sideways congestion, stabilizing over 9317. A close under 9277* is needed to reverse back to lower prices.

    MAR B-POUND

    Closing price: 1.3366

    Target price: 1.3289

    Resistance levels: 1.3441-58, 1.3504*

    Support levels: 1.3355, 1.3289*

    Trend: Sdwys/Down

    Trend reversal price: 1.3504

    Comment The market is signaling a short term negative turnover and warns for a larger selling wave to 1.3289*. A sustained press below 1.3355 will fuel selloffs. Any corrections contained to narrow sideways congestion should bear flag into additional selloffs. A close over 1.3504* is needed to reverse back to higher prices.

    MAR CANADIAN$

    Closing price: (77855)

    Target price: None

    Resistance levels: 7829, 7869*, 79585*

    Support levels: 7760-45, 7672-

    Trend: Sdwys/Down

    Trend reversal price: 79585

    Comment The market still favors reactionary selloffs to test the previous week's low. A penetration below 7758-54 could possibly open up a bear target to 7672-. Any corrections will likely fade in the low 7800's. Only a close over 7869* stops aggressive bear forces. A close over 79585* is needed to mark a bull turn for a drive to 8000+/-.

    MAR EURO

    Closing price: (1.1821)

    target price: None

    Resistance levels: 1.1880, 1.1904, 1.1949*

    Support levels: 1.1799*, 1.1728

    Trend: Sdwys/Down

    Trend reversal price: 1.1954

    Comment The current slide puts short term trend forces down and warns for a larger unfolding selling wave to 1.1700. Trade is poised for selling and a close under 1.1799* will fuel selloffs. Trade may recover for near term congestion up near 1.1900. However, a close over 1.1949* is needed to highlight a reversing upturn for a bull wave over 1.2000+.

    MAR J-YEN

    Closing price (88545)

    Target price: None

    Resistance levels: 88945, 89305*, 8984*

    Support levels: 8831-, 87825-

    Trend: Down

    Trend reversal price: 89865

    Comment The market is in a downturn and suggests further washouts to 8831-. A close under 8831 is negative. We may see some corrective congestion, but keeping corrections trapped below 89305* should maintain a bear alignment. Only a close over 8984* alerts for a reversing turn.

    MAR SWISS

    Closing price: (10156)

    Target price: None

    Resistance levels: 1.0188, 1.0222, 1.0257*

    Support levels: 1.0038-25, 1.0000-

    Trend: Sdwys/Down

    Trend reversal price: 1.0257

    Comment The market is short term bearish and a close under Friday's low alerts for a selling wave to attack the 1.0062 low. Suspect a fight to correct for a few days. Narrow corrective congestion around 1.0200 for a few days will likely bear flag. A close over 1.0257* is needed for a shift back to the upside.

    MAR AUSSIE$

    Closing price: (7554)

    Target price: 7430

    Resistance levels: 7579, 7592*

    Support levels: 7495-?, 7430-10

    Trend: Sdwys/Down

    Trend reversal price: 7592

    Comment The market is bearish. Despite corrective rebounds the past couple days, the pattern alerts for a potential wash to 7430-. Trade is poised for follow through selloffs with a close under 7498 fueling declines. Any further corrections should struggle with previous congestion levels over 7550 and tight congestion should bear flag. A close over 7592* is needed for a reversing turnaround.

    FEB GOLD

    Closing price: 1246.40

    Target price: 1233

    Resistance levels: 1254.00-1256.00, 1260

    Support levels: 1233- 1220+

    Trend: Down

    Trend reversal price: 1265.10

    Comment The market is bearish, alerting for an acceleration in the selloff, opening up potential for a drop to 1233. The pattern still warns for pressing selloffs. Any corrections will likely find downside forces keeping trade in sideways congestion, stopped in the upper 1250's. A close over 1265.10* is needed to alert for a reversing turnaround.

    For more in depth Research & Analysis please visit FxGrow.

    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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  9. #979
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    FxGrow Daily Technical Analysis – 14th Dec, 2017
    By FxGrow Research & Analysis Team

    GBP/USD Rallies As Market Undigested FOMC Statement, Eyes on MPC Vote


    GBP/USD made a reverse turn yesterday and rallied 118-pips after clocking 1.3428 high as market was anticipating a hike by the Feds as a priced in news. On the other hand, FOMC statement by Yellen was seen neutral to dovish which gave the cable extra push. Today, the pair plunged to 1.3380 low as a correction and preparation for more upward action supported by upbeat retail sales by the UK at 1.1% while expectations were placed at 0.4%. As a result, GBP/USD extended the bulls and clocked 1.3466 high, currently trading 1.3442 intraday.

    Fundamentally, UK inflation recorded a rise by 0.1% during November compared to October but the core CPI remained at 2.7% as expected. With inflation above the target, logically the BOE should take action by hiking rates or at least drop a hawkish tone in the statement signaling future monetary tightening. On the other hand, the dilemma lies in the domestic growth which is below potential which could be counterproductive as growth continues to show deceleration. Just a moment ago, UK retail sales result at 1.1% was seen unexpected which could turn MPC voting today to more hawkish.

    GBP/USD bulls and bears stand on three major elements that needs to be considered to speculate how the cable should and will perform in the coming hours.

    1-BOE's Current rates stands at 0.50%, and it is widely expected to stay put with no game changer especially that last the last hike was during November, but still, BOE could take market off guard and increase current rates by 25 point basis, in this case, we could see the pound breaking previous tops and extending action beyond 1.35 level at to 1.3800. Although this scenario is not in discussion, but market should be opened to all scenarios taking into consideration this and last week strong UK data.

    2- Now comes BOE's statement or summary where we should focus on the following. The statement could drop a hawkish tone by mentioning that inflation is intolerant and growth is growing at high pace which forces BOE to take action in the near future, this is considered positive for the pound. A dovish scenario would include that recent data is strong and it was mentioned before by the BOE, still the central bank needs to look for additional inputs without seeing any reason for near-term action or the BOE pushes rates till end of 2018, this is dovish for the pound and in previous comments by Carney, the Gov. did postponed rate hikes till end of 2018 which caused GBP to collapse.

    3- Third, and most important, the MPC voting. There are two possible outcomes. First, in case voting was 0-0-9, this is considered negative for the pound as the members are not considering an near term action by the BOE. Second, in case we see a conflict between members where voting is 2-0-7 or 3-0-6, this is an indication that the members are turning more hawkish since expectations are at 0-0-9 and this will be reflected in the policy summary.

    GBP/USD technical Overview:

    Closing price: 1.3416

    Target price: 1.3240?

    Resistance levels: 1.3450*, 1.3550+/-

    Support levels: 1.3370, 1.3320-10, 1.3240*

    Trend: Sdwys/Down

    Trend reversal price: 1.3450*

    Comment: The market remains in the short term back off of the past week and half. A complete retracement of yesterday's range with a drop under 1.3310 will release a selling wave to 13240*. A close over 1.3450* will highlight a reversing turn back to higher prices targeting a run to reach past the 1.3550 swing high.

    For more in depth Research & Analysis please visit FxGrow.

    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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    FxGrow Daily Technical Analysis – 14th Dec, 2017
    By FxGrow Research & Analysis Team

    Gold Initiated Upward Correction With Potential of a Trend Reversal, Eyes on U.S Data

    After Last week's major break for the sideways congestion, gold plunged to five months fresh-lows at 1236.55 on Tuesday, then started upward correction first as a result of the deep down dips, second as a response to yesterday's FOMC's priced in news and a neutral statement without giving any new perspectives for 2018 outlook. The precious metal rallied yesterday from 1240.35, and recorded 1257.15 high. Today, gold extended the bulls action with only +$3 after clocking 1259.15 high, currently trading 1258 intraday.

    On technical level, gold is currently test 10-EMA level at 1259 with expectations for 20-EMA testing at 1263-5 and in case gold closed above 10-EMA, this should be considered as first warning for trend reversal. Add to that, Tuesday's and yesterday's daily bullish grabbers support further upside action but it still early to determine if the upward correction is an introduction for trend reversal or the precious metal could drop beyond 1236 level, aimed at 1228 first, 1210+ area. Daily RSI was at 31 level on Tuesday, at that level, gold often started a bullish trend as market is oversold.

    As for U.S dollar index, we can see that DXY bulls were contained by downtrend resistance line which was tested successfully and has formed a perfect head and shoulders pattern both on Daily and H4 time frame with AB leg = CD leg, and next target for the Dollar Index will be around 91.00 unless DXY rallied beyond 94.00 erasing the head and shoulders pattern, then we should expect more pressure on the gold.

    Fundamentally, if we go back in memory, i late 2016 when the Feds hiked, gold showed an opposite reaction with a rally started from 1195 as market was already trading the fact that rates are done deal. Today U.S will release major data with Retail Sales in focus and depending on gold hourly behavior and daily closing price, we can draw a better technical image for XAUUSD next move.


    XAUUSD and U.S Dollar Technical Overview:


    MAR US DOLLAR Technical Overview

    Closing price: 93.024

    Target price: None

    Resistance levels: 93.75, 94.05, 94.35

    Support levels: 93.31, 93.16, 92.77

    Trend: Sideways / Up

    Trend reversal price: 92.77

    Comment: The market shows a short term bottoming / bullish pattern, but rallies were capped by 93.755* resistance, prompting yesterday's drop off. Be prepared for near term negative / corrective action and chance to test 92.77* support. A close under 9277* signals a short term negative turnover, but initially suspect a bounce off 9277*. A close over 93755* is short term bullish and will spark further upside action at 94.05, next 94.35

    XAUUSD Technical overview


    Closing price: 1255.60

    Target price: 1231

    Resistance levels: 1257+/-, 1263.10*

    Support levels: 1250.30-00, 1244.50*, 1231-

    Trend: Down

    Trend reversal price: 1263.10

    Comment: Overall the market is bearish, still showing potential for a drop to 1231. Yesterday's spike higher starts near term corrections and we could see trade again try to rally. Corrections will likely find downside forces keeping trade in sideways congestion, stopped in the upper 1250's. A close over 1263.10* is needed to secure a reversing turnaround. A close under 1244.50* should renew selloffs/bear trending.

    For more in depth Research & Analysis please visit FxGrow.

    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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