FxGrow Support Posted November 11, 2016 Author Report Share Posted November 11, 2016 FxGrow Daily Technical Analysis – 11th Nov, 2016By FxGrow Research & Analysis Team GOLD SINKS BEATING TRUMP'S EXPECTATIONS BEING TRIUMPHED US election is over with a major layout on yellow metal proving all analysts wrong as XAUUSD should peek if Trump would be victorious. Gold was supposed to peek beating 1330 handle and park in that zone but as soon as the white smoke came out of white house with a the new president, gold started tumbling dramatically reaching a low today 1251.19. The haven metal had a long journey before reaching this low level, first rallying from 1268.13 (low) on the election day clocking a new high for Nov at 1337.35, closing at 1277.58. Bearish momentum extended yesterday sinking to 1252.35 low, but before that the metal clocked a high at 1292.33. On the other hand, US dollar index was moving totally opposite to gold's lows and highs starting on 9th with a low at 95.31 while gold was booming, then the index started a hike scoring a 99.08 yesterday while gold was soaring. Currently gold is trading at 1262.30 intraday as US dollar index trading at 98.66. Although gold started taking its breath, but still remains under pressure on strong dollar after Trump's strong speech. Gold SMA 100 (1269.58) , 50 SMA (1291.23). Trend : bearish sideways 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. Link to comment Share on other sites More sharing options...
FxGrow Support Posted November 14, 2016 Author Report Share Posted November 14, 2016 FxGrow Daily Technical Analysis – 14th Nov, 2016By FxGrow Research & Analysis Team EURO SINKS DEEPER AS US DOLLAR STRENGTHEN, AWAITING DRAGHI SPEECH EUR/USD slips down further more as US election seems to an end. The US Dollar index went bullish starting on Friday with a high at 99.13, opened today with an increase-gap 99.39, high 99.67, currently trading at 99.59 intraday, highest since March 2016. The EURO seems defenseless, and day by day weaker since Brexit, and US economy booming. Over all, the pair has dropped since US election on 9th Nov from 1.1299 high to 1.0772 today's low as Trump won the Presidential election. EUR/USD is significantly bearish, awaiting Mr. Draghi's appearance today scheduled at 3:00 PM GMT and what he holds magic solution for the EURO zone. Trend : bearish 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. Link to comment Share on other sites More sharing options...
FxGrow Support Posted November 14, 2016 Author Report Share Posted November 14, 2016 FxGrow Daily Technical Analysis – 14th Nov, 2016By FxGrow Research & Analysis Team USD/JPY EXTENDS GAINS AS MARKET BEATS TRUMP SHOCKING WIN The US Dollar opened trading sessions with a further pressure extension since last week, sending the USD/JPY to five months fresh highs 107.96.The Japanese yen weakens on higher US yields and as concerns over US trade policy vanished. The sell-off in global bonds could increase upward pressure on the BoJ’s 10-year JGB yield target at 0.00% encouraging speculation that the BOJ may have to accelerate purchases thus weighing on the yen as well. Add to that, strong US Dollar index beating 100 handle at 2016 new highs 100.03. The Japanese Yen remains under pressure by greenback and expected to extend gains in absence of root solution by BOJ governor Koruda. Trend : bullish 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. Link to comment Share on other sites More sharing options...
FxGrow Support Posted November 15, 2016 Author Report Share Posted November 15, 2016 FxGrow Daily Technical Analysis – 15th Nov, 2016By FxGrow Research & Analysis Team GBP/USD AGAIN UNDER PRESSURE, AWAITING LOCAL DATA GBP/USD opened with a bullish trend, seemed to be recovering as the pair beat the 1.25 handle clocking a high at 1.2528 as US dollar index marched backward from yesterday's highs at 100.24 to 99.75 today's low. The pair failed to guard early gains with an inverted candle pin sinking to 1.2464 today's low. British Pound awaits local data today at 9:30 AM GMT as CPI y/y and PPI data will be released, then at inflation rate hearing at 10:00 AM GMT which might restore some confidence in the Sterling or keep it under under pressure. Trend: Bearish Sideways 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. Link to comment Share on other sites More sharing options...
FxGrow Support Posted November 15, 2016 Author Report Share Posted November 15, 2016 FxGrow Daily Technical Analysis – 15th Nov, 2016By FxGrow Research & Analysis Team AUSTRALIAN DOLLAR STRENGTHEN AFTER HINTS OF POSITIVE ECONOMY, AWAITING RBA AUD/USD opened early trading sessions with gains as RBA meeting minutes gave hints that Australian economy continues to grow at a moderate rate. The pair opened at 0.7552, rallied to 0.7580 high, then dropped to 0.7534 low, currently trading at 0.7553 intraday. The pair stands with heavy guard at 0.75 handle, not able to break it as US dollar index sinks 99.68 today's low. Governor Lowe, head of RBA, will make an appearance shortly at 9:15 AM GMT, where he'll lay out policy headlines. Trend: Bullish sideways 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. Link to comment Share on other sites More sharing options...
FxGrow Support Posted November 17, 2016 Author Report Share Posted November 17, 2016 FxGrow Daily Technical Analysis – 17th Nov, 2016By FxGrow Research & Analysis Team SILVER DIGESTS WEDNESDAY'S GAINS, US DATA EYED XAGUSD opened yesterday at 17.04 and took a hike clocking a high at 17.23, touching 200 SMA at 17.19, then failed to guard the 17 handle. The shiny metal started a bearish afterwards sinking to 16.87. US economy still growing with US dollar index peeking yesterday to new high's at 100.60, currently trading at 100.41 intraday. XAGUSD still remains under pressure as greenback is strengthening, and today US dollar strength will undergo a further test as US CPI report will be published. Trend: Bearish 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. Link to comment Share on other sites More sharing options...
FxGrow Support Posted November 17, 2016 Author Report Share Posted November 17, 2016 FxGrow Daily Technical Analysis – 17th Nov, 2016By FxGrow Research & Analysis Team GOLD PRICE SHIFTS UPWARD AS US DOLLAR EASED, AWAITING FURTHER US DATA Gold hiked on Tuesday from 1218.90 low to 1231.64 high and closed at 1228.64. Yesterday, XAUUSD marched to a higher price scoring 1233.07, then plunged to 1221.50 low and closed at 1224.13. The yellow metal failed to soar and stay above 1230 level on strong US dollar especially after positive US retail sales data.. Add to that US dollar index peeked to a high new level yesterday at 100.60, currently trading at 100.19. With US dollar index drop, seems gold took the chance and surged 1229.78 high, currently trading at 1227.40 intraday. Traders have their eyes set on US data today with main focus on Core CPI and its result which will a better clue on how they will set their-ongoing-orders from XAUUSD. Gold at 200 SMA 1241.52, if price beats it, then look forward for next resistance levels. Trend: bearish 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. Link to comment Share on other sites More sharing options...
FxGrow Support Posted November 18, 2016 Author Report Share Posted November 18, 2016 FxGrow Daily Technical Analysis – 18th Nov, 2016By FxGrow Research & Analysis Team EUR/USD EXTENDS BEARISH MOOD, AWAITING DRAGHI EUR/USD failed to sustain yesterday's gains as positive US data was released and especially after Fed Chair Yellen noted in her testimony that an increase in interest rates “could well become appropriate relatively soon. The pair rallied yesterday to 1.0745 high then failed to keep gains as it sank to 1.0619 low, then closed at 1.0625. EUR/USD extended bearish momentum in opening trading sessions dropping to 1.0581 low, ( lowest June 2015). US dollar still dominating the market as US dollar index peeked to 101.39 today, currently 101.33 intraday. The pair is expected to drop further more as US economy still growing strongly since Trump victory. Today, Draghi makes an appearance at 8:30 AM GMT on behalf of ECB with efforts to stop EUR/USD from bleeding further more. Trend : bearish 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. Link to comment Share on other sites More sharing options...
FxGrow Support Posted November 18, 2016 Author Report Share Posted November 18, 2016 FxGrow Daily Technical Analysis – 18th Nov, 2016By FxGrow Research & Analysis Team CANADIAN DOLLAR CONTINUES PLUNGING, AWAITING LOCAL DATA The pace of greenback is still increasing significantly since Trump election. The US dollar continues to soar all its rivals as US dollar index peeked to highest today clocking 101.39. USD/CAD extended the uptrend mood after positive US data released yesterday, and especially after Fed Chair Yellen noted in her testimony that an increase in interest rates “could well become appropriate relatively soon. Key Quotes “The clear implication for monetary policy being that the case for a rate hike “continued to strengthen”, with action to be taken “relatively soon”. Barring a material adverse shock, that means December.” USD/CAD rallied today from 1.3503 low, scored a 1.3564 high, currently trading at 1.3536. The US dollar is doing everything except for giving up the thrown, still dominating-relentless . The Canadian dollar awaits today local core CPI which will either give the pair a chance to breath, or the pair will extend is bullish momentum. Trend : Bullish 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. Link to comment Share on other sites More sharing options...
FxGrow Support Posted November 21, 2016 Author Report Share Posted November 21, 2016 FxGrow Daily Technical Analysis – 21st Nov, 2016By FxGrow Research & Analysis Team EUR/USD Drifts Lower as Political Risks Emerged EUR/USD opened Monday's trading sessions with a an-opposite-bullish-trend after 12 bearish consecutive sessions. The pair has been cornered by strong US economy with US dollar index peeking on Friday at 101.54, and EUR/USD sinking to 1.0577, especially after Fed Chair Yellen noted in her testimony that an increase in interest rates “could well become appropriate relatively soon. On the other hand, EUR index opened at 86.51 (low), surged at 86.79 highs, currently trading 86.75 awaiting new political issues in France and Italy while US dollar index trading at 101.14. Although EUR/USD managed to score some gains since morning taking advantage of EUR index increase, the pair is currently clocking at high 1.0635, but it still considered a bearish trend taking into consideration strong US economy. Today Draghi makes an appearance to discuss ECB current and future steps which will give a better outlook on how EUR/USD will react. Trend: Bearish 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. Link to comment Share on other sites More sharing options...
FxGrow Support Posted November 21, 2016 Author Report Share Posted November 21, 2016 FxGrow Daily Technical Analysis – 21st Nov, 2016By FxGrow Research & Analysis Team Japanese Yen Strengthen After Masai's Strong Tone On Behalf of BOJ The confidence in Japanese Yen currency seems to be favored and restored as USD/JPY reversed last weak's bullish trend to bearish in Monday's opening trading session. Japanese industrial activity scored 0.2% without a change in previous result, but with 0.1% increase than forecast, add to that strong tone of BOJ member Mrs. Masai, expressing her take on the impact of a Trump-win on the Japanese economy as well on the central bank’s monetary policy program. Last week, the US dollar soared the Japanese Yen for 10 consecutive sessions, sending the pair from 101.19 low, to Friday's June-fresh-highs at 110.95 after strong US economic data all over the week. The pair opened with a higher price on Monday clocking 111.18, then retreated 110.54 low, currently trading at 110.74 intraday. Although market has witnessed some gains on USDJPY, but the pair is considered to remain under strong US economy mercy. Masai Key Headlines: Hopes policies will also lead global economy Hopes US government continues to take appropriate policies to drive growth BOJ will watch what effect Trump will have on policy Important to make sure intentions of BOJ policy are well understood to avoid volatility Trend: Bullish 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. Link to comment Share on other sites More sharing options...
FxGrow Support Posted November 22, 2016 Author Report Share Posted November 22, 2016 FxGrow Daily Technical Analysis – 22nd Nov, 2016By FxGrow Research & Analysis Team USD/CAD Plunges Ahead of Canadian Retail Sales Data The Canadian Dollar managed to stay ahead of its south neighbor although Canadian wholesales data scored a negative of -1.2% yesterday. USD/CAD extended bearish mood yesterday taking advantage of weaker US dollar index dropping 100.81 after being on to at 101.51. Add to that, a surge in oil prices at a 48.96 monthly fresh high, boosted the Canadian dollar to score against the greenback. In early trading sessions, the pair sank to 1.3396 low, but failed to sustain the 1.33 level, touched 50 SMA at 1.3428, then marched to 1.3433 high, currently trading at 1.3410 intraday. Today, USD/CAD awaits Canadian Retail Sales data, which in case, came to the favor of Canadian dollar, and taking into consideration the hikes in oil prices on optimism of OPEC-cut-deal, the market might witness a new lows for the pair this November. Trend : Bearish sideways 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. Link to comment Share on other sites More sharing options...
FxGrow Support Posted November 23, 2016 Author Report Share Posted November 23, 2016 FxGrow Daily Technical Analysis – 23rd Nov, 2016By FxGrow Research & Analysis Team GOLD STEADIED DESPITE FIRMER US DOLLAR, AWAITING FURTHER US DATA XAUUSD has been busy since Friday swinging between 1220 and 1206 levels. Gold sank on Thursday from 1231.51 high to 1211.13 low after positive US data. US dollar continued to soar XAUUSD on Friday sending it to the 1202.89 bottom, June fresh-lows while US dollar index peeked 101.54. The yellow metal made a slight correction on Monday then Tuesday, with absence of news on US dollar, as a result, XAUUSD was liberated from it's rival peeking to 1221.06 yesterday but failed to hold the gains. Yesterday, US dollar index dropped 100.71 low but then managed to climb back to 101.37 high causing Gold to give up high positions. Gold is currently trading at 1214.11, seems stable at this zone but it won't be long before XAUUSD volatility will start kicking as we get closer to US data release at 1:30 PM GMT today. Trend : Bearish 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. Link to comment Share on other sites More sharing options...
FxGrow Support Posted November 23, 2016 Author Report Share Posted November 23, 2016 FxGrow Daily Technical Analysis – 23rd Nov, 2016By FxGrow Research & Analysis Team GBP/USD Bearish Until Further Notice, Awaiting local Data GBP/USD fails to sustain Monday's gains as the pair seemed to be recovering with 1.2510 fresh-week-new-highs taking advantage of weaker US dollar index at 100.81 low. Although UK yesterday scored positive data, but strong US data weighed on the GBP. GBP/USD retreated to 1.2384 low yesterday after clocking a high at 1.2512. The pair continues to drift lower as it slumps to 1.2381 today's low ahead of UK Autumn Budget statement acknowledging that UK government debt is worryingly high. while US dollar Index recovers from Monday's drop and peeked to 101.37, currently trading at 101.20, hence extending and confirming the general trend as being bearish. Today, sterling might find some salvation with local Autumn forecast statement, scheduled at 12:30 PM GMT. GBP/USD is currently trading at 1.2376 intraday, below it's daily Pivot at 1.2440 which gives a better outlook on how below the pair is to be considered on recovery track. Trend: bearish 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. Link to comment Share on other sites More sharing options...
FxGrow Support Posted November 25, 2016 Author Report Share Posted November 25, 2016 FxGrow Daily Technical Analysis – 25th Nov, 2016By FxGrow Research & Analysis Team Gold Technical Levels to Watch XAUUSD extended further losses in early trading sessions as US Dollar peeked to 102.11. Gold dropped to new fresh-March lows touching 1170.99 bottom. US dollar index retreated to 101.64, and gold increased to 1186.86 high, currently trading at 1180.05. First resistance R1 1191.77, if price broke R1 then we are looking into next resistance level R2 at 1195.80 then R3 at 1202.30. On the other hand, support level S1 located at 1169.74, if gold drops below S1, then we should consider a further loss towards S2 at 1164.30 and S3 located at 1160.75. Trend is bearish given strong US dollar. Keep a close eye on US dollar index as it tends to peek with New York opening sessions. Trend: bearish 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. Link to comment Share on other sites More sharing options...
FxGrow Support Posted November 25, 2016 Author Report Share Posted November 25, 2016 FxGrow Daily Technical Analysis – 25th Nov, 2016By FxGrow Research & Analysis Team USD/JPY Responds Positively to US Dollar Hike, Eight New Months Top The data released in Japan showed consumer price index (CPI) dropped for an eighth straight month. The headline figure remained unchanged at 0.1%, while, the core CPI dropped 0.4% y/y in October. However, the headline figure has rebounded from last month’s print of -0.5%, slightly better-than-estimates. The numbers and above data didn't give the Japanese Yen a break from US dollar dominance as greenback still soaring all rivals. The US dollar index hysteria was not done yesterday, as the index peeked further more today to new high at 102.11 causing USD/JPY to rally from 113.18, to fresh 8 months high 113.89. The first resistance level at 114.07 to be considered and breaking this point will expand gains into next resistance levels. Key levels to watch: Weekly Pp 109.48 Trend: Bullish 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. Link to comment Share on other sites More sharing options...
FxGrow Support Posted November 25, 2016 Author Report Share Posted November 25, 2016 FxGrow Daily Technical Analysis – 25th Nov, 2016By FxGrow Research & Analysis Team GBP/USD IMMUNE TO DOLLAR PUSHING HIGHER, AWAITING Q3 GDP GBP/USD is neutral since today's opening trading sessions. The pair seems to be confused between 1.2428 low and 1.2457 high zone. Although US Dollar is hiking at a fast pace, peeking at new highs 102.11, the British Pound was immune against losses and it seems it to have picked up significant strength facing it's USD rival. Right now, US index retreated to 101.71, still to be considered high relative to previous trading sessions, and the pair is closing to today's high, currently trading at 1.2452 above weekly pivot at 1.2419. Also, traders should pay attention to 100 SMA at 1.2461 which to be considered a strong point in case the pair touches it. British Pound has a chance now in absence to US economic news to reclaim some gains and dignity as Sterling awaits second estimate GDP data, scheduled to be released at 9:30 AM GMT today. Key levels to watch : Weekly Pp 1.2419 Trend: Bearish sideways 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. Link to comment Share on other sites More sharing options...
FxGrow Support Posted November 28, 2016 Author Report Share Posted November 28, 2016 FxGrow Daily Technical Analysis – 28th Nov, 2016By FxGrow Research & Analysis Team EUR/USD MARCHES STEADILY AS USD PLUNGES, ECB EYED EUR/USD closed the week flat around 1.0600, but not before extending this year's decline to 1.0517 last Thursday, as demand for USD-related assets remained high, in spite of a shortened week in the US. FOMC Minutes released on Wednesday showed that FED's officers are mostly agreeing on an upcoming rate hike for this December, reinforcing what the market already anticipated. At this point, 100% odds of a move higher in the US benchmark has been fully priced in, probably, one of the reasons behind dollar's upward momentum fading. Nevertheless, political uncertainty in Europe amid the referendum and elections in Italy and the UK with its Brexit, will likely keep the common currency subdued, at least, until the ECB and FED's December meeting, which will likely set the tone for the pair for the first quarter of 2017. Today, EUR awaits major news with money supply report, and ECB as Draghi makes appearance with more impact on EUR/USD. Technical levels to watch : Weekly pivot 1.0588 Trend: Bearish sideways Resistance : R1 1.0685, R2 1.0715, R3 1.0746 Support : S1 1.0594, S2 1.0551, S3 1.0522 Remark: EUR/USD general mood is still bearish although morning showed some bullish correction taking into consideration strong US economy. Price range expected between R1 and S1, but look forward at 9:00 AM GMT as EURO awaits news that could possibly create more volatility breaking support and resistance depending on the outcome. 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. Link to comment Share on other sites More sharing options...
FxGrow Support Posted November 29, 2016 Author Report Share Posted November 29, 2016 FxGrow Daily Technical Analysis – 29th Nov, 2016By FxGrow Research & Analysis Team GOLD REBOUNDS ON WEAKER US DOLLAR, AWAITING FURTHER NEWS ON US TODAY Gold performance last week was not up to expectations as the precious metal plunged to 1170.82 after strong US data, lowest level since February bringing its total losses to around $130 per ounce since Donald Trump won the US Presidential election. XAUUSD is in confusion this week, swinging between 1197 and 1182 handle as US dollar index surges. Gold clocked a high 1195.16, not long before plunging to 1188.72 low, currently 1189.89 intraday close to it's weekly Pp. XAUUSD is still considered bearish as Trump trade is moving in the right path and at the same time pressured by strong US economy and today, US data might cost gold further losses as US dollar awaits Prelim GDP scheduled at 1:30 PM GMT, and later on Consumer confidence at 3:00 PM GMT. Trend : Bearish sideways 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. Link to comment Share on other sites More sharing options...
FxGrow Support Posted November 29, 2016 Author Report Share Posted November 29, 2016 FxGrow Daily Technical Analysis – 29th Nov, 2016By FxGrow Research & Analysis Team USD/JPY BEARISH CORRECTION RESPONSE TO POSITIVE LOCAL DATA, AWAITING US DATA The Japanese Yen strengthened yesterday, first on weaker US dollar, later on the Yen was boosted by positive local data. USD/JPY reversed the bullish cycle as US dollar index plunged 101.18, not long before dropping from 101.60 yesterday highs. The pair yesterday clocked a high at 112.78, and as greenback weakened, USD/JPY retreated to 111.34 low. The pair received another negative shock resulted in an extension of bearish momentum as Japanese house hold spending scored -0.4% compared to -2.1% in previous sessions. Although the pair made a short-term-downswing-correction resulted in bearish momentum as the dollar takes a break after a strong move, it still remains under the mercy of relatively strong US dollar awaiting Prelim GDP scheduled at 1:30 PM GMT, and later on Consumer confidence at 3:00 PM GMT. USD/JPY made it's first test as first support and the level was successful resulted in reverse to bullish candle sending the pair above 112 handle ahead of further economic data. Key levels to watch : Week;y Pp 112.41 Trend : Bullish Sideways 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. Link to comment Share on other sites More sharing options...
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