official Daily Technical Analysis By FxGrow.com

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FxGrow Daily Technical Analysis – 30th Nov, 2016
By FxGrow Research & Analysis Team

OIL PRICES ARE POISED FOR OPEC-DEAL FINAL TOUCHES, US CRUDE INVENTORIES EYED

OPEC members are once again closing on final touches to strike a deal set in Vienna on the 30th of Nov between the old rivals. OPEC leaders are convening as final talks ahead of Wednesday's announcement begin.

On the weekend, signs of rift erased the illusion that it was virtually a done deal. On the weekend, Algeria's oil minister flew to Tehran to help break a deal. Also, Saudi official said the market could re-balance on its own. That was a signal they would be ready to walk away from any proposal. Iran and Iraq are the main key players in act of glue for the final oil cartel decision. Iraq has shown a willingness to compromise but it wants flexibility to bring production back online in ISIS-controlled areas. Iran is more insistent on raising production to 4 million barrels per day and beyond.

Technical levels to watch : Weekly Pp 47.01

Resistance levels : R1 46.81, R2 47.89, R3 48.65

Support levels : S1 44.43, S2 43.61, S3 43.04

Remark : traders should stay alert and tight attention to OPEC meeting results today in Vienna, also US crude oil inventories scheduled to be released at 3:30 PM GMT. These are the elemental keys for the coming crude oil price.

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 – 30th Nov, 2016
By FxGrow Research & Analysis Team

Canadian Dollar Surges On Weaker US Dollar, Awaiting Local Data

USD/CAD currently in bearish mood taking advantage of weakening Dollar as US dollar index 100.97 low today. The pair dropped on Monday to 1.3396, then rallied yesterday to 1.3480 high. USD/CAD touched 50 SMA 1.3444 from above then retreated 1.3412 today's low, currently trading 1.3428 intraday.

Trend: Bearish sideways

Key levels to watch : Weekly Pp 1.3480

Resistance levels : R1 1.3455, R2 1.3486, R3 1.3523

Support : S1 1.3394 , S2 1.3363, S3 1.3327

Remark : Price range S1 and R1, but look forward for Canadian GDP, later on oil prices. Traders should expect more volatility on economic news.

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 – 01st Dec, 2016
By FxGrow Research & Analysis Team

BRITISH POUND RECOVERING AFTER CARNEY'S COMMENTS, AWAITING LOCAL DATA

The Sterling found a shelter yesterday against greenback as Carney on behalf of BOE, held the press conference yesterday with reassuring words coming out of his mouth directly to the press. Mr. Carneys' comments regarding UK financial system suggest that the performance of the system indicates that UK passed several tests and obstacles this year. The drop in the Sterling since Brexit suggests markets expect modest real income growth, less open trade and consumers drawing down savings and borrowing for first time since crisis, reinforcing indebtedness.

GBP/USD nourished in early trading sessions after BOE statement yesterday, made a rally from 1.2502 low, clocked a high at 1.2541 at which the pair is trading right now.

Trend: Bullish Sideways

Key levels to watch : Weekly Pp 1.2433

Resistance levels : R1 1.2544, R2 1.2586 , R3 1.2637

Support levels :  S1 1.2493, S2 1.2449, S3 1.2397

Remark : Although GBP/USD is bullish sideways, a bearish short-term-downswing should be taken into consideration due to crucial news today on UK and US economy.  Price range between S1 and R1 but  look forward for more volatility as UK releases  manufacturing PMI today, later on US PMI scheduled at 3:00 PM GMT which will settle the rift between GBP/USD.

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 – 02nd Dec, 2016
By FxGrow Research & Analysis Team

GOLD SPIKES OM WEAKER US INDEX, NFP EYED

Gold remains strongly bid despite mixed US data yesterday. The haven metal rallied on Wednesday to 1194.96 highs, then plunged yesterday to 1160.70, lowest since second of January. The market is in fluctuation as NFP approaches further more as it give signs for Fed decision to hike rates later this month. Although US ISM PMI was positive, gold stood immune below 1160 level and took advantage of weaker US dollar index adding 16.04 USD from yesterday's low, as US dollar drops 0.66 from 101.61 high. US Non-farm-Payrolls are scheduled to be released at 1:30 PM GMT which should bring new levels for gold knowing that the yellow metal is highly sensitive to interest rates.

Trend : Bearish Sideways

Key levels to wartch: Weekly Pp 1189.67

Resistance levels : R1 1181.97, R2 1195.79, R3 1209.41, R4 1219.41

Support levels :  S1 1162.15 , S2 1151.33, S3 1142.52 , S4 1134.41

Remark : Price range between S1 and R1. Gold is still bearish including fluctuation bull candles as US news approaches. Look forward for more volatility as US NFP is released along with hourly average earning hours and unemployment rate.

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 – 02nd Dec, 2016
By FxGrow Research & Analysis Team

Euro Strengthen as US Dollar Retreats Ahead of NFP Data

Once again, after UK referendum, the EUROZONE will undergo a new harshtest as Italy will decide either to stay in the cartel or follow the path of its neighbor UK. The suspense of Italian referendum gave a lift to EUR EUR/USD is bullish for the next day taking advantage of poor US index performance and richer EUR index. US index is in bear candles for the next day, dropping today to 100.78 low after bullying the market significantly since Trump triumphed. EUR index on the other hand was on positive performance after long periods of being bearish. EUR index rallying yesterday's from 86.64 low to 87.33 high today, gave an additional boost to EUR/USD today in addition to the suspense of Italian final claim regarding Eurozone.

Trend : Bullish sideways

Key levels to watch : Weekly Pp 1.0588

Resistance levels :  R1 1.0712, R2 1.0791, R3 1.0857, R4 1.0948

Support Levels : S1 1.0639, S2 1.0563, S3 1.0496 , S4 1.0445

Remark : Look forward for high volatility on EUR/USD due to NFP release today at 1:30 PM GMT and the Italian final decision on Eurozone.

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 – 05th Dec, 2016
By FxGrow Research & Analysis Team

Sterling Strengthen on Weaker US Dollar, Services PMI Eyed

GBP/USD is on bullish momentum for the third consecutive session. The pair rallied on Thursday from 1.2502 lows till Friday's 1.2737 39-days-fresh-highs taking advantage of weak US dollar performance last week as US index plunges 100.70 low after a hysterical increase resulted in 102.12 highs (14 years best performance). GPB/USD opened today at 1.2679, clocked Friday's high at 1.2737 too, but failed to guard the 1.27 level as the pair drops to 1.2625 low, currently trading at 1.2698 intraday.

Trend : bullish

Key levels to watch : Weekly Pp 1.2619

Resistance levels :  R1 1.2748 , R2 1.2835, R3 1.2910

Support Levels : S1 1.2618, S2 1.2560, R3 1.2476

Remark : GBP/USD is considered bullish and on recovery track after long periods or bearish. UK service PMI today will give a better outlook for the cable trend. Also US ISM Non-Manufacturing PMI today scheduled at 3:00 PM GMT to be taken into consideration.

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 – 06th Dec, 2016
By FxGrow Research & Analysis Team

AUD/USD Bearish Move as The RBA Kept Rates On-Hold, Awaiting Aussie's GDP

The Reserve Bank of Australia decided-once-again to leave interest rates at 1.5% untouched which was widely anticipated by the market pushing the Aussie lower and giving breathe to the US dollar. AUD/USD opened with bearish mood as the pair drops to first support 0.7441 (50 SMA), reversed to bullish momentum as S1 was successfully tested, currently trading at 0.7444 intraday, closing to 100 SMA 0.7465 as the RBA changed a little bit in his statement being more cautious on economic growth. Australian Dollar took advantage of continuous US dollar weak performance as the index dropped below the 100 level yesterday at 99.87 2-weeks-fresh-low. Australian current account scored -11.4B compared to -15.9B previously, while forecasts were at -13.6B.

Trend: Bearish Sideways

Key levels to watch : Weekly Pp 0.7443

Resistance levels : R1 0.7486, R2 0.7513, R3 0.7563

Support levels : S1 0.7441, S2 0.7413 , S3 0.7369

Remark : AUD/USD to be considered Bullish with expectations of short-term-downswing taking into consideration relatively strong US economy to be considered. Look forward for Australian GDP result which will give a better outlook on how the pair will perform.

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 – 06th Dec, 2016
By FxGrow Research & Analysis Team

EUR/USD Surges As Italy Decides to Stay In EuroZone

EUR/USD received a positive shock on Monday's early trading sessions as Italy Referendum to remain in Eurozone was positive. The Brexit seems to awaken sense of fear on EURO as British Pound lost value facing strong greenback. The Italian Referendum suspense had it's impact on the EUR/USD as the pair plunged on Friday to 1.0503 new-year-fresh-lows but as final vote decided that Italy to stay in the Eurozone, the pair surged on a highly pace yesterday, flirting with 1.08 level, clocking a high 1.0795, then faded away slightly, currently trading at 1.0749.

Trend : Bullish

Key levels to watch : Weekly Pp 1.0639

Resistance levels : R1 1.0789 100 SMA, R2 1.0838, R3 1.0874

Support levels : S1 1.0719, S2 1.0680, S3 1.0628

Remark : EUR/USD to be considered bullish but keep in mind that although US dollar is weak these days, it's still considered strong with US index currently trading 100.25 intraday. Look forward for economic EURO news scheduled all day long which should bring new levels for EUR/USD.

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 – 07th Dec, 2016
By FxGrow Research & Analysis Team

Kiwi Strengthen on Positive Local Data, Awaiting Wheeler Comments

Imre Speizer, Research Analyst at Westpac, suggests that the NZD/USD should grind towards 0.7200 this week if the US dollar’s recent decline extends further. Also, NZ economic data continues growing, recently evidenced by the GDT dairy auction which increased 4% which was anticipated by futures pricing. In addition to that, US dollar was on second weak performance as US index dropped for the first time since Trump election to 99.88 after spiking to 102.12 on 24th of Nov.

Trend: Bullish sideways.

Key levels to watch : Weekly Pp 0.7113

Resistance levels : R1 0.7129,  R2 0.7166, R3 0.7205, R4 0.7240

Support levels : S1 0.7094, S2 0.7065, S3 0.7023, S4 0.6990

Remark : NZD/USD is bullish sideways. Even though Kiwi economy is growing, US dollar still to be considered strong even on past days of weak performance. Look froward for Wheeler speech tonight as NZ economy will respond and the pair volatility would increase.

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 – 08th Dec, 2016
By FxGrow Research & Analysis Team

USD/JPY Bearish On Weaker USD performance, awaiting further data

Japanese economy witnessed a mix between positive and negative data. Japanese current account rose 0.45T compared to 1.48T previously, while final GDP was 0.3%, less by 0.2% in last GDP. Bank lending showed no change at 2.4%. On the other hand, Chinese trade balance came 298B, less by 27B in last balance at 398B. Taking into consideration negative atmosphere in economic Asian data, one of the reason that justifies why USD/JPY was not bullish in the weakness of US dollar performance the past few days as US index dropped to 100.00 low yesterday, not long before dropping below 100 level at 99.87 on Monday.

Trend: Bullish Sideways

Key levels to watch : Weekly Pp 113.25

Resistance levels : R1 113.84, R2 114.48, R3  115.05

Support levels: S1 112.90, S2 112.50, S3 111.93

Remark : USD/JPY to be considered bullish with short-term-correction. US dollar on weak performance but still relatively strong. Market is highly poised for US fed rate decision next week but economic data cannot be ignored. Look forward for US Unemployment claims today at 1:30 PM GMT which might create some volatility in the market.

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 – 09th Dec, 2016
By FxGrow Research & Analysis Team

EUR/USD Back to fragile state after Draghi's Speech

Eurozone, once again votes for unchanged bid rate and left still at 0.00%. But the action came later on as Draghi made speech in which he extended bond purchasing program from April 2017 till the end of December 2017 with additional edition in which the ECB deducts 20B Euro from 80B per month-bond-purchasing. The market did not receive the suggested policy in open arms as they reacted in lesser confidence towards EUR currency. EUR/USD peeked yesterday ahead of local news and suspense took the EUR/USD on a chaotic ride as it spiked 1.0873 2-weeks-fresh highs, then the pair rolled down sinking to 1.0597 low.

Trend : Bearish

Key levels to watch : Weekly Pivot 1.0639

Resistance levels :  R1 1.0651 , R2 1.0688 , R3 1.0721, R4 1.077

Support Levels : S1 1.0584 , S2 1.0544, S3 1.0506, S4 1.0477

Remark : EUR/USD is bearish due to disappointing news on ECB policy yesterday and USD recovered and back in bully shape. Look forward for US consumer sentiment today at 3:00 PM GMT which could create some volatility in the market. Also, the focus now is shifted from ECB monetary and fiscal policy, to US FED rate that everyone is awaiting. Also R3 is a strong level in case of price penetration will trigger R4 level.

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 – 09th Dec, 2016
By FxGrow Research & Analysis Team

GBP/USD Sinks on stronger US dollar, Awaiting local data

GBP/USD rallied on yesterday's trading sessions to 1.2704 highs, but failed to hold strongly gains against greenback as the pair bearish-ed to 1.2548 lows. There were no macroeconomic signals from Big Ben, although it was the final day of the Supreme  Court's hearing on Brexit, to decide whether Theresa May should get the Parliament's permission to trigger the Article 50, but a decision will be known probably next week. Sterling is still on soft ground as long as supreme court is still postponing the final decision regarding it's pre-twin-mate, the Eurozone.
Trend : bearish sideways

Key levels to watch : Weekly Pp 1.2619

Resistance levels : R1 1.2634 , R2 1.2683, R3 1.2729

Support Levels : S1 1.2528, S2 1.2484, S3 1.2420

Remark :  Look forward for UK data today at 9:30 AM GMT, later on US data at 3:00 PM GMT which will create some volatility but the main focus is currently shifted towards next Fed Rate meeting and possible outcomes.

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 – 13th Dec, 2016
By FxGrow Research & Analysis Team

GBP/USD Surges on weaker US dollar, Local CPI Eyed

GBP/USD rallied yesterday from 1.2566 low, knocked on 1.27 level, then faded away as the pair closed at 1.2674 after clocking a high 1.2699. Although UK local data was not to expectations, the cable found a shelter in US index weak performance yesterday after remarkable job on Friday. The index dropped to 100.86 yesterday, but before that, it was on 101.82 peek. Currently the pair is trading 1.2672 intraday, above it's weekly pivot at 1.2631.

This week, economic calendar is heavily colored with local UK data, but the FOMC meeting and the possible outcome of anticipated Fed Rate hike stole the thunder lightning and traders are ignoring everything except the FOMC.

Trend: Bullish Sideways , the upside prevails

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, 2016
By FxGrow Research & Analysis Team

Trade on FOMC news, Technical levels to watch EUR/USD technical levels to watch :

EUR/USD technical levels to watch :

Weekly Pp : 1.0647

Resistance levels : R1 1.0679 , R2 1.0732, R3 1.0795, R4 1.0856

Support levels : S1 1.0605, S2 1.0568, S3 1.0518, S4 1.0420

 

GBP/USD Technical levels to watch:

Weekly Pp : 1.2632

Resistance levels : R1 1.2696, R2 1.2767, R3 1.2849, R4 1.2945

Support levels  : S1 1.2600 , S2 1.2516, S3 1.2413, S4 1.2312

 

USD/JPY technical levels to watch :

Weekly Pp : 114.55

Resistance levels : R1 115.54, R2 116.23, R3 116.90, R4 117.66

Support levels : S1 114.38, S2 113.38, S3 112.51, S4 111.63

 

AUD/USD technical levels to watch :

Weekly Pp : 0.7457

Resistance levels :  R1 0.7532, R2 0.7582, R3 0.7634, R4 0.7685

Support levels : S1 0.7474, S2 0.7428, S3 0.7383, S4 0.7350

 

NZD/USD technical levels to watch :

Weekly Pp 0.7142

Resistance levels : R1 0.7247, R2 0.7303, R3 0.7367, R4 0.7436

Support : levels : S1 0.7171, S2 0.7099, S3 70.42, S4 0.6984

 

USD/CAD technical levels to watch :

Weekly Pp :  1.3229

Resistance levels: R1 1.3166 , R2 3263, R3 1.3357, R4 1.3435

Support levels : S1 1.3073, S2 1.3002, S3 1.2935, S4 1.2853

 

Gold technical levels to watch :

Weekly Pp : 1167.37

resistance levels :  R1 1170.08, R2 1183.19, R3 1199.88, R4 1230.36

Support levels : S1 1151.60, S2 1140.87, S3 1129.21 , S4 1114.46

Crude oil technical levels to watch :

Weekly Pp : 51.18

Resistance levels : R1 53.12, R2 54.56, R3 55.72, R4 56.96

Support levels : S1 51.63, S2 49.82, S3 47.84, S4 46.22

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 – 16th Dec, 2016
By FxGrow Research & Analysis Team

EUR/USD Extends Comatose Further More, Awaiting Local Data

EUR/USD is on a  roller coaster since last Wednesday after a peek at 1.0872, market couldn't swallow ECB decision on zero change-bid-rate and extending bond purchasing further more with a 20B Eur cut from initial 80B Eur. The pair collapsed on Thursday hitting rock bottom at 1.0530. EUR/USD didn't stop at that stage as the pair declined further more after a 0.25% hike on US Fed rates given US dollar additional boost. EUR/USD sank to 1.0365 yesterday, then re-bounced as a short term correction, currently trading 1.0438 intraday. US index hiked to 103.56 2003-March-fresh-highs yesterday then retreated to 102.97 today. EUR index hit rock bottom at 85.77 2016-fresh-low, currently trading 86.29 intraday.

Trend : Bearish , the downside prevails.

Resistance Levels : R1 1.0461, R2 1.0543, R3 1.0628

Support Levels : S1 1.0407, S2 1.0359, S3 1.0316

Remark : Key resistance at R1 1.0459. Short positions below R1 will set an alarm to support levels. A full H4 candle above 1.0459, look further for bull moves towards R2. Look forward for economic news which will give a better outlook for the cable.

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 – 16th Dec, 2016
By FxGrow Research & Analysis Team

Gold Extends Bearish Mood on Strong US Dollar

XAUUSD is under pressure yet again. The heaven sacred metal extended further losses on Wednesday when US Fed rate hiked to 0.75%, dropping from 1164.97 high, made several downtrend stations that ended at yesterday's lows 1122.52. US index peeked also yesterday to 103.57  2003-fresh-highs. The general mood trend for gold still to be considered bearish taking into consideration strong US index, although it's trading now at 103, but still to be considered high. Currently, gold touched first resistance at 1135.46 and R1 is being tested. A full H4 cycle above will trigger R2 and R3 levels relatively. The opposite scenario should be taken into consideration with first support at 1126.16, below that, look for more pressure on XAUUSD.

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.

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FxGrow Daily Technical Analysis – 19th Dec, 2016
By FxGrow Research & Analysis Team

USD/JPY bears on Weaker US Dollar Performance, Awaiting BOJ Policy Rate

Japanese Yen opened early trading session with a strong tone against greenback after long sessions of soaring rivals since US Fed rate hike. Last week, the pair clocked 4th-Feb-fresh-highs at 118.66 as US dollar index spiked to 103.56. USD/JPY is bearish for the second session as the cable sank to 116.98 low today, in response to weaker US dollar performance as the index 102.50 low, USD/JPY currently trading at 117.29 intraday.

Markets are awaiting BOJ policy rate meeting and in case Mr. Kuroda hold any changes to 0% ongoing policy. Although polls are getting ahead that will be zero change in BOJ policy with some minor upgrade in economic assessments.

Trend: Bullish Sideways

Key levels to watch : Weekly Pp  117.12

Resistance levels : R1 118.64, R2 119.94, R3 121.67

Support levels : S1 116.83, S2 115.82, S3 114.53

Remark : look forward for BOJ announcement early morning on Tuesday which will bring new perspectives for Japanese Yen and how the currency will perform facing US dollar. A break above R2 Fibonacci 161.8 level will trigger R3 level. However, if the cable dropped to S3 Fibonacci 100 level, the pair to be considered bearish after long sessions of bullish momentum.

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 – 20th Dec, 2016
By FxGrow Research & Analysis Team

NZD Plunges on Stronger US Dollar, GDT in Mind

NZD/USD depreciates further more as US dollar continues to strengthen further more after Fed Rate hike. The pair extends bearish momentum for the fifth consecutive session, dropping from 0.7238 highs last Wednesday, landing on 0.6015 low today.  Yesterday, ANZ business confidence was released with surplus of 1.2 to 20.5 in previous sessions but it didn't support NZD facing strong greenback. The main player on the ground still remains strong USD as the index managed to break the 103 level yesterday once again, currently trading at 103.19 intraday. Today, local GDT data will be released in the after noon with possibility of short-term-correction to support the Kiwi. The pair is currently trading 0.6919 intraday, below its weekly Pp 0.7049.

Trend: Bearish

Key levels to watch : Weekly Pp 0.7049

Resistance levels : R1 0.6952, R2 0.6993, R3 0.7051, R4 0.7084

Support levels : S1 0.6904, S2 0.6861, S3 0.6802, S4 0.6771

Remark : First today the GDT index to be released in the after noon, second q/q GDP tomorrow before midnight to give a further outlook for the New Zealand dollars.

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 – 21st Dec, 2016
By FxGrow Research & Analysis Team

Trade on US GDP, Technical Levels to Watch

Gross Domestic Product, It's the broadest measure of economic activity and the primary gauge of the economy's health. The United States is the world's largest national economy in nominal terms and second largest according to purchasing power parity (PPP), representing 22% of nominal global GDP and 17% of gross world product (GWP). Giving that US dollar is strongest and most traded currency globally, the US GDP released data will have a huge impact on US dollar strength and US economy. A positive outcome means additional stamina to a currently-strong-USD, which means weakening other currencies and the opposite could be said. US GDP is scheduled on 22 of Dec at 1:30 PM GMT.

EUR/USD Technical levels to watch:

Weekly Pp 1.0496

Resistance levels :  R1 1.0465, R2 1.0526, R3 1.0580, R4 1.0657

Support levels : S1 1.0350, S2 1.0285, S3 1.0163, S4 1.0120

GBP/USD technical levels to watch :

Weekly Pp 1.2535

Resistance levels : R1 1.2410, R2 1.2463, R3 1.2502, R4 1.2558

Support levels : S1 1.2320, S2 1.2259, S3 1.2197 , 1.2149

USD/JPY technical levels to watch :

Weekly Pp 117.12

Resistance levels : R1 118.64, R2 119.17, R3 119.69, R4 120.26

Support levels : S1 117.14, S2 116.46, S3 115.85, S4 115.24

AUD/USD technical levels to watch :

Weekly Pp  0.7364

Resistance levels : R1 0.7285 , R2 0.7323, R3 0.7366, .7412

Support levels : S1  0.7223 , S2 0.7186, s3 0.7152, S4 0.7111

Gold technical levels to watch :

Resistance levels : R1 1142.35, R2 1152.03, R3 1163.85, R4 1176.75

Support levels : S1 1125.61, S2 1116.02, S3 1107.96, S4 1102.05

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.

[FxGrow Support]

FxGrow Daily Technical Analysis – 21st Dec, 2016
By FxGrow Research & Analysis Team

Oil Price Inches Higher after API Report, US Inventories in Sight

Oil prices, on both sides of the Atlantic surged during weekly trading sessions. On Monday oil clocked a 51.49 low, but managed to get fresh traction exceeding 53 level, after after the American Petroleum Institute’s (API) weekly report showed a larger than expected draw of 4.15 million barrels to the United States’ commercial crude inventories, instead of an expected 2.5 million-barrel draw.

On Tuesday, president Obama moved to indefinitely block drilling in vast swaths of U.S. waters. Obama had been expected to take the action by invoking a provision in a 1953 law that governs offshore leases. The law allows a president to withdraw any currently un-leased lands in the Outer Continental Shelf from future lease sales. There is no provision in the law that allows the executive's successor to repeal the decision, so President-elect Donald Trump would not be able to easily brush aside the action. Trump has vowed to open more federal land to oil and natural gas production in a bid to boost U.S. output. Obama on Tuesday said he would designate "the bulk of our Arctic water and certain areas in the Atlantic Ocean as indefinitely off limits to future oil and gas leasing, though the prospects for drilling in the affected areas in the near future were already questionable. This could create an issue for US oil drilling and supply inventories.

Oil prices clocked a 53.75 on Tuesday, closing to last week highs 54.49 as OPEC put final touches on the so long anticipated deal or no deal that markets were awaiting. With absence of fundamentals that could spark additional factors for driving prices, support and resistance could be the elemental factor today. Also US crude inventories scheduled for a release today at 3:30 PM GMT will give a better outlook on how traders will react to the news.

Key levels to watch : Weekly Pp 52.12

Trend : Bullish Sideways

Resistance levels : R1 53.87, R2 54.72, R3 55.92

Support levels : S1 53.11, S2 52.28, S3 51.45

Remark : look forward for US crude inventories today which will drive the market. A break above R2 level is an alarm for R3 to get ready. S3 is a hard level, any below penetration will cause further selloffs and additional downtrend.

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.