official Daily Market Analysis From Forexmart.eu

[Andrea FXMart]

 

USD/CAD Technical Analysis: February 6, 2017

The pair USD/CAD surged on Friday's trading session. It turned around finding a resistance towards the 1.30 level. The price could set into a new fresh low and this could further go down. However, if the price breaks higher than the candle pattern formed on Friday's session, there could be chances for buying opportunities. Traders should monitor the oil market as it has an influence to the Canadian dollar that usually affects the price inversely for the pair.  

[Andrea FXMart]

 

 

EUR/USD Fundamental Analysis: February 6, 2017

 

The EUR/USD pair will undergo pressure this week. Moreover, the NFP report was positive as the average earnings positioned at 0.1% lower than the expected 0.3%. When at first, it is expected for the bulls to take over the market but the trend doesn't have enough momentum bringing the price towards the 1.0800 as a resistance level which was the prior region. The greenback is being swayed because of the uncertainty from Trump and his team to change the policies and cannot be determined the next move of Euro.

 

The current psychological level at 1.0800 is a significant region and a break in this region could further bring the price towards the 1.12 mark which has been the region for some time last week. The market is trying to break the EUR/USD in the midst of the weakened dollar. At the same time, the market aims to stabilize the current rates but there were not enough support from the administration and economic policy changes and the reports of the economic data.

 

Although, a majority of the support for the currency supported from the economic data or the administration and at the same time influence the next Fed rate hike. However, it seems that the wage earnings reports are on the lows which could delay the rate hike process. This would put more pressure to the dollar today and this whole week and it is still uncertain until when the dollar rates would hold.

 

As for today, there will be no major economic news from the Euro or from U.S. regions. It is expected for the price to EUR/USD to remain in consolidation with a bullish bias  with chances of a breakout near the 1.0800 level.

[Andrea FXMart]

 

 

USD/JPY Fundamental Analysis: February 6, 2017

 

The USD/JPY pair attempted to rally several times during the past week due to the positive feel of the US equity markets as well as its effect on the US carry trade but there was a shortage of buyers which could have fueled an upside follow-through. The USD/JPY pair finished the previous trading session at 112.551 points after dropping by -2.17% or 2.496 points. This movement in the currency pair was largely due to Trump’s comments in the past week as well as statements coming from both the Fed and the BoJ.

 

The FOMC maintained its current rates last week at 0.50%-0.75% and was generally expected by the majority of market players, but the bearish tone of the USD/JPY pair was also largely influenced by the Fed’s refusal to give out hints with regards to its next interest rate hike.

 

There are no major news releases coming from either Japan or US for this week, and this means that the market will be affected by events that will have a bearing on the current stance of the US dollar. Currently, Trump is aiming for a weaker USD value in order for him to upgrade his statements with regards to currency devaluations and other unfair trade policies. The charts are indicating that the USD/JPY pair could possibly rise up to 109.919 points if sellers of the pair would be able to put enough pressure on the market to march through 112.00 points.

[Andrea FXMart]

 

 

EUR/USD Fundamental Analysis: February 8, 2017

 

The market has been experiencing a lot of volatility recently due to the pronounced weakness of most major currencies, with traders having a hard time picking out definite directions, with profits going from positive to negative in just a matter of minutes. During yesterday’s session, the USD was able to regain the majority of losses against the EUR, with the EUR/USD pair falling down to 1.0700 points. For a brief moment it looked like that this particular stance of the currency pair would remain standing and would eventually become overpowered by the dollar’s strength but the following day saw the dollar losing its ground and dropping back to its previous lows. There is basically a surrounding fear and marked uncertainty felt within the market right now that all currencies are very weak, which has resulted in this very rare price action.

 

There are no major news data expected to be released from either the European Union or the US today, and this means more ranging and consolidation activity for the EUR/USD pair. This is generally okay for day traders but could spell disaster for long-term traders as they become hard pressed to find direction in this very chaotic market environment.

[Andrea FXMart]

 

 

USD/CAD Technical Analysis: February 8, 2017

 

The decline in crude oil prices weighed on the Canadian dollar while the stronger US dollar added pressure to push the loonie downwards.

 

The USDCAD resumed a short-term uptrend on Tuesday. Moreover, the USD came in green against its Canadian peer. The spot gradually increased overnight reaching 1.3120 level prior to opening of the European session. There is a renewed buying pressure within the greens which supported the pair towards its fresh highs. The price spiked and touched 1.3190 region in the post-EU open.

 

The barrier restricted its developement as it holds the major enclosed the region. The price drove the 100 and 50-EMAs higher as shown in the 4-hour chart. The pair nearly reached the 200-EMA which became the resistance. Furthermore, the 50 and 100 EMAs shifted to an upward trend while 200-EMA headed lower. Resistance entered 1.3190 area, support holds 1.3120 handle.

 

The MACD approached the positive territory, preserving this area would mean a stronger stance for the buyers. RSI hovered around the overvalued range indicating another upward trajectory.

It is projected that a near-term bullish momentum will return. In order to resumed this bullishness, the pair should focus on top of 1.3190 mark.

[Andrea FXMart]

 

 

USD/CAD Fundamental Analysis: February 9, 2017

 

The USD/CAD pair is still trapped within a tight trading range, however the currency pair’s bulls are fairly satisfied with the USD/CAD’s performance as the currency pair is still relatively strong in spite of the dollar weakness, and once the dollar regains its strength, then this will mean very good news for the pair’s bulls. The USD/CAD pair has recently undergone a very stressful period due to the dollar weakness combined with a surge in oil prices which has helped the Canadian dollar keep its head above water.

 

As the week unfurled, the market has seen oil prices being subject to tremendous pressure and corrections, thereby putting added pressure on the value of the CAD. This is why the Canadian dollar started losing some of its value at the beginning of the week and has provided support for the USD/CAD bulls. Strengthening the currency pair and revert back from its support barrier of 1.3000, with the USD/CAD currently trading at just under 1.3200 points. The pair is expected to continue its upward trend and would only go in for a trend reversal once it manages to break through 1.3000 points. Until then, the USD/CAD would probably exhibit reversions from its lows and the bulls would still be dominating the currency pair, with a medium-term target of 1.4000 points.

 

There are no major news scheduled to be released from the Canadian economy today but we do have the unemployment claims data from the US, as well as comments from some Fed officials. However, these are not expected to make a significant dent in the pair’s current stance and the pair is expected to consolidate at 1.3200 for the rest of today’s sessions.

[Andrea FXMart]

 

 

EUR/USD Fundamental Analysis: February 9, 2017

 

The EUR/USD pair failed to make significant progress during the previous trading session and merely continued its current trend of ranging and consolidation and still failed to find a definite direction and was still unable to capitalize on the USD’s marked weakness. The currency pair has been finding difficulty with regards to breaking through the 1.0705 barrier, which has boded well for the US dollar in spite of its lack of progress. Under wholly different circumstances, this particular situation might have caused the dollar to undergo massive corrections but since other other major currencies have been trading on the weaker side of the chart as well, the USD has only managed to keep itself floating amidst the market weakness.

 

For the past few trading sessions, the euro has been consistently exhibiting a weak trading stance, which was mostly due to various uncertainties and concerns surrounding the European Union. There are now a lot of rumors swirling around whether the EU would still exist after a few years and whether the Brexit phenomenon would be repeated by other countries who would wish to leave the EU. Although a lot of eurozone leaders have attempted to pacify these rumors, this has nonetheless left an effect on the state of the EUR. The forthcoming French and German elections is also a cause of concern for the market since there are strong contenders who are in favor of leaving the union should they win the said elections. All of these factors are putting constant downward pressure on the euro, therefore preventing the currency to make any substantial progress.

 

US will be releasing its unemployment claims data today and some Fed officials are due to make statements at various forums, and these events are expected to induce volatility in an otherwise very docile currency market.

[Andrea FXMart]

 

 

EUR/USD Technical Analysis: February 13, 2017

 

Non-Farm Payrolls in France came in positive but the single European currency ignored these strong data. The euro was kept intact in the pressured area on the back of the increasing political instability relative to France’s Presidential election. Moreover, the imminent vote-casting within Germany, Italy, and Netherlands brought added pressure against the EUR. Meanwhile, the US dollar demand was supported by the tax reform proposal by Trump.

 

The greenbacks further strengthened on Friday while the euro weakened after a clear recovery at night amid EU session.

 

Traders surpass the 1.0650 level and drove the price downwards during the New York trades. The EUR/USD pushed the 200-day moving averages as shown in the 4-hour chart. The 100 and 50-EMAs were bearish-neutral while 200-EMA manifested a bullish bias in the aforesaid timeframe. Resistance is seen at 1.0650 region, support touched 1.0600 handle.

MACD indicator softened implying a sell signal. RSI is confined in the oversold territory, indicating a downtrend. Another lower movement is expected, reaching the 1.0600 mark. A close below the support region is possible to provide further weakening through 1.0550.

[Andrea FXMart]

 

 

GBP/USD Technical Analysis: February 13, 2017

 

The figures for the United Kingdom Industrial Production exceeded the expected results which further give a temporary support for the British currency. Nevertheless, the recovery of the greens is wide-ranging causing the GBPUSD to conduct a reversal.

 

The sterling preserved its neutral stance amid Asian session on Friday. The spot hovered on top of 1.2500 close to the handle.

 

Traders were able to surpass the region after the EU hours and continued to push the spot through 1.2450 area.

 

The 4-hour chart presented that the price drove 100 and 50-EMAs towards a lower point. The 50 and 200-EMAs seem neutral while the 100-day moving averages descended as seen in the aforesaid chart. Resistance touched 1.2500 mark, support lies at 1.2400.

 

MACD is placed in the centerline. An entry within the positive zone will provide added strength for the buyers while an attempt towards the negative territory will allow sellers to take over the market. The RSI stayed in the neutral region. Either a move lower than 1.2500 would help produce an opportunity to test 1.2400.

[Andrea FXMart]

 

 

USD/CAD Technical Analysis: February 13, 2017

 

The USDCAD was neutral amid Friday night trades. The Asian recovery slowed down overhead the level 1.3120. The greens tried to resume its gains but attempts failed. Renewed selling pressure affected the spot rebounding the price lower than 1.3120 during afternoon session.

 

The USD fall behind 1.3050 level prior to the opening of the New York hours.

According to the 4-hour chart, the rebounded the 50-EMA lower and tested the 100-day moving averages. The pair is confined under the 200 and 100-EMA throughout the day. The 100 and 50-EMAs is neutralize while 200-EMA moved lower as shown in the same timeframe.

Resistance is at 1.3120, support entered 1.3050 region. The MACD histogram decreased which implied weak position for the buyers. RSI is confined in the overvalued territory near the neutral zone.

 

Bearish sentiment is expected to prevail. If the commodity-linked pair remained on top of the 1.3120 mark, sell order will be posted. The next possible target of the sellers is 1.3050.

[Andrea FXMart]

 

 

EUR/USD Fundamental Analysis: February 14, 2017

 

The strength of the USD is now felt more than ever in the market, and this has caused other major currencies to experience the negative effects of the surge in the dollar’s value. For the EUR/USD pair, the currency pair has dropped to 1.0600 points and was only able to prevent itself from further decreasing due to its support barrier of 1.0580 points. However, the pair’s price activity looks very dismal and it is uncertain how long the bulls would be able to keep its hold on the pair before the bears manage to seize control and push the pair further downward. If this happens, then this could spell disaster for the euro.

 

The market is now able to fully adjust to Trump’s policies after an initial unrest caused by his team’s adjustments to certain regulations, with the market now sure of the administration’s approach with regards to policies, thereby improving investor confidence in the US dollar. This has helped to shift the market’s focus from the Fed’s future moves and Trump’s future implementations as well, and this has further helped to support the USD especially now that the Federal Reserve is keen on sticking to its statement that there will be a total of three interest rate hikes for this year.

 

The US will be releasing its PPI data today, and Fed chair Yellen will be making statements with regards to the central bank’s monetary policies during today’s speech in the New York session. The market will be monitoring Yellen’s speech later today and if Yellen becomes consistently bullish in her remarks, then the euro could be in for more price drops.

[Andrea FXMart]

 

 

USD/CAD Fundamental Analysis: February 14, 2017

 

A lot of analysts have been saying that it is highly likely that the USD/CAD pair will be subject to an increased amount of pressure as oil prices continue to stay afloat and the economic data coming from the Canadian region continues to be consistently positive, a signal that the country’s economy gets better everyday. The currency pair is expected to remain under pressure as long as the US dollar remains under control, and this also means that the pair’s bulls would need to consistently strive to maintain the support barrier at 1.3000 points. This activity has been seen during the past trading session as the pair was able to surpass the 1.3100 barrier and is now currently going towards 1.3050 points.

 

The USD/CAD bears were also helped by the fact that Trump and Trudeau’s meeting yesterday was quite cordial, with Trump clarifying that the shifts he will be making on trade agreements will not have that much of an effect towards Canada. This helped to support the Canadian dollar which tried to surpass the dollar strength but eventually failed as the USD consistently surged in value.

 

There are no major news releases coming from Canada to day but the US will be releasing its PPI data and Yellen will be making comments on the central bank’s future monetary policy as well as the current state of the US economy. If her comments come out as bullish, then the USD/CAD pair might move towards and could even surpass 1.3100 points.

[Andrea FXMart]

 

GBP/USD Fundamental Analysis: February 14, 2017

 

The GBP/USD pair exhibited a tight trading activity during yesterday’s session as the USD’s value surge was felt across the market. However, this activity somewhat failed to make a dent in the value of the sterling pound. A lot of analysts have been saying during the past few days that the GBP is practically the only currency which has resisted the negative effects of the dollar strength in spite of the fact that it continues to be weak as a result of the Brexit process. This is because UK government officials have been working very hard to make the Brexit process clear for everyone, and any kind of certainty is very much welcomed by market traders and investors.

 

Another reason for the GBP/USD’s resistance against the strength of the dollar is the continuously positive string of economic data coming from UK which is an indicator that the country’s economy has not yet been affected by the repercussions of the Brexit process. This could also mean that both the UK economy and the sterling pound might even become better and stronger in the long term even when it finally relieves itself from the European Union. These speculations was able to maintain the GBP/USD pair’s position at 500 pips, with more ranging and consolidation expected to continue in the near future in spite of the dollar strength.

UK will be releasing its CPI data today and this will be closely monitored by the market whether this will come out as positive and affirm the country’s strong economic status. US will also be releasing its PPI data today and Yellen will be making a statement with regards to the monetary policy of the Federal Reserve, including economic status and interest rate hikes.

[Matthew Hart]

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[Andrea FXMart]

 

 

AUD/USD Technical Analysis: February 16, 2017

 

The Australian dollar against the U.S. dollar declined on Wednesday's trading session but was able to recover after a break out reaching a new high. It broke higher than the 0.7695 Resistance level and proceed with the upward momentum after lows at 0.7159 level. It is expected for the price to go higher in the next trading sessions towards the next target at 0.7800 zone. The key support is found at 0.7605 level and a break lower than the said level would complete the uptrend of the pair.

 

The market could try to move towards the 0.7750 level that is found to be a resistance level for the long-term charts. Short term reversals are eminent to be become buying opportunities to be forward implying a purchase after decline may not be favorable for short-term charts. Most likely, the 0.76 level will continue to be a strong psychological level in the market.

[Andrea FXMart]

 

 

EUR/USD Technical Analysis: February 20, 2017

 

The U.S. dollar weakened on Friday despite the light market caused by the federal holiday,  US President's Day. Investor’s attention was drawn towards the nation’s current political condition while expecting for the final resolution regarding the financial assistance to Greece.

 

The upward trajectory weakened on Friday. The single European currency failed to break the 1.0680 region and reverse.

 

During the Asian hours, the market is relatively quiet and exhibit further agility amid EU session. The demand for the greens was brought by some European traders which drove the spot downwards. The EUR steeply declined and tested 1.0650 mark during the post opening of EU trades. The aforesaid mark stalled the sellers’ action, therefore, rejected the EURUSD higher.

 

The pair surpasses the 200-EMA lower, rebounded the 100-EMA and tested the 50-EMA.

 

Moreover, the 100 and 50-EMAs headed downwards and the 200-day moving averages appeared to be bullish-neutral. Resistance lies at 1.0700, support is seen at 1.0650.

 

The MACD indicator plunged to the positive territory and if it hovered within that area, the position of the buyers will reinforce. RSI is confined in the overvalued zone, favoring another downward trend.

 

The major struggled to proceed upwards. A break under 1.0600 region would consider further instability to 1.0550. Should the level jump up would signal an opportunity to buy on a dip.

[Andrea FXMart]

 

GBP/USD Technical Analysis: February 20, 2017

 

The technical pictures the GBPUSD to hover around the trading range of the previous week. The cable came across with a wave of selling pressure after the failure of the spot in reacquiring the psychological mark 1.2500.

 

The British currency weakened to 1.2500 amid Asian hours and touched 1.2400 level overnight. The level prevents its losses which rejected the price higher. The pair pushed the 50-EMA lower, tested the 200-EMA and rebounded the 100-day moving averages as shown in the 4-hour chart.

 

Furthermore, the 200-EMA seems bullish-neutral while the 50 and 100-EMA are neutralized. Resistance settled at 1.2500, support entered 1.2400 area.

 

The MACD sits in the center point. Should the histogram move near the positive zone to provide further strength for the buyers. While an entry towards the negative territory will imply sellers capacity to manage the market. RSI departed from the neutral zone and advance south.

The technicals manifested a moderate bearish signal. We projected the major will proceed towards 1.2400 and the price might decline to 1.2340 after reaching the initial target.

 

[Andrea FXMart]

 

 

NZD/USD Technical Analysis: February 20, 2017

 

The NZDUSD were kept below the pressured area and resumed its decline under the 0.7200 level on Friday. Having broke the level, sellers weakened and took a pause to regain some steam attempting to make another move downwards.

 

The major rebounded the 50-EMA towards a lower point as indicated in the 4-hour chart. The spot extended its development in the middle of 200 and 50-EMAs. The 50-EMA is trending lower, 100-EMA was neutralized and the 200-EMA moved higher. Resistance is at 0.7200, support lies at 0.7150.

 

MACD histogram lies at the center point. If the indicator approaches the positive zone, it will provide added strength for the buyers. While an entry in the negative territory will open an opportunity for the sellers to dominate the market. RSI escaped from the overvalued area and settled around the neutral region. Should the spot surpass the 0.7200 mark higher, will negate the medium-term negative outlook.

 

The bulls are able to drive the pair to 0.7250 handle. While a decline under 0.7150 will cause the support the sellers having a chance to continue its slide through 0.7100.

[Andrea FXMart]

 

 

EUR/USD Fundamental Analysis: February 20, 2017

 

The EUR/USD pair was subject to some nice amounts of volatility during the past week after the currency pair was mainly influenced by the dollar strength during the first half of the week, but immediately went into reversal as the latter part of the week started. The currency pair is now expected to consolidate with a bullish undertone for this week, with projected support levels at 1.0500 points and resistance levels expected to be at 1.0800 points.

 

Last week, the EUR/USD finally looked like it turned for the better as the currency pair made a steady march towards 1.0500 after breaking through 1.0600 after a foreshadowing of a long-awaited dollar uptrend. This was also further supported by Yellen’s confirmation that the Fed will be implementing another rate hike this coming March. However, the effect of this positive news was offset by the release of the CPI data which showed weak wages data in spite of the overall data being highly positive. This turned out to be unappealing for the dollar bulls and caused the USD’s strength to die down, causing the pair to end at just over 1.0600 points.

 

For this week, there will be a US market holiday and there are no expected data to come out from both the EU and the US for the week. The EUR/USD pair will most likely continue its current trend of ranging and consolidating for this week.

[Andrea FXMart]

 

 

USD/CAD Fundamental Analysis: February 22, 2017

 

The USD/CAD has still managed to keep itself afloat in spite of a small increase in oil prices during the previous trading session. The currency pair continued to trade within its ranges, but this could be a cause for celebration of the pair’s bulls as the USD/CAD traded within its range highs with no hints of weakness whatsoever. This movement was also partly due to the recent surge in the dollar’s value which ensured support for the pair’s bulls.

 

As of this morning, the USD/CAD has somewhat weakened in stance and spent most of the session consolidating within its range highs with no actual direction. The USD/CAD bulls are now monitoring the release of the FOMC minutes, whose hawkish outlook might possibly lend some much-needed support for the pair and finally create some sense of direction. If the minutes are able to meet market expectations, then the USD/CAD pair could possibly move towards 1.3200 and could even go beyond this range.

 

For today’s session, we have the FOMC meeting minutes set to be released as well as the release of the US housing data. Meanwhile, the Canadian economy will be releasing its core retail sales data which will have to be closely watched by the USD/CAD bears in order for them to regain dominance over the currency pair.