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    Daily Market Analysis by ForexMart

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    AppleFXMart

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Thu Oct 13, 2016 1:37 am

    1 USD/CAD Fundamental Analysis: October 13, 2016

    In the outset of the US session, the greenbacks heightened and together with the loonies attained the resistance region at 1.3280 despite of the news regarding the undermined the spot price of the oil. The USD CAD remained unaffected even though the FOMC minutes were not released yet. The pair attempted to make a breakthrough over the upper extreme of 1.3290 though it fall short once again and finally settled around 1.3282

    Consolidation is still anticipated for a few more days since there is no driving force present that lead the currencies to the level of resistance.

    When the fundamentals realized that the issue regarding petroleum prices negatively influence the economy of Canada then it would finally be visible. As a result, there is a possible price modification that would elevate to the 1.3280 resistance, at the same time obtaining the next spot at 1.35 and 1.4000.


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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Thu Oct 13, 2016 1:57 am

    2 GBP/USD Fundamental Analysis: October 13, 2016

    The pound and greens remain in an uncertain period, the price became affected due to the current events plus some fundamental determinants including the general strength performed by the USD and the risks associated with Brexit, these made the pair to cut loose its gains from the 1.2325 high to 1.2300 region.

    The subject matter have its way until the EU session which also added to the afflicted factors is the UK Parliament discussion regarding the Brexit activities. This occurrence decreased the pair into 1.2200. Following the statement from FOMC during the US conference because there are three protesters who insisted for a quick hyperinflation. This event is defined to be hawkish as per the market and this made the USD to gain more strength but the GBPUSD approached a lower position at 1.2100.

    This morning a major news aided the pound and greens to immediately recuperate due to a weak trades from the Chinese investors, seeing the two to achieve 1.2188 region.
    Mainly, GBP/USD is surrounded by news risks considering the fact that its has failing background which cause it to a complicated method in acquiring confident trades.
    As a result, it is recommended to steer clear of sterling and dollar until it obtain a well-established regions.


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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Thu Oct 13, 2016 2:25 am

    3 AUD/USD Technical Analysis: October 13, 2016

    The Aussie further improved its strength after the price of petroleum products had increased also. Consequent on the testing of its lowest low last 20th of September, the AUDUSD made a sudden upturn in the midst of Asian session held on Wednesday. Last Tuesday, the commodity currency easily regains its previous deficit. Seeing the bullish spike procured a brief momentum only, it made the AUD and USD to stand in a constrained area. While in the beginning of the NY meeting the price deal with value depreciation.

    The moving averages shore up over the upward momentum while it persist to slowed down and manifested a bearish slope. The 50-EMA intervenes the 100 and 200-EMAs then proceeded to a lower position. Resistance step in the 0.7600 level, support captured the 0.7540 region. MACD had softened but uphold strength for the sellers then ended up in the negative zone. The RSI oscillator grow less. The Australian and U.S dollar remained to be bearish.


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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Thu Oct 13, 2016 3:44 am

    4 GBP/USD Technical Analysis: October 13, 2016

    The pair GBP/USD strengthened for a while during the Asian session when the prime minister of UK, Theresa May announced its Brexit plan. The pound recovered but eventually lead to a sell-off and not able to get to the target level at 1.2300.

    The resistance level is at 1.2200 and the support level posits at 1.2100 level. The price moved downtrend with a break at 1.2200 and continued to 1.2100 level where the 50, 100 and 200 EMAs supported the downtrend further.

    The price activity favors the sellers as indicated in the MACD histogram and RSI that stands at oversold levels.
    The pair moves in a Bearish trend but when the price progress higher than the physiological levels, the bearish phase ends. The target is for the price to go lower than 1.2470 level.


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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Thu Oct 13, 2016 11:17 pm

    1 GBP/USD Fundamental Analysis: October 14, 2016

    The GBP/USD pair had a stagnant run during the last trading session after the sudden drop in its value last week. The pair had an average day-to-day range of a minimum of 200 pips. The currency pair is now consolidating between 1.2130 and 1.2550 points, with a possible break in the resistance level of 1.2550 opening the way for the pair to reach 1.2360, allowing the pair to have selling opportunities. The currency pair is now trading within the 1.2557 range and analysts are awaiting whether the pair would break through resistance or come down at the support level.

    The GBP/USD continues to be affected by the Brexit, and analysts are speculating the pair will continue resonating its effects for another two years, or until such time that the UK finally completes the referendum.

    Market players are now waiting for an announcement from the Bank of England’s Governor Carney, as well as a statement from the Federal Reserve’s Janet Yellen and the release of the retail sales data later today. Expect an increased volatility for the pair at the close of today’s trading session. Analysts are generally throwing caution to the wind with regards to transacting with this particular currency pair, especially due to the Brexit and the recent drop in the Chinese economy.


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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Thu Oct 13, 2016 11:48 pm

    2 EUR/USD Fundamental Analysis: October 14, 2016

    The last trading session went bad for the EUR/USD pair due to the release of China’s trade data, which turned out to be extremely lower than expected, with the data showing that the nation’s exports were the most affected sector. The trade data has now led to investors becoming uncertain with regards to the state of the Chinese economy, especially since the Chinese market is one of the largest markets in the world and any movement would certainly affect all major economies. As a result, the Asian stock markets experienced a significant decrease, as well as the S&P500 for the region. Meanwhile, the USD increased its trading value, causing the EUR/USD to reach support levels at 1.1000 points.

    The selling for the pair increased in activity which caused the pair to hit support at 1.1000, even going as far as 1.0985. However, the currency pair eventually recovered from the support level and went up to 1.1050 points, with the pair now at the 1.1054 trading range.

    Market players are now expecting increased volatility with regards to this currency pair due to the Fed’s statement which is scheduled to be released within the day, as well as the retail sales data to be released from the US. The pair could possibly go into reversal but is expected to immediately get back to its previous trading range during the session.


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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Fri Oct 14, 2016 12:07 am

    3 USD/CAD Techncial Analysis: October 14, 2016

    The Canadian dollar inched higher than the USD during the last trading session in the light of the impending US retail sales data to be released on Friday. The risk appetite for the currency pair dropped due to a slowdown of the Chinese economy, with the nation’s exports contracting 10% annually and imports sinking by 2% in spite of a drop in commodity prices.

    Oil prices rose due to the weakening of the USD and an offset in crude stocks due to drawbacks from inventories in refined products. Meanwhile, Canadian house prices increased by 0.2% last August, while prices of real estates are now under close monitoring due to an increase in household debt fuelled by lower interest rates, which might become unsustainable for the Canadian economy.

    Meanwhile, the Canada-EU Trade deal has already passed another test after the German court denied a petition to block the said agreement. EU Ministers will be having a meeting next week with an aim to discuss this particular deal following concerns that the Belgian opposition might attempt to block the said deal due to the possibility of farm imports overshadowing local farm production.

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Fri Oct 14, 2016 1:18 am

    4 NZD/USD Technical Analysis: October 14, 2016

    Major events regarding the Chinese trade data as well as the current concerns about petroleum prices had affected the kiwi negatively, as a result this instability lasted until Thursday. The sellers were in charge in handling the market.

    The momentum trading maneuvered a downward direction then fell few pips below the 0.7050 level. Due to this instance, the price had accumulated a greater level and overturn such losses. The NZDUSD pair is viewed to be bearish. Moving averages continued to depreciate as seen in the 4-hour chart. Resistance rested around the 0.7120, support take its place at 0.7050 level.

    When the MACD sits in the negative zone, this further soften the position of the sellers.The RSI oscillator tend to generate an upward position coming from the oversold territory. The ensued probable target is bearish settled in the 0.7050 region.


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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Fri Oct 14, 2016 1:26 am

    5 EUR/USD Technical Analysis: October 14, 2016

    The minutes of FOMC were already publicized which includes the acknowledgement of the board regarding the investor's plan for a Fed interest rate hike. In return, the greens sustained its unyielding position. On Thursday, the EURUSD initiated a stronger note. The price withdrawn the 1.1000 as its current low then further reverse to 1.1040 all throughout the Asian session.

    The USD had maintain its route to the European trade. The euro failed to extend its winnings and resulting for an immediate recession. Moreover, the pair descended and intersects the 1.1000 region. The price also weakened and made the dollar and euro jumped to the 1.0990. Moreover, this continued to recover a few losses from the post-European round. Moving averages stayed in a lower position as displayed in the 4 hours chart.

    Resistance paused in the 1.1050 level, support happen to fall at 1.1000 region.

    MACD continuously performed a weak condition and fell off within the negative station whilst demonstrated convergence viewed in the hourly chart. RSI indicator implied an oversold trend. Mainly, the pair is apt to pull through the 1.1000.



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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Fri Oct 14, 2016 1:39 am

    6 GBP/USD Technical Analysis:October 14, 2016

    The sterling had kept a sluggish status due to the challenges against the European stocks as well as to the oil prices. In the meantime, greenbacks continued its strong path as it was supported by the present issuance of the Fed’s minutes.

    The sellers earned the control over the market. The cable left no choice and continued to stick around the selling pressure last Thursday. The recent low of the pair is 1.2100. Moving averages 50,100 and 200 stay behind to the lower area.

    Resistance sit through the 1.1220, support have its seat at 1.2100. MACD still spotted in the negative zone, it means that the sellers also weakened. RSI indicator dominates the oversold area.



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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Fri Oct 14, 2016 2:03 am

    7 GBP/JPY Technical Analysis: October 14, 2016

    There is a tint of negativity for the pair GBP/JPY session this day.

    The charts showed a hammer pattern which cautions sellers with continuous decline of prices. There is still not enough force to alter it but if a higher break comes it could get to 130 handle and be advantageous for sellers.

    Moreover, if an exhaustive candlestick pattern is formed, then better chances for sellers. It is possible for prices to go lower at 125 handle with sufficient time in trading.


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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Fri Oct 14, 2016 2:16 am

    8 AUD/USD Fundamental Analysis: October 14, 2016

    Recently, the Reserve Bank of Australia announced the Aussie appreciated against other currencies which was predominantly because of housing market.

    In housing market, it is presumed for an increase in supply and contemplating on the risk factors, Central bank is taking actions on it. The RBA pointed out that one of the main concerns is the risk with property expansion. There is an increase in demand for the nonperforming mortgages loans but still remain low in Australia. On the positive note, the risks has diminished over the past 6 months. The Central bank is still on the lookout for a hefty increase in supply within the city particularly apartments but it could be balanced out by the increase in demand thereby trimming the price.

    The RBA modified their requirements to foreign dividends borrowers and more stricter by limiting the lending conditions borrower when it comes to new property development. Thus, the risks will be greatly lessened as it is anticipated for the increase in credit risks as a result of high demand in housing units.
    Nevertheless, RBA acknowledges the importance to monitor closely the housing market for further behavioral changes to prevent worsen the intrinsic risks.

    The rates of RBA remains the same with the last policy meeting last October 4th as they remain passive and act to the changes in pattern accordingly. In terms of bonds, RBA plans to cut rates with 28% chance by next year since government bonds rallied. Although last decision has higher percentage with 76% chances.


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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Fri Oct 14, 2016 3:05 am

    9 USD/JPY Technical Analysis: October 14, 2016

    The USD/JPY pair is at steady in an uptrend channel for short-term.

    Nevertheless, the Yen strengthened against greenback despite the weak economy of China.

    The price increase for a while but it declined again lower than 104.00 level. It is expected to go lower but the tension dwindled when it reached the 103.50 level. The price bounce back and the traders were able to recover some losses. Henceforth, the pair is trying to gain its momentum back to 104.00 level. The Resistance level is at 104.00 while the Support level is at 103.00 .
    In the Moving Averages chart, the prices are at a high level as it continues the Bullish trend. The MACD is within the positive territory but the histogram declined implying the frail command of buyers. The RSI is also moving downward.

    It is expected for the physiological level to hold at 104.00 level followed by a decline to 103.00 level.

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Mon Oct 17, 2016 2:06 am

    1 GBP/USD Fundamental Analysis: October 17, 2016

    The GBP/USD pair continued to trade ambiguously after traders and investors expressed their uncertainties over the current state of the sterling pound, especially now that the UK’s strategies for Brexit have also become uncertain. The market has become dependent on the decision between the European Union and UK with regards on how to go about the Brexit, but so far this has not created enough stability for the market players.

    The pricing of the GBP/USD pair remained highly volatile for the rest of last week’s session, with the pair having reactions to movements from both the European Union and Britain, creating difficulties for those wanting to choose a trade direction for the pair. In the coming weeks, a significant number of economic data is expected to be released which will greatly affect the movement of this particular currency pair. For this week, investors and traders are expecting the release of the US CPI data, as well as the US Presidential Debate.

    The UK retail sales data as well as the UK CPI data will also be released within the week. The recent data releases for the UK turned out well for the most part, but the uncertainties surrounding the Brexit will most likely affect the market.


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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Mon Oct 17, 2016 3:18 am

    EUR/USD Fundamental Analysis: October 17, 2016

    The EUR/USD pair closed last week’s trading session at 1.0970 with significant support for the pair. The pair’s pricing during this Monday’s session will be an indicator if the EUR/USD’s current bearish stance will be maintained or if there will be a reversal at this support level, especially since the recent reversals have been very small and market players are hoping that Monday’s session will omit any uncertainties with regards to doubts in the bullish stances.

    On the other hand, the USD is in the full control of sellers and the bullish bearings of the USD is expected to continue until next week, and the EUR is being closely watched by market players as to whether the euro will survive this particular episode.

    For this week, the market is expecting a handful of economic data releases, particularly the US CPI data. This particular data release is important for market players since this will be an indicator whether the data would be enough to push for an interest rate hike in December, and the ECB data which is expected to cause an increased volatility in the EUR/USD pair. Support levels for this currency pair is now at 1.0950, with the 1.0900 - 1.0950 trading range possibly becoming very hard for the pair to breakthrough, but analysts are expecting a long bearish period for the pair.


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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Mon Oct 17, 2016 10:50 pm

    1 USD/JPY Fundamental Analysis: October 18, 2016

    The USD decreased its value against the JPY during Monday’s trading session after the release of US economic data which turned out to be lower than expected, on top of investor reaction to comments from Fed Chairwoman Yellen last Friday. The Empire State manufacturing index was released last Monday, with the index dropping by -6.80 in October, faring worse than the previous data of -2.0 and falling below the expected +1.1 estimate.


    Meanwhile, the data for Industrial Production also fell below its expected reading of 0.3% since the data came out at 0.1%, but was better than the September release of -0.5%. The Capacity Utilization Rate data came out at 75.4%, going a bit higher than the previous data release of 75.3% but still lower than the expected reading of 75.6%.The Federal Reserve’s Vice Chairman recently warned that low interest rates might increase the vulnerability of the economy due to impending recessions.

    For the last trading session, the USD/JPY pair traded at 103.779 points, going down by -0.37% or 0.387 points. Market players initially reacted to Yellen’s statement the Fed might wait for inflation rates to go beyond its expected range before inducing an increase in interest rates.


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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Mon Oct 17, 2016 11:27 pm

    2 USD/CAD Fundamental Analysis: October 18, 2016

    The CAD traded within its previous range after the USD and commodity prices had a slow start for the week. Fed representatives have kept traders and market players on their toes in light of the expected interest rate hike in December, but the US fundamental factors are shifting the focus on the release of the inflation data in the coming days.

    The Canadian Foreign Security purchases data increased by 12.74 billion, with the input of foreign funds in the country marking the eighth consecutive month of positive net investments.

    For the USD/CAD pair, the pair decreased by 0.08% during the last trading session, with the currency pair now trading at 1.3129 prior to the expected rate statement release from the Bank of Canada on Wednesday. The CAD decreased in value due to the decrease in crude oil prices last Monday, and the CAD will be dependent on the BoC’s rate statement on Wednesday, with the BoC expected to become more dovish in spite of little chances of an interest rate cut within the week, mostly due to the expected interest rate hike of the Federal Reserve later this year.





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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Tue Oct 18, 2016 12:43 am

    EUR/JPY Technical Analysis: October 18, 2016

    The EUR/JPY pair has recently experienced a trading high of 116.30, a long shot from September’s monthly low of 112.00 points. The currency pair backtracked from the Fibonacci levels of 23.6 and 38.2 last week after support levels went up to 1114.00-114.12 due to the 20-50 DMA, as well as the Fibonacci levels of 50.0. A breach beyond this level might cause a drop at 113.00 and 112.00, which is in line with the weekly and monthly time frames for the currency pair.

    The EUR will be reliant on this coming Thursday’s events, with the European Central Bank seemingly uncertain on whether to increase stimulus to an already expanded policy due to increasing inflation rates and an increase in momentum levels as suggested by growth indicators. However, the ECB still has to remedy the decrease in supply as a means to keep its current program in line and make way for another program, albeit at a reduced level.

    Market players are expecting a particularly uneventful ECB statement due to speculations of an unchanged policy and ECB merely repeating its calls for politicians to improve structural reforms in order to boost economic growth in the European Union and to increase inflation in the region.


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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Tue Oct 18, 2016 1:32 am

    4 EUR/USD Technical Analysis: October 18,2016

    Yesterday, the dollar made a significant increase reaching its 7-month high in opposition to remaining main currencies. The greenbacks expanded its gains while presented positive US data at the same time. This supported the prospects of the investors concerning the Fed hike this year..

    The same day when the euro made a reversal and essentially restore its losses. After the sales of assets on Friday follows the current improvement of some bearish investors earnings. The buyers were able to drove the greens and euro through the resistance level of 1.1000. On the other hand, price moderately cut-down and bullish investors failed to recover. It can be viewed that the EUR attempted to arrive at the 50-EMA of 1.1000. The 50-EMA made a roadblock hence dropping the price to a lower direction.

    Moving averages are descending. Resistance take the 1.1000 region, support is drawn in the 1.0950 level. Though the MACD lied in the negative territory, it reinforced seller’s strength. RSI indicator wavers in the oversold area. EUR/USD still had the capacity to multiply its profits attaining the 1.1050 mark.


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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Tue Oct 18, 2016 3:04 am

    USD/JPY Technical Analysis: October 18, 2016

    Bidders leads trading since there is higher chance for the Fed rate hike especially since the US retail sales report shown positive results.

    The pair USD/JPY continued to move uphill although it receded from the upper limit and is currently trying to move higher than the 104.00 support level. The 50-EMA showed a bullish move for US dollar and it looks like it will advance as it implies a strong support for the price. Other moving averages are also going upward with the resistance at 105.00 level and the support is at 104.00 level.

    The histogram demonstrated a strong move for buyers with the MACD lies in the positive area and RSI being at the overbought area.
    When a break comes in at 104.00 support level, it is most likely that it will slide towards the 103.30 level. A rebound back to last week’s high of 104.61 level would prolong gains for traders.


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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Wed Oct 19, 2016 1:28 am

    USD/JPY Technical Analysis: October 19, 2016

    The USD/JPY pair is currently trading at 103.87 points, increasing by 0.01% during the last trading session after a high of 103.98 and a daily low of 103.80 points. The Asian trading session exhibited an ambiguous trading activity while the market waits for the release of the Chinese GDP data for the third quarter of the year. The USD is currently on the uncertain side while the USD/JPY was able to retain its stance in the positive territory in spite of rallying from the 100 handle in September.

    However, this ambiguity of the pair can be remedied by the oil bulls, since this can be used as a means to measure risk appetite and market demand. So far, oil has been moving on an impressive note recently, with the AUD/JPY pair having a positive bid on its 4-hour chart from the handle of 76-80.

    Although the currency pair is trading on the positive side, analysts are speculating that going above the 104.63 means that this could possibly target the monthly low in May at 105.55 points. Since the pair is currently trading at 103.88 points, then the next resistance point is at the 103.91 range of the 20 EMA, 103.98 range of the 100 SMA and the daily high. Meanwhile, support levels is expected to be at the 103.87 range and could also possibly drop to the 200 SMA of 103.80.



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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Thu Oct 20, 2016 10:29 pm

    USD/JPY Technical Analysis: October 21, 2016

    The USD/JPY pair is currently trading at 104.13 points after increasing by 0.18% during the last session and has recorded a session high of 104.18 and a session low of 103.91 points. The currency pair is already losing its Asian session bid after the USD finally regained some of its lost value. The Bank of Japan’s Sakura Regional Economic Report has expressed possibilities of the yen increasing its pressure and has decreased the economic assessment for the Tokai region.

    Analysts are noting how the USD/JPY pair has remained stable all throughout the yield curve control set by the Bank of Japan, with all major Japanese markets such as JPY yields, Nikkei stock index and the USD/JPY experiencing relatively low volatility during the past trading sessions. The lower range for the USD/JPY pair might also be supported by the simultaneous selling off by Japan-based investors.

    Since the current trading value for the USD/JPY is at 104.13 points, resistance levels are expected to be at 104.18 points and 104.20 points. Meanwhile, support levels are expected to come in at the 104.14 range and 104.12 and could possibly drop further to 103.89.

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Fri Oct 21, 2016 12:33 am

    USD/CAD Fundamental Analysis: October 21, 2016

    The USD/CAD pair exhibited extreme volatility during the last trading session which was mainly caused by a slew of Canadian news and events which were consecutively released during the session. First was the release of the CAD’s overnight rate which came out at the expected range of 0.5%. The Canadian monetary policy report also came out and came in short of the previous predictions by 1.1%. This caused the USD/CAD pair to break through the 1.3100 range and also attempted to move towards the 1.3000 region.

    The data for the oil inventory reports was also released, as well as the Bank of Canada’s press conference details which showed a massive decrease in the overall inventory, triggering an increase in oil prices and increasing the value of the CAD.

    Support levels for the USD/CAD pair is currently at 1.3060, 1.3000 and could possibly dip into 1.2930. Resistance levels for the currency pair is expected to be at 1.3120, which was already broken by the currency pair and could possibly go over the 1.3250 region since the pair is currently at the 1.3141 region. The market is not expecting any major economic news releases from US or Canada any time soon, and traders are still speculating that the effects from yesterday’s subsequent releases would still have an influence on the currency pair’s value.


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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Mon Oct 24, 2016 1:36 am

    USD/JPY Fundamental Analysis: October 24, 2016
    The USD/JPY pair reached a daily session high of 104.20 points before closing down the trading session at the 103.82 trading range, with daily lows for the pair recorded at 103.52 points. The USD/JPY received rejection at the 104.00 region during the Tokyo session and is currently at the 103.86 region.
    The Japanese economic data for this year took on a generally disappointing note, with export data for the nation plummeting by 6.9%. Import data also dropped by 16.3% at the same period, with trade surpluses worth 498.3 billion yen. Chinese exports also decreased by up to 10.6%, causing the Bank of Japan to face renewed pressure with regards to lowering the value of the yen. However, analysts are saying that a Fed-induced drop in the yen might not resolve the issue of dropping Chinese exports since the yuan could decrease further as compared to the yen once the Fed decides to implement its long-awaited rate hike.
    The economic calendar for today is primarily dominated by the Fed, with the possibility of an interest rate hike clocking in only at 70%. This possibility is not expected to increase any time soon due to the impending US national elections which overshadows hawkish sentiment from various policymakers. On the other hand, the yen might become more stable due to dovish statements and bearings.

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    Re: Daily Market Analysis by ForexMart

    Post  AppleFXMart on Mon Oct 24, 2016 1:45 am

    EUR/USD Fundamental Analysis: October 24, 2016
    The EUR/USD pair closed down last week’s trading session at its lowest levels since March after the pair dipped significantly last Thursday due to a statement from the European Central Bank that it will be maintaining its current economic policies. However. ECB’s Mario Draghi will be maintaining its substantial accommodation until such time that inflation rates revert back to the 2% range which will stave off any major policy changes until December. Meanwhile, consumer confidence for the European Union increased by up to -8.2 from October’s -8.
    In the coming sessions, market players are shifting their focus to the reading of the US preliminary Q3 GDP reading, with market players expecting a significant growth in the US economy. For the European Union, the market is currently awaiting the PMI data for the month of October, with data for manufacturing expected to increase significantly and services data regaining some of its stability after declining in September.
    The EUR/USD pair has already reached a critical trading range, especially since the pair has been unable to get out of the 1.0840 -1.1460 region. However, the impending imbalance brought about by the ECB and the Federal Reserve could possibly cause the pair to break through this particular range. But for now, the currency pair is expected to drop further into the 1.0505 range, and further drops in value are expected for the coming trading sessions.

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