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Re: Daily Market Analysis from ForexMart

EUR/USD Technical Analysis: August 24, 2017

The EUR/USD pair had a calm trading session on Wednesday. Soon after it climbed much higher with a bullish overall sentiment in the market. Overall, it is not surprising that the U.S. dollar is continuously sold. The manufacturing data from the European Union would not have any effect to the pair as it came out positively.

Considering the long-term charts, there is a bullish trend that is about to begin. Also, the ECB President Mario Draghi did not mention the value of the currency and it seems like that the central bank does not keep track of the value of the currency. If this is the case, the bullish tone of the pair will most likely continue especially if Janet Yellen gave off a slightly dovish hint on Friday.

The market will continue to buy on the lows which will significantly give more support. The 1.17 level positions as the support of the market and if the pair could maintain its level above the said level, the price could further go up. On the other hand, the 1.20 level gives off a significant resistance and an increase in momentum is already expected to reach the target level. 

Meanwhile, it is possible that the market will buy short-term dips to raise a bigger position since a breakout occurred recently above the consolidation in the past few years that could soar the price up towards 1.25 level. Long-term trades would support the euro and selling of the U.S. dollar. However, it would be best to wait and consider the whole situation if a breakdown lower than the 1.17 level occurs.

Andrea ForexMart, Official Representative
ForexMart

Re: Daily Market Analysis from ForexMart

GBP/USD Technical Analysis: August 24, 2017

There was a choppy session in trading British pound against U.S. dollar on Wednesday. Traders were unsuccessful in their attempt to bring the price higher. There was a breakdown at the level of 1.28 which gives a bearish tone in trading. Although, the 1.2850 level and above could offer sufficient selling pressure to reverse the trend. It is advisable to sell in short-term rallies as the market continues to be cautious to possess the British pound ahead of the negotiations.

A resistance is found at the 1.29 level which could appeal to sellers between the levels of 1.2850 and 1.29. On the other hand, a break lower than the lows of the day could lead to a further decline with a short-term target of 1.2650 level.

Andrea ForexMart, Official Representative
ForexMart

Re: Daily Market Analysis from ForexMart

USD/JPY Technical Analysis: August 25, 2017

The U.S. dollar paired against the Japanese yen rallied on Thursday session as it reached the 109.50 level. However, the event related to the random tweets of the president reversed the situation and people are anxious on the budget issues in the United States. This resulted in simple noise which happens every now and then and turned around at a faster rate. The most awaited speech from Janet Yellen in Jackson Hole which would give a hint the outlook of the Fed regarding the economy. A hawkish sentiment would support the dollar and push it much higher. However, if she gives a dovish tone instead, this pair would plunge lower.

Andrea ForexMart, Official Representative
ForexMart

Re: Daily Market Analysis from ForexMart

USD/CAD Technical Analysis: August 25, 2017

During the Thursday session, the U.S. dollar dropped against the Canadian dollar as it reached the 1.25 handle once again. If the market was able to breakout below, this could fasten the pace to proceed downhill. Although, this would not be a facile process. A rebound is also plausible which is already foreseeable if it happens but the 1.26 level remains resistive. A breakout in the upper channel which would have a big influence to the pair as traders react to the speech with Janet Yellen for today. Volatility could exist in the market, despite the ones in power are the sellers.

Andrea ForexMart, Official Representative
ForexMart

Re: Daily Market Analysis from ForexMart

GBP/USD Fundamental Analysis: August 30, 2017

The pound-dollar pair followed a pattern made by the single European currency and closed the day unchanged despite the high level of volatility throughout the day. Yesterday morning, we witnessed the weakening of the dollar that helped the GBPUSD to drove above the region 1.2950. Later the day, the strength of the greens returned and the Cable corrected under the 1.2950 level and ended the day unchanged.

The London market was able to have its initial reaction regarding the remarks of Yellen and Draghi last Friday. According to expectations, their reactions are focused to the dollar selling across the board.

Yellen did not provide support for the dollar amid its sluggish stance, hence this signaled traders to sell the USD. This assisted the pair to reach the 1.2950 zone and further drove near 1.30, however, stalled due to heavy selling. It leads to pair’s correction which helped to touch the 1.2920 support region as of the moment.

As the month nearly ends, the month end currency flows is expected which could influence the sterling in the near-term. In respect to the ongoing negotiations of Brexit, risks are also anticipated to put pressure on the GBP. however, as the greenbacks continue to weaken, the Cable would likely have extra support to ascend to 1.3030 in the short term.

Ultimately, there is no scheduled major release from the United Kingdom for the rest of the day, except for the US ADP employment report and Preliminary GDP data. Both data has the potential to cause volatility for the GBP/USD and has the chance to push the pair touch the 1.30 mark.

Andrea ForexMart, Official Representative
ForexMart

Re: Daily Market Analysis from ForexMart

EUR/USD Fundamental Analysis: August 30, 2017

The rates are still maintained despite high volatility during the Tuesday trading session. The volatility is not surprising as the market reacted to the speeches from Draghi and Yellen on Friday. The speeches finished late for the day when the U.K. market closed as well as on Monday which is a holiday in the U.S.

Volatility is already anticipated which is what happened yesterday. Furthermore, the monthly end currency flow added to it. It supported the pair to move higher over the 1.20 level as it moved towards 1.2070 prior to the U.S. session. Higher global risk also partly contributed to the movement which directly involves the U.S. as the DPRK persists to threaten with different missile tests. Nevertheless, the situation has been handled pretty well and the same time supported the dollar to strengthen in the later in the day.

There was a correction seen that further pushed the pair towards the 1.20 level that closed the day when it started. The movement occurred quite fastly as traders are anxious on how long the trend will last. They are also cautious and trying to see how long before the ECB will intervene in the event of strong euro. These have had a big impact on euro and there will most likely be choppiness for short-term.

For today, the preliminary GDP data and the ADP report from the U.S. are anticipated to be released today which could greatly affect the pair and monitor its impact on the increase of rates. This would also determine if it big enough for the Fed to proceed with a quick rate hike by the end of the year. Hence, volatility is already anticipated and the holiday period is about to end as the EUR/USD pair would have a big change in action for short-term.

Andrea ForexMart, Official Representative
ForexMart

Re: Daily Market Analysis from ForexMart

EUR/USD Technical Analysis: September 4, 2017

The manufacturing data has exceeded predictions which countered the weak U.S. jobs data sustaining the range of the dollar on Friday prior to the long weekend holiday in the United States. The seasonally adjusted jobs data that propelled much lower expectations yet an increase of 156,000 was much more serious than anticipated. The European Central Bank speech implies that inflationary targets have not been attained that impedes the movement of the currency pair.

The euro against the U.S. dollar rose after the weakened U.S. jobs data but declined soon-after. It maintained an uptrend ahead of the support region close to the 10-day moving average at 1.1860. The resistance of the currency pair was set as the weekly highs at 1.2070 region. There is no momentum while the price rate is moving higher at a slower pace. Thus, the MACD histogram was almost zero-index level with a flat course that results to a consolidation.

Andrea ForexMart, Official Representative
ForexMart

Re: Daily Market Analysis from ForexMart

GBP/USD Technical Analysis: September 5, 2017

Primarily, the sterling moved sideways on Monday, however, drove downwards to find some support and in order to make a rebound. The United States is currently in a holiday to celebrate the Labor Day, hence, the trading volume will be heightened during the European session.

Moreover, the market is having some conflicting pressure while players lack confidence about the possible increase of the Fed interest rates for this year. However, there are various concerns regarding the British exit from the European Union.

It is possible that the market will continue its choppiness which suggests to better trade in small positions. We should search for some pullback while the market should push lower touching the 1.2850 in the longer term. The 1.30 region appeared to be really resistive but when the 1.3050 area will be broken, buyers would likely take the driver’s seat once again.

It is expected that the market will keep on having some noise, but there is also a possibility that the market is seeking for clarity which is hard to look for because of the increasing noise in the markets.

It should be noted that the liquidity will not raise until the following week, considering that majority of the traders are not present due to the holiday.

Andrea ForexMart, Official Representative
ForexMart

Re: Daily Market Analysis from ForexMart

EUR/USD Technical Analysis: September 6, 2017

The EURUSD moved sideways during the opening of Tuesday’s session, however, Americans have returned to market and bought the single European currency. Another attempt to touch the level 1.20 was made and expected to offer some psychological resistance. As it may be a reversal of the risk off sentiment that was felt across the board. Nevertheless, Americans are planning to embrace the risk on attitude within the currency markets.

The weakness of the greens were generally seen, hence the euro-dollar pair attracted further gains. A close over the 1.20 region based on a daily close has the potential to push the market higher in the longer-term and the targets remains on top of 1.25 level.

Pullbacks keep on buying opportunities and later on will obtain an impulsive trend to move upwards. But, it should be noted that the 1.20 area is highly significant. Several opportunities could probably appear, however patience is very necessary to find the pullbacks which could provide signals when is the best timing to be involved in the market.

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ForexMart

Re: Daily Market Analysis from ForexMart

GBP/USD Fundamental Analysis: September 6, 2017

The British pound soared to 1.30 and labeled as the strongest currency for the day during Tuesday session. Currently, it moves to the highs of the range in the 1.3030 region and put a risk for a breakout. It seems to be not performing well in the past whole week but this was supported by the expected data from the U.K. and the weakened dollar which has assisted the recovery of the GBP/USD pair.

The center of attention has been the U.S. dollar majority of the day since the U.S. market opened after the long weekend as well as rhetorics from various speakers of the Federal Reserve. The market anticipates what will happen to the U.S. economy and when will be the next rate hike. It seems that they do not really think about it. It is mainly dovish on both issues but this did not appeal to investors which resulted in another round of selling the greenback.

In turn, this has supported the GBP/USD pair to ascend towards 1.3000 level and the 1.3030 is now an important resistance region. If it successfully breaks through the said region in a clean manner, the pair is anticipated to move towards 1.3250 region for short term. Yet, there is a possibility for this to happen when the dollar further weakened.

There is no major economic news from the U.K. for this day. The dollar will once again be the center of attention and if the market can recover for short-term. It seems that the dollar index is at a crucial stage where it could decline or bounce up from this point. It is ideal for traders to be careful and determine its next move whether it will go down or up prior to placing orders.

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ForexMart

Re: Daily Market Analysis from ForexMart

EUR/USD Fundamental Analysis: September 7, 2017

As the week begins, the EUR/USD was seen consolidating and trading in a tight range which continues in the past 24 hours. But it is possible to change its course after the next 24 hours since the markets will draw their attention towards the single European currency, also with the plan of the European Central Bank in the near term.

The euro-dollar pair hovered at the level of 1.19 in the following day, however, there are no hints of any specific trend. Generally, markets appeared to be in a consolidation mode because traders and investors are waiting for the situation to become normal and calm again.

The tension and global risks remain high as the market somewhat predicts for an approaching attack from the Democratic People's Republic of Korea. With this, the dollar weighed down with a lot of pressure since Monday.

However, the focus for this day could possibly be in the euro due to the announcement made by the ECB about interest rates which is followed by a press conference. The central bank planned to maintain the rates steady and this is what M. Draghi expected to say during the press con. Hence, this will determine the direction of the EUR in the short term.

The ECB is now very cautious about the strengthening of the euro as the bank failed to reverse or change the fundamentals and planning to put euro in a bid in order to limit the currency’s strength. If Draghi did not do so, then it is expected the EUR/USD will move under the 1.19 handle and drove near 1.18 in the near term. Otherwise, the pair will return to its highs at 1.2070 again.

Ultimately, there are no major releases from the United States or from the euro region. Therefore, the focus will turn to the developments in Korea, as well as to the ECB.

Andrea ForexMart, Official Representative
ForexMart

Re: Daily Market Analysis from ForexMart

USD/JPY Technical Analysis: September 13, 2017

The U.S. dollar moved sideways at the beginning of Tuesday session. Soon after, the pair rallied much higher. Currently, the level of 110 is being tested but there is still a gap that could raise some concerns. Nevertheless, this gap has been filled. However, traders should still be careful since there is a sign of “overbought” in the market. A pullback could happen after some time since the market is sensitive enough to react suddenly before going forward. Consequently, a breakout occurred at 110.25 level and the price will most likely move forward towards 111 level.

Andrea ForexMart, Official Representative
ForexMart

Re: Daily Market Analysis from ForexMart

GBP/USD Fundamental Analysis: September 19, 2017

The trading has been sluggish but the pound still remains to be the tops in the volatility as it continues to move the market in the past 24 hours. Yesterday, the only major news was the speech of Carney and the market anticipates a hawkish decision which further boosts the GBP/USD pair during the first half of the day. However, it declined later on.

Although Carney has mentioned monetary tightening, the Bank of England still needs to take manage the economy. Yet, there are no specific dates which frustrate the market as the British currency dropped after the speech and move lower than 1.35 for the day. A rebound occurred overnight and traded higher than 1.35 although this could just be a form of a correction in a bigger uptrend that could still change.

Considering the upcoming data and the recent developments in the U.K., it is possible for the BOE not to give attention to the economy and the central bank will most likely react but only in the succeeding months. The BOE already said that they will have a reaction amid the uncertainty with the ongoing Brexit. These would result in a rate hike in the upcoming months. Both the central bank and the market are anticipating for the Brexit uncertainty would wear off in the next few months which hasten the decision of the bank.

Today, there is no major news from the U.K. or from the U.S. Hence, consolidation is already anticipated ranges between 1.35 and 1.36 for the day as the market manages ahead of the FOMC meeting tomorrow. The bullishness is presumed to persist for the GBP/USD pair for short-term and target for 1.38 and 1.39 levels.

Andrea ForexMart, Official Representative
ForexMart

Re: Daily Market Analysis from ForexMart

EUR/USD Fundamental Analysis: September 25, 2017

On Friday, the EUR/USD had another range trading and consolidative day and attempted to break the 1.2000 level. However, a sudden strong selling beat the pair back which pushed the single European currency under the 1.20 region. This scenario was already anticipated since the elections in Germany is scheduled over the weekend, considering the fact that there is no one who would like to have large positions until the weekend.

The elections took place and the results were announced, showing already anticipated outcome which is the victory of Merkel’s party. However, something unexpected happened as the formation of a coalition started since many have said that Merkel is incapable to lead a government by herself only. Moreover, this could continue for some days or even weeks and the market is not in favor with this. There are only some instances where markets preferred some uncertainties and this situation could probably keep going and could lead for the euro sell-off.

During the trading session this morning, we saw some sell-off in EUR, but a retracement developed. As of this writing, the EURUSD appeared to be weak which might continue until the end of the day. The London session is much awaited due to a lot of news regarding the elections that the markets would receive, allowing the market to make its own decision about which way to go. Hence, the indecision and uncertainty brought an impact to the euro.

Ultimately, the ECB President Mario Draghi is expected to have his speech along with Germany’s election results which could possibly control the EUR trend for this day. According to projections, the euro-dollar pair will be under pressure throughout the day.

Andrea ForexMart, Official Representative
ForexMart

Re: Daily Market Analysis from ForexMart

EUR/USD Technical Analysis: October 2, 2017

The EUR/USD moved higher after a slight increase in inflation of euro area which had a mixed performance over other countries in Europe. The unemployment rate in Germany further declined to its record low which supported the EURUSD to progress forward. European yields also rose relative to the Treasury yields.

The euro-dollar pair drove upwards and rebounded from the support at 1.1721 around the weekly lows. The resistance of the pair is at 1.1869 level close to the 10-day moving average. The EURUSD decline by 1.5 significant figures for the week. The momentum is negative which further decelerated. While the moving average convergence divergence (MACD) histogram printed in the red, showing an upward trajectory which leads to consolidation.

Andrea ForexMart, Official Representative
ForexMart

Re: Daily Market Analysis from ForexMart

EUR/USD Technical Analysis: October 4, 2017

The EUR/USD bounced back after the report for wholesale price inflation came in better than expected. As the yields provided some support which made the single European currency to gain more attraction in relation to the US dollar, with the continuous boiling of the Catalonian issues.
The greenback was able to sustain its gains due to a stronger than expected results of same-store sales, as it jumped almost to 5%.

The euro-dollar pair rebounded yesterday, followed by testing of the support region at 1.1661 area near the August lows. The pair’s resistance touched the 1.1822 level which is close to the 10-day moving average. Whence, the 10-day moving average moved beneath the 50-day moving average which indicates a downtrend in the medium-term in place.

Moreover, the momentum preserved its negative position while the moving average convergence divergence (MACD) histogram is printing in the red accompanied by a descending trajectory. This further shows that exchange rate became lower.

Andrea ForexMart, Official Representative
ForexMart

Re: Daily Market Analysis from ForexMart

GBP/USD Fundamental Analysis: October 10, 2017

The markets are generally dull yesterday in spite the Cable pair moved higher during the daytime trading session. Both Canada and the United States is a holiday and liquidity is expected to be low during the entire day, while Japan is a holiday as well. However, the bulls active in the pound market took advantage of the low liquidity in pushing the prices upwards.

Meanwhile, the British pound continues to struggle in the sluggish data causing the Bank of England to keep on hold in the near term. During the BoE’s meeting in the previous month, there are possibilities that the central bank would raise its rates in December this year, but the impact of political risks and weaker data prompt them to be on hold.

The Brexit process is excluded from the issues of political uncertainties rather the extension of the UK Prime Minister Theresa May from her position.

Currently, PM May is urging to resign even by her own party and it remains unclear how she will handle this issue as well as to maintain the focus on processing the Brexit referendum.

Moreover, there is a rising issue about the no-deal in the euro area which could negatively affect the Britain’s economy.

If these factors were combined, it could probably keep the GBP in the pressured area. For today, the UK manufacturing production data is scheduled to be released from the United States. When the liquidity became stable again, it is expected that the greenback will continue to decline but will support the GBP/USD pair to ascend.

Andrea ForexMart, Official Representative
ForexMart

Re: Daily Market Analysis from ForexMart

GBP/USD Fundamental Analysis: October 13, 2017

The GBP/USD pair keep on trading in an up and down direction which seems directionless, by the weakness of the U.S dollar helps the Cable pair to boost amid this period.

The struggle of the British currency continues due to the risks linked with the Brexit process, however, the dollar weakening appeared to be massive which affected others in moving up over the greenback. Until now, the Brexit process is ongoing but it remains to be seen any major development.

The delay in the talks continues while other discussion also does not provide any progress so far. This trigger doubts if Brexit talks could possibly break down and further led to question if the United Kingdom will depart from the European Union even without any accomplished deal. This could be the possible thing to happen at this particular moment, which further resulted in lot of uncertainty.

Moreover, the position of PM Theresa May seems to be threatened since last week because most of her party are against her leadership technique. Albeit, she was able to surpass such mess, she remains involved in a complicated scenario. These combined events pushed the sterling pound under pressure but the weakening of the dollar made it acceptable.

Ultimately, the retail sales and CPI data from the United States are scheduled today while the United Kingdom has no major data for this day. These set of data should be monitored carefully by market participants because inflation is considered a major parameter by the Federal Reserve, particularly, in making the decision about the rate hike in December. In case the figures showed strong data, the GBPUSD is expected to wane.

Andrea ForexMart, Official Representative
ForexMart

Re: Daily Market Analysis from ForexMart

EUR/USD Fundamental Analysis: October 17, 2017

The euro bucks pair failed to gain strength during the trading session on Monday, followed by expectations to drive higher amid sluggish US data issued on Friday. While the retail sales showed robust data as well, however, the CPI resulted to a lower than anticipated figures. This caused the EURUSD to test the 1.1870 range high but the pair continuously moved lower since that period.

The EUR/USD weakened until the end of the trading course last Friday and the activity happened yesterday was a mere continuation of that previous trend. On one side, the U.S. dollar was able to acquire further strength since there are no any hints about the next missile launch from North Korea sooner or later, but the markets are still expecting for such motion. Moreover, this supported the greens to stir gradually and firmly across the board in the morning. The momentum ascends during the American hours with a high possibility that John Taylor would replace Janet Yellen for the position as Fed Chair. Taylor is known to be hawkish and very supportive of Fed rate increase. He is also favored by President Trump as the hawkishness helped the USD to perk up versus its counterpart currencies. Also, this has pushed the pair downwards below the 1.1780 mark as of this writing.

Ultimately, the Germany ZEW economic sentiment is scheduled to release today and no other major news both from the European Union and the United States.

The strength of the greenbacks is predicted to resumed this day as the pair eventually turns towards the range lows at 1.1700 mark.

Andrea ForexMart, Official Representative
ForexMart

Re: Daily Market Analysis from ForexMart

EUR/USD Fundamental Analysis: October 23, 2017

The EUR/USD pair closed the day with a decline during the course on Friday and up to this day, the weakness keeps going. Also, the US dollar strengthens while the eurozone continues to manage the Spain’s condition that placed further pressure on the single European currency in the near-term. The market could possibly trend sideways in the next couple of days while waiting for the decision of the European Central Bank (ECB) on the short-term direction for the EUR. The complicated situation in Catalonia is not yet over since the Spanish administration dismissed the Catalonia government and appealed for new elections with an attempt to abandon the independence proposal. This caused uncertainties and confusion that affected the euro for today.

While traders keep on carefully tracking the situation to assess the impact on Spain and other parts of the European region.

There is not so much action expected during the first half of the week as the market count on the ECB. The central bank is anticipated to talk about the QE tapering in the meeting and Draghi’s statement and the press conference would likely lead to high volatility towards the euro after some time.

Moreover, the ECB did not yet provide any definite timeline for the tapering and the markets are waiting to receive some information from them. The greenbacks persist to remained steady despite the fact that the arriving figures from the United States seem choppy. This resulted in a disorganized state of the dollar. Also, it is projected to fix itself over the following weeks which could possibly prompt a strong trend.

Ultimately, there are no major economic releases from the European Union or the United States scheduled for today. Hence, the complicated condition of the Korean region and the risks in Catalonia are predicted to rule over the market trend for today.

Andrea ForexMart, Official Representative
ForexMart

Re: Daily Market Analysis from ForexMart

EUR/USD Fundamental Analysis: October 30, 2017

The single European currency resumed moving lower as witnessed on Friday amid the sluggishness prompted by the ECB, as the central bank suspended the QE tapering. The effect of their decision would likely continue to be felt by the euro in the near term.

A sudden recovery was seen after the US dollar lost its strength on Friday, however, the impact appeared to be very insignificant and the euro is expected to keep on moving lower within this week.

The EUR was hardly hit by the ECB’s decision to extend the tapering until September 2018, which was opposite to market’s expectations that the program will end without delay. The scheduled data from the European region will remain robust. Moreover, the investors who are large buyers of euro were quite surprised in the past few months from the time when the ECB touched on the QE tapering in the previous meetings.

Whereas, ECB President Mario Draghi soften the talks about the tapering plan in the previous months in order to limit the strength of the European currency. But the market is not in the mood to pay attention and keep on buying more during that period. On Friday, they were awakened from the truth when the bank clearly stated its mood not to stop QE, which weakened the EUR.
A slight rebound is expected today but the overall trend appeared to turn downwards.

Ultimately, there is no major economic release from the US or Eurozone and as the month ends, there is a possibility of a profit taking, adjustments on positions and month end currency flow. Also, consolidation is anticipated, coupled with a small relief rally which could probably be sold and temporary.

Andrea ForexMart, Official Representative
ForexMart

Re: Daily Market Analysis from ForexMart

EUR/USD Fundamental Analysis: November 2, 2017

The EUR/USD pair waited for the FOMC minutes throughout the trading day on Wednesday, the minutes are expected to be issued during the American session. Aside from this pair, there are other many currency pairs that desire to know the thoughts of Fed members regarding the future rate hikes with expectations to help them determine the short-term trend for the U.S dollar.

This ensures that the single European currency was fixed in a very tight range at 30 pips, while markets in a long position understand that any choppy movement would lead to an unprofitable trade. Since the focus is centered on the positioning of trades prior the major news events coupled with large trends once the news was issued.
It became more interesting due to the subsequent news later this week which has equal of importance with concerns of the greens. It further opened the door for the possible reversal by the FOMC with the approaching news events.

The FOMC failed to achieve its target, however, most of the text remained unchanged, particularly the talks of future outlook that came in lower than market expectations. This resulted in a sudden minor shock for the USD, met some buying and pushed the bucks to a tight range until the end of the course after the minute's publication.
Considering all the projections formulated the entire day, the minutes conversely disappointed the markets which further triggered choppy data by means of the ADP report released earlier the day.

There are reports that confirmed Jerome Powell as the next head of the Fed Reserve but caused the dollar to weaken later this day, nevertheless, the effect of this news would likely be temporary.

Ultimately, the attention was turned towards the British pound as there are no releases from the United States or the European region for today. Hence, it is safe to say that there is some tight ranging and consolidation within the euro-dollar pair amid the trading day while waiting for the US employment statistics tomorrow which could roughly confirm the rate increase in December.

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ForexMart

Re: Daily Market Analysis from ForexMart

GBP/USD Fundamental Analysis: November 8, 2017

The GBP/USD softened during the trading course on Tuesday and it closed the day with choppiness with regards the British pound. The sterling lost its strength in the morning and successfully regained its entire losses until the closing of the day. As of this writing, the GBP is trading comfortably on top of the 1.3150 level. The rebound muddled the scenario relative to the direction of the British currency.

On one hand, the American dollar appears to remain unchanged throughout the course yesterday. US President Donald Trump is currently on a trip to different Asian countries, the twitter seems to be a  good venue since Trump is outside US and sarcastic comments are not present also during this period. Therefore, it bolstered the greenbacks to maintains its position. The dollar received further support from the finishing touches on tax reform plan as the program is going through various stages. The pound was mainly bullish followed by a decline from the last fall that occurred during the BOE rate hike, however, it gave a gloomy economic perspective.

Despite the 2 cents decrease of the sterling on that day, it was able to recover within the day and worked out to acquire additional cent from the price on the same day. This indicates bullish signals towards the GBP while the market is worried about eliminating chances for more rate increase and starts to recede slowly.

Ultimately, both the United Kingdom and the United States will not release any major economic data throughout the day. Bullishness is expected to prevail amid the day. An increase from the Cable pair has the tendency to weaken and remained steady but the price could lead the price higher in the short term.

Andrea ForexMart, Official Representative
ForexMart

Re: Daily Market Analysis from ForexMart

GBP/USD Fundamental Analysis: November 9, 2017

The British currency declined throughout the trading day on Wednesday as fears continue to influence the sterling relative to the Brexit negotiations, as well as the potential of Britain to maintain its economic stability during this period. The GBP went down to the 1.31 level for a short period of time prior the rebound from that point, which allowed the currency to close the day over the 1.31 mark but remained to be weak as of this moment.

Another reason for the decline of the GBPUSD is the continuous dollar strengthening that boosted the discussion on the tax reform bill. The U.S. dollar trades with little strength since the approval of the tax bill by President Donald Trump and his team. However, the confirmation is not yet through since it is currently brought into law while there are reports about the possible delay of the actual implementation. On the other hand, some say that Trump will not allow this to happen amid the uncertainties regarding this matter that would likely influence the greenbacks in the near-term.

Moreover, the GBP was supported by the entire talks concerning the slow Brexit process which continued to bog down every single day. The sterling was also affected by the pessimistic UK economic outlook brought by the latest rate announcement by the BOE, this could possibly be the reason for the continuous trading near the range lows by the Cable pair despite rate increase. Aside from the fact that the market priced in the rate hike, it further expects more from the Bank of England but the bank did not provide some positive statement that put pressure on the pound.

Ultimately, the United States or the United Kingdom will not release any major report. Therefore, consolidation is projected on either side of 1.31 mark throughout the day. The support came in at 1.31 region which is very strong along with sudden bounces which indicates that the pound is not subjected to any decline sooner or later.

Andrea ForexMart, Official Representative
ForexMart

Re: Daily Market Analysis from ForexMart

EUR/USD Technical Analysis: November 10, 2017

The single European currency paired with the U.S. dollar drove higher during Thursday session since the trade surplus in Germany has expanded, while the U.S. initial claims rebounded. Moreover, the German growth is predicted to overcome its previous outlook as the inflation is projected to remain muted capping the upside in the pair.

The EURUSD had moved upwards and pushed back on top of the 1.1625 level near around the 10-day moving average, which serves as a support in the short-term. Further support hits the 1.1550 weekly lows. A close over the 1.17 region could possibly negate the formation and triggered consolidation. The negative momentum was seen declining as the MACD (moving average convergence divergence) indicator is printing in the red, linked with an ascending trajectory that gives signs of consolidation.

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