daily market analysis from forexmart

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Technical Analysis for EUR/USD: June 30, 2016

Followed by the Consumer Confidence report in the Eurozone, the euro currency has not made any alteration with its positions. Concurrently, the ECB will not whisk with the further monetary policy easing. There should be a proof that the economy of the Eurozone is declining before it implements any action.

Slowly, the euro managed to step up continuously. It is showed in the 4-hour chart that the instrument stayed in a downside channel and the euro increased to its upper boundary. The pair was likely to regain 0.47% and has made a new local high at 1.1130. The resistance occurs at 1.1130 while the support stands at 1.1000.

The MACD indicator was kept standing on a negative location while its histogram increased. The indicator will also give buy signals while its histogram increases. RSI indicator is in an impartial location and its growth from the oversold area is a buy signal.

The price is under the Moving Averages (50, 100 and 200) which goes downwards indicating a sell signal. The 200-day moving average is a sturdy resistance for the euro which it touched yesterday. The EUR/USD tries to revert into the ascending channel on the daily chart.

Technical Analysis for USD/JPY: July 4, 2016

The Japanese government believed that the cause of the household spending enfeeblement in May was the continuous breakdown of the consumer prices. This event leads to a further compression to the Bank of Japan which is discontented with the present sinewy of the Japanese yen.

The instrument reduced from a local high. The pair is directed to revert under 102.50. The resistance occurs at 103.50 while the support resides at 102.50.

We should notice that the expansion of the MACD indicator decelerated. It has stayed in the negative location which signifies a sell signal. Meanwhile, the RSI is in a neutral location and doesn't provide any signals. The USD/JPY pair is under the Moving Averages (50,100 and 200) which goes on a descending movement. The pair tested the 50-day movement and slip downwards. The 50-day movement is the nearest resistance for the pair.

Technical Analysis for AUD/USD: July 11, 2016

After the issuance of the monthly report for the non-farm payroll data, the AUD/USD pair quickly had a rise in price movement. Due to its strong report the Australian Dollar attracted more investors as presented in the daily swing chart. Technically, the pair demonstrated a horizontal price movement for the past few days near 50% levels. The main range is defined from .7285 to .7645 while reaching its 50% level that is .7465. At the same time, the short-term range had a moving average from .7645 to .7301. Its 50% level falls at .7473. If the two 50% levels is combined, the .7473 and .7465 will create a strong trend that would prevail on the existing market movement.

A strong move over .7571 will predict a downward change in value which is .7535 by which it would give a signal to the buyers. The angle of the moving average under .7571 will call the attention of the currency sellers. Long term investors should be cautious in dealing with this price since it is the trigger point of the potential targets .7573 and .7565. Traders are suggested to develop the sustained move above .7571 through a sharply bullish tone.

Fundamental Analysis: July 12, 2016

The exchange rate of British pound to Euro (EUR/GBP) plunged a significant dip of 9 points just as euro has a little price action and the value of British pound emerges from default rate. At the moment, the pair seems to be holding the same level at 0.8514. Due to the extreme support of the European Central Bank monetary policy, it helped maintain the stability of prices and maintained the inflation rate close to medium term position. When inflation rate rises dramatically, there is a need to promote monetary easing in order to minimize financial costs and increase the amount of money flow in the market.

The investment sector is beset with difficulty, making it complicated to invest a new capital. To this extent the bank management should stabilize the global economy in order to aid bankruptcy. Every financial institution should write off undesirable credits or loans so as to recover losses and produce new income. Since the outset of the stock market storm in U.K. , the British pound ride out a way through it and made a 31-year low against dollar.

British sterling underscores a big fall of 13% versus dollar and 10% against euro. According to analysts, this will build up U.K exports because anything that is price-marked in sterling would be much cheaper for the foreign buyers. But the effect of these major lost in sterling offered mixed trade signals whether or not it would influence the external trade transactions.

Fundamental Analysis: July 14 2016

The Bank of Canada opted to maintain interest rates during their most recent closed-door meeting with the currency board and bank directors and eventually the rate of the Canadian Dollar moved higher yesterday. The USD/CAD keeps on pushing higher prices most of the trading session but the invested capital gains immediately fluctuate down to 1.2934 close to 1.2976, falling to 0.0064 or -0.49%. Since midsummer the BoC continued to retain its appropriate benchmark with a rate of 0.50%.

According to the central bank, the financial valuation of the BoC would likely have an economic growth, considering that it has increased by 2.4% during the first quarter of the year and is expected to decline by 1% by the second quarter. The assessment is inferred through the volatility of the capital flows, household consumption and the massive wildfire that ravage the Canada's region.

The central bank also anticipates the expansion of the Canada's economy by 1.3% up to 3.5% during the months of July to September. The BoC mentioned also their expectation of the price stability of oil prices for the rest of this year.
One of the problems emerged in Canada is the overall financial vulnerabilities as it resulted to a lower rates and experienced an adverse shock. Other news releases said that a 4% price fall in crude oil will restrain the weakening of the USD/CAD pair.

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Fundamental Analysis for EUR/USD: July 20, 2016

The EUR/USD pair went down to 1.1071 while traders sit in anticipation of the ECB meeting scheduled on Thursday, where Mario Draghi is expected to comment about the ECB bond buying program after it drained the market supply. On the other hand, the economic sentiment for the German ZEW went lower due to uncertainties brought about by Brexit, as well as Italian bank concerns and worldwide terrorism attacks.

The economic sentiment reading for the German ZEW went down drastically at -6.8 points. Meanwhile, the Eurozone ZEW sentiment numbers were released at -14.7 points, with both sentiment readings coming short of its expected numbers.

The Brexit vote will be affecting not only the German ZEW but also other european countries. Although the German economy has proven to be resilient enough, its economy is still prone to the negative effects of economic events in the nation, and the ZEW numbers is expected to reflect these repercussions.

The German ZEW economic sentiment surprised the market after a steep decline in July, its first since October 2014. It was initially forecasted to come in at +8.2 points.