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Daily Market Analysis from ForexMart

This is a discussion on Daily Market Analysis from ForexMart within the Analytics and News forums, part of the Trading Forum category; GBP/USD Fundamental Analysis: January 29, 2018 The British pound against the U.S. dollar has been declining in the past few ...

          
   
  1. #431
    Senior Member Andrea ForexMart's Avatar
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    Daily Market Analysis from ForexMart

    GBP/USD Fundamental Analysis: January 29, 2018

    The British pound against the U.S. dollar has been declining in the past few days as the dollar strengthens, which seems to be the focus at the present time. Following the comments of Trump, the dollar is steadfast due to the positive economic data in the U.S. This resulted in a reversal of profit for the dollar.

    The dollar has been behind since the middle of December and the pound has been one of the strong contenders for this period of time. It gained more than 800 pips against the greenback. There are indications of exhaustion and weakness for the pair. However, it is not just the weakened dollar that buoyed up the pair, the strong pound along with all the soft Brexit plans at the end of the talks.

    This supported the pound to rise across markets, especially against the dollar which has been weak recently. However, besides the rhetorics from Trump, there is an increasing expectation for the new Fed chief Powell to take his post, as well as strong incoming data that would strengthen the dollar and induce Fed for rate hikes. The center of attention will be on the dollar in the next few days which is also anticipated to persist for a short period of time.

    There is no major report anticipated from the U.S. or from the U.K. today, which is not surprising as it is the first day of the week. However, since the end of the month is approaching, a lot of flows is already expected and trades to be positioned prior the new month which would bring volatility to the pound. This is likely to persist in the next few days since the end of the month is near. Pressure will be eminent in trading but support will be in the area of 1.40.


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  2. #432
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    Daily Market Analysis from ForexMart

    GBP/USD Fundamental Analysis: January 31, 2018

    Yesterday, it was forecasted that the British pound major pair will find it support in the level of 1.40 and it was anticipated to the line dividing the bulls and the bears. This happened as the price plunged down towards the area of 1.40 and further down for a short period of time before bouncing upward again.

    Buying and the rebound of the pair were strong which resulted in an upward trend of the pair towards the area of 1.41. The trade stays beyond this level as of the moment. The volume of purchases indicates the strong presence of buyers. Nonetheless, it is essential for traders to keep in mind the end of the month is near and the prices are likely to be influenced by the month-end flows and any move at this period of time, which should be not be overlooked by traders.

    Although, fundamental factors did not strongly affect the pair, as well as economically, in the past few days which is already anticipated at the end of the month is approaching. These activities are moves largely are not part of the overall trend, which indicates that money flows have a bigger impact more than everything else. Hence, it is significant to wait on the sidelines and observe as this kind of trend will persist throughout the day since today is the last day of the month.

    Regarding the economic news, ADP National Employment Report from the U.S. is anticipated to be released today but none from the United Kingdom. The ADP data is considered as a prerequisite to the NFP data, which will be published on Friday. Traders should anticipate for a strong data to keep their expectations for a rate hike from the Federal Reserve at a faster rate in the succeeding months. In general, the market is hoping for three rate hike for the year but a positive outcome through high figures on reports are necessary.


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  3. #433
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    Daily Market Analysis from ForexMart

    GBP/JPY Technical Analysis: February 5, 2018

    During the Friday trading session, the market was a “risk off” move following, which resulted in a rollover in the market. The latest high implies the trend to move upward in the long-term period.

    The British pound rolled over against the Japanese yen and reached the new high, but has had difficulty in the latter part of the day. It breaks higher than the level of 155, which has been a significant level that would induce buyers to return. However, there is a tendency for a volatility in the market and traders should be ready for big moves. Later on, the pair is likely to move towards the level of 160 but it will take a few days or week to reach this point. The uptrend has been really strong which is why there will not be a massive correction but more of a pullback in the market.

    The next target level would be at 163 but it might take some time to reach this level, although, it might take some time to reach this level. Moreover, pullbacks would also open opportunities for purchases which makes small deals to be the ideal strategy in this situation. Other than that, this market is sene to have a lot of noise, which is referred as the “Dragon” in the forex market. Risk sensitivity is still a big deal for this pair, especially for British pound which is gaining strength. It is better to make sure for the pair to rise in value before placing bets on it, although this pair is likely to compete in the market very well.


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  4. #434
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    Daily Market Analysis from ForexMart

    EUR/GBP Technical Analysis: February 7, 2018

    Volatility was predominant during the Tuesday trading session as the U.S. dollar dominates the market, which had an unfavorable effect on both currencies. The market shows the relative strength of the market.

    It has been bullish during the Tuesday trading session as the British pound declined against the U.S. dollar. Nonetheless, the euro did not fall, as much as, the British pound. For now, the pair will be based on their relative strength but since the euro did not drop as low as the British pound, traders are anticipated to trade and push the pair higher. The market is close to the level of 0.89 which is a fair value in the consolidation area. The upward momentum implies the uptrend of the pair towards 0.90 level.

    A massive resistance was seen at the area of 0.90 which has been the upper boundary in the past and it will be not easy to break this level. Although, there is a bit of noise found lower than the level of 0.8875 which proceeds to offer support in the market. I would suggest buying on the lows but it will be part by part instead of a big move. The pair will break out of the consolidation area and proceeds to move up towards the level of 0.95. Alternately, it is also possible to a have a new low which would send the market to reach the level of 0.86 based on the long-term charts.
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    Daily Market Analysis from ForexMart

    USD/CAD Technical Analysis: February 12, 2018

    The American dollar rallied versus other currencies around the globe, and the Loonie seems different. The USD/CAD rally due to declining prices of the oil. The Canadian dollar is commonly used by currency traders as a substitute for the oil markets which means that when the WTI Crude Oil drop, the Loonie will typically follow.

    The US dollar attempts to create some stand to resume the bullish pressure, this could be done if the oil markets continue to remain weak. An unidentified employment figure will be released on Friday from Canada but failed to help things. Looking forward, the interest rates in the United States are rising which indicates a good sign for the currency. With this, the buying pressure is projected to continue, however, there is a tendency that the opposite thing may happen. We could consider this upon breaking down under the hammer formation last week. Basically, it is a breakdown beneath the 1.22 handle. In the past, there are a lot of short-term volatility in the USD/CAD which normally occur upon the intertwining of the two economies.

    It should be noted that the United States and Canada are each other’s biggest trading partners which often grind each other. It can be assumed that this point can be defined as a “crucial inflection”, so it is advised to maintain a small position and add when the market establishes itself well.


    Daily Market Analysis from ForexMart-usdcad12.png
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