Daily Market Analysis from ForexMart

[Luis ForexMart]

[SIZE="6"]Technical Analysis for EUR/USD: June 1, 2016
This week's primary event would be the conference of the ECB in the Eurozone. There are assumptions that the European regulator will leave its monetary policy unchanged.

The currency pair tried to regain on Tuesday. The resistance occurs at 1.1200 while the support stands at 1.1130.

The MACD indicator is in a negative location which signifies to sell. Meanwhile, the RSI is in a neutral zone which does not provide clear signals. [/SIZE]

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[SIZE="6"]Technical Analysis for GBP/USD: June 1, 2016
The pound managed to recover from its lows. Generally, the dollar stayed solid contrary to the pound as an aftermath of Janet Yellen's speech last Friday. The market hopes for new drivers for a further activity.

The resistance occurs at the level of 1.4560 while the support stands at 1.4480.

The MACD indicator is in a negative location which signifies to sell. Meanwhile, the RSI indicator is near to the oversold zone. [/SIZE]


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[Luis ForexMart]

[SIZE="5"]Technical Analysis for AUD/USD: June 2, 2016

AUD/USD returned to bearish territory after the pair shot up on Tuesday’s session thanks to better than expected GDP for the first quarter of the year. It was just several pips short of breaching 73 cents yesterday, but is now trading at 0.7234.

Australia’s economy grew by 3.1 percent year-on-year, largely eclipsing a forecasted 2.8 percent growth. The same period last year experienced a 2.9 percent climb. In quarterly measures, GDP rose by 1.1 percent versus a 0.8 percent projected growth and 0.7 percent in 2015’s fourth quarter.

We are waiting for trade balance and retail sales due today to lift the Aussie dollar against the USD.

The US matched Australian data with mixed figures, but a probable rate hike later this month is keeping the USD afloat against most major currencies.

Personal spending in April increased 1.0 percent from March’s 0.1 percent growth. This beats the expected 0.7 percent rise. Core PCE Price Index for April remained at 1.6 percent in annualized term, aligned with analysts’ expectations. Consumer confidence in May was down to 92.6 points from previous reading’s 94.7 points. It was expected to read 1.0 to read 96 percent.

The first support is at 0.7065 and 0.6827 subsequently. The first resistance is at 0.7243 and 0.7331 subsequently. The MACD indicator is in positive location. We are not expecting the pair to reach 0.73 levels in the near term.
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[Luis ForexMart]

Technical Analysis for EUR/USD: June 3, 2016

The Euro breached the first support at 1.1174 after ECB President Mario Draghi’s press conference yesterday was easily removed from the spotlight and replaced by incoming US labor data. EUR/USD is currently trading at 1.1156. NFP to be released later today is expected to provide downward pressure to the pair, along with a hawkish Yellen.

The ECB left interest rates at 0 percent. Draghi said that rates will remain low for a long time, but is positive that the Central Bank’s policies will pay off.

Eyes are now on nonfarm payrolls and unemployment rate on the US side, which are projected to be bullish. We are already seeing a firm US dollar, but the EU are still releasing rosy data at the time of writing.

The first support is at 1.1098 and 1.1025 subsequently. The first resistance is at 1.1220 and 1.1296 subsequently. The MACD indicator is in a neutral position. The price is rising

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[Luis ForexMart]

[SIZE="6"] Technical Analysis for EUR/USD: June 6, 2016
The poor data of Non-farm Payrolls could be a factor of the Fed rate hike delay. The EUR/USD pair bounced up last Friday. It surpassed the levels of 1.1200, 1.1250 and 1.1300 and reached the level of 1.3730. This cause the pair to look bullish.

The resistance occurs at the level of 1.1370 while the support stands at 1.1300.

The MACD indicator is in a positive location, which signifies growth and is bullish. The RSI approached the overbought level of 70.
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[Luis ForexMart]

[SIZE="5"]Technical Analysis for AUD/USD: June 7, 2016
The Aussie dollar is holding on to the bulls with the latest decision from the RBA to keep interest rate at 1.75 percent, a widely-expected move based on strong economic indicators. The AUD/USD is trading at 0.7441 and rising.
The first support is seen at 0.7312 and 0.7167 subsequently while the first resistance is at 0.7530 and 0.7649 subsequently.
Australia’s GDP rose by 1.1 percent in the first quarter of 2016, with an annualized growth of 0.2 percent, the quickest in four years. However, RBA Governor Glenn Stevens said that low inflation and an appreciating domestic currency may pose greater risks to the economy. The RBA board expect inflation, which is at an annual rate of 1.3 percent, to reach their target of 2 to 3 percent.
A suddenly dovish Yellen is hurting the USD which rallied last week after a rate hike becomes more possible at Fed’s policy meeting in June.
The MACD indicator is in positive location. The price is climbing.[/SIZE]
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[Luis ForexMart]

[SIZE="5"]Technical Analysis for NZD/USD: June 9, 2016

The RBNZ propelled the NZD to a 12-month high, pushing it through 0.71 levels against the USD after the central bank’s decision to keep interest rates at 2.25 percent. The bird has been hovering at 69 cents for quite a long time.

Reserve Bank Governor Graeme Wheeler left the door open for monetary easing and promised it to be “accommodative.” The central bank is specially keeping an eye on low inflation and expects it to firm and reach their target in the long term, although short-term inflation has been steady.

“We expect inflation to strengthen reflecting the accommodative stance of monetary policy, increases in fuel and other commodity prices, an expected depreciation in the New Zealand dollar and some increase in capacity pressures,” the bank said in a statement.

Uncertainty in the bank’s statements are keeping us from declaring the upside bullish, but a rate above 0.7146 will shift our outlook to a bullish one. NZD/USD is currently trading at 0.7125.

The first support is at 0.6960 and 0.6910 subsequently, while the first resistance occurs at 0.7045 and 0.7080 subsequently. The MACD indicator is in positive location. The price is rising. [/SIZE]

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[Luis ForexMart]

[SIZE="5"]Technical Analysis for AUD/USD: June 14, 2016
Australian markets are waking up after a public holiday yesterday for the Queen’s birthday celebration while the domestic currency is sliding down against the USD. Data from China pushed AUD/USD to 0.73 cents after topping at 0.7414 on Monday session.
China is Australia’s largest trade partner. The Asian nation’s retail sales and industrial production rose in May but were 0.1 percent short of forecasts. Fixed asset investments also slowed down from April.
The Aussie dollar was able to reach 0.7400 earlier today but immediately went down several pips, unable to sustain a test above the said level. It hit 0.7375, almost flooring down to our immediate support of 0.7374.
On the domestic data front, the National Australia Bank Business Confidence revealed today printed 3 points, still above the dre
The greenback is posting limited gains with economists divided on forecasting Fed’s interest rate decision which will be announced on Wednesday along with a statement from Chairwoman Janet Yellen.
The immediate support stands at 0.7374 and 0.7292 subsequently, while immediate resistance is at 0.7414 and 0.7530 subsequently. The MACD indicator is in positive position. The price is rising.
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[Luis ForexMart]

Fundamental Analysis for GBP/USD: June 15, 2016
A latest survey showing that Vote Leave is points ahead dragged the British pound to 1.41 cents against a stronger US dollar. As the EU referendum approaches, the sterling is swaying nonstop due to voters’ sentiment and the release of poll results after another.

TNS revealed yesterday that 47 percent of respondents wanted the UK to leave the EU, while only 40 percent wanted to remain a member of the bloc. GBP/USD fell to two-month lows.

UK inflation in May was also on the red, printing only a 0.3 percent rise, similar to the same period last year. Analysts were expecting a 0.4 percent growth. In m/m terms, CPI also disappointed as it climbed by 0.2 percent, missing the forecasted 0.3 percent. Transport costs rose by 0.9 percent in Mayi from the previous month but was offset by declines in food and clothing.

As we predicted, CPI didn’t have significant effect on the sterling especially because a Brexit poll was released in the same day. The Bank of England’s decision on its interest rate is next on the GBP’s economic headline.

The USD performed slightly stronger than its counterparts with the release of positive retail sales which hit 0.5 percent m/m against a 0.3 percent forecast. Core retail sales was in line with expectations at 0.4 percent. Both exports and imports at 1.1 percent and 1.4 percent respectively eclipsed their forecasted rates.

Atlanta Fed upgraded its GDP forecast for Q2 to 2.8 percent from an initial estimate of 2.5 percent. Strong retail sales was also viewed as a signal that consumer expenditure will most likely print robust numbers.

We are looking at an immediate support of 1.4089 and 1.4040 subsequently, while resistance is at 1.4265 and 1.4350. The MACD indicator is in negative location. The spot exchange is at 1.4142 and rising.

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[Luis ForexMart]

[font size="5"][b]Technical Analysis for GBP/USD: June 20, 2016
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The pound is keeping its strength against most of its counterparts as it enters the week of the EU referendum. Bulls are protecting the sterling as buying interest continue to increase. GBP/USD has broken through 1.46 cents and has shown no solid sign of a downtrend.

The pair surpassed numerous resistance but bottomed at 1.4359 today. It then reached a high of 1.4672. The spot exchange is now at 1.4626, and can break into 1.47 levels in the near term with a switch in public sentiment. Polls show that voters are shifting their support towards the “Remain” campaign.

The MACD indicator is in neutral location and we are expecting further price increase as bears fail to take the pair. [/font]

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[Luis ForexMart]

Technical Analysis for AUD/USD: June 21, 2016
The Aussie dollar is benefiting from a volatile sterling and euro as investors seek a safe heaven in the AUD. The RBA meeting minutes headlined the impetus this week. The Board implied the importance of a weak domestic currency to support Q2 and Q3’s GDP growth. However, the minutes did not have a significant impact on the AUD/USD.

Australia’s house price index printed surprising numbers, declining by 0.2 percent in the first quarter of the year compared to the previous quarter’s 0.2 percent growth. Analysts expected a 0.8 percent rise in Q1.

Although AUD/USD is trading at 0.7487, the upsurge is limited due to easing commodity prices. The USD has been fairly quiet and is waiting for Yellen’s statement later on the semi-annual monetary policy report.

The first support can be found at 0.7454 and 0.7413 subsequently. The first resistance is at 0.7500 and 0.7550. The MACD indicator is positive location and the price is rising. However we are not expecting the AUD to break into the 0.75 level anytime today.

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