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GBP USD Forecast | Daily Technical Analysis for February 2, 2017

 

GBP USD Technical Overview

 

Yesterday Closed        1.2660

 

Today Open                1.2660

 

Day’s Range    1.2654 – 1.2680

 

52 wk Range   1.1450 – 1.5020

 

1-Year Return – 12.01%

GBPUSD Technical Support and Resistance

 

 

Possible trading range for today 1.2654 – 1.2680

GBP USD Fundamental Analysis

 

 

The GBP USD pair had a pretty strong day yesterday as the pound is only one of the very few currencies that seems to be capable of holding on by itself whenever there is dollar strength. There seems to be some intrinsic strength built within the pound and the reason for that could be the continuing good economic data from the UK. This has been holding up the pound and that is the reason why the corrections have been shallow and have been met with some quick bounces.

Today is going to be a key day for the GBP USD pair as we have the BOE rate announcement and the policy meeting minutes and we also have the quarterly inflation report from the UK as well. The rate is expected to be kept on hold but the BOE will have to act out a tough balancing act as it needs to take care of the economy and also ensure that the impact of the Brexit doesn’t hit the economy too hard. With the government, yet unclear on how exactly the whole Brexit process is going to pan out, the markets would be expecting the BOE to help out and do the needful in a strong manner to give out some confidence to the market in the pound. It remains to be seen whether that is addressed in the statement and the inflation report. The pair is in a key area now and these data would be valuable in determining the short-term direction of the pound.

Read More: https://www.xtreamforex.com/Education/gbp-usd-forecast-for-february-2-2017/

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FOREX-Dollar falls for 4th day after G20 trade message

* Dollar broadly lower after financial leaders summit
* Protectionist bent shows depth of U.S. concern over dollar
* Citi latest bank to abandon euro-dollar parity call

The dollar fell for the fourth day running against the basket of currencies used to measure its broader strength on Monday, as reaction to a G20 summit dominated by the Trump administration's protectionist bent extended last week's sales.

The dollar index .DXY fell by as much as 0.3 percent in Asian and early European trading before recovering some ground to stand just 0.1 percent weaker on the day at 100.19.

For more realtime market information and best Commodity Tips join Epic Research.

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GBP/USD analysis: rising inflation fuels speculation of a BOE’s hike

The GBP/USD pair trades at its highest since late February, having extended its intraday advance up to 1.2493 and ending the day some 10 pips below this last. The Pound soared after the release of UK inflation data, as consumer prices rose far beyond expected. Yearly CPI hit 2.3% in February from 1.8% in January, while monthly basis, inflation surged by 0.7& from a previous decline of 0.5%. Core yearly inflation jumped to 2.3%. Producer prices rose less than expected, but remained high in the same month, while the Retail Price Index jumped to 3.2% YoY.

Technical Overview:

Prev. Close: 1.2479

Open1.2479Day’s Range: 1.2464 – 1.2486

52 wk Range: 1.145 – 1.5020

1-Year Change: – 13.15%
Support levels: 1.2345 1.2300 1.2260

Resistance levels: 1.2425 1.2470 1.2510
Technical Indicators:

Buy: 6  Sell: 2  Neutral: 3

Summary:STRONG BUY

Upcoming Economic News:

GBP –  30-y Bond Auction

 

For Analysis Visit: https://www.xtreamforex.com/Education/daily-technical-analysis-3222017/

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Oil bounces off November lows, but bloated U.S. stockpiles pressure market

Oil prices recovered on Thursday from losses chalked up the session before, but the market remained under pressure as bloated U.S. crude inventories and rising output dampen OPEC-led efforts to curb global production.
Brent crude futures, the international benchmark for oil, were at $50.95 per barrel at 0231 GMT, up 31 cents, or 0.6 percent, from their last close. That came after Brent briefly dipped below $50 a barrel on Wednesday for the first time since November.
U.S. West Texas Intermediate (WTI) crude futures were up 35 cents, or 0.7 percent, at $48.39 a barrel, after testing support at $47 overnight.
Analysts said Brent had found technical support around $50 a barrel and was being pushed up as traders took new long positions after crude hit multi-month lows overnight.
Despite the bounce, traders said the market remained under pressure, largely due to a big U.S. inventory and doubts that an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to cut output was reining in a global fuel supply overhang.

Read Full Analysis: http://www.xtreamforex.com/Education/oil-bounces-off-november-lows/


 

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Best way to Identify the Forex Market future movement

Technical analysis is the science or skill of forecasting of the future movements of the price using the past movements and data.
Obviously, the past movements cannot guarantee the future movements and so technical analysis is not a hundred percent accurate and surefire forecasting but if you learn the technical analysis properly, you can make more correct predictions and so you will be in profit at the end.
Technical analysis rules, techniques and tools are 99% the same in the stock and forex market. So if you learn technical analysis, you can use it both in stock and forex market.
It is impossible to cover everything about the technical analysis in one article. So here I just try to talk about technical analysis in general but write more detailed articles about it.
If you read my daily forex trading market technical analysis reports, you will see that technical analysis is the main thing that I use in the market analysis.

Read More on : https://www.xtreamforex.com/Education/analyze-forex-trading-market/
 

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GBP/USD analysis: tough EU position on Brexit weighs on Pound

GBP/USD Current price: 1.2425
The UK formally begun the Brexit process through a letter that PM May delivered to the EU, resulting in some wild swings in Pound crosses and with the GBP/USD settling at 1.2425.  The two parts are beginning now a two-year process that EU President Donald Tusk expects to start with “key arrangements for an orderly withdrawal.” UK PM May, on the contrary, wants to focus on a comprehensive free-trade deal, something that the EU is not willing to put on the table, at least for now.


Read Full on : https://www.xtreamforex.com/Education/gbpusd-analysis-tough-eu-position-on-brexit-weighs-on-pound/
 

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Gold Fundamental Forecast For The Week of April 3, 2017
Gold futures posted a two-sided trade last week before closing only slightly lower. Investors had a lot on their plates last week, dealing with Trump administration issues, the U.S. Dollar, interest rates, Brexit and French presidential elections.

June Comex Gold futures closed the week at $1251.20, down $0.50 or -0.04%.

Comex gold futures started the week more than 1 percent higher after President Trump’s failure to put through a healthcare reform package the previous Friday raised questions over his ability to deliver promised tax cuts and spending plans.

This news drove the U.S. Dollar into a four-month low, making dollar-denominated gold a more attractive investment.

Gold prices retreated the rest of the week after the dollar strengthened due to hawkish commentary from several Fed officials.
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Daily Technical Analysis & Forecast | XtreamForex

EUR/USD Technical Forecast
Day’s Range: 1.0663 - 1.0675
Support levels: 1.0649|1.0639|1.0623
Resistance levels: 1.0681|1.0691|1.0707

GBP/USD Technical Forecast
Day’s Range: 1.2421 - 1.2496
Support levels: 1.2466|1.2445|1.2409
Resistance levels: 1.2538|1.2559|1.2595

Read More Details: https://www.xtreamforex.com/Education/
 

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Daily technical Analysis & Forecast: WEDNESDAY-April 6, 2017

EUR/USD Forecast: Will it break the range ahead of Trump-Xi Summit?
Day’s Range: 1.0662 - 1.0684
Support levels: 1.0640|1.0626|1.0604
Resistance levels: 1.0684|1.0698|1.0720

GBP/USD Forecast: GBP/USD has a relook at 1.25 handle, focus on Trump-Xi meeting
Day’s Range: 1.2475 - 1.2501
Support levels: 1.2437|1.2418|1.2387
Resistance levels: 1.2499| 1.2518| 1.2549

USD/JPY Forecast: USD/JPY downside playing out, fresh lows scored in Tokyo
Day’s Range: 110.30 - 110.73
Support levels: 110.52| 110.30| 109.93
Resistance levels: 111.26| 111.48| 111.85


Read More Details: https://www.xtreamforex.com/Education/
 

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GBP/USD: GBP/USD pair is on a minor-recovery mode in mid-Asia
The pair bottomed at 1.2450 this Thursday, now the immediate support, although a more relevant one comes at 1.2410, and only below this last the pair can gain bearish momentum.

GBP/USD Technical Forecast
Day’s Range: 1.2447 - 1.2477
Support levels: 1.2452| 1.2438| 1.2415
Resistance levels: 1.2498| 1.2512| 1.2535

Visit: https://www.xtreamforex.com/Education/gbpusd-forecast-daily-technical-forecast-april-07-2017/


EUR/USD: Has Euro lost its funding currency status?
the EUR/USD pair hardly moved following the US attack on the Syrian targets. The common currency has been referred to as a new funding currency, ever since the ECB hit the zero lower bound and started the QE program back in 2014/15.

EUR/USD Technical Forecast
Day’s Range: 1.0633 - 1.0660
Support levels: 1.0630| 1.0616| 1.0593
Resistance levels: 1.0676| 1.0690| 1.0713

Visit: https://www.xtreamforex.com/Education/eurusd-daily-outlook/
 

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GBP/USD Fundamental Analysis – week of April 10, 2017
GBPUSD spent most of the week within a tight range between 1.24 and 1.25 and we had mentioned in our daily forecasts that this is likely to be the range for the next few days and that’s what had happened. We had also mentioned that even if the pair was to break through the highs of the range at around 1.25 region, there was a very strong resistance around the 1.26 region and so there was not much for the bulls to look forward to. 

GBP/USD Technical Forecast
Day’s Range: 1.2367 - 1.2389
Support levels: 1.2356| 1.2309| 1.2235
Resistance levels: 1.2504| 1.2551| 1.2625

EUR/USD Fundamental Analysis – week of April 10, 2017
EURUSD pair continued to weaken through the week and there has been no respite so far. Looking at the bigger picture, the pair is moving within a larger range between the 1.09 and 1.05 region and as we had mentioned in our monthly forecasts.

EUR/USD Technical Forecast
Day’s Range: 1.0570 - 1.0589
Support levels: 1.0577| 1.0550| 1.0507
Resistance levels: 1.0663| 1.0690| 1.0733

Read More & Details: https://www.xtreamforex.com/Education/weekly-forex-forecast/
 

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EUR/USD analysis: Correction after rally, consolidation likely to continue

Trump and geopolitics have been the driver of the currency market during the last 24 hours. Trump’s interview with the WSJ triggered a decline of the US dollar.

Read More : https://www.xtreamforex.com/Education/eurusd-analysis-correction-after-rally-consolidation-likely-to-continue/

 

five stock market tips for trading like a professional

These five stock market tips for trading like a professional will put the odds in your favor if you are just learning about the stock market.

Read More : https://www.xtreamforex.com/Education/five-stock-market-tips-for-trading-like-a-professional/

 

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Oil falls - 0.79% after failed North Korean missile test
Crude oil fell in quiet trading on Monday, after the three-day Easter break, on signs the United States is continuing to add output, undermining OPEC efforts to support prices, and as the market digested North Korea's failed missile launch on Sunday.
Benchmark Brent crude futures were down 49 cents at $55.40 at 0310 GMT. On Thursday, before the break closed most major markets, they settled up 3 cents at $55.89 a barrel.
U.S. West Texas Intermediate crude futures were also down 47 cents at $52.71 a barrel. They rose 7 cents to $53.18 on Thursday. 

Read More Details: https://www.xtreamforex.com/Education/daily-forex-news/

Gold Price rose in Asia as china GDPs improvement
Gold prices gained solidly on Monday as China GDP came in better than expected and tensions on the Korean peninsula supported demand.
Gold for June delivery on the Comex division of the New York Mercantile Exchange rose 0.35% to $1,293.00 a troy ounce, while silver futures were up 0.49% to $18.600 and copper futures gained 0.62% to $2.583 a pound.

Read More Details: https://www.xtreamforex.com/Education/daily-forex-news/
 

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The USD fell to a five-month low against the JPY | April 18, 2017


The U.S. Dollar fell to a five-month low against the safe-haven Japanese Yen on tensions with North Korea over the week-end. The dollar rebounded, however, as the Dollar/Yen Forex pair neared a major retracement level at 107.856, sending it higher into the close. The catalyst behind the rally was a rise in U.S. Treasury yields which made the dollar a more attractive investment.U.S. West Texas Intermediate crude futures were also down 47 cents at $52.71 a barrel. They rose 7 cents to $53.18 on Thursday. 

 


Read More Details: https://goo.gl/CHvKK9
 

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How are Bollinger Bands used in forex trading?

 


Bollinger Bands are one of the most popular technical indicators for traders in any financial market, whether investors are trading stocks, bonds or foreign exchange (FX). Many traders use Bollinger Bands to determine overbought and oversold levels, selling when a price touches the upper Bollinger Band and buying when it hits the lower Bollinger Band. In range-bound markets, this technique works well, as prices travel between the two bands like balls bouncing off the walls of a racquetball court. However, Bollinger Bands don’t always give accurate buy and sell signals. This is where the more specific Bollinger Band “bands” come in. Let’s take a look.
As John Bollinger was first to acknowledge: “tags of the bands are just that – tags, not signals. A tag of the upper Bollinger Band is not in and of itself a sell signal. A tag of the lower Bollinger Band is not in and of itself a buy signal.” Price often can and does “walk the band.” In those markets, traders who continuously try to “sell the top” or “buy the bottom” are faced with an excruciating series of stop-outs or worse, an ever-mounting floating loss as price moves further and further away from the original entry.
Perhaps a more useful way to trade with Bollinger Bands is to use them to gauge trends. To understand why Bollinger Bands may be a good tool for this task we first need to ask – what is a trend?


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Commodities Daily Forecast – April 20, 2017 | XtreamForex

Gold

prices fell on Wednesday in response to a stronger U.S. Dollar and rising U.S. Treasury Bond yields. June Comex Gold finished the session at $1283.40, down $11.50 or -0.89% and continued the trend on Thursday morning.  The market fell to its lowest level since April 12 and closed lower for the first time in five sessions.

Investors were caught off guard by gold’s response to a steep drop in U.S. equity markets. However, support continued to be provided by concerns over geopolitical events in North Korea and the upcoming French presidential elections… Read More

Silver

Silver fell a bit during the day on Wednesday, testing the $18 level for support. This is an area that has a certain amount of psychological significance, so obviously, a bit of a bounce could be coming. On top of that, we have a nice, strong, uptrend during the day. The market looks as if we are going to try to reach towards the $18.50 level, and then the $19 level after that. Ultimately, the market might be choppy, but I still believe the buyers return repeatedly. It is not until we make a fresh, new low that I would even consider selling… Read More

WTI Crude Oil

Crude oil prices were hammered on Wednesday, with a sharp drop that followed the Department of Energy’s report on inventories. Initially the decline in imports kept prices buoyed, but the robust increase in gasoline inventories, weighed on prices.  WTI has been buoyed by supply constraints which has lifted market sentiment over the past couple of weeks.  Inventories in the United States remain high, as production from U.S. producers have taken the place of OPEC output… Read More

Find Details Here: https://www.xtreamforex.com/Education/dailiy-forex-technical-analysis/

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How to do Fundamental Analysis & Fundamentals Trading Strategies


In the equities market, fundamental analysis looks to measure a company’s true value and to base investments upon this type of calculation. To some extent, the same is done in the retail forex market, where forex fundamental traders evaluate currencies, and their countries, like companies and use economic announcements to gain an idea of the currency’s true value.
All of the news reports, economic data and political events that come out about a country are similar to news that comes out about a stock in that it is used by investors to gain an idea of value. This value changes over time due to many factors, including economic growth and financial strength. Fundamental traders look at all of this information to evaluate a country’s currency.
Given that there are practically unlimited forex fundamentals trading strategies based on fundamental data, one could write a book on this subject. To give you a better idea of a tangible trading opportunity, let’s go over one of the most well-known situations, the forex carry trade. (To read some frequently asked questions about currency trading,

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https://www.xtreamforex.com/Education/forex-tutorial-fundamental-analysis-fundamentals-trading-strategies/
 

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USD/JPY Forecast April 25, 2017


The Dollar Index (DXY) gapped lower overnight as the outcome of the French election underpinned the euro, which makes up a big portion of the index. Despite the DXY’s weakness, the USD/JPY gapped higher as the news also undermined perceived safe haven assets such as gold and yen. But the gains for the USD/JPY were short-lived and the daily chart of the USD/JPY is currently displaying a bearish price pattern, which suggests that the gap may well be ‘filled’ completely in due course and there may even be a possibility for a deeper pullback.
As can be seen from the chart, the USD/JPY is in the process of potentially forming an inverted hammer candlestick formation after the gap up. This price pattern is typically bearish as it highlights a lack of willingness from the buyers to hold onto their positions. Thus, we may see some weakness follow-through in the upcoming Asian session.

 


Read More: https://www.xtreamforex.com/Education/usdjpy-path-of-least-resistance-still-to-downside/
 

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EUR/USD: Bullish above 1.0900 on ECB taper hints & softer USD


The EUR/USD pair stalled its recent bullish momentum in the Asian session this Wednesday, and now enters a phase of consolidation, after the bulls ran into the key resistance of 1.0950 levels.
The spot is trying to defend the bids near 1.0935 region at the moment, moving slightly away from five-month tops reached at 1.0951 in the US last session.
The Euro extended its rebound versus the American dollar on Tuesday, after the US dollar took the back seat across the board amid risk-on trades and doubts whether the Trump administration will actually provide details on the tax reform plans on Wednesday.
The spot also remains underpinned amid easing French election-related anxiety, as a Macron win appears to be full priced-in by markets, with most opinion polls showing about 60% support for Macron against 39% for the anti-EU candidate Le Pen.
Also, expectations of some hawkish hints from the ECB, with markets widely anticipating the central bank to resort to taper talks, adds to the recent bullish tone seen behind the major.
Nothing of relevance for the major in the day ahead, and hence, the US tax reform plans announcement will hog the limelight later in the NA session.
EUR/USD Technical Levels
Technical resistances for the pair are aligned at 1.0950/51 (psychological levels/ 5-month tops), 1.0968/71 (classic R1/ Fib R2) and finally 1.1000 (key resistance). On the flip side, the spot finds next support at 1.0909/00 (daily pivot), a break below that level could open the door to 1.0866/67 (5-DMA/ classic S1) and 1.0775 (10-DMA).


Find More Analysis @ https://www.xtreamforex.com/Education/

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USD/JPY Forecast – May 11, 2017

The USD/JPY pair had a volatile session on Wednesday, as we bounced off the 113.50 level, and then finally managed to build up enough momentum to break above the 114 handle. It looks as if we are going to continue the uptrend, and that should send us looking for the longer-term target of the 115 handle. That’s an area that has been resistive on the longer-term charts, and I believe that if we can break above there, the market becomes more of a “buy-and-hold” type of proposition. Pullbacks currently should be buying opportunities, and I recognize that the market continues to favor the USD/JPY pair due to the overall “risk on” attitude of traders. The markets continue to find buyers on pullbacks, and I don’t think that’s going to change. I believe that the 115 level is such a large target for traders that it’s almost impossible to ignore.

Buying dips

I continue to think that buying dips on short-term charts will be the way going forward, as we are most certainly in a very bullish trend. If we break down below the 113.50 level, the market could then go looking for the 113 handle, but at that point I would expect a lot of support as well. Either way, I have no interest in shorting this market, and believe that the longer-term buyers have already reentered the market after the lows that we saw several months. If we do somehow break above the 115 handle, the market should then go to the 118 level after that. Going forward, I anticipate that there will be a lot of volatility, but a general positive attitude as the US dollar is favored over a lot of currencies around the world, and the Japanese yen of course will be any different.

 

https://www.xtreamforex.com/Education/usdjpy-forecast-may-11-2017/

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EUR/USD Forecast: uncertainty reigns, but dollar’s gains st
 
The EUR/USD pair ends the week marginally lower, but still near its highest for the year, a few pips below the 1.1400 threshold. Following an exciting central banks’ week, the American dollar corrected higher at the beginning of the current one, giving back its gains on Thursday
 
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On 10/31/2016 at 2:26 PM, xtreamforex.com said:

EUR/USD 

Technical Analysis Overview:

 

Prev. Close      1.0986
Open               1.0991
Day’s Range   1.0961 - 1.0991
52 wk Range   1.0538 - 1.1616
1-Year Return - 0.32%

 

 

 

Support and Resistance:

 

Daily Camarilla Forex Technical analysis shows that the EUR/USD pair may find the immediate support at 1.0982 below which 1.0980 and 1.0979 could be tested. On the other side the immediate resistance 1.0984 and may go for further test 1.0986. A break beyond the last, doors will open for a test of 1.0987

 

 

 

Upcoming Economic News:

 

1.      EUR - German Retail Sales m/m at 10.00 AM

 

2.      EUR - CPI Flash Estimate y/y at 01.00 PM

 

3.      EUR - Core CPI Flash Estimate y/y at 01.00 PM

 

4.      EUR - Prelim Flash GDP q/q at 01.00 PM

 

5.      EUR - Italian Prelim CPI m/m at 01.00 PM

 

 

 Click Here 

 

 

 

GBP/USD

 

Technical Overview:

 

Prev. Close      1.2192
Open               1.2187
Day’s Range   1.2176 - 1.2215

 

52 wk Range   1.1450 - 1.5498
1-Year Return - 21.01%

 

 

 

Support and Resistance:

 

Daily Camarilla Forex Technical analysis shows that GBP/USD pair may find the immediate support at 1.2204 below which 1.2200 and 1.2197 could be tested. On the other side the immediate resistance 1.2210. A break beyond the last, doors will open for a test of 1.2214 and from there to 1.2217.

 

 

 

Upcoming Economic News:

 

1.      GBP - Net Lending to Individuals m/m at 12.30 PM

 

2.      GBP - M4 Money Supply m/m at 12.30 PM

 

3.      GBP - Mortgage Approvals at 12.30 PM

 

Click Here To Read More Analysis

AUD/USD RALLIES NEARLY 1% TO 0.7875, HIGHEST SINCE MAY 2015
The AUD bulls remain unstoppable following the release of hawkish RBA minutes, with the AUD/USD pair now extending the break higher to test 0.77 handle, the strongest levels seen since May 2015
 
Read More:https://www.xtreamforex.com/audusd-rallies-nearly-1-0-7875-highest-since-may-2015/
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  • Dennis#MD changed the title to Daily Forex News by XtreamForex.com

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