"Fort Financial Services"- fundamental and technical analysis

"Fort Financial Services"- fundamental and technical analysis.

17.02.2017

Euro

General overview

The employment in Germany rose at the slowest pace for three years in the 4th quarter 2016. The unemployment level in France dropped more than expected. Nevertheless, the euro rose on Thursday amid the US dollar broad based retracement on profit taking action.

Current situation

The pair seems to have run through fresh bids around 1.0500 on Wednesday. The spot received the upward impetus and jumped upside. The common European currency extended its recovery on Thursday. Buyers broke the 1.0600 hurdle in the Asian trades and pushed the spot higher. The EUR/USD pair was growing the whole morning and approached 1.0650 post-European open. The level stopped buyers’ further advance. The 4 hours chart showed that the price tested the 200-EMA in the late European session. The 50-EMA crossed the 100-EMA downwards. The 50 and the 100-EMAs headed south while the 200-EMA was neutral in the mentioned timeframe. The resistance is at 1.0650, the support comes in at 1.0600.

MACD grew which indicates the sellers’ positions weakening. RSI indicator stayed within neutral area and headed north.
Trading recommendations

We believe that a close above 1.0650 will generate fresh bullish signal for further advance, which could extend to the 1.0700 barrier. If buyers fail to retake 1.0650 the euro may return below 1.0600.



Pound

General overview

The pound returned some of its early losses and came back to the session highs despite the disappointing inflation and labor market reports. Today all British investors are focused on retail sales release.

Current situation

Sellers stopped when they met a barrier at 1.2400 on Wednesday. The level rejected the price which spiked upwards immediately after the level test. The pound was slowly growing during the Asian hours and accelerated its upward trajectory in the European session. The GBP/USD pair tested the level 1.2500 at the London open but failed to advance beyond it. The pair bounced off the 200-EMA, broke the 100-EMA upwards and tested the 50-EMA in the 4 hours chart. The moving averages remained bullish-neutral in the same chart. The resistance lies at 1.2500, the support comes in at 1.2400.

MACD indicator was at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI indicator left the oversold area moving upwards.

Trading recommendations

A sustained break above the 1.2500 region is seen as minimum requirement needed to confirm bullish resumption. In this scenario, buyers may lead prices towards the 1.2600 mark. A failure here will return the price to a downside movement.



Yen

General overview

According to the Japanese PM Taro Aso, the current yen rate is not low at all. Meanwhile, investors preferred to take profit amid the dollar retracement.

Current situation

The USD/JPY pair turned bearish on Wednesday. The price got under intense selling pressure and sharply dropped. Traders broke the level 114.00 at the daily open and drove the price lower in the night session. European traders continued pushing the price lower and reached the 113.50 mark in the mid-European session. The pair broke the 200-EMA downwards in the 4 hours chart. The spot stayed between the 50 and the 100-EMAs during the day. The 50-EMA was bullish while the 100 and the 200-EMAs headed south in the same chart. The resistance is highlighted at 114.00, the support comes in at 113.00.

MACD decreased which indicates the buyers’ positions weakening. RSI left the oversold readings and entered the neutral territory.

Trading recommendations


All eyes are now at the 113.50 mark. If the price fixates below the handle, the USD/JPY major may fall further sending this market looking for the 113.00 level. Inability to move the price lower shall return buyers in a driver’s seat.



AUD/USD

General overview

The Australian dollar ignored the Australian labour market report despite its upbeat figures. The January employment report was quite neutral, the unemployment rate declined as the number of part time workers increased, while the number of full time workers dropped.

Current situation

The AUD/USD pair maintained its near-term upward trajectory on Thursday. The Aussie rallied on Wednesday and refreshed its multi-month highs at 0.7732. Investors did not find any reason to lift the Australian dollar higher and stepped back in the Asian session on Thursday. The pair declined amid profit-taking and tested the level 0.7700 in the European morning. The spot stayed around the level during the day. According to the 4 hours chart the price bounced off the 50-EMA upwards and stayed above its moving averages during the day. The 50, 100 and the 200-EMAs maintained their bullish slope in the mentioned chart. The resistance is highlighted at 0.7750, the support comes in at 0.7700.

The MACD traded to the upside. The RSI was within the overvalued readings.

Trading recommendations

The technical picture presents a bullish tone. We think that the AUDUSD pair might extend its gains towards 0.7750, and 0.7800 en route.



XAU/USD

General overview


Gold rose amid the US dollar broad based weakness. However, gold advance was limited in the light of optimistic views over Trump's tax reform plans. Yellen's hawkish comments also limited its growth.

Current situation


Buyers fought back control over the market. The price reversed its direction when sellers failed to reclaim 1220 dollars per ounce. The level rejected gold prices upwards which rallied through 1230 on Wednesday and slowed down in the Asian session. A new day refreshed buyers’ strength pushing the spot higher. The XAU/USD pair reached 1240 dollars per ounce in the mid-European session. The level stopped bulls’ advance. The gold price bounced off the 100-EMA and broke the 50-EMA upwards in the 4 hours chart. The precious metal continued developing well above its moving averages during the day. All the moving averages headed higher in the same chart. The resistance exists at 1240, the support stands at 1230 dollars per ounce.

MACD indicator was at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI consolidated within the overvalued readings close to the neutral area.

Trading recommendations

A bullish tone prevails in the 4 hours chart. Any move above the immediate resistance 1240 dollars per ounce would increase chances of testing the 1250 mark.



Brent

Current situation

There seems to be little drive for any real direction now. Brent remained rather unchanged on Thursday staying in a tight range above 55.50 dollars per barrel. The Asian upward impetus lost it legs when European markets opened. Sellers reversed black gold and pushed the benchmark downward sending the market to the opening prices. The 4 hours chart showed that the benchmark broke its moving averages. The 50, 100 and the 200-EMAs were flat in the same chart. The resistance lies at 56.50, the support comes in at 55.50 dollars per barrel.

MACD indicator was at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. The RSI consolidated within the neutral area and moved north.

Trading recommendations

We prefer to stay bearish for now. A move below 55.50 would indicate that immediate upward pressure eased. The next mark to focus on is 50.00 dollars per barrel.





*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

 
"Fort Financial Services"- fundamental and technical analysis.

20.02.2017

Euro

General overview

The dollar fell on Friday amid a light market due to US President's Day. Investors are monitoring the US political situation and waiting for a decision on financial aid to Greece.

Current situation

The upside momentum seemed to have run out of steam on Friday. The euro was not able to surpass the mark 1.0680 and pulled back. The market was quite during the Asia session and became more agile in the European morning. European traders brought some dollar’s demand pushing the spot lower. The euro sharply dropped and tested 1.0650 post-European open. The level stopped sellers’ advance rejecting the pair upwards. The EURUSD pair bounced off the 100-EMA, broke the 200-EMA downwards and tested the 50-EMA. The 50 and the 100-EMAs pointed lower while the 200-EMA was bullish-neutral in the mentioned timeframe. The resistance is at 1.0700, the support comes in at 1.0650.

MACD entered the positive area. If MACD remains in the positive territory, buyers’ positions will strengthen. RSI indicator stayed within the overvalued readings and moved downwards.

Trading recommendations

EURUSD is having difficulties to go any higher. A break below 1.0600 suggests further weakness of the major towards the 1.0550 level. If the level stands it is a good time to buy on a dip.



Pound

Current situation

From a technical point of view the cable remained within last week's trading range. The GBP/USD pair met a wave of selling pressure when the spot failed to reclaim the 1.2500 psychological mark. The pound sharply fell from 1.2500 in the Asian session and reached 1.2400 overnight. The handle stopped its further losses rejecting the price upwards. The GBPUSD major bounced off the 100-EMA, broke the 50-EMA downwards and tested the 200-EMA in the 4 hours chart. The100 and the 50-EMAs were flat while the 200-EMA was bullish-neutral in the same chart. The resistance lies at 1.2500, the support comes in at 1.2400.

MACD indicator was at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI indicator left the neutral territory and moved south.

Trading recommendations

The technical picture presents a light bearish tone. We suppose the major will go to 1.2400 first. Having overcome the first target the price might advance its decline towards the 1.2340 level.



Yen

Current situation

Despite of Thursday's sharp sell-off buyers managed to defend 113.00 handle. The price stopped at the level and even staged a tepid recovery on Friday. According to the 4 hours chart the price broke the 100 and the 50-EMAs downwards. The USDJPY pair stayed below its moving averages afterwards. The 200 and the 100-EMAs pointed lower and the 50-EMA headed higher in the same chart. The resistance is highlighted at 114.00, the support comes in at 113.00.

MACD entered the negative area. If MACD remains within the negative territory, sellers’ positions will strengthen. RSI remained within the oversold readings favoring a new move lower.

Trading recommendations

The bearish trend remained intact. A firm break below 113.00 handle could trigger fresh weakness for attack at 112.00.



NZD/USD

Current situation

The NZD/USD pair came under some renewed selling pressure and extended its slide below 0.7200 handle on Friday. After breaking the level sellers ran out of steam and took a break gathering strength for a fresh move lower. The major bounced off the 50-EMA downwards in the 4 hours chart. The spot continued developing well between the 50 and the 200-EMAs during the day. The 100-EMA was neutral, the 50-EMA pointed lower while the 200-EMA headed higher in the same chart. The resistance is highlighted at 0.7200, the support comes in at 0.7150.

MACD indicator was at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. The RSI left the overvalued readings and was within the neutral area.

Trading recommendations

If the spot overcomes 0.7200 upwards we will neutralize our medium term negative outlook. Bulls may push the NZDUSD pair towards the 0.7250 level. Otherwise, a drop below 0.7150 will reinforce sellers’ positions opening doors for a continued weakness towards 0.7100.



XAU/USD

Current situation

Gold remained around its recent peaks on Friday. The price failed to advance beyond 1240 facing sellers’ resistance on any up-move in the early trades. The metal made another attempt to grow in the late European session. The price pushed away from 1240 and reached 1245 in the NY session opening. The 4 hours chart showed that the gold price hovered above its moving averages. The 50, 100 and the 200-EMAs maintained their bullish slope in the same chart. The resistance exists at 1240, the support stands at 1230 dollars per ounce.

The MACD histogram grew which indicates buyers’ strength. RSI consolidated within the overvalued readings.

Trading recommendations

Despite the overall positive outlook the yellow metal seems to be having problems with its further advance. Inability to move higher may return some selling pressure to markets. Sellers’ profit targets lie at 1230 and 1220 levels.



Brent

Current situation

Brent presented a modest bearish tone on Friday. The benchmark opened red and moved lower in the Asian session. Sellers reached 55.50 in the early European trades and broke the handle later the day. After breaking the level Brent oil prices extended their losses and tested the mark 55.00 ahead of the NY opening. The benchmark broke its moving averages downwards. The 50, 100 and the 200-EMAs were flat in the same chart. The resistance lies at 55.50, the support comes in at 54.50 dollars per barrel.

MACD indicator was at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. The RSI stayed within the neutral area and moved downwards.

Trading recommendations


We recommend to sell if the benchmark consolidates below the level of 55.50. The potential sellers’ target is 54.50 dollars per barrel.



DAX

Current situation

DAX gapped lower at the open on Friday. The index maintained its ask tone after the jump and moved lower. Sellers touched the level 11700 ahead of the NA opening. The index tested the 50 and the 100-EMAs 4 hours chart. DAX stayed above its moving averages. All the moving averages headed north in the same chart. The resistance exists at 11800, the support stands at 11700.

MACD decreased which indicates the buyers’ positions weakening. The RSI left the overvalued readings and headed south.

Trading recommendations

The price maintained its bearish tone in the 4 hours chart. A daily close below 11700 would risk 11600.



S&PЗ500

Current situation

The index extended its bearish slide on Friday. The price retreated from 2347 in the Asian session and reached 2340 post-European open. The level halted sellers’ advance rejecting the price upwards. The index continued developing well above its moving averages in the 4 hours chart. All the moving averages maintained their bullish slope in the same chart. The resistance is at 2360, the support comes in at 2340.

MACD decreased which indicates the buyers’ positions weakening. RSI oscillator stayed within the overvalued readings favoring a new move lower.

Trading recommendations

We prefer to stay bullish for now. If bulls retain control we cannot rule out the chance that S&P500 would reach the level at 2360.




*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

 
"Fort Financial Services"- fundamental and technical analysis.

20.02.2017

Euro

General overview

The dollar fell on Friday amid a light market due to US President's Day. Investors are monitoring the US political situation and waiting for a decision on financial aid to Greece.

Current situation

The upside momentum seemed to have run out of steam on Friday. The euro was not able to surpass the mark 1.0680 and pulled back. The market was quite during the Asia session and became more agile in the European morning. European traders brought some dollar’s demand pushing the spot lower. The euro sharply dropped and tested 1.0650 post-European open. The level stopped sellers’ advance rejecting the pair upwards. The EURUSD pair bounced off the 100-EMA, broke the 200-EMA downwards and tested the 50-EMA. The 50 and the 100-EMAs pointed lower while the 200-EMA was bullish-neutral in the mentioned timeframe. The resistance is at 1.0700, the support comes in at 1.0650.

MACD entered the positive area. If MACD remains in the positive territory, buyers’ positions will strengthen. RSI indicator stayed within the overvalued readings and moved downwards.

Trading recommendations

EURUSD is having difficulties to go any higher. A break below 1.0600 suggests further weakness of the major towards the 1.0550 level. If the level stands it is a good time to buy on a dip.



Pound

Current situation

From a technical point of view the cable remained within last week's trading range. The GBP/USD pair met a wave of selling pressure when the spot failed to reclaim the 1.2500 psychological mark. The pound sharply fell from 1.2500 in the Asian session and reached 1.2400 overnight. The handle stopped its further losses rejecting the price upwards. The GBPUSD major bounced off the 100-EMA, broke the 50-EMA downwards and tested the 200-EMA in the 4 hours chart. The100 and the 50-EMAs were flat while the 200-EMA was bullish-neutral in the same chart. The resistance lies at 1.2500, the support comes in at 1.2400.

MACD indicator was at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI indicator left the neutral territory and moved south.

Trading recommendations

The technical picture presents a light bearish tone. We suppose the major will go to 1.2400 first. Having overcome the first target the price might advance its decline towards the 1.2340 level.



Yen

Current situation

Despite of Thursday's sharp sell-off buyers managed to defend 113.00 handle. The price stopped at the level and even staged a tepid recovery on Friday. According to the 4 hours chart the price broke the 100 and the 50-EMAs downwards. The USDJPY pair stayed below its moving averages afterwards. The 200 and the 100-EMAs pointed lower and the 50-EMA headed higher in the same chart. The resistance is highlighted at 114.00, the support comes in at 113.00.

MACD entered the negative area. If MACD remains within the negative territory, sellers’ positions will strengthen. RSI remained within the oversold readings favoring a new move lower.

Trading recommendations

The bearish trend remained intact. A firm break below 113.00 handle could trigger fresh weakness for attack at 112.00.



NZD/USD

Current situation

The NZD/USD pair came under some renewed selling pressure and extended its slide below 0.7200 handle on Friday. After breaking the level sellers ran out of steam and took a break gathering strength for a fresh move lower. The major bounced off the 50-EMA downwards in the 4 hours chart. The spot continued developing well between the 50 and the 200-EMAs during the day. The 100-EMA was neutral, the 50-EMA pointed lower while the 200-EMA headed higher in the same chart. The resistance is highlighted at 0.7200, the support comes in at 0.7150.

MACD indicator was at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. The RSI left the overvalued readings and was within the neutral area.

Trading recommendations

If the spot overcomes 0.7200 upwards we will neutralize our medium term negative outlook. Bulls may push the NZDUSD pair towards the 0.7250 level. Otherwise, a drop below 0.7150 will reinforce sellers’ positions opening doors for a continued weakness towards 0.7100.



XAU/USD

Current situation

Gold remained around its recent peaks on Friday. The price failed to advance beyond 1240 facing sellers’ resistance on any up-move in the early trades. The metal made another attempt to grow in the late European session. The price pushed away from 1240 and reached 1245 in the NY session opening. The 4 hours chart showed that the gold price hovered above its moving averages. The 50, 100 and the 200-EMAs maintained their bullish slope in the same chart. The resistance exists at 1240, the support stands at 1230 dollars per ounce.

The MACD histogram grew which indicates buyers’ strength. RSI consolidated within the overvalued readings.

Trading recommendations

Despite the overall positive outlook the yellow metal seems to be having problems with its further advance. Inability to move higher may return some selling pressure to markets. Sellers’ profit targets lie at 1230 and 1220 levels.



Brent

Current situation

Brent presented a modest bearish tone on Friday. The benchmark opened red and moved lower in the Asian session. Sellers reached 55.50 in the early European trades and broke the handle later the day. After breaking the level Brent oil prices extended their losses and tested the mark 55.00 ahead of the NY opening. The benchmark broke its moving averages downwards. The 50, 100 and the 200-EMAs were flat in the same chart. The resistance lies at 55.50, the support comes in at 54.50 dollars per barrel.

MACD indicator was at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. The RSI stayed within the neutral area and moved downwards.

Trading recommendations


We recommend to sell if the benchmark consolidates below the level of 55.50. The potential sellers’ target is 54.50 dollars per barrel.




*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

 
"Fort Financial Services"- fundamental and technical analysis.

21.02.2017

Euro

General overview

The euro needs fresh drives to reverse significant losses which it suffered on Friday. Meanwhile, the common European currency might weaken further in the light of upcoming presidential elections in France. All eyes are on German Manufacturing PMI which is expected below forecasts.

Current situation

The EUR/USD pair remained in sellers' hands on Monday. Despite the overall negative picture the EUR/USD pair was trading in the green zone in the morning. Euro buyers were rescued by the 1.0600 handle which rejected the spot upwards. The euro reached 1.0630 where the recovery lost its legs. The price tested the 50-EMA in the 4 hours chart. The 50-EMA crossed the 200-EMA downwards. The 50 and the 100-EMAs headed south while the 200-EMA kept pointed higher in the mentioned timeframe. The resistance is at 1.0650, the support comes in at 1.0600.

MACD indicator was at the centerline. If the histogram enters the negative area, that will indicate sellers’ growing strength. If MACD returns into the positive territory the buyers will take control over the market. RSI was neutral.

Trading recommendations

A close above 1.0650 will generate fresh bullish signal for further advance, which could extend to the 1.0700 level. A failure here will open doors for fresh sellers’ attack at 1.0600.



Pound

General overview

The GBP/USD spiked and recovered almost all its Friday’s losses on Monday. The pound was able to strengthen amid a weaker dollar and a light market due to the public holiday in the USA. Moreover, Industrial Trends Survey came out better supporting the British currency. Today traders are waiting for the Mark Carney’s speech.

Current situation

In general, the market was in sellers' hands and the major remained in a consolidative structure between 1.2400 - 1.2600 during Monday’s trades. A fresh buying interest around 1.2400 helped bulls to revert last Friday sell-off. The price spiked to 1.2476 where the upward impetus lost its strength. According to 4 hours chart the price was between 200-EMA and 50-EMAs during the day. The 50 and the 100-EMAs kept pointing lower while the 200-EMA was bullish in the mentioned timeframe. The resistance lies at 1.2500, the support comes in at 1.2400.

MACD grew which indicates the sellers’ positions weakening. RSI remained within neutral territory.

Trading recommendations

If a bullish momentum remains intact the cable will have a chance to reclaim 1.2500. After a breakout of the 1.2500 level the spot may test 1.2544. On the other hand existing selling pressure may lead the major below 1.2400 towards 1.2340.



Yen

General overview

The dollar rose against the yen on Monday. Donald Trump’s financial stimulus hasn’t come true yet. The current uncertainty over Trump’s plans weighs on the US dollar. Meanwhile, the yen weakened following the downbeat Foreign trade and Export reports.

Current situation

The dollar strengthened vs. the yen, pushing the USD/JPY pair back above 113.00 handle on Monday. The pair caught fresh bids and reversed majority of Friday's losses in the Asian session. Traders were able to push the price above 113.00 where their advance slowed down. The price was stopped by the 100-EMA in the 4 hours chart. The 50-EMA crossed the 100-EMA upwards. The 100 and the 200-EMAs pointed lower while the 50-EMA maintained its bullish slope. The resistance is highlighted at 114.00, the support comes in at 113.00.

MACD remained at the same level which confirms the strength of sellers. RSI was neutral.

Trading recommendations

If bulls control the market, the USD/JPY pair may try to reach 114.00 after breaking 113.40. Conversely, a break below 113.00 will open room for further downside towards 112.55.



USD/CAD

General overview

Oil price dynamics coupled with difference between Fed and the Bank of Canada policies kept on weighing on the CAD.

Current situation

The USD/CAD consolidated in a tight range below the 1.3120 hurdle after a failure to regain the mentioned level. The price edged lower within the range in the Asian session and was able to reverse all its losses during the European hours. The 4 hours chart showed that the price found a decent support at the 100-EMA. The 50 and the 200-EMAs headed south while the 100-EMA was in a flat. The resistance is highlighted at 1.3120, the support comes in at 1.3050.

MACD indicator was at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI remained within neutral territory.

Trading recommendations

All eyes are right now at the support level 1.3050. A move above the level will turn attention to the 1.3000 handle.



XAU/USD

General overview

Gold weakened on Monday amid a light market as American stocks were closed due to the President's day celebration. Market players wait for further hints regarding Fed’s rate hike timing.

Current situation

The XAU/USD pair maintained a bullish tone on Monday. Gold consolidated above 1230 dollars per ounce after the Friday's sell-off. Sellers failed to retake the level which rescued buyers from further losses. The price pulled back in the Asian session and reached the 1235 mark in the morning. The spot hovered above the level before NY opening. The price bounced off the 50-EMA upwards in the 4 hours chart. The XAU/USD pair was above its moving averages during the day. The 200 and 100 EMAs maintained their bullish slope while 50-EMA was in flat in the mentioned chart. The resistance exists at 1240, the support stands at 1230 dollars per ounce.

MACD remained at the same level which confirms the strength of buyers. RSI was neutral.

Trading recommendations

A move below 1230 level would indicate that immediate upward pressure eased. The next portable bearish target is 1220 dollars per ounce.



Brent

General Overview

Oil prices grew due to OPEC’s output cut agreement ignoring the increased US drilling activity and record high inventories.

Current situation

Brent opened green on Monday. The price pushed away from 55.50 during the early hours on Monday. The benchmark was rallying the whole night and in the European morning. Oil futures reached 56.50 post-European open but failed to advance beyond. The hurdle rejected the price which eased erasing some daily gains. The 4 hours chart showed that the 50-EMA crossed the 200-EMA upwards. The benchmark continued developing well above its moving averages during the course of the day. The 50-EMA kept pointed higher, 100-EMA and the 200-EMA were flat in the same timeframe. The resistance lies at 56.50, the support comes in at 55.50 dollars per barrel.

MACD indicator was at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. The RSI indicator lost upward strength and moved downwards.

Trading recommendations

We remain bearish. If the 55.50 support breaks, oil prices may fall further sending this market towards the 55.00 handle.






*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

 
"Fort Financial Services"- fundamental and technical analysis.

23.02.2017

Euro

General overview

The euro is under pressure amid growing concerns over the presidential elections in France and growing expectations over the possible Fed rate hike in March. Germany Business Climate came in above expectations despite the negative forecast. However, the market ignored the release.

Current situation

The single currency regained a minor portion of its losses in the Asian session on Wednesday. The pair was able to reach 1.0550. However, the selling pressure around the euro remained unchanged pushing the spot to fresh lows. The price bounced off 1.0550 and dropped to 1.0500 in the European morning. The 100-EMA tested the 200-EMA in the 4 hours chart .The 50 and 100 EMAs maintained their bearish slope while 200-EMA was neutral. The price continued developing well below the moving averages. The resistance is at 1.0550, the support comes in at 1.0500.

The MACD histogram decreased which indicates the sellers’ strength. The RSI oscillator consolidated within negative area.

Trading recommendations

A break below 1.0500 will trigger another leg lower. A move below 1.0500 would revive bearishness towards 1.0450.



Pound

General overview

The UK's GDP showed upbeat result, however, the pound ignored the release.

Current situation

The pound maintained its neutral tone trading in a familiar range on Wednesday. The cable failed to sustain the Tuesday's recovery, the pair sharply dropped after touching 1.2500. The price reached 1.2450 within a few hours and stayed around the session low until the NY opening. The major bounced off the 100-EMA downwards and broke the 50-EMA. The 50 and 100 EMAs maintained their bearishness while the 200-EMA stayed neutral/positive. The resistance lies at 1.2500, the support comes in at 1.2400.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI moved lower.

Trading recommendations

We preserve our bearish outlook. A break below 1.2400 shall open the way for further losses towards 1.2350 and 1.2300.



Yen

Current situation

The US dollar maintained its bearish tone on Wednesday. The Tuesday's recovery stalled a few pips below 114.00. Bears tightened their grip and sent the rate towards 113.00 in the Asian session. European sellers continued pushing the major lower and reached the targeted level in the mid-European session. According to 4 hours chart the spot rebounded from 50-EMA and broke the 100-EMA downwards. The moving averages pointed lower in the same chart. The resistance is highlighted at 114.00, the support comes in at 113.00.

MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. The RSI oscillator moved downwards.

Trading recommendations

We expect to see renewed bearish pressure. As the most probable scenario, we consider further moving downwards towards the mark at 112.60, en route to 112.00.



NZD/USD

Current situation

The trend is objectively bearish. The NZD extended its Tuesday's recovery reversing more-than half of its previous losses. The price stalled above 0.7150 trading in a tight range on Wednesday. The spot was almost unchanged flirting with the fresh highs the whole day. The 50-EMA crossed the 200-EMA downwards in the 4 hours chart. The 50 and 100 EMAs pointed lower while the 200-EMA maintained its bullish slope. The price continued developing below the moving averages in the mentioned timeframe. The resistance is highlighted at 0.7200, the support comes in at 0.7150.

MACD decreased which confirms the strength of sellers. RSI remained within neutral territory.

Trading recommendations

The price eyes a support at 0.7150 loss of which would trigger further weakness towards 0.7100.



XAU/USD

General overview

Gold prices remained under pressure ahead of Fed minutes awaiting for fresh guidelines regarding the next rate hike timing.

Current situation

The precious metal traded mostly sideways on Wednesday. Tuesday’s recovery helped gold to reverse all its early losses. Buyers returned the spot to the 1240 hurdle where the pair XAU/USD stood still the first part of the day. According to 4 hours chart the price rebounded from 100-EMA and crossed 50-EMA upwards. The metal was above the moving averages which were all pointing higher in the same chart. The resistance exists at 1240, the support stands at 1230 dollars per ounce.

MACD indicator was at the centerline. If the histogram entered the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI was neutral.

Trading recommendations

Gold remained well offered. A firm break below 1230 handle would open 1220 dollars per ounce.



Brent

General Overview

Despite the recent drop oil prices remained around 7-week high on hopes that OPEC will achieve full compliance to the production cut agreement. Yesterday the price weakened ahead of the US crude stockpiles report. Traders were afraid that the report would show another build in the inventories. Besides, a fresh demand around the US dollar kept on weighing on the benchmark.

Current situation

Brent turned negative on Tuesday and extended its weakness on Wednesday. The Asian recovery lost its legs around 57.00 where the benchmark found fresh offers. The price sharply dropped and broke the 56.50 handle in the late Asian trades. Sellers drove the price to 56.10 afterwards where black gold found a decent support. 50-EMA crossed the 100-EMA upwards in the 4 hours chart. The 50 and 100 EMAs kept heading higher while 200-EMA turned lower. The price continued developing above the moving averages. The resistance lies at 56.50, the support comes in at 55.50 dollars per barrel.

MACD decreased which indicates the buyers’ positions weakening. RSI was neutral.

Trading recommendations

After a daily close below 56.50 dollars per barrel we could see the pair extending down to the 55.50 region.



DAX

General overview

European stocks traded mixed on Wednesday on the back of earnings and recent economic releases. DAX posted upbeat results when touched all-time high at 12000. Financial stocks were mixed while mining ones moved lower.

Current situation

DAX posted fresh all-times highs on Tuesday and consolidated its gains on Wednesday. The price pierced 12000 but failed to retake the level. The benchmark remained around the hurdle flirting with fresh highs in the European session. According to 4 hours chart the benchmark was above the moving averages which were all pointing higher. The resistance exists at 12000, the support stands at 11900.

The histogram grew which is a buy signal. The RSI indicator remained within overbought readings.

Trading recommendations

A pullback is expected in the short term. Below 12000, the index is likely to target at the 11900 support.



NASDAQ

General overview


US stocks moved lower at per-market ahead of the Fed’s minutes publication.

Current situation

The index gave up its fresh highs and pulled back on profit-taking. NASDAQ returned to 5340 in the early trades on Wednesday and stayed around the level until the American stocks open. According to 4 hours chart the 50, 100 and 200 EMAs maintained their bullishness. The price continued developing well above the moving averages in the same chart. The resistance is at 5380, the support comes in at 5340.

MACD traded to the downside. The RSI indicator lost upward strength and moved downwards.

Trading recommendations

A sharp breakout below 5340 could spark a further decline towards 5320.




*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

 
"Fort Financial Services"- fundamental and technical analysis.

28.02.2017

Euro

General overview

According to the European commission research held on Monday, investors became more confident about the Eurozone, as it was expected in February. Industry confidence grew, while manufacturing expectations posted losses.

Current situation

After a sharp sell-off on Friday the euro seems to have found a strong support in the 1.0550 region. The level rejected the spot which managed to reverse a half of Friday's losses. European buyers continued pushing the price higher approaching the 1.0600 level in the first part of the day. The pair tested the 50-EMA in the 4 hours chart and stayed below the moving average. The 50-EMA turned upwards, 100-EMA kept heading lower, while 200-EMA was neutral in the same timeframe. The resistance is at 1.0600, the support comes in at 1.0550.

MACD indicator was at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI remained within neutral territory.

Trading recommendations

EUR/USD awaits for the US data for fresh impetus. Meanwhile, any recovery is likely to be considered a good selling opportunity. A move below 1.0550 would revive bearishness towards 1.0500.



Pound

General overview

The pound dropped versus the majors following the news that the UK Government plans to hold a potential Scotland independence referendum. None of the officials commented on it, but even the rumor made the cable to drop down.

Current situation

Sellers lost strength on Friday after testing the 1.2400 level which rescued buyers once again. After touching the handle the price remained within its region in the night. European traders started to push the price higher in the early trades but did not advance much and returned to the support in the mid European session The price broke all the moving averages downwards and continued trading below them in the 4 hours chart. The 100 and the 50 EMAs were neutral while the 200-EMA maintained its bullish slope in the same chart. The resistance lies at 1.2500, the support comes in at 1.2400.

MACD indicator was at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. The RSI indicator was holding near oversold levels, favoring a new move lower.

Trading recommendations

After a daily close below 1.2400, GBP/USD will likely target the 1.2370 mark.



Yen

General overview

The dollar slightly recovered from two-week lows in Asian session on Monday. However, the US dollar lacked an upward impulse awaiting for Donald Trump's speech regarding his tax reform.

Current situation

After meeting a barrier at 112.00 the price bounced off the level. Buyers failed to advance far from the handle and stayed around it the fist part of the day. According to 4 hours chart the price continued developing well below the moving averages. The 50 and 200 EMAs maintained their bearish slope, while 100-EMA was neutral in the mentioned timeframe. The resistance is highlighted at 113.00, the support comes in at 112.00.

MACD remained at the same level which confirms the strength of sellers. RSI indicator was near undervalued territory, favoring a move higher.

Trading recommendations

The USD/JPY pair needs to regain at least the 113.00 zone to ease the immediate bearish pressure. Meanwhile we will sell until the spot is below the mentioned level.



NZD/USD

Current situation

After a sell-off on Friday the kiwi remained neutral on Monday morning. Sellers met a barrier at 0.7200 and were struggling hard to break it during the European hours. The price was sandwiched between 200-EMA and 50-EMA in the 4 hours chart. The 100-EMA kept heading lower and touched the 200-EMA which kept pointed higher while 50-EMA turned neutral in the same timeframe. The resistance is highlighted at 0.7200, the support comes in at 0.7150.

MACD decreased which indicates the buyers’ positions weakening. RSI was neutral.

Trading recommendations

As the most probable scenario, we consider further moving downwards towards the level at 0.7150.



XAU/USD

Current situation

Gold opened the week inside of a consolidation zone after Friday’s rally. The upward impetus lost strength around 1260 dollars per ounce. Buyers gave up their recent gains and had to retreat on the back of profit-taking. Sellers drove the price lower and reached 1255 in the mid European session. According to 4 hours chart the price was above the moving averages which were all pointing higher. The resistance exists at 1260, the support stands at 1250 dollars per ounce.

MACD decreased which indicates the buyers’ positions weakening. The RSI indicator was near overvalued territory, favoring a move lower.

Trading recommendations

A close below the support at 1250 could see XAU/USD extend its declines down to 1240. Nevertheless, the upward structure remained in place. The lower limit of the upward channel lies around 1240. Buyers may find fresh bids around the level.
The 1260 is a big psychological level which means that we are bound to see some thick action around it.



Brent

General Overview

Oil prices recovered back to the eight week highs on Monday as investors are still confident that OPEC's output cuts would outweigh an increase in the United States crude inventories. Moreover, OPEC's efforts to hold the oil prices from falling were supported by the reports from China.

Current situation

Oil prices rebounded from the oversold zone in the Asian session. Sellers failed to regain 55.50 and gave the way to buyers. Buyers took a chance and had reversed all Friday' losses by the Monday's noon. Traders pushed the price higher and pierced 56.50 in the mid-European session. After touching the level the upward trajectory lost its strength, the price bounced from the level and edged lower. The price tested the 200-EMA, rebounded upwards in the 4 hours chart. Brent broke 100-EMA and 50-EMA upwards afterwards. The 50-EMA and 200-EMA turned upwards, while 100-EMA was neutral in the same timeframe. The resistance lies at 56.50, the support comes in at 55.50 dollars per barrel.

MACD indicator is at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI remained within neutral territory.

Trading recommendations

When we break the level 56.50 the support 55.50 comes back into play.



DAX

General overview

European stocks opened mixed on Monday following the inspiring reports of some companies and Intesa Sanpaolo rally. However, a sharp fall of London and Deutsche Stock Exchange limited stocks advance.

Current situation

DAX gapped higher at the open on Monday. Buyers failed to advance beyond the level and after posting the daily high at 11867 the price reversed its direction. Sellers retuned the price to 11800 filling the gap in the mid European session. The index rebounded from 100-EMA upward and tested 50-EMA in the 4 hours chart. The moving averages turned neutral in the mentioned timeframe. The resistance exists at 11900, the support stands at 11800.
s
The MACD histogram decreased which is a sell signal. RSI remained within neutral territory.

Trading recommendations

A sharp breakout above 11800 could spark a further incline towards 11700 in the coming sessions.



S&P500

General overview

Wall Street opened lower on Monday as investors waited for President Donald Trump’s speech to Congress. The president had to reveal his plans regarding taxes, trade and public investment.

Current situation

S&P500 posted fresh all-times high in the Asian session on Monday. Buyers managed to lead the price to 2370 where the upward momentum lost its legs. Bulls gave up their gains and stepped away. Sellers led the benchmark lower and erased all buyers’ gains. The 4 hours chart showed that the benchmark bounced off the 50-EMA upwards. The price remained above the moving averages which were all pointing higher in the same timeframe. The resistance is at 2380, the support comes in at 2360.

MACD decreased which indicates the buyers’ positions weakening. RSI oscillator stayed near overbought levels.

Trading recommendations

We maintain our positive outlook for the index. The ongoing decline is just a correction. The index may weaken to 2350 where the lower limit of the upward channel lies. A break lower will ease the upward pressure towards 2340. A failure here will return rally towards 2370, en route 2380.




*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

 
"Fort Financial Services"- fundamental and technical analysis.

06.03.2017

Euro

General overview

Retail sales in the Eurozone fell for the third month in a row as inflation rate slowed down both consumer demand and economic growth. The Eurozone non-manufacturing PMI dropped, although no one expected any changes.

Current situation

The pair remained in a downward channel on Friday. After finding barrier at 1.0500 the spot pulled back. Buyers reversed some losses overnight and pushed the euro to the upper limit of the downward channel. The major was unmoved in the morning. A fresh buying impetus emerged in the late European session when the price rallied to 1.0550. The moving averages pointed lower in the 4 hours chart. The price continued developing well below the moving averages in the mentioned timeframe. The resistance is at 1.0550, the support comes in at 1.0500.

MACD grew which indicates the sellers’ positions weakening. RSI indicator was near undervalued territory, favoring a move higher.

Trading recommendations

After a close below the support at 1.0500 we could see EUR/USD extending its declines down to 1.0450. Meanwhile we expect some recovery based on profit-taking. The price may reach he upper limit of the downward channel in the coming sessions.



Pound

General overview

The pound refreshed its six-week lows against the dollar amid negative UK non-manufacturing PMI and increasing expectations of March interest rate hike in the USA.

Current situation

The pound extended its consolidation phase in the Asia session on Friday. The price traded range-bound-to lower in a narrow range of 50 pips. Sellers became more active in the European morning and moved the pound to 1.2200. According to the 4 hours timeframe the price continued developing well below the moving averages. 50 and 100-EMAs crossed the 200-EMA downwards. The moving averages pointed lower in the same chart. The resistance lies at 1.2300, the support comes in at 1.2200.

MACD decreased which confirms the strength of sellers. The RSI indicator held within oversold readings, and headed now south.

Trading recommendations

In the 4 hours chart, the technical picture favors a downward extension towards the level of 1.2200. The break of the last will open doors for more weakness towards 1.2150. Meanwhile we do not rule out a minor correction as the spot is heavily oversold. Buyers may lead the price to 1.2300 to ease some downward pressure.



Yen

General overview

Japanese inflation rate and labor market supported the yen. The dollar declined on Friday amid profit taking after the recent rally.

Current situation

The pair remained in an uptrend on Friday. The US dollar traded around its recent highs. Buyers obviously took a pause allowing sellers to reverse some losses. The major slightly eased during the night trades. Sellers returned the currency pair to 114.00 where the major opened the European session. A fresh buying interest lifted the price to 114.50 in the noon. The 4 hours chart showed that the price continued developing well above the moving averages. The 50 and 100 EMAs maintained their bullish slope while the 200-EMA was neutral in the mentioned timeframe. The resistance is highlighted at 115.00, the support comes in at 114.00.

MACD decreased which indicates the buyers’ positions weakening. RSI indicator was near overvalued territory.

Trading recommendations

The nearest target remains the resistance level of 115.00. Inability to post fresh highs may cause some profit taking towards 114.00.



USD/CAD

General overview

The dollar slightly changed on Friday staying near seven-week highs against other majors. The increasing probability of the U.S. rate hike this month supported the dollar. The Janet Yellen’s testimony came into focus.

Current situation

The US dollar extended its winning steak on Friday. The major opened green and was able to post fresh highs at the European opening. After an Asian flat buyers became more active in the morning. They pushed the price higher and broke 1.3400. The USD/CAD pair maintained its bid tone afterwards conquering fresh highs. The price continued developing well above the moving averages in the 4 hours chart. The 50 and 100-EMAs crossed the 200-EMA upwards. The moving averages maintained their bullish slope in the same timeframe. The resistance is highlighted 1.3470, the support comes in at 1.3400.

The MACD histogram grew which is a buy signal. RSI consolidated within positive territory.

Trading recommendations

If buyers remain in the driver’s seat the next level to focus on is 1.3470. Conversely, the US dollar may retreat to the 1.3330 region.



XAU/USD

General overview

Gold prices continued falling amid the growing expectation of the US rate hike and the dollar's growth.

Current situation

The technical picture presented a slightly bearish ton on Friday. Gold opened in red and continued losing ground afterwards. Sellers tested 1230 in the late Asian session. The handle shortly slowed down sellers. However, the spot accelerated its losses during European morning trade. Sellers broke the level and reached 1225 dollars per ounce afterwards. According to 4 hours chart the price crossed the 50 and 100-EMAs downwards and touched the 200-EMA. The 50 and 100-EMA s turned lower while the 200-EMA was neutral in the same chart. The resistance exists at 1230, the support stands at 1220 dollars per ounce.

The MACD histogram decreased which indicates the sellers’ strength. The RSI indicator was holding near oversold levels, favoring a new move lower.

Trading recommendations

Should the gold recover ground and advance beyond the 1230 level, the rally can extend in the short term up to 1240 dollars per ounce.



Brent

General Overview

Oil prices slightly rose on Friday morning due to the dollar's retreatment. However, Brent further growth was limited on the news that Russian oil production for February did change comparing to January.

Current situation

Brent found a solid support after two day decline. The mark 55.00 stopped sellers rejecting prices upwards in the night session. The ongoing recovery could be attributed to some profit taking from bears following recent sell-off. The price was slowly recovering in the night and accelerated its growth in the morning. According to 4 hours chart the price continued developing well below the moving averages. The 50-EMA maintained its bearish slope while the 100 and 200 EMAs turned neutral in the same chart. The resistance lies at 55.50, the support comes in at 54.50 dollars per barrel.

MACD entered the negative area. If MACD remains in the negative territory, sellers’ positions will strengthen. The RSI indicator was near undervalued territory.

Trading recommendations

A recovery above the level of 55.50 will favor an advance up to the 56.50 region.



DAX

General overview

European stocks opened in red amid the weak earnings reports including the one of the world's largest advertising holding WPP and a protective clothing manufacturer Berendsen.

Current situation

DAX gapped lower at the open. The price jumped to 12000 where it stayed in the morning. An upward impetus sent the price upward filling the gap in the late European session. According to 4 hours chart the price continued developing well above the moving averages. The moving averages pointed higher in the mentioned timeframe. The resistance exists at 12100, the support stands at 12000.

MACD decreased which indicates the buyers’ positions weakening. RSI remained within neutral territory.

Trading recommendations

A sharp breakout below 12000 could spark a further decline towards 11950.



S&P500

General overview

Wall Street was down at the open on Friday ahead of Fed Chair Janet Yellen's speech.

Current situation

S&P500 had a negative start to the day. The price opened around 2380 and headed lower. Sellers were driving the price lower the night and finally stopped at 2375 where the index stayed the first part of the day. The 4 hours chart showed that the index was above the moving averages which were all pointing higher. The resistance is at 2380, the support comes in at 2360.

The MACD histogram decreased which indicates the buyers’ positions weakening. RSI remained within neutral territory.

Trading recommendations

A move below 2380 would revive bearishness towards 2360. However, we do not believe much in this scenario. The upward channel structure is still intact. The price was close to its lower boundary. That’s why we expect a rebound here and a return to 2400.




*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

 
"Fort Financial Services"- fundamental and technical analysis.

07.03.2017

Euro

General overview

The euro rose amid the US dollar retracement as investors were taking profit after last week rally. The US dollar strengthened amid the expectations of the rate hike on the Fed meeting on the 14-15 March. The presidential elections in France are still in focus.

Current situation

The pair remained in a descending channel on Monday. Inability to break below 1.0500 returned some buying interest pushing the spot higher. Moreover, a soft tone around the US dollar opened the doors for the current euro recovery. The single European currency rallied through several levels until it reached the upper limit of the range around 1.0650. The hurdle stopped bulls for now who seem to have started a consolidation phase. A wave of fresh selling pressure emerged in the late European session driving the major below 1.0600 to 1.0580. According to 4 hours chart the euro tested the 100-EMA in the first part of the day. The 50-EMA kept heading higher, the 100-EMA turned downwards while the 200-EMA remained mild bearish in the same timeframe. The resistance is at 1.0600, the support comes in at 1.0550.

The histogram declined which is a sell signal. RSI oscillator stayed near overbought levels, favoring a move lower.

Trading recommendations

When we stay below the level 1.0600 the support 1.0550 will come back into play.



Pound

General overview

The market was low volatile on Monday amid an empty macroeconomic calendar. However, the pound remained weak against the dollar following the investors' optimism of the rate hike at the March meeting.

Current situation

The pair presented a modest bearish tone on Monday. The pound was able to recover up to 1.2300 last week which appeared to be a tough nut to break. The level stopped bulls and after a night flat the cable came under renewed selling pressure during the European morning trade. Bears tightened their grip and pushed the price lower away from the 1.2300 resistance. The spot had reached 1.2250 by the NY opening. The 4 hours chart showed that the price continued developing well below its moving averages. The 50 and 100 EMAs maintained their bearish slope while the 200-EMA was neutral in the same chart. The resistance lies at 1.2300, the support comes in at 1.2200.

MACD grew which indicates the sellers’ positions weakening. RSI indicator was near undervalued territory, favoring a new move lower.

Trading recommendations

We believe the pair will remain in red figures. All eyes are right now at the support level 1.2200.



Yen

General overview

North Korea had set up rockets to the Japan’s Exclusive Economic Zone. This action hiked anxiety level in geopolitical environment making investors buy yen to escape the risk.

Current situation

The USD/JPY opened bearish on Monday. The pair headed lower in the Asian session and continued losing ground in the European morning. Sellers reached 113.80 first and after a brief pause continued moving the major lower and reached 113.60 in the late European session. The price remained above the moving averages in the 4 hours chart. The 100-EMA touched the 200-EMA and turned neutral. The 200-EMA also was neutral while the 50-EMA turned upwards in the mentioned timeframe. The resistance is highlighted at 114.00, the support comes in at 113.00.

MACD decreased which indicates the buyers’ positions weakening. The RSI oscillator moved downwards.

Trading recommendations

The USD/JPY pair is likely to maintain its sell tone in the short term. The 113.50 area stopped sellers to move lower for now. A cut through the mark will turn attention to the 113.00 level.



AUD/USD


General overview

According to the Australian Bureau of statistics, retail sales for January slightly grew. However, household spending growth increased concerns of the RBA. The Reserve Bank of Australia meeting minutes will be released on Tuesday. Analysts are expecting the regulator to leave the interest rate unchanged at 1.5%.

Current situation

After a sharp sell-off on Friday buyers found fresh strength to recover some gains on Monday. The 0.7550 handle stopped sellers' advance rejecting the spot afterwards. The AUD was recovering the whole night and extended its recovery in the European session. Buyers accelerated their advance in the morning and tested 0.7600 in the late European session. The pair lacked upward momentum in the noon
and had to pause choosing the right direction. According to 4 hours chart the major stayed below the moving averages. The 50-EMA kept pointed lower, the 100-EMA and 200-EMAs turned neutral in the same timeframe. The resistance is highlighted 0.7600, the support comes in at 0.7550.

MACD grew which indicates the sellers’ positions weakening. RSI moved north which confirms the current upward momentum.

Trading recommendations

The AUD is likely to extend its weakness in the short-term. If the spot stays below 0.7600 the AUD/USD pair may extend its bearishness to 0.7550. Alternatively, the 0.7600 resistance will need to be retested for support before a price can rally towards 0.7650.



XAU/USD

General overview

Gold prices traded in green on Monday amid the increased demand for risky assets following the news about the launch of four North Korean ballistic missiles.

Current situation


The gold recovery stalled around 1235 dollars per ounce on Monday. Buyers did not find any reason to move the price further. The precious metal was slowly declining the night and the morning and reached 1230 in the noon. The 4 hours chart showed that the price bounced off the 200-EMA upwards and then was sandwiched between this moving average and the 100-EMA. The moving averages were neutral in the same timeframe. The resistance exists at 1240, the support stands at 1230 dollars per ounce.

MACD grew which indicates the sellers’ positions weakening. RSI remained within neutral territory.

Trading recommendations

A break below 1230 would open the way to 1220 dollars per ounce.





*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

 
"Fort Financial Services"- fundamental and technical analysis.

08.03.2017

Euro

General overview

The euro did not react to weak Factory Orders in Germany. Meanwhile, the single European currency remained under pressure amid uncertainty around the Presidential elections in France. The possible Fed rate hike weighed on the euro as well.

Current situation

The undertone for Euro was clearly negative on Tuesday. The price was slowly growing in the night session and accelerated its recovery in the morning. Buyers tested 1.0600 in the European morning and were struggling with the level afterwards. However, the upward impetus lost its strength in the late European session. The price pushed away from the level 1.0600 and headed lower erasing buyers’ night gains. The pair broke the 100-EMA downwards and tested the 50-EMA afterwards in the 4 hours chart. The 50 and 100 EMAs were neutral while the 200-EMA kept heading lower in the same timeframe. The resistance is at 1.0600, the support comes in at 1.0550.

The MACD histogram declined which indicates buyers’ strength weakening. RSI moved south which confirms the current downward momentum.

Trading recommendations

We believe the EUR/USD pair will continue moving lower. A daily close below 1.0550 would risk 1.0500.



Pound

General overview

The pound remained under pressure as the market was rather concerned about the USA plans to react to North Korean latest actions. Besides, traders waited for House of Lords final decision on Article 50.

Current situation

The pound remained under pressure due to the bid sentiment around the dollar. The overnight’s recovery attempt stalled around the 1.2250 mark. Bears regained control in the late Asian session and drove the major lower. European sellers continued to grind the spot towards 1.2200 and touched the level post London open. According to 4 hours chart the major was below the moving averages which were all pointing lower. The resistance lies at 1.2300, the support comes in at 1.2200.

The MACD histogram decreased which is a sell signal. RSI indicator was near undervalued territory, favoring a new move lower.

Trading recommendations

The short term picture favors the downside. A close below 1.2200 will trigger losses towards 1.2100.



Yen

General overview

The US dollar grew on strong hopes that the Fed will hike its rate this month. All eyes are on BoJ's GDP report which is expected with upbeat figures.

Current situation

The USD/JPY maintained its consolidation phase in the early trades on Tuesday. The major preserved its neutral-to-bearish stance and traded in a tight range fluctuating between 114.00 and 113.80. About of fresh buying interest emerged in the late European session. Buyers moved the price upwards and struggled with 114.00 level. The 4 hours chart showed that the spot remained above the moving averages. The 100-EMA crossed the 200-EMA upwards. The 50-EMA maintained its bullish slope while the 100 and 200 EMAs were neutral in the mentioned chart. The resistance is highlighted at 114.00, the support comes in at 113.00.

The MACD histogram grew which is a buy signal. RSI was neutral to bullish.

Trading recommendations

Once we break above the 114.00 level, we think that the 115.00 level will be next.



NZD/USD

General overview

Investors’ attention now turns to Global Dairy Trade (GDT) in London. Milk price is likely might decrease by 7%-9% which might affect the NZD as the national currency highly depend on the milk production.

Current situation

The market sentiment remained negative on Tuesday. The NZD opened on a stronger note around 0.6980. Buyers managed to lift the major to 0.7015 where the upward trajectory stalled. Sellers seized control and returned the Kiwi to the opening prices erasing all its early trades. The pair maintained its gloomy trend afterwards heading towards 0.6950. According to 4 hours chart the currency pair continued developing well below the moving averages which were all pointing lower. The resistance is highlighted 0.7000, the support comes in at 0.6950.

MACD decreased which confirms the strength of sellers. RSI indicator was near undervalued territory, favoring a new move lower.

Trading recommendations

The NZD is likely to remain well offered in the short-term. A further extension to 0.6950 is not ruled out.



XAU/USD

General overview

Growing confidence around Fed rate hike action kept weighing on the yellow metal holding the spot around three week lows.

Current situation

Gold maintained the ask tone on Tuesday. After a sharp sell-off on Monday sellers stepped away giving the way to buyers in the night session. However, the last did not hurry to take control preferring to wait for fresh market movers. Thus, the price was trading in a directionless mode around 1225 the first part of the day. Sellers returned in the noon and drove the precious metal towards 1220 dollars per ounce. The price broke the 200-EMA in the 4 hours chart. The 100 and 200 EMAs were neutral while the 50-EMA turned lower in the mentioned timeframe. The resistance exists at 1230, the support stands at 1220 dollars per ounce.

MACD traded to the downside. The RSI indicator was holding near oversold levels.

Trading recommendations

After a daily close below 1220 dollars per ounce we could see the XAU/USD pair extending down to the 1210 region during the next sessions.



Brent

General Overview

Brent traded flat on Tuesday as investors were assessing prospect of production cuts against the US drilling activity growth.

Current situation

Brent traded mixed the first part of the day. The bearish momentum persisted in the night. The price slightly eased during the Asian session. Bulls regained control in the morning and pushed the price higher. After posting a daily low at 55.74 the benchmark erased all its losses in the morning and reached 56.20 in the noon. The 4 hours chart showed that the black gold bounced off the 200-EMA upwards and tested the 50 and 100 EMAs. The 50-EMA crossed the 100-EMA downwards. The 50 and 100 EMAs were neutral while the 200-EMA turned upwards in the same chart. The resistance lies at 56.50, the support comes in at 55.50 dollars per barrel.

MACD indicator was at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. The RSI oscillator moved upwards.

Trading recommendations

A close above 56.50 will generate fresh bullish signal for further advance, which could extend to the level of 57.00 dollars per barrel.



DAX

General overview

European stocks were mostly unchanged on Tuesday. The main point of focus this week is the ECB meeting on Thursday.

Current situation

DAX remained in an upward channel on Tuesday. Sellers led the price to its lower limit but failed to continue its advance afterwards. The price bounced off 11900 and reversed almost all early losses. The benchmark tried to extend the recovery in the morning on Tuesday but did not succeed staying around the opening prices the first part of the day. According to 4 hours chart the price tested the 50-EMA and hovered above it afterwards. The price continued developing well above the moving averages. The moving averages maintained their bullish slope in the mentioned timeframe. The resistance exists at 12000, the support stands at 11900.

MACD decreased which indicates the buyers’ positions weakening. RSI remained within neutral territory.

Trading recommendations

After breaking 11950 the level of 11900 will come back to the radar.

 
"Fort Financial Services"- fundamental and technical analysis.

10.03.2017

Euro

General overview

The euro was attracting everyone’s attention on Thursday in light of the ECB meeting. Investors expected the regulator to leave the rate unchanged. Investors believe the ECB won't risk ahead of important elections in Europe.

Current situation

Sellers managed to lead the price a bit lower in the night. However, after posting a daily low at 1.0524 the pair reversed its direction. A minor dollar retracement triggered some profit taking move following the pair's recent sell-off. Buyers pushed the price to 1.0550 in the morning and broke the level in the late European session. The price was below the moving averages in the 4 hours chart. The 50, 100 and 200 EMAs pointed lower in the same chart. The resistance is at 1.0600, the support comes in at 1.0550.

MACD entered the negative area. If MACD remains in the negative territory, sellers’ positions will strengthen. RSI indicator was near undervalued territory, favoring a move higher.

Trading recommendations

The major is still in a downward channel and the single currency is still under pressure. After a close below the level of 1.0550 we could see EUR/USD extending its declines down to 1.0500.



Pound

General overview

The British pound extended its weakness in the light of a stronger dollar and uncertainty around Brexit.

Current situation

After the night flat the price continued moving downwards on Thursday. The spot stayed in a tight range 1.2160-1.2150 in the night. Sellers became more active in the morning and led the major out of the sideways channel. According to the 4 hours chart the price continued developing well below the moving averages. The moving averages maintained their bearish slope in the same chart. The resistance lies at 1.2200, the support comes in at 1.2100.

MACD remained at the same level which confirms the strength of sellers. The RSI indicator held near oversold readings.

Trading recommendations

The pair remains in red figures. The nearest sellers’ target is the support level 1.2100.



Yen

General overview

The upbeat Chinese Consumer Price Index supported the US dollar on Thursday. Moreover, the greenback is well supported by a possible Fed rate hike action in March. However, this Friday's NFP report still matters.

Current situation

The undertone for USD is clearly positive. The pair extended its near-term upward trajectory on Thursday. After Wednesday's rally the price pulled back a bit. Buyers allowed sellers to reverse some losses. However, a fresh buying interest emerged at the daily open. Buyers began returning the lost ground slowly and steady and had reversed all the recent losses by the European morning. Bulls continued advancing north and reached 115.00 in the noon. According to 4 hours chart the price continued developing well above the moving averages. The 50-EMA crossed the 100 and 200 EMAs upwards. The 50-EMA kept pointed higher while the 100 and 200 EMAs were neutral in the mentioned timeframe. The resistance is highlighted at 115.00, the support comes in at 114.00.

The MACD histogram grew which is a buy signal. The RSI indicator was near overvalued territory, favoring a new move higher.

Trading recommendations

We believe the US will extend its upward impulse in the short term. A further extension beyond 115.00 is not ruled out. 115.50 is the next profit target.



AUD/USD

General overview


The AUD weakened amid a stronger dollar and disappointing Chinese inflation data.

Current situation

Sentiment remained negative on Thursday. Sellers maintained control and pushed the price lower. They moved slowly in the Asian session and accelerated in the morning. The AUD reached 0.7500 post European open. The major continued developing well below the moving averages which were all pointing lower in the 4 hours chart. The 50-EMA was below the 100-EMA and crossed the 200-EMA downwards in the same timeframe. The resistance is highlighted 0.7550, the support comes in at 0.7500.

The MACD histogram decreased which indicates the sellers’ strength. The RSI indicator is near undervalued territory, favoring a new move lower.

Trading recommendations

A firm break below 0.7500 handle would open 0.7450.



XAU/USD

General overview

Gold prices kept losing ground trading around 8 week lows in the light of speculations that the Fed will hike the rate next week.

Current situation

Gold opened on a weaker note on Thursday. Sellers remained in driver's seat and pushed the price lower in the night session. The XAU/USD pair extended its weakness in the European session and reached 1205 in the mid-European session. According to 4 hours chart the yellow metal continued developing well below the moving averages. The 50-EMA crossed the 100-EMA downwards. The 50 and 100 EMAs pointed lower while the 200-EMA was neutral in the same chart. The resistance exists at 1210, the support stands at 1200 dollars per ounce.

MACD traded to the downside. RSI headed downwards which confirms the strength of sellers.

Trading recommendations

We assume that a daily close below 1200 would risk 1190 dollars per ounce.



Brent

General Overview

Oil prices dropped on Thursday amid the U.S. crude inventories growth which returned investors' concerns regarding a global glut despite supply cut agreement.

Current situation

Brent pulled back a bit during the Asian hours and reversed a minor portion of its Wednesday's losses. Buyers were able to return the price to the 53.50 region where the benchmark ran through fresh offers. Brent oil prices continued with a decline in the morning. Sellers returned the price below 53.50 and continued pushing the benchmark lower afterwards. Brent sharply fell in the noon and tested 52.50 dollars per barrel. The 4 hours chart showed that the black gold continued developing well below the moving averages which were all pointing lower. The 50-EMA crossed the 100 and 200 EMAs downwards and in the mentioned chart. The resistance lies at 52.50, the support comes in at 51.50 dollars per barrel.

MACD decreased which confirms the strength of sellers. The RSI indicator remains within oversold readings.

Trading recommendations

A pullback is expected in the market in the near term. The price may recover a bit on profit-taking. The possible target is 53.50 dollars per barrel. If the downward pressure persists the price will reach 51.50 in the coming sessions.



DAX

General overview

European stocks traded lower ahead of the ECB meeting results. Energy sector shares decline and disappointing corporate readings reported weighed on stocks as well.

Current situation

DAX gapped lower at the open. However the benchmark failed to extend its downside direction. Buyers filled the gap post European open. The index continued trading in a familiar range afterwards. The price stayed around the 50-EMA in the 4 hours timeframe. The 100 and the 200 EMAs pointed higher while the 50-EMA was neutral in the mentioned chart. The resistance exists at 12000, the support stands at 11900.

MACD indicator was at the centerline. If the histogram enters the negative territory, that will indicate sellers’ growing strength. If MACD returns into the positive area the buyers will take control over the market. RSI consolidated within neutral territory.

Trading recommendations

The index now has the potential to post more gains. The main goal is the level at 12000. However, DAX needs to retake 11950 first.



NASDAQ

General overview

Wall Street traded flat in pre-market ahead of the ECB meeting and Non-Farm payroll report on Friday.

Current situation

NASDAQ remained flat on Thursday hovering above 5340 in the 5360 region. According to 4 hours chart the price broke the 50-EMA upwards. The moving averages maintained their bullish slope in the same chart. The resistance is at 5380, the support comes in at 5340.

MACD indicator was at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI remained within neutral territory.

Trading recommendations

An uptrend will start as soon, as the price rises above the resistance level 5380.




*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

 
"Fort Financial Services"- fundamental and technical analysis.

20.03.2017

Euro

General overview

Trade Balance in Italy in the Euroland came in negative on Friday. Meanwhile, the sentiment around the US dollar continued to play a major driver across the markets. The greenback remained around its lows after less hawkish than expected Yellen's remarks.

Current situation

The euro spiked on Thursday in the late NY session. Buyers pushed the price upwards and broke 1.0750 in the night. Bulls advanced up to 1.0770 later the night where they stopped. The spot spent the night and the morning in a tight range hovering above 1.0750. The neutral stance remained unchanged during the day trades. The 4 hours chart showed that the price continued developing well above the moving averages. The 50-EMA crossed the 200-EMA upwards. The 50 and 100 EMAs kept heading higher while the 200-EMA was neutral in the mentioned timeframe. The resistance is at 1.0800, the support comes in at 1.0750.

The MACD histogram grew which is a buy signal. RSI consolidated within positive territory.

Trading recommendations


The overall outlook remains bullish, for rise towards 1.0800 resistance area. However, we do not exclude a recovery pull back to 1.0720-1.0700.



Pound

Current situation

The upside bias persisted on Friday. Buyers took a pause in the night. The night correction was just a profit taking action from buyers who loosened their grip for a while. Bulls returned in the morning and pushed the major to the 1.2400 level which stopped their advance. The price crossed the 100-EMA upwards and stayed below the 200-EMA in the 4 hours chart. The 100 and 200 EMAs maintained their bearish slope while the 50-EMA turned upwards in the mentioned chart. The resistance lies at 1.2400, the support comes in at 1.2300.

The MACD histogram grew which is a buy signal. RSI consolidated within positive territory.

Trading recommendations

If the currency pair manages to make a breakout of the 1.2400 level the next target for this spot is the resistance level of 1.2500. However, in view of the overbought conditions a move above 1.2400 seems unlikely. In this potential scenario the GBP/USD pair may return to 1.2300.



Yen
Current situation


The US dollar struggled to build on overnight recovery. Buyers tried hard to push the price higher but failed. The pair remained in a consolidation hovering above 113.00. Selling interest emerged in the morning. Traders pushed the price lower and erased all buyers' night gains. The major tested the 200-EMA in the 4 hours timeframe. The 100 and 200 EMAs were neutral while the 50-EMA pointed lower in the same chart. The resistance is highlighted at 114.00, the support comes in at 113.00.

MACD remained at the same level which confirms the strength of sellers. The RSI indicator remained within oversold readings.

Trading recommendations

The USD/JPY pair may face further downside pressure in the short-term. When we break the level 113.00 the support 112.00 may come back into play.



AUD/USD
General overview


The Australian calendar was empty on Friday. Investors eagerly await for RBA minutes on Tuesday.

Current situation

The offered tone around the US dollar helped the AUD to strengthen. Buyers met a barrier at 0.7700 and had to give up their gains. The major bounced off and stopped above 0.7660. A bout of fresh buying pressure emerged in the Asian session on Friday. Buyers returned the AUD/USD pair to 0.7700 erasing all recent losses. According to 4 hours chart the price continued developing well above the moving averages. The 50 and 200 EMAs pointed higher while the 100-EMA was neutral in the same timeframe. The resistance is highlighted 0.7700, the support comes in at 0.7650.

MACD remained at the same level which confirms the strength of buyers. The RSI indicator is near overvalued territory, favoring a new move lower.

Trading recommendations

Once we break above the 0.7700 level, we think that the 0.7750 level will be next. Inability to post fresh gains may lead to some profit taking. The Aussie may weaken to 0.7600-0.7620.



XAU/USD

General overview

Gold prices remained in the green. The precious metal is in demand in the light of political risks such as Trump’s presidency, Brexit and elections in Europe.

Current situation

Gold prices were neutral staying in a flat on Friday. After the recent rally buyers preferred to consolidate their gains. The 4 hours chart showed that the price was trading around the 100 and 200 EMAs. The 100-EMA crossed the 200-EMA downwards. The 50 and 100 EMAs were neutral while the 200-EMA kept pointed higher in the same chart. The resistance is highlighted 1230, the support comes in at 1220 dollars per ounce.

The MACD histogram grew which indicates buyers’ strength. RSI consolidated within positive territory.

Trading recommendations

We still hold the view that gold prices will struggle to climb north to 1230 dollars per ounce.



Brent

General Overview

Oil prices were stable ahead of rig count number report on Friday.

Current situation

After a sharp less-off on Thursday Brent was trying to build a recovery on Friday. The price spent the night around 51.50 and pushed away from the handle in the European morning. Buyers kept pushing the benchmark upwards during the morning and reached 52.00 in the noon. The price continued developing well below the moving averages which were all pointing lower in the 4 hours chart. The resistance lies at 52.50, the support comes in at 51.50 dollars per barrel.

MACD remained at the same level which confirms the strength of sellers. The RSI oscillator moved downwards.

Trading recommendations

A move above 52.50 dollars per barrel would indicate that immediate downward pressure eased. Should Brent oil prices recover ground and advance beyond the mentioned 52.50 level, the rally can extend in the short term up to 53.50.



DAX

General overview

European stocks traded mixed on Friday as investors were focused on G-20 meeting. Meanwhile, the financial stocks while mining sector was on the downside.

Current situation

DAX gapped lower at the open. The index maintained its ask tone a few hours after the gap. DAX almost reached 12000 when the benchmark reversed its direction. The index rallied and reached 12100 in the late European session. The price was above the moving averages in the 4 hours chart. The 100 and 200 EMAs kept heading higher while the 50-EMA was neutral in the mentioned timeframe. The resistance exists at 12100, the support stands at 12000.

MACD decreased which indicates the buyers’ positions weakening. RSI rebounded from the overbought readings.

Trading recommendations

The index now has the potential to post more gains. Our profit targets will be 12100 and 12200.



NASDAQ

Current situation

NASDAQ opened on a positive note on Friday. The buyers managed to lead the price from 5420 to 5440 where the upward impetus lost strength. The benchmark eased a bit and returned to 5420 ahead of the NY session opening. According to 4 hours chart the price continued developing well above the moving averages which were all pointing higher. The resistance is at 5460, the support comes in at 5420.

The MACD histogram grew which is a buy signal. The RSI oscillator moved downwards.

Trading recommendations

Bulls keep focus at the resistance level of 5460.



*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

 
"Fort Financial Services"- fundamental and technical analysis.

21.03.2017

Euro

General overview

The euro ignored positive Producer Price Index in Germany. The single currency weakened amid the US dollar recovery on Monday. The market is focused on the Presidential debates in France. Weidmann's speech (German Bundesbank President) will attract investors’ attention as well.

Current situation

The EUR/USD remained in bulls' hands on Monday. Buyers broke the level 1.0750 in the night and stopped after reaching 1.0777. The majors stayed neutral to negative flirting with 1.0750 during the European hours. The euro slightly weakened ahead of NY opening. The price was above the moving averages in the 4 hours timeframe. The 50 and 100 EMAs kept heading higher while the 200-EMA was neutral in the same chart. The resistance is at 1.0800, the support comes in at 1.0750.

MACD remained at the same level which confirms the strength of buyers. RSI oscillator stayed near overbought levels, favoring a move lower.

Trading recommendations

The EUR/USD pair stays in a short-term upward channel. Buyers pushed the price to its upper limit the other day. In view of the overbought conditions a move towards the lower limit at 1.0700 is a possible scenario now.



Pound

General overview

The pound took advantage of a broad based US dollar weakness and extended its winning steak on Monday. Investors waited for Haldane’s speech later the day on Monday and UK’s Consumer Price Index on Tuesday hoping to get some fresh drivers.

Current situation


The GBP/USD pair maintained its bid tone on Monday. Buyers pushed the price higher in the night session and hit fresh monthly highs above 1.2400. The major gave up its fresh gains in the noon. The currency pair weakened and returned below 1.2400 ahead of the NY opening. The pair bounced off the 200-EMA upwards in the 4 hours chart. The 100 and 200 EMAs maintained their bearish slope while the 50-EMA pointed higher in the mentioned timeframe. The resistance lies at 1.2400, the support comes in at 1.2300.

The MACD indicator continued consolidating within overbought levels. RSI consolidated within positive territory.

Trading recommendations

The overall picture is bullish. However, the major is overbought. As the most probable scenario, we consider a move downwards towards 1.2350. The spot will continue moving higher if the cable remains above 1.2400.



Yen

General overview

Japanese markets were closed amid a public holiday - Vernal Equinox Day.

Current situation

The pair preserved its undertone on Monday. The currency pair remained in a downward channel. The spot found some support close to its lower limit in the Asian session. The pair bounced off 112.50 and reversed some losses in the morning. The major maintained its bid tone afterwards and approached 113.00 ahead of the NA opening. According to 4 hours chart the price continued developing well below the moving averages. The 50-EMA kept heading lower while the 100 and 200 EMAs were neutral in the same timeframe. The resistance is highlighted at 113.00, the support comes in at 112.00.

MACD grew which indicates the sellers’ positions weakening. The RSI indicator held within oversold readings, and headed now north.

Trading recommendations

In order to recover some strength, USD/JPY needs to rise back and hold above 113.00. However, we see little potential for a USD/JPY rally and expect a fresh selling pressure in the short term.



NZD/USD

General overview

The NZD/USD pair extended its gains on Monday following Westpac consumer survey. Even though the index came in a bit lower than expected investors remained positive.

Current situation

The kiwi opened on a stronger note on Monday. The price was growing the whole night and pierced the level 0.7050 in the morning. However, a further upside appeared to lack momentum. The major reversed its direction and returned below 0.7050 in the noon. The NZD extended its weakness afterwards advancing towards 0.7000. The 4 hours chart showed that the NZD/USD pair broke the 100-EMA upwards. The 100 and 200 EMAs kept heading lower while the 50-EMA turned neutral in the same timeframe. The resistance is highlighted 0.7050, the support comes in at 0.7000.

The MACD histogram grew which indicates buyers’ strength. The RSI indicator lost upward strength and moved downwards.

Trading recommendations

A move below 0.7000 would revive bearishness towards 0.6950.



XAU/USD

General overview

Gold prices remained strong vs. the US dollar after less hawkish than expected Yellen’s remarks. Trump’s speech came in the first place on Monday afternoon.

Current situation

Gold prices remained in the green zone on Monday. Bulls broke 1230 in the Asian session and climbed to 1235 where they lost steam in the European morning. The pair hovered above the level till the NY session opening. According to 4 hours chart the spot bounced off the 100 and 200-EMAs upwards. The 100-EMA crossed the 200-EMA downwards. The 50 and 200 EMAs pointed higher while the 100-EMA turned downwards in the same chart. The resistance is highlighted 1240, the support comes in at 1230 dollars per ounce.

The MACD indicator continued consolidating within overbought levels. The RSI indicator remained within positive territory.

Trading recommendations

A pullback or consolidation is expected in the market in the near term. Below 1230, XAU/USD will likely target 1220 support.



Brent

General Overview

A growing US drilling activity kept on weighing on oil prices. The growing activity reduces impact of the OPEC and non-OPEC countries agreement to cut production.

Current situation

Brent oil prices gapped downwards at the daily open. The price jumped from 51.58 to 51.50 dollars per barrel. Brent remained neutral the whole night staying around the tested handle. Black gold extended its weakness in the European session when sellers pushed the price to 51.00. The benchmark was below the moving averages which were all pointing lower in the 4 hours chart. The resistance lies at 51.50, the support comes in at 50.50 dollars per barrel.

The MACD histogram decreased which is a sell signal. RSI remained within neutral territory.

Trading recommendations

Brent may continue to trade in negative ground in the short-term. A breakout of 50.50 would aim sellers for 49.50 dollars per barrel.



DAX

General overview

European stocks moved lower on Monday following oil prices decline and downbeat data from banking stocks.

Current situation

DAX opened lower on Monday. The price pushed away from 12100 at the open and posted a session low at 12030. The downward momentum faded right after that, bulls regained control and erased all bears' gains. The benchmark returned to the opening prices in the noon on Monday. The 4 hours chart showed that DAX remained above the moving averages which were all pointing higher. The resistance exists at 12100, the support stands at 12000.

MACD was at the same level which confirms the strength of buyers. RSI oscillator stayed near overbought levels, favoring a new move higher.

Trading recommendations

DAX is still in an upward channel. The upward trend line is around 12000. A break below the handle will soften an upward pressure. Sellers may reach 11900 in this case. A rebound here will return bullishness in its place. Buyers might want to reverse losses pushing the price to 12200.



S&P500

Current situation

Bears had a ball on Monday. The offered tone around S&P500 pushed the index lower. Traders moved away from 2380 and reached 2370 in the night. After reaching 2370 the index stopped and spent European trades in a narrow range around the mentioned mark. The price stayed around the 50 and 100 EMAs in the 4 hours timeframe. 50-EMA crossed the 100-EMA downwards. 50, 100 and 200 EMAs maintained their bullish slope in the mentioned chart. The resistance is at 2380, the support comes in at 2360.

MACD decreased which indicates the buyers’ positions weakening. RSI remained within neutral territory.

Trading recommendations

We await a break below 2370 to trigger another leg lower towards 2360.




*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

 
"Fort Financial Services"- fundamental and technical analysis.

22.03.2017

Euro

General overview

The euro strengthened on Tuesday as tensions around the French election calmed down.

Current situation

The growing selling pressure around the US dollar allowed the euro to extend its gains. Buyers reversed their recent losses in the night and managed to break above 1.0750. Bulls kept pushing the price higher afterwards and reached 1.0800 in the European morning. The level did not stop the upward momentum and the single European currency extended its bullishness till the NY session opening. The 4 hours chart showed that the major continued developing well above the moving averages. The 50 and 100 EMAs maintained their bullish slope while the 200-EMA stayed neutral. The 100-EMA tested the 200-EMA in the same chart. The resistance is at 1.0800, the support comes in at 1.0750.

The MACD histogram grew which is a buy signal. The RSI indicator was near overvalued territory, favoring a new move higher.

Trading recommendations

We believe that this is essentially a “buy only” market at the moment. A sharp breakout above 1.0800 could spark a further incline towards 1.0850.



Pound

General overview

The pound grew when UK February CPI jumped beyond expectations. Mark Carney’s speech was in focus on Tuesday as well.

Current situation

After a directionless stance during the Asian session the pound became active in the morning. The price spiked in the European morning. Buyers broke 1.2400 and advanced further afterwards. The upward momentum lost steam a few pips below 1.2500. The major crossed the 200-EMA upwards in the 4 hours timeframe. The 100 and 200 EMAs kept heading lower while the 50-EMA maintained its bullish slope in the mentioned chart. The resistance lies at 1.2400, the support comes in at 1.2300.

MACD decreased which indicates the buyers’ positions weakening. The RSI oscillator moved upwards.

Trading recommendations

A further extension to 1.2500 is not ruled out. If buyers gather enough steam they can reach 1.2550 in the coming days.



Yen

Current situation

The US dollar managed to recover some ground during the night session on Tuesday. However, the recovery was short-lived, a selling pressure around the greenback emerged in the morning and returned the major to a downside. The spot edged lower and erased all its night gains during the European session. The pair reached opening prices ahead of the NY opening. The major continued developing well below the moving averages in the 4 hours chart. The 100 and 200 EMAs were neutral while the 50-EMA kept heading lower in the same chart. The resistance is highlighted at 113.00, the support comes in at 112.00.

MACD declined which indicates the sellers’ positions strength. RSI returned to the oversold readings.

Trading recommendations

In the 4 hours chart, the technical picture favors a downward extension. The nearest target remains the support level 112.00.



USD/CAD

General overview

The Canadian dollar strengthened ahead of Canadian Retail Sales report. Moreover, the overall US dollar weakness supported the major. Meanwhile, traders are looking forwards to Fed representative speeches on Thursday.

Current situation

The USD/CAD left its consolidation phase and edged lower on Tuesday. Sellers broke 1.3330 in the morning and continued pushing the spot lower afterwards. The major preserved its ask tone in the second part of the day. According to 4 hours chart the price was below the 100-EMA. The 100 and 200 EMAs kept pointed higher while the 50-EMA maintained its bearish slope in the same timeframe. The resistance is highlighted 1.3330, the support comes in at 1.3260.

MACD declined which indicates the sellers’ positions strengthening. RSI headed south.

Trading recommendations

A firm break below 1.3330 handle could trigger fresh weakness for attack at 1.3260.



XAU/USD

General overview

Gold remained bullish on Tuesday amid a broad based US dollar weakness. The precious metal received support from the uncertainty around French elections.

Current situation

Gold retained a neutral, short-term undertone on Tuesday. The precious metal was sandwiched between 1228 and 1235 during the night and day trades. The metal reversed some Monday's losses during the Asian hours. However, bulls just had enough strength to break 1230. The spot stayed around the level afterwards. The XAU/USD pair bounced off 200-EMA upwards in the 4 hours timeframe. The 100-EMA crossed the 200-EMA downwards. The 50-EMA and the 200-EMA pointed higher while the 100-EMA kept heading lower in the mentioned chart. The resistance is highlighted 1230, the support comes in at 1220 dollars per ounce.

MACD decreased which indicates the buyers’ positions weakening. RSI oscillator stayed near overbought levels, favoring a new move higher.

Trading recommendations

Should the gold recover ground and advance beyond the 1230 level, the rally can extend in the short term up to 1240 first.



Brent

General Overview

Oil prices remained positive on the news that OPEC may extend its supply cut. Investors waited for U.S. crude stocks figures late in the session to get fresh guidelines.

Current situation

Monday’s recovery stalled at 51.80 dollars per barrel in the night. Brent oil futures remained rather unchanged during the night trades. The European morning brought some buying interest. The benchmark left the Asian flat and climbed to 52.25 where the upward impetus lost its momentum. According to 4 hours chart black gold tested the 50-EMA upwards. The moving averages kept heading lower in the same timeframe. The resistance lies at 52.50, the support comes in at 51.50 dollars per barrel.

MACD grew which indicates the sellers’ positions weakening. RSI remained within neutral territory.

Trading recommendations

Buyers do not have enough strength to move Brent higher. Failure to hold above the 51.50 mark risks a slide to the support level of 50.50 dollars per barrel.



DAX

General overview

DAX remained positive on Tuesday following the growth of financial and Oil & Gas sectors.

Current situation

DAX remained flat on Tuesday. The index was confined to a well limited range between 12100 and 12050. The benchmark gapped higher at the open, however, the upward trajectory stalled at the upper limit of the range. The price pulled back afterwards but remained around 12100. The index continued developing well above its moving averages in the 4 hours timeframe. The 50, 100 and 200 EMAs maintained their bullish slope in the mentioned chart. The resistance exists at 12100, the support stands at 12000.

MACD decreased which indicates the buyers’ positions weakening. RSI remained within neutral territory.

Trading recommendations

If the price succeeds and fixes below the level of 12000, the market may start a new descending correction towards 11900 area. If the level stands DAX will aim at 12200.



NASDAQ

General overview

Wall Street maintained its positive mode on Tuesday awaiting for Fed speakers late in the American session.

Current situation

NASDAQ remained around its fresh highs on Tuesday. The index reversed its recent losses in the Asian session. Traders broke the 5420 level in the night and hovered above the handle in the morning and the first part of the day. According to 4 hours chart the benchmark remained above the moving averages which were all pointing higher. The resistance is at 5460, the support comes in at 5420.

The MACD histogram grew which indicates buyers’ strength. RSI oscillator stayed near overbought levels.

Trading recommendations

We expect a limited pull back to 5380 where the upward trend line lies. If the support level of 5420 breaks, the index may fall further that should send this market looking for the 5380 level. If the line stands the index will refresh its highs testing 5460.




*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

 
"Fort Financial Services"- fundamental and technical analysis.

24.03.2017

Euro

General overview

Consumer Confidence Survey in Germany came in below expectations weighing on the euro. The US dollar weakened as well ahead of Trumpcare bill vote scheduled later in the NA session. Besides, traders waited for J.Yellen’s speech alongside with other Fed officials. Investors hoped to get fresh hints regarding the next Fed rate hike action.

Current situation

The EUR/USD remained unchanged on Thursday morning. The spot remained in an upward channel approaching its lower limit. The euro bounced from 1.0800 and headed lower in the European morning. The 4 hours chart showed that the spot continued developing well above the moving averages. The 50 and 100 EMAs kept heading higher while the 200-EMA remained neutral in the mentioned timeframe. The resistance is at 1.0800, the support comes in at 1.0750.

MACD decreased which indicates the buyers’ positions weakening. RSI was neutral.

Trading recommendations

The ongoing pull back could be attributed to some profit taking from bulls. The euro may decline to 1.0750 where the upward trend line lies. The line may reject the major upwards. If bulls retain control the 1.0800 and 1.0850 levels could become an attractive price for investors.



Pound

General overview

The pound strengthened on Thursday in the light of a strong Retail Sales report.

Current situation

The pound extended its gains on Thursday. Traders held the cable around 1.2500 the whole night flirting with the level. Bulls made another attempt to break through post London open. This attempt like the previous ones was unsuccessful. The price continued developing well above the moving averages in the 4 hours chart. The 50 and 100 EMAs pointed higher while the 200-EMA was neutral in the same chart. The resistance lies at 1.2500, the support comes in at 1.2400.

MACD remained at the same level which confirms the strength of buyers. RSI oscillator stayed near overbought levels.

Trading recommendations

If the cable manages to consolidate above the 1.2500 mark the next target for this pair is the resistance level of 1.2600.



Yen

General overview

The US dollar weakened vs. the yen amid growing uncertainty over Trump's ability to deliver his Health Care promises.

Current situation

The Wednesday’s recovery stalled at 111.60. After posting the session high the major reversed its direction. Sellers regained control and pushed the US dollar lower in the night. The major was declining the whole night and the morning reaching 111.00 in the mid-European session. According to 4 hours chart the pair USD/JPY continued developing well below the moving averages. The 50-EMA crossed the 100 and 200 EMAs downwards. The moving averages pointed lower in the mentioned chart. The resistance is highlighted at 112.00, the support comes in at 111.00.

MACD declined which indicates the sellers’ positions strength. The RSI oscillator moved downwards.

Trading recommendations

USD/JPY is having difficulties to go higher. We still hold the view that the pair will likely to extend its losses. A downtrend will be continued as soon, as the USD/JPY pair drops below the support level 111.00.



NZD/USD

General overview

The kiwi stayed unchanged after the RBNZ left its rates unchanged at a record low of 1.75%.

Current situation

The NZD/USD pair remained in a narrow sideways channel on Thursday. The price stayed between 0.7050 and 0.7025 going up and down between levels. The 4 hours chart showed that the spot stayed above the 100 and 50 EMAs and remained below the 200-EMA. 50-EMA crossed the 100-EMA upwards. The 100 and 200 EMAs maintained their bearish slope while the 50-EMA kept heading higher. The resistance is highlighted 0.7050, the support comes in at 0.7000.

MACD slightly decreased which indicates the buyers’ positions weakening. RSI remained within neutral territory.

Trading recommendations

We cannot rule out the chance that the pair would try to get to the level at 0.7100 in the nearest future.



XAU/USD

General overview

Gold prices retreated from three week high awaiting for vote on the American Health Care Act in the US Congress.

Current situation

Buyers attempt to reclaim 1250 dollars per ounce on Wednesday failed. The price just touched the level and immediately pulled back. The precious metal reached the 1245 in the night and stayed around the mark the first part of the day. According to 4 hours chart the gold price continued developing well above the moving averages. The 50-EMA crossed the 100-EMA upwards. The 50 and 200 EMAs maintained their bullish slope while the 100-EMA kept heading lower in the mentioned chart. The resistance is highlighted 1250, the support comes in at 1240 dollars per ounce.

MACD decreased which indicates the buyers’ positions weakening. The RSI indicator was near overvalued territory, favoring a new move higher.

Trading recommendations

All eyes are right now at the support level 1240 dollars per ounce. If buyers failed to break above the current resistance sellers will regain control. If buyers succeed to retake the hurdle out next level to focus on is 1250.



Brent

General Overview

Oil prices ignored the U.S. inventories growth awaiting for the US oil rig count numbers on Friday.

Current situation

Brent gapped upwards in the early Asians session and jumped to 51.00 where the benchmark remained the first part of the day. Oil prices stayed below the moving averages which were all pointing lower in the 4 hours chart. The resistance lies at 51.50, the support comes in at 50.50 dollars per barrel.

MACD grew which indicates the sellers’ positions weakening. The RSI indicator lost upward momentum and moved downwards.

Trading recommendations

We believe the bearish momentum will persist. A firm break below 50.50 handle could trigger fresh weakness for attack at 49.50 dollars per barrel.



DAX

General overview

European stocks carried more cautious trade on Thursday as markets were concerned whether Trump would be able to gather enough support for his healthcare bill.

Current situation

DAX traded flat on Thursday staying in a tight range above 11900. Any buyers' attempt to push the benchmark higher faced selling pressure. The 4 hours chart showed that the index was sandwiched between the 100-EMA and the 200-EMA. The 50 and 100 EMAs pointed lower while the 200-EMA maintained its bullish slope in the same timeframe. The resistance exists at 12000, the support stands at 11900.

MACD remained at the same level which confirms the strength of sellers. RSI headed downwards which confirms the strength of sellers.

Trading recommendations

The level 11900 is an important defense line for buyers. A break below the level will open the way to 11800. If the level stands the DAX index will reverse its recent losses growing to 12000 – 12050.



NASDAQ

General overview

Wall Street held still ahead of Congress’ vote on Trump’s healthcare bill later the day.

Current situation

The index extended its recovery in the Asian session. Bulls reached 5380 where they lost steam. NASDAQ turned around and started to lose ground in the morning. The benchmark eased a bit in the first part of the day. The price tried to grow above the 100-EMA but failed and returned below it in the 4 hours chart. The 50 and 100 EMA were neutral while the 200-EMA kept heading higher in the same chart. The resistance is at 5380, the support comes in at 5340.

MACD grew which indicates the sellers’ positions weakening. The RSI indicator lost upward strength and moved downwards.

Trading recommendations

In the 4 hours chart, the technical picture favors a downward extension towards the support level of 5340.




*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

 
"Fort Financial Services"- fundamental and technical analysis.

27.03.2017

Euro


General overview

The Euro strengthened amid upbeat Manufacturing and Composite PMIs in Germany, France and Eurozone. The mentioned index in Germany reached the strongest levels in nearly six years. The US dollar weakened following the decline in the treasury yields which became another supportive factor for the single currency.

Current situation

The EUR/USD remained in bulls' hands on Friday. The euro touched the lower limit of the upward channel in the night and bounced upwards. The price spiked from 1.0760 to 1.0800 in the European morning and stayed there till the NY session. According to 4 hours chart the pair EUR/USD continued developing well above the moving averages. The 50 and 100 EMAs maintained their bullish slope while the 200-EMA was neutral in the same timeframe. The resistance is at 1.0800, the support comes in at 1.0750.

The MACD histogram grew which is a buy signal. The RSI oscillator moved upwards.

Trading recommendations

Once we break above the 1.0800 level, we think that the 1.0850 level will be next.



Pound

General overview


The US dollar recovery in tandem with weak UK' BBA Mortgage Approvals weighed on the pound on Friday.

Current situation

The GBP/USD pair maintained its bullish structure intact on Friday. The spot moved away from the upper limit of the channel during the night and stopped around its lower limit in the European morning. The pair remained unmoved during the day preserving its positions around 1.2500. The 4 hours chart showed that the major remained above the moving averages. The 50 and 100 EMAs pointed higher while the 200-EMA was neutral in the mentioned timeframe. The resistance lies at 1.2500, the support comes in at 1.2400.

MACD decreased which indicates the buyers’ positions weakening. RSI oscillator stayed near overbought levels, favoring a new move higher.

Trading recommendations

A move above the level of 1.2500 will favor an advance up to the 1.2600 region.



Yen

General overview

The yen slightly weakened vs. the US dollar after disappointing Japanese Manufacturing PMI.

Current situation

The night recovery lost legs after touching 111.50. The mark rejected the major which fell to the opening prices at once. The US dollar preserved its negative bias during the day advancing to 111.00. The spot was below the moving averages in the 4 hours chart. The 50 and 100 EMAs kept heading lower while the 200-EMA was neutral in the same chart. The resistance is highlighted at 112.00, the support comes in at 111.00.

MACD declined which indicates the sellers’ positions strengthening. The RSI indicator was holding near oversold levels, favoring a new move lower.

Trading recommendations

We believe the US dollar will maintain its bearish tone in the short-term. A firm break below 111.00 handle would open 110.00.



USD/CAD

General overview

The Canadian dollar lost its upside momentum suffering the persistent weakness amid weak crude oil prices.

Current situation

The US dollar bounced off 1.3330 and recovered up to 1.3375 where the buying momentum faded. The price turned around in the mid-Asian session and started losing ground afterwards. USD/CAD continued its slide during the European morning and the day. The pair tried to break the 50-EMA upwards but failed and returned below the moving. The 50-EMA kept heading lower, the 100-EMA was neutral while the 200-EMA pointed higher in the mentioned timeframe. The resistance is highlighted 1.3400, the support comes in at 1.3330.

MACD indicator was at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI remained within neutral territory.

Trading recommendations


A break below the 1.3330 mark may suggest further weakness to the support level of 1.3260.



XAU/USD

Current situation

Gold prices remained in a near-term upward channel. The price reached the lower limit of the channel where the spot found some support. The yellow metal bounced off the trend line and reversed the half of its night losses ahead of the NY opening. The 4 hours chart showed that the spot continued developing well above the moving averages. The 50 and 200 EMAs pointed higher while the 100-EMA was neutral in the same timeframe. The resistance is highlighted 1250, the support comes in at 1240 dollars per ounce.

MACD decreased which indicates the buyers’ positions weakening. The RSI indicator lost upward strength and moved downwards.

Trading recommendations

If gold prices fail to find strength to recover the spot may turn bearish. A sharp breakout below 1250 could spark a further incline towards 1240 dollars per ounce.



Brent

General Overview

Oil prices reversed some losses on Friday. However, the benchmark remained under pressure as concerns about global glut still weigh.

Current situation

After a sell-off on Thursday Brent oil prices continued their recovery on Friday. The price pushed away from 50.50 and grew to 51.00 in the mid-European session. According to 4 hours chart the benchmark continued developing well below the moving averages. The 50, 100 and 200 EMAs maintained their bearish slope. The resistance lies at 51.50, the support comes in at 50.50 dollars per barrel.

MACD grew which indicates the sellers’ positions weakening. RSI remained within neutral territory.

Trading recommendations

We still hold the view that oil prices will struggle to climb north towards 51.50 dollars per barrel.



DAX

General overview

European stocks opened in red on Friday on expectations of a highly-anticipated vote on U.S. President Donald Trump’s healthcare bill.

Current situation

After Thursday’s rally DAX was neutral on Friday. The index returned to the upward channel and was trying hard to reverse further losses during the day. The index broke the 50 and 100 EMAs upwards in the 4 hours chart. The moving averages pointed higher in the mentioned timeframe. The resistance exists at 12100, the support stands at 12000.

MACD grew which indicates the sellers’ positions weakening. RSI oscillator stayed near overbought levels, favoring a new move higher.

Trading recommendations

A failure to hold above the support level of 12000 risks a slide to 11900.



S&P500

Current situation

S&P500 remained neutral on Friday. The index had been trading sideways around 2340 for three days gathering steam for fresh actions. The price was below the moving averages in the 4 hours timeframe. The 50 and 100 EMAs kept heading lower and the 200-EMA maintained its bullish slope in the same chart. The resistance is at 2360, the support comes in at 2340.

MACD grew which indicates the sellers’ positions weakening. The RSI oscillator moved downwards.

Trading recommendations

If the current weakness persists a further extension towards 2340 and 2320 is not ruled out.




*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

 
"Fort Financial Services"- fundamental and technical analysis.

28.03.2017

Euro


General overview

The upbeat German IFO surveys for March supported the euro on Monday while the US dollar weakened across the board after Donald Trump's defeat with his health-care bill in Congress.

Current situation

The euro extended its vertical rise on Monday. The major gapped upwards at the open and maintained its bid ton afterwards. Buyers were pushing the price upwards the whole night and reached 1.0850 by the morning. The EUR/USD continued growing in the European session as well. The pair EUR/USD stayed well above its moving averages in the 4 hours chart. The 50, 100 and 200 EMAs maintained their bullish slope in the same timeframe. The resistance is at 1.0900, the support comes in at 1.0850.

The MACD histogram grew which indicates buyers’ strength. RSI oscillator stayed near overbought levels, favoring a new move higher.

Trading recommendations

The trend is clearly bullish for now. We believe a further extension to 1.0900 is not ruled out now.



Pound

General overview

Theresa May visited Scotland to meet the Scottish First Minister. The British PM plans to discuss with her colleague her plans how to reunite the nation ahead of the Brexit.

Current situation

The pound was stronger on Monday. Buyers broke 1.2500 at the daily open. The price was trending upwards the whole night and approached 1.2600 in the European morning. Buyers took a breather after the Asian rally during the European trades allowing a brief phase of consolidation in GBP/USD. According to 4 hours chart the price continued developing well above the moving averages. The 50-EMA crossed the 200-EMA upwards. The moving averages pointed higher in the same chart. The resistance lies at 1.2600, the support comes in at 1.2500.

The MACD histogram grew which is a buy signal. RSI oscillator stayed near overbought levels, favoring a new move higher.

Trading recommendations

The major is likely to regain poise and resume upmove in the coming sessions. All eyes are right now at the resistance level of 1.2600.



Yen

General overview

The Trump's failure to pass his Healthcare bill through the Congress weighed on the US dollar on Monday. Meanwhile, the yen was supported by fresh strong data.

Current situation

The US dollar opened red on Monday and extended its bearish momentum after that. The spot pushed away from 111.00 in the Asian session and headed towards 110.00. The pair reached the handle post-European open and stayed around the level afterwards. The 4 hours chart showed that the major continued developing well below the moving averages which were all pointing lower. The resistance is highlighted at 111.00, the support comes in at 110.00.

MACD decreased which confirms the strength of sellers. The RSI indicator was holding near oversold levels, favoring a new move lower.

Trading recommendations

We believe the USD/JPY pair will remain under heavy selling pressure in the near-term. A break below 110.00 would open the way for a move to 109.00.



AUD/USD

Current situation

The AUD/USD pair remained in a flat on Monday. The price stayed in a tight range between 0.7620 - 0.7635 the first part of the day. The spot was sandwiched between the 100 and 200 EMAs in the 4 hours timeframe. The 50 and 100 EMAs kept heading higher while the 200-EMA was neutral in the mentioned chart. The resistance is highlighted 0.7650, the support comes in at 0.7600.

MACD grew which indicates the sellers’ positions weakening. RSI was neutral.

Trading recommendations

A close above the 0.7650 mark will generate a fresh bullish signal for further advance, which could extend to 0.7680.



XAU/USD

General overview

Gold became more attractive as a safe heaven currency in the light of Trump’s failure to push through the Congress his healthcare reform bill.

Current situation

The precious metal remained in an uptrend on Monday. Gold prices started the day at 1244 with a growth towards 1250 dollars per ounce. The spot broke the mentioned level in the mid-Asian session and extended its rally afterwards. The XAU/USD pair kept on growing the rest of the night and the morning and reached 1260 by the noon. The upmove lost its strength around the hurdle. The spot started a consolidation phase afterwards. According to 4 hours chart the gold prices remained above the moving averages which were all pointing higher. The resistance is highlighted 1260, the support comes in at 1250 dollars per ounce.

The MACD histogram grew which indicates buyers’ strength. RSI moved north which confirms the current upward momentum.

Trading recommendations

If the bullish tone persists we expect a breakout of the level 1260 dollars per ounce in the coming sessions.



Brent

General Overview

Oil prices remained under pressure as drilling activity in the USA still weighs.

Current situation

Brent opened bearish on Monday. The overall picture remained the same. The benchmark stayed in a flat between 51.00 - 50.50. Sellers led the price from the upper limit of the sideways channel to the lower one through the night. The lower barrier stopped sellers’ advance who continued struggling with the handle afterwards. The price was below the moving averages which were all pointing lower in the 4 hours chart. The resistance lies at 51.50, the support comes in at 50.50 dollars per barrel.

The MACD histogram decreased which is a sell signal. The RSI oscillator moved downwards.

Trading recommendations

After a close below the support at 50.50 we could see the Brent oil price extending its declines down to 49.50 dollars per barrel.



DAX

General overview

European stocks moved lower on Monday following the decline in mining and banking sectors after Trump’s failure to pass his bill through the Congress. The market was full of worries that a failure here may lead to others, such as tax reform or infrastructure spending.

Current situation

DAX gapped lower at the weekly open. Sellers extended their gains after the gap and broke the level 12000. DAX kept moving lower afterwards and almost reached 11900 where the benchmark found fresh bids and returned to the opening price level in the late European session. The price crossed the 50-EMA and pierced the 100-EMA downwards in the 4 hours timeframe. The moving averages pointed higher in the mentioned chart. The resistance exists at 12000, the support stands at 11900.

MACD decreased which indicates the buyers’ positions weakening. The RSI oscillator moved downwards.

Trading recommendations

When DAX breaks the level 12000 the support 11900 will come back into play.



NASDAQ

General overview

Wall Street edged lower on Monday as investors doubt that Trump will be able to fulfill his campaign promises after a failure with his Health Care bill. Investors believe he will not succeed with tax cuts and spending either.

Current situation

NASDAQ gapped lower at the daily open. The price jumped from 5380 to 5340. The index tried to extend its bearishness in the night and even reached 5316 when the downward impetus lost its legs and the benchmark returned to 5340. The price bounced off the 50-EMA, crossed the 100-EMA and touched the 200-EMA downwards in the 4 hours timeframe. The 50-EMA turned downwards, the 100-EMA was neutral while the 200-EMA kept heading higher in the same chart. The resistance is at 5340, the support comes in at 5300.

The MACD histogram decreased which indicates the sellers’ strength. The RSI indicator was holding near oversold levels, favoring a new move lower.

Trading recommendations

All eyes are right now at the support level of 5300.




*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

 
"Fort Financial Services"- fundamental and technical analysis.

30.03.2017

Euro

General overview

The US dollar strengthened after the Fed’s Fischer comments who supported the idea of two more rate hikes. There were no macroeconomic releases in the EU.

Current situation

The euro sharply dropped on Tuesday. The price reached the lower limit of the upward channel around 1.0800 in the NY session. Sellers failed to retake the level and stepped back. The spot hovered above the level the whole night. Sellers started a new attack at the level in the morning. They broke the handle at the beginning of the European session and extended their gains afterwards. The pair EUR/USD broke the 50-EMA downwards in the 4 hours chart. The moving averages pointed higher in the same timeframe. The resistance is at 1.0800, the support comes in at 1.0750.

MACD decreased which indicates the buyers’ positions weakening. The RSI indicator held within oversold readings, and headed now south.

Trading recommendations

The US dollar recovery put the pair under renewed downside pressure. Below 1.0800, EUR/USD will likely target 1.0750 support.



Pound

General overview

The pound weakened ahead of Article 50 launch. All eyes were on UK PM May’s speech later the day.

Current situation

Sellers found a decent support at 1.2400. The pound paused its decline and started a brief phase of consolidation during the Asian trades. Bears loosened their grip in the morning allowing the major to reverse some losses. The pound retreated from its recent lows and reached 1.2450 during the European hours. The spot crossed the 50-EMA downwards and tested the 200-EMA in the 4 hours timeframe. The 50 and 200 EMAs were neutral while the 100-EMA kept heading higher in the mentioned chart. The resistance lies at 1.2500, the support comes in at 1.2400.

MACD entered the negative area. If MACD remains within the negative territory, sellers’ positions will strengthen. The RSI indicator was holding near oversold levels, favoring a new move lower.

Trading recommendations

Even though the pound bounced from oversold readings, the spot was far from an upward continuation. To neutralize the downward pressure buyers need to retake 1.2500 again. Inability to build on a recovery may return sellers to the market. Sellers may drive the cable to 1.2350.



Yen

General overview

The US dollar recovered across the board getting support from the latest US docket. Investors ignored a weak Japanese Retail Trade release.

Current situation

The US dollar had a positive day on Tuesday. The major pushed away from 110.00 and rallied upwards. Buyers reached 111.00 in the late NY session but failed to reclaim the level. USD/JPY spent the night around the level staying in a consolidation. The major edged lower in the morning amid a profit-taking from buyers after the strong overnight recovery. According to 4 hours chart the price was below the moving averages which were all pointing lower. The resistance is highlighted at 111.00, the support comes in at 110.00.

MACD grew which indicates the sellers’ positions weakening. The RSI oscillator consolidated within neutral territory.

Trading recommendations

A return below 111.00 would generate negative signal and risk further easing. The price may return in the downward channel in this case. In order to recover further the US dollar needs to break above 111.50.



USD/CAD

Current situation

The USD/CAD pair remained in a familiar range on Wednesday. The price was sandwiched between 1.3400 and 1.3350 during the day. The night recovery stalled in the morning when the spot reached the upper limit of the channel. Morning brought fresh bearishness. The US dollar sharply dropped to the lower limit of the channel erasing all night gains. Sellers failed to advance lower and stayed in the range. The 4 hours chart showed that the spot was in-between 50 and 100 EMAs the first part of the day. The 50-EMA kept pointed higher, the 100-EMA turned downwards while the 200-EMA maintained its bullish slope in the same chart. The resistance is highlighted 1.3400, the support comes in at 1.3330.

MACD remained at the same level which confirms the strength of buyers. The RSI oscillator moved downwards.

Trading recommendations

In the 4 hours chart, the technical picture favors a downward extension towards 1.3330.



XAU/USD

General overview

Gold weakened on Wednesday as investors waited for formal Brexit procedures start by the U.K. government later in the day.

Current situation

The upward structure remained intact on Wednesday. The price reached the lower limit of the upward channel and stopped its advance in the night. The precious metal spent the Asian session in a narrow range between 1250 and 1247 dollars per ounce. The XAU/USD pair witnessed a fresh buying interest in the European session. The price moved away from its night lows and headed towards 1255. The yellow metal was above the moving averages which were all pointing higher in the 4 hours timeframe. The resistance is highlighted 1260, the support comes in at 1250 dollars per ounce.

MACD decreased which indicates the buyers’ positions weakening. The RSI oscillator moved upwards.

Trading recommendations

If sellers manage to lead the price below the upward trend line the spot may extend its weakness to 1240 dollars per ounce. We remain bullish until then awaiting for the price recovery towards 1260.



Brent

General Overview

Oil strengthened on Wednesday amid disruptions with Libyan crude production. Moreover, investors are expecting news from OPEC regarding output cut extension.

Current situation

Brent extended its bullish trajectory on Wednesday. After spending the night at 51.50 the benchmark continued its growth in the morning. Brent grew and reached 52.00 dollars per barrel in the late European session. The benchmark failed to advance further and slightly eased returning to 51.50. The 4 hours chart showed that Brent oil futures crossed the 50-EMA upwards and tested the 100-EMA. The 50-EMA turned neutral while the 50 and 100 EMAs maintained their bearish slope. The resistance lies at 52.50, the support comes in at 51.50 dollars per barrel.

MACD entered the positive area. If MACD remains in the positive territory, buyers’ positions will strengthen. RSI moved north which confirms the current upward momentum.

Trading recommendations

If bulls remain in control a further extension to 52.50 is not ruled out.



DAX

General overview

European stocks opened in green when markets recovered from Trump’s failure in Congress. Investors focused on Brexit process on Wednesday. Mining stock grew following the rice in copper price.

Current situation

DAX grew on Wednesday amid a fresh buying interest. Buyers broke 12200 at the open and drove the benchmark to 12250 in the late European session. DAX failed to advance beyond the mark and remained hovering above 12200. According to 4 hours chart the price continued developing well above the moving averages. The 50, 100 and 200 EMAs pointed higher in the mentioned chart. The resistance exists at 12300, the support stands at 12200.

The MACD histogram grew which indicates buyers’ strength. RSI oscillator stayed near overbought levels, favoring a new move higher.

Trading recommendations

We still hold the view that DAX will struggle to climb north towards 12300.



NASDAQ

Current situation

The upward momentum lost its steam when NASDAQ reached 5420 on Tuesday. Buyers failed to reclaim the hurdle and stayed around the level during the night. The index remained unchanged on Wednesday struggling with the level the whole day. According to 4 hours chart the benchmark was above the moving averages which were all pointing higher. The resistance is at 5420, the support comes in at 5380.

The MACD histogram grew which is a buy signal. The RSI indicator was near overvalued territory, favoring a new move higher.

Trading recommendations

The 5420 resistance will need to be retested for support before a price can rally towards 5460.



*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

 
"Fort Financial Services"- fundamental and technical analysis.

31.03.2017

Euro

General overview

The US dollar reached its 9 day high against its main peers after supportive Fed officials’ remarks. Besides, the single European currency eased after the news that the ECB did not plan to change its policy in the nearest future.

Current situation

After the Asian flat the euro returned under pressure in the morning. Sellers moved the major lower and broke 1.0750 post-European open. After breaking the level the price advanced towards 1.0725 where the major spent the whole day. The spot tested the 100-EMA in the 4 hours chart. The 100 and 200 EMAs kept heading higher while the 50-EMA was neutral in the mentioned timeframe. The resistance is at 1.0750, the support comes in at 1.0700.

MACD entered the negative area. If MACD remains in the negative territory, sellers’ positions will strengthen. RSI indicator was near undervalued territory, favoring a new move lower.

Trading recommendations

As the most probable scenario, we consider further moving downwards towards the level at 1.0700.



Pound

General overview

The pound stayed apathetic to the official triggering of the Article 50 on Wednesday. The UK calendar was thin and uneventful on Thursday. Traders expected GDP which was expected to remain unchanged.

Current situation

The night recovery lost steam at 1.2450. The pound came under fresh selling pressure during the morning hours. Sellers returned the pair to 1.2400 post London open but failed to reclaim the level. The spot extended its consolidative phase in the second part of the day. The pair GBP/USD was sandwiched between the 50 and 200 EMAs in the 4 hours timeframe. The 50 and 100 EMAs pointed higher while the 200-EMA turned downwards in the same chart. The resistance lies at 1.2500, the support comes in at 1.2400.

The MACD histogram decreased which is a sell signal. The RSI indicator was holding near oversold levels, favoring a new move lower.

Trading recommendations

A move below 1.2400 would revive bearishness towards 1.2300.



Yen

General overview

The yen weakened after BOJ deputy governor Iwata' comments that the regulator will continue its monetary easing until 2% inflation is reached.

Current situation

The US dollar failed to build a recovery in the Asian session. The buying interest disappeared around 111.40. The mark appeared to be a pivot point where the pair reversed its direction. The major edged lower in the mid-Asian session. The USD/JPY pair accelerated its decline in the morning and tested 111.00. The level appeared to be unbreakable barrier which stopped sellers’ advance. The 4 hours chart showed that the spot tested the 50-EMA and bounced off downwards after that. The price stayed below the moving averages which were all pointing lower in the mentioned timeframe. The resistance is highlighted at 112.00, the support comes in at 111.00.

MACD indicator was at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. The RSI indicator lost upward strength and moved downwards.

Trading recommendations

We still hold the view that the USD/JPY will struggle to climb north of 112.00.



AUD/USD


Current situation

The AUD had a negative start to the day. The major turned bearish from the opening of the night session. The price remained offered during the night trades and reached 0.7650 in the morning. The level stopped sellers who stepped back but remained around the handle. Buyers regained control in the second part of the European session. They pushed the AUD higher and reversed all night losses. According to 4 hours chart the pair broke the 50-EMA upwards. The 50-EMA kept heading lower, the 100-EMA pointed higher while the 200-EMA was neutral in the same chart. The resistance is highlighted 0.7700, the support comes in at 0.7650.

MACD entered the positive area. If MACD remains within the positive territory, buyers’ positions will strengthen. RSI advanced south which confirms the current downward movement.

Trading recommendations

After a close below the support at 0.7650 we could see AUD/USD extending its declines down to 0.7600. Alternatively, the pair will climb to 0.7685.



XAU/USD

Current situation

Gold prices remained in a consolidation phase on Thursday. Sellers led the spot to 1250 the other day but failed to break below the level. The price remained sandwiched between 1250 - 1255, moving up and down between the bands the whole day. The 4 hours chart showed that the spot was above the moving averages which were all pointing higher. The resistance is highlighted 1260, the support comes in at 1250 dollars per ounce.

MACD decreased which indicates the buyers’ positions weakening. RSI remained within neutral territory.

Trading recommendations

The price eyes strong support at 1240 dollars per ounce loss of which would trigger further weakness.



Brent

General Overview

Oil prices maintained its bid tone amid problems with Libyan output. However, high U.S. crude stocks inventories limit their growth.

Current situation

Brent oil prices extended their winning streak on Wednesday and reached the level 52.50 at the daily open. The bid tone lost its strength afterwards and the benchmark slightly eased on profit-taking. According to 4 hours chart the price broke the 100-EMA upwards. The 50-EMA pointed higher while the 100 and 200 EMAs maintained their bearish slope in the mentioned timeframe. The resistance lies at 52.50, the support comes in at 51.50 dollars per barrel.

The MACD histogram grew which indicates buyers’ strength. The RSI indicator was near overvalued territory, favoring a new move lower.

Trading recommendations

The overall outlook remains bullish, for a rise above the level of 52.50. Buyers aim at 53.50 dollars per barrel.



DAX

General overview

European stocks were neutral on Thursday as investors were digesting the official Brexit start.

Current situation

After breaking above 12200 buyers failed to advance further. The index remained contained within a 12200 - 12250 range during the day sessions. The 4 hours chart showed that the benchmark was above the moving averages which were all pointing higher. The resistance exists at 12300, the support stands at 12200.

The MACD histogram grew which is a buy signal. RSI oscillator stayed near overbought levels, favoring a new move higher.

Trading recommendations

We await a break above the current range to trigger another leg higher. Our profit target is 12300.



S&P500

General overview

Wall Street held still at the open awaiting from the Fed more signals regarding its rate hike timing.

Current situation

Buyers met a barrier at 2360 in the Asian session. As a result the price had to pull back. S&P500 moved away from the resistance and stopped its decline at 2353. The benchmark was holding around the 100 and 200 EMAs in the 4 hours timeframe. The 100-EMA tested the 200-EMA. The 50 and 100 EMAs maintained their bearish slope while the 200-EMA kept heading higher in the mentioned chart. The resistance is at 2360, the support comes in at 2340.

The MACD histogram grew which indicates buyers’ strength. The RSI indicator was near overvalued territory, favoring a new move lower.

Trading recommendations

The market may start a new descending correction if buyers fail to retake 2360. Sellers may drive S&P500 to 2340. A move above the level may spark a further growth towards 2370.




*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

 
"Fort Financial Services"- fundamental and technical analysis.

05.04.2017

Euro

General overview

The euro got a minor support from strong Producer Price Index in the Eurozone.

Current situation

The overall picture remained negative on Tuesday. The euro maintained its neutral stance in the first part of Tuesday. The major traded in a narrow channel between 1.0650 - 1.0675. The downward pressure intensified at the noon. Sellers made an attempt to break below the handle but failed. The spot tried to break the 200-EMA in the morning but failed and stayed around it in the 4 hours chart. The 50 and 100 EMAs pointed lower while the 200-EMA was neutral in the mentioned timeframe. The resistance is at 1.0700, the support comes in at 1.0650.

The MACD histogram decreased which is a sell signal. RSI headed downwards which confirms the strength of sellers.

Trading recommendations

The EUR/USD has a moderate bearish potential. A move below 1.0650 would revive bearishness towards 1.0600.



Pound

General overview

The pound weakened following a weaker-than-expected UK's PMI Construction.

Current situation

After Monday’s sell-off the pound made an attempt to recover in the night. Buyers returned the price to 1.2500 where the major ran through fresh offers. The pair got under selling pressure in the mid-Asian session. The spot was weakening the whole night afterwards and approached 1.2400 in the morning. The downward pressure faded around the level and the major was able to reverse some losses. The 4 hours timeframe showed that the spot bounced off the 50-EMA downwards in the Asian session and tested the 100-EMA in the morning. The 100-EMA crossed the 200-EMA and continued upward movement. The 50-EMA turned lower while the 200-EMA was neutral in the same chart. The resistance lies at 1.2500, the support comes in at 1.2400.

MACD decreased which indicates the buyers’ positions weakening. RSI advanced south which confirms the current downward movement.

Trading recommendations

As the most probable scenario, we consider further moving downwards towards the level at 1.2400.



Yen

General overview

The US dollar weakened vs. the yen amid risk-off sentiment in markets. Meanwhile, investors are waiting for the Fed’s minutes to get more hints about the next rate hike action.

Current situation

The bearish momentum persisted on Tuesday. The US dollar remained well offered while the yen was in demand amid risk-off sentiment. The USD kept losing ground the whole night and morning. Sellers stopped only at 100.34 at the noon. According to 4 hours chart the price broke the 50-EMA and continued developing below the moving averages afterwards. The 50, 100 and 200 EMAs kept heading lower in the mentioned chart. The resistance is highlighted at 111.00, the support comes in at 110.00.

MACD entered the negative area. If MACD remains within the negative territory, sellers’ positions will strengthen. RSI indicator was near undervalued territory, favoring a new move higher.

Trading recommendations

A pullback is expected in the market in the short term. While to the upside, the 111.00 resistance will need to be retaken for support before a price can rally towards 112.00. Nevertheless, we are still bearish. The major seems to be heading back to 4-month lows touched last week.



AUD/USD

General overview

As expected the RBA left its rate unchanged on Tuesday. The Aussie weakened after that amid a weak labor and inflation data.

Current situation

The selling pressure around the Aussie remained intact on Tuesday. As a result, the spot dropped to fresh multi-week lows yesterday. The price pushed away from 0.7600 at the daily open. The AUD continued to trade in negative ground the whole night and reached the 0.7550 region in the morning. The selling pressure eased around the handle and the major tried to develop a consolidation. The pair AUD/USD continued developing well below the moving averages in the 4 hours chart. The 50-EMA crossed the 100 and 200 EMAs downwards while the 100-EMA crossed the 200-EMA upwards. The 100-EMA turned neutral while the 50 and 200 EMAs kept heading lower in the same timeframe. The resistance is highlighted 0.7600, the support comes in at 0.7550.

MACD decreased which confirms the strength of sellers. The RSI indicator was holding near oversold levels, favoring a new move lower.

Trading recommendations

The pair stopped around 0.7550, and seems poised to extend its decline. Below 0.7550, AUD/USD will likely target at the 0.7500 support.



XAU/USD

General overview

Gold prices strengthened amid risk-off sentiment. The US Trade Balance was in focus on Tuesday. Moreover, investors are waiting for the meeting between Trump and Xi Jinping.

Current situation

The risk-off sentiment allowed gold prices to extend their vertical rise. The XAU/USD pair started the day above 1250 and advanced up to 1260 dollars per ounce during the Asian trades. The spot reached the resistance in the morning. Buyers failed to regain the level and had to take a retreat staying around the level afterwards. According to 4 hours chart the gold prices broke the 50-EMA upwards and continued developing well above the moving averages. The 50, 100 and 200 EMAs pointed higher in the same chart. The resistance is highlighted 1260, the support comes in at 1250 dollars per ounce.

MACD entered the positive area. If MACD remains in the positive territory, buyers’ positions will strengthen. RSI moved north which confirms the current upward momentum.

Trading recommendations

The current hurdle rejected the precious metal several times. That’s why we remain cautious until we see a clear break above the level. After a daily close above 1260 dollars per ounce we could see the spot extending upwards to the 1270 region during the next sessions. Otherwise, we will see a correction back to 1240 dollars per ounce.



Brent

General Overview

Oil prices weakened in the light of the US dollar strengthening. Besides, the markets are still concerned over a global supply glut amid growing Libyan production and the US drilling activity.

Current situation

The positive mood seems to be over. Buyers met unbreakable barrier at 53.50 dollars per barrel and retreated from it. After a failure to break the level the benchmark moved lower. Brent oil prices spent the night in a flat and eased further towards 52.50 in the morning. However, a fresh bout of buying interest emerged in the late European session. Oil prices spiked upwards and touched 53.50 ahead of the NY opening. The 4 hours chart showed that Brent oil prices tested the 200-EMA and bounced off downwards on Monday. The 50-EMA crossed the 100-EMA upwards. The 50-EMA kept heading higher, the 100-EMA was neutral while the 200-EMA maintained its bearish slope in the same timeframe. The resistance lies at 53.50, the support comes in at 52.50 dollars per barrel.

MACD decreased which indicates the buyers’ positions weakening. The RSI indicator was near overvalued territory, favoring a new move lower.

Trading recommendations

The price eyes strong support at 52.50 dollars per barrel loss of which would trigger further weakness towards 51.50.






*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman

 
"Fort Financial Services"- fundamental and technical analysis.

06.04.2017

Euro

General overview

Weak PMIs in the Eurozone weighed on the single European currency on Wednesday. The pair focused on ADP release and Fed minutes due to later the day.

Current situation

The euro was neutral the first part of the day. The price traded in a familiar range staying between 1.0650 and 1.0670. Tuesday’s rebound lifted the spot to the upper limit of the range where the upward impetus faded. The pair started the European session flirting with the upper limit of the band and edged lower at noon. The 4 hours timeframe showed that the pair could not fixate above the 200-EMA and rebounded below it. The 100 and 200 EMAs turned upwards while the 50-EMA kept heading lower in the same chart. The resistance is at 1.0700, the support comes in at 1.0650.

MACD grew which indicates the sellers’ positions weakening. RSI moved north which confirms the current upward momentum.

Trading recommendations

We prefer to stay neutral until we get clear signals. A cut through the 1.0650 mark will aim at the 1.0600 level. A rebound here will return buyers in a driver’s seat sending the market to 1.0750.



Pound

General overview

The UK's Services PMI came in above expectations lending support to the national currency.

Current situation

The pound became positive in the Asian session on Wednesday. The major was growing the whole night. Moreover, the GBP/USD pair witnessed a fresh buying-wave during European morning trade. The price accelerated its growth and spiked to 1.2500. However, the spot met selling interest on approaches to the level and paused its advance. The major tested the 50-EMA in the morning and stayed around it in the 4 hours chart. The 50-EMA kept pointed lower, the 100-EMA maintained its bullish slope while the 200-EMA was neutral in the mentioned timeframe. The resistance lies at 1.2500, the support comes in at 1.2400.

MACD remained at the same level which confirms the strength of sellers. The RSI oscillator moved upwards.

Trading recommendations

Despite the fresh buying interest the pair future is not so bright. Buyers seem not to have enough strength to post more gains. That’s why the pound may turn to the downside. The pair needs to get below 1.2450 to trigger additional downward momentum towards testing 1.2400.



Yen

General overview

The US dollar managed to recover some ground against its Japanese peer in the Asian session. However, its advance was stopped by risk-off sentiment after North Korea fired ballistic missile.

Current situation

The US dollar struggled to build a recovery on Tuesday. Buyers were driving the major upwards the whole day and stopped at 110.70. The pair remained unchanged in the night amid lack of market movers. The major caught fresh bids in the morning. The pair extended its buying bias and approached 111.00 at noon. According to 4 hours chart the spot remained below the moving averages which were all pointing lower. The resistance is highlighted at 111.00, the support comes in at 110.00.

The MACD indicator continued consolidating within oversold levels. RSI was neutral.

Trading recommendations

Despite the positive tone the major is still in red. The 111.00 hurdle is a strong barrier and buyers need to try hard to break it through. A sharp breakout above 111.00 could spark a further growth towards 111.50, en route to 112.00. On the other hand, a failure here will return sellers in action and risk 110.00.



NZD/USD

General overview

The New Zealand calendar was light. However, the major was supported by Moody’s upbeat remarks on New Zealand’s AAA rating. The US dollar maintained control ahead of Trump-Xi Summit.

Current situation

The NZD/USD pair remained neutral hovering above 0.6950 during night trades. The spot caught fresh offers in the morning and moved lower afterwards. NZD/USD kept struggling near 3-week lows later the day. The 4 hours timeframe showed that the spot continued developing below the moving averages. The 50 and 200 EMAs pointed lower while the 100-EMA kept heading higher and the 50-EMA touched the 100-EMA in the mentioned chart. The resistance is highlighted 0.7000, the support comes in at 0.6950.

MACD remained at the same level which confirms the strength of sellers. RSI indicator was near undervalued territory, favoring a new move upwards.

Trading recommendations

The pair is likely to extend its negative bias. After a close below the support at 0.6950 we could see NZD/USD extending its declines down to 0.6900.



XAU/USD

General overview

Investors turned cautious ahead of the Trump-Xi Summit starting tomorrow. However, the risk-off sentiment barely supported gold, but the market turned red anyway.

Current situation


The spot remained in a short-term upward channel on Wednesday. The precious metal found strong resistance at 1260. The level rejected the price which edged lower in the Asian session. Gold sellers kept pushing the price lower during the European session and reached 1250 at noon. Gold prices stayed above the moving averages which were all pointing higher in the 4 hours chart. The 100-EMA crossed the 200-EMA upwards in the mentioned timeframe. The resistance is highlighted 1260, the support comes in at 1250 dollars per ounce.

The MACD histogram grew which is a buy signal. The RSI indicator was near overvalued territory, favoring a new move higher.

Trading recommendations

A recovery above the level of 1260 will favor an advance up to the 1270 region.



Brent

General Overview

A larger-than-expected drop in U.S. crude supplies coupled with an outage at the Buzzard oil field in the North Sea supported oil prices on Wednesday.

Current situation

Brent held a bullish tone on Wednesday. The benchmark was slowly growing in the night and approached 54.50 in the morning. Brent buyers fueled the market with fresh bids in the European session sending the price to 55.00 dollars per barrel. According to 4 hours chart the benchmark broke the 200-EMA upwards. The 200-EMA kept heading lower while the 50 and 100 EMAs maintained their bullish slope in the same chart. The resistance lies at 55.50, the support comes in at 54.50 dollars per barrel.

The MACD histogram grew which indicates buyers’ strength. The RSI indicator remained within overbought readings.

Trading recommendations

We still hold the view that oil prices will struggle to climb north of 55.50



DAX

Current situation

DAX was neutral on Wednesday being unable to choose its direction. The index kept moving back and forth between 12240 and 12300. The benchmark had a negative start and dropped to the lower limit of the range right after the opening. DAX remained under pressure afterwards making attempts to move lower. The 4 hours timeframe showed that the index continued developing well above the moving averages. The 50, 100 and 200 EMAs maintained their bullish slope in the mentioned chart. The resistance exists at 12300, the support stands at 12200.

MACD decreased which indicates the buyers’ positions weakening. RSI advanced south which confirms the current downward movement.

Trading recommendations

If we do not see a turnaround in market sentiment bears will keep focusing at the support level of 12200. A break below the handle will open the way towards 12100.





*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman