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Thread: Daily Market Analysis

Daily Market Analysis
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    #21
    Technical Analysis AUD/USD: April 29, 2016
    AUD/USD rose by 11 pips after the US natural gas jumped by 73 billion from a forecasted 70 billion. Weak USD index continue to push the AUD upward. The exchange rate as of time of writing is 0.7655, close to topping the day’s high of 0.7658.

    Australia’s Q1 producer price index slipped by 0.2 percent when analysts were expecting a 0.2 percent gain from the previous quarter. The greenback’s side is still riding the bears after Fed’s statement on the interest rate and a 0.5 percent GDP growth. The spotlight is now on the Reserve Bank of Australia who will announce its rate decision on Tuesday, May 3.

    The first support is located at 0.7600 and 0.7562 subsequently. The first resistance is located at 0.7686 and 0.7752 subsequently.

    The MACD indicator is still in negative location. The price is increasing.

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    #22
    Technical Analysis for EUR/USD: May 3, 2016
    In opposition to the anticipation of most of us, the Manufacturing PMI in Germany reduced. The indicator displayed the data of 51.8 contrary with 51.9 in the recent month wherein it was seasonally revised. Meanwhile, experts hoped for the index to be at the recent level of 51.9.

    The first support occurs at 1.1450 and at 1.1350 subsequently. The first resistance resides at 1.1550 and at 1.1650 subsequently.

    A confirmed and a sturdy buy signal has been found. The price is over the Ichimoku Cloud and it is on top of the Chikou Span. The Tenkan-sen shows an ascending motion and the Kijun-sen forms a horizontal movement. This movement will remain until the price is over the Cloud.

    The MACD indicator is in a positive location. The price is growing.


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    #23
    Technical Analysis for USD/JPY: May 3, 2016
    The Manufacturing PMI of the USA for April heightened to 51.8. Many traders had looked forward for the index to lessen by 51 in opposition to 51.5 recorded in March. Meanwhile, the Manufacturing PMI of Japan surpass our expectations and grew by 48.2 contrary to the report of 48.0.

    The first support occurs at 105.80 and at 105.00 subsequently. The first resistance lies at 106.60 and at 107.40 subsequently.

    A confirmed and a sturdy sell signal has been found. The price is below the Ichimoku Cloud and it is below the Chikou Span. The Tenkan-sen and the Kijun-sen form a horizontal motion. The descending movement will remain until the price is below the Cloud.

    The MACD indicator is in a negative location. The price is correcting
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    #24
    Technical Analysis for GBP/USD: May 4, 2016
    Declining to its bottom-most level since February 2013, the Markit Manufacturing PMI in the UK modulated to 49.2 in April. This data was lower than the re-assessed value of 50.7 in March and below the economists' expectation of 51.2. The Manufacturing is still one of the most unpredictable sectors of the economy and still faces challenges including poor demand in the Asian markets and the slowing down of the euro area.

    The first support occurs at 1.4480 and at 1.4400 subsequently. The first resistance stands at 1.4560 and at 1.4670 subsequently.

    A confirmed and a sturdy buy signal has been found. The price is over the Ichimoku Cloud and it is on top of the Chikou Span. The Tenkan-sen and the Kijun-sen display a horizontal motion. The ascending movement will remain until the price is on top of the Cloud.

    The MACD indicator is in a positive location. The price is strengthening.


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    #25
    Technical Analysis for AUD/USD: May 4, 2016
    After experiencing its steepest fall this year, the Australian Dollar gained some ground on Wednesday as Fed officials put the greenbacks in a positive light.
    The Reserve Bank of Australia (RBA) put the interest rate at 1.75 percent, paring off 25 basis points. Governor Glenn Stevens cited the recent deflation and sluggish global growth as reasons to cut the rate.
    One of the central bank’s aim, which is to lower the local currency, materialized upon the announcement. The AUD/USD slid to 73 cents on Tuesday. RBA officials previously said that the AUD has been overvalued since the beginning of the year.
    The spot exchange has now returned to 0.75 levels, showing that perhaps one rate cut is not enough to jawbone the AUD. It reached a high of 0.7516 today and is trading within a range of 49 pips.
    Fed presidents Dennis Lockheart and John Williams said on Tuesday that a rate hike is visible for the USD, taking it to bullish territory.
    The first support is at 0.7366 and 0.7329 subsequently. The first resistance is at 0.7603 and 0.7641 subsequently. The MACD indicator is in negative location. The price is rising.


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    #26
    Technical Analysis for NZD/USD: May 4, 2016
    Mixed labor data burdened the Kiwi and started a downturn from its upsurge on Monday. The pair is playing at 68 cents and occasionally bobs above 68. The price is declining as of writing time and the MACD indicator is in negative location.
    Employment in New Zealand gained 1.2 percent in the first quarter from 0.9 percent in the period ended December 31. It exceeded forecasts of 0.7 percent. However, the unemployment rate is in the opposite direction as it added 0.4 percent from last quarter’s 5.3 percent. The RBNZ retained the 2.25 percent interest rate last week.
    The first support is at 0.6840 and 0.6806 subsequently. The first resistance is at 0.6985 and 0.7020 subsequently.

    May 4, 2016 NZDUSD.png
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    #27
    Technical Analysis for AUD/USD: May 5, 2016

    Favorable market data trimmed the Aussie dollar's losses and bounced it back to 0.75 handle in the early session.
    Australia's statistics bureau revealed on Wednesday that retail sales gained 0.4 percent in March from February's 0.1 percent, topping a projected 0.3 percent growth. However, retail sales for the first quarter only rose by 0.5 percent, just 0.2 points shy of analysts' 0.7 percent expectations. Retail sales in Q4 of 2015 was 0.6 percent.
    But the upbeat data still failed to propel the once-glowing USD to 76 cents. AUD/USD is currently trading at 0.7492, struggling to break through 0.75 level, although it reached an intraday high of 0.7515 before sinking back down.
    Scott Morrison, Australia's treasurer, said on Thursday that RBA deputy governor Philip Lowe will take Glenn Stevens' place as governor on September 18. Lowe will fill the post for seven years.
    The first support occurs at 0.7416 and 0.7379. The first resistance is at 0.7488 and 0.7525. The MACD indicator is in negative location. The price is increasing.

    May 5, 2016 AUDUSD.png
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    #28
    Technical Analysis for EUR/USD: May 5, 2016
    The pair is extending its losses amidst negative macroeconomic data and the greenback’s attempt to recover from bearish territory. The euro is struggling to reach 75 cents.
    The region’s services PMI was expected to remain at the previous release of 53.2, but instead fell to 53.1. Monthly retail sales was down by 0.5 percent in March after gaining 0.3 percent in February. Economic growth in the Eurozone was at 0.6 percent in Q1 from Q4’s 0.3 percent.
    The gloomy warning issued by the European Commission also burdened the EUR/USD. The international body revised its forecast on the Eurozone’s economic growth. It initially projected a 1.6 percent expansion for 2016 but downgraded it to 1.6 percent. However, the region will grow by 1.8 percent in 2017.
    Most markets using the euro are closed today due to Ascension Day.
    The first support is at 1.1446 and 1.1388 subsequently, while the first resistance is at 1.1508 and 1.1566 subsequently. The MACD indicator is in positive location. The price is declining.

    May 5, 2016 EURUSD.png
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    #29
    Technical Analysis for AUD/USD: May 6, 2016
    The anticipation for the US’ nonfarm payrolls blocked the AUD’s slight uptrend on Thursday session, sending it down to slump at 0.73. The current spot exchange is 0.7372. A decline in crude oil prices and the RBA’s statement of monetary policy (SOMP) released today tightened the bears’ grip on the AUD/USD.

    After the RBA slashed interest rates to 1.75 percent on Tuesday, its SOMP revealed further cuts on inflation forecasts. From the previous estimate of 2 to 3 percent growth, the RBA lowered its projection for the 2016 to just 1 to 2 percent. The central bank is aiming for a 2 to 3 percent inflation rate by the end of the year.

    Forecasts for the next two years’ inflation were also revised down to 1.5 to 2.5 percent from the initial 2 to 3 percent. RBA’s statements indicated another possible rate cut.

    The MACD indicator is in a negative location. The first support is at 0.7459 and 0.7422 subsequently. The first resistance is at 0.7522 and 0.7560 subsequently. The price is falling.

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    #30
    Technical Analysis for GBP/USD: May 6, 2016
    The sterling hardly reached the 1.45 level when dismal figures on the UK’s services sector was released. GBP/USD retreated to 1.44 levels and bottomed at 1.4456. The current exchange rate is 1.4496.

    The service industry’s purchasing managers index (PMI) slimmed to 52.3 in April from the previous month’s 53.7, recording the softest PMI in three years.

    Economists expected a 53.5 growth. Traders are closely watching for the NFP data from the US which will help decide the Fed’s next move on its interest rates.

    The first support is at 1.4442 and 1.4403 subsequently while the first resistance is at 1.4494 and 1.4496 subsequently. The MACD indicator is in neutral location. The price is increasing.

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