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The FxPro Analyst Team

FxPro Forex Analysis: US30 and GBPUSD Analysis – February 22, 2018

The reaction to the FOMC Minutes in the US30 index was to initially rally on the positive tones coming from the Fed. However, as we have seen recently, fears about inflation took hold, sending the price tumbling lower through strong support around 25000.00 and 24876.70. The low created so far is 24589.00. A break lower to the 24500.00 level can still be regarded as constructive for bulls but should this level be breached there is a danger that the higher low formed on the 14th of February at ...

The FxPro Analyst Team

FxPro Forex Analysis: US Yields Higher Post FOMC Minutes, Stocks Drop, USD Strengthens

German Markit Manufacturing PMI (Feb) was 60.3 v an expected 60.6, from 61.1 previously. Markit Services PMI (Feb) was 55.3 v an expected 57.0, from 57.3 previously. Markit PMI Composite (Feb) was 57.4 v an expected 58.5, from 59.0 prior. EURUSD moved lower from 1.23318 to 1.23168 following this data release. Eurozone Markit Manufacturing PMI (Feb) was 58.5 v an expected 59.3, from 59.6 previously. Markit Services PMI (Feb) was 56.7 v an expected 57.6, from 58.0 previously. Markit PMI ...

Alexander Kuptsikevich

FxPro Forex Analysis: U.S. Treasury Auctions Offer Temporary Support for the Dollar

The U.S. currency continues to register gains this week, having so far recovered two thirds of last week’s losses. EURUSD is currently trading near 1.2330, while USDJPY has gone up to 107.70, hinting at limited demand for safe havens. With emerging markets and commodities generally stable, dollar growth does not seem to derive from economic growth fears. Yet, concerns about the U.S. budget deficit, coupled with potential rate hikes, suggest challenges in the dollar’s future. Nonetheless, the ...

The FxPro Analyst Team

FxPro Forex Analysis: UK Brent Oil and USDCAD Analysis – February 21, 2018

Crude Oil prices fell on Wednesday, with losses in both U.S WTI and U.K. Brent, as the market awaits inventory data. Energy Information Administration (EIA) data last week showed U.S. inventories rising by 1.8 million barrels, which was smaller than expected. The American Petroleum Institute (API) will release its forecast on U.S. crude inventory on Wednesday, followed by official supply data from the (EIA) on Thursday. UK Brent Oil In the daily timeframe, Brent had a sharp decline from the ...

The FxPro Analyst Team

FxPro Forex Analysis: AUDUSD and EURGBP Analysis – February 21, 2018

The AUDUSD pair had tried to build a base of support around the 0.78900 level after price moved above this area on the 14th of February. However, the level was breached from above yesterday and, after a protracted battle that saw the 4-hour moving averages used as resistance, the price dropped under the 0.78690 support level and is currently trading around 0.78566. Support can now be seen at 0.78430 and 0.78241. The falling channel bottom comes in at 0.78170, with the 0.78025 level below. ...

The FxPro Analyst Team

FxPro Forex Analysis: Jobs Report for UK, PMIs for Europe and US, Along with FOMC Minutes

There is a busy day of Economic Data ahead, starting with PMIs for European countries and the Eurozone as a whole. PMI Data across the Euro block has been improving but the consensus is for a slight drop in figures today. The UK Jobs data then follows, with most data points expected to be in line with expectations. However, Claimant Count Change is expected to be lower, and while this data is volatile at the best of times, the January number is particularly so as seasonal workers are released ...

The FxPro Analyst Team

FxPro Forex Analysis: EURUSD and GER 30 Analysis – February 20, 2018

The EURUSD pair has moved higher to test resistance and create a high at 1.25549. This was marginally above the previous high at 1.25732. When this level failed as support, the market sent price lower through the broken blue trend line around 1.24911. Price action proceeded lower to the next support level at 1.24593, which was then used as resistance. With all of the technical support levels removed above 1.24000, it was the 50-period MA that stemmed the fall but the price was determined to ...

The FxPro Analyst Team

FxPro Forex Analysis: Casual Miners Are Leaving the Crypto Market

The cryptocurrency market is recovering, with Bitcoin and the market, in general, attracting increasing demand. According to CoinMarketCap, total market capitalisation has reached $510 billion, with the benchmark currency trading near $11,500 (+8.51%) in the last 24 hours, Ethereum trading near $950 (+2.14%), and Ripple around the $1.15 level (+1.17%). Investor demand is increasing as the end of the Lunar New Year on February 21 draws closer, with greater market momentum expected once Asian ...

The FxPro Analyst Team

FxPro Forex Analysis: GBPJPY and EURJPY Analysis – February 20, 2018

Bank of Japan Governor Kuroda was reappointed to a rare second term last week, with the implication that the Japanese Yen cannot rely on any interest-rate hikes. Kuroda is expected to continue with monetary accommodation, negative base rates and direct management of the bank’s own government bond yield curve. Despite all this, the Japanese Yen has been trading at 15-month highs against the U.S. Dollar and it is possible that Kuroda will attempt to talk down the country’s currency as it starts ...