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The FxPro Analyst Team

FxPro Forex Analysis: GBPNZD and EURUSD Analysis – January 19, 2018

The GBPNZD pair has formed a rising channel in the 1-Hour timeframe, the bottom of which is supported by the chart’s 3 main moving averages, the 50, 100 and 200-Hour MAs. The area is centred just below the 1.90000 support level and round number, with a weak two-touch trend line close by. The next level of support is at 1.89545, just above the 200-Hour MA. A loss of this targets the low of the week from Monday at 1.88450. Below the 1.88000 level is the previous resistance turned support level ...

The FxPro Analyst Team

FxPro Forex Analysis: Cryptos Rebound Sharply

Our last report on the Crypto selloff was two days ago but two days is a long time in the Crypto market. Following the hefty sell-off that lasted for two days, despite negative news flow, cryptocurrencies made a sharp recovery on Thursday. News headlines from South Korea have continued, ranging from insider-trading accusations to admissions that shutting down crypto is "realistically impossible." South Korean authorities are investigating a claim that employees who are part of a crypto ...

The FxPro Analyst Team

FxPro Forex Analysis: WTI Crude Weaker After Inventories, USD Index Retesting Significant Lows, GBP Firm Ahead of Retail Sales Data

The Economic calendar for today is very light, with main events in focus for the European trading session concentrating around German PPI and UK Retail Sales data. Asian equity markets were positive, pointing to a sixth week of gains. The U.S. Dollar Index declined overnight, trading very close to the psychologically important 90.00 level, which represents a four-monthly low. Precious metals rebounded, with Gold trading close to $1330 and Silver close to $17.00. WTI Crude dipped lower after ...

The FxPro Analyst Team

FxPro Forex Analysis: Levels to Watch: FTSE and DAX

European stock markets are looking for direction after bullish sentiment in the U.S equity markets and upbeat economic data from China. U.S markets got a boost from the recent tax changes and news of Apple paying about $38bn in tax on cash held outside the U.S and that the company plans to build a new campus and create 20,000 new jobs. Overnight, China’s economy was revealed to have grown by 6.9% for 2017, but expectations were already raised so there was little market reaction. FTSE100 ...

The FxPro Analyst Team

FxPro Forex Analysis: Chinese GDP Beats Expectations, Asian Equity Markets Pared Gains, European Markets Futures Point to Positive Open

This morning, ahead of the European markets open at 07.00am GMT, we saw the release of a range of data from China. Chinese Retail Sales came in at 9.4% v an expected 10.1%, from a previous 10.2%. Industrial Production came in at 6.2% v an expected 6.0%, from a previous 6.1%, and probably the most important, YoY GDP came in unchanged at 6.8% v an expected 6.7%. The Gross Domestic Product (GDP) data is released by the National Bureau of Statistics of China and studies the gross value of all ...

The FxPro Analyst Team

FxPro Forex Analysis: EURGBP and USDCAD Analysis – January 17, 2018

EURGBP has transitioned from trading in a channel higher, to trading in a sideways range. Resistance in the area around 0.89240 has been confirmed, leading to a selloff down below the moving average cluster in the 4-Hour chart. The 0.88595 support area has been breached today and for now, the 0.88477 level is holding. A loss of this area would target support at 0.88084. This area is important as it is the most recently created higher low. Therefore, a move below it creates a new lower low with ...

The FxPro Analyst Team

FxPro Forex Analysis: Pound Rises to Major Level

The GBPUSD pair has rallied strongly to trade above 1.38 especially against a weak US dollar. This has been encouraged by positive Brexit news, with Dutch and Spanish officials making it known last week that they would like a soft Brexit. Yesterday, European Council president Donald Tusk said, in his usual poetic manner, that Europeans’ “hearts are still open” to “our British friends” to remain in the EU. However, the rally in cable paused as inflation in the UK dipped to 3.0% in December, ...

The FxPro Analyst Team

FxPro Forex Analysis: Bank of Canada Rate Hike Expected Today

The BOC is expected to deliver an Interest rate hike of 25bps today as it seeks to catch up with an economy that is flying high. BOC’s Governor Poloz will deliver his decision and Press Conference, where he will outline the factors involved in making the decision. Chief among them will be the broad underlying wage growth and strong price dynamics of the economy, coupled with excesses in the financial system. The Governor down-played NAFTA concerns in his December speech but as the Trade ...

The FxPro Analyst Team

FxPro Forex Analysis: EURUSD and Italian MIB40 Analysis – January 16, 2018

The Euro had gotten to a high of 1.22960 against the USD yesterday, before retracing to test support at 1.22000 this morning. The rally higher over the last few days took place despite the fact that trend line support was lost on the 8th of January. The pair spent the next three trading sessions below this red trend line, before retesting it and then breaking higher at 1.20733 on the 12th. This is a classic case of previous support becoming resistance, but on this occasion that resistance was ...