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The FxPro Analyst Team

FxPro Forex Analysis: EURUSD and US30 Index Analysis – January 31, 2018

EURUSD has retraced a little from recent highs at 1.25372 and in the process, appears like it may be forming a Bull flag. It is today testing the top of the flag pattern around 1.24600 and if a break out should occur then 1.25000 should be tested followed, by resistance at the high in quick succession. The price may fall back a little from the top of the flag, at which point supporting levels will come into play around 1.23759. The supporting 50-period moving average on this 4-hour chart is ...

The FxPro Analyst Team

FxPro Forex Analysis: Renewed Selling in Cryptos

Cryptocurrencies came under selling pressure as reports emerged that that Bitfinex and Tether were subpoenaed by the U.S. Commodity Futures Trading Commission (CFTC) last week. Tether is a so called stablecoin, the idea behind them is to peg a cryptocurrency coin to something like the U.S. dollar. According to the Tether website, "Tether Platform currencies are 100% backed by actual fiat currency assets in our reserve account". However, it had been observed in recent weeks that the amount of ...

The FxPro Analyst Team

FxPro Forex Analysis: Trump’s First State of the Union Address Strikes Positive Tone

President Donald Trump delivered his first State of the Union Address last night from Capitol Hill. He said that he wants Congress to produce legislation that generates at least $1.5 trillion for new infrastructure investment. Every federal dollar for infrastructure should be leveraged by partnering with state and local governments and tapping private sector investment. Infrastructure permitting approval process should be streamlined down to one or two years. He commented that the US is seeing ...

The FxPro Analyst Team

FxPro Forex Analysis: GER30 and Gold Analysis – January 30, 2018

The German index has dropped back from support after setting a new High last week at 13600.00. The market barely broke above the previous high at 13535.00 before the price was pushed lower. The divergence between this index and other global indices is stark. The US markets have been strong trending higher, while the Germany30 has consolidated, frustrating Bulls and Bears alike. The problem is exacerbated by the political instability in Germany and by the moves in currency markets. The price is ...

The FxPro Analyst Team

FxPro Forex Analysis: Bitcoin May Surge After the Chinese New Year

Experts are pointing to the Chinese New Year, which takes place on February 16, as one of the reasons behind the current correction being seen in the cryptocurrency market, and in Bitcoin’s price in particular. Past statistics confirm that, in the 4-6 weeks before the Chinese New Year celebrations, investors tend to focus on fiat money, causing the cryptocurrency market to decline. It is worth mentioning that Bitcoin largely reflects the tendencies of the cryptocurrency market in general, ...

The FxPro Analyst Team

FxPro Forex Analysis: Crude Oil Declines

U.S. Crude Oil (WTI) traded below the $65 handle and Brent Crude (BRENT) below $69 as prices backed off their highest levels in years. The factors that pushed crude price higher may now be coming to an end. The weakening U.S. Dollar has buoyed commodity prices recently but the steep decline took a breather on Monday. The Baker Hughes right count last week showed a large increase of 12 to 759, which now seems to be fuelling concerns of a rise in U.S production. The largest factor over the past ...

The FxPro Analyst Team

FxPro Forex Analysis: Eurozone GDP 2.7% YoY as Expected Supports EUR

Today at 10.00am GMT, EU Gross Domestic Product was published in line with the expectations. Eurozone GDP (QoQ) for Q4 came in as expected at 0.6%, from a previous 0.7%. The YoY figure for Q4 also came in as expected at 2.7%, from a previous 2.8%. GDP is the value of all produced goods and services during the quarter. In this case, it shows the GDP growth compared with the previous quarter. This is the most comprehensive indicator of the state of the economy. Growth or acceleration of growth ...

The FxPro Analyst Team

FxPro Forex Analysis: US State of the Union Tonight

President Donald Trump will deliver his first State of the Union Address at 21:00 EST (02:00 GMT Wednesday 31st January) tonight from Capitol Hill. Any reference made to the economy, trade or the U.S. dollar could result in volatility in markets. The consensus deems it likely that the speech will have a direct impact on the dollar, as it includes a budget message and an economic report of the nation. US Personal Consumption Expenditures – Price Index (YoY) (Dec) was 1.7% v an expected 1.9%, ...

The FxPro Analyst Team

FxPro Forex Analysis: GBPCAD and USDJPY Analysis – January 29, 2018

The GBPCAD pair has been rising steadily since its break above 1.70500 in early January but it has today dropped back under trend line support. It reached a peak of 1.76357 on Thursday. The blue rising trend line managed to hold as support on the initial series of tests but gave way late on Friday. This, in turn, led to a test of the red rising support trend line for January. The market chose to test this around 1.74250 by forming a bear flag across the trend line. The flag broke this morning ...