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The FxPro Analyst Team

FxPro Forex Analysis: GBPUSD and US30 Analysis – April 30, 2018

The GBPUSD chart shows a pullback under the 100 DMA that has broken down towards the March low. This price action potentially sets up a double top scenario, and the level of 1.37117 comes in to focus as the trigger for this pattern. It is also in this area that the rising black trend line is advancing towards price. A loss here could create a flush towards the 200 DMA at 1.36086 and, potentially, to the next support at the mid-January low of 1.34594. A break of the double top targets the ...

The FxPro Analyst Team

FxPro Forex Analysis: Gold and EURGBP Analysis – April 30, 2018

Gold fell back from the 50 DMA at 1329.00 and has spent the last couple of trading sessions consolidating around 1320.00 and the 100 DMA at 1321.00. Support can be found at last week’s lows of 1314.50, followed by 1311.14 and the 200 DMA at 1304.35. The low point between the double top is at 1302.40 and a loss of this level technically sets up a test of the 1240.00 area. However, there is strong support at 1300.00, with the falling trend line support also pointing to 1290.00. The long-term red ...

The FxPro Analyst Team

Bank Holidays in Japan, China and Russia Put Focus on U.S. PCE Data

At 12:00 GMT, German Harmonised Index of Consumer Prices (YoY) (Apr) is expected to come in unchanged at 1.5%. Harmonised Index of Consumer Prices (MoM) (Apr) is expected to be 0.0% from a previous 0.4%. This data is expected to match the previous reading on a yearly basis, with a fall in the monthly reading adding to concerns about German economic strength. EUR crosses may be moved by this data. At 12:30 GMT, US Personal Consumption Expenditures – Price Index (YoY) (Mar) is expected to be ...

The FxPro Analyst Team

FxPro Forex Analysis: Tight Ranges in First Day of Holiday-Affected Trading Week

With Bank Holidays today in Japan, China and Russia, trading this morning has been taking place in low liquidity conditions. This is expected to continue tomorrow as May Day/Labour Day holidays curtail markets in many countries. Today, markets are higher across the board, with Equities and Commodities up. There is some movement today in FX but, like other markets, moves are generally small. GBPUSD is stable after is big fall on Friday and AUDUSD is down -0.11%, trading around 0.75716. The BOJ ...

Alexander Kuptsikevich

FxPro Forex Analysis: Crypto Investors Uncertain if Bitcoin Will Rally Further

The cryptocurrency market is attempting to recover after a major sell-off which started on Wednesday. Bitcoin has risen 5% and is currently trading around $9,350. The sell-off began at around the $9,700 mark. In 24 hours, BTC had fallen by 10% to $8,700. The leading altcoins also followed suit. It’s worth noting that the sell-off began once Bitcoin had started to approach $10,000. It seems that a large portion of investors had rushed to lock-in their profits once the price had reached the ...

The FxPro Analyst Team

FxPro Forex Analysis: EURUSD and USDJPY Analysis – April 27, 2018

The EURUSD fell after the ECB rate decision and press conference yesterday. The ECB passed the buck to the June meeting, with little insight into policy on this occasion. The pair left the 1.22000 level behind and has traded under 1.21000 today. A further drop targets the falling supporting trend line at 1.20150 and the 1.20000 level. A loss of this area removes the potential bull flag in the pair and pushes price towards support at 1.19600 and 1.19000. This could kick off a decline to the ...

The FxPro Analyst Team

FxPro Forex Analysis: UK100 and EURCAD Analysis – April 27, 2018

The UK100 Index has rebounded strongly after the selloff in global equities earlier this week. The chart shows price action has risen to the upper trend line of the channel overnight, creating a new higher high at 7465.00. The market has been supported by moves in pound sterling and the risk-on mode. Should the market continue its uptrend, the 7500.00 level is looming, with substantive resistance around the 7511.0-7512.00 area. Above there, the 7563.60 level has been resistive and supportive ...

The FxPro Analyst Team

Markets Focus on US and UK GDP

At 08:30 GMT, UK Gross Domestic Product (QoQ) (Q1) is expected to come in at 0.3% from 0.4% previously. Gross Domestic Product (YoY) (Q1) is expected to be unchanged at 1.4%. UK GDP has been moving lower since the highs of 1.1% and 1.0% in 2010 and 2012 respectively. On the positive side, the last two readings beat expectations, with this quarter’s number expected to show a 0.1% decrease and the yearly number holding steady. GBP crosses can see a spike in volatility should the data differ from ...

The FxPro Analyst Team

FxPro Forex Analysis: ECB Hold Steady as the BOJ Removes Inflation Target

The ECB held rates steady yesterday and stayed tight-lipped on everything, forcing analysts to concentrate on the June meeting for policy change, in a quiet before the storm scenario. EURGBP fell to a low of 0.86805 for the day, as Euro bears took control. The BOJ also held rates unchanged but removed their time target for inflation. The press conference from Tokyo is due to take place shortly and traders will look to it for direction. North and South Korean Leaders are meeting today for the ...