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The FxPro Analyst Team

FxPro Forex Analysis: S&P 500 and Nasdaq 100 Analysis – May 21, 2018

U.S. equities are set to make gains after news that a trade war between the world’s two largest economies is on hold. The Treasury secretary, Steven Mnuchin, reported on Sunday that negotiations with China have progressed saying, “We’re putting the trade war on hold, right now, and we have agreed to put the tariffs on hold while we try to execute the framework”. The two sides are reported to have reached a consensus on taking effective measures to cut the deficit. It is notable that the Russell ...

The FxPro Analyst Team

FxPro Forex Analysis: UK 100 and EURCAD

UK 100 and EURCAD The UK 100 Index has put together a stellar performance, with a breakout higher today to a new high. The pre market high comes in at 7837.5 with support in the area of the 7800.00 level. A continued bullish move would go on to test 7850.00 followed by 7900.00. Ultimately the 8000.00 level remains a major goal for bulls to reach with the possibility of a significant number of shorts waiting at that level. In the near term it is possible that the gap higher over the weekend gets ...

Alexander Kuptsikevich

FxPro Forex Analysis: Downward Trend Prevails on the Crypto Market

Bitcoin has fallen below $8,000. The major altcoins followed the “benchmark” cryptocurrency, losing between 5% and 10% of their value. Throughout the year, each time market participants have expected growth, the trend has reversed into a decline. Bitcoin in particular, after having experienced growth for 3 weeks and attempted to move above $10,000, is now in a downward trend that has already lasted for two weeks. The positive start to the week was partially attributed to Consensus, the world’s ...

The FxPro Analyst Team

FxPro Forex Analysis: USDMXN and USDTRY Analysis – May 18, 2018

Mexican Peso The Mexican Peso (MXN) has continued to weaken on uncertainty surrounding the North American Free Trade Agreement (NAFTA), where there is still no deal in sight. Even if the government announces an agreement on NAFTA, any recovery may be short-lived, as attention will turn to the country’s election where the favoured candidate, Manuel Lopez Obrador, is expected to reduce efforts to open up the oil industry and generate growth. On the daily chart, USDMXN has again stalled at 19.85 ...

The FxPro Analyst Team

FxPro Forex Analysis: US 30 Index and Gold Analysis – May 18, 2018

The US 30 Index approached 25000.00 this week but has stepped back from that level to support at the 50-period MA. The index looks to be forming a continuation pattern but more data is needed to confirm this. The breakout from the red line was contested by bears a week earlier around 24400.00 and this week has been a struggle. A break above the blue top trend line at 24800.00 is now needed for a retest of 25000.00. A move higher targets 25200.00 and 25500.00. The 2018 high remains a major ...

The FxPro Analyst Team

FxPro Forex Analysis: USDCAD and GBPCAD Analysis – May 17, 2018

The Canadian Dollar (CAD) is expected to see increased volatility, as markets await resolution on the North American Free Trade Agreement (NAFTA) negotiations and the release of key economic data on Friday. Today is the deadline set by House Speaker Paul Ryan for a notice of intent to sign a deal that could be passed by the current Congress by the end of the year. Indications are that a deal is unlikely to be agreed today but if there is a resolution, it will be positive for CAD. Inflation and ...

The FxPro Analyst Team

FxPro Forex Analysis: GBPJPY and GBPAUD Analysis – May 17, 2018

The GBPJPY pair has rallied to the resistance trend line at 149.710, only to rebound lower and test Tuesday’s high at 149.182. The rally was the result of reports that the British Government is to maintain the Customs Union with the EU past 2021. While this is positive news, it does lead to questions about the unity of the cabinet and the future of PM May’s Government. The uptrend seen here on the 1-Hour chart is still intact and long traders will hope to breach the 150.000 level soon, with ...

The FxPro Analyst Team

FxPro Forex Analysis: EURUSD and EURAUD Analysis – May 16, 2018

The EURUSD pair has dipped below 1.1800 for the first time since December. The move comes after the release of Eurozone final CPI figures, which were in line with estimates. The final CPI was reported at +1.2% on a yearly basis. Adding to the bearish bias is monetary policy divergence between the FED and the ECB, as US treasury yields continue to rise. The key 10-year US Treasury yield reached 3.095%, its highest level since 2011. EURUSD On the daily chart, EURUSD is attempting to break the ...

The FxPro Analyst Team

FxPro Forex Analysis: GBPUSD and USDJPY Analysis – May 16

The GBPUSD pair pulled back from resistance at 1.36000 this week and remains in a sideways consolidation pattern between 1.36500 and 1.34500, a 200-point range. USD strength yesterday pushed price to new lows at 1.34510, and this remains the level to break if that strength returns. For now, price is back above previous support at 1.34825. Further support is found at 1.34300, followed by 1.34000 and the 1.33500 area. Resistance comes in at the 50-hour MA at 1.35246 and the 100-hour MA at ...