daily market analysis from forexmart

Daily Market Analysis from ForexMart

GBP/USD Technical Analysis: June 7, 2018

Daily Market Analysis from ForexMart

GBP/USD Fundamental Analysis: June 11, 2018

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GBP/USD Technical Analysis: June 18, 2018

The British pound was able to dodge the immediate impact of the rise of the dollar while the euro dropped by two significant points that dominate the market in the previous week. The dollar gained from the rate hike which started by the Fed and the positive outlook of the Fed in the economy.

The hawkish sentiments gave t chance to the dollar to rise and the dollar bulls to plan ahead with two more rate hikes to look forward to. The Fed gives similar signals which still yet to be seen if they would continue the process and they would implement this in a specific period of time later on. We have witnessed that the rate hike would have minimal impact on the market, especially on the pound.

It seems that everything is going smoothly in the UK as the Brexit negotiation starts to advance and there are no signs of risks yet. Hence, the pound maintained its position in the support area despite the strengthening of the dollar and activities in the eurozone. The European Central Bank decided to extend the easing program which in turn, weakened the euro. Although, these things did not really affect the pound as it continues to trade close to the area of 1.32.

There are some strong purchasing in this area, as well as at the level of 1.30. Once this is achieved, the lead will be in the hands of the bulls which is likely to be maintained in short term. It seems that there is also no major event to affect the movements and we can say that the price is in consolidation and persists to be within the range for the day.

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USD/JPY Technical Analysis: June 21, 2018

The USD/JPY pair closed higher inside day during the Wednesday session, reflecting uncertainty and expected volatility with a tendency to move up.

The Forex pair also underwent a transition period after the momentum changed to a downturn at the beginning of the week. However, even if the momentum changed, the main uptrend remains solid.

On the other side, there was a short-rally to cover after sellers moved below after a sharp sell-off on Tuesday.

The Japanese yen major pair moved higher on early Thursday with a strong compulsion in purchases from the Wednesday and Thursday highs. Hence, this northward sentiment induces the market to move their positions in the attempt to test the psychological level of 110.859 and the main top at 110.905.

Higher demand for risky assets drove the price action of the pair and losing the Japanese Yen as a safe-haven. On a deeper perspective, the tension on trade war between the U.S. and China is the main impetus of the trend.

The pair is being traded 110.559 and increased by +0.19% or 0.215 at 2.04GMT. It is likely to uphold its positions taking into account rising of stocks and unsettled trade war between the two big nations continues to advance peacefully.

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EUR/USD Technical Analysis: July 2, 2018

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GBP/JPY Technical Analysis: July 17, 2018



The British pound rallied a little during the Monday session and reaches the level of 149.50 before apparent signs of exhaustion. Higher than 150 signifies exhaustion in the market with expected resistance. Thus, we could strike on the opportunity to short this pair. It looks like the market has overexpanded and faces strong psychological level above 150.


Although it is still suggested to short this pair in a smaller move, the long-term selling will bring the rates back to 150. A break higher would give the green light to traders in applying the “buy and hold” strategy yet, the strong political tension around Britain could strengthen the Sterling pound for long-term. The pair will continue to chop around and eventually make way for some clarity that the trend lacks as of the moment. For the short term, sellers are anticipated to be present while more sellers will join in the long-term above the trend. Nevertheless, we should keep the possibilities open as it may change anytime. Noise will still be present because of the political tension in the U.K. and global risk appetite. Hence, small trades will be the ideal approach for this market since noise will be the main impulse in overall trading while headlines will likely cause sudden movements in short-term.

EUR/USD Technical Analysis: July 18, 2018




The euro rallied at the beginning of the Tuesday session and reach up to 1.1750 prior to retreating back at 1.700 below, which were the trades began for the day. We can expect noise to be present in the pair considering that there are Brexit negotiations and a strong dollar. Yet, looking at the charts, clearly, it shows that the true resistance would be above 1.1850 while the floor of the pair can be found at 1.15 below.


Given the high frequency in trading, there is a huge amount of volatility in the EUR/USD pair. At the end of the day, the 1.17 level offers support which is a good indicator or further goes up on Wednesday. Also, the 1.1675 level offers support where there is also a high demand. I assume that the market will look for value on dips, especially for hunters. Yet, traders should still be careful in putting money at stakes. Hence, I would suggest to trade slowly and then gradually add more to reach new fresh highs.


In general, the pair could stay long in consolidation range which should be considered given that there will be a lot of noise and headlines could influence the pair for sudden movements.

EUR/USD Technical Analysis: July 19, 2018





The euro against the U.S. dollar is traded slightly in the area of 1.1650 but profits can be gained during the European session. The uptrend took place in the early hours of Asian market session due to recent bullish trend across the globe booking profits on the dollar. Yet, the outlook of the greenback is still optimistic because of hawkish rhetorics from the U.S. Fed chair Jerome Powell, which would probably affect the European and American session. Stocks on major world market reached a one-month high on Wednesday after strong corporate earnings. Meanwhile, the U.S. surpassed the levels on a three-week high against major currencies with more bidding involving the dollar. Yet, the profit booking activity slowed down the momentum of the dollar for a while. According to Powell, the United States would go for a steady growth in the course of trading and held back risks of the U.S. economy on worsening trade conflict.


The dollar index grew towards 95.4, reaching a three-week high against other currencies and then settled in the area of 95.08 with an increase of 0.2%. Two more rate hikes are anticipated this year from the Federal Reserve in reaction to rising inflationary pressures. On the other hand, the ECB is presumed to raise their rates only in the middle of next year. The eurozone grew for the first time last year since the financial crisis between 2007 and 2008. Yet, the most recent survey of 100 economists results showed growth momentum has already reached the highest point. Nonetheless, the worsening trade war between the U.S. and their trading partners still presents real risks to the eurozone and influenced economists to lessen their growth forecast.

EUR/USD Technical Analysis: July 20, 2018





The single European currency had broken down amid trading course on Thursday while a lot of negativity continue to be in this market. Forecasts say that the market would likely continue to be volatile but the market is determined to move lower near the 1.15 region, an area which has been a significant support in the past and a little bit of buying pressure can be seen in this zone. While the current point of at issue is whether or not traders can break down beneath that level. A successful break down will be a great destruction for the Euro.


Otherwise, a rally from that level and regain the 1.16 zone has a high probability to happen. In that case, we could determine a move on top of the 1.1660 region followed by a potential rally. We can see the overall consolidation below the 1.15 area, which serves as the floor and 1.1850 above as the ceiling of consolidation where we are currently fixed.


It looks like that we will be stuck in this range for the next couple of days or weeks since it's already mid-summer and there many large traders from all over the world who are out of their offices. Aside from that, there are also varying issues regarding the Brexit which causes trading quite noisy and difficult for the EUR/USD currency pair.

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AUD/USD Technical Analysis: July 23, 2018

USD/JPY Technical Analysis: July 24, 2018





Once again, the U.S. dollar dropped against the Japanese yen in day trading on Monday session. There was sufficient support found on the trendline and crossed below the level of 111 yen. It seems that the market is attempting to recover from here. Thus, a short-term bounce might still be far from happening. Predominant selling activity is due to the currency war but, nonetheless, hunters will still find this appealing to reverse the situation.


As shown on the chart, the price plunged to the uptrend line with intention to bounce up. This can actually be considered as a perfect test of the uptrend line and it looks like value hunters are will attempt to join the market now. A rebound can be bought but there will still be some noise around regardless of what happens next in the days to come. Hence, it is ideal to trade in smaller trade. Although there is sufficient amount of demand below, a lot of noise is present above. In long-term trades, there is a tendency of the pair to move because of the risk appetite. Therefore, in case that trade tension mitigates, the market might turn around.


On the other hand, if the market breaks lower than the uptrend line, the next target of the market will be the level of 110, which can serve as a support. Hence, it is likely for a correction to happen given the oversold condition of the pair, at least the in the next few trading sessions. Assessing the trend as a whole, there are higher risks on the upper channel than below but with high volatility around, traders should still be careful in trading this market.

GBP/JPY Technical Analysis: July 25, 2018