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October 2017

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 Daily Market Analysis from ForexMart

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Andrea ForexMart
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PostSubject: Daily Market Analysis from ForexMart   Thu Oct 12, 2017 2:17 pm
USD/JPY Technical Analysis: October 12, 2017

The U.S. dollar declined at the outset of Wednesday’s trading session, however, the bucks were able to find support on top the 112 handle to conduct a reversal, showing active existence.
The American dollar must keep on finding lots of support at 112 level because every pull back will provide plenty of support from that region. It is better when it offered some “floor” but a break down underneath there would offer a massive support below the 111 mark. With this, buyers will return to the market in a short period of time except when the Federal Reserve rejected the proposed interest rate hike.

The issue about rate hike has been the talk of the town for some time and maybe it’s time for the Fed to have at least some hints about their position regarding this matter, as the market really needs to see some progress or else they might lose their credibility. Many are intrigued on how many times the Fed will increase its rates which most participants would search within the Meeting Minutes. Hence, it will take some time to get a clear answer but this idea was already established within the marketplace and probably there is no any reason to conduct such rally.

The Bank of Japan remains to be soft which makes it reasonable to enter the 114.50 region. This level is the top of the longer-term consolidation. It appears that market imposes a “buy only” mode.
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Andrea ForexMart
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PostSubject: Daily Market Analysis from ForexMart   Fri Oct 13, 2017 10:14 am
EUR/USD Fundamental Analysis: October 13, 2017

There is a consolidation in during the trading session of the EUR/USD pair as it fluctuates up and down for the day without specific trajectory. The Resistance area is found close to the 1.18880 and it cannot be determined yet the market will be able to break this area or its direction for short-term.

The price moved headed to the level mentioned and it seems that there will be a lot of selling to take place which would result in a minor correction. Although, there is choppiness present in the pair and it might be best to stay on the sidelines. The data from the U.S. particularly the PPI has no big impact on the movement of the pair and move sluggishly but steadfastly.

The dollar is moving behind with the NFP data came in weaker anticipated in the previous week. The FOMC minutes also gave a hawkish sentiment as awaited by the market. The trend is hinting for an uptrend of the EUR/USD pair to persist both for short and medium term while the question remains if the Federal Reserve will raise the rate for December and continue to affect the market.

Today, the market may get answers as the CPI data from the U.S. will be released later this day which put the Fed member at a worrisome state while dollar bulls are hoping for a positive output for today and keep open the possibility of a rate hike in December. Other than the CPI data, the retail sales data is also scheduled to be released for today which would greatly influence the short-term activity of the pair.

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Andrea ForexMart
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PostSubject: Daily Market Analysis from ForexMart   Tue Oct 17, 2017 2:01 pm
USD/CAD Technical Analysis: October 17, 2017

During the daytime trading on Monday, the American dollar traded sideways versus the Loonie dollar, followed by a break through the 1.25 handle. Eventually, the markets contained high volatility but the positive thing about this move is the reversed flow against the oil sector. The oil markets tend to rally as well as the U.S dollar but this appeared to be unusual which could give a negative sign for the CAD.

The 1.25 region below is projected to continue its attractiveness for the price but there is a possibility for the rally to resume according to the skeptical actions by the Canadian dollar.
A break over the 1.2250 mark even on the daily close will enable the market to keep on moving upwards or may be an attempt to reach the 1.2750 mark.

The markets would certainly be volatile due to the instability of oil industry along with some back and forth movements. Considering the massive volume of volatility, it is much preferred to gradually establish a position.

A break down underneath the 1.24 mark does not necessarily indicate a bearish tone again since dealing with the recent action seems difficult. While the markets would likely try to generate some kind of base. Moreover, the oil markets are moving nearer to the massive resistance which could further provide lots of bearish pressure towards the Loonies.

Take note that the Bank of Canada increased its interest rate and suddenly mentioned that the rate hikes should be considered as automatic. With this regard, the market appears to completely turn around against the CAD.

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Andrea ForexMart
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PostSubject: Daily Market Analysis from ForexMart   Tue Oct 17, 2017 3:06 pm
GBP/USD Fundamental Analysis: October 17, 2017

The British pound against the U.S. dollar has touched on the level of 1.3300 during the Monday session yesterday. It dropped along the trend and declined as the dollar gains strength during this period of time. The pair was not that influenced following the release of a mixed data from the U.S. on Friday. Although the happening on Monday did had a minor effect to the pair.

It is assumed that the current stand of the U.K. Prime Minister Theresa May would have an impact on the currency to the Brexit talks in Brussels but it did not go this way. Looking to the major reports, there will be several data scheduled to be publicized this week which includes the retail sales data and the inflation data. The market is about to position themselves considering the news on Monday which induced choppiness and weakened the market as seen yesterday.

Looking back on Friday session, it seems that the market has put aside the mixed data and rally at a higher price compared to almost all currencies. This was triggered but the reports where the candidate John Taylor was supported by U.S. President Trump to replace the current Fed Chair, Janet Yellen. He is recognized to be hawkish and has favored rate hikes at multiple events and if in case he was appointed, this would have a good effect to the U.S. dollar. Consequently, investors have begun positioning their assets which strengthened the dollar in the latter part of yesterday’s trading.  

For today, the CPI inflation data from the UK as well as the scheduled speech of the BOE Governor Carney which are presumed to cause volatility in the GBP/USD pair. A breakout at the level of 1.33 would result in a surge of 200 pips and could work similarly when it reaches the level of 1.3200 and maintains the consolidation.
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Daily Market Analysis from ForexMart

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