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Market Forecast 25/10/2017

EUR/GBP is eyeing further gains above 0.8975 and USD/CHF remains in a major uptrend above the 0.9875 support level.

EUR/GBP Forecast – Euro Eyeing Further Gains

Key Points

  • The Euro after forming a base around the 0.8880 level against the British Pound started an upside move.
  • There was a break above a short-term bearish trend line with resistance at 0.8890 on the hourly chart of the EUR/GBP pair.
  • Today in the Euro Zone, the German business sentiment index for Oct 2017 was released by the CESifo Group.
  • The forecast was 115.2, but there was an increase from the last revised reading of 115.3 to 116.7.

EURGBPH1.png

The Euro after finding bids near the 0.8880 support against the British Pound started an upside move. The EUR/GBP pair made good ground and was able to break the 0.8920 resistance.

The pair also managed to move above the 50% Fib retracement level of the last decline from the 0.9021 high to 0.8885 low. Moreover, the pair succeeded in clearing a short-term bearish trend line with resistance at 0.8890 on the hourly chart.

At the moment, the pair is trading near another trend line at 0.8965. The trend line resistance is also close to the 61.8% Fib retracement level of the last decline from the 0.9021 high to 0.8885 low.

Therefore, there can be a downside reaction from 0.8970 back towards the 0.8930-20 support area. However, the overall trend is bullish for EUR/GBP as long as the pair is above 0.8920.

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German Business Climate Index

Today in the Euro Zone, the German business sentiment index for Oct 2017 was released by the CESifo Group. The forecast was slated for no change in the index from the last reading of 115.2.

However, the actual result was above the forecast, as there was an increase in the index to 116.7. The last reading was also revised up from 115.2 to 115.3. The German IFO Current Assessment also posted an increase from the last revised reading of 123.7 to 124.8, whereas the market was looking for 123.5.

The overall result was positive, which could push the EUR/GBP pair higher towards the 0.9000 handle in the near term.

 

USD/CHF Forecast – US Dollar Remains in Uptrend

Key Points

  • The US Dollar remains in a solid uptrend and looking for more gains above the 0.9915 level against the Swiss Franc.
  • There is a major ascending channel forming with support at 0.9880 on the hourly chart of the USD/CHF pair.

USDCHFH1.png

The US Dollar gained a lot of momentum recently from the 0.9740 swing low against the Swiss Franc. The USD/CHF pair traded higher and broke the 0.9850 and 0.9900 resistance levels.

The upside move was strong, and the pair is currently following a major ascending channel with support at 0.9880 on the hourly chart. At present, the pair is trading near the channel resistance at 0.9920 and looking for more gains.

Once there is a break above 0.9920, the next stop could be 0.9950. On the downside, the 0.9900 and 0.9880 levels are decent supports and can be considered as buy levels.

Risk Disclosure: By trading a leveraged product your capital is at risk.

The information above cannot be a taken as an investment advice and FXPMarkets will not be held liable for any losses that may occur by using the provided above information.

For more information on risks, please read our General Risk Disclosure.

Market Forecast 10/24/2017

EUR/USD is about to gain traction in the short term, GBP/USD is struggling to clear an important resistance and USD/JPY remains in a solid uptrend.

EUR/USD Forecast – Euro To Gain Strength Soon

Key Points

  • The Euro after finding support near 1.1730 against the US Dollar started an upside move.
  • There was a break above a bearish trend line with resistance at 1.1745 on the hourly chart of the EUR/USD pair.
  • Today in the Euro Zone, the Manufacturing Purchasing Managers Index (PMI) for Oct 2017 (Prelim) was released by the Markit Economics.
  • The forecast was slated for 57.8, but there was a rise to 58.6 from 58.1.

EURUSDH1.png

The Euro declined recently and moved towards the 1.1720-30 support area against the US Dollar. The EUR/USD pair traded as low as 1.1723 and later started an upside correction.

During the upside, the pair was able to break a bearish trend line with resistance at 1.1745 on the hourly chart. It has opened the doors for more gains and the pair might continue to move higher towards 1.1780-90 in the near term.

 

Euro Zone Manufacturing PMI

Today in the Euro Zone, the Manufacturing Purchasing Managers Index (PMI) for Oct 2017 (Prelim) was released by the Markit Economics. The forecast was slated for a decline from the last reading of 58.1 to 57.8.

The actual result was above the forecast as the Euro Zone Manufacturing PMI is expected to increase to 58.6 in Oct 2017. On the other hand, the Euro Zone Services PMI is forecasted to decline from 55.8 to 54.9 in Oct 2017.

The overall result was positive and might help EUR/USD to gain strength above 1.1770 in the near term.

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GBP/USD Forecast – Cable Struggles to Break 1.3225

Key Points

  • The British Pound is trading in the bullish zone, but struggling to break 1.3225 against the US Dollar.
  • The GBP/USD pair is currently trading near a bullish trend line with support at 1.3190 on the hourly chart.

GBPUSDH1.png

The British Pound traded higher from the 1.3085 swing low against the US Dollar. The GBPUSD pair traded above the 1.3200 level, but struggled to break the 1.3225-1.3230 resistance.

There were 2-3 attempts to break the 1.3225 resistance, but buyers failed to gain traction. At the moment, the pair is correcting lower and trading near a bullish trend line with support at 1.3190 on the hourly chart.

If sellers manage a break below the trend line support at 1.3190 and the 100 hourly SMA, there could be a downside move towards the 1.3150 level in the short term.

 

USD/JPY Forecast – US Dollar Remains in Uptrend

Key Points

  • The US Dollar is in a solid uptrend above the 113.20 level against the Japanese Yen.
  • There is a monster bullish trend line forming with support at 113.18 on the hourly chart of USD/JPY.

USDJPYH1.png

The US Dollar is following a nice bullish path and recently traded as high as 114.07 against the Japanese Yen. Later, the USD/JPY pair started a downside correction and moved towards the 38.2% Fib retracement level of the last wave from the 112.28 low to 114.07 high.

On the downside, there is a monster bullish trend line forming with support at 113.18 on the hourly chart, which is aligned with the 50% Fib retracement level of the last wave from the 112.28 low to 114.07 high.

Overall, the pair remains buy on dips near the 113.25-18 levels as long as there is no close below 113.00.

 

Risk Disclosure: By trading a leveraged product your capital is at risk.

The information above cannot be a taken as an investment advice and FXPMarkets will not be held liable for any losses that may occur by using the provided above information.

For more information on risks, please read our General Risk Disclosure.

Market Forecast 23/10/2017

The British Pound is in an uptrend above 149.80 vs the Japanese Yen. AUDUSD remains sell on rallies near 0.7830-40.

GBP/JPY Forecast – British Pound Downsides Limited

Key Points

  • The British Pound climbed higher recently and moved above 149.00 against the Japanese Yen.
  • There was a break above a major resistance trend line at 149.75 on the hourly chart of GBP/JPY.
  • Today in Japan, the Leading Economic Index for August 2017 was released by the Cabinet Office.
  • The outcome was above the forecast of 106.00, as there was a rise from the last revised reading of 105.2 to 107.2.

GBPJPYH1.png

The British Pound after consolidating above the 147.80 level against the Japanese Yen started an upside move. The GBP/JPY pair made a nice upside move and traded above the 149.00 resistance and the 100 hourly simple moving average.

There was also a close above a major resistance trend line at 149.75 on the hourly chart of GBP/JPY. It opened the doors for more gains above 150.00. The pair traded as high as 150.47 before it started correcting lower.

The pair is currently trading lower and approaching the 23.6% Fib retracement level of the last wave from the 147.88 low to 150.47 high at 149.86. The mentioned 149.86 is also near the broken resistance trend line.

Therefore, any dips from the current levels will most likely find support near 149.80.

 

Japan’s Leading Economic Index

Today in Japan, the Leading Economic Index for August 2017 was released by the Cabinet Office. The forecast was slated for a minor rise from the last reading to 106.00.

The actual result was above the forecast of 106.00, as there was a rise from the last revised reading of 105.2 to 107.2. Moreover, the Coincident Index was forecasted to increase to 117.00. Again, the outcome was positive, as there was a rise from the last revised reading of 115.7 to 117.7.

The GBP/JPY pair might correct a few pips, but remains supported on the downside near 149.80-60.
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AUDUSD – Aussie Dollar Remains Sell on Rallies

Key Points

  • The Aussie Dollar failed to break the 0.7880 resistance against the US Dollar and moved down.
  • There was a break below a bullish trend line with support at 0.7830 on the hourly chart of the AUD/USD pair.

AUDUSDH1.png

The Aussie Dollar moved higher this past week, but was not able to gain strength above the 0.7880-0.7900 levels against the US Dollar. As a result, the AUD/USD pair started a downside move and traded below the 0.7840 support plus the 100 hourly simple moving average.

During the downside, the pair even broke a bullish trend line with support at 0.7830 on the hourly chart. It traded as low as 0.7801 and is currently correcting higher.

It has moved above the 23.6% Fib retracement level of the last drop from the 0.7882 high to 0.7801 low. However, the broken trend line at 0.7830 may now prevent gains. The 38.2% Fib retracement level of the last drop from the 0.7882 high to 0.7801 low is also near 0.7833 to act as a resistance for more upsides in AUD/USD.

Risk Disclosure: By trading a leveraged product your capital is at risk.

The information above cannot be a taken as an investment advice and FXPMarkets will not be held liable for any losses that may occur by using the provided above information.

For more information on risks, please read our General Risk Disclosure.

On the Global Front

This week, new records were recorded on Wall Street. This time it was the Dow Jones Industrial Average which broke the 23,000 points mark. Oil continued the upward trend that began in recent weeks, mainly due to two reasons: The first is the appeal made last week to the oil shale producers to adjust its prices with OPEC countries. The trend has also continued upwards due to the sharp decline in Crude Oil inventories. Are that relatively When looking at inflation, Oil prices must be taken under consideration. The expectations for the next upcoming months are for indices to climb higher and therefore, bringing annual inflation closer to the target of price stability.

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Earning Season is in full swing! Yesterday it was IBM (160.9, + 0.86%) Which beat early forecasts and the stock soared by about 9%, the steepest intraday rally in recent years. It should be noted that this is a significant figure, due to the fact that IBM is one of the oldest and most heavily traded companies on Wall Street.

eBay ($37.29, -1.79%)

 

Published its financial statements, in the framework of which it lowered its profit forecasts. Snap ($15.25, -3.17%) One of Wall Street’s most disappointing companies since its IPO, will also report today. Apple ($155.98, -2.37%) Fell on the back of market concerns about low demand for newly launched iPhone 8 and iPhone 8 devices. The technology giant from Cupertino will launch its new flagship device, the iPhone X, on November 3, in a move that may trigger positive sentiment in the recent stock.

 

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Swiss pharmaceutical giant Roche ($239.10, + 0.21%)

Reported a significant increase in revenues in the first nine months of the year, and approved the forecasts for the entire year. German software giant SAP ($96.33, + 0.76%) Has raised its forecasts for all of 2017, while its third-quarter revenue rose to € 5.59 billion.

 

On the Global Front

  • Numbers for the weekly unemployment claims in the U.S. stood at 222,000 last week, better than the expected 240,000 new claims.
  • In China, the second largest economy in the world, have 2 important pieces of data.
    In the third quarter of the year, China’s GDP grew at an annualized rate of 6.8%, in line with expectations, and slightly below 6.9% during the second quarter.

Industrial output in September increased by 6.6% compared to September 2016, above expectations of an increase of 6.2%. Retail sales in the past month also exceeded expectations – an increase of 10.3%.

  • In Japan, trade figures were released below earlier forecasts. Exports from the country rose by 14.1% in September from a year ago, below expectations of a rise of 14.9%. Imports to Japan rose 12%, well below forecasts of a 15% increase.

 

Risk Disclosure: By trading a leveraged product your capital is at risk.

The information above cannot be a taken as an investment advice and FXPMarkets will not be held liable for any losses that may occur by using the provided above information.

For more information on risks, please read our General Risk Disclosure.

Market Forecast 18/10/2017

FTSE 100 is slightly correcting lower, but remains supported. SPX 500 would continue to move higher in the near term.

FTSE 100 Index Forecast – Corrections Are Limited

Key Points

  • The FTSE 100 index after forming a short-term top at 7,564 started a downside move.
  • There is a short-term descending channel forming with support at 7,500 on the 4-hours chart of FTSE 100 Index.
  • Today in the UK, the Claimant Change for Sep 2017 was released by the National Statistics.
  • The forecast was slated for 1.0K, but the actual was lower, as the change was 1.7K.

FTSE100H4

The FTSE 100 index made good ground recently and moved above the 7,500 level. The index formed a short-term top near 7,564 and later started a downside correction.

At present, there is a short-term descending channel forming with support at 7,500 on the 4-hours chart of FTSE 100 Index. On the downside, the channel support remains a crucial barrier near 7,500.

Below 7,500, the next support is around the 23.6% Fib retracement level of the last wave from the 7,195 low to 7,564 high. It seems like there is a chance of a downside extension towards the 7,500 and 7,450 levels before the index resumes its uptrend.

On the upside, the channel resistance is at 7,550. A break above the channel resistance and the last swing high at 7,564 would open the doors for a move towards the 7,600 level in the near term.

 

UK’s Claimant Count Change

Today in the UK, the Claimant Change for Sep 2017 was released by the National Statistics. The forecast was slated for a change of 1K compared with the previous reading of 2.8K.

However, the actual result was lower than the forecast as the change was 1.7K. The unemployment rate remained at 4.3%, similar to the forecast of 4.3%.

Looking at the Average earing including bonus, there was a rise of 4.2%, which was more than the forecast of 2.1% and above the last +2.1%. The overall result was positive, but failed to help GBP.

 

SPX 500 Index Forecast – Uptrend Intact

Key Points

  • The SPX 500 Index is trading higher and remains in a major uptrend above 2,550.
  • There is a monster contracting triangle forming with support at 2,558 on the 4-hours chart of the SPX 500 Index.

SPX500H4 (3)

In the last few analysis, we saw a monster contracting triangle forming with current support at 2,558 on the 4-hours chart of the SPX 500 Index. The index followed the triangle and remains in a major uptrend above the 2,550 level.

The index is on the move and might continue to trade higher above 2,560. On the downside, the triangle support is near the 23.6% Fib retracement level of the last wave from the 2,542 low to 2,562 high.

The most important support is close to 2,500 and the 50% Fib retracement level of the last wave from the 2,542 low to 2,562 high.

The overall trend is positive and there are chances of an upside break above 2,562 in the near term.

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Risk Disclosure: By trading a leveraged product your capital is at risk.

The information above cannot be a taken as an investment advice and FXPMarkets will not be held liable for any losses that may occur by using the provided above information.

For more information on risks, please read our General Risk Disclosure.

Market Forecast 10/17/2017

EUR/USD might soon start an upside recovery, GBP/USD is gaining upside momentum and USD/JPY is back in the bullish zone above 112.00.

EUR/USD Forecast – Euro To Recover Soon

Key Points

  • The Euro declined recently and moved below 1.1780 against the US Dollar.
  • There is a major declining triangle forming with current resistance at 1.1780 on the hourly chart of the EUR/USD pair.

EURUSDH1.png

The Euro declined recently and moved below the 1.1800 and 1.1780 support levels against the US Dollar. The EUR/USD pair traded as low as 1.1754 and is currently attempting an upside correction.

On the upside, the pair needs to clear a major declining triangle with current resistance at 1.1780 on the hourly chart. If the pair fails to move above 1.1780-1.1800, there are chances of further declines toward 1.1740 in the near term.

 

GBP/USD Forecast – Cable Gaining Upside Momentum

Key Points

  • The British Pound is back in the bullish zone above 1.3240 against the US Dollar.
  • The GBP/USD pair is currently attempting an upside break above a descending channel with resistance at 1.3280 on the hourly chart.
  • Today in the UK, the Consumer Price Index for Sep 2017 was released by the National Statistics.
  • The forecast was slated for a 0.3% rise (MoM), and the actual was in line with the forecast.

GBPUSDH1.png

The British Pound started a nice uptrend from the 1.3120 swing low against the US Dollar. The GBPUSD pair traded above the 1.3320 level and later started a short-term correction.

It tested the 50% Fib retracement level of the last wave from the 1.3120 low to 1.3335 high and found bids. The pair is now moving back higher and currently attempting an upside break above a descending channel with resistance at 1.3280 on the hourly chart.

It seems like the pair might succeed in breaking 1.3280 and 1.3300 for a retest of 1.3335. Buying with a break above 1.3280 can be considered with a stop below 1.3250.

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UK’s CPI

Today in the UK, the Consumer Price Index for Sep 2017 was released by the National Statistics. The forecast was slated for a rise of 0.3% in the CPI compared with the previous month.

The actual result was in line with the forecast as the CPI increased 0.3%. In terms of the yearly change, the market was looking for an increase of 3%, and the actual was similar. However, Sep’s reading was more than the last +2.9%. The report added that “the main contributors to the increase in the rate were rising prices for food and recreational goods, along with transport costs, which fell by less than they did a year ago”.

The overall result was positive and could help GBP/USD is gaining strength above 1.3280 in the near term.

 

USD/JPY Forecast – US Dollar Back above 112.00 Vs Yen

Key Points

  • The US Dollar found support at 111.64 against the Japanese Yen and started an upside move.
  • The USD/JPY pair broke a bearish trend line at 112.00 on the hourly chart.

USDJPYH1.png

The US Dollar after consolidating above the 111.60 support against the Japanese Yen started an upside move. The USD/JPY pair succeeded in gaining strength above 111.80 and a bearish trend line at 112.00 on the hourly chart.

The pair is now struggling to break the 50% Fib retracement level of the last decline from the 112.81 high to 111.64 low. Once buyers succeed in pushing the pair above the 112.30 level, there can be a solid upside move towards the last swing high at 112.80.

Overall, the pair remains buy near 112.00 as long as there is no close below 111.65.

 

Risk Disclosure: By trading a leveraged product your capital is at risk.

The information above cannot be a taken as an investment advice and FXPMarkets will not be held liable for any losses that may occur by using the provided above information.

For more information on risks, please read our General Risk Disclosure.

Market Forecast 16/10/2017

EUR/GBP remains in a bearish trend below 0.8940 and USD/CHF is attempting an upside break above the 0.9770 resistance.

EUR/GBP Forecast – Euro Remains in Downtrend

Key Points

  • The Euro started a new downtrend from the 0.9030 swing high against the British Pound.
  • There is a declining channel forming with resistance at 0.8880 on the hourly chart of the EUR/GBP pair.
  • Today in the Euro Zone, the German wholesale price Index for Sep 2017 was released by the Statistisches Bundesamt Deutschland.
  • The forecast was +0.4%, but there was an increase of 0.6% (MoM) in the WPI.

EURGBPH1.png

The Euro after a steady uptrend found sellers above the 0.9020 level against the British Pound. The EUR/GBP pair started a downside move and traded below the 0.8950 and 0.8900 support levels.

The pair even traded below the 0.8880 support level and settled below the 100 hourly simple moving average. A low was formed recently at 0.8855 and the pair is currently correcting higher.

An initial resistance is around the 23.6% Fib retracement level of the last decline from the 0.8929 high to 0.8855 low. Moreover, there is a declining channel forming with resistance at 0.8880 on the hourly chart.

Any major correction from the current levels towards 0.8880 or the 50% Fib retracement level of the last decline from the 0.8929 high to 0.8855 low will most likely face sellers in the near term.

 

German Wholesale Price Index

Today in the Euro Zone, the German wholesale price Index for Sep 2017 was released by the Statistisches Bundesamt Deutschland. The forecast was slated for a rise of 0.4% in the WPI compared with the previous month.

However, the actual result was above the forecast, as there was an increase of 0.6% in the WPI in Sep 2017. In terms of the yearly change, the market was looking for the WPI to increase by 3.2%. The actual was better, as there was a rise of 3.4%.

The overall result was positive, which could help the EUR/GBP pair in correcting towards the 0.8880 resistance area.

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USD/CHF Forecast – US Dollar Attempting Upside Break

Key Points

  • The US Dollar was under a lot of pressure recently and traded below 0.9720 against the Swiss Franc.
  • There is a bearish trend with resistance at 0.9765 on the hourly chart of the USD/CHF pair, which is preventing a recovery.

 

USDCHFH1.png

The US Dollar remained in a downtrend and traded towards the 0.9700 handle against the Swiss Franc. The USD/CHF pair traded as low as 0.9704 and later started an upside move.

It managed to move above the 0.9720 resistance and the 100 hourly simple moving average. However, a bearish trend with resistance at 0.9765 on the hourly chart is preventing further gains.

On the downside, the 38.2% Fib retracement level of the last wave from the 0.9704 low to 0.9768 high at 0.9743 and the 100 hourly simple moving average are important supports.

As long as the pair is above the 100 hourly SMA, it might break 0.9770 for more gains in the near term.

 

Risk Disclosure: By trading a leveraged product your capital is at risk.

The information above cannot be a taken as an investment advice and FXPMarkets will not be held liable for any losses that may occur by using the provided above information.

For more information on risks, please read our General Risk Disclosure.

Market Forecast 13/10/2017

The NZD/USD pair is back in the bullish zone above 0.7120 and Crude Oil price is set to break the $51.90-52.00 resistance.

NZD/USD Forecast – Back in Bullish Zone

Key Points

  • The New Zealand Dollar after forming a bottom near 0.7050 started an upside move against the US Dollar.
  • There was a break above a bearish trend line with resistance at 0.7080 on the hourly chart of the NZD/USD pair.
  • Recently in New Zealand, the Business NZ PMI for Sep 2017 was released by the Business NZ.
  • The outcome was above the forecast of 57.0, as there was only a minor decline in the PMI to 57.5.

NZDUSDH1.png

The New Zealand Dollar was under a lot of pressure, but the 0.7050-0.7055 support managed to hold losses against the US Dollar. As a result, the NZDUSD pair formed a bottom above 0.7050 and started an upside move.

It moved above the 23.6% Fib retracement level of the last decline from the 0.7204 high to 0.7056 low. The most important move was a break above a bearish trend line with resistance at 0.7080 on the hourly chart.

The 100 hourly simple moving average was also cleared along with the 50% Fib retracement level of the last decline from the 0.7204 high to 0.7056 low.

It has opened the doors for more gains and the pair now looks set for an upside break above the 0.7180 level followed by 0.7200. On the downside, there is a bullish trend line with support at 0.7140, which is a decent buy zone.

 

New Zealand Business PMI

Today in New Zealand, the Business NZ PMI for Sep 2017 was released by the Business NZ. The forecast was slated for a decline from the last reading of 57.9 to 57.0.

However, the actual result was above the forecast of 57.0, as there was only a minor decline in the PMI to 57.5. This means the Business PMI in New Zealand continues to display very healthy levels of expansion.

Commenting on the data, the BusinessNZ’s executive director for manufacturing, Catherine Beard, stated, “It was encouraging to see the proportion of positive comments increase further to 69.5%, compared with 65% in August”.

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Crude Oil Price To Break $52.00?

Key Points

  • Crude oil price after a tiny correction found support at $50.40 against the US Dollar.
  • There was a break above a connecting bearish trend line with resistance at $51.20 on the hourly chart.

USOILH1.png

Crude oil price is back in the bullish zone after forming a base around the $50.40 level against the US Dollar. The price is once again gaining pace and recently cleared the 51.00 resistance and a connecting bearish trend line with resistance at $51.20 on the hourly chart.

It even managed to surpass the recent high of $51.62, which means the price might now test the 1.236 extension of the last decline from the $51.62 high to $50.41 low.

If buyers remain in action, there is even a chance of a break above the $52.00 handle in the near term.

 

Risk Disclosure: By trading a leveraged product your capital is at risk.

The information above cannot be a taken as an investment advice and FXPMarkets will not be held liable for any losses that may occur by using the provided above information.

For more information on risks, please read our General Risk Disclosure.

5 of the biggest banks are publishing their earnings this week: What will the cards reveal?

If you ask any Investor/Trader what is the busiest period of the year for him, you will probably get the same answer – Earnings Season. Each quarter starts with the companies’ earnings results of the previous quarter. Put it simply – all of the biggest companies in the market report their profits and losses during the past quarter.

The opening shot of each Earning Season is usually Alcoa (symbol: AA) which is used by traders to indicate AA’s results. The main purpose of it is to make an educated guess regarding the outcome of the Earning Season and minimize the risks.

Currently, we are going to see some well-known banks announcing before Alcoa, which is due on October 11th. This Wednesday we are expecting to see Bank of America Corp., Citigroup Inc., and Wells Fargo reveal their results, 5 banks that together are worth almost 21 billion dollars in earnings this week.

Keep in mind that that in this quarter we have witnessed Hurricanes and natural disasters that disrupt all economic activities, but insurers and transporters get the direct hit. We’ve recently witnessed it in the estimated revisions for operators in both of those fields. Chubb (CB), for example, is now expected to report a loss of -25 cents per share in Q3. But as recently as a month ago, the insurer was expected to earn +$2.68 per the same share.
bank-of-america-logo-vector-400x400

$26.21

Bank of America Corporation is a multinational banking and financial services corporation headquartered in Charlotte, North Carolina

The bank is confirmed to report earnings at approximately 6:45 AM ET on Friday, October 13, 2017.

The analysts’ consensus on earnings estimates is $0.45 per share on revenue of $22.19 billion.

FXPM’s analysis department is expecting an earnings of $0.49 per share with a revenue of almost $23.3 billion. “Short” interest has decreased by 6.7% since the company’s last earnings release while the stock has drifted higher by 9.6% from its open following the earnings release to be 9.9% above its 200-day moving average of $23.84. Overall earnings estimates have been revised lower since the company’s last earnings release.

PNGPIX-COM-Citigroup-Logo-PNG-Transparent-1   $75.64

Citigroup Inc. or Citi is an American multinational investment banking and financial services corporation headquartered in Manhattan, New York City.

Citigroup, Inc. (C) is confirmed to report earnings at approximately 7:45 AM ET on Thursday, October 12, 2017.

The consensus earnings estimate is an EPS of $1.30 per share with a revenue of $17.73 billion.

FXPM’s analysis team are expecting earnings of $1.32 per share.  Short interest has increased by 22.0% since the company’s last earnings release while the stock has drifted higher by 14.1% from its open following the earnings release to be 20.2% above its 200-day moving average of $62.93. Overall earnings estimates have been unchanged since the company’s last earnings release.

jpmorgan$96.92

JPMorgan Chase & Co. is a U.S. multinational banking and financial services holding company headquartered in New York City.

JPMorgan Chase & Co. (JPM) is confirmed to report earnings at approximately 7:00 AM ET on Thursday, October 12, 2017.

The consensus earnings estimate is $1.67 per share on revenue of $24.99 billion and the FXPM analysis team estimates is $1.75 per share. Short interest has increased by 14.7% since the company’s last earnings release while the stock has drifted higher by 6.7% from its open following the earnings release to be 9.1% above its 200 day moving average of $88.86. Overall earnings estimates have been revised lower since the company’s last earnings release

wells-fargo-logo-transparent $55.58

Wells Fargo & Company is an American international banking and financial services holding company headquartered in San Francisco, California, with “HubQuarters” throughout the country.

Wells Fargo & Co. (WFC) is confirmed to report earnings at approximately 8:00 AM ET on Friday, October 13, 2017.  

The earnings consensus estimate is $1.03 per share with a revenue of $22.30 billion while FXPM’s analysts’ estimate is $1.06 earnings per share. Short interest has increased by 33.9% since the company’s last earnings release while the stock has drifted higher by 2.3% from its open following the earnings release to be 1.4% above its 200-day moving average of $54.80. Overall earnings estimates have been revised lower since the company’s last earnings release.

Bank-Ozarks-Logo   $48.11

Bank of the Ozarks, Inc. (OZRK) is confirmed to report earnings at approximately 7:00 AM ET on Wednesday, October 11, 2017.

The earnings consensus estimate is $0.74 per share with a revenue of $243.67 million. FXPM analysis team is projecting a $0.75 per share earnings on a revenue of over $250 million. Short interest has decreased by 23.7% since the company’s last earnings release while the stock has drifted higher by 1.9% from its open following the earnings release to be 0.9% below its 200-day moving average of $48.53. Overall earnings estimates have been revised lower since the company’s last earnings release.

 

Market Forecast 10/10/2017

EUR/USD has moved into the bullish zone, GBP/USD is attempting to break an important resistance and USD/JPY is about to test a major support at 112.30.

EUR/USD Forecast – Euro Turned Bullish

Key Points

  • The Euro started an upside move after trading as low as 1.1668 against the US Dollar.
  • There was a break above a major bearish trend line with resistance at 1.1742 on the hourly chart of the EUR/USD pair.
  • Today, the German Trade Balance report for August 2017 was released by the Statistisches Bundesamt Deutschland.
  • The forecast was €20.0B, but the actual was positive as there was a trade surplus of €21.6B.

EURUSDH1.png

The Euro fell during the past few days and traded below the 1.1720 support against the US Dollar. The EUR/USD pair traded as low as 1.1668 and later started an upside move.

During the upside move, there was a break above a major bearish trend line with resistance at 1.1742 on the hourly chart and the 100 hourly simple moving average.

On the downside, there is a bullish trend line forming with support at 1.1760, which can be considered as a buy zone in the short term with a stop below the 100 SMA.

 

German Trade Balance

Today in the Euro Zone, the German Trade Balance report for August 2017 was released by the Statistisches Bundesamt Deutschland. The forecast was slated for a trade surplus of €20.0B.

However, the actual result was above the forecast as there was a trade surplus of €21.6B, which was also better than the last revised €19.3B. Exports of goods and services in August 2017 were up 3.1%, more than the forecast of +1%. Imports of goods and services in August 2017 were up 1.2%, more than the forecast of +0.5

The overall result was positive and could help EUR/USD is gaining ground above the 1.1750 level.
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GBP/USD Forecast – Can Cable Break 1.3200 Resistance?

Key Points

  • The British Pound has started recovering from the 1.3030 support against the US Dollar.
  • The GBP/USD pair is heading towards a bearish trend line with resistance at 1.3200 on the hourly chart.

 

GBPUSDH1.png

The British Pound was under a lot of pressure this past week and traded below 1.3100 against the US Dollar. The GBPUSD pair traded as low as 1.3026 and is currently correcting higher.

The pair broke a short-term bearish trend line at 1.3090 and the 100 hourly simple moving average. However, it is facing a major hurdle near 1.3200 and a bearish trend line on the hourly chart.

As long as the pair is below the 1.3200 handle, it remains in the bearish trend. A break above 1.3200 could take GBP/USD towards 1.3280.

 

USD/JPY Forecast – US Dollar Struggling to Hold 112.30 Vs Yen

Key Points

  • The US Dollar is trading in a range above a key support at 112.30 against the Japanese Yen.
  • The USD/JPY pair is currently trading below the 100 hourly simple moving average and 112.75.

USDJPYH1.png

The US Dollar mostly traded in a range below 114.00 against the Japanese Yen. On the downside, there is a crucial support forming at 112.30 and it seems like the pair might test the stated level soon.

The 112.30 support is very important and must hold losses in the short term. On the upside, USD/JPY needs to clear the 100 hourly simple moving average and 112.75 to move towards the 114.00 resistance.

Overall, the pair remains buy near 112.30 as long as there is no close below 112.00.

 

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The information above cannot be a taken as an investment advice and FXPMarkets will not be held liable for any losses that may occur by using the provided above information.

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