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Daily Market Analysis – 04th May, 2015
By FxGrow Research & Analysis Team
US ISM Manufacturing PMI at 51.5
The US ISM Manufacturing PMI remained at 51.5, well below market expectations of 52.0 for the month of April.
Activity in the US manufacturing sector showed slow growth in April 2015, while market expectations were for an increase to 52.0
US Construction spending declined by 0.6% in March 2015 while market expectations were for a 0.5% increase.
EURUSD is down from a High of 1.1220 to 1.1141 after Markit Eurozone Manufacturing PMI came out at 52.0 today.
GBPUSD slipped below 1.52 after the UK manufacturing PMI declined to 51.9, down from 54.0 in the preceding month ahead of UK elections on Thursday.
In the Asian trading session China's manufacturing PMI came in at 48.9 for April. Australian dollar is lower at 0.7835, amid expectations of RBA rate cut tomorrow.
Silver continues its consolidation to 16.32 while Gold is lower this morning at 1182.55
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
1,192 Views · 50 Replies ( Last reply by CahCuncun )
The big trend by look with TCCI - till now still on bulls, of course. But for today move, be aware of the bearish - I see the price try to test again to that 23.6 fib line (at 1.2195). So, of course - this could probably bearish first here till that 23.6 fib. But, for big move = this pair on still probably bulls = Once again = I see the TCCI 20day still give us a bulls pic to us.
The bulls of this pair (GBPUSD) look difficult to up = it's because price now must break that strong supply area that now appear above the current price. So, I see this will probably to just consolidation first near that supply area. but, if we see to the TCCI = the TCCI still show the bulls and we can say this pair (GBPUSD) can start bulls again after truly price can break up more that supply area near 1.5717.
I see = the bearish trend still here (USDJPY) but with weak move after price now on near that support area (77.94). With this look = I see - it's better to just wait and see - then, we can sell again here after truly price can break more down to that strong support line (77.94), of course.
USDCHF on look bulls = we see the price candle on the previous day = look like bulls pinbar = So, yes = this can product bulls max. to test again that 0.9840. So, with this look = search for Buy OP on smaller TF = better idea, I see.