- Saturday, 28 July 2018
- Daily Technical Analysis
GBP/USD Daily Forecast - 30 July
The British pound has drifted a bit lower during the trading session on Friday, reaching below the 1.31 handle. However, I think there is plenty of support below at the 1.30 level to keep the market afloat. I believe that there should be plenty of demand in that area, and I would be more than willing to throw money into this market. At this point, I believe that any selloff should be a nice opportunity, with the limited downside that I see on the chart. Ultimately, I’m waiting to see whether we get an opportunity to find significant value in the British pound. At this point, I believe that selling doesn’t make much sense, because I believe that a lot of the negativity is already “baked into the British pound.” Overall, the market is one that if you are patient enough, you should get a nice opportunity.
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- Saturday, 28 July 2018
- Daily Technical Analysis
AUD/USD Daily Forecast - 30 July
The Australian dollar continues to be very noisy as we see a lot of volatility in the currency markets overall. I believe that the market will continue to be difficult to navigate at times, but the most important thing to pay attention to in the Australian dollar is that we have formed so many hammers over the last several weeks. The weekly chart certainly looks as if there is a ton of support underneath, so I think it’s only a matter of time before the market turns around. However, we need some type of good news to put more of a “risk on” attitude into this market plays, something that could happen in the trade war concerns. That would be the ideal situation for the Aussie dollar, as it tends to mirror what’s going on in China.
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- Tuesday, 17 July 2018
- Daily Fundamental Analysis
EUR/USD Daily Forecast - 17 July
Ahead of the key event, the US economic docket features the release of June industrial production and capacity utilization data, forecasted to come in at 0.5% and 78.3% respectively, and will be looked upon to grab some short-term trading opportunities. On the EUR side, Consumer Price Index and Industrial Sales numbers for Spain are expected at 08:00 and 09:00 GMT respectively, but market impact will be minimal as traders turn their focus to Powell’s testimony. EUR/USD appears to making another run at the June-high (1.1852) as it snaps the string of lower highs & lows from the previous week, but fresh comments from Federal Reserve Chairman Jerome Powell may tame the recent rebound in the euro-dollar exchange rate should the central bank head strike a hawkish tone in front of Congress.
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- Tuesday, 17 July 2018
- Daily Technical Analysis
EUR/USD Daily Forecast - 17 July
The EUR/USD pair has initially rallied during the trading session on Monday, reaching towards 1.1725 level. We did see a bit of a pushback at that point, as there was a significant amount of money flowing into the market to the downside from that level last week. It looks as if there is a lot of supplied overcome, so I think that we will probably pull back to find more demand, perhaps closer to the 1.1675 level underneath. However, if we break above the 1.1750 level, that will send this pair much higher, perhaps reaching towards the 1.1850 level above, which is the top of the longer-term consolidation. Read more...
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