MAJOR CURRENCY PAIR June 26- 30 The highlights of the week were comments from the Bank of England’s (BoE) top officials and downbeat economic data from the US.

FOREX INVESTORS BUZZ WORD MAJOR CURRENCY PAIRS 7.21.17

FOREX INVESTORS BUZZ WORD MAJOR CURRENCY PAIRS 7.21.17

A DAILY SOCIAL TRADING EVENT

 

MAJOR CURRENCY PAIRS 7.21.17  This morning, the greenback is trading lower against most of the major currencies.

FOREX INVESTORS BUZZ MAJOR CURRENCY PAIRS 7.21.17  This morning, the greenback is trading lower against most of the major currencies.

The EUR is trading higher against the USD, amid growing expectations of a policy shift by the European Central Bank (ECB) in the near-term after the ECB Chief, Mario Draghi, hinted that that central bank will consider withdrawing its ultra-loose monetary policy in the autumn. Yesterday, the ECB, at its latest monetary policy meeting, unanimously voted to hold interest rates at 0.00% and maintained a pledge to extend or even increase debt purchases if deemed necessary. Further, the ECB President, Mario Draghi emphasized the need for patience and persistence to allow inflation to get back to the central bank’s target. Separately, consumer confidence in the Eurozone surprisingly worsened in July.

The GBP is trading higher against the USD. Data indicated that Britain’s public sector net borrowing posted a more-than-expected deficit in June.

Yesterday, the greenback traded lower in the New York session, against the key currencies, on reports that the Special Counsel, Robert Mueller, who is investigating possible collusion between Trump’s campaign and Russian Government, is expanding his inquiry into the US President, Donald Trump’s business affairs.

Separately, data indicated that the number of Americans filing for fresh jobless claims declined to a nearly 5-month low level last week, offering signs of enduring labor market growth in the world’s largest economy. Further, the nation’s leading indicator exceeded market expectations in June. On the other hand, manufacturing conditions in the Philadelphia region deteriorated to an 8-month low in July.

 



WORD MAJOR CURRENCY PAIRS 7.21.17

 EURUSD Euro Dollar Exchange First Look Friday July 21

EURUSD

This morning at 09:40 GMT, the EUR is trading at 1.1647 against the USD, 0.1% higher from the New York close. Amid no economic releases in the Eurozone today, investors will focus on the flash Markit manufacturing and services PMIs data across the Eurozone, slated to release next week. This morning, the pair traded at a high of 1.1677 and a low of 1.1619. The Euro traded 0.6% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 1.1635, after the ECB President stated that officials would debate on changes in bond purchases this autumn. The pair is expected to its find support at 1.1525 and its first resistance at 1.1723.

EUR/USD’s rise resumed after briefly consolidation and broke 1.1615 key resistance. Intraday bias is back to the upside. Sustained trading above 1.1615 will extend the medium term rise to 1.2 handle next. On the downside, break of 1.1478 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, the firm break of 1.1298 resistance further affirm medium term reversal. That is, an important bottom was formed at 1.0339 on bullish convergence condition in weekly MACD. Further rise would be seen to 55 month EMA (now at 1.1756). Sustained break there will pave the way to 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 next. This will now remain the favored case as long as 1.1118 support holds.

 GBPUSD British Pound First Look Friday July 21

GBPUSD

At 09:40 GMT, the pair is trading at 1.3005, with the Pound trading 0.25% higher against US Dollar from the New York close. On the macro front, Britain’s public sector net borrowing posted a more-than-expected deficit in June. The pair witnessed a high of 1.3008 and a low of 1.2954 during the session. Yesterday, the Pound traded marginally higher against the US Dollar in the New York session and ended at 1.2972. Immediate downside, the first support level is seen at 1.2956, while on the upside, the first resistance level is situated at 1.3031.

GBP/USD is still staying in range of 1.2811/3125 and intraday bias remains neutral. Another rise is mildly in favor with 1.2811 intact. Break of 1.3125 will target 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168. Overall, choppy rebound from 1.1946 is seen as a corrective pattern, hence, we’d be cautious on strong resistance from 1.3168 to limit upside. But firm break of 1.3168 will bring further rise towards 1.3444 key resistance. Meanwhile, break of 1.2811 support will be the first sign of reversal and will turn bias to the downside to target 1.2588 key support next.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern that is still in progress. While further upside is expected, overall outlook remains bearish as long as 1.3444 key resistance holds. Larger down trend from 1.7190 is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

 USDJPY Japanese Yen First Look Higher Friday July 21

USDJPY

This morning, at 09:40 GMT, the US Dollar is trading at 111.70 against the Yen, 0.13% lower from the New York close. Going forward, Japan’s jobless rate and national consumer price index, both slated to release next week, will be on investors’ radar. During the session, the pair traded at a high of 112.08 and a low of 111.67. Yesterday, the US Dollar traded 0.34% lower against the Yen in the New York session and ended at 111.84. The pair is expected to its find support at 111.32 and its first resistance at 112.25.

Breach of 111.54 suggests that fall from 114.49 is resuming. Intraday bias is turned back to the downside. Sustained trading below 55 day EMA will bring deeper decline to 108.81 support. Break there will extend the whole correction from 118.65 to 61.8% retracement of 98.97 to 118.65 at 106.48. Nonetheless, break of 112.41 will turn focus back to 114.49 resistance instead.

In the bigger picture, the corrective structure of the fall from 118.65 suggests that rise from 98.97 is not completed yet. Break of 118.65 will target a test on 125.85 high. At this point, it’s uncertain whether rise from 98.97 is resuming the long term up trend from 75.56, or it’s a leg in the consolidation from 125.85. Hence, we’ll be cautious on topping as it approaches 125.85. If fall from 118.65 extends lower, down side should be contained by 61.8% retracement of 98.97 to 118.65 at 106.48 and bring rebound.

 USDCHF Swiss Franc First Look Increase Friday July 21

USDCHF

The US Dollar is trading at 0.9504 against the Swiss Franc at 09:40 GMT this morning, 0.07% lower from the New York close. The pair traded at a high of 0.9523 and a low of 0.9493 this morning. Yesterday, the USD traded 0.59% lower against the CHF in the New York session and ended at 0.9511. The pair is expected to its find support at 0.9457 and its first resistance at 0.9586.

USD/CHF’s decline resumed after brief consolidation and intraday bias is turned back to the downside. Current fall from 1.0342 should target target 0.9443 key support level next. At this point, we’d expect strong support from there to bring rebound. On the upside, break of 0.9699 resistance is needed to confirm short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, USD/CHF is still bounded in medium term range of 0.9443/1.0342 for the moment. Consolidative trading would likely continue and medium term outlook remains neutral. Break of 1.0342 key resistance is needed to confirm underlying bullish momentum in the pair. Meanwhile, downside attempts should be contained by 0.9443 key support level. However, sustained break of 0.9443 will carry larger bearish implication and target 0.9 handle.

 USDCAD Canadian Dollar First Look Lower Friday July 21

USDCAD

The pair is trading at 1.2576 at 09:40 GMT this morning, with the USD trading 0.1% lower against CAD from the New York close. Looking ahead, market participants will keep a close watch on Canada’s inflation and retail sales data, due to release in a few hours. The pair traded at a high of 1.2605 and a low of 1.2571 this morning. The US Dollar declined against the Canadian Dollar in the New York session yesterday, closing 0.2% lower at 1.2589. The pair is expected to its find support at 1.2531 and its first resistance at 1.2631.

With 1.2700 minor resistance intact, intraday bias stays on the downside. Current fall from 1.3793 should extend to retest 1.2460 low. Meanwhile, considering bullish convergence condition in 4 hour MACD, break of 1.2700 will indicate short term bottoming In such case, there will be lengthier consolidation before staging another decline.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. Fall from 1.3793 is seen as the third leg and should target 50% retracement of 0.9406 to 1.4869 at 1.2048. At this point, we’d look for strong support from there to contain downside and bring rebound. However, firm break there will target 100% projection of 1.4689 to 1.2460 from 1.3793 at 1.1564.

 AUDUSD Australian Dollar First Look Fell on Friday July 21

AUDUSD

The pair is trading at 0.7926 at 09:40 GMT this morning, with the Australian Dollar trading 0.39% lower against US Dollar from the New York close. This morning, the pair traded at a high of 0.7958 and a low of 0.7875. The Australian Dollar traded 0.35% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7957. The pair is expected to its find support at 0.7878 and its first resistance at 0.7972.

AUD/USD’s retreat suggests that a temporary top is formed at 0.7988 after hitting 61.8% projection of 0.6826 to 0.7833 from 0.7328 at 0.7950. Intraday bias is turned neutral for consolidation. Near term outlook will remain bullish as long as 0.7785 support holds and another rise is expected. Break of 0.7988 will target 100% projection at 0.8335 next.

In the bigger picture, current development suggests that rebound from 0.6826 is developing into a medium term rise. There is no confirmation of trend reversal yet and we’ll continue to treat such rebound as a corrective pattern. But in any case, further rise is now expected to 55 month EMA (now at 0.8100) or even further to 38.2% retracement of 1.1079 to 0.6826 at 0.8451. Break of 0.7328 support is needed to confirm completion of the rebound. Otherwise, further rise is now expected.

 Gold Prices First Look Higher Friday July 21

Gold

Gold is trading at $1253.60 per ounce at 09:40 GMT this morning, 0.26% higher from the New York close. This morning, the precious metal traded at a high of $1254.40 per ounce and a low of $1249.50 per ounce. Yesterday, gold traded 0.24% higher in the New York session and closed at $1250.30 per ounce, amid a broad weakness in the greenback. Immediate downside, the first support level is seen at $1245.27 per ounce, while on the upside, the first resistance level is at $1258.17 per ounce.

 SILVER PRICES First Look Higher Friday July 21

Silver

The precious metal is trading at $16.36 per ounce at 09:40 GMT this morning, 0.43% higher from the New York close. During the session, silver traded at a high of $16.39 per ounce and a low of $16.28 per ounce. In the New York session yesterday, silver rose 0.06% and closed at $16.29 per ounce, tracking gains in gold prices. Immediate downside, the first support level is seen at $16.18 per ounce, while on the upside, the first resistance level is at $16.47 per ounce.

 Crude oil Prices First Look Higher Friday July 21

Oil

The commodity is trading at $47.10 per barrel at 09:40 GMT this morning, 0.41% higher from the New York close. Crude oil witnessed a high of $47.21 per barrel and a low of $46.85 per barrel during the session. In the New York session yesterday, crude oil fell 1.55% to close at $46.91 per barrel, as investors remain grappled with concerns over persistent global supply glut. Immediate downside, the first support level is seen at $46.69 per barrel, while on the upside, the first resistance level is at $47.62 per barrel.

Saudi Arabia is making good on promises to curtail oil shipments to the United States with the likely intention to drain visible inventories and support prices.

The United States imported an average of 524,000 barrels per day (bpd) of crude from Saudi Arabia in the week ending July 14, the lowest volume for more than seven years (tmsnrt.rs/2vI1iE2).

Imports from Saudi Arabia averaged just 810,000 bpd over the last four weeks, according to the U.S. Energy Information Administration (EIA), the slowest rate since January 2015.

 

MAJOR CURRENCY PAIRS 7.21.17

 

UK public sector net borrowing reported a deficit in June

In the UK, the public sector net borrowing has posted a deficit £6.30 billion in June, following a revised deficit of £6.40 billion in the prior month. Markets were anticipating public sector net borrowing to announce a deficit of £4.20 billion.

 

Eurozone consumer confidence index unexpectedly eased in July

The flash consumer confidence index in the Eurozone unexpectedly fell to a level of -1.70 in July. The consumer confidence index had registered a reading of -1.30 in the previous month, while markets expected for an advance to -1.20.

 

European Central Bank left its key interest rate unchanged

The European Central Bank held its key interest rate steady at 0.00%. Markets were anticipating the central bank to maintain its key interest rate at 0.00%.



MAJOR CURRENCY PAIR June 26- 30 The highlights of the week were comments from the Bank of England’s (BoE) top officials and downbeat economic data from the US.

FOREX INVESTORS BUZZ WORD MAJOR CURRENCY PAIRS 7.20.17

FOREX INVESTORS BUZZ WORD MAJOR CURRENCY PAIRS 7.20.17

A DAILY SOCIAL TRADING EVENT

WORD MAJOR CURRENCY PAIRS 7.20.17This morning, the greenback is trading higher against most of the major currencies,

FOREX INVESTORS BUZZ WORD MAJOR CURRENCY PAIRS 7.20.17This morning, the greenback is trading higher against most of the major currencies, ahead of the US initial jobless claims and leading indicator data, both slated to release in a few hours.

The EUR is trading lower against the USD, with investors looking forward to the European Central Bank’s interest rate decision, scheduled in a while, to get some clarity on the central bank’s outlook on scaling back its bond-buying program.

The GBP is trading lower against the USD. Earlier today, data showed that Britain’s retail sales sharply rebounded in June, boosted by warmer weather, thus soothing fears of a slowdown in the nation’s consumer spending that weighed on overall economic growth in the first quarter.

The Yen is trading lower against the USD, after the Bank of Japan (BoJ) left its monetary policy unchanged, but slashed its inflation forecasts to 1.1% for current fiscal year and to 1.5% for fiscal 2018. Moreover, the central bank once again pushed back the timing for achieving its inflation target to around fiscal 2019. Nevertheless, the BoJ raised its GDP growth forecast for the current fiscal year to 1.8%.

Yesterday, the greenback traded higher in the New York session, against the key currencies, after housing starts in the US advanced for the first time in 4 months in June, while the nation’s building permits rebounded at its fastest pace since March 2017 in the same month, thus suggesting that the housing sector remains on course for stronger growth this quarter after showing a poor performance in recent months.




 

WORD MAJOR CURRENCY PAIRS 7.20

CURRENCY INVESTORS Euro Dollar Exchange Opens Lower Thursday July 20

EURUSD

This morning at 09:40 GMT, the EUR is trading at 1.1505 against the USD, 0.14% lower from the New York close. In economic news, data showed that the Eurozone’s seasonally adjusted current account surplus expanded in May. This morning, the pair traded at a high of 1.1533 and a low of 1.1497. The Euro traded marginally lower against the US Dollar in the New York session yesterday, with the pair closing the session at 1.1521. The pair is expected to its find support at 1.1488 and its first resistance at 1.1530.

 CURRENCY INVESTORS British Pound Opens Down Thursday July 20

GBPUSD

At 09:40 GMT, the pair is trading at 1.2969, with the Pound trading 0.44% lower against US Dollar from the New York close. Data indicated that UK’s retail sales rebounded more-than-expected on a monthly basis in June. The pair witnessed a high of 1.3033 and a low of 1.2957 during the session. Yesterday, the Pound traded slightly lower against the US Dollar in the New York session and ended at 1.3026. Immediate downside, the first support level is seen at 1.2933, while on the upside, the first resistance level is situated at 1.3029.

 CURRENCY INVESTORS Japanese Yen Opened Down Thursday July 20

USDJPY

This morning, at 09:40 GMT, the US Dollar is trading at 112.37 against the Yen, 0.42% higher from the New York close. On the data front, Japan’s adjusted merchandise trade surplus unexpectedly narrowed in June, while the nation’s all industry activity index eased more-than-anticipated in May. During the session, the pair traded at a high of 112.42 and a low of 111.77. Yesterday, the US Dollar traded 0.24% higher against the Yen in the New York session and ended at 111.90. The pair is expected to its find support at 111.81 and its first resistance at 112.67.

 CURRENCY INVESTORS Swiss Franc Early Rise Thursday July 20

USDCHF

The US Dollar is trading at 0.9575 against the Swiss Franc at 09:40 GMT this morning, 0.24% higher from the New York close. On the macro front, Switzerland’s trade surplus decreased in June. The pair traded at a high of 0.9579 and a low of 0.9546 this morning. Yesterday, the USD traded 0.17% higher against the CHF in the New York session and ended at 0.9552. The pair is expected to its find support at 0.9543 and its first resistance at 0.9593.

 CURRENCY INVESTORS Canadian Dollar Early Drop Thursday July 20

USDCAD

The pair is trading at 1.2633 at 09:40 GMT this morning, with the USD trading 0.24% higher against CAD from the New York close. The pair traded at a high of 1.2634 and a low of 1.2592 this morning. The US Dollar declined against the Canadian Dollar in the New York session yesterday, closing a tad lower at 1.2603. Data showed that Canada’s manufacturing shipments climbed more-than-anticipated on a monthly basis in May. The pair is expected to its find support at 1.2593 and its first resistance at 1.2657.

 CURRENCY INVESTORS Australian Dollar rising Today Thursday July 20

AUDUSD

The pair is trading at 0.7901 at 09:40 GMT this morning, with the Australian Dollar trading 0.68% lower against US Dollar from the New York close. Earlier today, data indicated that Australia’s seasonally adjusted unemployment rate remained steady at 5.6% in June, while the NAB business confidence index remained unchanged in 2Q 2017. This morning, the pair traded at a high of 0.7989 and a low of 0.7901. The Australian Dollar traded 0.14% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7955. The pair is expected to its find support at 0.7872 and its first resistance at 0.7960.

COMMODITY INVESTORS Gold Prices Opens Lower Thursday July 20

Gold

Gold is trading at $1237.00 per ounce at 09:40 GMT this morning, 0.31% lower from the New York close. This morning, the precious metal traded at a high of $1242.20 per ounce and a low of $1235.90 per ounce. Yesterday, gold traded 0.17% lower in the New York session and closed at $1240.80 per ounce, amid strength in global equities. Immediate downside, the first support level is seen at $1234.10 per ounce, while on the upside, the first resistance level is at $1241.70 per ounce.

 COMMODITY INVESTORS Silver Prices Open Down Thursday July 20

Silver

The precious metal is trading at $16.17 per ounce at 09:40 GMT this morning, 0.58% lower from the New York close. During the session, silver traded at a high of $16.30 per ounce and a low of $16.14 per ounce. In the New York session yesterday, silver fell 0.28% and closed at $16.27 per ounce, tracking losses in gold prices. Immediate downside, the first support level is seen at $16.09 per ounce, while on the upside, the first resistance level is at $16.30 per ounce.

 COMMODITY INVESTORS Crude Oil Prices Open higher Thursday July 20

Oil

The commodity is trading at $47.15 per barrel at 09:40 GMT this morning, 0.13% higher from the New York close. Crude oil witnessed a high of $47.20 per barrel and a low of $46.95 per barrel during the session. In the New York session yesterday, crude oil rose 1.49% to close at $47.09 per barrel, after the EIA reported that US crude oil inventories sharply dropped by 4.7 million barrels to 490.6 million barrels last week. Immediate downside, the first support level is seen at $46.57 per barrel, while on the upside, the first resistance level is at $47.50 per barrel.

 

Economic Snapshot

 

UK retail sales rose more-than-expected in June

In June, retail sales in the UK registered a rise of 0.60% on a monthly basis, compared to a revised drop of 1.10% in the previous month. Market anticipation was for retail sales to climb 0.40%.

 

German producer price index remained steady in June

The producer price index in Germany remained flat in June on a MoM basis, more than market expectations for a fall of 0.10%. The producer price index had dropped 0.20% in the previous month.

 

Swiss trade surplus narrowed in June

In June, trade surplus in Switzerland dropped to CHF 2.81 billion. Switzerland had reported a revised trade surplus of CHF 3.39 billion in the prior month.

 

Australian unemployment rate remained unchanged in June

The seasonally adjusted unemployment rate remained flat at a level of 5.60% in June, in Australia, meeting market expectations.

 



MAJOR CURRENCY PAIR June 26- 30 The highlights of the week were comments from the Bank of England’s (BoE) top officials and downbeat economic data from the US.

FOREX INVESTORS BUZZ WORD MAJOR CURRENCY PAIRS 7.19.17

FOREX INVESTORS BUZZ WORD MAJOR CURRENCY PAIRS 7.19.17

A DAILY SOCIAL TRADING EVENT

MAJOR CURRENCY PAIRS 7.19.17 This morning, the greenback is trading mixed against most of the major currencies, ahead

FOREX INVESTORS MAJOR CURRENCY PAIRS 7.19.17 This morning, the greenback is trading mixed against most of the major currencies, ahead of the US housing starts and building permits data, both set to release in a few hours.

The EUR is trading lower against the USD, after the Eurozone’s seasonally adjusted construction output dropped in May.

The GBP is trading lower against the USD. Looking ahead, investors anxiously await the release of Britain’s retail sales data, scheduled tomorrow, to get cues on whether consumers are still cutting back on spending.

The Yen is trading higher against the USD. Moving ahead, investors will draw their attention to the Bank of Japan’s (BoJ) interest rate decision, scheduled to be announced tomorrow. The central bank is widely expected to upwardly revise its economic growth forecasts but trim its optimistic inflation outlook, while keeping the monetary policy unchanged.

Yesterday, the greenback traded higher in the New York session, against the key currencies. In economic news, the US NAHB housing market index revealed that confidence among homebuilders surprisingly deteriorated to an 8-month low in July, as homebuilders were grappled with concerns over rising costs for materials, particularly lumber. Moreover, the nation’s export price index as well as the import price index, both declined for the second straight month in June, at par with market expectations.

 



MAJOR CURRENCY PAIRS 7.19.17

 CURRENCY INVESTORS Euro Dollar Opened Higher on Wednesday July 19

EURUSD

This morning at 09:40 GMT, the EUR is trading at 1.1531 against the USD, 0.2% lower from the New York close, after data indicated that the Eurozone’s seasonally adjusted construction output declined on a monthly basis in May. This morning, the pair traded at a high of 1.1555 and a low of 1.1515. The Euro traded slightly lower against the US Dollar in the New York session yesterday, with the pair closing the session at 1.1554. The pair is expected to its find support at 1.1503 and its first resistance at 1.1571.

 CURRENCY INVESTORS British Pound Opened lower on Wednesday July 19

GBPUSD

At 09:40 GMT, the pair is trading at 1.3029, with the Pound trading 0.08% lower against US Dollar from the New York close. Moving ahead, investors will look forward to Britain’s retail sales data, slated to release tomorrow. The pair witnessed a high of 1.3049 and a low of 1.3011 during the session. Yesterday, the GBP traded 0.18% higher against the USD in the New York session and ended at 1.3039. Immediate downside, the first support level is seen at 1.3002, while on the upside, the first resistance level is situated at 1.3059.

 CURRENCY INVESTORS Japanese Yen Opened down on Wednesday July 19

USDJPY

This morning, at 09:40 GMT, the US Dollar is trading at 111.96 against the Yen, 0.12% lower from the New York close. In economic news, Japan’s final machine tool orders advanced on an annual basis in June, confirming the preliminary print. During the session, the pair traded at a high of 112.23 and a low of 111.88. In the New York session yesterday, the USD rose 0.21% against the JPY to close at 112.10. The pair is expected to its find support at 111.68 and its first resistance at 112.24.

 CURRENCY INVESTORS Swiss Franc Opened Lower on Wednesday July 19

USDCHF

The US Dollar is trading at 0.9538 against the Swiss Franc at 09:40 GMT this morning, 0.12% lower from the New York close. Looking ahead, market participants will focus on Switzerland’s trade balance figures, scheduled to release tomorrow. The pair traded at a high of 0.9561 and a low of 0.9529 this morning. The US Dollar traded 0.07% higher against the Swiss Franc in the New York session yesterday, with the pair closing the session at 0.9549. The pair is expected to its find support at 0.9521 and its first resistance at 0.9558.

 CURRENCY INVESTORS Canadian Dollar Opened Down on Wednesday July 19

USDCAD

The pair is trading at 1.2641 at 09:40 GMT this morning, with the USD trading 0.09% higher against CAD from the New York close. Ahead in the day, market participants will keep a close watch on Canada’s manufacturing shipments data. The pair traded at a high of 1.2653 and a low of 1.2623 this morning. In the New York session yesterday, the US Dollar rose 0.13% against the Canadian Dollar to close at 1.2630. The pair is expected to its find support at 1.2590 and its first resistance at 1.2683.

 CURRENCY INVESTORS Australian Dollar Opened High on Wednesday July 19

AUDUSD

The pair is trading at 0.7927 at 09:40 GMT this morning, with the Australian Dollar trading 0.16% higher against US Dollar from the New York close. On the macro front, data showed that Australia’s Westpac leading index declined in June. This morning, the pair traded at a high of 0.7947 and a low of 0.7909. The AUD traded 0.15% lower against the USD in the New York session yesterday, with the pair closing the session at 0.7914. The pair is expected to its find support at 0.7908 and its first resistance at 0.7946.

 Gold Prices Opened Lower on Wednesday July 19

Gold

Gold is trading at $1239.20 per ounce at 09:40 GMT this morning, 0.23% lower from the New York close. This morning, the precious metal traded at a high of $1243.00 per ounce and a low of $1236.30 per ounce. The yellow metal traded 0.09% higher in the New York session yesterday, and closed the session at $1242.00 per ounce, as weakness in global equity markets increased demand for the precious yellow metal. Immediate downside, the first support level is seen at $1235.10 per ounce, while on the upside, the first resistance level is at $1243.70 per ounce.

 Silver Prices Opened Higher on Wednesday July 19

Silver

The precious metal is trading at $16.20 per ounce at 09:40 GMT this morning, 0.37% lower from the New York close. During the session, silver traded at a high of $16.29 per ounce and a low of $16.14 per ounce. Yesterday, silver traded 0.37% higher in the New York session and ended at $16.26 per ounce, tracking gains in gold prices. Immediate downside, the first support level is seen at $16.09 per ounce, while on the upside, the first resistance level is at $16.31 per ounce.

 Crude oil Prices opened Down on Wednesday July 19

Oil

The commodity is trading at $46.44 per barrel at 09:40 GMT this morning, 0.37% higher from the New York close. Crude oil witnessed a high of $46.59 per barrel and a low of $46.14 per barrel during the session. The commodity declined in the New York session yesterday, closing 1.01% lower at $46.27 per barrel, after the API report showed that US crude oil stockpiles unexpectedly rose by 1.6 million barrels to 497.2 million barrels last week. However, losses in crude prices were limited, following reports that Saudi Arabia is mulling deeper export curbs. Immediate downside, the first support level is seen at $46.01 per barrel, while on the upside, the first resistance level is at $46.89 per barrel.

 

Economic Snapshot

 

Japanese machine tool orders climbed in June

The final machine tool orders recorded a rise of 31.10% in Japan on a YoY basis, in June. Machine tool orders had advanced 24.50% in the prior month. The preliminary figures had also recorded an advance of 31.10%.

 

Australian Westpac leading index dropped in June

On a monthly basis, the Westpac leading index in Australia eased 0.14% in June. The Westpac leading index had fallen by a revised 0.01% in the previous month.



MAJOR CURRENCY PAIR June 26- 30 The highlights of the week were comments from the Bank of England’s (BoE) top officials and downbeat economic data from the US.

FOREX INVESTORS BUZZ WORD MAJOR CURRENCY PAIRS 7.18.17

FOREX INVESTORS BUZZ WORD MAJOR CURRENCY PAIRS 7.18.17

A DAILY SOCIAL TRADING EVENT

MAJOR CURRENCY PAIRS 7.18.17  This morning, the greenback is trading lower against most of the major currencies, ahead of the US NAHB housing market index,

FOREX INVESTORS MAJOR CURRENCY PAIRS 7.18.17  This morning, the greenback is trading lower against most of the major currencies, ahead of the US NAHB housing market index, slated to release in a few hours.

The EUR is trading higher against the USD, after the latest ZEW survey data indicated that investor sentiment across the Eurozone deteriorated more-than-expected in July.

The GBP is trading lower against the USD, after Britain’s annual inflation slowed in June, easing for the first time since October 2016, thus reducing the odds of an interest rate hike by the Bank of England in the near future. Yesterday, the Brexit Minister, David Davis and European Union’s chief negotiator, Michel Barnier, began four days of talks to settle Brexit terms.

The AUD gained ground against the USD, after minutes of the Reserve Bank of Australia’s (RBA) July meeting revealed that officials maintained a bullish outlook on the Australian economy and acknowledged recent improvement in the nation’s labor market, public investment and retails sales. Further, it revealed that policymakers now expect a cash rate of 3.5% to keep inflation in check and growth at reasonable levels.

Yesterday, the greenback traded higher in the New York session, against the key currencies. Macroeconomic data indicated that the New York Empire State manufacturing index fell more-than-expected in July. Meanwhile, two more Republican senators refused to support plans to repeal and replace Obamacare with Republican health-care bill, further delaying the US President, Donald Trump’s plans to implement his tax and fiscal reforms.



MAJOR CURRENCY PAIRS 7.18.17

 CURRENCY INVESTORS Euro Dollar Open Higher on Tuesday July 18

EURUSD

This morning at 09:40 GMT, the EUR is trading at 1.1555 against the USD, 0.66% higher from the New York close. Data indicated that the ZEW economic sentiment index fell more-than-expected across the Eurozone in July. This morning, the pair traded at a high of 1.1560 and a low of 1.1472. The Euro traded 0.1% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 1.1479. The pair is expected to its find support at 1.1487 and its first resistance at 1.1592.

EUR/USD’s rally resumed and surges to as high as 1.1537 so far. Intraday bias is back on the upside for 1.1615 key resistance next. Decisive break there will pave the way to 1.2 handle. On the downside, below 1.1434 minor support will turn bias neutral and bring retreat. But near term outlook will stay bullish as long as 1.1312 support holds.

In the bigger picture, the firm break of 1.1298 resistance further affirm medium term reversal. That is, an important bottom was formed at 1.0339 on bullish convergence condition in weekly MACD. Further rise would be seen to 55 month EMA (now at 1.1763). Sustained break there will pave the way to 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 next. This will now remain the favored case as long as 1.1118 support holds.

CURRENCY INVESTORS British Pound Open Higher on Tuesday July 18

GBPUSD

At 09:40 GMT, the pair is trading at 1.3038, with the Pound trading 0.12% lower against US Dollar from the New York close, after data showed that UK’s consumer price index rose less-than-expected on an annual basis in June. The pair witnessed a high of 1.3126 and a low of 1.3016 during the session. Yesterday, the Pound traded 0.16% lower against the US Dollar in the New York session and ended at 1.3054, amid dissension between British government as it wades into second round of Brexit negotiations. Immediate downside, the first support level is seen at 1.2994, while on the upside, the first resistance level is situated at 1.3104.

GBP/USD remains on the upside for the moment. Current rise should target 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168. Overall, choppy rebound from 1.1946 is seen as a corrective pattern, hence, we’d be cautious on strong resistance from 1.3168 to limit upside. But firm break of 1.3168 will bring further rise towards 1.3444 key resistance. On the downside, below 1.3046 minor support will turn intraday bias neutral first.

CURRENCY INVESTORS Japanese Yen Open Lower on Tuesday July 18

USDJPY

This morning, at 09:40 GMT, the US Dollar is trading at 112.25 against the Yen, 0.35% lower from the New York close. Going ahead, investors will look forward to Japan’s final machine tool orders data, slated to release tomorrow. During the session, the pair traded at a high of 112.66 and a low of 111.99. Yesterday, the US Dollar traded 0.16% higher against the Yen in the New York session and ended at 112.64. The pair is expected to its find support at 111.87 and its first resistance at 112.75.

USD/JPY’s fall from 114.49 continues today and reaches as low as 111.98 so far. Intraday bias remains on the downside for deeper decline. As noted before, he rejection from 114.36 resistance suggests that whole correction from 118.65 is possibly still in progress. Sustained break of 55 day EMA (now at 112.03) will pave the way to 108.12 and below. On the upside, above 112.86 minor resistance will turn intraday bias neutral first.

 CURRENCY INVESTORS Swiss Franc Early View Lower on Tuesday July 18

USDCHF

The US Dollar is trading at 0.9549 against the Swiss Franc at 09:40 GMT this morning, 0.79% lower from the New York close. Amid a lack of major economic releases in Switzerland today, investor sentiment would be determined by global macroeconomic events. The pair traded at a high of 0.9635 and a low of 0.9541 this morning. Yesterday, the USD traded 0.16% higher against the CHF in the New York session and ended at 0.9625. The pair is expected to its find support at 0.9515 and its first resistance at 0.9609.

Breach of 0.9595 minor support indicates that consolidation pattern fro 0.9551 has completed at 0.9699. Intraday bias is turned back to the downside for 0.9551 first. Break will extend the fall from 1.0342 to 0.9443 key support level next. At this point, we’d expect strong support from there to bring rebound. On the upside, above 0.9699 will extend the consolidation with another rise. But upside should be limited by 0.9770 resistance and bring fall resumption.

 CURRENCY INVESTORS Canadian Dollar Early View Lower on Tuesday July 18

USDCAD

The pair is trading at 1.2607 at 09:40 GMT this morning, with the USD trading 0.71% lower against CAD from the New York close. The pair traded at a high of 1.2701 and a low of 1.2605 this morning. The US Dollar advanced against the Canadian Dollar in the New York session yesterday, closing 0.35% higher at 1.2697. The Canadian Dollar lost ground, after Canada’s existing home sales declined on a monthly basis in June. The pair is expected to its find support at 1.2574 and its first resistance at 1.2670.

USD/CAD lost some downside momentum with 4 hour MACD crossed above signal line. But with 1.2770 minor resistance intact, intraday bias remains on the downside for further fall. Current decline is expected to target a test on 1.2460 low. Meanwhile, considering bullish convergence condition in 4 hour MACD, break of 1.2770 will indicate short term bottoming In such case, there will be lengthier consolidation before staging another decline.

 CURRENCY INVESTORS Australian Dollar Down Early View on Tuesday July 18

AUDUSD

The pair is trading at 0.7939 at 09:40 GMT this morning, with the Australian Dollar trading 1.8% higher against US Dollar from the New York close, following the release of hawkish minutes of the RBA’s latest meeting. This morning, the pair traded at a high of 0.7941 and a low of 0.7786. The Australian Dollar traded 0.38% lower against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7799. The pair is expected to its find support at 0.7836 and its first resistance at 0.7991.

AUD/USD’s rise resumed after brief consolidation and reaches as high as 0.7903 so far. The break of near term channel resistance indicates upside acceleration. Intraday bias stays on the upside for 61.8% projection of 0.6826 to 0.7833 from 0.7328 at 0.7950 next. Break there will target 100% projection at 0.8335. On the downside, below 0.7785 will turn intraday bias neutral and bring consolidations before staging another rally.

 Gold Prices Opened Higher on Tuesday July 18

Gold

Gold is trading at $1235.80 per ounce at 09:40 GMT this morning, 0.19% higher from the New York close. This morning, the precious metal traded at a high of $1238.10 per ounce and a low of $1232.20 per ounce. Yesterday, gold traded marginally lower in the New York session and closed at $1233.50 per ounce, amid strength in the greenback. Immediate downside, the first support level is seen at $1230.30 per ounce, while on the upside, the first resistance level is at $1239.70 per ounce.

A weaker U.S. Dollar and lower U.S. Treasury yields are helping to support gold pricesearly Tuesday. Although the market is trading higher, buyers look a little tentative as gold inches its way through a major retracement zone.

Keep in mind that although the U.S. Dollar is falling and that theoretically, gold as a dollar-denominated asset is expected to rise because a cheaper dollar tends to increase foreign demand, gold is also sensitive to rising interest rates.

With the odds of a Fed rate hike later this year quickly diminishing, and the chances of a rate hike by the European Central Bank, on the heels of a Bank of Canada rate hike last week, slowly increasing, this gold rally may actually face some resistance.

 Silver Prices Open Higher on Tuesday July 18

Silver

The precious metal is trading at $16.11 per ounce at 09:40 GMT this morning, 0.06% higher from the New York close. During the session, silver traded at a high of $16.20 per ounce and a low of $16.06 per ounce. In the New York session yesterday, silver fell 0.09% and closed at $16.10 per ounce. Immediate downside, the first support level is seen at $15.99 per ounce, while on the upside, the first resistance level is at $16.21 per ounce.

Banks expect gold to match its 2016 average this year, but cut their silver price forecasts after the metal slid 9 percent in the second quarter.

A poll of 39 analysts and traders conducted by Reuters this month returned an average silver price forecast of $17.32 an ounce for 2017, down from an average view of $17.98 in a similar poll conducted three months ago.

That is just over 1 percent above last year’s average of $17.09 an ounce.

Crude oil Prices Open Higher on Tuesday July 18

Oil

The commodity is trading at $46.19 per barrel at 09:40 GMT this morning, 0.54% higher from the New York close. Crude oil witnessed a high of $46.26 per barrel and a low of $45.81 per barrel during the session. In the New York session yesterday, crude oil fell 0.73% to close at $45.94 per barrel, after the EIA forecasted that US shale-oil production is set to rise in August. Immediate downside, the first support level is seen at $45.76 per barrel, while on the upside, the first resistance level is at $46.68 per barrel.

Oil prices extended gains on Tuesday following a report that Saudi Arabia is considering further limiting the amount of oil it ships beyond its borders.

The Saudis are considering cutting crude oil exports by 1 million barrels a day, according to Bloomberg News.

Brent crude futures, the international benchmark for oil prices, were up 85 cents, or 1.8 percent, at $49.27 per barrel by 8:16 a.m. ET (1216 GMT), up 13 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were rose 82 cents, or 1.8 percent, to $46.84 per barrel.

 

MAJOR CURRENCY PAIRS 7.18.17

 

 

UK consumer price index advanced less-than-expected in June

On an annual basis, in the UK, the consumer price index recorded a rise of 2.60% in June, compared to an advance of 2.90% in the prior month. Markets were anticipating the consumer price index to climb 2.90%.

 

UK house price index advances more-than-expected in May

On an annual basis in the UK, the house price index registered a rise of 4.70% in May, compared to a revised advance of 5.30% in the prior month. Market anticipation was for the house price index to climb 3.00%.

 

Eurozone economic sentiment index fell in July

In July, the economic sentiment index in the Eurozone fell to a level of 35.60. In the prior month, the economic sentiment index had recorded a reading of 37.70.

 

German economic sentiment index dropped in July

In July, the economic sentiment index in Germany dropped to 17.50, compared to a level of 18.60 in the prior month. Markets were anticipating the economic sentiment index to fall to 18.00.

 



MAJOR CURRENCY PAIR June 26- 30 The highlights of the week were comments from the Bank of England’s (BoE) top officials and downbeat economic data from the US.

FOREX INVESTORS BUZZ WORD MAJOR CURRENCY PAIRS 7.17.17

FOREX INVESTORS BUZZ WORD MAJOR CURRENCY PAIRS 7.17.17

A DAILY SOCIAL TRADING EVENT

MAJOR CURRENCY PAIRS 7.17.17 This morning, the greenback is trading higher against most of the major currencies,

FOREX INVESTORS BUZZ WORD MAJOR CURRENCY PAIRS 7.17.17 This morning, the greenback is trading higher against most of the major currencies, ahead of the New York Empire State manufacturing index, slated to release in a few hours.

The EUR is trading lower against the USD, after final reading on the Eurozone’s consumer prices confirmed that the region’s inflation slowed to a 6-month low in June.

The AUD lost ground against the USD. Macroeconomic data indicated that China’s, Australia’s largest trading partner, economy expanded faster than expected on an annual basis in the second quarter of 2017, boosted by a pick-up in industrial output and stronger investment. Moreover, the nation’s industrial production climbed more-than-expected in June, while retail sales grew at its quickest pace since December 2015 in the same month.

On Friday, the greenback traded lower in the New York session, against the key currencies, after dismal US economic data quelled expectations of another interest rate hike by the US Federal Reserve this year. Data indicated that consumer prices in the US remained flat on a monthly basis in June, while the nation’s advance retail sales unexpectedly fell in the same month, dropping for a second straight month. Moreover, confidence amongst Americans deteriorated in July, pushing the index to its lowest level in 9 months. In other economic news, the US industrial production grew above expectations in June, while the nation’s manufacturing production rebounded as expected in the same month. Moreover, the nation’s business inventories rose in May, meeting market expectations.



MAJOR CURRENCY PAIRS 7.17.17

 AUDUSD Fell First Look on Monday July 17

EURUSD

This morning at 09:40 GMT, the EUR is trading at 1.1458 against the USD, 0.1% lower from the New York close. Earlier today, data showed that the Eurozone’s final consumer price index advanced as expected in June. This morning, the pair traded at a high of 1.1475 and a low of 1.1435. The Euro traded 0.07% higher against the US Dollar in the New York session on Friday, with the pair closing the session at 1.1470. The pair is expected to its find support at 1.1421 and its first resistance at 1.1485.

 GBPUSD Rose First Look on Monday July 17

GBPUSD

At 09:40 GMT, the pair is trading at 1.3071, with the Pound trading 0.28% lower against US Dollar from the New York close. Overnight data indicated that UK’s Rightmove house price index rebounded on a monthly basis in July. The pair witnessed a high of 1.3113 and a low of 1.3068 during the session. On Friday, the Pound traded 0.75% higher against the US Dollar in the New York session and ended at 1.3108. Immediate downside, the first support level is seen at 1.2981, while on the upside, the first resistance level is situated at 1.3138.

 USDJPY Rose First Look on Monday July 17

USDJPY

This morning, at 09:40 GMT, the US Dollar is trading at 112.54 against the Yen, slightly higher from the New York close. Amid a holiday in Japan today, investors will look forward to global macroeconomic events, for further direction. During the session, the pair traded at a high of 112.77 and a low of 112.40. On Friday, the US Dollar traded 0.17% higher against the Yen in the New York session and ended at 112.50. The pair is expected to its find support at 112.12 and its first resistance at 113.12.

 USDCHF Rose Early Look on Monday July 17

USDCHF

The US Dollar is trading at 0.9630 against the Swiss Franc at 09:40 GMT this morning, a tad lower from the New York close. With no economic releases in Switzerland today, trading trend in the CHF is expected to be determined by global macroeconomic news. The pair traded at a high of 0.9659 and a low of 0.9629 this morning. On Friday, the USD traded 0.06% lower against the CHF in the New York session and ended at 0.9632. The pair is expected to its find support at 0.9606 and its first resistance at 0.9678.

 USDCAD Rose First Look on Monday July 17

USDCAD

The pair is trading at 1.2666 at 09:40 GMT this morning, with the USD trading 0.13% higher against CAD from the New York close. Looking ahead, investors will focus on Canada’s existing home sales data, scheduled to release in a few hours. The pair traded at a high of 1.2673 and a low of 1.2640 this morning. The US Dollar declined against the Canadian Dollar in the New York session on Friday, closing 0.5% lower at 1.2650. The pair is expected to its find support at 1.2622 and its first resistance at 1.2729.

 AUDUSD Fell First Look on Monday July 17

AUDUSD

The pair is trading at 0.7811 at 09:40 GMT this morning, with the Australian Dollar trading 0.2% lower against US Dollar from the New York close. On the data front, in China, Australia’s largest trading partner, the gross domestic product (GDP) advanced as expected on a quarterly basis in 2Q 2017. This morning, the pair traded at a high of 0.7832 and a low of 0.7803.  The Australian Dollar traded 0.09% higher against the US Dollar in the New York session on Friday, with the pair closing the session at 0.7827. The pair is expected to its find support at 0.7767 and its first resistance at 0.7845.

 Gold Prices Rose First Look on Monday July 17

Gold

Gold is trading at $1229.40 per ounce at 09:40 GMT this morning, 0.11% higher from the New York close. This morning, the precious metal traded at a high of $1231.50 per ounce and a low of $1227.90 per ounce. On Friday, gold traded 0.27% lower in the New York session and closed at $1228.00 per ounce, amid strength in the US equities. Immediate downside, the first support level is seen at $1220.70 per ounce, while on the upside, the first resistance level is at $1235.40 per ounce.

 Silver Prices Rose First Look on Monday July 17

Silver

The precious metal is trading at $16.00 per ounce at 09:40 GMT this morning, 0.31% higher from the New York close. During the session, silver traded at a high of $16.06 per ounce and a low of $15.94 per ounce. In the New York session on Friday, silver fell 0.53% and closed at $15.95 per ounce. Immediate downside, the first support level is seen at $15.74 per ounce, while on the upside, the first resistance level is at $16.16 per ounce.

 Crude oil Price Rose First Look on Monday July 17

Oil

The commodity is trading at $46.50 per barrel at 09:40 GMT this morning, 0.39% lower from the New York close. Crude oil witnessed a high of $46.88 per barrel and a low of $46.38 per barrel during the session. In the New York session on Friday, crude oil rose 1.24% to close at $46.68 per barrel. However, gains in crude prices were limited, after Baker Hughes indicated that US oil rig count increased by 2 to 765 last week. Immediate downside, the first support level is seen at $45.96 per barrel, while on the upside, the first resistance level is at $46.96 per barrel.




 

Economic Snapshot

 .

Eurozone consumer price index advanced as expected in June

The final consumer price index in the Eurozone climbed 1.30% on an annual basis in June, compared to an advance of 1.40% in the prior month. Markets were expecting the consumer price index to rise 1.30%. The preliminary figures had also indicated an advance of 1.30%.

Chinese retail sales grew more-than-expected in June

On a YoY basis, retail sales in China recorded a rise of 11.00% in June, higher than market expectations for an advance of 10.60%. In the prior month, retail sales had climbed 10.70%.

 

Chinese industrial production advanced more-than-expected in June

On an annual basis, in June, industrial production climbed 7.60% in China, compared to a rise of 6.50% in the previous month. Markets were anticipating industrial production to climb 6.50%.



MAJOR CURRENCY PAIR June 26- 30 The highlights of the week were comments from the Bank of England’s (BoE) top officials and downbeat economic data from the US.

FOREX INVESTORS BUZZ WORD MAJOR CURRENCY PAIRS 7.14.17

FOREX INVESTORS BUZZ WORD MAJOR CURRENCY PAIRS 7.14.17

A DAILY SOCIAL TRADING EVENT

MAJOR CURRENCY PAIRS 7.14.17 This morning, the greenback is trading lower against most of the major currencies, ahead of a string of key economic releases

FOREX INVESTORS BUZZ   MAJOR CURRENCY PAIRS 7.14.17 This morning, the greenback is trading lower against most of the major currencies, ahead of a string of key economic releases in the US, consisting of the consumer price index, advance retail sales, the flash Reuters/Michigan consumer confidence index, industrial as well as manufacturing production data, all slated to release in a few hours.

The EUR is trading higher against the USD, after the Eurozone’s seasonally adjusted trade surplus expanded in May, aided by strength in exports.

The GBP is trading higher against the USD, as investors continued to cheer hawkish comments from the Bank of England (BoE) policymaker, Ian McCafferty. Yesterday, McCafferty, one of the three officials who voted for an interest rate hike last month, stated that the BoE should consider scaling back its £435.0 billion quantitative easing program sooner rather than later.

Yesterday, the greenback traded mostly lower in the New York session, against the key currencies. Macroeconomic data indicated that first time claims for US unemployment benefits fell less-than-expected in the week ended 08 July, thus suggesting that the nation’s labor market is healthy. Additionally, the nation’s producer price index exceeded market expectations on an annual basis in June. On the contrary, the nation’s budget deficit sharply widened in June.




 

 

MAJOR CURRENCY PAIRS 7.14.17

 EURUSD Earl;y Watch Fell on Friday July 14

EURUSD

This morning at 09:40 GMT, the EUR is trading at 1.1417 against the USD, 0.14% higher from the New York close. In economic news, the Eurozone’s seasonally adjusted trade surplus expanded less-than-expected in May. This morning, the pair traded at a high of 1.1424 and a low of 1.1392. The Euro traded 0.13% lower against the US Dollar in the New York session yesterday, with the pair closing the session at 1.1401. The pair is expected to its find support at 1.1384 and its first resistance at 1.1437.

EUR/USD breached 1.1382 minor support but quickly recovered. Intraday bias stays neutral first. Firm break of 1.1382 will suggest short term topping, on bearish divergence condition in 4 hour MACD. In such case, intraday bias will be turned to the downside for pull back to 55 day EMA (now at 1.1182). But downside should be contained by 1.1118 support to bring rise resumption. On the upside, break of 1.1489 will extend recent rally from 1.0339 to 1.1615 key resistance next.

 GBPUSD Early Watch Higher on Friday July 14

GBPUSD

The pair is trading at 1.2962 at 09:40 GMT this morning, with the GBP trading 0.15% higher against USD from the New York close. Amid no economic releases in the UK today, investors will look forward to Britain’s crucial inflation data, slated to release next week. The pair traded at a high of 1.2969 and a low of 1.2936 this morning. Yesterday, the Pound traded marginally higher against the US Dollar in the New York session and ended at 1.2943. Immediate downside, the first support level is seen at 1.2926, while on the upside, the first resistance level is situated at 1.2983.

GBP/USD remains on the upside for 1.3029/47 resistance zone. Decisive break there will extend the larger rally to 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168 next. On the downside, sustained break of 1.2811 and 55 day EMA will dampen our bullish view and turn bias back to the downside for 1.2588 support instead.

In the bigger picture, overall, price actions from 1.1946 medium term low are seen as a corrective pattern that is still in progress. While further upside is now in favor, overall outlook remains bearish as long as 1.3444 key resistance holds. Larger down trend from 1.7190 is expected to resume later after the correction completes. And break of 1.2588 will indicate that such down trend is resuming.

 USDJPY Early Watch Rose on Friday July 14

USDJPY

At 09:40 GMT, the pair is trading at 113.25, with the US Dollar trading slightly lower against Yen from the New York close. Earlier today, Japan’s final industrial production declined more than initially estimated in May. The USD hit a high of 113.58 and a low of 113.15 against the JPY during the session. Yesterday, the US Dollar traded marginally lower against the Yen in the New York session and ended at 113.28. Immediate downside, the first support level is seen at 112.9067, while on the upside, the first resistance level is situated at 113.5867.

USD/JPY remain neutral with focus on 112.88 support. Firm break of 112.88 will argue that rebound from 108.81 has completed at 114.49 after being rejected by 114.36 key near term resistance. That would also argue that the correction from 118.65 is still in progress. In such case, intraday bias will be turned back to the downside for 55 day EMA (now at 111.98). On the upside, decisive break of 114.36 resistance will confirm that corrective pull back from 118.65 has completed at 108.12. In that case, further rally would be seen to retest 118.65.

 USDCHF Early Watch Higher on Friday July 14

USDCHF

The USD is trading at 0.9691 against the CHF at 09:40 GMT this morning, 0.23% higher from the New York close. During the session, the pair traded at a high of 0.9700 and a low of 0.9659. In the New York session yesterday, the US Dollar rose 0.15% against the Swiss Franc to close at 0.9669. Immediate downside, the first support level is seen at 0.9654, while on the upside, the first resistance level is situated at 0.9714.

USD/CHF is still bounded in the consolidation pattern from 0.9551 and intraday bias remains neutral. Another decline is expected as long as 0.9770 resistance holds. Below 0.9595 minor support will turn intraday bias back to the downside. In such case, USD/CHF should fall through 0.9551 support resume the whole fall from 1.0342 and target 0.9443 key support level next. We’d expect strong support from there to bring rebound. Meanwhile, firm break of 0.9770 will indicate near term reversal, on bullish convergence condition in 4 hour MACD.

 USDCAD Early watch Fell on Friday July 14

USDCAD

This morning at 09:40 GMT, the USD is trading at 1.2731 against the CAD, marginally higher from the New York close. The pair witnessed a high of 1.2747 and a low of 1.2723 during the session. In the New York session yesterday, the US Dollar fell 0.27% against the Canadian Dollar to close at 1.2728. Data indicated that Canada’s new housing price index rose more-than-expected on a monthly basis in May. Immediate downside, the first support level is seen at 1.2711, while on the upside, the first resistance level is situated at 1.2761.

USD/CAD remains on the downside. Current fall is expected to extend to retest 1.2460 low. On the upside, break of 1.2938 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The second leg should have finished at 1.3793. Break of 1.2460 will extend such correction to 50% retracement of 0.9406 to 1.4869 at 1.2048. At this point, we’d look for strong support from there to contain downside and bring rebound. However, firm break there will target 100% projection of 1.4689 to 1.2460 from 1.3793 at 1.1564

 AUDUSD Rose Early watch on Friday July 14

AUDUSD

The Australian Dollar is trading at 0.7758 against the US Dollar at 09:40 GMT, 0.34% higher from the New York close. Looking ahead, traders will keep a close watch on the Reserve Bank of Australia’s July meeting minutes, due to release next week. This morning, the pair traded at a high of 0.7763 and a low of 0.7729. The AUD rose against the USD in the New York session yesterday, closing 0.08% higher at 0.7732. The pair is expected to its find support at 0.7727 and its first resistance at 0.7776.

USD/CAD remains on the downside. Current fall is expected to extend to retest 1.2460 low. On the upside, break of 1.2938 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, price actions from 1.4689 medium term top are seen as a correction pattern. The second leg should have finished at 1.3793. Break of 1.2460 will extend such correction to 50% retracement of 0.9406 to 1.4869 at 1.2048. At this point, we’d look for strong support from there to contain downside and bring rebound. However, firm break there will target 100% projection of 1.4689 to 1.2460 from 1.3793 at 1.1564.

 Gold Prices Early Watch on Friday July 14

Gold

Gold is trading at $1218.40 per ounce at 09:40 GMT this morning, 0.11% higher from the New York close. Gold witnessed a high of $1218.80 per ounce and a low of $1214.00 per ounce during the session. Gold fell in the New York session yesterday, closing 0.2% lower at $1217.10 per ounce, as strength in global equities dented demand for the precious yellow metal. Immediate downside, the first support level is seen at $1214.20 per ounce, while on the upside, the first resistance level is at $1222.40 per ounce.

The dollar edged lower Friday after Fed Chair Janet Yellen’s two-day testimony to Congress.
The dollar index was off 0.09% at 95.47 at 04:15 ET, off a high of 95.61.
Yellen reiterated the idea of gradual tightening but noted the Fed has its eyes on developments on the inflation front.
U.S. inflation continues to trend below the Fed’s target of 2%.
U.S. CPI, retail sales and consumer sentiment figures are due out later in the session.
The odds of a December Fed hike currently stand below 50%.
The euro was firm above $1.14 with the ECB expected to announce plans for tapering asset purchases in September.
The (pound) traded above the $1.29 mark as the debate continues of the merits of early U.K. tightening.
The dollar was mostly steady against the yen at the 113 level.

 Silver Prices Early Watch Rose on Friday July 14

Silver

This morning, silver is trading at $15.64 per ounce at 09:40 GMT, 0.29% lower from the New York close. Silver witnessed a high of $15.70 per ounce and a low of $15.58 per ounce during the session. Yesterday, silver traded 1.26% lower in the New York session and closed at $15.69 per ounce, tracking losses in gold prices. Silver has its first support at $15.50 per ounce and its first resistance at $15.86 per ounce.

Silver prices edged slightly lower on Thursday and were on track for their first loss in four days, as a semblance of calm returned to precious metals after a volatile start to July.

September silver contracts edged down 3 cents, or 0.1%, to $15.87 a troy ounce at 7:56 a.m. ET. The grey metal traded between $15.85 and $15.96 overnight.

Silver has gained in three of the past four sessions to trade at nearly one-week highs. Prices underwent a major correction last week, including a sudden flash crash that wiped as much as 11% off the grey metal’s value. The declines culminated in fresh 15-month lows on Friday.

 Crude oil Prices Early Watch Dropped on Friday July 14

Oil

At 09:40 GMT, the commodity is trading at $46.28 per barrel, 0.43% higher from the New York close. During the session, crude oil traded at a high of $46.37 per barrel and a low of $45.80 per barrel. The commodity advanced in the New York session yesterday, closing 1.27% higher at $46.08 per barrel, after the IEA revised up its global crude demand forecast to 98.0 million barrels per day this year. Crude oil has its first support at $45.42 per barrel and its first resistance at $46.75 per barrel.

Crude prices are around levels in late November last year, when a group of oil producers including Russia and Organization of the Petroleum Exporting Countries (OPEC) pledged to withhold around 1.8 million barrels per day (bpd) of output between January this year and March 2018 to tighten the market.

“OPEC compliance with production cuts slipped to 98 percent in June, but more importantly output from exempt (from cutting)members Libya and Nigeria is currently about 700,000 bpd higher than at the time of the November OPEC agreement, offsetting about 60 percent of the OPEC cuts. The growth in U.S. production over the same time negates the remainder,” U.S. investment bank Jefferies said.

U.S. oil production has risen by more than 10 percent over the past year to 9.4 million bpd.

 

Economic Snapshot

 

Eurozone trade surplus expanded in May

The Eurozone has registered a seasonally adjusted trade surplus of €19.70 billion in May, compared to a revised trade surplus of €18.60 billion in the prior month. Markets were expecting the region to register a trade surplus of €20.20 billion.

 The Eurozone trade surplus increased in May as growth in exports outpaced the rise in imports, data from Eurostat showed Friday.

The trade surplus increased to a seasonally adjusted EUR 19.7 billion in May from EUR 18.6 billion in April. Exports grew 2.1 percent from April and imports by 1.6 percent.

However, the trade surplus fell to an unadjusted EUR 21.4 billion from EUR 23.4 billion in the previous year. Exports logged an annual growth of 12.9 percent and imports posted 16.4 percent increase.

Japanese industrial production dropped in May

The final industrial production fell 3.60% in Japan on a MoM basis, in May. Industrial production had registered a rise of 4.00% in the prior month. The preliminary figures had indicated a fall of 3.30%.

 



MAJOR CURRENCY PAIR June 26- 30 The highlights of the week were comments from the Bank of England’s (BoE) top officials and downbeat economic data from the US.

FOREX INVESTORS BUZZ WORD MAJOR CURRENCY PAIRS 7.13.17

FOREX INVESTORS BUZZ WORD MAJOR CURRENCY PAIRS 7.13.17

A DAILY SOCIAL TRADING EVENT

MAJOR CURRENCY PAIRS 7.13.17 This morning, the greenback is trading lower against most of the major currencies, ahead of US initial jobless claims data.

FOREX INVESTORS BUZZ WORD MAJOR CURRENCY PAIRS 7.13.17 This morning, the greenback is trading lower against most of the major currencies, ahead of US initial jobless claims data.

The GBP is trading higher against the USD. Earlier today, the Bank of England’s (BoE) credit conditions survey showed that the availability of consumer credit in the UK tightened in the second quarter and that British banks are expected to cut back lending to consumers in the coming months, amid caution over Britain’s economic prospects.

The CAD is trading higher against the USD. Yesterday, the Bank of Canada (BoC) raised its key interest rate for the first time in 7 years, amid robust economic growth. In a post meeting statement, the BoC Governor, Stephen Poloz, vowed his confidence in the Canadian economy, stating that the economy no longer needs strong stimulus.

The AUD nudged higher against the USD. Earlier today, in China, Australia’s largest trading partner, trade surplus surprisingly widened in June, amid a surge in exports.

Yesterday, the greenback traded mostly higher in the New York session, against the key currencies, after the Fed Chair, Janet Yellen, sounded optimistic on the US economy. Further, Yellen signaled gradual approach to interest rate increases and added that rates will not have to rise much further to reach neutral rate. Also, she hinted that the Fed will likely begin to reduce the balance sheet this year. Separately, the Fed’s Beige Book report revealed that the US economy saw “slight to moderate” growth from late May through June, while reporting a shortage of qualified workers in most districts.




 

MAJOR CURRENCY PAIRS 7.13.17

 EURUSD Fell Early look onon Thursday July 13

EURUSD

This morning at 09:40 GMT, the EUR is trading at 1.1408 against the USD, slightly lower from the New York close. On the data front, Germany’s final consumer price index rose in June, confirming the preliminary print. This morning, the pair traded at a high of 1.1456 and a low of 1.1395. The Euro traded 0.47% lower against the US Dollar in the New York session yesterday, with the pair closing the session at 1.1414. The pair is expected to its find support at 1.1373 and its first resistance at 1.1461.

 GBPUSD Rose Early Look onThursday July 13

GBPUSD

At 09:40 GMT, the pair is trading at 1.2929, with the Pound trading 0.22% higher against US Dollar from the New York close. The pair witnessed a high of 1.2952 and a low of 1.2888 during the session. Yesterday, the Pound traded a tad higher against the US Dollar in the New York session and ended at 1.2900. Immediate downside, the first support level is seen at 1.2868, while on the upside, the first resistance level is situated at 1.2971.

 USDJPY Lower Early Look on Thursday July 13

USDJPY

This morning, at 09:40 GMT, the US Dollar is trading at 113.06 against the Yen, 0.11% lower from the New York close. Going ahead, investors will focus on Japan’s final industrial production data, slated to release tomorrow. During the session, the pair traded at a high of 113.53 and a low of 112.86. Yesterday, the US Dollar traded 0.19% higher against the Yen in the New York session and ended at 113.19. The pair is expected to its find support at 112.70 and its first resistance at 113.57.

 USDCHF Higher Early Look on Thursday July 13

USDCHF

The US Dollar is trading at 0.9646 against the Swiss Franc at 09:40 GMT this morning, 0.06% lower from the New York close. Earlier today, data indicated that Switzerland’s producer and import prices unexpectedly fell in June. The pair traded at a high of 0.9654 and a low of 0.9616 this morning. Yesterday, the USD traded 0.46% higher against the CHF in the New York session and ended at 0.9652. The pair is expected to its find support at 0.9612 and its first resistance at 0.9671.

 USDCAD Fell Early Look on Thursday July 13

USDCAD

The pair is trading at 1.2734 at 09:40 GMT this morning, with the USD trading 0.09% lower against CAD from the New York close. The pair traded at a high of 1.2765 and a low of 1.2725 this morning. The US Dollar declined against the Canadian Dollar in the New York session yesterday, closing 1.31% lower at 1.2745. The Canadian Dollar gained ground, after the BoC, at its latest monetary policy meeting, raised its key interest rate to 0.75% from 0.50%. The pair is expected to its find support at 1.2630 and its first resistance at 1.2888.

 AUDUSD Higher Early Look on Thursday July 13

AUDUSD

The pair is trading at 0.7734 at 09:40 GMT this morning, with the Australian Dollar trading 0.69% higher against US Dollar from the New York close. In economic news, Australia’s consumer inflation expectation climbed in July. This morning, the pair traded at a high of 0.7737 and a low of 0.7675. The Australian Dollar traded marginally lower against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7681. The pair is expected to its find support at 0.7674 and its first resistance at 0.7766.

 Gold Prices Rose Early Look on Thursday July 13

Gold

Gold is trading at $1221.10 per ounce at 09:40 GMT this morning, 0.23% higher from the New York close. This morning, the precious metal traded at a high of $1223.60 per ounce and a low of $1217.20 per ounce. Yesterday, gold traded 0.48% lower in the New York session and closed at $1218.30 per ounce, amid strength in global equity markets. Immediate downside, the first support level is seen at $1214.00 per ounce, while on the upside, the first resistance level is at $1226.70 per ounce.

Silver Prices Higher Early Look on Thursday July 13

Silver

The precious metal is trading at $15.89 per ounce at 09:40 GMT this morning, 0.13% higher from the New York close. During the session, silver traded at a high of $15.95 per ounce and a low of $15.85 per ounce. In the New York session yesterday, silver fell 0.72% and closed at $15.87 per ounce, tracking losses in gold prices. Immediate downside, the first support level is seen at $15.73 per ounce, while on the upside, the first resistance level is at $16.02 per ounce.

 Crude oil Prices Fell Early Look on Thursday July 13

Oil

The commodity is trading at $45.23 per barrel at 09:40 GMT this morning, 0.4% lower from the New York close. Crude oil witnessed a high of $45.58 per barrel and a low of $44.99 per barrel during the session. In the New York session yesterday, crude oil fell 1.24% to close at $45.41 per barrel, after OPEC reported that its crude production rose by 393,000 barrels per day in June, despite an agreement to freeze output. However, losses in crude prices were capped, after the EIA reported a sharp decline of 7.6 million barrels in US crude oil stockpiles last week. Immediate downside, the first support level is seen at $44.65 per barrel, while on the upside, the first resistance level is at $46.14 per barrel.

 

Economic Snapshot

 

UK house price balance dropped in June

House price balance recorded a drop to 7.0 in June, in the UK, compared to a level of 17.0 in the previous month. Markets were expecting house price balance to drop to 15.0.

 

German consumer price index advanced as expected in June

In June, on an annual basis, the final consumer price index in Germany registered a rise of 1.60%. The preliminary figures had also indicated a rise of 1.60%. The consumer price index had climbed 1.50% in the previous month.

 

Swiss producer and import price index unexpectedly slid in June

In June, the producer and import price index recorded an unexpected drop of 0.10% in Switzerland on a monthly basis, compared to a drop of 0.30% in the previous month.

 

 

Chinese exports rise more-than-expected in June

On a YoY basis, exports climbed 17.30% in June, in China, more than market expectations for a rise of 14.8%. In the prior month, exports had climbed 11.30%.

 



MAJOR CURRENCY PAIR June 26- 30 The highlights of the week were comments from the Bank of England’s (BoE) top officials and downbeat economic data from the US.

FOREX INVESTORS BUZZ WORD MAJOR CURRENCY PAIRS 7.12.17

FOREX INVESTORS BUZZ WORD MAJOR CURRENCY PAIRS 7.12.17

A DAILY SOCIAL TRADING EVENT

MAJOR CURRENCY PAIRS 7.12.17 This morning, the greenback is trading mixed against most of the major currencies, as investors keenly

FOREX INVESTORS BUZZ  MAJOR CURRENCY PAIRS 7.12.17 This morning, the greenback is trading mixed against most of the major currencies, as investors keenly await for comments from the Federal Reserve (Fed) Chair, Janet Yellen.

The EUR is trading lower against the USD, after the Eurozone’s industrial production accelerated at its fastest pace in 6 months in May.

The GBP is trading higher against the USD, after UK’s ILO unemployment rate surprisingly dipped to a 42-year low in three months to May, whereas average weekly earnings slowed as expected in the same period, intensifying concerns that higher inflation will further pinch consumers.

The CAD nudged down against the USD, with investors looking forward to the Bank of Canada’s interest rate decision as it widely expected to hike interest rate.

Yesterday, the greenback traded lower in the New York session, against the key currencies, after Donald Trump Jr. released emails on his meeting with a Russian lawyer to obtain incriminating information on Hillary Clinton during the presidential campaign. Separately, the Fed Governor, Lael Brainard, stated that the Fed could reduce balance sheet “soon” if the labor market continues to tighten and economy remains on course for stronger growth, but added that her support for any future rate hike will depend on inflation developments. On the other hand, the San Francisco Fed President, John Williams rooted for another interest rate hike this year. On the data front, the nation’s JOLTs job openings sharply fell in May, while final wholesale inventories was revised higher in the same month.



MAJOR CURRENCY PAIRS 7.12.17

FOREX INVESTORS BUZZ

 EURUSD Opened Lower on Tuesday July 11

EURUSD

This morning at 09:40 GMT, the EUR is trading at 1.1446 against the USD, 0.15% lower from the New York close. On the data front, the Eurozone’s seasonally adjusted industrial production advanced above expectations in May. This morning, the pair traded at a high of 1.1489 and a low of 1.1444. The Euro traded 0.54% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 1.1463. The pair is expected to its find support at 1.1394 and its first resistance at 1.1493.

EUR/USD rises to as high as 1.1489 so far as recent rally resumed. Intraday bias is back on the upside. Current rally from 1.0339 low should extend to 1.1615 resistance next. On the downside, however, break of 1.1382 minor support will suggest short term topping, possibly on bearish divergence condition in 4 hour MACD. In such case, lengthier consolidation would be seen before another rally.

In the bigger picture, the firm break of 1.1298 resistance further affirm medium term reversal. That is an important bottom was formed at 1.0339 on bullish convergence condition in weekly MACD. Further rise would be seen to 55 month EMA (now at 1.1763). Sustained break there will pave the way to 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516 next. This will now remain the favored case as long as 1.1118 support holds.

 GBPUSD Opened Higher on Wednesday July 12

GBPUSD

At 09:40 GMT, the pair is trading at 1.2858, with the Pound trading 0.07% higher against US Dollar from the New York close, after UK’s ILO unemployment rate surprisingly fell to 4.5% in the three months to May. The pair witnessed a high of 1.2870 and a low of 1.2812 during the session. Yesterday, the Pound traded 0.22% lower against the US Dollar in the New York session and ended at 1.2849. Immediate downside, the first support level is seen at 1.2806, while on the upside, the first resistance level is situated at 1.2917.

Despite breaching 1.2849 support, there is no follow through selling in GBP/USD yet. Intraday bias remains neutral for the momentum. Break of 1.2926 minor resistance will indicate completion of pull back from 1.3029. Intraday bias would then be turned back to the upside for 1.3047 resistance. Break will target 61.8% projection of 1.2108 to 1.3047 from 1.2588 at 1.3168 next. However, sustained break of 1.2849 will dampen our near term bullish view and turn focus back to 1.2588 support.

 USDJPY Opens Lower on Wednesday July 12

USDJPY

This morning, at 09:40 GMT, the US Dollar is trading at 113.38 against the Yen, 0.49% lower from the New York close. In economic news, data indicated that Japan’s tertiary industry index fell less-than-expected in May. During the session, the pair traded at a high of 113.97 and a low of 113.32. Yesterday, the US Dollar traded 0.31% lower against the Yen in the New York session and ended at 113.94. The pair is expected to its find support at 112.97 and its first resistance at 114.14.

USD/JPY is turned neutral with the current sharp decline. With 112.88 minor support intact, further rise remains in favor. Decisive break of 114.36 resistance will confirm our bullish view that corrective pull back from 118.65 has completed at 108.12. In that case, further rally would be seen to retest 118.65. However, break of 112.88 will indicate rejection from 114.36 and near term reversal. In such case, intraday bias will be turned back to the downside for 4 hour 55 EMA (now at 111.94).

 USDCHF Opened Lower on Wednesday July 12

USDCHF

The US Dollar is trading at 0.9639 against the Swiss Franc at 09:40 GMT this morning, marginally higher from the New York close. Moving ahead, investors will look forward to Switzerland’s producer and import prices data, slated to release tomorrow. The pair traded at a high of 0.9642 and a low of 0.9619 this morning. Yesterday, the USD traded 0.5% lower against the CHF in the New York session and ended at 0.9639. The pair is expected to its find support at 0.9607 and its first resistance at 0.9684.

USD/CHF is staying in consolidation above 0.9551 and intraday bias stays neutral first. Upside is expected to be limited by 0.9770 resistance and bring fall resumption. Below 0.9595 minor support will turn intraday bias back to the downside. In such case, USD/CHF should fall through 0.9551 support resume the whole fall from 1.0342 and target 0.9443 key support level next. We’d expect strong support from there to bring rebound. Meanwhile, firm break of 0.9770 will indicate near term reversal, on bullish convergence condition in 4 hour MACD.

 USDCAD Opened Higher on Wednesday July 12

 

USDCAD

The pair is trading at 1.2925 at 09:40 GMT this morning, with the USD trading a tad higher against CAD from the New York close. The pair traded at a high of 1.2931 and a low of 1.2894 this morning. The US Dollar declined against the Canadian Dollar in the New York session yesterday, closing marginally lower at 1.2918. Data indicated that Canada’s seasonally adjusted housing starts climbed more-than-expected in June. The pair is expected to its find support at 1.2898 and its first resistance at 1.2948.

USD/CAD continues to lower downside momentum. But at this point, it’s staying below 1.3013 resistance. Thus, deeper fall is expected for 1.2460 low. However, break of 1.3013 will indicate short term bottoming, on bullish convergence condition in 4 hour MACD. In such case, intraday bias will be turned back tot he upside for 1.3164/3346 resistance zone first.

 AUDUSD Opened Higher on Wednesday July 12

AUDUSD

The pair is trading at 0.7648 at 09:40 GMT this morning, with the Australian Dollar trading 0.12% higher against US Dollar from the New York close. Early morning data revealed that Australia’s Westpac consumer confidence index increased in July. This morning, the pair traded at a high of 0.7664 and a low of 0.7636. The Australian Dollar traded 0.39% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7639. The pair is expected to its find support at 0.7614 and its first resistance at 0.7673.

The break of 0.7643 minor resistance suggests that pull back from 0.7711 has completed at 0.7570 already. Intraday bias is turned back to the upside for 0.7711. Break will extend larger rally from 0.7328 and target 0.7748 resistance and above. At this point, there is no clear sign of range breakout yet. Hence, we’d be cautious on topping again as it approaches medium term fibonacci level at 0.7849. On the downside, break of 0.7534 will indicate near term reversal and turn bias back to the downside for 0.7370 support.

 Gold Prices Opened Higher on Wednesday July 12

Gold

Gold is trading at $1218.50 per ounce at 09:40 GMT this morning, 0.16% higher from the New York close. This morning, the precious metal traded at a high of $1219.90 per ounce and a low of $1215.90 per ounce. Yesterday, gold traded 0.43% higher in the New York session and closed at $1216.50 per ounce, amid weakness in the greenback. Immediate downside, the first support level is seen at $1210.63 per ounce, while on the upside, the first resistance level is at $1223.13 per ounce.

August Comex Gold futures are trading slightly higher shortly ahead of the regular session opening. The market is being supported by a weaker dollar, political concerns in the U.S. and general nervousness ahead of the first day of testimony before Congress by Fed Chair Janet Yellen.

Yellen is scheduled to deliver her semi-annual report on monetary policy at 1400 GMT. I don’t expect any surprises. She is likely to acknowledge the strong labor market while saying the economy is moving forward, but at a slow pace. Yellen is also likely to say that the muted inflation numbers should start to move towards the Fed’s 2.0 percent target once employers start to raise wages.

 Silver Prices Opened Up on Wednesday July 12

Silver

The precious metal is trading at $15.83 per ounce at 09:40 GMT this morning, 0.16% higher from the New York close. During the session, silver traded at a high of $15.93 per ounce and a low of $15.77 per ounce. In the New York session yesterday, silver rose 1.22% and closed at $15.81 per ounce, tracking gains in gold prices. Immediate downside, the first support level is seen at $15.53 per ounce, while on the upside, the first resistance level is at $16.03 per ounce.

APMEX’s chart for Silver prices shows the price of Silver today in real-time and displays historical Silver prices. Silver prices may be viewed for any date within the last 30 years in the interactive Silver prices chart below. Simply plug in custom dates or use the scroll bar to view Silver spot price movements for any date range. You can also hover your mouse over the chart to view spot Silver prices for each day

 Crude oil Prices Opened Higher on Wednesday July 12

Oil

The commodity is trading at $45.84 per barrel at 09:40 GMT this morning, 0.07% higher from the New York close. Crude oil witnessed a high of $46.02 per barrel and a low of $45.65 per barrel during the session. In the New York session yesterday, crude oil rose 4.04% to close at $45.81 per barrel, after the API disclosed that US crude oil inventories declined by 8.1 million barrels in the week ended 07 July. Moreover, the EIA reduced US crude production forecast for 2018 by 1.0% to 9.90 million barrels per day. Immediate downside, the first support level is seen at $44.44 per barrel, while on the upside, the first resistance level is at $46.63 per barrel.

 

Oil rose above $48 a barrel on Wednesday in response to a fall in U.S. fuel inventories and a cut in the U.S. government’s forecast for crude output next year which raised hopes that a supply glut is easing.

U.S. crude inventories fell by 8.1 million barrels, industry group the American Petroleum Institute said on Tuesday, much more than the forecast.

FOREX INVESTORS BUZZ




UK unemployment rate surprisingly slid inMay 2017

The ILO unemployment rate fell unexpectedly to 4.50% in the UK, in the March-May 2017 period. In the February-April 2017 period, the ILO unemployment rate had recorded a level of 4.60%.

 

Eurozone industrial production rose more-than–expected in May

On a MoM basis, the seasonally adjusted industrial production in the Eurozone advanced 1.30% in May, higher than market expectations for a rise of 1.00%. Industrial production had recorded a revised rise of 0.30% in the prior month.

 

German wholesale price index remained unchanged in June

In Germany, the wholesale price index remained unchanged on a MoM basis, in June. In the previous month, the wholesale price index had registered a drop of 0.70%.

 

Australian Westpac consumer confidence index registered a rise in July

In July, Westpac consumer confidence index in Australia rose 0.40%, on MoM basis, to a level of 96.60. Westpac consumer confidence index had registered a reading of 96.20 in the prior month.



TODAY’S FOREX BUZZ WORD MAJOR CURRENCY PAIR 4.15.17

FOREX INVESTORS BUZZ WORD MAJOR CURRENCY PAIRS 7.11.17

FOREX INVESTORS BUZZ WORD MAJOR CURRENCY PAIRS 7.11.17

A DAILY SOCIAL TRADING EVENT

 MAJOR CURRENCY PAIR 7.11.17 This morning, the greenback is trading higher against most of the major currencies, ahead of US JOLTs job openings a

FOREX INVESTORS BUZZ  MAJOR CURRENCY PAIR 7.11.17 This morning, the greenback is trading higher against most of the major currencies, ahead of US JOLTs job openings and wholesale inventories data, both slated to release in a few hours. Meanwhile, the US NFIB small business optimism index declined more-than-expected in June.

The EUR is trading a tad lower against the USD. In economic news, data indicated that Italy’s seasonally adjusted industrial production grew at its fastest pace in 3 months on a monthly basis in May.

The GBP is trading higher against the USD. Going forward, investors will closely monitor Britain’s ILO unemployment rate data, slated to release tomorrow.

The AUD gained ground against the USD, after the NAB report showed that Australia’s business conditions improved to its highest level in nearly 10 years in June, indicating that businesses were much more confident about the nation’s growth prospects. Additionally, the nation’s business confidence increased in June. Meanwhile, the nation’s seasonally adjusted home loan approvals rebounded less-than-expected in May.

Yesterday, the greenback traded lower in the New York session, against the key currencies. Macroeconomic data revealed that the US labor market conditions index declined more-than-expected in June. On the contrary, the nation’s consumer credit surged to a 6-month high in May.

FOREX INVESTORS BUZZ



MAJOR CURRENCY PAIR 7.11.17

 EURUSD Opened Lower on Tuesday July 11

EURUSD

This morning at 09:40 GMT, the EUR is trading at 1.1394 against the USD, a tad lower from the New York close. In economic news, Italy’s industrial production rose more-than-expected on a monthly basis in May. This morning, the pair traded at a high of 1.1400 and a low of 1.1383. The Euro traded marginally higher against the US Dollar in the New York session yesterday, with the pair closing the session at 1.1397. The pair is expected to its find support at 1.1381 and its first resistance at 1.1407.

As the single currency has retreated after faltering below resistance at 1.1446, suggesting consolidation below this level would be seen and pullback to 1.1355-60 cannot be ruled out, however, reckon support at 1.1312 would limit downside and bring another rise later, above said last week’s high at 1.1446 would confirm recent upmove has resumed for headway to 1.1475-80 but price should falter below 1.1500.

In view of this, we are looking to buy euro on dips but one should exit on subsequent rally. Below said support at 1.1312 would abort and signal top has been formed at 1.1446, bring retracement of recent rise to 1.1292 (previous support as well as 50% Fibonacci retracement of 1.1139-1.1446), then towards 1.1270.

 GBPUSD Opened Lower on Tuesday July 11

GBPUSD

At 09:40 GMT, the pair is trading at 1.2919, with the Pound trading 0.3% higher against US Dollar from the New York close. Overnight data revealed that Britain’s BRC retail sales across all sectors rebounded more-than-expected on an annual basis in June. The pair witnessed a high of 1.2927 and a low of 1.2870 during the session. Yesterday, the Pound traded slightly higher against the US Dollar in the New York session and ended at 1.2880. Immediate downside, the first support level is seen at 1.2874, while on the upside, the first resistance level is situated at 1.2946.

The British pound has slipped again after meeting renewed selling interest at 1.2984 and broke below previous support at 1.2893, suggesting top has been formed at 1.3030, hence consolidation with downside bias remains for retracement of recent upmove and weakness to 1.2850, then 1.2830-35 (50% Fibonacci retracement of 1.2640-1.3030) but reckon 1.2789-94 (61.8% Fibonacci retracement and previous support) would hold from here.

In view of this, would not chase this fall here and would be prudent to stand aside for now. Above 1.2920-25 would brig recovery to 1.2950 but only break of 1.2984 would signal the pullback from 1.3030 has ended, bring subsequent retest of this level possibly next week.

 USDJPY Opened Higher on Tuesday July 11

USDJPY

This morning, at 09:40 GMT, the US Dollar is trading at 114.31 against the Yen, 0.22% higher from the New York close. Earlier today, data indicated that Japan’s flash machine tool orders advanced in June. During the session, the pair traded at a high of 114.48 and a low of 114.04. Yesterday, the US Dollar traded 0.08% lower against the Yen in the New York session and ended at 114.06. The pair is expected to its find support at 114.04 and its first resistance at 114.53.

Although the greenback has risen again and broke above resistance at 113.69 and initial upside risk remains for recent upmove to extend gain to 114.00, loss of momentum should prevent sharp move beyond 114.25-30 and reckon 114.50-55 would hold from here, risk from there has increased for a retreat to take place later.

In view of this, would not chase this rise here and would be prudent to stand aside in the meantime. Below the Kijun-Sen (now at 113.49) would bring pullback to 113.10-15 but only break of support at 112.74-88 would signal top is formed, bring correction of recent rise to 112.60, then 112.40.

 USDCHF Opened higher on Tuesday July 11

USDCHF

The US Dollar is trading at 0.9685 against the Swiss Franc at 09:40 GMT this morning, 0.27% higher from the New York close. Amid no major economic releases in Switzerland today, investor sentiment will be governed by global macroeconomic events. The pair traded at a high of 0.9688 and a low of 0.9658 this morning. Yesterday, the USD traded 0.11% lower against the CHF in the New York session and ended at 0.9659. The pair is expected to its find support at 0.9661 and its first resistance at 0.9699.

Although the greenback has rebounded in NY morning, reckon upside would be limited to 0.9675-80 and risk of another retreat cannot be ruled out, below support at 0.9598 would bring weakness to 0.9560-65, however, reckon last week’s low at 0.9552 would limit downside and bring another rebound later to resistance at 0.9688, break there would signal low has been formed at 0.9552, bring retracement of early decline to 0.9700 and later towards resistance area at 0.9738-43.

In view of this, we are inclined to buy dollar on subsequent fall. Below said support at 0.9552 would signal recent decline has resumed instead, then weakness to 0.9520-25 would follow but reckon 0.9500 would hold on first testing.

 USDCAD Opened Higher on Tuesday July 11

USDCAD

The pair is trading at 1.2915 at 09:40 GMT this morning, with the USD trading 0.19% higher against CAD from the New York close. Going ahead, traders will look forward to Canada’s housing starts data, scheduled to release in a few hours. The pair traded at a high of 1.2916 and a low of 1.2885 this morning. The US Dollar declined against the Canadian Dollar in the New York session yesterday, closing 0.14% lower at 1.2890. The pair is expected to its find support at 1.2880 and its first resistance at 1.2942.

As the greenback has fallen again after brief recovery, suggesting recent selloff from 1.3794 top (wave c of larger degree wave b top) is still in progress and bearishness remains for further decline to 1.2870, then 1.2850, however, loss of downward momentum should prevent sharp fall below 1.2800, risk from there has increased for a rebound to take place later.

In view of this, would not chase this fall here and would be prudent to sell the pair again on recovery as 1.3010-15 should limit upside. Above 1.3070-75 would defer and suggest low is formed, bring a stronger rebound to 1.3115-20 and possibly towards previous support at 1.3165 (now resistance) but only break there would signal a temporary low is formed instead, then test of another previous support at 1.3212.

 AUDUSD Opened higher on Tuesday July 11

AUDUSD

The pair is trading at 0.7613 at 09:40 GMT this morning, with the Australian Dollar trading 0.08% higher against US Dollar from the New York close, after Australia’s NAB business conditions and confidence index advanced in June. This morning, the pair traded at a high of 0.7627 and a low of 0.7603. The Australian Dollar traded 0.18% higher against the US Dollar in the New York session yesterday, with the pair closing the session at 0.7607. The pair is expected to its find support at 0.7592 and its first resistance at 0.7630.

Although aussie found support at 0.7571 and recovered, if our view that top has been formed at 0.7712 is correct, upside should be limited to 0.7650-60 and bring another retreat later, below said support at 0.7571 would add credence to this view, bring retracement of recent rise to 0.7535 support, break there would extend further fall towards 0.7500 which is likely to hold from here..

In view of this, we are looking to sell aussie on recovery as 0.7650 should limit upside. Above 0.7683 resistance would abort and suggest the retreat from 0.7712 has ended instead, bring retest of this level first, then towards 0.7750.

 Gold Prices Opened Down on Tuesday July 11

Gold

Gold is trading at $1210.40 per ounce at 09:40 GMT this morning, 0.24% lower from the New York close. This morning, the precious metal traded at a high of $1215.60 per ounce and a low of $1208.70 per ounce. Yesterday, gold traded 0.32% higher in the New York session and closed at $1213.30 per ounce, amid a broad weakness in the greenback. Immediate downside, the first support level is seen at $1206.07 per ounce, while on the upside, the first resistance level is at $1215.17 per ounce.

Gold is currently trading around $1,210 per troy ounce. During Monday’s session it fell to $1,204.45, the lowest level since March 15. Several factors are weighing on the price, including the rising interest rate environment where the U.S. Federal Reserve’s hawkishness has pushed up the dollar, which consequently puts pressure on the dollar-denominated metal.

However, inflation in the U.S. may prove beneficial for gold, according to Nitesh Shah, commodities strategist at ETF Securities. Gold is traditionally seen as a hedge against inflation.

 Silver Price opened Lower on Tuesday July 11

Silver

The Silver Price opened Lower on Tuesday July 11precious metal is trading at $15.48 per ounce at 09:40 GMT this morning, 0.93% lower from the New York close. During the session, silver traded at a high of $15.68 per ounce and a low of $15.43 per ounce. In the New York session yesterday, silver rose 2.16% and closed at $15.62 per ounce, tracking gains in gold prices. Immediate downside, the first support level is seen at $15.22 per ounce, while on the upside, the first resistance level is at $15.72 per ounce.

Silver markets had a volatile session on Monday as we initially fell, but found enough support near the $15.20 level to find the market bouncing towards the $15.60 level. Ultimately, I believe that the market continues to go higher, looking for the $16 level. Either way, I don’t have any interest in buying this market, as the US dollar has been strengthening overall, and there are a certain number of influential factors working against precious metals overall. I believe that the $16 level will be a massive resistance barrier that the market will not be a will to break. I still believe that we are reaching towards the $15 level longer term which is a much more significant level on the longer-term charts.

 Crude oil Prices Opened higher on Tuesday July 11

Oil

The commodity is trading at $44.29 per barrel at 09:40 GMT this morning, 0.4% lower from the New York close. Crude oil witnessed a high of $44.91 per barrel and a low of $44.09 per barrel during the session. In the New York session yesterday, crude oil rose 1.21% to close at $44.47 per barrel, amid news that Libya and Nigeria have been invited to join OPEC’s meeting later this month to discuss capping their surging crude output. Immediate downside, the first support level is seen at $43.66 per barrel, while on the upside, the first resistance level is at $44.92 per barrel

Overnight, crude futures settled higher on Monday, but sentiment on oil remained negative as fears grew that rising output from the United States, Nigeria and Libya would continue to weigh on Opec and its allies’ efforts to rein in supply.

Oil prices shrugged off negative sentiment to settle higher, despite a recent string of comments from analysts warning that growing non-Opec supply would continue to limit Opec and its allies’ pact to curb production.

“The simple truth is that OPEC and Russia have to contend with the fact is that there is output growth elsewhere diluting their efforts at reducing supply,” the bank said in a note.

Economic Snapshot

FOREX INVESTORS BUZZ

 

 

Italian industrial production rose more-than-expected in May

The seasonally adjusted industrial production in Italy climbed 0.70% in May on a monthly basis, higher than market expectations for a rise of 0.50%. In the previous month, industrial production had registered a revised drop of 0.50%.

 

Japanese machine tool orders climbed in June

The flash machine tool orders in Japan recorded a rise of 31.10% on a YoY basis, in June. Machine tool orders had climbed 24.50% in the previous month.

 

Australian business conditions index recorded a rise in June

In June, the business conditions index recorded a rise to 15.00 in Australia, compared to a revised reading of 11.00 in the previous month.

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