HFM.
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Date : 29th July 2015.
CURRENCY MOVERS OF 29th July 2015.
EURUSD, Daily
EURUSD, Since the recent advance through the upper daily chart channel line was penetrated, and the fact that price remains within a 12 month decline, a further corrective bounce for medium term traders towards the 1.1220’s should not be ruled out. We will likely witness a potential breakdown back towards the 1.0870’s, ahead of my longer term price projection near the 1.0750’s. Swing traders with a short term view may look for price to return towards the 1.0970’s before flipping to the long side for a retest of the 1.1120’s.
The EUR has been trading off of the back of positive data this week, as German business and consumer confidence data came in firmer than expected; earlier today the German July Gfk held unchanged from June at 10.1. The consensus had been for a slight dip, to 10.0. High employment and expectations for higher pay underpinned the report. The EURUSD price advanced from Monday’s solid German Ifo results may consolidate ahead of today’s U.S. FOMC Statement.
Traders are waiting on the FOMC in the U.S., which concludes its two-day meeting today. No surprises are likely, and while the overall tone is expected to be more upbeat than the previous FOMC in June, the Fed is not likely to commit to a September rate lift-off. This is due to key data releases, concerns about China’s financial markets and Greece, and given recent oil price declines.
Currency Pairs, Grouped Performance (% change)
The new Currency Movers Charts show the percentage change from previous day’s close to the current moment against the other major currencies.
The GBP is trading firmer against the AUD, CAD and the NZD after better than forecast GBP Net Lending to Individuals’ data were released today.
The AUD and the CAD trade lower against most pairs, as commodity prices continue to seek a bottom.
Significant daily support and resistance levels for these pairs are:
Main Macro Events Today
• EUR Gfk German Consumer Climate : The July Gfk consumer confidence came in firmer than expected, holding unchanged from June at 10.1,though concerns about Greece’s potential impact on the German economy remained a negative, according to Gfk.
• USD FOMC Statement: No surprises are likely, and while the overall tone is likely to be more upbeat than the previous FOMC in June, it’s widely anticipated that the FOMC will be moderately net bullish for the dollar.
Please note that times displayed based on local time zone and are from time of writing this report.
Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work.
John Knobel
Senior Currency Strategist
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
CURRENCY MOVERS OF 29th July 2015.
EURUSD, Daily
EURUSD, Since the recent advance through the upper daily chart channel line was penetrated, and the fact that price remains within a 12 month decline, a further corrective bounce for medium term traders towards the 1.1220’s should not be ruled out. We will likely witness a potential breakdown back towards the 1.0870’s, ahead of my longer term price projection near the 1.0750’s. Swing traders with a short term view may look for price to return towards the 1.0970’s before flipping to the long side for a retest of the 1.1120’s.
The EUR has been trading off of the back of positive data this week, as German business and consumer confidence data came in firmer than expected; earlier today the German July Gfk held unchanged from June at 10.1. The consensus had been for a slight dip, to 10.0. High employment and expectations for higher pay underpinned the report. The EURUSD price advanced from Monday’s solid German Ifo results may consolidate ahead of today’s U.S. FOMC Statement.
Traders are waiting on the FOMC in the U.S., which concludes its two-day meeting today. No surprises are likely, and while the overall tone is expected to be more upbeat than the previous FOMC in June, the Fed is not likely to commit to a September rate lift-off. This is due to key data releases, concerns about China’s financial markets and Greece, and given recent oil price declines.
Currency Pairs, Grouped Performance (% change)
The new Currency Movers Charts show the percentage change from previous day’s close to the current moment against the other major currencies.
The GBP is trading firmer against the AUD, CAD and the NZD after better than forecast GBP Net Lending to Individuals’ data were released today.
The AUD and the CAD trade lower against most pairs, as commodity prices continue to seek a bottom.
Significant daily support and resistance levels for these pairs are:
Main Macro Events Today
• EUR Gfk German Consumer Climate : The July Gfk consumer confidence came in firmer than expected, holding unchanged from June at 10.1,though concerns about Greece’s potential impact on the German economy remained a negative, according to Gfk.
• USD FOMC Statement: No surprises are likely, and while the overall tone is likely to be more upbeat than the previous FOMC in June, it’s widely anticipated that the FOMC will be moderately net bullish for the dollar.
Please note that times displayed based on local time zone and are from time of writing this report.
Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work.
John Knobel
Senior Currency Strategist
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.