2018-07-03
Recently, EUR/USD has been trading upwards. The price tested the level of 1.1672. According to the H1 time frame, I found a breakout of the supply trendline, which is a sign that buyers are in control. I also found a rising trendline, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.1720 and at the price of 1.1840.
Resistance levels: R1: 1.1683R2: 1.1724 R3: 1.1770
Support levels: S1: 1.1596 S2: 1.1550 S3: 1.1510 Trading recommendations for today: watch for potential buying opportunities.
USD/CAD analysis for July 03, 2018
2018-07-03
Recently, USD/CAD has been trading downwards. As I expected, the price tested the level of 1.3142. According to the H1 time frame, I found a breakout of the bearish flag pattern, which is a sign that sellers are in control. I also found a strong downward trend in the background and my advice is to watch for potential selling opprtunities. The downward target is set at the price of 1.3060.
Resistance levels: R1: 1.3226R2: 1.3263 R3: 1.3300
Support levels: S1: 1.3150S2: 1.3111S3: 1.3075 Trading recommendations for today: watch for potential selling opportunities.
Fundamental Analysis of EUR/JPY for July 3, 2018
2018-07-03
EUR/JPY has been quite corrective and volatile at the edge of 129.50 area recently. The price is currently expected to fall lower with a target towards 125.00 area in the coming days. Though JPY was getting weaker due to sluggish inflation this year, EUR is also domed to struggle for gains as well.
EUR has been quite positive amid recent economic reports, including unchanged Unemployment Rate at 8.4% and a slight decrease in Manufacturing PMI. Today, French Government Budget Balance report was published with an increase of deficit to -55.1B from the previous deficit of -54.3B, Spanish Unemployment Change failed to meet the expectation of -101.0k as it showed -90.0k, increasing slightly from -83.7k, PPI report was published with an increase to 0.8% from the previous value of 0.0% which was expected to be at 0.4%, and Retail Sales showed a slight increase to 0.0% from the previous value of -0.1% which was expected to be at 0.1%.
On the other hand, Japan's Average Cash Earning report which is due on Friday which is expected to increase to 0.9% from the previous value of 0.6%. Today, JPY Monetary Base report was published with a decrease to 7.4% from the previous value of 8.1% which was expected to increase to 8.3%.
As for the current scenario, despite the worse economic report from Japan today it managed to gain certain momentum over EUR whereas EUR has been mixed with the reports published today. As the trade war tensions are going on, EUR is expected to lose momentum over JPY in the process. The market is likely to be volatile and corrective in the coming days whereas JPY is expected to have an upper hand.
Now let us look at the technical view. The price has been quite indecisive with the recent daily candle below 129.50 area. The price is expected to sink lower towards 125.00 area. Apart from the recent rejection off the level, the price has also formed a Bearish Divergence in the process which is expected to contribute to the upcoming bearish momentum. As the price remains below 129.50 area with a daily close, the bearish bias is expected to continue further.
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