2018-07-02
In Asia, Japan will release the Final Manufacturing PMI, Tankan Non-Manufacturing Index, and Tankan Manufacturing Index, and the US will release some Economic Data, such as ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, and Final Manufacturing PMI. So, there is a probability the USD/JPY will move with a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 111.52.
Resistance. 2: 111.30.
Resistance. 1: 111.08.
Support. 1: 110.82.
Support. 2: 110.60.
Support. 3: 110.38.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or Investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Technical analysis: Intraday Level For EUR/USD, July 02, 2018
2018-07-02
When the European market opens, some Economic Data will be released, such as Unemployment Rate, PPI m/m, Italian Monthly Unemployment Rate, Final Manufacturing PMI, German Final Manufacturing PMI, French Final Manufacturing PMI, Italian Manufacturing PMI, and Spanish Manufacturing PMI. The US will release the Economic Data too, such as ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, and Final Manufacturing PMI, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1735.
Strong Resistance:1.1728.
Original Resistance: 1.1717.
Inner Sell Area: 1.1706.
Target Inner Area: 1.1678.
Inner Buy Area: 1.1650.
Original Support: 1.1639.
Strong Support: 1.1628.
Breakout SELL Level: 1.1621.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or Investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Fundamental Analysis of EUR/USD for July 2, 2018
2018-07-02
EUR/USD has been quite impulsive with the bullish gains recently after bouncing off the 1.1550 area with a daily close, but currently, certain bearish pressure is trying to push it lower again. Due to the recent Trade War situation, certain volatility and correction are quite in line with expectations, but a break below 1.1550 will lead to certainty for the upcoming bearish momentum in the pair.
Today, EUR slipped back of its impulsive bullish pressure as German Chancellor Angela Merkel was dealt a fresh blow when her interior minister offered to quit in an escalating row over migration policy. Moreover, today a series of economic reports are yet to be published including Italian Manufacturing PMI report which is expected to decrease slightly to 52.6 from the previous figure of 52.7, French Final Manufacturing PMI is expected to be unchanged at 53.1, German Final Manufacturing PMI is also expected to be unchanged at 55.9 as well as EUR Final Manufacturing PMI report is expected to remain unchanged at 55.0. Additionally, EUR Unemployment Rate is expected to be unchanged at 8.5%, but PPI report is expected to increase to 0.4% from the previous value of 0.0%.
On the USD side, ahead of the NFP report this week which is expected to be quite dovish with the result, today USD Final Manufacturing PMI report is going to be published which is expected to be unchanged at 54.6, ISM Manufacturing PMI is expected to decrease to 58.2 from the previous figure of 58.7, Construction Spending is expected to decrease to 0.5% from the previous value of 1.8% and ISM Manufacturing Prices is also expected to decrease to 74.3 from the previous figure of 79.5.
As of the current scenario, both EUR and USD are quite indecisive with the upcoming economic reports which lead to further confusion in the market. Though USD is expected to have an upper hand over EUR as of the recent Rate Hike and upcoming policies promising development, whereas EUR failed to provide such assurance to the market participants. To sum up, the USD pressure is expected to continue further.
Now let us look at the technical view. The price is currently residing at the edge of dynamic level of 20 EMA below the resistance area of 1.1700-50, which is expected to push the price again towards the 1.1550 area in the coming days. Later, if the price breaks below 1.1550 with a daily close, the upcoming target would be the 1.13 support area. As the price remains below 1.1750 with a daily close, the bearish bias is expected to continue.
Fundamental Analysis of USD/JPY for July 2, 2018
2018-07-02
USD/JPY has been quite slow with the bullish gains recently which lead the price to reside above the 110.50 area which is expected to push higher towards the 112.00 area in the future. Though USD has been quite strong after the recent rate hike and better economic reports, JPY has not been totally dominated in the process.
As of the recent Trade War and US President Donald Trump expecting another tax overhaul in October this year, the volatility in the USD based pairs are expected to be quite high in the coming days. Though USD has been quite strong with the recent momentum, but it failed to have impulsive effect over JPY. Today, JPY Tankan Manufacturing Index report was published with a decrease to 21 from the previous figure of 24 which was expected to be at 22, Tankan Non-Manufacturing Index showed an increase to 24 which was expected to be unchanged at 23 and Final Manufacturing PMI report showed a slight decrease to 53.0 which was expected to remain unchanged at 53.1.
On the other hand, ahead of the NFP, Average Hourly Earnings and Unemployment Rate reports to be published on Friday this week, USD is expected to maintain the bullish momentum by the end of the week. Though certain correction and weakness may occur due to dovish expectation for certain USD reports, but the market bias is currently on the USD side. Today, USD Final Manufacturing PMI report is going to be published which is expected to be unchanged at 54.6, ISM Manufacturing PMI is expected to decrease to 58.2 from the previous figure of 58.7, Construction Spending is expected to decrease to 0.5% from the previous value of 1.8% and ISM Manufacturing Prices is also expected to decrease to 74.3 from the previous figure of 79.5.
As of the current scenario, JPY is expected to gain certain momentum over USD in the short-term, but the overall market bias is still on the USD side. As it exists, USD is expected to gain further momentum over JPY, but with certain corrections following the pressure in the coming days.
Now let us look at the technical view. The price has rejected the bullish pressure it had today after the recent break above the 110.50 area which is expected to inject certain bearish bias in the market for the short or medium term. The price is residing above the dynamic levels of 20 EMA, Tenkan and Kijun line which are expected to keep the price pushing higher with target towards 112.00 in the future. As the price remains above the 108.50-109.20 area with a daily close, the bullish bias is expected to continue.
OVERALL MARKET BIAS : BULLISH
SUPPORT AREA : 108.50 to 109.20
RESISTANCE AREA : 112.00
POSSIBLE UPCOMING MOMENTUM : CERTAIN BEARISH PRESSURE BEFORE PUSHING HIGHER TOWARDS THE 112.00 AREA.
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