2018-07-10
In Asia, Japan will release the Prelim Machine Tool Orders y/y, and M2 Money Stock y/y. The US will release some Economic Data such as JOLTS Job Openings, and NFIB Small Business Index. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 111.58.
Resistance. 2: 111.36.
Resistance. 1: 111.14.
Support. 1: 110.88.
Support. 2: 110.66.
Support. 3: 110.44.
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 10, 2018
2018-07-10
When the European market opens, some Economic Data will be released such as ZEW Economic Sentiment, German ZEW Economic Sentiment, Italian Industrial Production m/m, and French Industrial Production m/m. The US will also release the Economic Data such as JOLTS Job Openings, and NFIB Small Business Index, so amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1814.
Strong Resistance:1.1807.
Original Resistance: 1.1796.
Inner Sell Area: 1.1785.
Target Inner Area: 1.1757.
Inner Buy Area: 1.1729.
Original Support: 1.1718.
Strong Support: 1.1707.
Breakout SELL Level: 1.1700.
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 of GBP/USD for July 10, 2018
2018-07-10
(Disclaimer)
Technical analysis of EUR/GBP for July 10, 2018
2018-07-10
The EUR/GBP pair at 4-hour charts is still moving in a Bullish bias. This is already confirmed by the price still moving in an up slop channel and above the Moving Average Periode 50; however we've spotted the Divergence from the MACD Histogram with the price, as long as this pair does not break out and close bellow the 0.8799 the EUR/GBP pair will still be in a Bullish bias.
(Disclaimer)
Fundamental Analysis of GBP/USD for July 10, 2018
2018-07-10
GBP/USD has rejected off the 1.3320 resistance area recently with a daily close which is expected to support the upcoming bearish pressure in the pair. Ahead of the upcoming GDP report to be published today on the GBP side, certain volatility is expected to have an impact on the market today.
Today GBP GDP report is going to be published which is expected to have irregular impact on the market without any forecasted value, Manufacturing Production is expected to increase to 1.0% from previous value of -1.4%, Goods Trade Balance is expected to increase to -11.9B from the previous figure of -14.0B, Construction Output is expected to decrease to 0.4% from the previous value of 0.5%, Index of Services is expected to increase to 0.4% from the previous value of 0.2% and Industrial Production is expected to increase as well to 0.5% from the previous value of -0.8%. Moreover, today NIESR GDP Estimate report is going to be published with a hawkish expectation from the previous value of 0.2%.
On the other hand, after the recent NFP Economic report published with dovish results last week, USD has been quite weak recently. Today USD NFIB Small Business Index report is going to be published which is expected to decrease to 105.6 from the previous figure of 107.8 and JOLTS Job Opening report is going to be published with an increase to 6.88M from the previous figure of 6.70M.
As of the current scenario, GBP is currently quite hawkish with the upcoming economic reports expectation which if met, GBP is expected to gain certain momentum over USD in the process but any negative outcome of the reports may lead to impulsive USD gains in the coming days of the week.
Now let us look at the technical view. After the recent rejection off the 1.3320 area with a daily close, the pair is currently quite bearish residing at the edge of the dynamic level of 20 EMA. The overall trend is still bearish and expected to continue pushing the price lower towards 1.3050 area in the coming days. As the price remains below 1.3320 area with a daily close the bearish bias is expected to continue.
NEAR TERM RESISTANCE: 1.3320
NEAR TERM SUPPORT: 1.3050
TREND BIAS: BEARISH
CURRENT MOMENTUM: CORRECTIVE
Technical analysis on Gold for July 10, 2018
2018-07-10
Gold price pulled back yesterday and closed below $1,260. This is not a bullish sign but at least for bulls price is still above $1,250 which is the critical short-term support level. Gold bulls want to see more higher highs and higher lows for the precious metal and a break above $1,265 for the big test of the resistance and first target of $1,272.
Black line - support
Blue line - resistance
Red line - first target
Gold price has pushed back below the break out area of $1,260. This could be a false break out. Bulls need to retake this level soon otherwise we could see a push to new lows towards $1,220 over the coming weeks. A weekly close above $1,265 would be a great sign for bulls. On the other hand bears want to see $1,250 broken.
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