2018-08-01
In Asia, Japan will release the Final Manufacturing PMI data, and the US will release some Economic Data such as Federal Funds Rate, Total Vehicle Sales, Crude Oil Inventories, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, and ADP Non-Farm Employment Change. So there is a probability the USD/JPY will move with a medium to high volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 112.40.
Resistance. 2: 112.18.
Resistance. 1: 111.96.
Support. 1: 111.69.
Support. 2: 111.47.
Support. 3: 111.26.
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, Aug 01, 2018
2018-08-01
When the European market opens, some Economic Data will be released such as German 10-y Bond Auction, 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 Federal Funds Rate, Total Vehicle Sales, Crude Oil Inventories, ISM Manufacturing Prices, Construction Spending m/m, ISM Manufacturing PMI, Final Manufacturing PMI, and ADP Non-Farm Employment Change, so, amid the reports, EUR/USD will move in a medium to high volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1745.
Strong Resistance:1.1738.
Original Resistance: 1.1727.
Inner Sell Area: 1.1716.
Target Inner Area: 1.1688.
Inner Buy Area: 1.1660.
Original Support: 1.1649.
Strong Support: 1.1638.
Breakout SELL Level: 1.1631.
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 AUD/USD for August 1, 2018
2018-08-01
AUD/USD has been residing inside a corrective range between 0.73 to 0.75 area for a while now from where it is expected to push lower with the long-term trend in the coming days. USD has been quite mixed with the recent economic reports which lead the currency to struggle to maintain the momentum it had over AUD earlier in the process.
Ahead of the AUD Trade Balance report tomorrow which is expected to increase to 0.91B from the previous figure of 0.83B and Retail Sales report to be published on Friday which is expected to slight decrease to 0.3% from the previous value of 0.4%, the currency is currently struggling to sustain the momentum it gained inside the range after bouncing off the 0.73 area recently. Today AUD AIG Manufacturing Index report was published with a decrease to 52.0 from the previous figure of 57.4 which is assumed to lead the currency to certain weakness being observed currently. Moreover, today AUD Commodity Prices report is going to be published which is expected to increase from the previous value of 6.6%.
On the other hand, ahead of the NFP report to be published this week, USD has been performing quite well currently and today USD ADP Non-Farm Employment Change report is going to be published which is expected to increase to 186k from the previous figure of 177k, ISM Manufacturing PMI is expected to slightly decrease to 59.4 from the previous figure of 60.2 and Crude Oil Inventories report is also expected to increase to -2.6M from the previous figure of -6.1M.
As of the current scenario, AUD has been struggling with the recently published economic reports whereas USD having high impact economic reports yet to be published, is expected to gain further momentum over AUD in the process. As USD publishes better than expected economic reports results, further gain on the USD side is expected at this moment.
Now let us look at the technical view. The price has been inside the range for a while now and recently it created a lower high below 0.75 area with an impulsive bearish momentum currently which is expected to push the price lower towards 0.73 area in the coming days. The price is currently residing at the edge of dynamic level support which is expected to be taken out with certain bearish momentum in the process. As the price remains below 0.75 area with a daily close, the bearish bias is expected to continue further.
RESISTANCE: 0.75
SUPPORT: 0.73
BIAS: BEARISH
MOMENTUM: CORRECTIVE AND VOLATILE
Fundamental Analysis of USD/CHF for August 1, 2018
2018-08-01
USD/CHF has been quite bearish after rejecting off the 1.0050 with a daily close having a strong bullish rejection in the process which is expected to lead the price towards 0.98 in the coming days. Though the price is residing inside the range between 0.98 to 1.0050 area for a few days now, the bears are starting to take control of the market in the process.
Ahead of the NFP report to be published this week, USD has been performing quite well currently and today USD ADP Non-Farm Employment Change report is going to be published which is expected to increase to 186k from the previous figure of 177k, ISM Manufacturing PMI is expected to slightly decrease to 59.4 from the previous figure of 60.2 and Crude Oil Inventories report is also expected to increase to -2.6M from the previous figure of -6.1M. Additionally, today FOMC Meeting Minutes is going to be held along with Federal Funds Rate decision which is expected to be unchanged at 2.00%, which might lead to certain volatility in the pair as well.
On the CHF side, this week KOF Economic Barometer report was published with a decrease to 101.1 from the previous figure of 101.3 which was expected to increase to 101.6, which affected the growth of CHF against USD in the process leading to certain bullish pressure pushing the price higher. Tomorrow CHF SECO Consumer Climate is going to be published which is expected to be unchanged at 2, Retail Sales is expected to increase to 0.0% from the previous value of -0.1% and Manufacturing PMI is expected to decrease to 60.8 from the previous figure of 61.6.
As of the current scenario, ahead of the NFP and today's Federal Funds Rate report certain volatility is expected to be observed in this pair which might lead to a break out from the range it has been residing in for a while now. Though CHF has been quite dominating over USD earlier a strong impulsive break on either side may still happen in the process. To sum up, CHF may gain further momentum against USD as no changes on the Federal Funds Rate and Neutral FOMC is expected in today's high impact economic reports.
Now let us look at the technical view. The price has been in a contraction between the range of 0.98 to 1.0050 area from while Bearish Divergence can be observed alongside signaling further move down towards 0.98 and further lower in the coming days if the price manages to break below 0.98 with a daily close. As the price remains below the 1.0050 area with a daily close, the bearish bias is expected to continue further.
RESISTANCE: 1.0050
SUPPORT: 0.9800
BIAS: BEARISH
MOMENTUM: VOLATILE
USD/CHF analysis for August 01, 2018
2018-08-01
Recently, the USD/CHF has been trading upwards. The price tested the level of 0.9930. According to the H1 time – frame, I found a potential end of the fifth wave (Wolfe wave pattern), which is a sign that selling looks risky and that buying is preferable. My advice is to watch for potential buying opportunities on the pullback. The projected upward targets are set at the price of 0.9980 and at the price of 1.000.
Resistance levels:
R1: 0.9934
R2: 0.9945
R3: 0.9956
Support levels:
S1: 0.9912
S2: 0.9900
S3: 0.9890
Trading recommendations for today: watch for potential buying opportunities.
USD/JPY Approaching Resistance, Prepare For A Reversal!
2018-08-01
USD/JPY is approaching its resistance at 112.19 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal pullback resistance) where a reversal is expected, causing the price to fall to its support at 111.25 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal pullback support).
Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal could occur.
USD/JPY is approaching resistance where we expect to see a reversal.
Sell below 112.19. Stop loss 112.66. Take profit at 111.25.
GBP/USD analysis for August 01, 2018
2018-08-01
Recently, the GBP/USD has been trading downwards. The price tested the level of 1.3120. Anyway, according to the H1 time frame, I found the rejection of the support (upward trendline), which is a sign that selling looks risky. I also found breakout of the intraday supply 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 1.3175 and at the price of 1.3212.
Resistance levels:
R1: 1.3128
R2: 1.3143
R3: 1.3160
Support levels:
S1: 1.3097
S2: 1.3080
S3: 1.3065
Trading recommendations for today: watch for potential buying opportunities.
Technical analysis of GBP/USD for August 01, 2018
2018-08-01
Overview:
The GBP/USD pair is still trading around the spot of the pivot point (1.3115). The GBP/USD pair is in the bullish trend from the support levels of 1.3056 and 1.3115. The price is currently in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 1.3115, which coincides with daily pivot point. Consequently, the first support is set at the level of 1.3115. So, the market is likely to show signs of a bullish trend around the spot of 1.3115. In other words, buy orders are recommended above the pivot (1.3115) with the first target at the level of 1.3209. Furthermore, if the trend is able to break out through the first resistance level of 1.3209. We should see the pair climbing towards the double top (1.3362) to test it in the long term. It would also be wise to consider where to place a stop loss; this should be set below the second support of 1.3056.
Technical analysis of AUD/USD for August 01, 2018
2018-08-01
Overview:The daily strong resistance of the AUD/USD pair is seen at the price of 0.7474. The AUD/USD pair dropped from the level of 0.7474 towards 0.7348. But, the price rebounded from the bottom of 0.7348 to trade around the spot of 0.7474 again. The resistance is seen at the levels of 0.7474, 0.7513 and 0.7554. Moreover, the price area of 0.7474/0.7513 remains a significant resistance zone. Therefore, there is a possibility that the AUD/USD pair will move downside and the structure of a fall does not look corrective. The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside. Thus, amid the previous events, the price is still moving between the levels of 0.7474 and 0.7257. If the AUD/USD pair fails to break through the resistance level of 0.7474, the market will decline further to 0.7302 as the first target. This would suggest the bearish market because the RSI indicator is still in a negative spot and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.7257 so as to test the daily support 3. However, if a breakout takes place at the resistance level of 0.7550, then this scenario may become invalidated.
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