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GBP/USD — Daily Forecast Technical Analysis — July 30th 2015

London City Trading brings you the latest technical analysis on the GBP/USD pair for the July 30th in this video.
GBP/USD — Looking at the weekly chart, as you can see bulls were strenthening but we also see bullish rejection. Price respected the blue balance line which is equal to 55 EMA. MACD is bullish and momentum is bit low. Today if we see bullish rejection then we can see the continuity of bearish movement today. Looking at the daily chart, price nicely respected the previous high and price is still above 1.5580 support area and the baseline.
Looking at the 4 hour chart, price nicely respected the previous high and we can see divergence in stochastics and after that we had a nice bearish movement. Also we have inside bar candle so this is consolidation. Lets move on to 1 hour chart and plan a trade for today. Recapping previous trade, we broke out of the triangle to the upside and nice bullish movement. Looking at recent support and resistance we will take trades according to direction of breakout. Today we don’t have any high impact news for pound.

Hardy — USD and FOMC Meeting

One word is all it took for traders to start buying dollars again,
says Saxo Bank’s John Hardy in his analysis of the latest statement
from the FOMC.
John Hardy: We did see some reasonable upgrade to first paragraph which describes the Fed’s impression on the state of the economy and especially rather optimistic and positive sounding paragraph on the state of the Labor market. The FOMC wants some further improvement in job market. The dollar buying picked up after FOMC statement and no big change in rate expectations.
The Euro dropped against the dollar on this statement and incoming US data could see it trading even lower. The interesting thing was a little bit of a shift I think how the dollar is trading. The dollar is strongest against the euro and I think this pattern could continue and maybe the focus will shift away from commodity currencies a bit, risk appetite is doing well and dollar is strengthening. The EUR/USD dropping below 1.10 and USD/JPY coming up a bit and this shift is interesting and will continue as long as strong US data to continue and risk appetite making a comeback. The US data next week to be key driver for USD.

Daily Forex News and Analysis — July 30th 2015

The US Indices ended higher on Wednesday after US Federal Reserve said economy and job market continued to strengthen but left the Interest rate unchanged. The Dow Jones rose by 0.69%, NASDAQ by 0.44% and S&P 500 added 0.73% to its value. The US Dollar traded higher against major currencies yesterday despite a fall in US Housing in June. Today Advanced GDP is expected at 2.6% vs. -0.2% and Unemployment Claims at 268K vs. 255K. Gold finished higher to close at $1096 an ounce. Crude oil also rose to close at $48.85 a barrel.
The Euro fell vs. the dollar after the Fed noted signs of an improved Labor market. According to 8 hour chart, the EUR/USD is trading below a bearish trend line. Holding below this may lead the EUR/USD to around 1.08 while crossing above could take the pair towards 1.12. The Pound slipped lower versus the dollar despite upbeat UK data. According to 1 hour chart, the GBP/USD is trading in ascending channel. Breaking below the lower side of the channel could lead it towards 1.5530 while breaching upper side may take the pair towards 1.5750.

Hardy — The FOMC Meeting

The July FOMC meeting is highly anticipated as the market seeks further clues as to when the US Fed may hike rates, says Saxo Bank’s John Hardy.
John Hardy: The FOMC Meeting should always be highly anticipated and especially because we are getting close to that point and thats what people are looking for is FOMC Statement and currently the markets are expecting very low odds in September hike and Fed wants to cover its back ahead of strong US data.
The hawkish tone from FOMC could see the dollar strengthened against other major currencies. In the past week the big dollar strength that we have seen and indicating that the USD is strong against commodity currencies. The hawkish Fed may see EUR/USD downside and interestingly we have a long position on in USD/CHF. And AUD/USD could head lower on hawkish Fed.
Traders are wathing for data for further clues as to when the Fed may hike rates. We have a GDP number tommorrow and next week we have ISM and Non Farm payroll which are most important data.

Collins — USD/CAD

Alan Collins believes that USD/CAD will go lower after Tuesday’s profit taking and is looking to short the pair.
USD/CAD — The decline in USD/CAD is likely to deepen after profit taking on Tuesday before buyers should return. The pair is up since June’s low and to the most positive levels seen in 11 yaears. The Tuesday’s move has taken sentiment to overbought extremes and there is a correction underway. Signals point to lower levels before buying interest is renewed. So we advice the clients to be modestly short from the open, looking to sell at 1.2975 area and with stop at 1.3010. On the downside we are looking targets at 1.2910, 1.2877 and 1.2820.

EUR/USD — Daily Forecast Technical Analysis — July 29th 2015

In this video the trader guy looks at currency pair EUR/USD pair for the July 29th session.
EUR/USD — Looking at the daily chart, we can see that we initially fell during the session on Tuesday, but did find some support above the 1.10 level and bounced to form a hammer. Looking at the 4 hour chart, it looks like we are going to continue higher towards 1.11 and then 1.12. The 1.10 level at the moment looks to me as fair value as we continue to bounce around in this general vicinity. A break of the top of the daily candle should bring buyers back into the market. I am not anticipating a move above 1.12. In the short term, I think summer time trading and with Greece drama I feel it as a traditionally a slow month. I think we are going to consolidate between 1.08 and 1.12 for next few weeks. I see it as a short term buying setup at the moment.

Daily Forex News and Analysis — July 29th 2015

The US Indices closed higher on Tuesday as attention shifts from trouble in Chinese equities to US Corporate earnings and speculation that first Federal Reserve Interest rate hike may not come until December. The Dow Jones rose by 1.09%, S&P 500 by 1.24% and NASDAQ added 0.98% to its value. The US Dollar trimmed gains against most major currencies on Tuesday after data showed that US Consumer Confidence deteriorated this month while markets await the conclusion of Federal Reserve’s Policy Meeting this week. Today the Federal Funds Rate and FOMC Statement is due for publication. High volatility is expected. Gold finished almost unchanged to close at $1,095 an ounce. Crude oil fell to close at $47.78 a barrel.
The Euro finished versus the US Dollar as US data deteriorated this month tempering expectations of higher Interest rates. According to daily chart the pair is trading above support level at 1.0963 with positive RSI indicator above 50. Maintaining these conditions could take the EUR/USD towards 1.13 while breaking below the level could start a reversal to around 1.0750. The Pound edged higher versus US Dollar after data showed that UK economy grew in line with expectations in 2nd quarter. According to 8 hour chart, the pair is trading in a descending triangle. Crossing the upper side of the triangle may lead the pair towars 1.58. However breaking below the lower side could take it to around 1.53.

Forex Basics Trading

Whichever Financial market you decide to trade, its important to first understand some of the basic concepts and terminology used. Individual markets are composed of various financial instruments. Examples include Bonds, Stocks, Currencies and Commodities. Prices move up and down according to supply and demand. A financial instrument has 2 different prices. The offer or buy price is what you look at if you want to buy it. The bid or sell price is that you use if you want to sell it. Some people use middleman or broker to carry out the trades usually for a fees or commission. But these days many people use the internet and traded directly themselves using prices that are displayed online.
When you begin a trade, you are said to open a position. When you end a trade you close the position and accept your actual profit or loss on the trade. Once you have decided to make a trade there are different types of orders you can place. A Market order is one in which you buy or sell at the current market price and for a limit order you choose the price. A Stop order closes a trade at the price you specify.
If you buy a instrument and believe its price to go up in future then you are considered to have a long position on that instrument. If you sell an instrument then you are considered to have a short position on that instrument.

GBP/USD — Daily Forecast Technical Analysis — July 28th 2015

London City Trading brings you the latest technical analysis on the GBP/USD pair for the July 28th in this video.
GBP/USD — Looking at the weekly chart, bulls were strengthening and price broke 1.5560 level resistance area. MACD is still bearish and it looks like we could see some retracement. Looking at the daily chart, I mentioned yesterday that price is respecting 1.5550 area and price respected the daily trend resistance line which it respected many times. We will see today if price respects this line or not. MACD is turning into bullish. Stochastics is turning up.
Looking at the 4 hour chart, price nicely supported 1.5550 area and we saw some nice bullish movement. Stochatics is still above 80. Lets move on to 1 hour chart and plan a trade for today. Recapping yesterday’s trade, later in the New York session price nicely broke these resistances and we saw nice bullish movement.
Redrawing recent support and resistance lines, If price respects this trend resistance line then I will be looking for a short trade. If price breaks this line then I will be looking for a long trade. My first target would be 1.5600 area.

Lucas — Why I’m Buying AUD/JPY

It’s time to buy AUD/JPY for 3CAnalysis’ Steve Lucas this Tuesday.
Steve Lucas: The Aussie is under pressure for sometime due to weak commodities and weakening China outlook. Yesterday we saw JPY buying on China stock rout. The AUD/JPY cross has been trading close to 2015 and 2014 lows. But today we have seen sentiments improving as signals are better, on slightly improving China outlook. So we expect the Aussie to benefit and Japanese Yen to lose out.
The call today is to buy Aussie at market and 89.80. The stoploss level at 89.34 which is today’s low in Asia. Targets are 91.22 and 91.83.

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