MBCFX brings you the latest technical analysis on the GBP/USD pair for the July 31st in this video.
GBP/USD — The GBP/USD prices pared some of its losses after the Fed decision to stay away from Interest rates hike for the moment. However in early trading sessions following the GDP data release, the Greenback advanced the GBP as data showed a strong economic growth in the US meeting forecasts. The GDP rate grew in the second quarter by 4% from 3%. As we can see in the h4 chart the GBP/USD pair declined towards Fibonacci retracement 61.8% around 1.6886 where the pair found temporary support before rebounding back towards 1.69 mark. Due to the divergence observed in the stochastics indicator prices could breach the resistance at 1.6945 and 1.6960 where Fib retracement level 50% and Moving average 20 converge.
MBCFX brings you the latest technical analysis on the GBP/USD pair for the July 31st in this video.
MBCFX brings you the latest technical analysis on the EUR/USD pair for the July 31st in this video.
EUR/USD — The US Dollar advanced against the Euro after the GDP data released showed strong growth in 2nd quarter in US. However the Greenback had failed to hold to its gains after the Fed sounded more dovish not to keep Interest rates low for extended period. Despite the Fed decision sooner or later the Fed will be pressurised to raise Interest rates due to continuing economic indicators in the US and Consumer Price Inflation. Ahead of tommorrow Non Farm payroll release we expect the EUR/USD pair to move around 1.3400 level. The Europe Core CPI, Euro Unemployment rate and German Unemployment report in the Eurozone and continuing Jobless claims, Chicago PMI data releases in the US are major news to be monitored by the traders today. As we can know from the h4 chart the EUR/USD prices found temporary support just above the Bollinger lower band and combined to the divergence observed of the stochastic indicator we expect a pullback to the first target of 1.34 level and if it breaks through the prices to reach 1.3455. Major support remains at 1.3368 and any close below this level could lead to further downward movement towards 1..3320. Any correction to the upside will provide opportunities to short the pair as the main trend remains to the downside.
The Wall Street finished mixed on Wednesday. The NASDAQ added 0.45% to its value, Dow by 0.19% and S&P 500 rose by 0.01%. The US Dollar traded higher versus its major counterparts on news the US economy grew much more than anticipated in the 2nd quarter. The ADP Non Farm Employment Change came out lower than expected at 218K vs. 234K and Unemployment Claims is expected at 303K vs. 284K. Gold fell to close around. Gold fell to close around $1,296 an ounce and Crude oil fell to close around $99 a barrel. The Euro fell against the US Dollar after mixed European data.
The Euro fell against US Dollar after mixed European data. The EUR/USD is trading below the Moving averages 10 signalling a bearish momentum. Maintaining these conditions may lead the pair towards 1.3350. Today the Unemployment rate is expected unchanged at 11.6%.
The Pound fell versus US Dollar after data revealed the US economy grew faster than expected in the 2nd quarter. The GBP/USD is trading in a descending channel. Keeping the momentum may lead to a fall towards 1.6850. However breaching the top level of the channel may lead the pair towards 1.6950.
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ADS Securities brings you the latest Daily Fundamental Update for the July 30th in this video.
Beginning with the Asian session today there were 2 economic releases from Japan which had muted impact on the Forex market. All eyes are headed towards the US today as ADP Non Farm employment change and the FOMC decision will be released today. New Zealand Building Permits increased by 3.5% in June. In Japan disappointment figures continues. Japan Industrial Production tumbles by 3.3% in June.
Looking at European session, German Prelim CPI set to rise by 0.3% in July and Spanish CPI may rise by 0.2% in July. Spanish Q2 GDP set to grow by 0.5%.
Looking at the US session the ADP Non Farm Employment is expected to add 234K new jobs in July comparing to 281K in June. US Advanced GDP set to grow by 3.1% in Q2. The FOMC decision will be released at 18:00 GMT+.
Hantec markets brings you the latest technical analysis on the GBP/USD pair for the July 30th in this video.
GBP/USD — The Cable continues to fall as well similar to EUR/USD pair. The 89 day moving average looks supportive around 1.6890 level. We are only 40 pips away from where we are trading at the moment. The next big support comes at 1.69 figure. If the 89 day moving average fails to provide support then I have to think about the long term outlook of the cable. The size of this correction is so significant around 250 pips since the high and the move to the doswnside is so significant. We are coming to an important pivotal level at the 89 day moving average. The important resistance levels to the upside to watch are 1.6960 and 1.70 levels. The key level in the near term to the upside is the 1.70 figure and this is the line in the sand and thats the level we need to breach to the upside.
Hantec markets brings you the latest technical analysis on the EUR/USD pair for the July 30th in this video.
EUR/USD — The Euro looks so weak and it continues to fall away and the Euro remains under significant selling pressure and just falling down towards 1.3375 level, which is the implied target from the double top pattern we see in the chart. That break down and gave us a move towards 1.3375 and it continues to fall away. The 1.34 level which was support has turned into resistance and the prospect of a technical rally is certainly there and its a matter of when its happening. Looking at the RSI indicator there is also a scope for further downside movement. The 1.33 level is the next big support. The 1.3375 level is the next target to the downside. We have not yet got any buy signal in the EUR/USD pair. If you are playing on the short side consistently you need to stay very close to any profits you have on the table. At the moment this pair is difficult to play as Euro is so weak. Any intraday rallies are continously sold into. You might see a 50 pip intraday rally but that will continue to be sold into. Any move above the 1.3470 level could possibly trigger a rally. But until that happens this pair is a difficult one to play.
Hantec markets brings you the latest technical analysis on the GBP/USD pair for the July 29th in this video.
GBP/USD — The Cable is now forming some support after a period of consecutive decline. It has come under the selling pressure from 1.6950 mark. To the upside we made failed attempt to breach the resistance at 1.70 level. The selling pressure has for timebeing abated slightly and we have now a period of consolidation. We have to wait for the next break, a move below 1.6950 or a move above 1.70 figure. The RSI indicator on the daily chart fell back to 39 level and has stopped falling. I think it is beginning to show signs of perhaps support is coming. We wait and see how this develops. For now we are in a period of consolidation of a 50 pip trading band.
Hantec markets brings you the latest technical analysis on the EUR/USD pair for the July 29th in this video.
EUR/USD — The Euro continues to remain under pressure and the steps decline we have had for the past 4 weeks. It had a little bit of a consolidation yesterday but as you can see throughout the last few weeks every time there was a consolidation sellers reengage once more and push the pair to lower level. The Momentum indicators indicate pretty bearishness and RSI below 30 gives us some hope of technical rally at some stage. Considering that the selling pressure is on and there is resistance overhead at numerous levels. The 1.3475 level is resistance. The Moving averages in the 1 hour chart indicates a nice downtrend. The MACD line recovered back to neutral. Any indication of strength of Euro is only a chance to sell. In terms of downside targets, the double top pattern seen in daily chart gives us a target of 1.3375 level. Also we have this Head and Shoulders pattern that gives this target of 1.30 figure. However the near term target to look for is the 1.3375 level.
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