Daily Forex News

[xtreamforex]

Technical Overview of AUD/USD And EUR / USD Currency Pair
AUD/USD
• AUD traded High against USD and closed at 0.6700

AUD/USD takes the bids to 0.6711 after the RBA leaves its benchmark interest rates unchanged during early Tuesday. The pair previously dropped amid fears of coronavirus outbreak. AUD/USD keeps losses as RBA's Lowe reiterates “gentle turning point” description.

• AUD/USD continues to trade in the red despite upbeat comments by RBA's Lowe.
• The central bank head said the economy is passing through a gentle turning point.
• China's Caixin services PMI for January missed estimates.

According to the Analysis, pair is expected to find support at 0.6693 and a fall through could take it to the next support level of 0.6678 The pair is expected to find its first resistance at 0.6741 and a rise through could take it to the next resistance level of 0.6756 .

EUR/USD

• EUR traded lower against USD and closed at 1.1042

Amid risk reset, the EUR/USD pair is currently trading near 1.1034, down 0.10% on the day, having faced rejection near 1.11 on Monday.
1. EUR/USD is losing altitude amid risk reset in the financial markets.
2. Coronavirus scare has eased with China's decision to inject liquidity.
3. All eyes remain on Eurozone data, ECB Lagarde’s speech and US PMIs.

According to the Analysis, pair is expected to find support at 1.1035 and a fall through could take it to the next support level of 1.1027. The pair is expected to find its first resistance at 1.1059 and a rise through could take it to the next resistance level of 1.1067

Important Economic Events of the Day

• NZD Employment Change q/q
• USD ISM Non-Manufacturing PMI
• USD EIA Crude Oil Stocks Change
• USD ISM Non-Manufacturing PMI

More information about the release time of news and its impact visit Economic Calendar Page!

[xtreamforex]

Technical Overview of AUD/USD and USD/JPY Currency Pair
AUD/USD
• AUD traded Higher against USD and closed at 0.6686

AUD/USD sustains the bounce above 0.6700 amid mixed Australian NAB Business Survey and Home Loan data. The spot draws support from a risk-on rally in the Asian stocks, as coronavirus fears take a back seat.
• AUD/USD is reporting marginal gains despite below-forecast NAB data.
• The 14-day RSI is reporting a bullish divergence.
• Australia's Home Loan data bettered estimates by a big margin.
• That alongside the uptick in the equities could help the Aussie eke out notable bounce.

According to the Analysis, pair is expected to find support at 0.6673 and a fall through could take it to the next support level of 0.6663. The pair is expected to find its first resistance at 0.6703 and a rise through could take it to the next resistance level of 0.6713.

USD/JPY
USD traded higher against JPY and closed at 109.74
• USD/JPY holds onto recovery gains from 21-day SMA.
• A sustained break of monthly high will divert the bulls towards the yearly top.
• 200-day SMA acts as key support.
USD/JPY registers 0.10% gains while rising to 109.85 by the press time of the pre-European session on Tuesday. In doing so, the quote justifies the bullish candlestick formation portrayed the previous day.
As a result, prices are now gearing up to the monthly top surrounding 110.05, a break of which will escalate the latest recovery towards January 17 high near 110.30.

According to the Analysis, pair is expected to find support at 109.65 and a fall through could take it to the next support level of 109.58. The pair is expected to find its first resistance at 109.85 , and a rise through could take it to the next resistance level of 109.92.

Important Economic Events of the Day
• GBP Manufacturing Production m/m
• GBP GDP q/q
• GBP GDP m/m
• GBP GDP 3m/3m

For More information about the release time of news and its impact visit Economic Calendar Page!

[xtreamforex]

Technical Overview of EUR/USD and GBP/USD Currency Pair

EUR/USD
• EUR traded Higher against USD and closed at 1.0791

EUR/USD closed out Tuesday below 1.07 to print the weakest daily close since April 2017.
More importantly, the single currency formed a bearish marubozu candle, implying a continuation of the downtrend.

A red marubozu, the one with a large body and little or no shadows, occurs when sellers control the price throughout the day, and is considered very bearish.

The back-to-back big red marubozu candles seen on the weekly chart are also painting a bearish picture.

According to the Analysis, pair is expected to find support at 1.0786 and a fall through could take it to the next support level of 1.0774 The pair is expected to find its first resistance at 1.0826 and a rise through could take it to the next resistance level of 1.0838.

GBP/USD

• GBP traded higher against USD and closed at 1.2998

• GBP/USD fails to register noticeable moves following a Tuesday’s Doji candlestick.
• Short-term moves are confined between 50 and 100-day SMA, 61.8% Fibonacci retracement offers immediate resistance.
• The monthly bottom can please sellers below 100-day SMA.
GBP/USD remains a little changed below 1.3000 during early Wednesday. The cable posted a trend reversal Doji candlestick formation the previous day. Though, 50-day and 100-day SMA continue to restrict near-term moves.

While the recent Doji favors the pair’s pullback, 61.8% Fibonacci retracement of its November-December 2019 upside, at 1.3055, could lure the buyers ahead of making them confront 50-day SMA level of 1.3067.

According to the Analysis, pair is expected to find support at 1.2976 and a fall through could take it to the next support level of 1.2958. The pair is expected to find its first resistance at 1.3036 and a rise through could take it to the next resistance level of 1.3054

Important Economic Events of the Day

• USD Building Permits
• USD Housing Starts m/m
• USD PPI m/m
• USD FOMC Member Kashkari Speech

For More information about the release time of news and its impact visit Economic Calendar Page!

[xtreamforex]

Technical Overview of USD/JPY and AUD/USD Currency Pair
USD JPY
USD traded lower against JPY and closed at 110.42

USD/JPY stalls its bounce near 110.40 regions and meets fresh supply over the last hour, as the risk-off sentiment intensifies amid rising coronavirus risks and knocks-off the US 10-year Treasury yields to a new record low just above the 1.30% level.

• USD/JPY printed a bullish inside day candlestick pattern on Wednesday.
• The pair could find bids and challenge resistance at 110.70-111.00.
• USD/JPY: Bulls and bears jostle below 111.00 amid coronavirus fears
• USD/JPY fails to hold onto the previous day’s recovery gains.
• Traders smell fears in the US President Donald Trump’s measured comments.
• Coronavirus updates keep the risk-tone under pressure; US data will decorate the economic calendar.
• USD/JPY drops back towards 110.00 as US 10-year Treasury yields hit record lows

According to the Analysis, pair is expected to find support at 110.18 and a fall through could take it to the next support level of 110.05. The pair is expected to find its first resistance at 110.62, and a rise through could take it to the next resistance level of 110.75.

AUD USD
AUD traded higher against USD and closed at 0.6543.

AUD/USD extends the bounce above 0.6550 after Australia's Q4 Capex data release. The headline number missed forecasts; however, estimates for 2020/21 bettered expectations. The risk-off tone in the markets could cap the further upside in the spot.

• AUD/USD looks oversold as per the daily chart RSI.
• The 4-hour chart RSI is reporting a bullish divergence.
• The broader trend remains bearish with the pair stuck in a falling channel.
• AUD/USD may witness a corrective bounce as technical charts are signaling seller exhaustion.

The 4-hour chart RSI has charted higher lows, contradicting lower lows on price. That bullish divergence indicates the bearish momentum has ebbed. The inverted hammer seen on the 4-hour chart is also echoing similar sentiments.

According to the Analysis, pair is expected to find support at 0.6540 and a fall through could take it to the next support level of 0.6524. The pair is expected to find its first resistance at 0.6590 and a rise through could take it to the next resistance level of 0.6606.

More information about the release time of news and its impact visit Economic Calendar Page!

[mlawson71]

That's great to know. When will there be updates?

[xtreamforex]

Technical Overview of EUR/USD, and AUD/USD Currency Pairs!!

The EUR/USD pair was at the edge with the above level at 1.1450 with the year to date high at the level 1.1492. Moreover, the pair will be rose up to a higher level at 1.1467 that will be dropped sharply to level 1.1400 before going to snapping back again. If we talk about the Today the pair will still at the higher for the EUR. It could reach level 1.1492. On the downside, the pair will be a breach at the minor level with the minor support of 1.1425 that will build up the momentum.

The declining upward pressure got a lift, though a minor one as EUR rose to a high at the level 1.1467 yesterday (20 Jul) before settling marginally higher at 1.1444 (+0.16%). From here, the possibility for a break of 1.1492 has expanded however taking into account the still 'provisional' force, it is left to be checked whether EUR can extend out its benefit to 1.1540. In general, the uplifting standpoint for EUR is regarded as flawless except if there is an entrance of 1.1375.

The Pair were previously closed at level 1.1444. The support and resistance level for the pair will be 1.1398 and 1.1444.

AUD/USD
AUD/USD rises to 0.7033, up 0.20% on a day, during the early Tuesday. The pair as of late profited by peppy RBA minutes while moving the earlier day's positive thinking. Dealers currently expect remarks from the RBA Governor Philip Lowe for a supported course.

Minutes of the most recent RBA financial approach stated, "Individuals concurred that there was no compelling reason to modify the bundle of measures in Australia in the current condition." This opposes the prior expectations that the policymakers are stresses over the second introduction of the coronavirus (COVID-19).

The Pair were previously closed at level 0.7013. The support and resistance level for the pair will be 0.7008 and 0.7024.

Upcoming ECONOMIC Event’s
• AUD RBA Governor Lowe Speech
• CAD Retail Sales m/m
• CAD Core Retail Sales m/m

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[xtreamforex]

Major Economic Events in the 1st week of August 2020



Get all updates on international economy, Business news, Global market news, world business, and global business trade on Business Standard. Major Economic Events in the Market this week are as following:

3 August 14:00 USD ISM Manufacturing Employment Index

It shows the business conditions in the US manufacturing sector to predict the overall conditions of the US. It will be consensus with the 48.4 and the previous forecast was 52.6 it will predict that it will seem 50-50 positive and negative effect for USD.

4 August 22:45 NZD Employment Change and Unemployment Rate (Q2)

Unemployment Rate: It shows the unemployed workers divided by the total civilian force. It will be expected that if the rate is up it will weaken the New Zealand economy on the other side decrease in the Figure will seem as positive or bullish for the NZD when the increase is seen as the negative.

Employment Change: Employment change measures the change in the number of employed people. It will be expected to implications for consumer spending to economic growth. High is seen as positive for the NZD and low reading is seems negative.

5 August 9:00 EUR Retail Sales (YoY) (Jun)

Retail Sale measures the performance in the retail sector in the short term. It will reflect the rate of change in sales. It will expected usually the positive economic growth in Bullish while the low reading seems Negative.

14:00 USD ISM Non-Manufacturing (PMI)(Jul)

It shows the business conditions in the US non-manufacturing sector. The non-manufacturing sector does not influence either positively or negatively.

6 August 06:00 GBP Bank of England Monetary Policy

It will analyze the quarterly report in the inflation projections based on the Monetary Policy committee bases. Expected that high reading is seen as positive for the GBP.

7 August 12:30 USD NFP (Nonfarm Payrolls)

The monthly changes in payrolls can be extremely volatile, due to its high relation with economic policy decisions made by the Central Bank. The number is also subject to strong reviews in the upcoming months, and those reviews also tend to trigger volatility in the forex board. Generally speaking, a high reading is seen as positive (or bullish) for the USD, while a low reading is seen as negative (or bearish), although previous months reviews and the unemployment rate are as relevant as the headline figure, and therefore market's reaction depends on how the market assets them all.

For More information about Economic Events click here: https://xtreamforex.com/economic-calendar/

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