26 July, AtoZForex – For today’s Forex Trading Tips we have a single high impact news event that provides an opportunity for USD. Moreover, we will look into EURUSD, GBPUSD, USDJPY and USDCAD. Last week we saw a steady appreciation of the USD. This week we have the FOMC, this might give further indication as to whether we will see a rate increase this year or not.
After ‘Brexit’ the market has been trying to stabilise and we also stocks at highs employment data improvement, we have an interesting week ahead where we may see a slight pull-back on the USD before continuing to appreciate. Moreover, we had the G20 meetings over the weekend. However, these were overshadowed by events in Germany dominating most news channels.
High impact news – 26th July 2016
#1 USA – @ 3:00pm BST
CB Consumer Confidence – Previous: 98.0; Forecast: 95.6; Currency affected: USD.
Forex Trading Tips – Previous month, we have seen positive figures greater than what was forecast, however, this month the figure is forecast as being negative. If we see a figure that is greater than that forecast, expect the USD to appreciate. This data is highly respected because of the size of the survey (5000 household) and acts as a leading indicator of financial confidence of consumer spending.
Currency Pairs – Daily Forex Trading Tips
#2 EURUSD trading tip
Yesterday, we saw a recovery after last week’s downside. This is a retracement and testing 1.10 level.
Forex Trading Tips – Key level is still the 1.10 level. The bias for this pair is still to the downside.
#3 GBPUSD trading tip
We see this pair under continued pressure to the downside. There was some consolidation yesterday with the bulls unable to take clear control.
Forex Trading Tips – Look to SHORT on the break of the 1.3050 level? Currently sitting at 1.3100 level.
#4 USDJPY trading tip
Today, we may see short term opportunities to the upside due to the US data, ahead of the FOMC meeting. The bias is on the SHORT side.
Forex Trading Tips – Well, we saw yesterday break of the 105.20 yesterday and would look short opportunities until the 100.05 level and then LONG from 100.05 level.
#5 USDCAD trading tip
We saw a continued slide in the price of oil, leading to USDCAD to appreciate and test the 1.3150 level and broke this level. The bias is still towards the upside.
Forex Trading Tips – Look for further LONG opportunities above the break of 1.3200 level.
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