1 August, AtoZForex – This week we have twenty five (25) high impact news events and lot of opportunities for forex traders to take advantage off. For today’s Forex trading tips, we will look into three (3) data based high impact news events. Considering that the Swiss banks are closed today, due to a public holiday to respect Independence day, avoid trading CHF today.
High impact news -1st August 2016
#1 CHINA -@ 2:00am BST
Manufacturing PMI – Previous: 50.0; Forecast: 50.1; Actual : 49.9Currency affected: YUAN
Forex Trading Tips – The market expected better results than the previous month. However, actual figures were less than forecast. We
#2 UK -@ 9:30pm BST
Manufacturing PMI – Previous: 49.1; Forecast: 49.1; Currency affected: GBP
Forex Trading Tips – The market expectation is that UK manufacturing levels to remain the same. Anything above that forecast will indicate further bullish direction for the GBP. Also, a figure above 50 indicates that the industry is expanding.
#3 USA -@ 3:00pm BST
ISM Manufacturing PMI – Previous: 53.2; Forecast: 53.1; Currency affected: USD
Forex Trading Tips – This is a leading indicator and the market expectation is a slight contraction compared to last month. A figure above 50 indicates that the industry is expanding. Expecting a mixed reaction.
Currency Pairs – Daily Forex Trading Tips
#4 EURUSD trading tip
Trading the Euro is going to be tricky this week. We saw EUR depreciate and then rally. It is range bound between 1.1710 and 1.0460 levels.
Forex Trading Tips – On intraday if price breaks below 1.1150, look for Longs from between 1.1115 and 1.1105 level. Long term bias is short.
#5 GBPUSD trading tip
This week we will see GBP under pressure. Although the price is ranging, long term bias is on the sell side. Expect bearish price action on less than expected Manufacturing data later this morning
Forex Trading Tips – Expecting continued bearish move this week. Look for shorts between 1.4255 level and if price breaks below 1.30 level expect continued brearish price action. .
#6 USDJPY trading tip
We will see USD to continue to depreciate with the disappointing BoJ action from last week.
Forex Trading Tips – The Bias is to short the USD.
#7 USDCAD trading tip
USDCAD has been ranging .
Forex Trading Tips – The overall bias is to LONG the USDCAD. Look for long positions from the 1.2980 level.
#8 Other pairs trading tip
Most are ranging and trade carefully, timing is the key.
Forex Trading Tips – Watch what is happening to the Major pairs and plan your trades. Currently, bias is to wait for a clear direction.
Do you have any questions, related to the Forex trading tips? Let us know down in the comments section.