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  1. #1
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    Default Technical News | Daily

    FOREX NEWS: SIGNIFICANT FUNDAMENTAL DATA SETS THE STAGE FOR A VOLATILE DAY



    EUR/USD
    Forex News: Yesterday the pair continued its slow and ranging movement, trading slightly lower on the back of disappointing European Manufacturing data and a slightly better value of the US Existing Home Sales.

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    Technical Outlook
    Support and resistance levels are still holding and the pair becomes less volatile as days go by; the first event that may generate strong movement is the break of the triangle pattern seen on the chart above. If the support located at 1.3585 is holding and rejects price higher, we are likely to also see a bullish break of the triangle but for the time being, the lower part of the triangle creates a confluence zone with 1.3585 horizontal support so the bears will have a tough time breaking it.

    Fundamental Outlook
    An important German survey is released today at 8:00 am GMT: the IFO Business Climate. The importance of the survey comes from its large sample of about 7,000 businesses that are asked to rate the current level of economic conditions and to give a 6-month outlook. The expected figure is 110.3, an almost insignificant change from last month’s 110.4 and higher numbers usually strengthen the Euro.

    At 2:00 pm GMT the US Consumer Confidence survey is released; this survey acts as a leading indicator of consumer spending and economic health at the same time, hence higher numbers are beneficial for the US Dollar. The forecast is an increase to 83.6 from 83.0.


    GBP/USD
    The US Dollar strengthened once positive economic data was released and as a result, the bears managed to nullify the gains obtained by the Pound previously during the day. Neither support nor resistance was broken and overall we had an uneventful day.

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    Technical Outlook
    The pair is confined between 1.7063 resistance and 1.6996 support and until either one is broken, our bias is neutral. The Pound is on a clear uptrend but perhaps a stronger retracement lower is needed before we can see a break of 1.7063. Mark Carney’s public speech will most likely have a high impact on price direction and will possibly determine a break of support or resistance.

    Fundamental Outlook
    At 8:30 am GMT the Inflation Report Hearings take place in London. Bank of England Governor Mark Carney and other members of the Monetary Policy Committee will testify on inflation and economic outlook. Their comments will most likely have a great impact on the Pound and caution is recommended if trading at the time. As always, the US events will directly affect the pair’s movement.
    Last edited by Pipzilla; 07-21-2016 at 12:25 PM.

  2. #2
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    Useful Info's, thanks.

  3. #3
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    Quote Originally Posted by Abdul2012 View Post
    Useful Info's, thanks.
    Hey Abdul2012,

    You are most welcome=)

  4. #4
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    Default Technical News | GDMFX Brokerage | Daily

    FOREX NEWS: OPENING THE WEEK WITH RANGING PRICE ACTION



    EUR/USD
    Forex News: Friday the bears continued to take price lower and touched support at 1.3585 but the day lacked volatility, mostly due to the fact that the United States celebrated Independence Day and US banks were closed.

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    Technical Outlook
    Today we are faced with a bounce-or-break scenario and the support at 1.3585 plays the main role. A bearish break would set the stage for a touch of the more important support located at 1.3520 but if sellers cannot maintain the momentum seen last week, we are likely to see a move back up into the zone around 1.3640. The Relative Strength Index is moving close to the 30 level which indicates an oversold market and slightly increases the chances of a bounce higher.

    Fundamental Outlook
    The day lacks major economic releases and the only notable indicator is the German Industrial Production scheduled at 6:00 am GMT. The indicator shows changes in industrial output but it is considered to have low impact on the Euro; however, higher numbers than the anticipated 0.3% usually strengthen the single currency.


    GBP/USD
    The Pair had a ranging day Friday but the bulls managed to surpass the previous high by a few pips before price started to move south. No major developments took place and Independence Day generated low trading volume.

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    Technical Outlook
    We consider there’s a high chance of another encounter today with the high located at 1.7180 but a real break is less likely to occur. To the down side, the first major support is located at 1.7095 but such a distance is too much to travel on a Monday that lacks major fundamental announcements. We anticipate a ranging day, with slow price action.

    Fundamental Outlook
    The United Kingdom didn’t schedule any major economic releases for today so price direction will be mostly influenced by the technical aspect.

  5. #5
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    Default Technical News | GDMFX Brokerage | Daily

    FOREX NEWS: ALL EYES ON GERMAN TRADE BALANCE AND UK’S MANUFACTURING NUMBERS



    EUR/USD
    Forex News: The pair traded in a 30 pip range yesterday as no major economic releases affected price movement and we saw a small bounce off support. Germany’s Industrial Production came out worse than anticipated but the event didn’t have a strong impact.

    Name:  2014.07.08-All-eyes-on-German-Trade-Balance-and-UKs-manufacturing-numbers-pic1-1024x479.jpg
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    Technical Outlook
    According to the ranging behavior exhibited lately by the pair, the next possible move is a bounce higher off 1.3585 support, considering also the fact that the Relative Strength Index is moving upwards after a brief encounter with its 30 level; if this bounce occurs, the resistance at 1.3640 will be the next target but a break of support will make 1.3520 the immediate bearish destination.

    Fundamental Outlook
    The German Trade Balance comes out today at 6:00 am GMT with an anticipated decrease from the previous 17.7B to 15.7B. The indicator shows the difference between imported and exported goods and a positive numbers means that more goods were exported than imported, a fact which usually strengthens the Euro.


    GBP/USD
    Overall the Pound had a bearish day but support wasn’t touched and price didn’t make any spectacular moves. Trading lacked major reversals or whipsaws.

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    Technical Outlook
    We consider that the pair’s first target is the support located at 1.7095 and once this retracement lower is completed, we expect the bullish trend to resume for another attempt to break 1.7180 resistance. A break of 1.7095 would encounter potential support at 1.7063 but today’s price action will most likely be decided by economic factors.

    Fundamental Outlook
    AT 8:30 am GMT the UK Manufacturing Production is released. This indicator shows the change in the total value of output produced by manufacturers and represents about 80% of the entire UK Industrial Production; higher numbers suggest increased economic activity and thus, a stronger Pound. The anticipated change is 0.5%, compared with last month’s 0.4%.
    Last edited by GDMFX; 07-08-2014 at 11:52 AM.

  6. #6
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    Default Technical News | GDMFX Brokerage | Daily

    FOREX NEWS: US DOLLAR STILL WEAK AGAINST ITS COUNTERPARTS. FOMC MINUTES IN THE SPOTLIGHT



    EUR/USD
    Forex News: Price moved north yesterday after bouncing for a second time off of 1.3585 support and the Euro bulls proved they are not yet ready to admit defeat. The rise was partly generated by a surprisingly better value of the German Trade Balance.

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    Technical Outlook
    Latest price action indicates that the next destination of the pair is the resistance located at 1.3640 as price tried on two separate occasions to break 1.3585 but failed. However, if the bears manage to tip the scales in their favor by breaking 1.3585, the pair’s next target will become 1.3520 support. Our bias is mainly neutral on the pair as the daily range is about 30 pips and price movement is extremely slow.

    Fundamental Outlook
    The main event of the day is the release of the FOMC Meeting Minutes scheduled at 6:00 pm GMT. The document will offer insights into the reasons that stood behind the FOMC members’ vote regarding the US interest rate and will probably give some hints about future monetary direction. Usually this event creates strong movement so we recommend caution if trading at the time.

    At 7:30 pm GMT, ECB President Mario Draghi will deliver a speech in London at the Tommaso Padoa-Schioppa Memorial Lecture. Although the speech is not directly related to ECB’ monetary policy, Draghi’s public appearances can always influence the Euro strongly and caution is recommended as well.


    GBP/USD
    The Pound lost ground against the US Dollar during the first part of yesterday’s trading session as the UK Manufacturing Production showed a totally disappointing decrease of -1.3%. Later in the day however, the bulls erased most of the losses.

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    Technical Outlook
    Yesterday we saw an immediate rejection when price touched the support zone created at 1.7095, a fact that shows that bulls still have a lot of underlying strength and could very well take the pair into 1.7180 area. Despite bad UK economic data, the US Dollar cannot take the Pound lower and for the time being, support is holding so the chances of a new high have increased.

    Fundamental Outlook
    Today the United Kingdom didn’t schedule any market moving economic indicators so price direction will be influenced by the FOMC Meeting Minutes and by technical factors.

  7. #7
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    Default Technical News | GDMFX Brokerage | Daily

    FOREX NEWS: THE GREENBACK CONTINUES TO LOSE GROUND. RESISTANCE LEVELS THREATENED



    EUR/USD
    Forex News: Yesterday, before the FOMC Meeting Minutes, the pair rose to touch resistance as the US Dollar continued to lose ground against the Euro. The Minutes had a mixed impact and took the pair higher after an initial drop.

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    Technical Outlook
    The bulls have the opportunity to break 1.3640 resistance and to take the pair into 1.3675. Since we are trading in a range-bound market, support and resistance levels tend to have a greater importance than in a trending market so if price stalls at 1.3675 and the Relative Strength Index becomes overbought, we anticipate a bearish pullback.

    Fundamental Outlook
    The ECB will release their Monthly Bulletin today at 8:00 am GMT; the document will contain an economic outlook and economic expectations from the Bank’s perspective and also reveals the data which was analyzed when the ECB made the Interest Rate decision. The event is considered to have a medium impact on the Euro unless surprising data is revealed.


    GBP/USD
    The pair touched support once again but the release of the FOMC Meeting Minutes generated a push north and currently the pair is headed towards 1.7180 top.

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    Technical Outlook
    The US Dollar doesn’t seem to have an answer for Pound’s strength and the bears cannot break a single support level. Every time the pair touches the support at 1.7095, it bounces upwards but on the higher time frames, price is overbought and retracements lower are a distinct possibility. Until 1.7180 or 1.7095 is broken, out bias is neutral on the pair.

    Fundamental Outlook
    The Bank of England announces today the Interest Rate but no change is anticipated from the current 0.50% and probably the event will just create irregular volatility at the time of the release. If any hints are offered about future rate increases or if speculation takes over the market, we will probably see strong movement for the Pound. The scheduled time is 11:00 am GMT and we recommend caution if trading.

  8. #8
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    Default Technical News | GDMFX Brokerage | Daily

    FOREX NEWS: THE LACK OF IMPORTANT ECONOMIC RELEASES SETS THE STAGE FOR SLOW PRICE ACTION



    EUR/USD
    Forex News: The Euro lost its appeal for investors as a Portuguese bank missed debt payments and generated concerns for the region’s economic recovery. As a result, the pair bounced lower at resistance and support is threatened again.

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    Technical Outlook
    The resistance zone located at 1.3640 – 1.3650 held perfectly yesterday and stopped the previous rally, generating a swift move into the support located at 1.3585. The same bounce-or-break scenario will be played out today: a bearish break will open the door for a touch of 1.3520 while a bounce higher will make 1.3640 the first upper target once more. A breakout is anticipated, considering that for the entire week the pair traded in this narrow range, but the direction is unclear.

    Fundamental Outlook
    We have a slow day ahead, with no major economic news scheduled for release by either Europe or the United States. Price action is expected to be ranging unless unscheduled events occur.


    GBP/USD
    Bank of England decided to keep the interest rate at a record low of 0.50%, a fact that was anticipated by market participants and as a result, it didn’t create any market volatility.

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    Technical Outlook
    The bulls didn’t manage to take price as high as 1.7180 and yesterday the pair’s direction was bearish; however, 1.7095 wasn’t threatened and price remained inside the channel created by the two mentioned levels. As we stated before, the pair is overbought on the higher time frames and this increases the chance of a bearish move, but we maintain our neutral stance until a break of either support or resistance occurs.

    Fundamental Outlook
    The day is calm for the Pound as the United Kingdom didn’t schedule for release any high-impact indicators. Price direction will be mainly affected by technical factors.

  9. #9
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    Default Technical News | GDMFX Brokerage | Daily

    FOREX NEWS: MIXED PRICE ACTION AHEAD OF MARIO DRAGHI’S TESTIMONY



    EUR/USD
    Forex News: Friday lacked major news announcements and price action was extremely slow, moving sideways for almost the entire day. Support is still holding as the pair traded in a 35 pip range.

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    Technical Outlook
    Price remains confined within the horizontal channel created by the support located at 1.3585 and the resistance at 1.3640. Lately the pair totally lacks volatility and bounces between S/R levels as neither bulls nor bears seem interested to take control of direction. We expect more of this type of movement until 1.3640 or 1.3585 is broken, a fact which may occur today during Mario Draghi’s speech.

    Fundamental Outlook
    At 5:00 pm GMT, ECB President Mario Draghi will testify on monetary policy in Strasbourg, before European Parliament’s Committee on Economic and Monetary Affairs. The speech will most likely offer clues about future monetary direction and actions of the ECB, probably generating a price breakout. We recommend caution if trading during the speech.


    GBP/USD
    The Pound slowed down Friday and weakened against the greenback but the bears couldn’t take the pair below 1.7095 and the week finished above this support.

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    Technical Outlook
    The support at 1.7095 has been tested several times and the downwards pressure is increasing lately. The Pound reached historical highs and now the time for a bearish retracement has come, considering the fact that price is overextended and the Relative Strength Index is moving down from overbought territory on the higher time frames (Daily and Weekly). If today 1.7095 is broken, the first potential target is 1.7063; otherwise we will have another day when price ranges inside the channel.

    Fundamental Outlook
    We have a calm economic day as no major events are scheduled by the UK. Price action will be mostly driven by technical factors.

  10. #10
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    Default Technical News | GDMFX Brokerage | Daily

    FOREX NEWS: FULL DAY AHEAD. HIGH-PROFILE EVENTS AND HEAVY MOVEMENT EXPECTED



    EUR/USD
    Forex News: The Euro adopted a bullish path yesterday on the back of speculation that the ECB might use more stimulus measures such as a lending program which will boost consumer credit.

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    Technical Outlook
    The pair moved higher, in close vicinity of 1.3640 resistance but according to the ranging style which governs the market lately, it bounced lower. The main levels to watch remain1.3640 as resistance and 1.3585 as support but considering today’s main events, we anticipate a breakout; however, the direction will be totally dependent on the outcome of these events.

    Fundamental Outlook
    Germany will announce at 9:00 am GMT the ZEW Economic Sentiment will be released, showing the level of optimism among German institutional investors and analysts who are highly informed about economic conditions due to the nature of their jobs. The anticipated value is 28.9, a decrease from the previous 29.8 and lower numbers usually weaken the Euro.

    The US Retail Sales are released at 12:30 pm GMT; the indicator measures the change in sales made at retail outlets and its release is considered to have a high impact. The expected value is 0.6% compared with the previous 0.3% and higher numbers are beneficial for the US Dollar.

    Fed Chair Janet Yellen will testify today at 2:00 pm GMT in Washington before the Senate Banking Committee; the topic is the Semiannual Monetary Policy Report and the speech is likely to be a major market mover, especially during its the second part when members of the Committee will ask questions and Janet Yellen will answer them.


    GBP/USD
    The Pound finally retraced yesterday and managed to break the closest support. The move south is attributed to high prices that were overextended and in need of a breather.

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    Technical Outlook
    The break of the support located at 1.7095 is not a reason to believe the uptrend has finished but rather a signal that bullish momentum is fading. The chances of moves upwards remain high and a good place for uptrend resumption is 1.7063 (which is potential support, not confirmed yet), followed by 1.7010. The day’s fundamental events will have a very high impact on price action.

    Fundamental Outlook
    United Kingdom’s Consumer Price Index will be announced today at 8:30 am GMT. The indicator shows the price that consumers have to pay for the goods they purchase and is the main gauge of inflation; any increases above the expected 1.6% can further strengthen the Pound, taking the pair higher.

    BOE Governor Mark Carney will testify at 9:00 am GMT about the Financial Stability Report at the House of Commons Treasury Committee Hearing. The testimony can have a huge effect on Pound’s movement, depending on the Governor’s attitude and answers so we recommend caution if trading at the time. Of course, the US events mentioned above will have a direct and high impact on price action.

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