Forex.ee: Daily economic news digest

Forex.ee: Daily economic news digest

20 July 2016, 12:47
EEAnalytics
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Daily economic digest from Forex.ee

Stay informed of the key economic events 

Wednesday, July 20th  

 

EUR/USD

 

Current price:                                                   1.1019 (0.0%)

Session range:                                                 Open 1.1021 High 1.1024 Low 1.1000

Latest trend:                                                     Bearish

Expected trend:                                                Bearish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.0953 R. 1.1114

Main drivers:                                                    US Crude Oil Inventories

Overview:                                                         Today the pair is running in a flat mode finding strong support at 1.1000 level. Yesterday the pair dropped sharply after downbeat ZEW Economic Sentiments of EU and Germany. Moreover, the pair is experiencing bearish pressure today as US dollar is still keeping its bid tone on the back of yesterdays slightly better US Housing Sales data.

 

GBP/USD

 

Current price:                                                   1.3084 (-0.2%)

Session range:                                                 Open 1.3109 High 1.3116 Low 1.3064    

Latest trend:                                                     Bearish

Expected trend:                                                Bullish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.2951 R. 1.3358

Main drivers:                                                    UK Average Earnings Index +Bonus, UK Claimant Count Change, US Crude Oil Inventories

Overview:                                                         Today the pair is trading in red zone as slightly better US housing market data released day before is still keeping US currency bid toned. Moreover, now traders remains cautious ahead of UK labor market report limiting pounds recovery from todays lows witnessed in 1.3060 region.

 

USD/CAD

 

Current price:                                                   1.3061 (0.3%)

Session range:                                                 Open 1.3020 High 1.3068 Low 1.3013

Latest trend:                                                     Bullish

Expected trend:                                                Bearish

Daily volatility:                                                 Low

Support and resistance levels:             S. 1.2889 R. 1.3122

Main drivers:                                                    US Crude Oil Inventories

Overview:                                                         US bulls seems to be taking a breath this morning after yesterdays rally fueled by upbeat US housing labor data. At the moment the pair is wobbling in region of 1.30 ahead of key oil data. Main drivers for the pair remains risk appetite sentiment with oil price dynamics that will set up movement direction during this day.

 

USD/JPY

 

Current price:                                                   106.43 (0.3%)

Session range:                                                 Open 106.12 High 106.44 Low 105.82

Latest trend:                                                     Bullish

Expected trend:                                                Bullish

Daily volatility:                                                 Moderate

Support and resistance levels:             S. 105.21 R. 106.99

Main drivers:                                                    US Crude Oil Inventories           

Overview:                                                         Yesterday, on the back of positive US data the pair broke through the resistance level of 106. However, near the level of 106.50 US bulls ran out of steam and the pair retreated to region of 106. Today most likely the pair will not perform any sharp corrective moves as the pair remains under the influence of recent Japanese PM Sh.Abe announcement of further economic stimulation.

 

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