16-July-2018 International Forex
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International Forex INTERNATIONAL CURRENCY BUZZ Forex - Dollar Retreats From 2-Week Highs as GBP/USD Rebounds Forex - GBP: Strong UK Data may Boost GBP, However, Brexit Overhang Remains Forex - EUR/USD recovers from 1-week low and erases daily losses GBP/USD The dollar retreated from a two-week high against its rivals Friday, pressured by a rebound in the pound from an 11day low. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.01% to 94.56, after hitting a two-week high of 95.00. GBP/USD rebounded from an 11day low of $1.3103 to $1.3213, after U.S. President Donald Trump walked back his criticism of British Prime Minister Theresa May, and claimed a U.K.-U.S. trade deal was still possible. That eased investor fears that Britain would struggle to secure a trade deal with the United States as Trump had reportedly told the Sun newspaper on Thursday that May's Brexit plan may "kill" Britain's chances of such a deal. Elsewhere, China's trade surplus with the U.S. hit a record of nearly $29 billion, raising the risk of deepening its trade-related rift with the United States. EUR/USD The EUR/USD pair recovered ground after the beginning of the American session rising from 1.1612, 1-week low, to 1.1670, slightly below daily highs. The pair remained above 1.1650 after the release of the Federal Reserve monetary policy report that Powell will present next week to Congress. According to the document, prospective economic conditions call for further gradual removal of monetary policy accommodation. The report had no significant impact on the US dollar as it added no new information. Despite recovering against the US dollar, the euro turned lower versus the pound. The slide of EUR/GBP could have limited the upside in EUR/USD. On a weekly basis, the pair is about to post the first slide after rising during the previous there weeks. Overall, it continues to move within the 1.1800 - 1.1500 wide range. EUR/USD rose back above the 20-day moving average that stands at 1.1650 and is again a support level to consider. The recovery above that line could signal some short-term exhaustion to the downside. A daily close below 1.1630 would weaken the outlook for the euro.
International Forex DAILY ECONOMIC DATA
International Forex EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart
INTRADAY OUTLOOK Support: 1.3125 Resistance: 1.3271 RECOMMENDATION: BUY GBPUSD ABOVE 1.3250 TGT 1.3270 1.3300 SL 1.3220 SELL GBPUSD BELOW 1.3200 TGT 1.3180 1.3150 SL 1.3230
International Forex EPIC'S ANALYST SPEAKS
EUR/USD Daily Chart
INTRADAY OUTLOOK Support: 1.1624 Resistance: 1.1716
RECOMMENDATION: BUY EURUSD ABOVE 1.1700 TGT 1.1720 1.1750 SL 1.1670 SELL EURUSD BELOW 1.1660 TGT 1.1640 1.1610 SL 1.1690
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