18-July-2018 International Forex
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International Forex INTERNATIONAL CURRENCY BUZZ Forex - Dollar Hits Day’s Highs on Powell Testimony Forex - EUR/USD tumbles to sub-1.1700 area ahead of Powell Forex - GBP/USD tumbles to lows, around mid-1.3100s on Brexit concerns GBP/USD The GBP/USD pair extended its sharp intraday slide and tumbled around 120-pips from the post-UK jobs data swing high level of 1.3269. The latest UK political headlines, wherein Labour party members were said to support the amendment offered by rebel Tory MPs to keep Britain in the customs union after Brexit raised concerns about the UK PM Theresa May's future and prompted some aggressive selling around the British Pound. This coupled with resurgent US Dollar demand, amid expectations about an upbeat economic outlook from the Fed Chair Jerome Powell's semiannual congressional testimony, added to the downward pressure surrounding the major. The ongoing sharp decline could also be attributed to some cross-driven weakness, steaming out of a sudden spike witnessed around the EUR/GBPcross. EUR/USD After clinching fresh tops in the 1.1740/50 band in early trade, EUR/USD met a wave of selling orders and has now retreated to the 1.1700/1.1690 band. The pair gave away initial gains beyond 1.1700 the figure and is now remain under pressure in light of the upcoming semi-annual testimony by Fed’s J.Powell before the Senate Banking Committee. USD gathered extra traction after US June’s Industrial and Manufacturing Production expanded beyond consensus at a monthly 0.6% and 0.8%, respectively. On the not-so-bright-side, Capacity Utilization Rate came in at 78.0%. missing estimates albeit higher than May’s 77.7%. Looking ahead, investors expect Powell to deliver a message in line with the statement published at the June meeting, although attention has also shifted to the yield curve and the continuation of the gradual path when comes to raising rates. At the moment, the pair is losing 0.12% at 1.1696 facing the next support at 1.1663 (21-day sma) seconded by 1.1615 (low Jul.13) and finally 1.1527 (low Jun.29).
International Forex DAILY ECONOMIC DATA
International Forex EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart
INTRADAY OUTLOOK Support: 1.3170 Resistance: 1.3328 RECOMMENDATION: BUY GBPUSD ABOVE 1.3200 TGT 1.3220 1.3250 SL 1.3170 SELL GBPUSD BELOW 1.3150 TGT 1.3130 1.3100 SL 1.3180
International Forex EPIC'S ANALYST SPEAKS
EUR/USD Daily Chart
INTRADAY OUTLOOK Support: 1.1651 Resistance: 1.1755
RECOMMENDATION: BUY EURUSD ABOVE 1.1690 TGT 1.1710 1.1740 SL 1.1660 SELL EURUSD BELOW 1.1650 TGT 1.1630 1.1600 SL 1.1680
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