06 Aug – 10 Aug 2018 WEEKLY INTERNATIONAL FOREX
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WEEKLY INTERNATIONAL FOREX INTERNATIONAL CURRENCY BUZZ Forex - Dollar Falls After Tepid Jobs Report Forex - EUR/USD turns positive above 1.1600 on PBoC headlines Forex - GBP/USD: Sterling struggles with 1.3000 post US jobs report GBP/USD
Carney's comments prompt some fresh selling on Friday. Disappointing UK services PMI does little to ease the bearish pressure. Today’s key focus would remain on the US monthly jobs report. The GBP/USD pair broke down of its Asian session consolidation phase and held below the key 1.30 psychological mark post-UK services PMI. The pair extended post-BoE slump and was further weighed down by the BoE Governor Mark Carney's comments on Friday, highlighting Brexit risks. Speaking to BBC Radio, Carney said that the possibility of a no deal Brexit is uncomfortably high and the UK economy has grown by a percentage point less than we had predicted prior to Brexit vote. EUR/USD EUR/USD quickly regained the 1.1600 handle and above after bottoming out in the key support area in the 1.1570/60 band. Spot leapt above the 1.1600 mark, or fresh session tops, after the PBoC adjusted its reserve requirement on FX forwards trading to 20%, according to news agency Bloomberg. The Chinese central bank aims to keep the currency basically stable, while it will take counter-cyclical measures in order to bring in stability into the FX markets. The pair rapidly abandoned the area of fresh mutli-week lows near 1.1560 to regain the 1.1600 and beyond, clinching at the same time fresh daily highs. The up move, however, will be put to the test later in light of the publication of July’s Non-farm Payrolls and the ISM Non-manufacturing. At the moment, the pair is gaining 0.15% at 1.1603 and a breakout of 1.1680 (21-day SMA) would aim for 1.1749 (high Jul.23) and finally 1.1792 (high Jul.9). On the flip side, the next support aligns at 1.1562 (low Aug.3) followed by 1.1527 (low Jun.28) and then 1.1508 (2018 low May 29).
WEEKLY INTERNATIONAL FOREX WEEKLY ECONOMIC DATA
WEEKLY INTERNATIONAL FOREX EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart
INTRADAY OUTLOOK Support: 1.2986 Resistance: 1.3274 RECOMMENDATION: BUY GBPUSD ABOVE 1.3050 TGT 1.3120 1.3250 SL 1.2980 SELL GBPUSD BELOW 1.2950 TGT 1.2880 1.2750 SL 1.3020
WEEKLY INTERNATIONAL FOREX EPIC'S ANALYST SPEAKS
EUR/USD Daily Chart
INTRADAY OUTLOOK Support: 1.1547 Resistance: 1.1807
RECOMMENDATION: BUY EURUSD ABOVE 1.1650 TGT 1.1720 1.1820 SL 1.1580 SELL EURUSD BELOW 1.1550 TGT 1.1480 1.1380 SL 1.1620
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