Analyst from the company ForexMart (ForeksMart)
14.07. fundamental analysis
The focus today:
Core consumer price index in the US
The base index of retail sales in the US
The volume of retail sales in the US
The US dollar rebounded slightly yesterday after the second position Janet Yellen speech before Congress. Fed Chairman paid attention to positive changes in the economy, recalling yet another planned rate hike this year, supporting the risk appetite in the global market. And finally the US currency finished the day in positive territory against the yen, euro and Swiss franc.
The Australian dollar last updated high against the US dollar over the past 3 months, and New Zealand – in 5 months. These currencies were supported by the strong increase in the volume of imports in China.
The euro weakened after the “pigeon” performance of the ECB Governing Council member Ilmara Rimshevicha, who said that the inflation rate is far from the targets, and therefore quantitative easing will last for several years. Next week, we expect performances chairman of the European Central Bank, Mario Draghi, who can clarify the regulator’s position regarding future monetary policy.
Pound sterling strengthened by the statement of the representative of the Bank of England’s Yana Makkaferti that he intends to vote for a rate hike at the meeting in August.
Technical analysis of the levels of Pivot 14.07.
EUR / USD
Yesterday the pair attempted to continue its upward movement, but they were unsuccessful and Thursday the euro closed in the red. Now the pair is close to Pivot 1,14067 level. Today we expect from a pair of motion in the region R1 1,1445. If the dollar will begin to strengthen in the region S1 1,1360, then we can expect the downtrend in the pair. Support levels: 1.13602, 1.13218, 1.12753. Resistance Levels: 1.14451, 1.14916, 1.15300
GBP / USD
The second consecutive day the pound closed the day in positive territory and continued the upward trend, developed two days ago. Now the pair is close to the level of R1 1,2966. We assume that intensify bullish R1 after penetration level in a pair and lb can grow to 1.30 and higher. Support levels: 1.29005, 1.28608, 1.28342. Resistance Levels: 1.29668, 1.29934, 1.30331
USD / CAD
After a strong decline on Wednesday, the Canadian past two days, marking time in one place, trading in a narrow range. Since the beginning of session, the pair is trading just below the 1.2739 Pivot level. By couples today are waiting reduce to the level of 1.26, after breaking through the S1 1,2708. Possible short-term growth in the region of 1.28. If Canadians can be fixed above the level of R1 1,2757, then the script will be canceled on the decline. Support levels: 1.27086, 1.26905, 1.26600. Resistance Levels: 1.27572, 1.27877, 1.28058
AUD / USD
The pair continues the upward structure, developed since the beginning of June. Now the Australian is located at the top of the rising channel, near the level of R1 0,7754. Indicators show the pair. RSI is overbought that limits growth strong couple. If Australian can be fixed above the level of R1 0,7754, we can expect to continue the growth in the subsequent rebound down to S1 0,7691. Support levels: 0.76915, 0.76518, 0.76282. Resistance Levels: 0.77548, 0.77784, 0.78181.
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