Forex Analysis

Overview

Forex Analysis: EUR/USD, GBP/USD, AUD/USD | July 24, 2017 Eyes on today German Manufacturing PMI. ECB remarks appeared to signal a shift towards tapering monetary stimulus, but President Draghi reiterated that any changes to the stimulus program will be “gradual” and “cautious.” Reports say that special counsel Robert Mueller is planning to expand investigations into allegations that Russia meddled in the 2016 U.S. presidential election. This recent development kept continuous downward pressure on the dollar as market players fretted over how the investigations would sidetrack the implementation of Trump’s fiscal and economic policies. U.S. Philadelphia Fed Manufacturing Index at the lowest since December 2016 but U.S. initial weekly jobless claims fell to the lowest level in nearly five months. Let’s not forget that U.S. ISM Manufacturing PMI was at the highest since January 2015 and last U.S. GDP data was also better than expected. On the other hand, latest Zew Sentiment (which was below the expectations), Germany Manufacturing PMI, Germany Unemployment Change and Germany Consumer Price Index confirmed above expectations. Resistance in 1.159 area will have to work again as USD is clearly oversold. 1.1524 will have to be retested. Price will likely to end with converging down to 1.148 Support area first. If that will occur, 1.139 area is likely to be approached next. Our special Fibo Retracement is confirming the following S/R levels against the Monthly and Weekly Trendlines obtained by connecting the relevant highs and lows back to 2012: Weekly Trend: Overbought 1st Resistance: 1.1590 (fake breakout) 2nd Resistance: 1.1655 1st Support: 1.1524 2nd Support: 1.1480 Open-source project by Sharif Sajir SGT, published on GitHub.

Highlights

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