Daily Forex News
#8
Technical Overview of EUR/USD, GBP/USD and AUD/USD Currency Pair


EUR USD

EUR traded higher against USD and closed at 1.1169.

·        EUR/USD aims to revisit 4H 100MA after taking another U-turn from near-term resistance-line.
·        While 1.1283/87 can please buyers during upside break, 23.6% Fibonacci retracement can lure during post-1.1158 declines.

The Gross Domestic Product released by the Statistisches Bundesamt Deutschland is a measure of the total value of all goods and services produced by Germany. The GDP is considered as a broad measure of the German economic activity and health. A high reading or a better than expected number has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).

The Gross Domestic Product released by the Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered as a broad measure of the Eurozone economic activity and health. Usually, a rising trend has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).

The Gross Domestic Product released by the Eurostat is a measure of the total value of all goods and services produced by the Eurozone. The GDP is considered as a broad measure of the Eurozone economic activity and health. Usually, a rising trend has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).

According to the Analysis, pair is expected to find support at 1.1170 and a fall through could take it to the next support level of 1.1156. The pair is expected to find its first resistance at 1.1214 and a rise through could take it to the next resistance level of 1.1228.

GBP USD

GBP traded lower against USD and closed at 1.2058.

·        GBP/USD remains on a back foot amid recent UK political news.
·        Rebel MPs readying for early-September action.
·        UK CPI, trade/political news in the spotlight.
 
The Consumer Price Index released by the National Statistics is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. The purchase power of GBP is dragged down by inflation. The CPI is a key indicator to measure inflation and changes in purchasing trends. Generally, a high reading is seen as positive (or bullish) for the GBP, while a low reading is seen as negative (or Bearish).
According to the Analysis, pair is expected to find support at 1.2046 and a fall through could take it to the next support level of 1.2033. The pair is expected to find its first resistance at 1.2090, and a rise through could take it to the next resistance level of 1.2103.
 
AUD USD
 
AUD traded lower against USD and closed at 0.6800.

·        AUD/USD drops to the intra-day low after China’s July month Retail Sales and Industrial Production lagged behind market consensus and prior.
·        Cautious trading and a lack of fresh clues confined the pair’s moves during the early morning.
·        The US-China trade news, speech from RBA’s Debelle will provide fresh impulse.            
 
The Employment Change released by the Australian Bureau of Statistics is a measure of the change in the number of employed people in Australia. Generally speaking, a rise in this indicator has positive implications for consumer spending which stimulates economic growth. Therefore, a high reading is seen as positive (or bullish) for the AUD, while a low reading is seen as negative (or bearish).
 
The Unemployment Rate release by the Australian Bureau of Statistics is the number of unemployed workers divided by the total civilian labor force. If the rate hikes, indicates a lack of expansion within the Australian labor market. As a result, a rise leads to weaken the Australian economy. A decrease of the figure is seen as positive (or bullish) for the AUD, while an increase is seen as negative (or bearish).
 
According to the Analysis, pair is expected to find support at 0.6760 and a fall through could take it to the next support level of 0.6743. The pair is expected to find its first resistance at 0.6814, and a rise through could take it to the next resistance level of 0.6831.
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Daily Forex News - by xtreamforex - 02-14-2019, 11:05 AM
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