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UK’s Economic Growth Slightly Faster In The Second Quarter Of 2017
For the 24 hours to 23:00 GMT, the GBP rose 0.66% against the USD and closed at 1.3116.
Macroeconomic data indicated that Britain's preliminary gross domestic product (GDP) advanced 0.3% on a quarterly basis in the second quarter of 2017, meeting market expectations and compared to an advance of 0.2% in the prior quarter, suggesting that Brexit continues to damage the nation economically and politically.
Meanwhile, the nation's BBA mortgage approvals dropped less-than-anticipated to a level of 40.2K in June, compared to a revised level of 40.3K in the prior month, while markets anticipated it to ease to a level of 40.0K.
In the Asian session, at GMT0300, the pair is trading at 1.3144, with the GBP trading 0.21% higher against the USD from yesterday's close.
The pair is expected to find support at 1.3046, and a fall through could take it to the next support level of 1.2949. The pair is expected to find its first resistance at 1.3195, and a rise through could take it to the next resistance level of 1.3247.
Moving ahead, traders will look forward to Britain's GfK consumer confidence index for July, slated to release overnight.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.

Japanese Yen Extends Its Gains In The Asian Session
For the 24 hours to 23:00 GMT, the USD declined 0.64% against the JPY and closed at 111.16.
Macroeconomic data revealed that Japan's small business confidence index registered a rise to a level of 50.0 in July, exceeding market expectations for an advance to a level of 49.8. In the previous month, the index had registered a reading of 49.2.
In the Asian session, at GMT0300, the pair is trading at 110.89, with the USD trading 0.24% lower from yesterday's close.
The pair is expected to find support at 110.45, and a fall through could take it to the next support level of 110. The pair is expected to find its first resistance at 111.77, and a rise through could take it to the next resistance level of 112.64.
Looking ahead, Japan's jobless rate, national consumer price index, retail trade and large retailers' sales, all for June, slated to release overnight, will be on investors' radar. Additionally, a summary of opinions of the Bank of Japan's July meeting, will also be eyed by traders.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.

Switzerland’s ZEW Expectations Index Advanced In July
For the 24 hours to 23:00 GMT, the USD declined 0.13% against the CHF and closed at 0.9515.
In economic news, data indicated that Switzerland's ZEW economic expectations index climbed to a level of 34.7 in July. In the prior month, the index had registered a reading of 20.7. Moreover, the nation's UBS consumption indicator rose to a level of 1.38 in June, compared to a revised level of 1.32 in the prior month.
In the Asian session, at GMT0300, the pair is trading at 0.9506, with the USD trading 0.09% lower against the CHF from yesterday's close.
The pair is expected to find support at 0.9472, and a fall through could take it to the next support level of 0.9437. The pair is expected to find its first resistance at 0.9568, and a rise through could take it to the next resistance level of 0.9629.
The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average

Loonie Trading Higher This Morning
For the 24 hours to 23:00 GMT, the USD declined 0.46% against the CAD and closed at 1.2453.
In the Asian session, at GMT0300, the pair is trading at 1.2434, with the USD trading 0.15% lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.2384, and a fall through could take it to the next support level of 1.2334. The pair is expected to find its first resistance at 1.2514, and a rise through could take it to the next resistance level of 1.2594.
In absence of any macroeconomic releases in Canada today, investor sentiment will be governed by global macroeconomic factors.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.

GBP/JPY Daily Outlook
Daily Pivots: (S1) 145.42; (P) 145.91; (R1) 146.35; More
The breach of 146.42 minor resistance argues that pull back from 147.76 has completed at 144.01, after being supported by 55 day EMA. Intraday bias is now mildly on the upside for 147.76/148.42 key resistance zone. Break there will resume larger rebound from 122.36. ON the downside, break of 144.01 will extend the sideway pattern from 148.20 with another fall back to 135.58/65 support zone.
In the bigger picture, rise from medium term bottom at 122.36 is expected to continue to 38.2% retracement of 196.85 to 122.36 at 150.43. Decisive break there will carry long term bullish implications and pave the way to 61.8% retracement at 167.78. In case the sideway pattern from 148.42 extends, we'd be looking for strong support from 135.58 and 50% retracement of 122.36 to 148.42 at 135.39 to contain downside.


EUR/JPY Daily Outlook
Daily Pivots: (S1) 129.51; (P) 130.04; (R1) 130.84; More...
Intraday bias in EUR/JPY remains neutral as consolidation from 130.76 is still in progress. In case of another fall, downside should be contained by 127.43 cluster support (38.2% retracement of 122.39 to 130.76 at 127.56) and bring rebound. Above 130.76 will extend the larger rally to next key fibonacci level at 134.20.
In the bigger picture, the down trend from 149.76 (2014 high) is completed at 109.03 (2016 low). Current rally from 109.03 should be at the same degree as the fall from 149.76 to 109.03. Further rise is expected to 61.8% retracement of 149.76 to 109.03 at 134.20. Sustained break there will pave the way to key long term resistance zone at 141.04/149.76. Medium term outlook will remain bullish as long as 124.08 resistance turned support holds.


EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.8913; (P) 0.8934; (R1) 0.8963; More
EUR/GBP is staying in consolidation below 0.8994 temporary top and intraday bias remains neutral first. Downside of retreat should be contained by 0.8828 minor support to bring another rally. Break of 0.8994 will extend the whole rise from 0.8312 towards 0.9304 high. here is no clear sign of up trend resumption yet. Hence, we'll be cautious on strong resistance from 0.9304 to limit upside and bring another fall.
In the bigger picture, price actions from 0.9304 are viewed as a medium term corrective pattern. It's uncertain whether it is finished yet. But in case of another fall, we'd expect strong support from 0.8116 cluster support (50% retracement of 0.6935 to 0.9304 at 0.8120) to contain downside and bring rebound. Whole up trend from 0.6935 is expected to resume after consolidation from 0.9304 completes.


EUR/AUD Daily Outlook
Daily Pivots: (S1) 1.4612; (P) 1.4688; (R1) 1.4730; More...
Intraday bias in EUR/AUD remains neutral as it's bounded in range of 1.4421/4777. At this point, we're still favoring the case that correction from 1.5226 could have completed with three waves down to 1.4421 already. Therefore, another rally is expected in the cross. Break of 1.4777 will turn bias to the upside for 1.5073 resistance first. Break there will indicate resumption of whole rise from 1.3624. However, break of 1.4221 will invalidate our view and extend the decline from 1.5226 to 61.8% retracement of 1.3624 to 1.5226 at 1.4236.
In the bigger picture, we're holding on to the view that corrective decline from 1.6587 medium term has completed at 1.3624. Rise from 1.3624 is expected to resume to retest 1.6587. The corrective structure of the fall from 1.5226 is affirming this view. Above 1.5226 will target a test on 1.6587 key resistance. However, further downside acceleration will dampen our view and would drag EUR/AUD lower to retest key support zone around 1.3624.


EUR/CHF Daily Outlook
Daily Pivots: (S1) 1.1099; (P) 1.1136; (R1) 1.1194; More...
Intraday bias in EUR/CHF remains on the upside as current rally is in progress for 1.1198 key resistance level. Sustained break there will carry larger bullish implication. In such case, next near term target will be 161.8% projection of 1.0652 to 1.0986 from 1.0830 at 1.1370. On the downside, below 1.1106 minor support will turn intraday bias neutral first. But retreat should be contained by 1.1006 to bring rise resumption.
In the bigger picture, the price actions from 1.1198 are seen as a corrective move. Such correction could have completed after defending 38.2% retracement of 0.9771 to 1.1198 at 1.0653. Decisive break of 1.1198 will resume the long term rise from SNB spike low back in 2015. In such case, EUR/CHF could eventually head back to prior SNB imposed floor at 1.2000. We'll favor this bullish case as long as 1.0830 support holds. However, rejection from 1.1198 will extend the multi-year range trading with another fall.


EUR/USD Daily Outlook
Daily Pivots: (S1) 1.1649; (P) 1.1695 (R1) 1.1777; More...
EUR/USD's rise resumed after brief consolidation and intraday bias is back on the upside. Current rally is expected to target 1.2 handle next. On the downside, break of 1.1612 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, an important bottom was formed at 1.0339 on bullish convergence condition in weekly MACD. Sustained break of 55 month EMA (now at 1.1760) will pave the way to key fibonacci level at 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. While rise from 1.0339 is strong, there is no confirmation that it's developing into a long term up trend yet. Hence, we'll be cautious on strong resistance from 1.2516 to limit upside. But for now, medium term outlook will remain bullish as long as 1.1295 support holds, in case of pull back.


