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Euro Extends Its Losses In The Asian Session
For the 24 hours to 23:00 GMT, the EUR declined 0.05% against the USD and closed at 1.1209.
In the US, data showed that the Chicago Fed National Activity Index rose to a level of -0.02 in June, undershooting market expectations for a rise to a level of 0.08. In the prior month, the index had registered a revised level of -0.03.
In the Asian session, at GMT0300, the pair is trading at 1.1200, with the EUR trading 0.08% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.1188, and a fall through could take it to the next support level of 1.1175. The pair is expected to find its first resistance at 1.1219, and a rise through could take it to the next resistance level of 1.1237.
Looking ahead, traders would await Euro-zone’s consumer confidence index for July, slated to release in a few hours. Later in the day, the US house price index for May, existing home sales for June and the Richmond Fed manufacturing index for July, will keep traders on their toes.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
Sterling Extends Its Losses In The Morning Session
For the 24 hours to 23:00 GMT, the GBP declined 0.22% against the USD and closed at 1.2478.
In the Asian session, at GMT0300, the pair is trading at 1.2463, with the GBP trading 0.12% lower against the USD from yesterday’s close.
The pair is expected to find support at 1.2442, and a fall through could take it to the next support level of 1.2421. The pair is expected to find its first resistance at 1.2498, and a rise through could take it to the next resistance level of 1.2533.
Looking ahead, traders would keep an eye on UK’s CBI total trends orders for July, set to release in a few hours.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
EUR/CHF Daily Outlook
Daily Pivots: (S1) 1.0991; (P) 1.1016; (R1) 1.1032; More...
Intraday bias in EUR/CHF remains on the downside at this point. Current fall is part of the down trend form 1.2004. Further decline should be seen to 61.8% projection of 1.2004 to 1.1173 from 1.1476 at 1.0962. On the upside, break of 1.1154 resistance is needed to signal short term bottoming. Otherwise outlook will remain bearish in case of recovery.
In the bigger picture, current development firstly suggests that down trend from 1.2004 is still in progress. More importantly, it's likely a long term down trend itself, rather than a correction. Outlook will remain bearish as long as 1.1476 resistance holds. EUR/CHF could target 1.0629 support and below.
EUR/GBP Daily Outlook
Daily Pivots: (S1) 0.8962; (P) 0.8981; (R1) 0.9003; More...
EUR/GBP is staying in range of 0.8954/9051 and intraday bias remains neutral. With 0.8954 minor support intact, further rise cannot be ruled out. But upside momentum is clearly diminishing as seen in 4 hour and daily MACD. Upside should be limited by 0.9101 key resistance to bring reversal. On the downside, break of 0.8954 support should confirm short term topping. In this case, deeper pull back could be seen to 55 day EMA (now at 0.8889) first.
In the bigger picture, medium term decline from 0.9305 (2017 high) is seen as a corrective move. No change in this view. Current development argues that it might have completed with three waves down to 0.8472, just ahead of 38.2% retracement of 0.6935 (2015 low) to 0.9306 at 0.8400, after hitting 55 month EMA (now at 0.8545). Decisive break of 0.9101 resistance will confirm this bullish case. However, firm break of 55 week EMA (now at 0.8801) would possibly extend the correction another another fall to below 0.8472 before completion.
Central Bank To Monitor Impact Of Global Uncertainties: BoJ Governor Kuroda
For the 24 hours to 23:00 GMT, the USD slightly declined against the JPY and closed at 107.90.
The Bank of Japan Governor, Haruhiko Kuroda, in his speech, cautioned over the impact of rising global uncertainties on the economic momentum and pledged to further ease monetary policy in order to reach its 2% inflation target. Additionally, he stated that the economy is no longer in deflation and it would continuously monitor various risk factors, prices as well as financial conditions to measure its effect on the policy.
In the Asian session, at GMT0300, the pair is trading at 108.01, with the USD trading 0.10% higher against the JPY from yesterday’s close.
The pair is expected to find support at 107.83, and a fall through could take it to the next support level of 107.64. The pair is expected to find its first resistance at 108.14, and a rise through could take it to the next resistance level of 108.26.
Trading trend in the Japanese Yen today, is expected to be determined by Japan’s machine tool orders for June, set to release in while.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
EUR/AUD Daily Outlook
Daily Pivots: (S1) 1.5899; (P) 1.5927; (R1) 1.5958; More...
A temporary low is in place at 1.5894 and intraday bias in EUR/AUD is turned neutral first. Upside of recovery should be limited below 1.6231 resistance to bring another fall. Decline from 1.6448 is seen as the third leg of the consolidation pattern from 1.6765 high. Break of 1.5894 will target 1.5683 support and below.
In the bigger picture, as long as 1.5346 support holds, outlook will still remain bullish. Up trend from 1.1602 (2012 low) is expected to resume sooner or later. Break of 1.6765 will target 61.8% retracement of 2.1127 (2008 high) to 1.1602 at 1.7488 next. However, firm break of 1.5346 key support will indicate trend reversal and turn outlook bearish.
Switzerland’s M3 Money Supply Advanced By The Most Since January 2018 In June
For the 24 hours to 23:00 GMT, the USD declined 0.11% against the CHF and closed at 0.9824.
In economic news, Switzerland's M3 money supply climbed 3.7% on a yearly basis in June, rising by the most since January 2019 and following a rise of 3.4% in the previous month. Moreover, the nation's total sight deposits rose to a level of CHF 579.5 billion in the week ended 19 July 2019, from CHF579.0 billion in the previous week.
In the Asian session, at GMT0300, the pair is trading at 0.9834, with the USD trading 0.10% higher against the CHF from yesterday's close.
The pair is expected to find support at 0.9812, and a fall through could take it to the next support level of 0.9789. The pair is expected to find its first resistance at 0.9849, and a rise through could take it to the next resistance level of 0.9863.
With no macroeconomic releases in Switzerland today, investors would look forward to global macroeconomic releases for further direction.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
Loonie Trading Flat In The Asian Session
For the 24 hours to 23:00 GMT, the USD rose 0.50% against the CAD and closed at 1.3126.
In the Asian session, at GMT0300, the pair is trading at 1.3126, with the USD trading flat against the CAD from yesterday’s close.
The pair is expected to find support at 1.3068, and a fall through could take it to the next support level of 1.3010. The pair is expected to find its first resistance at 1.3157, and a rise through could take it to the next resistance level of 1.3188.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
Aussie Trading On A Weaker Footing This Morning
For the 24 hours to 23:00 GMT, the AUD declined 0.17% against the USD and closed at 0.7033.
LME Copper prices declined 1.0% or $58.5/MT to $6007.5/MT. Aluminium prices declined 1.4% or $25.0/MT to $1808.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7026, with the AUD trading 0.10% lower against the USD from yesterday’s close.
The pair is expected to find support at 0.7014, and a fall through could take it to the next support level of 0.7001. The pair is expected to find its first resistance at 0.7048, and a rise through could take it to the next resistance level of 0.7069.
Going forward, investor would keep an eye on Australia’s CBA manufacturing and services PMI’s for July, set to release overnight.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
Gold: Yellow Metal Trading On A Weaker Footing In The Asian Session
For the 24 hours to 23:00 GMT, Gold declined 0.11% against the USD and closed at USD1425.20 per ounce.
In the Asian session, at GMT0300, the pair is trading at 1418.30, with gold trading 0.48% lower against the USD from yesterday’s close.
The pair is expected to find support at 1412.87, and a fall through could take it to the next support level of 1407.43. The pair is expected to find its first resistance at 1427.27, and a rise through could take it to the next resistance level of 1436.23.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
