EUR/USD Intraday Trend Still Stays Down
Matt Simpson | Jul 17, 2014 03:38AM ET
- AUD business confidence fell slightly by 1pt in Q2 but could be considered as resilient taking into account the tough budget in Q1. Business conditions rose by 1pt in Q2, an improvement from the previous Q1 reading which remained flat. AUD/USD remained steady and currently holds above 0.935 support.
- NZ consumer confidence increased for a 2nd month; Kiwi dollar continued to sell-off across the board and has been one of the best movers of the week so far and certainly made the Asia sessions more interesting.
UP NEXT:
- EUR Core / CPI y/y are revisions from the 'flash' estimates so we tend to see less deviations away from the flash estimate itself. That said any surprise revision should see EUR pairs move out of current ranges.
US Employment has continued to blossom so there would be a general expectation for this trend to continue tonight with Initial and Continuing Jobless Claims. Housing Data is also released at the same time (Building permits and Housing Starts) so for a clean bullish move we would require all data to come in or above consensus. A mixture across the board should result in whipsaw price action. Due to the bullish structure of recent dollar gains, modest shortfalls in tonight's data may see some profit taking but nothing too alarming towards the near-term bullish structure.
TECHNICAL ANALYSIS:
EUR/USD: Intraday trend still stays down
USD/CAD: Overall still bullish but seeking deeper pullback
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.