EUR/USD: Will Retail Sales Support The USD Today?
Growth Aces | Aug 13, 2015 07:07AM ET
GROWTHACES.COM Forex Trading Strategies
EUR/CHF: buy at 1.0780, target 1.1170, stop-loss 1.0680, risk factor *
AUD/NZD: buy at 1.1005, target 1.1400, stop-loss 1.0860, risk factor **
EUR/USD: Watch US Retail Sales Data Today
- China's central bank said that there was no basis for further depreciation in the yuan currency given strong economic fundamentals. The People's Bank of China shocked markets by pushing its official guidance rate down 2% on Tuesday. The bank said at the time that the move was a one-off depreciation. This move was interpreted by the markets as a triggering a wave of global “currency wars”. In our opinion such talking is clearly overdone. We do not think this move could influence the Fed decision in September.
- New York Fed President William Dudley said that an adjustment to China's currency is probably appropriate if that economy is weaker than Chinese authorities expected. He added: “Clearly what was happening is the Chinese yuan was appreciating along with the USD.”
- As we supposed the market picture has changed today. The USD rose from a one-month low against a basket of major currencies on Thursday as the yuan's fall slowed and investors are focused again on US macroeconomic releases. US retail sales data due at 12:30 GMT will be closely watched.
Significant technical analysis' levels:
Resistance: 1.1188 (high Aug 13), 1.1212 (high Aug 12), 1.1243 (high Jun 30)
Support: 1.1024 (low Aug 12), 1.0996 (10-dma), 1.0961 (low Aug 11)
Source: Growth Aces Forex Trading Strategies
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.