Key To Markets - Support

AUDNZD: Trade follow up. Spotted with a bullish pattern.

1. China inflation was unchanged in June.
2. We have been recommending buying on a dip.
3. Parallel support finds at 1.0390.

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US data preview. Fed speakers are in the limelight.

1. Yellen’s speech, June inflation and Retail sales are the key events to watch.
2. Dollar index (DXY had firmed slightly against the major currencies following mixed June NFP data.
3. DXY resumes the down trend fails at the 61.8%.

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Global FX technical overview.

1. EURUSD : Barrier at 1.1450.
2. GBPUSD : Barrier at 1.3060.
3. NZDUSD : Consolidating in a narrow range.
4. USDCHF : Buying on a dip favors.

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EURUSD: Final push looms. Selling interest available at June high’s.

1. Recent Draghi’s speech raised bets about a more hawkish ECB.
2. EURUSD ran into resistance at 1.1450 failed again.
3. This week’s price actions cast on Yellen’s testimony.

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EURGBP: Trading on a verge of another breakout.

1. Recent soft UK data raise doubts over Bank of England hawkish sentiment.
2. The near term price action remains on the BoE policy action.
3. Employment report (July 12) is only the key risk event.
4. spotted with a bullish ascending wedge.

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BRENT: We expect a consolidation phase for the next 1-2 days.

1. The near term trading pattern edge down to 46 and 47.50.
2. A breakdown below 44.90 signals a further leg down.
3. U.S drillers added seven oil rigs.
4. A bullish reversal expected if settles above 47.30.

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EURNZD update 3:Trading on a verge of another breakout

1. The price action produced a minor trading range breakout.
2. Earlier we recommended buying twice.
3. Near term resistance seems at 1.5760.

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BRENT: Released the thrust and hits our 2nd target.

1. Brent oil rose 2.75% and off nearly 5% from last week low.
2. Thanks to crude oil inventories
3. It has managed to close above 20DMA.
4. Support base remains between 46.15 and 46.

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Take profits on AUDNZD, EURNZD and NZDUSD trades.

1. AUDNZD: Inverted H&S pattern and completed the pattern target 1.0580.
2. NZDUSD: finished the ABC pattern journey.
3. EURNZD: Take profit of 500 pips.

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USDJPY technical view.

1. USJDPY fails at the parallel resistance twice.
2. The selling likely to accelerate if 112.70 taken out.
3. The daily RSI is overbought and oscillator appear bearish.

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BoC review. USDCAD completed the ABC pattern (H4).

1. The Bank of Canada raises the interest rates for the first time since 2010.
2. Future rate hikes will remain data dependent.
3. In the near term we forecast a limited downside risk to USDCAD.

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USDCAD: Support zone remains between 1.2680 and 1.2650.

1. Cad outperforms 2% against the USD following hawkish BoC monetary policy statement.
2. Price action setup a multiple tops at 1.2940 and 1.30/1.3015.
3. Further downfall expected if 1.2650 taken out.

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EURCAD: Buying trade idea. ABC pattern aims at 1.44.

1. The selling was managed to pause at crucial junction.
2. Near term support zone remains between 1.4475 and 1.4365.
3. It has tested the five-month ascending trendline.

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AUD data preview and technical view.

1. AUSDUSD has finally broken out the 15-month supply zone.
2. Rallies to 2-year high’s on RBA minutes.
3. Last week RBA’s Debelle speech revealed, RBA isn’t happy with the AUD appreciation.

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AUDUSD: Wouldn’t be surprised if tested the support.

1. AUD bulls are intensely watching on CPI and Speech by Philip Lowe.
2. The near term price action appears a correction, but on the medium term basis, we remain bullish.
3. We express a limited upside risk and a healthy correction needed.
4. Time to take profit.

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USDJPY: Spotted with a bearish H&S pattern.

1. USDJPY continued the down for the second consecutive week, USD weakness dominated.
2. July FOMC meeting, Preliminary US GDP estimate, BoJ minutes and CPI numbers are the risk events.
3. Trading range remains in a tight range.
4. It has rejected at 61.8% (Dec-April fall) further lows are highly likely

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Gold: Potential barrier in focus.

1. Gold price extended the gains for the second consecutive week, the potential barrier in focus.
2. A gradual balance sheet reduction approach brings back the buying interest near 1200$.
3. July FOMC meeting in focus this Wednesday.

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BRENT: Todays trading range remains between 45.50 and 50.00.

1. Ahead of a key meeting today it is sitting below 50$ and 20DMA.
2. OPEC and other oil producers will meet in Russia today.
3. A move below 47.50 needed to re-test.

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EURUSD: The rapid move finally approaches to the potential hurdle zone.

1. The euro climbs to 23-month high as the unloved USD struggles.
2. This mid week likely to change the FX trends.
3. We expect a limited impact on markets as no press conference at this meeting.

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EURGBP: Finally settles above 61.8% fib but fails to handle 0.9000 level

1. Broader EUR strength and a weak CPI data pushed the cross to 0.90 levels.
2. It has been moving higher with negative divergence (daily RSI).
3. UK Prelim 2Q GDP.

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