Strong Dollar hits all rival currencies to their lower levels. Pound facing volatile ahead of CPI.

Commodity
Powell drag Gold below 1235, Crude below 68 ahead of EIA
July 18, 2018
Today’s 18th July, Economic Calendar to watch out..!
July 18, 2018
forex

Technical: EUR/USD trading at 1.1635 (as of writing), trading on a weak bias below 1.1650, downside support holding at 1.1620. Until it holds downside can take U Turn to upside 1.1680-1.1720 else a sharp fall can be seen till 1.1500 a psychological level. As lower timeframe are trading at over sold regions a retracement cannot be ruled out to take fresh position. A day trader can wait for a turn up to sell again for downside 1.1620.

Fundamental: EURUSD depreciated by 0.43 percent yesterday. However, in the recently announced ECB meeting minutes the central bank sees interest rates at record for as long it is needed in order to give sufficient boost to inflation. They are also expecting a continued slowdown in growth in Q2 which was seen in Q1 as well. However, German economic sentiment data came in at -24.7 for June’18 against market expectations of -17.9.

Suggestion: BUY EURUSD ABOVE 1.1650 FOR 1.1690/1.1720 ELSE SELL BELOW 1.1580 FOR 1.1530/1500

Technical: GBPUSD trading at 1.3100 fell sharply from 1.3290 made a low at 1.3065. Downside support lies at 1.3050 and upside resistance at 1.3180. A day trader can wait for a level 1.3150-80 zone to take sell again until it holds below 1.3180. A break above can rise sharply till 1.3280-3300. Overall sell on rise is in play still until it stays below 1.3180

Fundamental: GBPUSD depreciated by 0.91 percent against the US dollar. In the UK, Theresa May is facing new demands from pro-Brexit Tories regarding the White Paper presented last week. If the conflict escalates it could put May’s position as PM at risk. Meanwhile, US Trump arrived in UK in order to meet Prime Minister Theresa May and in a speech he backed the resignation of Boris Johnson and mentioned that a soft Brexit eyed by Theresa May would likely kill chances of a trade deal with US. Average earning index from UK for June’18 came in line with market expectations at 2.5%.

Suggestion: Sideways trade can be seen. A buy can be taken above 1.3180 for 1.3250/3300 else can wait.

Suggestion: BUY EURJPY TILL 131.50 FOR 132.30/132.50 ELSE SELL BELOW 130.20 FOR 129.50/129.20

Suggestion: BUY EURCAD ABOVE 1.5365 FOR 1.5430/5450 ELSE SELL BELW 1.5280 FOR 1.5220/5200

Suggestion: SELL NZDUSD BELOW 0.6750 FOR 0.6680/6650 ELSE BUY ABOVE 6790 FOR 6840-6850

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