The upward-facing USD/CHF pair was aiming to breach above the overhead red Ichimoku Clouds. After displaying three consecutive positive sessions in a row, the Japanese Yen pair was attempting to breach above the 106.742 resistance.
The Euro fell again during the trading session on Tuesday, as we continue to see a lot of selling pressure. At this point, I think it makes sense that you can’t buy this pair, because quite frankly not only do we have very negative technical analysis, we have no fundamental reason to think things are changing anytime soon either.
Based on the early price action and the current price at 1.1077, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 1.1092.
Investing.com - The euro recovered from earlier lows after Italy’s Prime Minister Giuseppe Conte said he is resigning ahead of no-confidence vote, putting the future of the Italian government in jeopardy.
Is the new wave of Euro weakness coming to the charts right now? Well, it seems so as the EURUSD is currently making new weakly lows.
A recovery attempt on Monday was short-lived as sellers took the exchange rate into negative territory late in the day to close for a fifth consecutive daily loss.
The RBA looks set to hold on rates near-term. For the day ahead, a lack of stats will leave the markets exposed to any trade war chatter.
Fiber continued to slip for the fifth consecutive session today. The Ninja continued to stay within the lower vicinity of the Bollinger Bands, sustaining adverse price actions throughout the day.
The Euro tried to rally during the trading session on Monday but has continue to find resistance just above. By selling off after trying to rally, it shows just how soft the Euro truly is.
The European currency got under significant pressure last week and reminded market players that European problems may be much more complicated than meets the eye.
After Friday’s close, Traders were not putting much weight behind current price action thinking it was little more than profit-taking going through from a variety of overextended risk-off bets or as we call it on the desk “a predictable short-covering rally into the weekend.” But risk assets have opened up on stable footings this morning on the back of positive trade comments from President Trump as investors continue to view each sliver of trade optimism in an extremely positive light. This, despite the domino effect from Argentina plus China and the Eurozone economic woes with triggering the U.S. curve inversion panicking investors while sounding the recessionary alarm bells.
Inflation in the eurozone was the weakest in more than two years in July, according to data released Monday, underscoring the difficulties the European Central Bank has in trying to stimulate the economy as member states keep a tight lid on spending.
Markets are growing at the start of trading on Monday, supported by policy easing and hopes for stimulus. The People’s Bank of China announced an interest rate reform, which should ease credit conditions for companies.
Eurostat said euro-area inflation in July slowed to 1% over the last 12 months, down from 1.3% in June and an initial estimate of 1.1%. That was the lower than the 1.1% expected in a FactSet-compiled economist forecast and the slowest growth since Nov. 2016.
The world is pre-positioning and anticipating this week’s Jackson Hole Economic Symposium, with Jerome Powell the known highlight, with the Fed chair due to speak at 00:00AEST on 24 August.
Based on last week’s price action and the close at 1.1090, the direction of the EUR/USD this week is likely to be determined by trader reaction to the short-term downtrending Gann angle at 1.1093.
Investing.com - The U.S. dollar was hovering near two-week highs against a currency basket on Monday as U.S. Treasury yields bounced back from recent lows amid hopes that major economies will seek to prop up slowing growth with fresh stimulus.
Investing.com - This week all eyes will be on the Federal Reserve as investors wait for fresh insights on how it may respond to growing fears of a recession after the Treasury yield curve inverted. The Fed will hold its annual gathering in Jackson Hole later in the week, where Chairman Jerome Powell is to deliver what will be a closely watched speech Friday. It will publish the minutes of its July meeting on Wednesday.
It’s a busy week ahead. Geopolitics, economic data, and monetary policy are in focus. We can expect it to be a choppy week…