At the midsession, it appeared the U.S. Dollar was in a
position to reverse todayâ€™s trend and finish higher for the day, but bullish
news from Intel after the close helped drive up demand for higher risk assets.
The EUR USD finished higher despite a less than friendly
German consumer confidence report.Traders have decided to focus on the future rather than old economic
data.This is helping to give the Euro
its current boost.The Euro made a new
high for the year today, but there was no acceleration to the upside.This is leading some analysts to believe that
this currency pair is overbought at current levels.
This morning a bearish U.K. inflation report initially
drove the GBP USD lower, but traders quickly bought the dip to trigger a higher
close by the end of the day.The closing
price reversal bottom does not change the trend to up, but indicates the start
of a 2 to 3 day rally.The chart
indicates a move to 1.5913 to 1.5962 is likely over the short-term.
The USD CAD was trading sharply lower for most of the New York session until
Canadian Prime Minister Stephen Harper said that he was concerned about the
rapid rise in the Canadian Dollar.His
fear that the price appreciation would have a negative impact on Canadian
exports helped trigger a strong short-covering rally.This currency pair came close to posting a
closing price reversal bottom, but bullish news from Intel after the close
helped trigger demand for higher risk assets.
Upside momentum slowed a bit in the AUD USD because of the
intra-day weakness in U.S.
equity markets.For some time today, the
Aussie was in a position to post a daily closing price reversal top, but a
surge late in the day prevented this from happening.Bullish news from Intel helped rally the
stock market after the close but before the New York Forex session closed.This market is beginning to look tired and
upside momentum appears to be slowing. Technical conditions may be approaching
overbought levels as traders may have built in too much of a cushion in
anticipation of next monthâ€™s expected interest rate hike.
The NZD USD closed higher but the chart pattern indicates a
possible divergence pattern forming between the New Zealand Dollar and
Australian Dollar.This could indicate a
potential topping pattern.Today it New
Zealand Retail Sales were reported better than expected.This indicates that consumers are helping to
spend the economy through the recession.
Forex Trading News
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Tue 17 July 2018 AA 08:30 GB- Employment A 13:15 US- Industrial Production AA 14:00 US-Powell Testimony Wed 18 July 2018 AA 08:30 GB- CPI A 12:30 US- Housing Starts/Permits AA 14:00 US-Powell Testimony Thu 19 July 2018 AA 1:30 AU- Employment AA 08:30 GB- Retail Sales A 14:30 US- EIA Crude A 12:30 US- Weekly Jobless Fri 20 Jun 2018 A 12:30 CA- CPI/Retail Sales
John M. Bland, MBA co-founding Partner, Global-View.com
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