G3 Forex

The greenback posted some mixed results against other forex majors. This is after the US data on durable goods orders came out worse than the 0.6% forecast and tumbled down to -0.6%. With these figures, many investors are left uncertain about the real market conditions. On July 29 trading day, the stock market also weakened, with Dow Jones falling at 0.38% and NASDAQ declining at 1.04%. As for the commodities market, crude oil also fell by 0.7% to close at $77 per barrel, while gold posted gains by 0.2% and closed at $1,1160.4 per ounce.

For second straight day, the euro traded versus the dollar with small difference between the high and low points, as the EUR/USD forex pair traded between 1.2966 and 1.3042. The British pound also remained nearly unchanged against the dollar. The GBP/USD pair posted a high of 1.5638 and a low of 1.5544. Following the drop in orders for US durable goods and the anticipated slow economic growth according to Federal Reserve, the Yen posted gains against the dollar. The USD/JPY forex pair closed at a high of 88.11 and a low of 87.25.

USD Dollar (USD) – The Dollar declined against most majors as global stocks rallied strongly on the outlook for U.S. retail sales, reducing safety demand for the world’s main reserve currency.  NASDAQ and Dow Jones jumped by 3.13% and 2.82% respectively, crude oil rose by 2.9 closing at 74.07$ a barrel, Gold (XAU) strengthened  by 0.3% closing at 1198.9$ an ounce. Today, Unemployment Claims are expected to weak from 472K to 461K.

EURO (EUR) – The Euro erased early losses  and climbed to a six-week high against Dollar after had weakened during the day as German factory orders unexpectedly fell for the first time in five months in May, came out at -0.5% vs. 0.5% forecast, in the end closed almost unchanged after stocks market become positive. The EUR/USD has been trading upwards since last week and broken its resistance levels on the daily chart at 1.2500, therefore the momentum is bullish, as long the price is above 1.2500 a long position is preferred. Overall, EUR/USD traded with a low of 1.2553 and with a high of 1.2664. Today, interest rate decision is expected to remain unchanged at 1.0%, ECB Press Conference.

EUR/USD – Last: 1.2664

British Pound (GBP) – The Pound rose for a second day as market sentiment turned positive after U.S. stock market rallied, led the investors to buy risky assets instead. The GBP/USD has been trading upwards since June  therefore the momentum is clearly bullish, the main resistance level on the daily graph is located at 1.5260 .Overall, GBP/USD traded with a low of 1.5081 and with a high of 1.5219. Today, interest rate decision is expected to remain unchanged at 0.5%, Manufacturing Production is expected to become positive from -0.4% to 0.4%.

 GBP/USD – Last: 1.5211

Japanese Yen (JPY) –The Yen strengthened against the Dollar and the Euro during the day after bad news which released supported safety currency like the Yen, at the end of the American session which rebound nicely and closed positive, succeeded to weak the yen. The main resistance of the USD/JPY is 89.0 level as long it’s trading below this level a short position is preferred, the 10 moving average support downwards trend as well. Overall, USD/JPY traded with a low of 87.02 and with a high of 87.77. No major news expected today.

USD/JPY-Last: 88.36

Canadian dollar (CAD) – The Canadian Dollar strengthened to the highest level in more than a week against the Dollar as stocks rallied and crude oil climbed, improving the outlook for currencies tied to growth. As long the USD/CAD below 1.0550 levels a short position is preferred. Overall, USD/CAD traded with a low of 10467 and with a high of 1.0606. No major news expected today.

USD/CAD – Last: 1.0448

USD Dollar (USD) – The Dollar weakened across the board after the report showed that slower growth in U.S ISM Non – Manufacturing Index came out 53.8 worse than expected 55. Stock Markets in U.S jumped in more than 2% as investors back to trade after the holiday but hardly managed to hold the gains with Dow Jones increasing by 0.59% and the NASDAQ rising by 0.1%. Crude Oil almost reached the 74$ but failed to hold and fell back to 72$ a barrel. Gold (XAU) fell below the 1200$ and closed at 1193$ an ounce. No economic data is expected today.

Euro (EUR) – The Euro advanced versus the Dollar to a 6 week high as reports in US showed slower economic growth than expected. Breaching the 1.2670 level might extend the positive momentum in the pair. Overall, EUR/USD traded with a low of 1.2479 and with a high of 1.2660. Today, the GDP is expected unchanged at 0.2%. German Factory Orders is expected at 0.5% vs. 2.8% previously.

EUR/USD – Last: 1.2585

British Pound (GBP) – The Pound advanced against the Dollar as stock markets climbed, decreasing demand for the safest assets. Another attempt to breach the resistance level at 1.5220 failed and the Sterling declined below the 1.52 zone. Breaching the 1.5220 level might extend the positive momentum in the pair. Overall, GBP/USD traded with a low of 1.5080 and with a high of 1.5224. No economic data is expected today.

GBP/USD – Last: 1.5120

Japanese Yen (JPY) – The Dollar fell against the Japanese Yen but still the pair capped in narrow range. Breaching the 87.8 level will turn the momentum to positive for the pair. Overall, USD/JPY traded with a low of 87.33 and with a high of 87.96. No major economic data is expected today.

USD/JPY-Last: 87.40

Canadian dollar (CAD) – American Dollar that was weakened by economic data and Canada’s dollar appreciated for the first time in 3 days. Breaking the support level of 1.0530 turns the momentum to negative for the pair. Overall, USD/CAD traded with a low of 1.0484 and with a high of 1.0675. Today, the Ivey PMI is expected at 64.2 vs. 62.7 previously.

USD/CAD-Last: 1.0563

USD Dollar (USD) – Independence Day in US led the Dollar to advance against major competitors as the market was characterized with low volatility and small moves. Stock Markets in US were closed hence no change was posted in the NASDAQ and the Dow Jones. Crude Oil declined for a sixth day in a row closing below 72$ a barrel. Gold (XAU) declined and closed at 1208$ an ounce. Today, The ISM Non – Manufacturing Index is expected at 55 vs. 55.4 previously.

Euro (EUR) – The euro weakened against the Dollar while trading in a tight range. The Retail Sales came out 0.3% better than expected -0.1%. Breaking the support level of 1.2470 turns the momentum to negative for the pair. Overall, EUR/USD traded with a low of 1.2508 and with a high of 1.2563. No economic data is expected today.

EUR/USD – Last: 1.25

British Pound (GBP) – The pound fell versus the Dollar after disappointing Service PMI data which came out 54.4 worse than expected 55.2. Breaking the support level of 1.5120 turns the momentum to negative for the pair. Overall, GBP/USD traded with a low of 1.5088 and with a high of 1.5202. Today, the Nationwide Consumer Confidence is expected at 64 vs. 65 previously.

GBP/USD – Last: 1.5125

Japanese Yen (JPY) – The Dollar has moderately gained versus the Yen as due to the Independence Day in US the pair traded in a tight range. Breaching the 87.8 level will turn the momentum to positive for the pair. Overall, USD/JPY traded with a low of 87.61 and with a high of 87.98. No major economic data is expected today.

USD/JPY-Last: 87.55

Canadian dollar (CAD) – Canada’s dollar weakened against the American Dollar for a second day as Crude Oil, Canada’s biggest export also declined. . Trading above the support level of 1.0530 keeps the momentum positive for the pair. Overall, USD/CAD traded with a low of 1.0575 and with a high of 1.0675. Today, the Building Permits are expected at -0.4% vs. 5.4% previously.

USD/CAD-Last: 1.0656

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Normally in the periods when the FOREX market of trading is going in the decreasing direction, then what do you think, you need to be a little more strong or not? There are quite a large numbers of possibilities that the liquidity of the spreads of the market will generally be lower than they were used to be. There is a strong need for you to work with chief of FOREX money about which you are really very confident and that too in the depth… you need to know every thing abut the trading process of FOREX market. You need to be really very conscious about the exact amount of leverage that your specific fund manager, who manages exchange of currency, uses. There are some people who make use of leverages which are far away and are too high, and that can be one of the reasons for leading you to your trading account which is having a margin call, which is the one that is highly unappealing. In order to earn that FOREX money, you need to be really very careful about your each and every step, which you are going to put forward.

There are large numbers of players in the markets of foreign exchange, who are different from one another. A professional trader who is really very experienced makes a trade on this above mentioned basis, should have the optimum power to convert the answer to such statements, so that he or she can make a trade suitably. The most important part of this trading market is the amount of risk that is being associated with this market. There are quite high chances that you will be making thousands and thousands of dollars, but there are some other chances of losing as well. You just need to act a little careful, while moving ahead in this trading market. Trust yourself and your skills of trading.