June 17, 2014
At the first day of a new trading week the Dollar lost part of its positions against its main counterparts. The EUR/USD pair has been trading in the range 1.3512 – 1.3578 for 3 days in a row.
Professionals in the market with big capital need much more time to form positions than regular traders. This factor suggests that in the near future we are going to see a strong downward move of the Euro. As a result trading ended at 1.3567.
The Pound set a fresh maximum on Monday in 5 years at 1.7009 after which there was a technical bounce against the background of closing of losing positions.
Though there was no trend reversal. The upward trend is still strong. Against the background of absence of important macroeconomic statistics release from the UK and the US the trading day ended almost at the same level as it started (1.6978).
After decline during Asian trading session till 101.71, there was a short term demand in the USDJPY pair, what enabled the US currency to recover part of lost positions. Release from the States on industrial production in May was on the median level of forecast, what didn’t cause any strong reaction from the market. As a result the trading day on the pair ended with decline of the rate by 0.2% at 101.82.
On one hour chart the Euro looks quite ranged. The boundaries of the range serve as resistance and support respectively. It is recommended to wait until the Euro breaks out of one of the lines in order to determine further trend.
The pair is in decline. Though the power of the trend has decreased. It is possible that we witness consolidation, which suggests resumption of prior trend after its end. There are no triggers of trend reversal seen anyway.
The Pound managed to overcome 1.7000 yesterday which is quite remarkable and symbolic. Nevertheless it couldn’t stay there for too long. The arch forming below the line suggests the beginning of correction. Apparently the aforementioned level will become a serious challenge.
All Day Holiday South Africa – Youth Day
03:20 AUD RBA Assist Gov Kent Speaks
04:30 AUD Investing.com AUD/USD Index
04:30 CAD Investing.com USD/CAD Index
04:30 EUR Investing.com EUR/USD Index
04:30 JPY Investing.com USD/JPY Index
04:30 NZD Investing.com NZD/USD Index
04:30 CHF Investing.com USD/CHF Index
04:30 GBP Investing.com GBP/USD Index
04:30 USD Investing.com Gold Index
04:30 USD Investing.com S&P 500 Index
05:00 JPY BoJ Monthly Report
09:00 EUR Core CPI (YoY)
09:00 EUR CPI (YoY)
09:00 EUR CPI (MoM)
12:30 CAD Foreign Securities Purchases
12:30 USD NY Empire State Manufacturing Index
13:00 USD TIC Net Long-Term Transactions
13:15 USD Industrial Production (MoM)