Trading plan  for July 2

Trading plan for July 2

  • The US dollar index couldn’t stick above $95 again. On Friday, US economic data were mixed. The index weakened and tested levels below $94.50. The index needs additional support from the economic data. On Monday, traders will take into consideration ISM manufacturing PMI data (17:00 MT time). The forecast is weaker than the previous data, however, if the actual data is greater than the forecast, the index will be able to recover. The resistance lies at $95. The trendline will become a support for the index. If it’s able to break it, the further support is at $94.

usd.png

  • The euro significantly rose on Friday after an agreement on the migration deal that was achieved by European countries during the EU Economic Summit. EUR/USD broke the resistance at 1.1615 (the pivot point) and tested the next one at 1.1665. The euro needs additional support to reach highs of the first quarter of June. On Monday, no important European economic data will be released. As a result, there are risks of the fall to 1.1615 (50-hour MA). However, if the US dollar index is weak, the pair will have chances to stay around 1.1665.

EURUSDDaily.png

  • On Friday, GBP/USD managed to recover after a 3-day fall. The pair tested the resistance at 1.3140. The next one lies at 1.3225 (trendline). The same as the euro, the pound needs an additional support to climb further. On Monday, traders should pay attention to manufacturing PMI data (11:30 MT time). The forecast is weaker than the previous figure. If the actual data is greater than the forecast, the pound will be able to strengthen. Moreover, on Monday, the EU and the UK are anticipated to hold a new meeting on the Brexit deal. If there is a progress, the pound will be able to break the resistance and move further to 1.33.

GBPUSDDaily.png

Similar

NZD/USD: bulls stabilize the trend

On the daily chart of NZD/USD, bears managed to take control over the situation and pull the pair towards the lower border of the upward channel due to the "Three Indians" pattern.

nzd
USD/CNH: a trade idea

Concerns about the US-China trade tensions returned. Does the technical analysis offer a way to make money on this development?

Latest news

GBP/USD: confirmed "Thorn" pattern

The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...

gbp

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera