What will happen? The US Q2 Gross Domestic Product will be announced at 15:30 MT time (GMT+3) on Thursday, July 29…
News to trade on December 11
- During the Asian session, Chinese Vice President Liu, US trade secretary and trade representative exchanged their opinions on trade. However, it did not result in the increased risk-on sentiment due to the French and UK political uncertainties. As a result, on the daily chart of NZD/USD, the Doji candlestick was formed. Today, New Zealand anticipates the speech by the Reserve bank of New Zealand Governor is scheduled at 21:15 MT time. If the speech by the RBNZ governor is hawkish, the NZD will stick above the resistance at 0.6890. In case of the dovish comments or strong USD, it will fall towards the support at 0.6811.
- As for AUD/USD, on the daily chart, the "inverted hammer" candlestick was formed yesterday. It can mean a possible reversal for the pair. If the risk aversion decreases, the pair can rise towards the resistance at 0.7260. Otherwise, the strong USD will pull the pair below the support at 0.7182 (50-day MA). The next support is placed at 0.7126.
- Today we anticipate the release of US PPI and core PPI at 15:30 MT time. According to analysts, the headline PPI will remain at the same level. As for the core PPI, it is expected to increase by 0.1%. Yesterday, strong US Dollar pulled EUR/USD below the central pivot at 1.1374. The form of the candlestick shows an uncertainty among traders, as the pair even tested the level at 1.1437.
If the USD is supported by the PPI release, the pair will fall towards the support at 1.1323. Otherwise, it will stick above 1.1374.
- Today, the British Prime Minister Theresa May is due to meet with the European Commission president Jean-Claude Juncker at 20:15 MT time, the European commission president Donald Tusk at 18:00 MT time and German Chancellor Angela Merkel to discuss the Brexit deal. Earlier, the president of the European Council Donald Tusk tweeted that the EU would not renegotiate Brexit deal. In addition, Mr. Junckler commented that the current Brexit deal was the only deal possible. If the negotiations bring more certainty, the GBP will rise towards the resistance at 1.2642. If Theresa May fails to bring positivity to the market, or the USD is strong, it will break the support at 1.2560 and target the next support at 1.2462.
- It is not enough just to reach an agreement. OPEC+ brings new challenges to the market with uncertainties over how the coalition will implement its output cuts. As a result, the price for the crude oil fell yesterday.
If positive news about an oil cut is released, the price for WTI will stick above $52.23. More uncertainties will pull the crude’s price towards the support at $49.93.
- As for Brent, the bearish pressure will make its price fall towards the support at $58.60. If the crude’s price is supported, the first resistance lies at $61.15.
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!
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What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!