25 July 2017 Daily Analysis
Dollar grimes near 13-months low.
Greenback lingers near 13-months low against other major peers following upbeat US economic data which has helped to unwind some pessimism over the economy giant. The dollar index rose 0.10% and last quoted at 93.83. On Monday, financial service provider Markit reported that both US manufacturing and services flash surveys gave higher-than-expected reading for the month of July. However, the pair of optimistic data was partly offset by a weaker housing data while US political turmoil remains in check. Investors became worrisome over the policy direction from the White House following last week’s failed attempt to pass an overhauled healthcare bill while further investigation were conducted over alleged links between President Donald Trump’s campaign and Russia. On the other hand, euro eases 0.06% to $1.1637 against the greenback after data suggests a slowdown in EU’s private sector growth.
In the commodities market, crude oil price gained 0.17% to $46.42 a barrel after OPEC agreed on yesterday that Nigeria would join the pact by capping or cutting its output while Saudi Arabia pledged to limit their exports next month. Otherwise, gold price eases by 0.05% to $1,253.34 while investors look ahead to FOMC’s policy meeting for further clues regarding next interest rate hike.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 16:00 | EUR – German Ifo Business Climate Index (Jul) | 115.1 | 114.9 | – |
| 22:00 | USD – CB Consumer Confidence (Jul) | 118.9 | 116.5 | – |
| 04:30 | CrudeOIL – API Weekly Crude Oil Stock | 1.628M | – | – |
GBPUSD
GBPUSD, H4: GBPUSD remains traded within an upward channel while recently retraced from the resistance level of 1.3060. It is suggested to be traded lower in the short-term and extend its losses towards the target of support level at 1.3000. Likewise, long-term trend direction is suggested to remain traded within the upward channel unless a breakout occurs from either of its sides.
Resistance level: 1.3060, 1.3120
Support level: 1.3000, 1.2915
EURUSD
EURUSD, Daily: EURUSD was traded lower following prior retracement from the psychological level at 1.1700. Such price action suggests EURUSD to be traded lower in short-term as technical correction. Otherwise, long-term trend direction still suggests EURUSD to extend its uptrend.
Resistance level: 1.1700, 1.1880
Support level: 1.1550, 1.1370
USDJPY
USDJPY, H4: USDJPY was traded higher following prior rebound from the support level at 110.60. However, Stochastic Oscillator which begins to form a retracement signal from the overbought level suggests USDJPY to be traded lower after successfully closing below the support level of 111.00.
Resistance level: 111.65, 112.30
Support level: 111.00, 110.60
CrudeOIL
CrudeOIL, H4: Crude oil price extended gains following prior rebound near the support level of 45.40. A successful closure above the resistance level of 46.65 would suggest its prices to retest at next target of 47.20.
Resistance level: 46.65, 47.20
Support level: 46.15, 45.40
GOLD
GOLD_, H1: Gold price were traded higher following prior rebound near the support level of 1252.00. A successful closure above the 20-MA line (red) would suggest gold price to advance further up and retest at previous high of 1258.00.
Resistance level: 1258.00, 1262.90
Support level: 1252.00, 1246.60