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Daily Market Report – USD/JPY Can It Hold Ground? August 01, 2017

By Mexgroup.com

USD/JPY Narrowing

USD/JPY increased a little today and tries to recover after the yesterday’s drop. Continues to move sideways on the short term, so is better to stay away until we’ll have a clear direction and a fresh trading signal. I believe that we’ll have a clear direction in the upcoming days as the United States data will have a big influence.

Price increased as the USD was driven higher by the USDX’s rebound, the index failed to reach the near term support from 92.55 and from 92.49 level. A USDX’s accumulation will signal a broader rebound, but we have to be patient to see what the US data will bring in the afternoon.

The USD will dominate the currency market again if the United States will impress later, but I want to remind you that another disappointment will ruin any upside perspective.

01usdjpy

Price continues to be trapped between the 23.6% and the 50% Fibonacci levels, has broken above the warning line (wl1), but this could be a false breakout. Is pressuring the warning line (wl1), but technically seems too overbought to resume the upside movement and could drop towards the 50% retracement level again.

The United States data will shake the markets, not only the USD/JPY pair, you should be careful because this will be a crucial day for the greenback. Some good numbers will force the FED to think at another rate hike till the end of the year.

NZD/USD Stabilized In The Red Zone

01NZDUSD

Price is trading in the red and tries to resume the corrective phase. Price squeezed a little in the US session and recovered after the massive drop. NZD/USD is trading near the 0.7150 level and looks determined to breakdown below the down sloping line (dotted line), which will confirm a further drop. Technically is expected to drop more than 300 pips after the breakdown below the Head and Shoulders neckline.

EUR/CHF Stands On Thin Ice

01eurchf

EUR/CHF posted little gains today and tries to stay in the buyer’s territory, but I don’t know if will be possible after the false breakout above the WL4. Has come down to retest the WL2 and maintains a bullish bias as long as stays above this level. Will increase further only if will stabilize above the WL4 and if it will retest the upper median line (uml) of te minor ascending pitchfork.

By Olimpiu Tuns

Market Analyst

Risk Disclaimer:

Trading, in genera,l is very risky and is not suited for everyone. There is always a chance of losing some or all of your initial investment/deposit, so do not invest money you can’t afford to lose. You are strongly advised to carry out your independent research before making any trading decisions.  All the analysis, market reports posted on this site are only educational and do not constitute an investment advice or recommendation to open or close positions on international financial markets. The author is not responsible for any loss of profit or damage which may arise from transactions made based on any information on this web site.

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About Louie Lewis

Louie Lewis
Successful forex trading starts with you first. Then comes the actual strategies and techniques. I have been involved with forex and forex trading for a few years now. It is a wonderful way to build wealth. The learning never stops and I want to help others along their journey into this wonderful market of opportunity.

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