A brand new month and a good start for the month of July as we had a 7 out of 7 for the forecast for yesterday! Basically all pairs conformed and behaved in the predicted manner. On the USD/CAD and the Oceanic pairs, markets didn’t go into our blue zones but direction was perfect as they came very short of our supply/demand zones. All the other pairs were exactly how we had predicted, markets moved out of our zones in the direction expected! A good start to the month indeed! The pairs on our watchlist for today are going to be Australian dollar, British pound and US dollar currency pairs with more emphasis on the Australian pairs as three of the news items are related to the down under pair, we could have major fueling movements on them. Today we could be looking at a strong US dollar and Japanese yen. Adding two hedged pairs to offset the trading risk.
Forecasts Outlook
US Dollar: Strong
Today we're expecting the EUR/USD to proceed Short below the barrier levels of 1.37146 and 1.36857.
Fundamental Watch
- Cash Rate
- RBA Rate Statement
- Manufacturing PMI
- ISM Manufacturing PMI
- Trade Balance