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GDMFX - Daily News
FOREX NEWS: THE WEEK FINISHES WITH THE GREENBACK IN CONTROL

EUR/USD


Forex News: Yesterday’s ECB Press Conference generated mixed movement as the pair reversed direction several times. ECB President Mario Draghi mentioned that rates in Europe will remain lower for a longer period than they will in the United States.

[Image: 2014.08.08-The-week-finishes-with-the-gr...24x477.png]

Technical Outlook

The Euro was weakened by Mario Draghi’s comments and this bearish momentum is likely to continue throughout today’s session. First support and barrier in front of falling prices is located in the zone around 1.3330 and a break would open the door for a move into the more important support located at 1.3295; first resistance is represented by the level at 1.3400.

Fundamental Outlook

Both the Euro and the US Dollar have a calm day ahead as far as economic news releases are concerned. Price action will be mostly influenced by the technical aspect.


GBP/USD

The Bank of England maintained the interest rate value unchanged and as a result the event didn’t create volatility or strong directional movement.

[Image: 2014.08.08-The-week-finishes-with-the-gr...24x477.png]

Technical Outlook

The pair remained confined between 1.6885 resistance and 1.6809 support. Today we are likely to see a breakout which will probably favor the bears, considering the fact that the medium term trend is down. The next major support is located at 1.6700 but we don’t expect such a distance to be traveled in one day even if 1.6809 is broken decisively; first resistance is represented by the top created around 1.6885.

Fundamental Outlook

United Kingdom’s Trade Balance is released today at 8:30 am GMT, showing the difference between imported and exported goods. The indicator is considered to have a mild impact but higher numbers than the anticipated -8.9B will most likely strengthen the Pound, driving the pair higher.

We hope you had a profitable trading week and we wish you a relaxing weekend.


Written by: Bogdan Giulvezan

The article above is based on the writer’s 5-year experience and it does not constitute trading advice or investment recommendations, just a personal opinion and view of the market.

Source of article from the best forex broker.
Need help? Click here to talk to our customer support
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FOREX NEWS: IRAQ TENSIONS MAKE THEIR MARK ON THE CURRENCY MARKET

EUR/USD


US planes bombed several military targets in Iraq as tensions escalated and the Americans intervened in order to prevent a massacre of religious minorities. The Dollar was negatively affected by these events and the pair climbed Friday for the entire day.

[Image: 2014.08.11-Iraq-tensions-make-their-mark...24x479.png]

Technical Outlook

At the moment market participants are moving to safe-haven assets as the UD Dollar is considered too volatile and risky. The current rally is likely to continue thru 1.3445 resistance if the political situation doesn’t calm down; the Dollar’s movement will be highly affected by this new tension and S/R levels might be broken with ease so we recommend caution for the next days.

Fundamental Outlook

The day lacks major economic indicators and we expect slow movement but a lot depends on the developments in Iraq.


GBP/USD

Minor support was broken and the Pound weakened Friday against the greenback although the latter was affected by the Iraq crisis.

[Image: 2014.08.11-Iraq-tensions-make-their-mark...24x479.png]

Technical Outlook

The bearish move is overextended as the Relative Strength Index is again trading in oversold territory. Today we are likely to see a move higher which can find resistance at the recently broken level of 1.6809 but, as mentioned above, price will be prone to sudden changes of direction, depending on Iraq developments. First support is located at 1.6700 but this level is not likely to be touched today.

Fundamental Outlook

The United Kingdom didn’t schedule any major news releases today but we recommend caution, considering the political environment.


Written by: Bogdan Giulvezan

The article above is based on the writer’s 5-year experience and it does not constitute trading advice or investment recommendations, just a personal opinion and view of the market.

Source of article from the best forex broker.
Need help? Click here to talk to our customer support
Site: http://www.gdmfx.com
Page: facebook.com/GDMFXcom
Email: customersupport@gdmfx.com
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FOREX NEWS: GERMANY’S ZEW SURVEY IN THE FOCUS

EUR/USD


Yesterday the pair grinded lower but movement was very sluggish as the day didn’t have any major news releases and tensions in Iraq and Ukraine eased.

[Image: 2014.08.12-Germanys-ZEW-Survey-in-the-fo...24x479.png]

Technical Outlook

Price returned below 1.3400, a fact which shows that bulls lack the strength needed to stage a full scale reversal. Lately the pair is confined between 1.3445 resistance and 1.3330 support but we slightly favor a move into the mentioned support, especially if the bears can maintain price below the current level of 1.3400.

Fundamental Outlook

The day’s only major event is the release of the German ZEW Economic Sentiment scheduled at 9:00 am GMT. This is a survey based on the opinions of German analysts and institutional investors and it’s focused on their opinions regarding a 6 month outlook. The nature of their jobs keeps them highly informed on the economic situation and at the same time, increases the importance of this survey. The expected number is 18.2, a significant decrease from the previous 27.1 and lower numbers will most likely weaken the Euro.


GBP/USD

The pair had an extremely slow day yesterday and no major developments took place on either the fundamental or the technical scene.

[Image: 2014.08.12-Germanys-ZEW-Survey-in-the-fo...24x479.png]

Technical Outlook

We expect a touch of 1.6809 resistance before downside movement can resume and it is important to note that price is printing lower lows while the Relative Strength Index is showing higher lows, a behavior known as regular bullish divergence. Often times this divergence results in moves north but the medium term downtrend is strong so we are likely to see bearish movement after an upside correction.

Fundamental Outlook

The United Kingdom didn’t schedule any important indicators for the day thus the pair’s direction will be mainly affected by the technical aspect.


Written by: Bogdan Giulvezan

The article above is based on the writer’s 5-year experience and it does not constitute trading advice or investment recommendations, just a personal opinion and view of the market.

Source of article from the best forex broker.
Need help? Click here to talk to our customer support
Site: http://www.gdmfx.com
Page: facebook.com/GDMFXcom
Email: customersupport@gdmfx.com
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FOREX NEWS: US DOLLAR AFFECTED BY RETAIL SALES FIGURES, POUND INFLUENCED BY CARNEY’S SPEECH

EUR/USD


The German ZEW survey disappointed drastically by posting a reading of 8.6, while the anticipated number was 18.2 and as a result the Euro lost ground in front of the greenback for almost the entire day.

[Image: 2014.08.13-US-Dollar-affected-by-Retail-...24x479.png]

Technical Outlook

As soon as price came in close vicinity of 1.3330 support, a bullish reaction could be seen and this indicates that price may stall or even reverse at this level. The medium term downtrend is bearish but a new low couldn’t be established since last week and the pair is at a crossroad: a break of 1.3330 will most likely take price into 1.3295 key support while a bounce would suggest that 1.3400 will be revisited.

Fundamental Outlook

The US Retail Sales will be the day’s main event for the pair. Higher values suggest a thriving economy where people are comfortable spending and this fuels further economic activity. The scheduled time of the release is 12:30 pm GMT and the expected change is 0.2%, same as last month; better than anticipated values usually strengthen the US Dollar.


GBP/USD

As expected the Pound bounced higher yesterday, completing a bullish retracement which took price into the first minor resistance. No major economic indicators were released and the move was mostly generated by technical factors.

[Image: 2014.08.13-US-Dollar-affected-by-Retail-...24x479.png]

Technical Outlook

We are faced with a bounce-or-break scenario at the current level of 1.6809 and from a technical point of view a drop would be in order since yesterday’s move was just a correction to the downtrend. A bullish break of the current level will make 1.6885 the next target while a bounce lower will probably take the pair close to the major support at 1.6700.

Fundamental Outlook

Price direction will be heavily influenced today by UK’s Claimant Count Change, an indicator which tracks changes in the number of unemployed people compared to the last month. It will be released at 8:30 am GMT with an anticipated change of -29.7 (previous -36.3) and higher numbers will most likely weaken the Pound. An hour later the BOE will release the Inflation Report and Governor Mark Carney will deliver a speech regarding its contents. This is likely to be the main event of the day for the Pound, depending on the Governor’s attitude and matters discussed.


Written by: Bogdan Giulvezan

The article above is based on the writer’s 5-year experience and it does not constitute trading advice or investment recommendations, just a personal opinion and view of the market.

Source of article from the best forex broker.
Need help? Click here to talk to our customer support
Site: http://www.gdmfx.com
Page: facebook.com/GDMFXcom
Email: customersupport@gdmfx.com
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FOREX NEWS: EURO BACK IN THE SPOTLIGHT FOR THE RELEASE OF THE GERMAN GDP

EUR/USD


Forex News: Yesterday the US Dollar weakened on the back of a disappointing figure shown by the Retail Sales and this allowed the pair to climb above 1.3400 support.

[Image: 2014.08.14-Euro-back-in-the-spotlight-fo...24x479.png]

Technical Outlook

As we saw, even if 1.3400 was pierced yesterday, the bulls couldn’t maintain price above this level and this suggests that we might see more of the ranging movement experienced lately. Another encounter with 1.3330 is very possible now that we’ve seen price rejected by resistance. If 1.3330 is broken, the pair is likely to visit 1.3295, while 1.3400 still remains the first resistance.

Fundamental Outlook

The day’s main event will be the release of the German Preliminary Gross Domestic Product which is scheduled for release at 6:00 am GMT and is expected to decrease from the previous 0.8% to -0.1%. The GDP is considered to be an economy’s main performance gauge and since Germany accounts for the major part of Europe’s economy, lower numbers will most likely have a negative impact on the single currency.


GBP/USD

As revealed by the Inflation Report, the Bank of England cut their expectations for economic growth and also, BOE Governor Carney mentioned that interest rates will not be increased in the near future. The pound weakened significantly as a result and major support was touched.

[Image: 2014.08.14-Euro-back-in-the-spotlight-fo...24x479.png]

Technical Outlook

The key support level at 1.6700 was touched as the pair traveled substantially lower. This huge drop is likely to continue throughout today but it’s also very possible to see a stall before the level will be clearly broken. The Relative Strength Index has reached oversold territory again and we are likely to see some sort of bullish movement. The next support is located at 1.6550, a level visible on a Daily chart.

Fundamental Outlook

There are no major economic releases scheduled for the Pound today and price action will be influenced mostly by the technical aspect.


Written by: Bogdan Giulvezan

The article above is based on the writer’s 5-year experience and it does not constitute trading advice or investment recommendations, just a personal opinion and view of the market.

ource of article from the best forex broker.
Need help? Click here to talk to our customer support
Site: http://www.gdmfx.com
Page: facebook.com/GDMFXcom
Email: customersupport@gdmfx.com
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FOREX NEWS: BOTH PAIRS BELOW RESISTANCE. RETESTS ANTICIPATED

EUR/USD


Forex News: Germany’s Preliminary Gross Domestic Product showed a lower than expected value, but despite this, the Euro strengthened throughout the day. However, resistance couldn’t be broken and the pair shows signs of indecision.

[Image: 2014.08.15-Both-pairs-below-resistance.-...24x479.png]

Technical Outlook

The resistance at 1.3400 was pierced again yesterday but, similar to a day before, price returned almost immediately below the level. This shows underlying bearish pressure and warns about a potential drop below the support located at 1.3300. However, if during the day the bulls manage to close a significant candle above 1.3400, we are likely to see a move in close vicinity of 1.3445.

Fundamental Outlook

French and Italian banks will be closed today, celebrating Assumption Day and no major news comes out for the Euro. The US Dollar will be affected by the Producer Price Index which is released at 12:30 pm GMT and is expected to post a change of 0.1% compared with last month’s 0.4%. The PPI has inflationary implications because a higher price charged by producers will be eventually transmitted to the consumer.

At 1:55 pm GMT the University of Michigan will release the Consumer Sentiment survey based on the opinions of about 500 consumers. The expected figure is 82.7, an increase from the prior 81.8 and higher numbers are usually beneficial for the US Dollar because confidence among consumers is often a leading indicator of consumer spending.


GBP/USD

The pair had a slow trading session but we saw a new low followed by a bullish retracement which didn’t manage to take price above 1.6700.

[Image: 2014.08.15-Both-pairs-below-resistance.-...24x479.png]

Technical Outlook

Today we expect a test of the level at 1.6700 and this test will decide whether the pair can continue lower towards 1.6550 or a stronger move north is in order. The Relative Strength Index is coming out of oversold territory and this favors bullish moves but the bears control the market at the moment so all moves to the upside should be considered just corrections.

Fundamental Outlook

United Kingdom’s second estimate of the Gross Domestic Product is released today at 8:30 am GMT. The expected change is 0.8%, same as last month and under normal circumstances, higher numbers benefit the Pound as the GDP is an economy’s main gauge of overall performance.

We hope you had a profitable trading week and we wish you a relaxing weekend.


Written by: Bogdan Giulvezan

The article above is based on the writer’s 5-year experience and it does not constitute trading advice or investment recommendations, just a personal opinion and view of the market.

Source of article from the best forex broker.
Need help? Click here to talk to our customer support
Site: http://www.gdmfx.com
Page: facebook.com/GDMFXcom
Email: customersupport@gdmfx.com
Reply
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FOREX NEWS: A LACKLUSTER FUNDAMENTAL SCENE BRINGS A SLOW MONDAY

EUR/USD


United States’ Producer Price Index released Friday posted a value which was anticipated and the event didn’t have a huge impact on the US Dollar. The day lacked major developments and price action was mostly ranging.

[Image: 2014.08.18-A-lackluster-fundamental-scen...24x479.png]

Technical Outlook

The pair remained confined between 1.3400 resistance and 1.3330 support but another attempt to break resistance was made; however, this attempt didn’t succeed and the week finished very close to the mentioned level. For the time being, the bulls lack the strength needed to shift the balance in their favor and another encounter with 1.3330 support is a high probability scenario, especially if today resistance is not clearly broken

Fundamental Outlook

The only notable event of the day is the release of the German Bundesbank Monthly Report which usually contains notes about economic conditions and an economic outlook. The release is scheduled at 10:00 am GMT and has a higher impact if the point of view expressed differs from the one of the European Central Bank.


GBP/USD

The second estimate of the British Gross Domestic Product released Friday didn’t surprise in any way and the pair had a slow day, without major direction changes.

[Image: 2014.08.18-A-lackluster-fundamental-scen...24x479.png]

Technical Outlook

The pair is trading close to 1.6700, a level which acts like a magnet for price for the time being. For today we anticipate more of the ranging movement experienced Friday but keep in mind that the Relative Strength Index is coming out of oversold territory on a four-hour chart and on a Daily chart it still shows an oversold condition. This favors bullish action for the day and increases the chances of a move above 1.6700.

Fundamental Outlook

The United Kingdom didn’t schedule any high-impact releases for the day, thus price direction will be mostly influenced by the technical aspect.


Written by: Bogdan Giulvezan

The article above is based on the writer’s 5-year experience and it does not constitute trading advice or investment recommendations, just a personal opinion and view of the market.

Source of article from the best forex broker.
Need help? Click here to talk to our customer support
Site: http://www.gdmfx.com
Page: facebook.com/GDMFXcom
Email: customersupport@gdmfx.com
Reply
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FOREX NEWS: INFLATION INDICATORS IN THE SPOTLIGHT

EUR/USD


Forex News: The Euro had a tough first day of the week against the Dollar and we saw the pair travel south after a slow start of the session; however, major support is still intact.

[Image: 2014.08.19-Inflation-indicators-in-the-s...24x479.png]

Technical Outlook

It is clearer now that 1.3400 resistance cannot be broken for the time being and that 1.3330 support is the next target of the pair. We can see several four-hour candles with long upper wicks, a fact that indicates rejection and on top of that, once price started to move south, it did so with strong momentum (full bearish candles). The day’s direction will be also affected by the fundamental scene which becomes busier today.

Fundamental Outlook

An important inflation gauge is released today by the United States: the Consumer Price index. This indicator tracks changes in the price paid by consumers for the goods they purchase and basically shows the buying power of the US Dollar. The event is scheduled at 12:30 pm GMT and a drop is anticipated, from the previous 0.3% to 0.1%; if this comes true, the greenback will most likely weaken against its counterparts.


GBP/USD

The week opened with a gap to the upside, a fact generated by a Sunday Times interview with Mark Carney who reignited speculation of a rate hike.

[Image: 2014.08.19-Inflation-indicators-in-the-s...24x479.png]

Technical Outlook

More often than not, weekly gaps tend to be filled, thus another move below 1.6700 might be in order. However, the time factor is not known, meaning that even if the gap will be closed, we cannot know when this is going to happen. For the time being, 1.6700 is not clearly broken and at least a touch of this level will probably occur today.

Fundamental Outlook

United Kingdom’s Consumer Price Index will also be released today, at 8:30 am GMT. Inflation in the UK is close to BOE’s targeted range but the indicator is important nonetheless because it is taken into consideration when the interest rate decision is made. Today’s expected change is 1.8% while last month’s was 1.9% and lower numbers usually weaken the Pound.


Written by: Bogdan Giulvezan

The article above is based on the writer’s 5-year experience and it does not constitute trading advice or investment recommendations, just a personal opinion and view of the market.

Source of article from the best forex broker.
Need help? Click here to talk to our customer support
Site: http://www.gdmfx.com
Page: facebook.com/GDMFXcom
Email: customersupport@gdmfx.com
Reply
Thanks given by:
FOREX NEWS: US DOLLAR AND POUND PRONE TO SHARP MOVES. MEETING MINUTES HOLD CENTER STAGE

EUR/USD


Forex News: Positive data released yesterday by the American economy allowed the US Dollar to continue to gain ground against its counterparts and yesterday we saw a clear break of support.

[Image: 2014.08.20-US-Dollar-and-Pound-prone-to-...24x479.png]

Technical Outlook

The recent break of 1.3330 support is likely a true one but before price can travel south, we need to see a retest of the recently broken level. Adding to this short term bullish view is the oversold condition signaled by the Relative Strength Index on the four hour chart above. If the retest results in a bounce lower, the first target is represented by 1.3295 key level.

Fundamental Outlook

The main event of the day will be the release of FOMC’s Meeting Minutes which will offer insights into the reasons which affected their latest decision regarding the interest rate and will possibly contain hints about future monetary policy direction. The release is scheduled at 6:00 pm GMT and a high impact is anticipated.


GBP/USD

United Kingdom’s Consumer Price Index posted a surprising drop and as a result the Pound weakened substantially against the greenback, taking the pair below support.

[Image: 2014.08.20-US-Dollar-and-Pound-prone-to-...24x479.png]

Technical Outlook

Similar to the EUR/USD, we anticipate a bullish retracement before the downside momentum will resume; however, the control clearly belongs to the bears so any moves north should be considered simple pullbacks for the time being. The Relative Strength Index is below 30 again, favoring short term retracements into the first potential resistance located around 1.6660.

Fundamental Outlook

The Bank of England will release today at 8:30 am GMT the details of their latest votes on interest rate and Asset Purchase Facility. If all 9 members voted to keep the rate unchanged, it could mean that an increase will not be seen in the immediate future. If the members’ opinions start to diverge, the release will have a higher impact that usual. The FOMC Meeting Minutes will also have a direct impact on the pair’s movement.


Written by: Bogdan Giulvezan

The article above is based on the writer’s 5-year experience and it does not constitute trading advice or investment recommendations, just a personal opinion and view of the market.

Source of article from the best forex broker.
Need help? Click here to talk to our customer support
Site: http://www.gdmfx.com
Page: facebook.com/GDMFXcom
Email: customersupport@gdmfx.com
Reply
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FOREX NEWS: THE US DOLLAR CAPITALIZES ON A HAWKISH FED ATTITUDE

EUR/USD


The pair continued to slide lower during the day, before the FOMC Minutes which further strengthened the US Dollar as the Fed showed optimism regarding the job market and inflation.

[Image: 2014.08.21-The-US-Dollar-capitalizes-on-...24x479.png]

Technical Outlook

We saw a new low of the year reached by the pair and for the time being the bears are dominating the market. The key support at 1.3295 was clearly broken and if price returns to it for a retest and successfully bounces lower, we might see a touch of 1.3200 in the near future. Keep in mind that the Relative Strength Index is deep in oversold territory, a fact which favors a touch from below of 1.3295.

Fundamental Outlook

The French Manufacturing PMI is released early at 7:00 am GMT and expected to climb slightly from 47.8 to 47.9. It will be followed half an hour later by the German indicator with the same name, which is expected to drop from the previous 52.4 to 51.7. Both are leading indicators of economic health for two of the most important countries in the Euro Zone and higher numbers are usually beneficial for the Euro.

The Philly Fed Manufacturing survey will be announced at 2:00 pm GMT and a hefty drop is anticipated, from the previous 23.9 to 19.7. The survey is based on the opinions of purchasing managers from the manufacturing sector and usually, its importance is increased if the actual numbers differ a lot from the anticipated ones.


GBP/USD

Bank of England’s Minutes released yesterday showed that 2 out of 9 members voted for a rate increase, a fact which boosted the Pound higher but the hawkish attitude of the FOMC Meeting Minutes allowed the pair to move lower.

[Image: 2014.08.21-The-US-Dollar-capitalizes-on-...24x479.png]

Technical Outlook


The zone around 1.6660 is now confirmed resistance since yesterday we saw clear rejection off that level and the Dollar run might extend into the support located at 1.6550. A lot depends on the Retail Sales numbers and the technical aspect will be somewhat secondary.

Fundamental Outlook

United Kingdom’s Retail Sales numbers come out today at 8:30 am GMT with a positive change expected, from the previous 0.1% to 0.4%. Such an increase will further strengthen the Pound as sales made at a retail level represent the major part of economic activity.


Written by: Bogdan Giulvezan

The article above is based on the writer’s 5-year experience and it does not constitute trading advice or investment recommendations, just a personal opinion and view of the market.

Source of article from the best forex broker.
Need help? Click here to talk to our customer support
Site: http://www.gdmfx.com
Page: facebook.com/GDMFXcom
Email: customersupport@gdmfx.com
Reply
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