Trading prepare for 23/06/2017: A quiet Asian trading session went without any publications or crucial occasions. The dollar compromised against all currencies from the G10 basket, but the change did not exceed 0.2%. The risky currencies are leading now: AUD (+0.19%), GBP (+0.16%) and NZD (+0.15%). Besides, the Asian stock exchange posted some modest changes, the Nikkei 225 is up 0.1%, and the Hang Seng oscillates around the other day’s closing cost. The Shanghai Composite is down 0.6%.
On Friday 23rd of June, the event calendar is quite hectic with some essential press release. The series of PMI reports from Japan, France Germany and Eurozone will be published in the morning. In the future, Canada will reveal the Consumer Price Index information and the United States will provide another set of PMI reports and the New House Sales information.
Analysis of EUR/USD for 23/06/2017:
A set of various PMI information is scheduled for release throughout the early London trading session. All them are flash readings (quotes). The French PMIs (production, services, and composite) are all anticipated to beat the agreement or to be in line with expectations. The German and Eurozone PMIs are expected to beat the consensus too, so normally, a great, favorable and positive state of mind has actually dominated the European economy. In France, election has undoubtedly raised sentiment, however possible reforms could also have a negative short-term impact on the economy. Germany is still thought about a power horse for the entire Eurozone, so the German data might be more reputable because case.Let’s now have a look at the EUR/USD technical photo on the H4 timeframe. The market trades quietly within a narrow sideway zone between the levels of 1.1108 – 1.1211. The marketplace conditions are neutral, but the indication is bouncing from the oversold levels. The momentum indicator is attempting to bounce above the fifty level also. There is a possibility for a test of the nearest technical resistance at 1.1211 if the information are in line with the expectations or much better. Otherwise, the sideways price action is expected to continue till the end of the week.
Market Photo: Gold bounces from 200 DMA After making a possible Double Leading pattern on the daily timeframe, gold reversed to the drawback and lost around $40. The price has bounced from the 200 DMA recently, just around the level of $1,240. The stochastic still reveals a possible extension of the down relocation, so the bounce may be short-lived. The next technical resistance is seen at $1,258 and the closest technical assistance lies at $1,236.
Market Picture: USD/CAD declined at the trend
line level As prepared for earlier, the USD/CAD pair went up to check the damaged golden trend line from listed below and got rejected around the level of 1.3350. Presently, the rate went all the method to the nearest technical support at the level of 1.3210 and gradually attempts to bounce once again. The momentum sign is suggesting a weakness, so the next techncial assistance at the level of 1.3165 might be checked quickly.
The material has been provided by InstaForex Business – www.instaforex.com