Trading forecast for July 19

It’s a forecast for July 19.

The US dollar index managed to break the psychological level at $95. The index needs additional support to break the next resistance at $95.50. On Thursday, traders will take into consideration Philly Fed manufacturing index, unemployment claims (15:30 MT time) and FOMC member Quarles speaks (16:00 MT time). If the actual economic data are greater than the forecast, and the speech of the FOMC member is hawkish, the US dollar index will appreciate. Otherwise, there are risks of the fall. Targets are resistance at $95.50, supports at $95, $94.50.

Traders should pay attention to AUD/USD on Thursday. Australian job data will be out at 4:30 MT time. The forecast is optimistic, but the direction of the AUD will depend on the actual data. If the employment change figure is greater than the forecast and the unemployment rate figure is less than the forecast, the Australian dollar will be able to appreciate.

Up to now, the pair has been trading near the support at 0.7360. If the pair closes below the support, risks of the further fall will increase. The next support is at 0.73. MAs move down that is the negative signal for the pair. Moreover, on Monday the bearish shooting star was formed. It’s a signal of the bearish movement. If the economic data are positive, the pair will be able to trade above 0.7360. The resistance is at 0.7420.

Thursday will be an important day for the pound. Retails sales figure will be out at 11:30 MT time. The forecast is weak. However, if the actual data is greater than the forecast one, the pound will have chances to recover. Up to now, GBP/USD has been trading below the support at 1.31. Positive economic data will be able to pull the pair up to 1.31. Otherwise, the further fall to 1.2970 is anticipated.

usd

gbp

aud - australian dollar

forex signals

market forecast

Similar

27.03.2024 16:09 CAD: Markets Await GDP Release

During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...

25.03.2024 17:16 Trade of The Week: AUDNZD Trade Breakdown

The Australian Dollar (AUD) rebounds on Monday, despite a slight dip in the US Dollar (USD) and higher US Treasury yields. Investors are eyeing Australian monthly Consumer Price Index (CPI) data for February and US Gross Domestic Product (GDP) for Q4 2023. The AUD gains momentum as the ASX 200 Index rises, especially in mining and energy sectors. Additionally, the Aussie...

25.03.2024 16:56 XAUUSD: Markets Slow Down Ahead of NFP

Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...

Latest news

03.04.2024 18:19 USD: Powell Speaks on Cutting Interest Rates

Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...

28.03.2024 16:00 WTT: Currency Pairs To Trade In April

Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.