Daily Market Report for July 23, 2015

July 23, 2015

Economic Overview

The unexpected drop in U.K. retail sales in June belies a more robust picture as households’ incomes increase. Indeed, retail sales are likely to contribute to GDP growth in the second and coming quarters. While retail sales are volatile month to month, sales have now increased on a rolling three-month basis for the longest period since records began in 1996. Taken together with figures in April and May, retail sales are likely to add 0.04 percentage point to GDP growth in the second quarter, according to the ONS. Source of the news : Bloomberg


Higher Volatility with higher uncertainty 

On short-Term the market is ranging between the levels of 1.08 and 1.13, any penetration of the market of one of those levels would push the market further on the breakout direction. where breaking the 1.10 support ( Penetrated it already ! ) will extend the bearish correction to reach 1.0800 levels initial, then 1.0660 and extend to 1.0520 in case breaking the previous level.

The downside breakout would be to test the levels of 1.04s (The lowest level of 2015) and the market then would await any penetration of that bottom which would push the market to the parity exchange.

However, the bullish scenario would be confirmed by the breaking the 1.15s rate on the short-term, crossing this pivotal level would push market toward 1.18 / 1.20 respectively.

The Technical analysis and patterns which is indicated on the above chart for a short to mid - term view

Daily Trend: Down
Weekly Trend: Down

Publication source
Orbex information  Orbex reviews

October 21, 2016
Gold prices drop in Asia amid stronger greenback
On Friday, gold dropped during Asia trade amid a strengthening greenback as well as surging chances of a rate hike weighing on the hedge commodity...
October 21, 2016
ECB holds the rate unchanged with the pressure on Draghi
After a brief upturn seen in the late Asian trading, the currency retreats to the Wednesday close showing a tepid response to the ECB policy update. The New York FED leader William Dudley comments offered a support to the Dollar rally although the focus remained on the US inflation...
October 21, 2016
EURGBP Tests Major Support
This morning we saw the release of German PPI YoY and MoM figures for September. The former fell to -1.4%, compared to expectations of -1.2%. The latter was -0.2%, in line with expectations...

Tickmill Rating
OANDA Rating
XM Rating
Grand Capital Rating
Vantage FX Rating
FXCM Rating

Binary Brokerz Rating
TropicalTrade Rating
OptionBit Rating
Anyoption Rating
OptionsXO Rating
TopOption Rating