Currency movers for July 27, 2015

July 27, 2015

EURUSD, Daily

EURUSD price, at the time of writing, price has penetrated the higher channel line within the above daily chart to clear the higher end of the 1.1080’s resistance levels. When a market has a breakout, we look for it to make an initial move beyond nearby support and resistance. Those traders that have been following my daily analysis of the EURUSD, would not be surprised by the recent surge in price, as I have been writing about the possibility of the pair printing out a new lower top below the 1.1220’s within the above chart downward price channel. I now remain on the watch for a breach above the 1.1210’s – 1.1220’s area for clues of a daily chart trend reversal, otherwise I would expect for price to halt its three month corrective bounce and resume its move lower towards a retest of the 1.0870’s with the possibility of reaching my 1.0750’s target area.

The EUR received a boost in early European market trading as the German July Ifo Business Climate unexpectedly bounced back with the overall reading rising to 108.0 from 107.5 in the previous month. The expectations reading rose for the first time since March and it seems the Greek bailout deal has boosted future optimism. The retail trade index meanwhile fell back slightly, as did the construction index. All in all, a positive number, which together with the effective stabilization in German ZEW and PMI readings confirms that the German economy remains on track.

Traders should expect further EURUSD price action later today as the U.S. June Durable Goods Orders are due. June durable goods orders are expected to grow by 2.0%., Shipments and Inventories are expected to remain unchanged.

Currency Pairs, Grouped Performance (% change)

The new Currency Movers Charts show the percentage change from previous day’s close to the current moment against the other major currencies.

Over the last five trading day’s the EUR is trading higher across the board.  The AUD remains weaker across the board against most pairs, while the JPY is stronger against the AUD.

Significant daily support and resistance levels for these pairs are:

Main Macro Events Today

• EUR Eurozone M3 money supply: growth steady at 5.0%, against expectations for a marginal acceleration in the annual number. The three months moving average, the ECB’s preferred target, moved up to 5.1%, clearly above the reference value of 4.5%, although with the ECB focused on loan growth and headline inflation, M3 data has effectively been degraded in its importance for monetary policy decision.

• U.S. Core Durable Goods Orders: Forecast risk: upward, as there was an increase in Boeing orders in June. Market risk: downward, as weaker data could impact rate hike timelines.

Please note that times displayed based on local time zone and are from time of writing this report.

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