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Market Insight Commentary – Forex
Today's News Headlines
- Lost in the trade wars is that there is still no conclusion on the NAFTA deals, Mexico are pushing for something by the end of August.
Market Insight Commentary – Indices
Market Recap
The comments from Trump last week surrounding the strength of the dollar led to a little bit of dollar selling last week. Yesterday though the greenback started fighting back, there was not much on the economic calendar to move the markets and as a result the day was slow, there were some comments from the BOE which had an effect on the GBP but otherwise than that it was what I like to call a flush out day.
The EURUSD fell during the US session last night and reached a session low of 1.1683, this represents the 38.2% fib of last weeks low. The 100 and 200 hour MA levels are currently trading at 1.1660 and 1.1675 respectively and this pair will be perceived bullish as long as the pair can stay above these levels today.
The USDCAD also found a dollar bid during the New York session and traded as high as 1.3180 after looking vulnerable at 1.3115 in the morning. The 200 hour MA trades at 1.3180 and this level stalled late last night and so there remains some resistance between 1.3180 and 1.3200 this morning, stay below and the sellers remain in control.
The forex pairs look to be getting stretched and I hope this brings with it some trading opportunities this week, for now though patience will be the order of the day.
Important Economic Data Due Today
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