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Market Insight Commentary – Forex
Today's News Headlines
- The markets will keep an eye on the situation in Turkey, this contagion could have a further effect on the EURUSD with some even targeting 1.1000.
Market Insight Commentary – Indices
Market Recap
The emerging market currencies remained in the spotlight as the contagion from Turkey continued to spread like wildfire. The USDZAR in particular opened the week at 15.3700 on Monday morning before the knee jerk reaction led the pair to strengthen throughout the day. The market is a resilient beast and I wouldn’t be surprised if the market starts focusing elsewhere. There is bound to be either a relief rally today, and I am looking at pairs like the USDZAR for possible opportunity today.
For the major pairs – yesterday was a bit of a snooze fest as there was nothing really to move the markets, we also have to remind ourselves that it is the middle of the summer holidays and perhaps there are not many players in the market.
The EURUSD traded as low as 1.1365 which is a 12 month low, this low was around the 200 week MA of 1.1350 and this may have acted as a key support level. The 100 week MA trades at 1.1460 and both of these MA levels will be eyed this week as the natural range but this pair could come in for some trouble if it trades below the 1.1350 level.
The GBPUSD also traded pretty low with the low coming in at 1.2720 and a high at 1.2790 – a small 70 pip range. The sellers will need to break lower to take complete control but like the EURUSD this pair is poised to trade higher – the real question is if the market has found a bottom or if the pair will experience a relief rally.
Important Economic Data Due Today
10:30 GBP Average Earnings
Consensus: 2.5%
Effect: Higher than expected is good for the GBP
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