29th July 2015 Currency markets, news and analysis

Forex Market Commentary  

This week all eyes on the US fed and Q2 GDP data to give us some indication where the USD should be heading. An increase of 2.5% is expected by analysts which contrasts with the 0.2% contraction in Q1 due to weather problems. Certainly all the hawkish comments on rate hikes has given a boost to the USD. Nevertheless EUR/USD has stood its ground in spite of Grexit and China due to the resilience of the German and French economies under-pinning the Euro currency. Strong US GDP data could send the USDX back up to 98 to flirt with the 100 mark once again and the EUR/ USD towards the 1.05. However these marks at the moment seem to be insurmountable with the lack of trader conviction to launch a major assault of the position. EUR/USD could stumble briefly and then bounce once again providing a short window for swing traders. Chinese equities easing up lifts crude oil as WTI settles in a new $45-55 range.

See on Bloomberg as USD hits 4month highs:

http://www.bloomberg.com/news/articles/2015-07-29/blankfein-sees-strong-u-s-market-jolt-from-fed-rate-increase 

    

Always look to support and resistance band lines as the key to understanding in the long and short term where prices are converging. Professional technical traders use 50 day and 200 day medium and slow moving averages as fundamental cornerstones for interpreting the direction of price action.

USDX

US Dollar
97.339    +0.173 +0.22%
Support 96.831 Resistance 97.829
Forward 1 year - 97.346s.

EUR/USD
1.09519    -0.00139  -0.13%
Support   1.09037      Resistance 1.10457
Forward 1 year - 1.10960s.  

Crude Oil  

48.77    -0.02 -0.04%

Support 51.32   Resistance  55.78
Forward 1 year - 55.31.

Gold

1085.850    -9.925 -0.91%

Support  1,057.6     Resistance 1,114.8
Forward 1 year  -  1,090.7s.

Pieter Bergli - DeLoren Trust Holdings

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