Technical analysis - Page 433

The US Dollar has been advancing ahead of the CPI report today which is expected to show the headline rate edge up to 2.9% year-on-year. The US preparing an additional $200bln of tariffs on Chinese imports caused some risk aversion.

The metal has plunged lower to support at 1240.00 yesterday after retracing last month’s decline to the 1265.80 level. The 1240.00 area was the target for the double top from 1365.30 and it would appear that sellers are taking profit.

The EURGBP pair is in an uptrend on the daily since the 17th of April and the low created at 0.86203. The price has eked out higher highs and lows and advanced to Monday’s high at 0.89000. A break above.

The Bank of Canada (BOC) is expected to raise its interest rate today for the first time in six months due to stronger economic data. The market will focus on the accompanying quarterly monetary policy report for any additional forward.

The Industrial index performed well on the back of Nonfarm payrolls on Friday but was hard hit by US President Trump’s announcement of an additional $200B in tariffs on China last night. This has ended the leg higher that was.

The EURCAD pair is in a precarious position at the moment with trading restricted by the resistance trend lines overhead and supported by moving averages underneath. The BOC rate decision will be released this evening and this can impact the.

The British Pound (GBP) has recovered much of the losses from yesterday as fears over a challenge to Prime Minister Theresa May’s leadership following the resignation of two ministers have diminished. It is thought that May would win a party.

This pair has now found some support at 0.73100 and buyers have stepped into the breach to prop price up. The pair has been traded on trade war tensions, with the US implementing sanctions against Australia main export market for.

The German 30 Index has moved up to test the 12600.00 area today but has had difficulty holding onto those gains. After selling off in the middle of June, the index bottomed at 12100.00 on June 28th and began retraced.

A “Goldilocks” US jobs report on Friday created positive sentiment and boosted US equity indices. The jobs report showed solid growth with little underlying inflation pressures and so the market is not expecting faster rate hikes from the Federal Reserve..

GBPCAD The GBPCAD pair is moving higher this morning after UK’s Brexit Secretary resigns overnight ratcheting up political pressure on Theresa May’s government. The 1.74420 level is being tested as resistance with a break above this area testing 1.74617 followed.

The major economic data release for today will be the U.S. Non-Farm Payrolls (NFP) and Average Hourly Earnings. The US economy is expected to add another 195K jobs in June with hourly earnings growing to an annualized 2.8% from 2.7%.