Daily Fundamental & Technical Forex Trading News Update

Technical Outlook

The technical outlook for the eur/usd shows price above main pivot at 1.3051 is adjusting and we can expect target to hit the Resistance R1 – 1.3173, but it seems price would decline before the next rise. If price holds above the main pivot – 1.3051, target would be at resistance but decline below would suggest target at Support S1 – 1.2983. Overview of our indicator shows a bullish trend for the eur/usd.

For the usd/jpy outlook, price below the main pivot is suggesting target at Support S1 – 77.456, but according to some indicators if price rebounds, it could arise above Main Pivot – 77.864 which would be suggesting target at Resistance R1 – 78.175. A vast majority of our indicators expect a bearish trend today.

Following that, we are expecting decline for the gbp/usd below Main Pivot – 1.5620 and then target would be at Support S1 – 1.5564. Decline below this level would be suggesting that price would approach support at Support S2 – 1.5473. According to the summary of our chosen indicators, we can expect a bearish trend.

Finishing up our outlook is the usd/chf, price would rebound above Main Pivot – 0.9252 and subsequently target would be at Resistance R1 – 0.9302. Sustained rise then could approach Resistance R2 – 0.9388. There’s still chance that price might reach Support S1 – 0.9167 first. Indicators show a bearish trend for the usd/chf today.

Fundamental Outlook

We’ll start with number from the United Kingdom about Realized Sales at 11:00 GMT, analysts are expecting decline from 9pt to -2pt and a medium impact on the Sterling. Reading above zero indicates higher sales volume, below indicates lower.

The Census Bureau in the United States would release monthly statistic about core Durable Goods Orders at 13:30 GMT, it is expected to increase from 0.3% – 0.9%. Moreover, analysts expect a higher impact on the dollar.

The Department of Labor would release weekly numbers regarding Unemployment Claims at 13:30 GMT. Economists are awaiting a rise from 352K – 371k in jobless claims; an addition to high impact on the dollar can be awaited.

The United States Census Bureau would release monthly survey about New Home Sales at 15:00 GMT, analyst are expecting a rise from 315K – 321K in new home sales and a high impact on the dollar.

Statistics Bureau is going to report monthly data about Tokyo Core Consumer Price Index at 23:30 GMT. It is expected that deflation would remain at 0.3%, analysts are expecting a medium impact on the Yen.