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Market Analysis for July 27th, 2015

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Pair: EURUSD

Resistance: 1.1040, 1.1120, 1.1200
Support:  1. 0970, 1.920, 1.0870, 1.0800
Bias: Up. Greece seems to have taken a backseat for now and we’ve seen volatility get reduced in this pair. Last week has been good for the Euro with the price pushing off the 1.080 level. We expect this trend to continue this week especially if we see positive data out of the Eurozone. However, we do have the FOMC this Wednesday which could change things. All eyes will be on Fed this week as the markets try to gauge if the Fed still stays on track to raise interest rates this year. With the markets looking to September for a potential rate hike in the US, more hawkish tone in the FOMC statement could support the USD and cause a move up. This in turn could be negative for Euro. Therefore, it’ll be important to watch price action as the week continues.

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Pair: GBPUSD

Resistance:  1.5550, 1.5620, 1.5620, 1.5680
Support:  1.5463, 1.5420, 1.5350
Bias: Up. UK is another country looking at potential interest rate hike. This makes the GBP bullish and the strength may continue this week as well. Any positive data for this pair will cause this pair to rally. However, FOMC will play a role for this pair as well this week and may temper some of the advances if the Fed remains hawkish.

Fundamentals

The main focus for this week with the FOMC statement. Market participants will be watching the Fed’s tone in the FOMC statement to gauge the potential of first interest rate hike in many years in the US. Below is High Impact News scheduled for this week:

Monday

  1. EUR German Ifo Business Climate – 4:00am EST
  2. US Core Durable Goods Orders m/m – 8:30am EST

Tuesday

  1. GBP Prelim GDP q/q – 4:30am EST
  2. USD CB Consumer Confidence – 8:30am EST

Wednesday

  1. USD FOMC Statement- 2:00pm EST
  2. USD Federal Funds Rate – 2:00pm EST
  3. AUD RBA Gov Stevens Speaks – 8:30pm EST
  4. AUD Building Approvals m/m – 9:30pm EST

Thursday

  1. USD Advance GDP q/q – 8:30am EST
  2. USD Unemployment Claims- 8:30am EST
  3. NZD ANZ Business Confidence – 9:00pm EST
  4. AUD PPI q/q – 9:30pm EST

Friday

  1. CAD GDP m/m – 8:30am EST
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