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Market Analysis for the week of August 3rd

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Pair: EURUSD

Resistance: 1.1050, 1.1120, 1.1200
Support:  1.920, 1.0870, 1.0800
Bias: Short. EURSUD went up to test above the 1.1100 level on Friday but failed to hold above. This week we may see more downward pressure on the EUR and I’ll be looking for a further move to the downside.

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Pair: GBPUSD

Resistance:  1.5550, 1.5620, 1.5620, 1.5680
Support:  1.5463, 1.5420, 1.5350
Bias: Long. UK is looking at a potential interest rate hike. The market will be looking at the MPC rate statement and MPC votes for clues as to when the rates may start going up.  The market sentiment for GBP may be bullish ahead of the news and strength further based on the statement.

Fundamentals

Below is High Impact News scheduled for this week:

Monday

  1. GBP Manufacturing PMI– 4:30am EST
  2. US ISM Manufacturing PMI – 10:00am EST
  3. AUD Retail Sales m/m – 9:00pm EST
  4. AUD Trade Balance – 9:30pm EST

Tuesday

  1. AUD Cash Rate – 12:30am EST
  2. RBA Rate Statement – 12:30am EST
  3. GBP Construction PMI – 4:30am EST
  4. NZD GDT Price Index – Tentative
  5. NZD Employment Change q/q – 6:45pm
  6. NZD Unemployment Rate – 6:45pm

Wednesday

  1. GBP Services PMI – 4:30am EST
  2. USD ADP Non-Farm Employment Change – 8:15am EST
  3. CAN Trade Balance – 8:30am EST
  4. USD Trade Balance – 8:30am EST
  5. USD ISM Non-Manufacturing PMI – 10:00 EST
  6. AUD Employment Change q/q – 9:30pm
  7. AUD Unemployment Rate – 9:30pm

Thursday

  1. GBP Manufacturing Production m/m – 4:30am EST
  2. GBP BOE Inflation Report – 7:00am EST
  3. MPC Official Bank Rate Votes – 7:00am EST
  4. Official Bank Rate – 7:00am EST
  5. MPC Rate Statement – Tentative
  6. BOE Gov Carney Speaks – 7:45am EST
  7. Unemployment Claims – 8:30am EST
  8. RBA Monetary Policy Statement – 9:30pm

Friday

  1. CAD GBuilding Permits m/m – 8:30am EST
  2. CAD Employment Change – 8:30am EST
  3. USD Unemployment Rate – 8:30am EST
  4. USD Non-Farm Employment Change – 8:30am EST
  5. USD Unemployment Rate – 8:30am EST
  6. USD Ivey PMI – 8:30am EST
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