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Market Analysis for week of August 23rd, 2015

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Pair: EURUSD

Resistance: 1.1465, 1.1535, 1.1650
Support:  1.1300, 1.1214, 1.1200
Bias: Bullish. EUR found strength last week after the dovish FOMC minutes. At this point EUR is being driven by risk aversion. Worries about slower growth in China and the stock market crashing have sent ripples through the world markets and impacted other equity markets as well. Euro is behaving as a safe haven currency and has seen a big increase. We may see some more upside in Euro. However, Greece PM Alexis Tsipiras resigning and Greece elections in September as well as potential profit taking could be causes for concerns for the Euro later in the week.

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Pair: GBPUSD

Resistance:  1.5800, 1.5920, 1.600
Support: 1.5600, 1.5580, 1.5425, 1.5335
Bias: Bullish. GBP has not been keeping pace with Euro lately and is still trading in the range. If it holds above the range(1.5700), we are likely to see more upside in the GBP.

Fundamentals

Below is High Impact News scheduled for this week:

Monday

  1. FOMC Member Lockhart Speaks -3:55pm EST
  2. NZD Inflation Expectations q/q – 11:00pm EST

Tuesday

  1. EUR German Ifo Business Climate – 4:30am EST
  2. USD CB Consumer Confidence – 10:00am EST
  3. NZD Trade Balance – 6:45pm EST

Wednesday

  1. AUD RBA Gov Stevens Speaks – Tentative
  2. USD Core Durable Goods Orders m/m – 8:30am EST
  3. AUD Private Capital Expenditure q/q – 9:30pm EST

Thursday

  1. USD Prelim GDP q/q – 8:30am EST
  2. USD Unemployment Claims – 8:30am EST
  3. USD Jackson Hole Symposium – All Day

Friday

  1. GBP Second Estimate GDP q/q – 4:30am EST
  2. USD Goods Trade Balance – 8:30am EST
  3. USD Jackson Hole Symposium – All Day
  4. GBP BOE Gov Carney Speaks – 10:25pm EST
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