Market Brief / 27-07-2017
The US Federal Reserve kept its key interest rate unchanged, citing moderate economic growth and solid job gains. In its policy statement, the FOMC said it expects to begin shrinking the central bank’s large bond portfolio “relatively soon”. At the same time, the statement also pointed out that inflation measures “have declined and are running below 2%.
The EUR/USD managed to close above the key 1.1700 level as it gained 0.7% to 1.1732, a level last seen in January 2015. The pair is holding on the upside. The upward momentum is further reinforced by both rising 20- and 50-period moving averages. The RSI is above its neutrality area at 50. To sum up, as long as 1.1675 is not broken, look for another upside to 1.1765 and even 1.1805 in extension. Alternatively, below 1.1675, expect a return with 1.1650 and 1.1610 as targets.
On the data slate there’s German Retail sales; German Consumer Confidence Survey; US Durable Goods; US Initial Jobless Claims; US Continuing Claims; US Advance Goods Trade Balance; US Wholesale Inventories; US Chicago Fed Nat Activity Index and UK Consumer Confidence Survey.
BUY EUR/USD @ 1.1710 OR BETTER – STOP @ 1.1665 – TARGET @ 1.1805
BUY GBP/USD @ 1.3100 OR BETTER – STOP @ 1.3055 – TARGET @ 1.3225
SELL USD/JPY @ 111.20 OR BETTER – STOP @ 111.75 – TARGET @ 110.30
BUY CL0917 @ 48.30 OR BETTER – STOP @ 47.80 – TARGET @ 50.00
BUY AUD/USD @ 0.8015 OR BETTER – STOP @ 0.7960 – TARGET @ 0.8110
BUY XAU @ 1260 OR BETTER – STOP @ 1252 – TARGET @ 1278
BUY XAG @ 16.50 OR BETTER – STOP @ 16.00 – TARGET @ 17.30
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Thanks For Reading
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