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There are a few macroeconomic publications scheduled for Wednesday that could influence currency pair movements throughout the day. In the UK, Germany, Eurozone, and the U.S., second estimates of the services sector business activity indices for July will be released today. However, second estimates of S&P indices generally do not differ from the first ones and do not provoke any reaction. Therefore, novice traders should focus only on the one-off ISM services sector business activity index from the U.S. and the ADP labor market report. However, we would downplay the latter report since the market prefers to assess the state of the U.S. labor market based on NonFarm Payrolls, which will be released on Friday.
There is absolutely nothing to highlight among the fundamental events on Wednesday. There are no important speeches or events planned for today. Nevertheless, there is plenty for traders to ponder. Recall that last week, inflation reports were released in the Eurozone, which maintained a relatively high probability of a second European Central Bank rate hike. At the same time, the U.S. economy slowed in the second quarter, and the Federal Reserve shows no genuine strong desire to raise the key rate in the near future. Thus, the U.S. dollar, which the market has been buying up in recent months for various reasons, is losing support.
The geopolitical backdrop continues to leave much to be desired. Another ceasefire has been violated, the conflict has resumed and continues, and the U.S. and Iran continue to routinely exchange blows, while negotiations are not taking place. The Strait of Hormuz remains closed or partially closed, the Yemeni Houthis have declared a blockade of Saudi Arabia, and Tehran has threatened to completely close the Bab-el-Mandeb Strait if Washington continues to exert pressure on it. The only glimmer of hope is Donald Trump's constant promises of the soon opening of Hormuz and a nuclear deal with Iran. Strangely enough, these statements are enough for oil prices to fall.
On the third trading day of the week, both currency pairs may continue their correction, and volatility today may be high only during the American session. The euro can be traded today from the area of 1.1527-1.1531, while the British pound can be traded from the area of 1.3456-1.3476. The most significant events this week are scheduled for Friday.
Support and resistance price levels (areas) are the targets when opening buy or sell orders or sources of signals.
Red lines denote channels or trend lines that reflect the current trend and indicate in which direction trading is currently favored.
The MACD indicator (14,22,3) – histogram and signal line – is a supporting indicator that can also be used as a source of signals.
Important speeches and reports (as listed in the news calendar) can significantly influence the movement of the currency pair. Therefore, during their release, trading should be approached with utmost caution, or one should exit the market to avoid sharp price reversals against the preceding movement.
Beginners in Forex trading should remember that not every trade can be profitable. Developing a clear strategy and proper money management are essential for long-term trading success.
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