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Trading plan for 25/07/2017:
The US Dollar continues the period of a weakness as EUR/USD rises to around 1.1670 level, GBP/USD is above 1.3020 and USD/JPY has clear problems with a permanent return over 111.00 level. AUD/USD is close to 0.7950 and NZD/USD has reached 0.7450. Optimistic mood prevails on Wall Street as the S&P500 and Dow Jones declined just slightly and the S&P500 futures are now again rising towards the 2,470 points. The main Asian indexes are symbolically under the line. Neither the Nikkei 225 nor the Shanghai Composite and the Hang Seng lose more than 0.1%.
On Tuesday 25th of July, the event calendar is bereft of important data releases, but market participants will pay attention to the German Import Price Index and Ifo Business Climate data. Moreover, during the US session the CB Consumer Confidence data from the US will be presented and later in the day MPC Member Andy Haldane will give a speech.
Analysis of EUR/USD for 25/07/2017:
The sentiment data in form of Ifo Business Confidence Index, Ifo Current Assesment Index, and Ifo Expectations Index have all beat market expectations. The Business Confidence Index was released at the level of 116.0 points, while the previous reading was 115.1 points and the expectations were at 114.9 points. The Ifo Current Assesment Index was released at the level of 125.4 points, while market participants expected 123.8 points and the previous data was at the level of 124.1 points. The Ifo Expectations Index was released at 107.3 points, and it beat market expectations of 106.5 points and the previous reading of 106.8 points.
Analysts were expecting a slight decrease in last month's peak, but growth in July was maintained (with favorable monthly revisions for the month).The data proved that the German economy is still developing at a steady and positive pace and the responders of the survey see the economic situation within the next 6 months as positive and favorable as well.
Let's now take a look at the ERU/USD technical picture on the H4 timeframe. The market trades in a narrow range between the level of 1.1685 - 1.1617 and this sideways congestion might last as long as one of the levels will be definitely violated. The next important technical support is seen at the level of 1.1583 and the next important technical resistance is found at 1.1715.
Market Snapshot: Crude Oil bounces from oversold levels
Crude oil prices have bounced slightly after the OPEC meeting finished, but none of the important levels were violated. The main technical resistance at the level of $47.53 - $47.30 is still active and without a break higher bulls will not take back the control over this market. The next technical support is seen at $45.39, but the more important one is at the level of $45.00.
Market Snapshot: GBP/USD in a consolidation mode
The price of GBP/USD is trading sideways after a bounce from 61%Fibo support at the level of 1.2931. The previous technical resistance zone between the levels of 1.3028 - 1.3047 seems to cap any attempt to rally higher and the long wicks indicate a possible bearish case building in this area.
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