NZD/USD Intraday technical levels and trading recommendations for July 4, 2018

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The NZD/USD pair had been trapped between the price levels of 0.7170 and 0.7350 until the bearish breakdown of 0.7200 occurred on April 23.

Breakdown of 0.7220-0.7170 (neckline zone) was needed to confirm the depicted reversal pattern. Bearish target levels around 0.7050 and 0.7000 have been achieved already.

The price level of 0.7050 was considered a key-level for the NZD/USD bears That's why the bearish persistence below 0.7050 allowed further bearish decline to occur towards the price levels around 0.6800.

As anticipated, the recent bullish pullback towards the price level of 0.7050 (Broken Demand-Level) offered a good opportunity for sellers to have a valid SELL entry. It's already running in profits. S/L should be lowered to 0.6800 to secure some profits.

Recently, the price zone of 0.6820-0.6780 was being challenged by the NZD/USD bears. This price zone was considered as a target level for current sellers.

The current bearish breakdown of the price zone 0.6820-0.6780 allowed bearish decline towards 0.6700-0.6680 where early signs of bullish recovery are being manifested.

The current bullish pullback towards the supply zone (0.6820-0.6780) should be watched for bearish rejection and a valid SELL entry. S/L should be placed above 0.6850.

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Intraday technical levels and trading recommendations for EUR/USD for July 4, 2018

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Daily Outlook

In April 2018, the short-term outlook turned to become bearish when the EUR/USD pair maintained trading below the broken uptrend as well as the lower limit of the depicted consolidation range.

The price zone (1.1850-1.1750) offered temporary bullish rejection towards 1.1990 where a descending high was established. However, the EUR/USD bulls failed to pursue towards higher bullish targets.

Instead, further bearish momentum was expressed in the market.

Recently, the price zone (1.1850-1.1750) offered significant bearish rejection and a valid SELL entry. Bearish target around 1.1520 has already been reached.

The price zone of 1.1520-1.1420 was considered a prominent bullish demand where a valid bullish BUY entry was offered during previous weeks' consolidations.

Initial Bullish target levels were located around 1.1750. However, the significant bearish pressure was applied around 1.1700 which led to the current bearish decline again towards the price level of 1.1600.

Hence, the EUR/USD pair remains trapped inside a consolidation range between the depicted key-levels 1.1520 and 1.1700 until a breakout occurs in either direction.

A bearish breakdown below 1.1520-1.1420 might occur if enough bearish pressure is applied. This would potentially enhance further bearish decline towards 1.1270 (recent consolidation range and demand level).

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Global macro overview for 04/07/2018

A large number of investors have started to fear that the weakening of CNY and the collapse of the Shanghai stock market may be associated with a strong outflow of capital. However, the verbal monetary support from the monetary authorities, which supported the second day of the clear strengthening of the yuan and the clearly better-than-expected PMI for China's services, should somewhat allay fears. All comparisons with the situation from 2015, when traders fear the prospects of China and the stability of the local financial system are to a negligible extent justified. First of all, this is due to the fact that those turbulences were the result of errors of regulators, who first allowed for the emergence of a speculative bubble in the stock market and then fought unsuccessfully with the effects of its breakage. Now, there is no such thing, although it should be remembered that the scale of debt is a serious problem in the financial system of the Middle Kingdom. However, this is a long-term problem and a permanent element in the balance of risks, not a new element of the market puzzle that suddenly appears and causes a panic.

The first signs of calming down the sentiment go hand in hand with slowing USD appreciation. After a multi-week rally ahead of the dollar, the global investors do not see much room for strengthening, a lot of positive information is already discounted by the markets.

If concerns about the future of China are quickly dispelled, AUD and NZD can count on strong rebound. The medium and long-term perspectives of both currencies are not positive in our opinion (low-interest attractiveness and lack of prospects for a rapid rise in interest rates) and the potential rebound market will be surely used to renew the short exposure.

Let's now take a look at the USD/CNY technical picture at the daily time frame. The market has made a big pin bar candle around the level of 6.6855 where the 61% Fibo retracement of the last swing down is. It might indicate a temporary corrective cycle in progress, but for now, the price might start to consolidate between the levels of 6.6000 - 6.7180. The market conditions are overbought, but the momentum is way above ifs fifty level, confirming the strength of the up move. The nearest important support is seen at the level of 6.4372.

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Fundamental Analysis of USD/CAD for July 4, 2018

USD/CAD is currently residing at the edge of 1.3120 support area from where it is expected to push higher with a target towards 1.34 area in the coming days. USD has been the dominant currency over CAD since the rate hike but recent CAD positive economic reports during the Trade War tension did provide some room for the bears to create certain pullbacks in the process.

USD has been quite positive with the economic reports so far this week, which did not quite help the currency to sustain the bullish momentum it had after breaking above 1.3120 with a daily close earlier. Ahead of the upcoming high impact economic reports to be published on Friday, today there is no impactful economic reports to be published due to Independence Day holiday being observed throughout the nation. But tomorrow, just the day before NFP, ADP Non-Farm Employment Change report is going to be published which is expected to increase to 190k from the previous figure of 178k and Unemployment Claims report is expected to increase to 231k from the previous figure of 227k.

On the CAD side, today there is no impactful economic reports to be published and add to the CAD gains in the process but on Friday alongside the US NFP reports, CAD Employment Change report is going to be published which is expected to increase to 20.3k from the previous figure of -7.5k, Trade Balance is expected to decrease to -2.2B from the previous figure of -1.9B and Unemployment Rate is expected to be unchanged at 5.8%.

As of the current scenario, the pair is expected to be very volatile and corrective till this weekly candle close as high impact economic reports are expected to inject uncertainty in the pair as per Trade War situation is still present. To sum up, USD is expected to have an upper hand over CAD in the process.

Now let us look at the technical view. The price is currently retesting the 1.3120 resistance area as support from where the price is expected to push higher with a target towards 1.3400 area in the future. The price has also formed a Bullish Continuation Divergence in the process which is expected to add further accuracy and momentum for the upcoming bullish pressure in the pair. As the price remains above 1.3120 area with a daily close, the bullish bias is expected to continue.analytics5b3cb39990227.png

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BITCOIN Analysis for July 4, 2018

Bitcoin has been quite impressive with the recent bullish gains but it failed to sustain the momentum, leading to certain bearish intervention in the process. In light of the recent reports, Bitcoin is still bullish despite the pullback. Such a pullback is now considered as a retracement before impulsive bullish momentum in the short term. As for the current scenario, the price is expected to push higher towards $8,000 area in the coming days as it remains above $6,000-6,500 area with a daily close. As the dynamic level of 20 EMA is holding the price as support, the bullish momentum in the coming days is more likely.

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Fundamental Analysis of USD/CHF for July 4, 2018

USD/CHF has been quite volatile and corrective below 0.9980 to 1.0035 area from where it is still expected to slip lower towards 0.9850 and later towards 0.97 area. USD has been the dominating currency in the pair amid the recent rate hike by the US Fed. However, as trade jitters are increasing, USD is expected to lose some momentum in the process.

This week, Switzerland Retail Sales report was published with a significant decrease to -0.1% from the previous value of 2.9% which was expected to be at 2.6% and Manufacturing PMI report was published with a slight better-than-expected figure of 61.2, decreasing from 62.4 which was expected to be at 61.1. Though today Switzerland does not post macroeconomic reports, tomorrow CPI report is going to be published which is expected to decrease to 0.1% from the previous value of 0.4%.

On the other hand, despite lingering trade jitters, USD has been quite solid in light of upbeat economic reports, which helped the currency to sustain the bullish momentum in the pair. Ahead of US nonfarm payrolls which are due on Friday, today the economic calendar does not contain macroeconomic reports from the US amid Independence Day. But tomorrow, just the day before NFP, ADP Non-Farm Employment Change report is going to be published which is expected to increase to 190k from the previous figure of 178k and Unemployment Claims report is expected to increase to 231k from the previous figure of 227k.

As for the current scenario, CHF has been quite mixed amid the recent economic reports whereas USD has been consistently firm which may lead to further bullish momentum in the pair. However, pending macroeconomic reports from the US have sour outlook, so USD may look quite weak ahead of the news. Besides, worse-than-expected result may lead to weakness of USD against CHF.

Now let us look at the technical view. The price is currently residing above the dynamic level of 20 EMA with certain bullish momentum. As the price remains below 0.9980 to 1.0035 area with a daily close, the bearish bias is expected to continue to push the price lower with a target towards 0.9850 and later towards 0.97 area. Though the Bearish Regular Divergence cannot be spotted clearly at the moment, the current corrective phase is expected to push the price lower in the coming days.

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Bitcoin analysis for July 04, 2018

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Trading recommendations:Recently, Bitcoin has been trading downwards. The price tested the level of $6.376. According to the H1 time - frame, I found potential bearish flag in creation, which is sign that buying looks risky. I also found a hidden bearish divergence on the macd oscillator, which is another sign of weakness. My advice is to watch for breakout of the bearish flag to confirm further downward movement. The downward target is set at the price of $6.227.

$6.510 – Intraday resistance;

$6.375 – Intraday support;

$6.227 – Objective target.

With InstaForex, you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4. *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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GBP/USD analysis for July 04, 2018

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Recently, USD/CHF has been trading upwards. The price tested the level of 0.9930. According to the H1 time frame, I found a breakout of the supply trendline in the background, which is a sign that buyers are in control. My advice is to watch for potnetial buying opportunities. The upward target is set at the price of 0.9977.

Resistance levels: R1: 0.9943R2: 0.9965 R3: 0.9980

Support levels: S1: 0.9006S2: 0.9890S3: 0.9870

Trading recommendations for today: watch for potential buying opportunities.

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EUR/USD analysis for July 04, 2018

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Recently, EUR/USD has been trading downwards. The price tested the level of 1.1639. According to the H1 time frame, I found a breakout of the bearish flag pattern in the background, which is a sign that sellers are in control. My advice is to watch for potential selling opportunities. I have placed Fibonacci expansion to find potential targets. I got Fibonacci expansion 100% at the price of 1.1585 and Fibonacci expansion 161.8% at the price of 1.1525.

Resistance levels: R1: 1.1381R2: 1.1703 R3: 1.1733

Support levels: S1: 1.1630S2: 1.1600S3: 1.1577 Trading recommendations for today: watch for potential selling opportunities.

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Brent is betting on politics

The oil market has become so politicized that reports on the state of American stocks of black gold makes less impression than the tweets of Donald Trump. Not so long ago, the US president said that OPEC artificially raises prices. After the cartel and other producing countries decided to increase production by 1 million b/d, the owner of the White House changed his anger to mercy and asked Saudi Arabia to raise rates by half. The problems of Venezuela and Iran will still lead the market to surplus and will make the price of black gold rise. And this, in turn, will raise the price of gasoline and hit the pockets of American taxpayers.

The states are trying to eliminate the contradiction in their own policies with the help of the Allies. Despite the growth in shale production and the cumulative output of almost 11 million b/d, the US continues to act as a net importer of oil. Their dependence on foreign supplies was a third less than 12 years ago but 8 million b/d is still a pretty decent figure. Of these, 3 million b/d comes from OPEC, where prices are initially higher. Meanwhile, the problems with the power outage in Canada before the end of July reduced production by 360 thousand b/d, which led to a narrowing of the spread. Brent still costs more than WTI.

Dynamics of the main grades of oil

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The contradiction lies in the fact that, thirsting for low prices for black gold, Washington actually raises them with economic sanctions against Tehran. Donald Trump set an ambitious goal to reduce exports to zero, forbidding other countries in the world to acquire Iranian oil. At the same time, leaving the market of one of the largest OPEC producers is clearly a bullish factor for Brent and WTI. The States have no choice but to ask the rest to fill in the gap.

However, Tehran has something to answer. He threatens to block the Strait of Hormuz, a major oil shipping route, and if this happens, I personally will not be surprised at the takeoff of the North Sea grade to $ 90 per barrel. Black gold is sensitive to geopolitics. Take, for example, the struggle for power in Libya or the political and economic crisis in Venezuela, which deprived the producing countries of 750-850 thousand b/d each. And here is an important oil artery! Hedge funds and other speculators certainly keep this scenario in mind and are not going to go far from long positions on Brent and WTI.

As long as the ball is ruled by politics, other factors remain in the background. Problems with Canadian oil sands allow the experts of Reuters to predict the growth of US reserves by 3.3 million barrels by the end of the week of June 29. Rally figures can continue for the four - five days in a row, which plays into the hands of fans of black gold.

Technically, the formation of the inner bar speaks of uncertainty. The breakthrough of its lower limit near $ 77.1 per barrel will increase the risks of forming a reversal pattern 1-2-3. On the contrary, a successful assault on the resistance at $ 78.9 with subsequent update of the June and May highs will open the Brent road to the north in the direction of the target by 127.2% on the AB = CD pattern.

Brent, daily chart

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Technical analysis on EUR/USD for July 4, 2018

The EUR/USD pair has been moving mainly sideways for the last few sessions between 1.17 and 1.16. Medium-term trend remains bearish. As we said in the previous analysis, trend is bearish as long as we trade below 1.1720 and we should look to sell rallies.

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Red line -medium-term resistance

Blue line - support

Magenta line - RSI support and divergence

The EUR/USD pair is challenging the medium-term resistance trend line that comes down from 1.24. A multiple bottom formation has been formed above 1.15 and a break below it will open the way for a move towards 1.14 as many stops will be placed there. On the other hand, a break above 1.1720 will open the way for a move higher towards 1.20-1.21. Until Friday, I do not expect much to change. The NFP numbers which are due on Friday will drive the market and provide some more volatility.

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British pound shows weakness in correction

GBP / USD

According to the UK yesterday, there was an optimistic indicator for the business activity growth in the construction sector in June, as Construction PMI increased from 52.5 to 53.1. The general market mood for the temporary weakening of the dollar did not overshadow even the growth of US factory orders by 0.4% in the May estimate, with the expectation of just 0.1%.

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The growth of the British pound, however, is weak. From a technical point of view, such a slow growth has time to adapt the balance sheet on the daily price chart, which does not allow us to consider growth as a medium-term movement. The signal line of the Marlin oscillator moved to the positive zone, but this output may well be false. In this case, the price rebound from the lower border of the price channel which looks quite natural. The question is, how deep this rebound will turn out to be. The current picture tells us that it will not be strong.

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On the 4-hour chart, the price went over the red balance line and the blue trend, while the Marlin Indicator is also in the growth zone. The price move above the 1.3216 signal level, which will allow further growth to 1.3270, but due to the absence of American players on the market today, this is unlikely to happen. At the same time, the British PMI Services for June will come out later this day and expected to remain unchanged, showing a forecast of 54.0 in May. For the same reason, the price is unlikely to go below 1.5155 - support for the trend line. We are waiting for the resolution of the situation tomorrow, when the US PMI will leave and the minutes from the last meeting of the Fed will be published.

* The presented market analysis is informative and does not constitute a guide to the transaction.

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Technical analysis on USDX for July 4, 2018

The Dollar index is making higher highs but with the RSI diverging and a bearish wedge being formed, I'm not bullish about the Dollar. On the contrary I remain a seller of the Dollar, expecting at least a pullback towards 92-91.

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Red line - support

Magenta lines - bearish divergence

Despite the new highs above 95, the RSI does not confirm them. This bearish divergence is an important reversal signal after the huge run up from 88 to 95.50. It is time for the Dollar to weaken. The US Dollar is set to move towards 92-91. Support is at 94.15 and next at 93.20. Resistance is at 95.35 and next at 95.55.

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Technical analysis on Gold for July 4, 2018

The Gold price made a new low yesterday at $1,237 but the Daily candle closed much higher. Is the low in for Gold? Is the decline over? One thing is for sure, yesterday's reversal came at a very critical long-term support with several indicators pointing out that prices are oversold and a big bounce should follow like the previous times.

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Green line - long-term support

Red line - long-term resistance

Magenta lines - bearish channel

The Gold price is preparing a bullish reversal weekly candle. Bouncing off the long-term trend line support is a bullish signal, but bulls will need more follow through. The price remains inside the bearish channel and bulls will need to break above $1,270 for this bounce to move higher towards $1,300. Cloud resistance by the kijun-sen is at $1,300. Support remains at $1,235-37. Short-term resistance is at $1,260 and support at $1,248. I remain bullish Gold.

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Overview of EUR/USD as of July 4, 2017

EUR / USD

The market went quietly on Tuesday. Nevertheless, before today's holiday in the US Independence Day, speculators actively withdrew from the market which was not observed in the previous years. But now, the political situation is more unstable in the summer. Stock index S&P 500 fell by 0.49% and pulled a dollar, as the dollar index lost 0.27%. The euro increased by 20 points, respectively.

But technically there have been important changes. First of all, the bearish price channel was pierced upward. But this does not mean that the current market situation is different, as the price channel simply disappeared and now it is necessary to use other tools in determining both the upper and lower targets. On the daily scale, the price is still held by the resistance of the balance line (red).

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In case of overcoming it, the resistance growth of the blue trend line with the target of 1.1758 is possible. The prerequisites for this scenario are already on the 4-hour chart, as the price was fixed above the balance line, the signal line of the oscillator Marlin moved into the growth zone - into the territory of positive numbers:

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But the observed yield of the price over the balance sheet and the Marlin indicator on the growth territory is not very deep, therefore, considering the US holiday, the market will not have enough strength to break the bearish technical picture of the daily scale. That is, the situation is balanced and we are waiting for a sideways movement in general. The price support in the current situation is in line at the 1.1610 level.The medium-term bearish scenario continues and the price channel has lost its significance. For now, the nearest medium-term target is the 1.1466 level - May 2015 maximum.

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Global macro overview for 04/07/2018

On Tuesday, Wall Street only worked until the middle of the day and this is always before Independence Day celebration. The activity of traders during such a session is always limited, and the session has no significant meaning.

However, the beginning of the first half of the year, waiting for the season of quarterly companies' results (will start next week) and good atmosphere prevailing on European markets had to help bulls. One could only be afraid that a tweet would break the mood, but apparently, the president of the United States was already celebrating and did not emit any shocking news.

There were quite important macro reports on Tuesday (orders for durable goods and orders in the industry in May). Orders for durable goods in May fell by 0.4% (versus 0.6% expected ), and orders without means of transport did not change in value (0.3% expected). Industrial orders in May increased by 0.4% (it was expected that they will not change).

It seemed that the bears were in a lost position, but it was the problems on the front of the trade war that hurt the bull camp. The indexes started the day with increases, but after two hours they began to fall. The immediate reason was that the Chinese court temporarily banned the sale of Micron Technology in China.

If Donald Trump's aspiration to ban China Mobile in the US is added to this, the sell-off of shares in the high technology sector is easy to explain. No wonder NASDAQ lost 0.86% by pulling down the SP500 index - this lost 0.49%. This is not as easy as the beginning of the first half of the year.

Today, in the absence of Americans, indices may theoretically grow, but yesterday's session in the US will rather scare off European stock exchanges. This should, unless there is any new information, lead to a boring day that should end near neutral levels on major stock exchanges.

Let's now take a look at the SP500 technical picture at the H4 time frame. The market is clearly locked in a horizontal consolidation zone between the levels of 268.38 - 274.15 and might be forming the right shoulder of the Head and Shoulders technical pattern. This would indicate a possible drop in price to the level of 260.48 (technical support) soon. The weak momentum and stochastic oscillator support this bearish outlook.

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The dollar will not give up the initiative

Macroeconomic indicators were published earlier this week and further showed the continuation of the US economic recovery. The business activity in the manufacturing sector is growing again, according to Markit in June. While PMI increased from 54.6p to 55.4p, the ISM index showed an increase to 60.2p against 58.7p, but a slight decrease was projected not growth. In May, the of production volume orders increased by 0.5%, and the overall impression indicates that growth of the dollar in recent months is based on the Fed's exit from the soft monetary policy as well as on the recovery of the US manufacturing sector, which Trump is directly seeking.

At the same time, an in-depth look at the recovery prospects shows that not everything is as good as it may seem. Let's consider the dynamics of so-called "goods of a production cycle", which are used for manufacture of final production. For example, when assessing the pace of construction, it is possible to take into account the dynamics of the total finished houses, as well as the volumes of demand for cement, brick, glass, etc. As clearly shown from the graph below, the ratio of costs for intermediate goods to the total output for all sectors of industry remains lower than in the pre-crisis level, and also lower than the recovery period in 2012-2014, when no one had ever thought about leaving incentive programs. A similar scenario is expected for a particular private sector.

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Despite the strong growth in business activity, the US manufacturing sector in fact remains quite far from recovering.

The second component which you need to pay attention is the government's revenues after the launch of the tax reform. We have already paid attention to the estimate of the Congressional Budget Committee, which was forced to revise upward the expenditure side for the next decade, while the profitable one - to the downside, noting the inevitable growth of the budget deficit.

The initial data results for reforms showed that the trend is negative. According to the results of the first quarter, the revenues growth was shown based from increased of excises and imports. Here, we see the result of the gradual recovery of the manufacturing sector. At the same time, corporate tax revenues collapsed by 35%, in general, the dynamics are negative and the government is forced to dramatically increase borrowing to finance the budget.

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There are no ways to dramatically increase budget revenues through private consumption, as there is no way to significantly reduce costs to offset the balance. In order to reverse, or at least smooth out the trend, the government should consistently insist on protectionism for its own producers, and change the trading conditions in its favor.

We see another confirmation that protectionism and trade wars are the consequence for the development of negative trends in the US economy, and not the personal whim of the president. There is no reason to believe that the US can make concessions in trade disputes with China or the European Union.

Thus, the most likely scenario for the development of the situation on world markets after July 6 is the escalation and growing tension. These factors will objectively raise the demand for defensive assets, in particular, for yen, gold and the US dollar.

Other significant events of the week are the Fed's minutes publication for the June 13 meeting and the labor market report. The minutes should be hawkish since the speech of the FEd members has become more aggressive generally, which led to an increase in the forecast rates. However, these factors have already been taken into account in the current quotes. If investors see a hint about the possible easing of the Fed's position, then this may lead to some dollar weakening for the week, if not - the dollar will react with a slight increase.

While the labor market report showed fears that the labor demand by the companies has somewhat decreased, as indicated by the PMI data in May. However, both ISM and Markit reported again the activity growth on Monday, therefore, non-farm payroll would likely exceed its forecasts, which will support the dollar.

Thus, the dollar may begin to strengthen again by the end of the week. The EUR/USD pair will check for strength at 1.15, while the GBP/USD pair may go below 1.30, and the yen will fall below 110.

* The presented market analysis is informative and does not constitute a guide to the transaction.

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Burning forecast 07/04/2018

Burning forecast 07/04/2018

The Euro is ready to break the range.

In the market by the evening there will be a lull - in the USA they celebrate Independence Day.

However, in the afternoon, European traders can organize movement.

Euro prepared a range for a breakthrough.

Buy the euro from 1.1695 stop 1.1650 profit 1.1850

Alternative: Sell from 1.1525

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Bitcoin analysis for 04/07/2018

Lawyers in the European Parliament say not to prohibit or ignore cryptocurrencies in a new report published this week, predicting that "they will stay with us for some time".

The report "Virtual currency and monetary policy of central banks: challenges for the future" commissioned by the Committee on Economic and Monetary Affairs contains a rich list of supporting statements on virtual currencies ("VC"). The publication contains a broad EU look at technology, which still includes legal projects to monitor the use of residents and reduce anonymity. "Thanks to their technological properties and global reach, transaction networks are relatively safe, transparent and fast" - we read in the summary of the report, describing VC as a "modern form of private money".

This gives them good prospects for further development. However, it remains unlikely to challenge the dominant position of national currencies and central banks, especially in the main currency areas. As with other innovations, virtual currencies pose a challenge for financial supervisors, in particular, because of their anonymity and cross-border nature.

As the main media and current financial data continue to talk about the "death of Bitcoin," especially in the current price conditions, the perspective of the European Parliament seems remarkable. Apart from the fact that he believes in their longevity, the report is addressed to uninformed people, directly accusing them of being wrong if they think that cryptocurrency technology is an illegal apparatus by nature.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The price is trading slowly above the weekly pivot at the level of $6,209, but the bulls did not manage so far to break out through the technical resistance at the level of $6,809. The short-term correction to the upside is continuing and the nearest technical support for the bulls is seen at the level of $6,209 and $5,959.

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Trading plan for 04/07/2018

A better than expected Chinese PMI services data and the second day of strengthening of CNY help stabilize sentiment and halt USD appreciation. In such an environment, AUD and NZD perform best. The dollar is losing to other major currencies, but the movement is in most cases minimal. EUR/USD increases to 1.1670. GBP/USD returns above 1.32. USD/JPY moves back to 110.50. Shanghai Composite and Hang Seng record today about 1.0% drop and Nikkei 225 is down 0.25% Futures on the SP500 are up to 2720 points. The WTI barrel is valued at around USD 74.5, an ounce of gold costs USD 1260.

On Wednesday 4th of July, the event calendar is very light in important data releases. Only PMI Services data from Germany, France, Italy, Spain and the UK are worth to keep an eye on. None of the forecasted values have been different from last month. The USA is celebrating the Independence Day, so the market will be closed.

GBP/USD analysis for 04/07/2018:

At the end of the week, the key meeting of Prime Minister May with ministers is scheduled to arrange the so-called "white paper" on Brexit, or a set of specific solutions that will be presented to the European Union negotiators. Last week, the head of the British government was criticized by the participants of the EU summit for sluggishness in negotiations, as a result of fears that it will be possible to finish the details by the end of October, when the so-called deadline expires. Otherwise, there is a risk of so-called unordered Brexit in March 2019, which would have fatal consequences for the economy. However, the more political scuffles will be prolonged, the more the pressure from large companies to limit investments in the UK will be visible now due to unclear operating conditions after March 2019. The key issue is the access of the UK to the EU market, especially the status of Northern Ireland. Previous proposals have been rejected by the EU, and in addition, May has strong factions in his own party, which either strive for hard Brexit or want to be quite pro-EU.

The key to the pound is, of course, the expectations related to the rate hike at the beginning of August by Bank of England, which is currently priced at over 60%. The last PMI Manufacturing and PMI Construction data were not that bad, and today the global investors will know the PMI Services data as well. The expectations are in line with the previous month's figures of 54.0 points.

Let's now take a look at the GBP/USD technical picture at the H4 time frame. The bulls are testing the bear's patience as the price is now trading around the technical resistance zone between the levels of 1.3191 - 1.3217. Better than expected data will likely help to trigger another wave of an upward move towards the level of 1.3292. The positive momentum and market conditions are supporting the short-term bullish bias. The key technical support is seen at the level of 1.3100 and 1.3049.

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EUR / USD. July 3. Trading system "Regression channels". Bulls and bears pull the rope

4-hour timeframe

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Technical data:

The senior channel of linear regression: direction - down.

The younger channel of linear regression: direction - down.

Moving average (20; flattened) - sideways.

–°CI: 58.2331

The currency pair EUR / USD worked on the level of Murray "-1/8" on July 2 and could not gain a foothold below. Bears have recently weakened strength, but bulls lack the desire to form long-term purchases. The market is now uncertain, primarily associated with the actions of Trump, the consequences of which are now very difficult to imagine. Thus, the pair moves every day in different directions without a clear trend. On Tuesday, July 3, the EU will publish a report on retail sales for May and is expected to reduce this figure to 1.4% y / y. Thus, if the forecast comes true, then during the day the bears can again begin to exert pressure on the pair. No more important macroeconomic reports are planned for today, however, as is often the case in recent days, unexpected information may come from the White House. Thus, we continue to monitor all of Trump's performances and his messages on social networks.

Nearest support levels:

S1 - 1.1597

S2 - 1.1475

Nearest resistance levels:

R1 = 1.1719

R2 - 1.1841

R3 = 1.1963

Trading recommendations:

The currency pair EUR / USD was fixed above the removals. Thus, it is recommended to open long positions with the target level of Murray 1.1719. However, the upside potential is now limited, so we open the long lots with small lots.

Short positions will become relevant only below the level of 1.1597, which last time the price could not be overcome. Only, in this case, it will be possible to expect the resumption of the downward trend.

In addition to the technical picture, one should also take into account the fundamental data and the time of their release.

Explanations for illustrations:

The upper channel of linear regression is the blue lines of unidirectional motion.

The lowest linear regression channel is the violet lines of unidirectional motion.

CCI - the blue line in the indicator window.

Moving average (20; smoothed) - the blue line on the price chart.

Levels of Murray - multi-colored horizontal stripes.

Heiken Ashi is an indicator that color bars in blue or purple.

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EUR / USD. July 3. Trump continues to excite the whole world

4-hour timeframe

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Amplitude of the last 5 days (high-low): 86p - 131p - 74p - 133p - 98p.

The average amplitude for the last 5 days is 104p (102p).

On the first trading day of the week, there were few macroeconomic reports in the world. Nevertheless, the EUR / USD currency pair showed quite high volatility, which means the presence of a large number of traders on the market. The index of business activity in the EU production sector decreased compared to the forecast, and the analogous ISM index in the US, on the contrary, was significantly higher than the experts' expectations. In Europe, unemployment was still published, but traders did not pay attention to it, since, despite the decline, it still remains at a fairly high level - 8.4%. And the most interesting information continues to come from US President Donald Trump. Trump continues to make extremely inconsistent statements, putting himself at the head of the whole world. First, on Friday, July 6, the new trade sanctions of America against China for the total amount of $ 50 billion will begin to operate. Trump, I'll fight, said that if China responds to these sanctions, then the States will introduce new trade restrictions. Trump still believes that America is an outsider, and trading partners are using dishonest trading conditions. It is this "injustice" that Trump wants to change. Secondly, Trump demanded that all countries that introduced trade duties against America immediately remove them, probably considering that only he decides who and against whom to impose duties. Thirdly, the US president spoke out harshly about the EU, saying that in matters of trade the European Union is "as bad as China." The leader of America still believes that the EU is dishonest with the Americans, while the States are spending huge amounts of money to support NATO. In general, it seems that the trade war will only gain momentum, but it will be only time to whom it will be worse than the rest.

Trading recommendations:

For the currency pair EUR / USD, it is recommended to consider purchase orders with a target of 1,1701. The signal for the opening of purchases will be the fixing of the price above the pivot level of 1,1645. Bulls, as before, are now very weak, so we open longs in small lots.

Shorts are recommended to open if the bears manage to gain a foothold below the critical Kijun-sen line. In this case, the downward movement can continue to at least support level 1.1568.

In addition to the technical picture, one should also take into account the fundamental data and the time of their release.

Explanations to the illustration:

Ichimoku Indicator:

Tenkan-sen is a red line.

Kijun-sen is a blue line.

Senkou Span A is a light brown dotted line.

Senkou Span B - a light purple dotted line.

Chinkou Span is a green line.

Bollinger Bands Indicator:

3 yellow lines.

MACD indicator:

Red line and histogram with white bars in the indicator window.

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Technical analysis of Bitcoin for July 04, 2018

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After testing its upper down slope channel in the 4-hour chart, Bitcoin seems getting exhausted. And it probably will back to its previous Bearish condition. This is already confirmed by the Divergence between the MACD Histogram and the price, basing on this fact this Cryptocurrency will likely back to its previous trend (Bearish condition).

(Dsiclaimer)

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Technical analysis of Ethereum for July 04, 2018

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The Ethereum at Daily Charts looks like still continuing its Bearish bias. This is already confirmed by the price moving in a down slope channel and we've spotted the hidden Divergence between the MACD Histogram and the price, so the tendency of this Cryptocurrency still continues its downtrend.

(Disclaimer)

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Technical analysis: Intraday Level For EUR/USD, July 04, 2018

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When the European market opens, some Economic Data will be released such as Final Services PMI, German Final Services PMI, French Final Services PMI, Italian Services PMI, and Spanish Services PMI. The US today will not release any Economic data because of the US National Holiday, The Independence Day, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1715.

Strong Resistance:1.1708.

Original Resistance: 1.1697.

Inner Sell Area: 1.1686.

Target Inner Area: 1.1658.

Inner Buy Area: 1.1630.

Original Support: 1.1619.

Strong Support: 1.1608.

Breakout SELL Level: 1.1601.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or Investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis: Intraday level for USD/JPY, July 04, 2018

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Today, Japan and the US will not release any Economic Data. So there is a probability the USD/JPY will move with a low volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 110.94.

Resistance. 2: 110.72.

Resistance. 1: 110.51.

Support. 1: 110.24.

Support. 2: 110.02.

Support. 3: 109.81.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or Investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of GBP/USD for July 04, 2018

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Overview:

The GBP/USD pair is still trading below the daily major resistance (1.3276). It will probably continue to move downwards from the level of 1.3276 to the bottom around 1.3191. Today, the first resistance level is seen at 1.3196 followed by 1.3276, while daily support 1 is seen at 1.3068. Furthermore, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 1.3068. So it will be good to sell at 1.3068 with the first target of 1.2988. It will also call for a downtrend in order to continue towards 1.2919 in coming hours. The strong daily support is seen at the 1.2919 level, which represents the double bottom on the H4 chart. According to the previous events, we expect the GBP/USD pair to trade between 1.3090 and 1.2919 in coming two days. The price area of 1.3276 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 1.3276 is not broken. On the contrary, in case a reversal takes place and the GBP/USD pair breaks through the resistance level of 1.3196, then a stop loss should be placed at 1.3276.

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Technical analysis of AUD/USD for July 04, 2018

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Overview:

Last week, the AUD/USD pair fell from the level of 0.7474 towards 0.7348. Now, the price is set at 0.7371. The resistance is seen at the levels of 0.7426 and 0.7474. Moreover, the price area of 0.7474 remains a significant resistance zone. Therefore, there is a possibility that the AUD/USD pair will move downside and the structure of a fall does not look corrective. The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside. Thus, amid the previous events, the price is still moving between the levels of 0.7426 and 0.7257. If the AUD/USD pair fails to break through the resistance level of 0.7426, the market will decline further to 0.7474 as the first target. This would suggest the bearish market because the RSI indicator is still in a negative spot and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.7302 so as to test the daily support 2. On the other hand, if a breakout takes place at the resistance level of 0.7474, then this scenario may become invalidated.

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The dollar is declining, but not for long

It was the day of Independence in the US on Tuesday, which will lead to a noticeable decline in the number of market participants from America and will probably be the basis for a partial profit taking with a local weakening of the US dollar.

The dollar is moderately declining in the foreign exchange market, in our opinion, due to the profit-taking by investors against the background of the actually shortened global trading session from the weekend in the US. It is also pressured by a decrease in tension in the media regarding the situation around the trade wars. But, despite this dynamic, we are still considering a promising strengthening of the dollar, which is likely to occur smoothly, so we consider it interesting to buy the dollar in its drawdown.

Support for the exchange rate of the US currency is still a factor of trade wars, which forced market players to remember the very forgotten in the post-crisis time of its property safe-haven against the background of all kinds of crisis phenomena. In addition, we recall that it is supported by the decision of the Fed to move more actively in the process of raising interest rates.

On Tuesday, the RBA has decided to leave the main interest rate unchanged at 1.50%. Recall that it has not changed since the middle of 2016. At the same time, the regulator made it clear in its resolution that it will not change the monetary rate, despite the expectation of positive changes in the labor market and maintaining inflationary pressure near the 2.0% mark. At a press conference, the Governor of the Central Bank of Australia P. Lowe expressed the fear that the trade conflict between America and China could harm not only the countries with emerging economies. In general, the outcome of the meeting was neutral or slightly positive, which supported the Australian dollar, which turned up against the "greenback", buoyed by profit-taking on the US dollar.

Estimating the day's outlook for the currency market, we believe that activity towards the end of trading in Europe will fall to almost zero due to the absence of investors from the United States on the market.

Forecast of the day:

The AUD/USD pair is recovering on the wave of the results of the RBA monetary policy meeting and profit taking on the US currency against the background of the weekend in the United States. The pair has a local growth potential to 0.7415 and then to 0.7445.

The USD/CAD pair is testing the 1.3165 mark on the wave of the strengthening of crude oil prices, as well as the reduction of a number of long positions on the US dollar. Against this background, the pair may fall to 1.3100.

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Merkel saves the coalition-and retains the post of Chancellor

Merkel saves the coalition-and retains the post of Chancellor

On Monday, after heavy negotiations until late in the evening, German Chancellor Merkel managed to reach a compromise with the coalition partner - the CSU party (Bavaria), represented by the leader of the party, Seehofer, who is also the minister of the interior in the government of Merkel.

Earlier, Seehofer demanded the right to stop refugee migrants at the border - and send them back if they had already obtained refugee status in another EU country. Merkel was against this, rightly believing that this threatens to destroy the fragile agreement within the EU on the issue of migrants from Africa - and cause a chain reaction of border control. Seehofer insisted on his right (he runs the border guard service) - and gave Merkel an ultimatum: either we stop the refugees - or he resigns - with the risk of the collapse of the party coalition of the CDU - CSU.

Merkel held the EU summit on migrants and hardly persuaded critics (Italy, in particular) to preserve unity on the issue of refugees by arranging "refugee reception centers".

Seehofer continued to demand more stringent control after the summit.

And here is the compromise: "The refugee centers" will be created on the German border - for those who have received refugee status in another EU country. Speaking Russian - now these refugees will not enter Germany again, they will sit in the "detention center" and Germany will try to return them to the receiving country.

Either way, the government of Merkel is currently saved, Seehofer is not leaving, the euro gets support.

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Wave analysis of EUR/USD for July 3. Wave picture, we assume the growth of Eurocurrency

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Analysis of wave counting:

As a result of the previous trading day, the EUR/USD pair lost about 40 basis points, but remained within the framework of the proposed wave 3, in c, in 4. Thus, I expect further quotations increase with targets around 1.1866 and higher. Wave 3, in c, in 4, in turn, can also take the form of a 5-wave structure. At the moment everything looks exactly the same. The lows of May 29 was never penetrated, which retains a good chance of building a full-fledged three-wave structure within wave 4.

Targets for selling:

1.1440 - 323.6% by Fibonacci of the highest order

1.1118 - 423.6% by Fibonacci

Targets for buying:

1.1866 - 100.0% by Fibonacci

1.2072 - 127.2% by Fibonacci

General conclusions and trading recommendations:

The wave counting of the EUR/USD pair implies a continuation of the increase within wave 3, in c, at 4. Thus, it is recommended that you stay in buying and/or gradually build them up with targets located near the estimated marks of 1.1856 and 1.2072, which corresponds to 100.0% and 127.2% of Fibonacci. Return to selling is recommended not before the breakthrough of the minimum expected wave b. In this case, the pair will proceed to build the wave 5 of the descending trend section with the targets, which are about 12 and 11 figures.

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Analysis of EUR/USD Divergences for July 3. Euro resists the last forces

4h

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The EUR/USD pair on the 4-hour chart fell to the correction level of 76.4% - 1.1589. Exit of quotes from this level Fibo allowed quotations to return to the level of correction of 61.8% - 1.1639. However, the retreat from this level Fibo again worked in favor of the US currency and the resumption of a fall toward the correctional level of 76.4%. On the 3rd of July, there are no signs of divergence in any indicator. The pair's consolidation above the Fibo level of 61.8% will allow counting on continued growth in the direction of the correction level of 50.0% - 1.1680.

The Fibo grid is built on extremes from May 29, 2018 and June 14, 2018.

Daily

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On the 24-hour chart, after the rebound from the correction level of 100.0% - 1.1553, the growth process can be continued in the direction of the correctional level of 76.4% - 1.1789. The bearish divergence of the CCI indicator is imminent. Its formation will allow traders to count on a pair's turn in favor of the US dollar and a return to the Fibo level of 100.0%. The consolidation of the pair under the correction level of 100.0% will increase the probability of a further fall in the direction of the next correction level of 127.2% - 1.1285.

The Fibo grid is built on extremes from November 7, 2017 and February 16, 2018.

Recommendations for traders:

Buying the EUR/USD will be possible with targets of 1,1680 and 1,1721 with a Stop Loss level under the correction level of 61.8% if there is a close above the level of 1.1639.

Selling the EUR/USD pair is now possible with the target of 1.1589, as there was a retreat from the correction level of 61.8%, with the Stop Loss order above the level of 1.1639.

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Euro returns positions due to solution of immigration disputes

The European currency fell yesterday afternoon, as investors feared that German Chancellor Angela Merkel would not be able to solve the immigration policy problem and allow a split in her conservative bloc that would lead to the collapse of her coalition government. However, by the close of the North American session it became known that the German parties of the CDU and CSU reached an agreement on migration, which led to a sharp increase in risky assets, including the euro.

As Angela Merkel said, the reached agreement on migration allows preserving cooperation with the EU countries, and also allows the regulation of the secondary migration flow of refugees.

Data released by the US economy also supported the US dollar.

According to the report of the institute of supply management ISM, the index of supply managers PMI for the manufacturing sector in June this year rose to 60.2 points against 58.7 points in May. It is important to note that a value above 50 indicate an increase in activity. Economists had expected that in June, the index would be at 58.1 points.

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However, the indicator of industrial activity in the US for June seriously decreased. According to the IHS Markit report, the PMI's supply managers' index for the manufacturing sector fell to 55.4 points in June 2018 from 56.4 points in May. As noted in Markit, the drop in the index was directly related to the slow growth in production and new orders.

Expenses for construction in the US for May increased. According to the US Department of Commerce, expenses increased by 0.4% compared to the previous month and amounted to 1.309 trillion US dollars. Economists were expecting an increase in expenses by 0.7%. Data for the previous month were revised downward.

As for the current technical picture of the EURUSD pair, it remained unchanged after yesterday's surge in buyers. The eurodollar still needs a return and consolidation above the intermediate resistance level of 1.1660. Only a breakthrough in this range will allow us to count on a further upward trend with the update of the highs to around 1.1720 and 1.1780. In case of a decline in the euro, more support will be provided by the area of 1.1570.

The Australian dollar also strengthened its position against the US dollar, despite weak data on consumer confidence in Australia.

According to the report of ANZ-Roy Morgan, consumer confidence in Australia fell by 0.8%, to 120.4 points. The main pressure on the index was created at the expense of fears about future economic conditions.

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USD / CAD: the Canadian dollar was given a "postponement" until November

Last weekend in Mexico, presidential elections took place. The results of it can change not only the domestic scene but also the foreign policy of the country. Oddly enough, the Canadian dollar has become one of the beneficiaries of the current situation. The new president of Mexico, Lopez Obrador, can shift the NAFTA negotiation process away from a deadlock, especially since the American president is not in a hurry to leave the deal.

Having reached the annual peak of 1.3385, the USD / CAD pair began to creep down and literally within a few days, reached the middle of the 31st figure, where it is now being traded. The June weakness of the Canadian dollar is due to several reasons. First, the key macroeconomic indicators slowed down. The country's GDP grew by only 0.1% in April, while in March, this indicator reached 0.3%. Inflation also showed a weak growth with only 0.1% on a monthly basis, while in annual terms the indicator remained at the level of the previous month at 2.2%. The level of average hourly wages slightly decreased and the number of jobs in Canada declined by 7.5 thousand after a decrease of 1.1 thousand a month earlier. Analysts had expected the growth of this indicator at 23.5 thousand, so the published data disappointed the market.

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Despite the slowdown in the dynamics of the growth of key indicators, the country's economy remains in good shape, especially in the context of further tightening of monetary policy conditions. After all, in annual terms, inflation remains above 2%, the unemployment rate is at a record low level of 5.8%, and the sharp decline in the number of employees is explained by weather factors. In addition, the production PMI in June reached a record high, updating the 8-year record.

Given this picture, we can conclude that the main risks for the Canadian dollar are not related to internal macroeconomic factors, but with external fundamental factors. First of all, we are talking about oil and the prospects for the North American Free Trade Agreement (NAFTA). And if oil traders survived the key event of the half-year, the OPEC + meeting, then the issue of trade relations between the US, Canada, and Mexico is still on the agenda.

The difficult negotiations have lasted for almost a year, since the US side voiced its conditions in the form of an ultimatum. With the arrival of the new Mexican president, there were hopes in the market that the situation would move from the deadlock. Lopez Obrador has already stated that he will maintain close and friendly relations with the States, including within the NAFTA.

Such prospects were inspired by the bears of the USD / CAD, although the Canadian side does not show such friendliness towards the White House. However, if, with respect to Mexico, Donald Trump can apply the "carrot method", then with regard to his northern neighbor, he can also use the "whip". It is important to note that the US president recently voiced the intention to introduce duties on all imported cars (previously it was only a car from the EU).

Such a move would be a tangible blow to the Canadian economy. Canada's auto industry mainly consists of car assembly plants of such auto giants including Toyota, Honda, Ford GM and others. At the same time, Canada exports to the US is more than 70% of cars produced in the country for about $ 50 billion. If Trump realizes his plans, the consequences can be very serious, right up to the recession of the economy.

According to some experts, Trump leads a policy of compulsion towards Canada. This week, negotiations will resume but they are unlikely to be completed in the coming months. Last weekend, the US president said that he would not take any decisions on the NAFTA until the midterm elections to the US Congress.

Here, the American president can be understood: on November 6, the Lower House of Congress (House of Representatives), as well as 35 senators out of a hundred, will be re-elected. In addition, the Americans will re-elect 39 state governors. The White House should assess the new political alignment in the Lower House before taking drastic decisions on the NAFTA.

In other words, the Canadian dollar received a temporary respite. First, Trump does not break the deal and waits for November; secondly, the trilateral talks will be resumed in the renewed composition; Thirdly, the new president of Mexico is less categorical towards the United States than his predecessor.

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Such a fundamental picture allows us to say that the Bank of Canada will still raise the interest rate at one of the next meetings, especially given the positive dynamics of oil quotes. The combination of the above factors pulls the pair to the 30th figure, with the prospect of further decline to spring lows. The nearest price target for the southern movement is 1.3105 (the support level that corresponds to the Kijun-sen line at D1). Having overcome this target, the pair will be fixed in the 30th figure. Further prospects for the pair will depend on the determination of the Canadian regulator. If the Central Bank shows its intention to raise the rate in July, the USD / CAD will again return to the area of 20 figures.

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Weak retail sales can break the economy

The euro traded quite restrainedy in the morning paired with the US dollar after the release of statistics on retail sales and the producer price index. Given the lack of important fundamental news, volatility is likely to remain intraday.

According to the report of the statistics agency, retail sales in the euro area for May this year remained unchanged. This happened because the increase in energy prices had a negative impact on spending related to other goods and services. So, energy prices in June rose by just 8%. It is most likely that such a weak indicator will create additional pressure on the prospects for economic growth in the future.

As for the report on producer prices, then the European Central Bank has nothing to worry about. According to the data, the producer's selling prices in May 2018 increased by 0.8% compared with April. As for the same period in 2017, the prices increased by 3%.

As before, this increase was mainly due to the growth in tariffs of energy companies of 2.6%. Without taking into account the cost of energy carriers, producer prices increased by only 0.2% compared to April.

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As for the current technical picture of the EURUSD pair, it remained unchanged. Buyers need a confident breakdown and consolidation above the intermediate resistance level of 1.1660. Only a breakthrough in this range will allow us to count on a further upward trend with the update of the highs of 1.1720 and 1.1780.

The Australian dollar strongly strengthened against the US dollar and continues to maintain an upward trend. The pair received support after the decision of the Reserve Bank of Australia to keep interest rates unchanged. Thus, the key interest rate was maintained at 1.5%.

The RBA said that the rates correspond to the forecasts of GDP and inflation. It is expected that the reduction of unemployment and the return of inflation to the target level will occur gradually. Also, the central bank predicts a further decline in the unemployment rate and inflation in 2018 at a level slightly above 2%.

Concerning the risks, it is worth noting that the RBA is concerned about the US foreign trade policy, which makes the world prospects uncertain.

As for further prospects for the recovery of the Australian dollar from a technical point of view, the focus will now be on the range of 0.7430-0.7440. A breakthrough in this level will break the downtrend with a return to the larger levels of 0.7480 and 0.7540.

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