BITCOIN Analysis for July 11, 2018

Bitcoin has been quite impulsive with bearish pressure recently which pushed the price to reside below $6,500 but it managed to sustain the momentum above $6,000 support area. Despite having no negative fundamentals recently, the old conditioning is still assumed to be impacting the Bitcoin growth process. As of the current scenario, the dynamic levels are all cluttered while the bullish bias is still in the momentum. The Average True Range is still quite low indicating low liquidity in the market. As the price remains above $6,000 area, bulls are expected to interfere to push the price higher above $6,500 with a target towards $8,000 in the future.

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Fundamental Analysis of USD/CHF for July 11, 2018

USD/CHF has been quite corrective and volatile recently ranging between 0.9850 to 0.9980 area with daily candles. Though USD has been the dominant currency earlier due to recent worse NFP report results, the bullish momentum has turned quite indecisive.

After the worse NFP report published last week, USD has been quite mixed with the economic reports this week which lead to more indecision and volatility in the market. Today USD Core PPI report was published unchanged at 0.3% which was expected to decrease to 0.2%, PPI report decreased to 0.3% from the previous value of 0.5% which was expected to be at 0.2% and Final Wholesale Inventories had negative result of increasing to 0.6% which was expected to be unchanged at 0.5%. Moreover, today FOMC Member Bostic is going to speak about the upcoming interest rate decisions and monetary policies which are expected to have a neutral impact on the USD gains.

On the CHF side, this week Unemployment Rate report was published with a slight decrease to 2.6% from the previous value of 2.7% which failed to meet the expectation of 2.5%. Though it failed to meet the expectations but managed to gain some momentum in the process. Additionally, this Friday CHF PPI report is going to be published which is expected to be unchanged at 0.2%.

As of the current scenario, USD has been struggling to keep the momentum going against CHF whereas CHF also failed to provide better than expected report to support its gains in the process. Though certain indecision is still there in the market but if USD fails to provide better economic results in the coming days, CHF may lead the way further in the future.

Now let us look at the technical view. The price is currently residing below 0.9980 to 1.0035 area from where it is expected to push lower towards 0.9850 and later towards 0.97 in the coming days. The price action is still quite volatile and corrective but as of the recent bullish rejections in the process, it is expected to push lower in the coming days.

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Fundamental Analysis of EUR/GBP for July 11, 2018

EUR/GBP has been quite volatile and corrective after breaking above the 0.8850 with a daily close recently. Though the price has created higher lows, breaking out of the longer range between 0.87 and 0.8850, the impulsive bullish pressure is still not seen in the market.

Recently, EUR has been struggling for gains amid economic reports while ECB President Draghi has been quite optimistic about economic prospects. The market is currently quite indecisive. Today, ECB President Draghi spoke about the prospects of economic development until the year end. His speech may contribute to further strengthening of EUR. Ahead of the Euro group meeting and ECB Monetary Policy Meeting Accounts, the pair is likely to trade with higher volatility. Correction is also expected in the pair. EUR is expected to extend its strength in the coming days.

On the other hand, GBP has been quite mixed amid the recent economic reports. Indeed, UK GDP came in at 0.3%, Manufacturing Production increased to 0.4% from the previous value of -1.3% but failed to meet the expected 1.0%, and Goods Trade Balance remained unchanged at -12.4B which was expected to increase to -11.9B.

As for the current scenario, both currencies in the pair are struggling amid mixed recent economic reports and events. However, EUR is quite optimistic because of further economic developments. On the other hand, GBP has been weighed down due to the recent political jitters in the UK government. Thus, GBP is expected to weaken further against EUR in the short term.

Now let us look at the technical view. The price is currently residing above 0.8850 area which is quite nearer to the descending channel it has been following since September 2017. Though the price is still volatile, dynamic level of 20 EMA is acting as support, breaking above strong resistance of 0.8850. The bullish pressure is currently the strongest and expected to push the price higher with a target towards 0.90 area in the future. As the price remains above 0.8850, the bullish bias is expected to continue further.

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Banking areas of EUR/USD pair

Today, there have been regular operations on the open market, which allows us to determine the compilation zone of the bank. The significant area for today is located near the level of 1.1720, which indicates the consolidation above the previous zone.

After a month's flat, the couple was able to go beyond its upper limit. To continue the growth, it will be necessary to keep the price above the level of 1.1722. This will keep open purchases and consider new long-term transactions in the medium term. Confirmation above the zone of bank compilation will be the closure of today's US session. The next goal of the ascending model will be the June high.

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It is important to understand that the achievement of the June maximum can cause the appearance of a major proposal. This indicates the need to fix most of the purchases that are open at the current and past weeks.

Closing purchases will also be required if the price fixes below the zone of bank compilation today, as this will mean the formation of an accumulation zone or a reversal pattern. retention of purchases, in this case, will cease to be profitable. Closure of today's American session below the zone of bank compilation will allow consideration of the local sales. The purpose of which will be to return to the zone of last week, where a large number of open positions of major players are concentrated. This may allow you to get better prices for the purchase in the near future.

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Global macro overview for 11/07/2018

It may be a very interesting evening in Canada, where the overnight rate increase by 25 bps to 1.50% it is widely expected, but also almost entirely discounted. In a speech last week, the president of the Bank of Canada Stephen Poloz sounded optimistic, expressing satisfaction with the general state of the economy, while downplaying one-time "jumps" in monthly data. In the latter, it seemed to refer to the disappointing reading of retail sales in May, while the good condition of the economy was confirmed by the higher than expected GDP reading for April. Moreover, the quarterly central bank survey among enterprises indicated an increase in the general sentiment indicator to the highest level since 2011. The survey also showed an increase in inflation expectations and tensions in the labor market due to a shortage of employees. What can go wrong? Business surveys were conducted before the US announced tariffs on steel and aluminum imports. Hence, the hike may be framed with a cautious message emphasizing fears about the effects of global trade conflicts. With the current investment climate, it is real that the greater risk lies in "selling facts" and realizing profits from the last wave of CAD appreciation.

Let's now take a look at the USD/CAD technical picture at the H4 time frame. The market has bounced from the important techncial support at the level of 1.3066 and now the bulls have managed to retrace almost 38% of the previous swing down. The key retracement is seen at the level of 1.3263, just above the key technical resistance at the level of 1.23260, so if the bulls want to regain the control over the market, they must break through this zone. Otherwise, the temporary down pull-back will continue towards the level of 1.2834.

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Global macro overview for 11/07/2018

The risk appetite mode was abating in the financial markets with the announcement of a new salvo in the US trade war with China. The pressure on commodity currencies and emerging markets are coming back, the USD recovers, but also JPY and CHF.

Peace of mind in the subject of trade wars did not last long, because at night the US administration announced that it was ready with a list of US $ 200 billion worth of imported goods from China, which will be analyzed to impose customs duties of 10%. This is another step in the fight against the trade deficit after customs tariffs of 25% implemented last week. for goods worth 34 billion USD and another 16 billion USD waiting for launch (probably at the beginning of August). The decision of the White House is not a complete surprise - President Trump warned earlier that if China responded to his duties (and responded on Friday), further sanctions would be prepared. Financial markets vaporized the risk appetite with the greatest damage to stocks, commodities and risk currencies, but there is no wider panic. Beijing, for the time being, withstands the immediate answer and appeals for cooperation. On the other hand, yuan loses today 0.5% and tolerating such a state of affairs by the Chinese authorities will, in a sense, be a retaliatory action. Generally, however, we return to trade on elevated nervousness with the preference of safe havens. Sales of AUD/USD and NZD/USD will be preferred channels within the major currencies; USD/JPY will have to slow down with the aspirations at 112 (through the depreciating stock market); there are also no conditions for the EUR/USD to climb to 1.18. It will be easier, however, for the risk aversion to sparkle under the pretext of every little information.

Let's now take a look at the Gold technical picture at the daily time frame, as this asset is very often used during turbulent times as a safe-heaven. After the Death Cross formation that happened a couple of weeks ago, the price of Gold is still falling. The recent clear Doji candle at the technical resistance at the level of 1.261 is an indication, that bears are still in control of the market and they will try to test the technical support at the level of 1,236 again. The weak momentum supports the bearish outlook.

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Bitcoin analysis for July 11, 2018

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Trading recommendations:

Recently, Bitcoin has been trading downwards. As I expected, the price tested the level of $6.240. According to the H1 time - frame, I found a breakout of the upward trendline in the background, which is a sign that sellers are in control. I also found the inntraday downward channel, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target i sset at the price of $5.767.

$6.370 Intraday resistance; $6.220– Intraday support; $5.767 – 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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USD/CAD analysis for July 11, 2018

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Recently, USD/CAD has been trading upwards. The price tested the level of 1.3168. According to the H4 time - frame, I found a broken downward trendline in the background, which is a sign that selling looks very risky. I also found a broken intraday bullish flag pattern, which is another sign of strength. My advice is to watch for potential buying opportuntiies. The upward target is set at the price of 1.3221.

Resistance levels: R1: 1.3160 R2: 1.3175 R3: 1.3200

Support levels: S1: 1.3115 S2: 1.3085 S3: 1.3070

Trading recommendations for today: watch for potential buying opportunities.

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GBP/USD analysis for July 11, 2018

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Recently, GBP/USD has been trading downwards. The price tested the level of 1.3240. According to the H1 time - frame, I found a broken upward trendline in the background and potential completed flat upward correction (abc flat), which is a sign that buying looks very risky I also found a broken intraday bearish flag pattern, which is another sign of weakness. My advice is to watch for potential selling opportuntiies. The downward targets are set at the price of 1.3190 and at the price of 1.3050.

Resistance levels: R1: 1.3298R2: 1.3338 R3: 1.3375

Support levels: S1: 1.3220S2: 1.3185 S3: 1.3144

Trading recommendations for today: watch for potential selling opportunities.

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Bitcoin analysis for 11/07/2018

Bitcoin analysis for 11/07/2018:

Cryptocurrency malware that infected more than one million computers in China has reportedly earned over $ 2 million in its developers over two years.

According to a local press report, the police in the Chinese city of Da Lian arrested 20 suspects from a computer company that allegedly took control of a large number of computers to earn illegal digging of cryptocurrencies.

By clicking on ads and installing plugins, more than a million computers were infected, extracting 26 million dollars in two years in DigiByte, Decred and Siacoin, police informs.

Hackers evidently chose to extract smaller cryptocurrencies, because they do not require so much computing power, which allows a quieter extraction process and less chance of seeing it by the victims. The report also indicates that hackers have created a network of over 100 agents who helped propagate illegal mining software, for example by working with Internet cafes.

In June, another group of hackers in China was also liquidated for alleged collusion with local computer maintenance companies in order to break into more than 100,000 computers belonging to internet cafes - also to extract the Siacoin cryptocurrency.

Traders beware: do not install suspicious programs and do not follow any suspicious links on social media related to the cryptocurrency news, analysis, airdrops or bounty.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has broken below the short-term internal trend line support and now is consolidating in the middle of the range, around the level of technical support at $6,334. The price is already below the weekly pivot, which might indicate more downside price action to come soon. The next target for bears is seen at the level of $6,064 (weekly pivot support) and then at $5,900, which is very close to the swing bottom at $5,742.

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Trading plan for 11/07/2018

On Tuesday evening, the US announced that it is preparing a list of Chinese commodities worth USD 200 billion, which may be subject to subsequent 10% customs duties. Information electrified the market. In the first USD/JPY reaction, it fell from around 111.30 to 111.05. AUD is hit the hardest, which has been pushed to USD 0.7410.

So far, China has not announced retaliation. The Chinese Ministry of Trade expressed its surprise at the situation, but also indicated that cooperation is the only right way for a US-China relationship. After these comments, the market calmed down a bit. Nonetheless, the yuan is losing 0.4% to the dollar today.

The remainder of the trade war has damaged the sentiment on the stock market. Shanghai Composite is losing 2.2% and Japanese Nikkei225 is down 1.0%.

On Wednesday the 11th of July, the event calendar is busy in important data releases. The global investors will receive data on PPI inflation from the US. Canadians will decide on the level of interest rates. We can also expect Nouy from the ECB, Carney from BoE and Williams from the Fed to give a speech.

Crude Oil analysis for 11/07/2018:

WTI crude oil fell to USD 73.1 per barrel overnight, although it is slowly recovering and is already 50 pips higher. The declines have been caused by the news that the US is considering excluding some countries from potential sanctions that will affect countries that import oil from Iran in November. Earlier, the API report showed a strong drop in inventories in the US last week: -6,8 million barrels, almost double the forecasts before today's DoE report. The DoE expects a drop of -3,894 barrels after a gain in stockpiles of 1245 last week.

Let's now take a look at the Crude Oil technical picture at the H4 time frame. The sequence of consecutive higher highs and higher lows are indicating a strong uptrend on this market, which made a new swing high recently at the level of 75.30. Currently, the price is testing the nearest support at the level of 72.84, but the local low at the level of 72.13 was made already. Moreover, there is a clear bearish divergence between the price and the momentum oscillator, so it might be a time for a corrective pull-back towards the level of 69.39. Worse than expected DoE inventories data might trigger this move downward.

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Ichimoku cloud indicator analysis on EUR/USD for July 11, 2018

The EUR/USD pair has pulled back below 1.17 yesterday. The price challenged the 4-hour kijun-sen support and managed to stay above it. Price reversed higher towards 1.1740 and it still trades above the tenkan- and kijun-sen indicators. The trend remains bullish as the price is still above the Kumo (cloud).

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EUR/USD has pulled back as far as the 50% Fibonacci retracement of the rise from 1.1590 and closed above the 38% Fibonacci retracement. This pullback and short-term weakness can now be followed by more strength in EURUSD towards 1.19-120. Key resistance is at 1.1760 and next at 1.1790. Support is at 1.1720 and next at 1.1685. Holding above 1.17 is crucial for the short-term. The trend remains bullish therefore we still consider any pullback as a buying opportunity.

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Technical analysis on Gold for July 11, 2018

The Gold price made a deep pullback yesterday below $1,250 but managed to close above it. Gold price could be making an ABCD pattern with $1,272 as the first target and $1,290 as the second target. The Gold price has more upside potential than downside.

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Red lines - targets

Black line - resistance

Blue lines - ABCD pattern

The Gold price has short-term resistance at $1,256 and next at $1,265. Breaking above these levels will confirm and strengthen the bullish scenario for a move at least towards $1,272. On the other hand, if prices break below $1,240 bulls will be in trouble as we should then expect the price to move towards $1,200.

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Technical analysis of EUR/JPY for July 11, 2018

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If we look at the 4-hour chart of EUR/JPY, we know exactly this pair is moving in a bullish bias. This dynamic has been already seen by the price above the 50-moving average. However, there is a possibility for the price to make correction to 129.56-129.09 levels. As long as the price does not breakout and close below the 128.47, EUR/JPY will be trading with the bullish trajectory.

(Disclaimer)

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Technical analysis of GBP/JPY for July 11, 2018

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From the 4-hour chart, we can see clearly that the GBP/JPY pair is moving in a bullish bias. This has already been spotted by the price above the 21-period moving average. However, there is a possibility for this pair to make correction to 146.09 in the short term. As long as the price does not break out and close below 145.15, the pair is likely to trade higher.

(Disclaimer)

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Euro can continue correction downwards

The euro slightly rose yesterday morning against the US dollar against the backdrop of good data on Germany's exports, but risky assets did not manage to hold their positions, and already positive fundamental reports on the US led to profit fixation in the European currency and strengthening of the US dollar.

According to the report of the Federal Bureau of Statistics of Germany, exports in May this year rose amid escalating trade tensions between the US and China. Thus, exports from Germany increased by 1.8% compared to the previous month, while imports showed growth of only 0.7%. In the period from January of this year to May, exports to the countries of the eurozone grew by 6% compared to the same period in 2017.

Germany's foreign trade surplus totaled 20.3 billion euros in May, while economists expected a surplus of 20.0 billion euros.

In the course of his speech, the representative of the ECB Novotny said that a currency trade could join the trade war. In his view, US protectionist measures will harm the entire global economy.

Novotny also drew attention to the fact that the deflationary threat in the eurozone was left behind, and reinvestment of funds received by the ECB from bonds should not be aimed only at long-term bonds.

The attention of traders and investors yesterday was also riveted on the speech of ECB President Mario Draghi, who said that the basic fundamentals are still strong, despite the fact that economic growth has become more moderate. According to Draghi, the basic inflation is expected to accelerate, but in this connection, it will happen, the ECB president did not specify.

In the second half of the day came data on the US, which provided support to the US dollar. According to the report, the index of employment trends of the Conference Board in June this year increased. So, the index was 108.94 points against 107.72 points in May. In comparison with the same period of the previous year, the index in June rose by 5.2%.

As noted in the Conference Board, the situation on the labor market will continue to improve in the coming months.

Consumer lending in the US in May also increased, which will support the economy in the future.

According to the report of the Federal Reserve System, unsecured consumer lending in May 2018 increased by 7.61%, or by 24.56 billion US dollars, compared with the previous month. Economists forecast an increase of 12.75 billion dollars.

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Intraday technical levels and trading recommendations for NZD/USD for July 11, 2018

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

The 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 already achieved.

The price level of 0.7050 was considered as a key-level for the NZD/USD bears. That's why, 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 a valid SELL entry.

Quick bearish decline took place towards 0.6800 where a false bearish breakdown occurred. This allowed a temporary bearish movement to occur towards 0.6680. However, the pair failed to maintain enough bearish momentum.

Instead, evident signs of bullish rejection pushed the NZD/USD pair above 0.6820 again.

Trade Recommendations:

Currently, the price zone of 0.6780-0.6820 constitutes a prominent demand zone to be watched for BUY entries with potential bullish targets around 0.6900-0.6980.

Please be cautious if any breakdown below 0.6750 occurs as this invalidates the previous bullish scenario.

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Intraday technical levels and trading recommendations for EUR/USD for July 11, 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.

Shortly after, 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 below the price zone was expressed in the market.

In June 2018, the price zone (1.1850-1.1750) offered significant bearish rejection which led to the bearish decline towards 1.1500.

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

Hence, the EUR/USD pair remains trapped inside a consolidation range between the depicted key-levels of 1.1520 and 1.1800 until a breakout occurs in either direction.

Early weak signs of bearish rejection around 1.1800 are already manifested on the chart. That's why, further bearish movement should be anticipated towards 1.1670 initially.

Please note that any bullish breakout above 1.1750 will probably enhance further bullish advancement initially towards 1.1850 where further targets can be determined.

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GBP / USD. 10th of July. The resignations of David Davis and Boris Johnson dumped the pound sterling

4-hour timeframe

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Amplitude of the last 5 days (high-low): 92p - 79p - 71p - 87p - 174p.

The average amplitude for the last 5 days is 101p (89p).

In the United Kingdom, a political crisis is brewing. Yesterday, it became known that Foreign Minister Boris Johnson and the Minister for Brexit David Davis decided to leave their posts. Both politicians have expressed negative opinions about the policy of Theresa May and believe that her plan to exit the country from the EU is not feasible. Thus, the authority of Theresa May collapses before her eyes and it will be very difficult for her to stay in power. Johnson and Davis took an active part in the UK withdrawal procedure from the EU and their departure is a signal that very few members of Parliament agree with May's policy. A little later, Theresa May warned the Parliament that the country should prepare for any Brexit scenario, including "hard". Thus, the chances of a "soft" scenario are melting away. Already the former Minister for Brexit David Davis believes that Brussels can make new demands for concessions, considers it unlikely that Britain will leave the Customs Union and the common market and is against the "soft" scenario of Brexit. Thus, in the United Kingdom political chaos reigns now, and the pound sterling, just beginning to restore its positions against the dollar, may again collapse into the abyss. The results of the referendum two years ago showed that about half of the country's citizens do not support the idea of secession from the EU. Approximately the same alignment of forces is present in the British Parliament and even within the Conservative Party. May in the early elections failed to form a majority, and now her political positions are deteriorating every day. In general, in the medium term, the pound's positions again look depressing, and traders now need to closely monitor not only the regular speeches and statements of Trump but also the news from the Parliament of Great Britain.

Trading recommendations:

On Tuesday, the currency pair GBP / USD fell back slightly but remained below the Kijun-Sen line. Thus, shorts are now relevant for small lots (since there is no "dead cross" yet) with targets of 1,3181 and 1,3156.

Buy-positions will again become relevant only after the bulls are fixed above the critical line with targets of 1.3310 and 1.3351. However, given the latest news from the UK, this scenario is now considered unlikely.

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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Wave analysis of EUR / USD for July 10. The Euro fully adheres to the working scenario

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Analysis of wave counting:

During the trades on Monday, the currency pair EUR / USD added several points and remained, therefore, within the framework of the proposed wave 3, c, 4. Thus, the wave pattern for the past day did not change, and the pair has a good potential for further increase with goals that are about 19 figures. At the same time, as long as the pair did not break the maximum of the assumed wave a, at 4, the probability that the entire trend section, which takes its origin on June 14, is transformed into the first waves in the future wave 5 of the trend's downward segment remains.

The objectives for the option with sales:

1.1440 - 323.6% of the Fibonacci of the highest order

1.1118 - 423.6% of Fibonacci

The objectives for the option with purchases:

1.1866 - 100.0% of Fibonacci

1.2072 - 127.2% of Fibonacci

General conclusions and trading recommendations:

The currency pair EUR / USD continues to build wave 3, c, 4. Thus, on July 10, I recommend to remain in purchases with targets located near the calculated marks of 1.1856 and 1.2072, which equates to 100.0% and 127.2% by Fibonacci. I recommend returning to sales after receiving confirmation of the completion of the whole wave 4 or about the transformation of the site from June 14 to wave 5. At the moment, there is no sign of such scenario.

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Trading plan for the European session July 10 GBP / USD

To open long positions for GBP / USD, you need:

To continue the growth of the British pound, buyers need a breakthrough and consolidation above the resistance of 1.3257 and good data on the UK economy. Only the trade at 1.3257 will be a signal to open long positions in return for the resistance area 1.3311, where I recommend fixing the profit. If the pound is lowered in the morning under the support level 1.3223, long positions can be opened for a rebound from 1.3157 or after a false breakout from the level of 1.3189.

To open short positions for GBP / USD, you need:

An unsuccessful attempt to consolidate at 1.3257 resistance level and return to it under the first half of the day will be the first signal for the opening of short positions on the pound, with the main goal of reducing to support 1.3223, the breakdown of which will lead to a larger sale, with a yield to the lows in the area of 1.3189 and 1.3157 . In the case of growth above 1.3257, the pound can be sold at a rebound of 1.3311.

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Description of indicators

MA (average sliding) 50 days - yellow

MA (average sliding) 30 days - green

MACD: fast EMA 12, slow EMA 26, SMA 9

Bollinger Bands 20

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Predictably, the pound sterling fell?

On Monday, the unexpected news came to the markets about the resignation of British Foreign Secretary B. Johnson. Against this background, the rate of the British currency at the moment collapsed in relation to all major currencies. Against the US dollar, he collapsed by one hundred and sixty points.

The news of the resignation of the British foreign minister stirred up the currency market and exerted a strong pressure on the sterling rate, which after some recovery on Monday evening resumed the downward trend on Tuesday. Against the backdrop of all these events, the question arises: did not this decline become natural?

We earlier at the beginning of this year expressed doubts that the UK and the EU will, as they say, amicably break up. On the one hand, the EU pressure in the face of Germany, which wanted to punish Britain, so that other members of the union did not have the desire to do the same, and on the other - the internal contradictions in the elite on the "foggy Albion" did not allow to solve this problem. Given this reality, we believe that the government crisis in London reaches the point of the highest boil. It is likely that the resignation of the odious Johnson is not over.

It is likely that the new resignations or grinders of some members of the Cabinet will shake the British government and have a strong negative impact on the exchange rate of the national currency. We expect that in the current situation sterling will be extremely sensitive to this, which means that we can witness its new collapse. In our opinion, yesterday's collapse of the British currency was predictable, but the question was when it would happen.

In this situation, it seems, "unsweetened" will be a single European currency, which has recently added to the wave of positive economic data from the eurozone and especially Germany. The pressure of the unsettled situation around the exit of Britain from the EU will implicitly put pressure on the euro, which means that it can be assumed that focusing investors again on the problem of trade wars can again reduce investor demand for risky assets, and in this situation the euro will once again experience growth difficulties against the dollar The US and its decline will only be strengthened by Brexit's problem. In any case, yesterday's news about the resignation of Johnson is vividly demonstrated.

Assessing this state of affairs, we can say that both the euro against the dollar and the sterling against it will be sold off on growth, generally remaining in the short term in the current "outset".

Forecast of the day:

The EUR / USD is trading above the 1.1725 level. A fall below this level could be the reason for the price decline to 1.1690, and then to 1.1660.

The GBP / USD is trading at 1.3285. The couple is trying to recover from yesterday's collapse. We consider it necessary to sell it on growth from the level of 1.3285 with a probable target of 1.3150.analytics5b445fab46a3c.png

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Trading plan for EUR / USD as of July 10, 2018

Just nine months before Britain's final withdrawal from the European Union, the British again began to muddy the water. The government of Theresa May began a full-scale crisis, as some members of her cabinet spoke out against the agreement reached with Europe, which they regarded as excessively mild and contrary to the will of the people expressed during the referendum. Not only that the Minister for Brexit Affairs resigned, so also the Foreign Minister slammed the door loudly. On the eve of such a large-scale event as the finalization of the divorce between Britain and the European Union, there was not enough for the complete happiness of the political crisis alone. Naturally, this led to a panic sale of the pound, since it is better to fix it even with a loss, rather than being a direct participant in the theater of the absurd with an unpredictable result. Well, a sharp drop in the pound, through the dollar index, triggered a decline in the single European currency. Although here, the dollar index is not needed, since the political crisis in Britain is directly affected by the European Union.

It's ridiculous, but the dollar already had a reason for growth due to data on consumer lending. First reviewed the previous values from $ 9.3 billion to $ 10.3 billion. Also, instead of the expected 12.5 billion dollars for May, Americans collected as much as $ 24.6 billion in consumer loans. That is, considering the number of working days in May, and on the weekend, American banks are not fundamentally working, every day Americans recruited consumer loans for more than $ 1 billion, so that you can easily dismiss any talk about the risk of a drop in consumer activity in the US.

Nevertheless, today the dollar will have to cool down somewhat, as together with the revision of previous results on consumer lending, the forecasts on the number of open vacancies were revised. If yesterday it was expected that the number of open vacancies should grow, which mitigated the negative effect caused by the latest report of the US Department of Labor, now they are expected to reduce from 6,698 to 6,583 thousand. In other words, the increased army of free labor is no longer offered so many free jobs. Naturally, this threatens an even greater deterioration of the situation in the labor market.

The euro / dollar currency pair, following the pound, jerked down, returning us to the region of the 1.1720 range. It is possible to assume that the quotation will try to restore positions, returning us to the values of 1.1760 / 1.1775.

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Analysis of EUR / USD Divergences on July 10. European currency surrendered on Monday

4h

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The pair EUR / USD on the 4-hour chart, after the formation of the second consecutive bearish divergence, executed a turn in favor of the US currency and consolidation under the correction level of 76.4% - 1.1771. As a result, the fall of the pair can be continued in the direction of the next Fibo level of 61.8% - 1.1721. July 10 is maturing bullish divergence in the CCI indicator. Its formation will allow us to count on a turn already in favor of the euro and the resumption of growth towards the corrective level of 100.0% - 1.1852.

The Fibo grid is built on the extremes of June 14, 2018, and June 21, 2018.

Daily

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On the 24-hour chart, the pair completed growth to a correction level of 76.4% to 1.1789. Quit of quotes from the level of Fibo 76.4% allows you to count on a reversal in favor of the US dollar and a slight drop in the direction of the correction level of 100.0% - 1.1553. Also, the bearish divergence of the CCI indicator is maturing, which increases the probability of rebound from the Fibo level of 76.4%. The consolidation of quotations above the correction level of 76.4% will work in favor of continuing growth towards the next Fibo level of 61.8% - 1.1938.

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

Recommendations for traders:

Buy the pair EUR / USD on July 10 will be possible with the target of 1,1852 with a Stop Loss level below the Fibo level of 76.4% if there is a close above the correction level of 1,1789 (daily chart), especially in conjunction with bullish divergence on the 4-hour graphics.

The EUR / USD pair can now be traded with a target of 1.1721, as there was a close under the Fibo level of 76.4%, with a Stop Loss order above 1.1771 before the formation of a bullish divergence.

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Technical analysis: Intraday Level For EUR/USD, July 11, 2018

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When the European market opens, some Economic Data will be released such as German 10-y Bond Auction. The US will also release the Economic Data such as Crude Oil Inventories, Final Wholesale Inventories m/m, PPI m/m, and Core PPI m/m, so amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1786.

Strong Resistance:1.1779.

Original Resistance: 1.1768.

Inner Sell Area: 1.1757.

Target Inner Area: 1.1729.

Inner Buy Area: 1.1701.

Original Support: 1.1690.

Strong Support: 1.1677.

Breakout SELL Level: 1.1670.

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 11, 2018

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In Asia, Japan will release the Tertiary Industry Activity m/m, PPI y/y, and Core Machinery Orders m/m. The US will also release some Economic Data such as Crude Oil Inventories, Final Wholesale Inventories m/m, PPI m/m, and Core PPI m/m. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 111.46.

Resistance. 2: 111.24.

Resistance. 1: 111.02.

Support. 1: 110.77.

Support. 2: 110.55.

Support. 3: 110.33.

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 NZD/USD for July 11, 2018

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Overview:

The NZD/USD pair continues to move downwards from the level of 0.6840 (23.6% of Fibonacci retarcement). This week, the pair has dropped from the level of 0.6840 to trade around the 0.6775 level. This level of 0.6840 coincides with the major resistance today. Today, the first resistance level is seen at 0.6840 followed by 0.6880, while daily support 1 is found at 0.6742. Also, the level of 0.6775 represents a key price today for that it is acting as major resistance/support this week. Amid the previous events, the pair is still in a downtrend, because the NZD/USD pair is trading in a bearish trend from the new resistance line of 0.6840/0.6807 towards the first support level at 0.6742 in order to test it. If the pair succeeds to pass through the level of 0.6742, the market will indicate a bearish opportunity below the level of 0.6742. Then, resell again at the price of 0.6742 with the targets of 0.6716 and 0.6697. On the other hand, if a breakout happens at the resistance level of 0.6843, then this scenario may be invalidated.

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Technical analysis of GBP/USD for July 11, 2018

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Overview:

The GBP/USD pair is still trading below the daily major resistance of the 1.3276 level. 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 the 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 the 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 other hand, 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 1.3340.

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Fractal analysis for major currency pairs as of July 10

Dear colleagues.

For the EUR / USD pair, there is a high probability of movement towards correction and capacity building for the bottom. For the GBP / USD pair, the price is in deep correction from the upward structure and forms the potential for the bottom of July 9. For the USD / CHF pair, the range of 0.9927 - 0.9942 is the key support for the downward structure from June 28. For the USD / JPY pair, we expect the formation of a local structure for an upward trend after the breakdown of 111.10. The upward structure of June 26 is more relevant. For the EUR / JPY pair, the price is in the 8 vertical zone. The continuation of the upward movement is expected after the breakdown of 130.66. For the GBP / JPY pair, we expect the design of the local structure for the subsequent upward movement, which is possible after the breakdown of 147.50.

The forecast for July 10:

Analytical review of currency pairs in the scale of H1:

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For the EUR / USD pair, the key levels on the scale of H1 are: 1.1889, 1.1861, 1.1807, 1.1771, 1.1718, 1.1684 and 1.1652. Here, we follow the development of the upward cycle of June 28. The continuation of the upward movement is expected after the breakdown of 1.1771. In this case, the target is 1.1807. Near this level is the consolidation of the price.The break of the level of 1.1810 should be accompanied by a pronounced movement towards the level of 1.1861. The potential value for the top is the level of 1.1889, after which we expect consolidation in the area of 1.1861 - 1.1889, as well as a pullback to the bottom.

Short-term downward movement is possible in the area of 1.1718 - 1.1684. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.1652. This level is the key support for the upward structure.

The main trend is the upward structure of June 28.

Trading recommendations:

Buy: 1.1771 Take profit: 1.1805

Buy 1.1812 Take profit: 1.1860

Sell: 1.1716 Take profit: 1.1690

Sell: 1.1682 Take profit: 1.1656

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For the GBP / USD pair, the key levels on the scale of H1 are 1.3422, 1.3368, 1.3329, 1.3297, 1.3274, 1.3192, 1.3155, 1.3131 and 1.3069. Here, the price is in deep correction from the upward structure of June 28 and forms the potential for the bottom of July 9. The continuation of the upward movement is expected after the breakdown of 1.3330. Here, the first target is 1.3368. The potential value for the top is the level of 1.3422. Near this level, we expect the consolidation of the price.

The level of 1.3192 is the key resistance for the development of the downward structure from July 9. Its breakdown will allow us to count on the movement towards 1.3155. In the area of 1.3155 - 1.3131 is the consolidation of the price. The potential value for the bottom is the level of 1.3069. The movement towards this level is expected after the breakdown of 1.3130.

The main trend is the upward structure of June 28, a deep correction.

Trading recommendations:

Buy: 1.3298 Take profit: 1.3327

Buy: 1.3331 Take profit: 1.3366

Sell: 1.3190 Take profit: 1.3160

Sell: 1.3130 Take profit: 1.3074

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For the USD / CHF pair, the key levels on the scale of H1 are: 0.9967, 0.9942, 0.9927, 0.9882, 0.9865, 0.9849, 0.9812 and 0.9783. Here, the range of 0.9927 - 0.9942 is the key support for the downward structure from June 28. Passing by the price will lead to the development of the upward potential from July 9. In this case, the first target is 0.9967.

Continued downward motion is expected after the breakdown of 0.9882. In this case, the target is 0.9865. In the area of 0.9865 - 0.9849 is the consolidation of the price. The breakdown of the last value should be accompanied by a pronounced downward movement towards the level of 0.9812. The potential value for the bottom is the level of 0.9783. Upon reaching this level, we expect a pullback upward.

The main trend is the downward structure of June 28, the stage of deep correction.

Trading recommendations:

Buy: 0.9943 Take profit: 0.9965

Buy: 0.9968 Take profit: 0.9990

Sell: 0.9880 Take profit: 0.9865

Sell: 0.9847 Take profit: 0.9814

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For the USD / JPY pair, the key levels on a scale are: 112.00, 111.58, 111.39, 111.09, 110.52, 110.25 and 109.96. Here, we continue to follow the upward structure of June 26. The continuation of the development of the upward cycle from June 26 is expected after the breakdown of 111.10. In this case, the target is 111.39. In the area of 111.39 - 111.58 is the consolidation of the price. The potential value for the top is the level 112.00. After reaching this level, we expect a pullback downwards.

Consolidated movement is possible in the area of 110.52 - 110.25. The breakdown of the latter value will lead to the development of a downward structure. In this case, the first potential target is 109.96.

The main trend is the upward structure of June 26.

Trading recommendations:

Buy: 111.10 Take profit: 111.36

Buy: 111.60 Take profit: 112.00

Sell: 110.25 Take profit: 110.00

Sell: Take profit:

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For the CAD / USD pair, the key levels on the H1 scale are: 1.3247, 1.3193, 1.3147, 1.3071, 1.3025, 1.2938, 1.2872 and 1.2768. Here, we follow the formation of a downward structure from June 27. Short-term downward movement is expected in the range of 1.3071 - 1.3025. The breakdown of the last value will lead to the development of a pronounced downward movement. Here, the target is 1.2398. In the area of 1.2938 - 1.2872, we expect a short-term downward movement. The potential value for the bottom is the level of 1.2768. The movement towards this level is expected after the breakdown of 1.2870.

Short-term upward movement is possible in the area of 1.3147 - 1.3193. The breakdown of the last value will lead to in-depth correction. Here, the target is 1.3247. This level is the key support for the bottom.

The main trend is the formation of a downward structure from June 27.

Trading recommendations:

Buy: 1.3148 Take profit: 1.3190

Buy: 1.3195 Take profit: 1.3245

Sell: 1.3025 Take profit: 1.2940

Sell: 1.2935 Take profit: 1.2875

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For the AUD / USD pair, the key levels on the scale of H1 are: 0.7600, 0.7555, 0.7538, 0.7502, 0.7478, 0.7427, 0.7402 and 0.7367. Here, we follow the development of the upward structure of July 2. Short-term upward movement is possible in the area of 0.7478 - 0.7502. The breakdown of the last value will lead to a pronounced movement. Here, the target is 0.7538. In the area of 0.7538 - 0.7555 is the consolidation of the price. The potential value for the top is the level of 0.7600. Upon reaching this level, we expect a pullback downwards.

Short-term downward movement is possible in the area of 0.7427 - 0.7402. The breakdown of the last value will lead to in-depth correction. Here, the target is 0.7367.

The main trend is the upward structure of July 2.

Trading recommendations:

Buy: 0.7478 Take profit: 0.7500

Buy: 0.7504 Take profit: 0.7536

Sell: 0.7425 Take profit: 0.7404

Sell: 0.7400 Take profit: 0.7370

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For the of EUR / JPY pair, the key levels on the scale of H1 are: 132.02, 131.20, 130.64, 129.90, 128.80, 128.34, 127.74 and 127.06. Here, we follow the development of the upward structure of June 28. At the moment, the price is in the final 8 zone (vertical scale) for this cycle. The continuation of the upward movement is expected after the breakdown of 129.90. In this case, the target is 130.64. In the area of 130.64 - 131.20, we expect short-term upward movement, as well as the consolidation of the price. The potential value for the top is the level of 132.02. Upon reaching this level, we expect a pullback downwards.

Short-term downward movement is possible in the area of 128.80 - 128.34. The breakdown of the last value will lead to in-depth correction. Here, the target is 127.74. This level is the key support for the upward structure of June 28.

The main trend is the upward structure of June 28.

Trading recommendations:

Buy: 129.90 Take profit: 130.60

Buy: 130.66 Take profit: 131.20

Sell: 128.80 Take profit: 128.38

Sell: 128.30 Take profit: 127.80

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For the GBP / JPY pair, the key levels on the scale of H1 are: 150.20, 149.24, 148.89, 148.10, 147.48, 146.67, 146.20, 145.57 and 144.52. Here, we follow the upward structure of June 28. At the moment, the price has passed the 8th zone of the vertical scale and we are expecting the formulation of local initial conditions for continuing the movement towards the top. Short-term upward movement is possible in the area of 147.48 - 148.10. The breakdown of the last value should be accompanied by a pronounced upward movement. Here, the target is 148.89. In the area of 148.89 - 149.24 is the consolidation of the price. The potential value for the top is 150.20, but we expect the move to this level after the local structure is formalized.

Short-term downward movement is possible in the area of 146.67 - 146.20. The breakdown of the last value will lead to in-depth correction. Here, the target is 145.57. This level is the key support for the upward structure of June 28. Its breakdown will lead to a downward movement. In this case, the target is 144.52 .

The main trend is the upward structure of June 28.

Trading recommendations:

Buy: 147.50 Take profit: 148.10

Buy: 148.15 Take profit: 148.85

Sell: 146.65 Take profit: 146.22

Sell: 146.18 Take profit: 145.60

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EUR/USD. 10 July. The political crisis in Britain caused demand for the US dollar

4-hour timeframe

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Amplitude of the last 5 days (high-low): 52p - 51p - 70p - 88p - 58p.

The average amplitude for the last 5 days is 64p (72p).

Important macroeconomic reports during the first trading day of the week in the European Union and the United States were not published. However this happens often in recent times, as there were some new statements from Donald Trump. This time, the US president stated his opinion and criticized the NATO countries that spend too little on defense issues. The states list about 4% of GDP for NATO financing, while Germany had 1% only. This does not suit Trump, and world experts have already begun to talk about the fact that the US leader can destroy the Alliance. Given the radical actions of Trump in all areas, this option cannot be ruled out. Trump likes to set conditions, non-fulfillment of which leads to sanctions and conflicts. However, this event did not caused the increased in demand for the dollar yesterday. The main events took place in the UK, where Foreign Minister Boris Johnson, as well as Brexit minister David Davis had resigned. These politicians, like many other members of Parliament, disagree with Theresa May's policy and believe that Brexit's procedure is falling apart. After the appearance of this information, both the euro and pound sterling rushed down. The euro did not fell not too much, so yesterday's decline can be attributed to the sheer correction which has been brewing after two days strengthening of the currency pair. In turn, ECB head Mario Draghi noted that the quantitative incentive program perfectly supported inflation and the European economy at the right time. However, Draghi still fears the protectionism policy of Donald Trump and the trade war in which the EU is already involved. Technically, the pair switched to the downward correction to the critical Kijun-sen line, and the average volatility fell to 64 points a day.

Trading recommendations:

The EUR/USD currency pair has started correction but the uptrend persists. Thus, it is now recommended to wait for the completion of the correction and look for new entry points for longs with a target of 50-60 points above the correction completion point.

Short positions can be considered small lots for the Kijun-sen line, as the MACD indicator turned down. Shorts can be closed near the critical line, as the instrument is preserved before the upward trend.

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.

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

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

Speculators, as always, are at a loss

GBP / USD

On Monday, the British pound fell by 173 points as it prevail over the market and probably, will prompt the decline in the medium-term. The reason for this was the resignation of Boris Johnson as foreign minister (following the resignation of Brexit affairs minister David Davis). Now, the issue of Theresa May's impeachment has further intensify.

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Technically, the price was accurately reflected from the blue trend line and the current session opened under the balance sheet. The line of the Marlin oscillator is already close to the possible transition to the negative zone.

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To confirm the declining trend, it is necessary to overcome the trend line support on the 4-hour chart (1.3190 level coincides with yesterday's low), then it is possible to attack the support zone 1.3030 / 50 with further target to the lower border of the price channel at 1.2818.

Today, important UK macroeconomic data on will come out. The industrial production in May is expected to grow by 0.5% after the previous compression by -0.8%. Production in the construction sector is expected to be slightly better, showing 0.4% growth versus 0.5% in April. The trade balance for May is projected to improve from -14.0 billion pounds to -11.9 billion pounds. At 9:30 AM London time, the GDP estimate for May will come out, followed by the NIESR GDP forecast for June.

In the last few weeks, the forecasts of British economists have been overestimated, which is probably due to psychological factors. But this time, there is also an optimism of the analogy since Germany's industrial production for May released last Friday and showed an increase of 2.6% against the forecast of 0.3%. But the similar factor of the positive German indicator could become a catalyst for the pound's fall in the case of slightly weaker than the forecast figure for the Great Britain.

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

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Brent disobeyed the president

Interruptions in supplies in Libya, Venezuela, Canada and Norway, Iran's threats to block the Strait of Hormuz, and some weakness of the US dollar after the release of the US labor market report for June allowed the bulls for Brent and WTI to continue the rally. If oil can update the May highs, the road in the direction of $ 83-85 per barrel will be opened. According to Tehran, the aim of restraining the price of black gold tweets of Donald Trump, in fact, can bring the North Sea grade to the psychologically important mark of $ 100 per barrel. Who is bigger? Sanford C. Bernstein & Co draws attention to the reduction in oil companies' stocks by an average of 30% since the beginning of 2000 and the increase in urban population in Asia by 1 billion over the next two decades. As a result, the demand for cars and gasoline will rise sharply, which will launch a new super cycle on black gold and allow it to grow to $ 150 per barrel.

The US president demands from his military allies (primarily from Saudi Arabia) to increase production to 2 million bpd, knowing full well that the OPEC decisions on the curtailment of the production of "bulls" for Brent and WTI at the end of June cannot be stopped. The states are exerting pressure on buyers of Iranian oil, and if their plan to reduce exports from this Middle Eastern country translates into life, then the market will take 2.5 million bpd. Tehran is the fifth oil producer in the world with a production volume of 3.8 million bpd. The country's leadership claims that it is ready to sell as much black gold as it can.

The support of Brent and WTI is provided by the factor of production reduction in Libya from 1.28 million bpd in February to the current 527 thousand bpd. According to Capital Economics estimates, the market may lose about 2 million bpd from Iran and 1 million bpd from Venezuela, which will widen the deficit and help develop the "bullish" conjuncture of the black gold market.

At first glance, instead of putting pressure on OPEC, Donald Trump could spur the activity of American producers. For a long time, the oil market was living in tug-of-war conditions between those working on reducing the cartel's output and companies from the States that used price increases to hike their own production and simultaneously hedge the risks. They let the number of drilling rigs from Baker Hughes grow (+5 to 863 in the week of July 6), and the Energy Information Administration forecasts an increase in production to a record 11.8 million bpd, no problems with the infrastructure have been canceled. For example, in the Perm basin in 2019 will produce 1 million bpd more than its pipes can afford to pump.

Extraction and power of pipelines

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The hand to help the "bulls" for Brent and WTI is fixing profit to the US dollar after the publication of disappointing statistics on US unemployment and the average wage. The first indicator increased from 3.8% to 4%, the second did not reach the forecasts of experts from Bloomberg (+ 0.2% vs. + 0.3% m / m)

Technically, a breakthrough of resistance at $ 79.5 and $ 80.5 per barrel will open the "bulls" along Brent road to the north in the direction of the target for 127.2% and 161.8% for the AB = CD pattern.

Brent, daily chart

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