Analysis and important financial markets data on 09 July 2019

13:45 (GMT+1) USA/USD Fed Chair Powell speaks

15:00 JOLTs Job Openings May

Analysis EUR/USD

The EUR/USD pair has been floating around the 1.12 USD level since last Friday, with no significant upward or downward movement. This is also due to the fact that investors may have some doubts about the Fed's interest rate decision at the next meeting. Accordingly, the focus today will be on the statements of Fed Chairman Powell. These could further strengthen the Dollar, or even take some wind out of its sails.

On the technical side, the 1.12 level is currently a strong support line. If this is breached, the next support at 1.1190 must first be breached sustainably in order to release further downward potential. Currently, the resistance at 1.1218 is located on the upper side. The price has to breach this resistance first in order to reach the first target at 1.1230, and with a stronger impulse it could also target the 1.1260.

Analysis AUD/USD

The AUD/USD pair is similar to the EUR/USD pair today. However, after it had reached yesterday's short-target the pair has already dropped significantly in early trading and is currently trading at the $0.6948 level. If further downward potential opens up, the next target may be reached at 0.6929. On the upper side, the resistance at 0.6995 needs to be breached in order to gain room to move higher.

Advertisement

Disclaimer

The opinions of the author to market behaviour does not constitute a financial advise or solicitation to buy or sell any financial products, but are merely a personal opinion. When you trade leveraged financial products, you must be aware that a loss up to the amount of your deposit is possible, and in addition can also be an obligation to arise. Make yourself familiar with active trading or get independent advice before you invest your own money and use only money to invest that you can afford to lose in the worst case