Fudamentals plays vital role in today

[FX88 VietNam]

GBP/USD
The GBP/USD pair is currently testing a support level at 1.282 in which price action has tested once previously, resulting in a bullish reversal. MACD has turned negative in recent trading sessions with a cross below the zero line. RSI is approaching the 30 support level, indicating there is potential for another bullish reversal. Volume is rising indicating rising interest in the pair. A break of the 1.282 price level will send prices towards the 1.262 support line.

Impact event: Markit Manufacturing PMI at 16:45 GMT+3 will impact U.S. Dollar pairs.

USD/CHF
The USD/CHF pair has broken above both a resistance level at the 0.961 price level and the 20-period exponential moving average (EMA). Momentum indicators support bullish momentum with MACD moving above the zero line and RSI having an upward trajectory. The next price target for the pair is the 0.974 price level.

NZD/USD
The NZD/USD pair has hit a support level at the 0.722 price level which has previously resulted in a reverse in momentum. However, momentum indicators suggest that sentiment has turned bearish for the pair that has been struggling to find any directional bias in the last two weeks of trading. MACD has dropped below the zero line and RSI has a sharp downward trajectory. Clearly a break of the 0.722 price line is required to confirm the downtrend.

AUD/USD
Given a sharp rise in bullish momentum at the start of July, the AUD/USD pair has retraced back to hit the 38.2 Fibo level. Price action did previously hit the 50 Fibo level however was unable to reach the previous price high. Momentum indicators suggest there is still some downside bias and the 20-period EMA is acting as a support line for the pair. A break of the current Fibo level and the 20-period EMA is required to confirm further bearish momentum. However, interest appears to be declining as signaled by dropping volume.

 

[FX88 VietNam]

USD/CHF
The USD/CHF pair is testing the 20-period EMA with a series of doji candles forming indicating some uncertainty in the market. A spike in volume in today’s trading session suggests there is still significant interest in the pair. MACD appears to be supporting the positive sentiment, as it is close to breaking the zero line to the upside. RSI is flat at the default line. A break of the 20 -period EMA will make the 0.966 price level the next target. The EUR/GBP pair was supported by fundamentals in yesterday’s trading session.

Impact event: U.S. Core Durable Goods Orders will be released at 15:30 GMT+3 and will impact all U.S. Dollar pairs.

EUR/USD
The EUR/USD pair has bounced off the the 20-period EMA and appears to be heading towards the next target at the 1.17 price level which represents a previous support line. MACD appears to be on the verge of breaking the zero line to the downside. RSI also has a downward trajectory. However, with volume declining, the question is whether the move can be sustained.

USD/JPY
The USD/JPY 1- hour chart indicates that the pair has entered into a uptrend, which has elements of a flag continuation pattern. Buyers appear to have reached a point of exhaustion as price action has moved sideways to start today’s trading session. Declining volume confirms the loss in momentum. Will the trend continue? RSI is approaching the 70 oversold level therefore there is a chance of a bearish reversal, yet MACD indicates that sentiment remains positive currently.

GOLD
Gold prices have moved above the 20-period EMA however, a break of the zero line on MACD will be required to confirm the uptrend. MACD has an upward trajectory and appears to be moving in a more positive direction. However, RSI is flat and volume has almost disappeared, indicating the metal will probably trade in range between the 16.90 and 17.04 price levels.