Daily Market Analysis from ForexMart

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  1. #1101
    Senior Member KostiaForexMart's Avatar
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    Daily Market Analysis from ForexMart
    Trading plan for EUR/USD and GBP/USD on June 23, 2022

    US President Joe Biden asked Congress to introduce a gas tax holiday for only three months, which is far less than expected. He also requested to try to avoid cuts to the highway fund, adding that the fuel tax will continue to finance the construction and maintenance of roads. This is worrying because the budget deficit is already almost $ 1.6 trillion, and Biden's proposal will certainly push it higher. Congress has not responded, but they accepted the proposal for consideration. Unsurprisingly, dollar demand fell because, given November's congressional and Senate elections, there is little doubt that this measure will be taken.

    In terms of euro, there is a high chance that it will decline during the European trading session because preliminary estimates of business activity indices are down. In particular, the manufacturing index is expected to fall from 54.6 points to 54.0 points. The service index is also projected to dip from 56.1 points to 55.8 points, and the composite PMI to decrease from 54.8 to 54.2.

    Composite PMI (Europe):

    Similarly, preliminary estimates to business activity in the UK also show a decrease. The manufacturing index is expected to fall from 54.6 points to 54.2 points, while the service index is projected to go down from 53.4 points to 52.8 points. The composite index is also likely to decrease from 53.1 points to 52.3 points.

    Composite PMI (UK):

    But during the US trading session, the market will return to the levels hit at the opening of the trading day. After all, the US is also expected to report declines in all its indices of business activity. The manufacturing index will drop from 57.0 points to 56.0 points, while the services sector will decrease from 53.4 points to 53.0 points. The composite index will fall from 53.6 points to 52.8 points.

    Composite PMI (United States):

    In short, the market will fluctuate throughout the day, but close with zero result.

    EUR/USD rushed up, prolonging the current corrective move. 1.0600 serves as a variable resistance on the way of buyers, relative to which a short-term stagnation-rollback has occurred. For the subsequent upward move, the quote needs to hold above 1.0600 in the four-hour TF.

    Despite the strong buying pressure, GBP/USD remains within 1.2170/1.2320. In this situation, traders must first overcome one or another boundary of the established range, and only then talk about the direction. Signals will occur in the four-hour TF.
    Regards, PR-Manager ForexMart

  2. #1102
    Senior Member KostiaForexMart's Avatar
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    in ro ham eslah kon:
    Tips for beginner traders in EUR/USD and GBP/USD on June 24, 2022

    Details of the economic calendar from June 23
    Preliminary data on business activity indices were published in Europe, the UK, and the United States, which had a strong impact on financial markets.

    Europe's manufacturing PMI fell significantly stronger than the forecast from 54.6 to 52.0 points. Meanwhile, things are even worse for the services PMI, which fell from 56.1 to 52.8 points.

    The European currency at this time was under a strong division of sellers.

    As for the UK, things are a little better. The manufacturing index fell from 54.6 to 54.2 points against the forecast of 53.4 points. In the services sector, the indicators remained unchanged, although the index was expected to decline from 53.4 points to 52.8 points.

    The pound sterling was under less pressure, but due to a positive correlation with the euro, it still lost value.

    During the American trading session, weekly data on jobless claims in the US were first published, where a slight increase in the overall indicator was recorded. This is a negative factor for the labor market.

    Statistics details:

    The volume of continuing claims for benefits increased from 1.310 million to 1.315 million.

    The volume of initial claims for benefits decreased from 231,000 to 229,000.

    The main figures for the US were published a little later. The manufacturing index of business activity decreased from 57.0 to 52.4 points, with a forecast of 52.4 points. Meanwhile, the services sector decreased from 53.4 to 51.6 points, with a forecast of 53.5 points.

    Negative statistics on the United States had a negative impact on the dollar.

    Analysis of trading charts from June 23
    The EURUSD currency pair once again reduced the volume of short positions around the support level of 1.0500. This led to a slowdown in the downward cycle and, as a result, a price rebound.

    The GBPUSD currency pair has been moving within a wide range of 1.2150/1.2320 for a week now. This price fluctuation indicates a slowdown in the corrective move from the area of the psychological level of 1.2000, while at the same time signaling a characteristic uncertainty among traders.

    Economic calendar for June 24
    Today, since the opening of the European session, data on retail sales were published, where the rate of decline slowed down from -5.7% to -4.7%. This is a positive factor if it were not for the revision of the previous indicators for the worse from -4.9% to 5.7%. A stronger slowdown in the rate of decline to -4.1% is also predicted.

    The bottom line shows bad statistics, which negatively affects the British currency.

    Trading plan for EUR/USD on June 24
    The price movement within the range of 1.0500/1.0600 attracts a lot of attention of speculators, which corresponds to the process of accumulation of trading forces. As a result, the closed loop will complete the formation, which will lead to acceleration and indicate the subsequent path relative to the range. A signal to action will appear at the moment when the price stays outside one or another border in the daily period.

    Trading plan for GBP/USD on June 24
    The price movement within the flat is still relevant in the market, so another price rebound from its upper border cannot be ruled out. As the main strategy, traders consider the tactics of breaking through one or another frame of the established range.

    Trading recommendations are based on the breakout tactics:

    Buy positions on the currency pair are taken into account after holding the price above the value of 1.2325 in a four-hour period with the prospect of a move to 1.2400.

    Sell positions should be considered after holding the price below 1.2150 in a four-hour period with the prospect of a move to 1.2000.
    Regards, PR-Manager ForexMart

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