Market analysis and trade recommendations by FBS

[riki143]

Forex Analytics

Forex trading plan for July 14

Kira Iukhtenko

Risk sentiment improved on Monday as there was the long-awaited agreement reached on the Greek issue. US Dollar strengthened on the news as lowered Grexit expectations support the probability of an earlier Fed’s rate hike. The current week could lift the US dollar higher – if data does not disappoint. We will be watching the June US retail sales on Tuesday – the indicator is expected to hold in the green zone.

EUR/USD slipped to 1.1000. Break below the 1.1050 support is seen as a strong selling signal. Next bearish targets – 1.0940, 1.0910 and 1.0820. Watch the ZEW economic sentiment indices on Tuesday.

GBP/USD jumped 1.5580 on the Greek optimism, but has rapidly returned to the 550day MA at 1.5510. We still see a potential for a bullish reversal. Resistance to watch lies at 1.5550. In this case, we would buy the pair targeting 1.5800. Market will be focused on the UK inflation figures on Tuesday.

AUD/USD hovers around its 6-year lows below 0.7400. We hold short targeting 0.7000 in the mid-term. Watch the NAB business confidence on Tuesday, and do not forget to monitor China’s stock indices as well.

USD/JPY extended the last week’s rally on Monday. The pair broke out of the bearish channel, overcoming the 122.80 resistance. Next bullish target is seen at 124.30.

More:
http://fxbazooka.com/en/analitycs/show/5754

 

[riki143]

Forex Analytics

Danske Bank: trade signals for July 14

Open positions:*

USD/JPY: Hold LONG at 123.48, TAKE PROFIT 124.45, STOP LOSS 123.10

AUD/USD: Hold SHORT at 0.7455, TAKE PROFIT 0.7268, STOP LOSS 0.7510

USD/CAD: Hold LONG at 1.2720, TAKE PROFIT 1.2957, STOP LOSS 1.2655 (revised)

EUR/JPY: Hold LONG at 135.45, TAKE PROFIT 139.17, STOP LOSS 135.39

EUR/CHF: Hold LONG at 1.0470, TAKE PROFIT 1.0574, STOP LOSS 1.0419

EUR/CAD: Hold LONG at 1.3930, TAKE PROFIT 1.4490, STOP LOSS 1.3955 (revised)

NZD/USD: Hold SHORT at 0.6770, TAKE PROFIT 0.6590, STOP LOSS 0.6820

Trade ideas:

GBP/USD: SELL at 1.5545, TAKE PROFIT 1.5330, STOP LOSS 1.5591

EUR/USD: SELL at 1.1056, TAKE PROFIT 1.0916, STOP LOSS 1.1092

EUR/GBP: SELL at 0.7136, TAKE PROFIT 0.6945, STOP LOSS 0.7191

GBP/JPY: BUY at 190.80, TAKE PROFIT 193.53, STOP LOSS 189.65

USD/CHF: BUY lower

*Danske Bank applies trailing stop orders (moved together with the price)

More:
http://fxbazooka.com/en/analitycs/show/5767

 

[riki143]

Forex Analytics

Forex trading plan for July 15

Kira Iukhtenko

US Dollar has lost some ground following the weak June retail sales data release. On Wednesday, we’ll be watching US PPI and manufacturing indices. Both on Wednesday and on Thursday the Fed’s chief Yellen will deliver a semi-annual speech in Congress. The market will be closely watching her comments to get new hints on the Fed’s rate hike timing.

EUR/USD jumped to 1.1100 following the retail sales release, but the bullish impulse was short-lived. There are no releases on the EZ agenda tomorrow, but we’ll be watching the Greek headlines. Greek parliament is expected to pass the reforms project tomorrow. Support for EUR/USD lies at 1.0910 and 1.0820.

GBP/USD jumped above 1.5600on hawkish BOE comments. Meanwhile, UK inflation remains low. We’ll be watching the UK labor market figures tomorrow – there is more bullish risk for the cable. Watch the 1.5800 resistance.

AUD/USD has recovered some ground from a 6-year low, but holds below the 0.7500 resistance. Watch China’s Q2 GDP and industrial production tomorrow. Australia is scheduled to release Westpac consumer sentiment index. We target 0.7000 in the coming weeks.

USD/JPY came under slight pressure following a 3-day rally, but still remains in a bullish trend. The Bank of Japan meeting will take place tomorrow. No changes in policy are expected, but the market awaits fresh economic forecasts.

More:
http://fxbazooka.com/en/analitycs/show/5771

 

[riki143]

Forex Analytics

Trading plan for July 16

Kira Iukhtenko

Demand for the US Dollar increased on Wednesday after the Fed's chief Janet Yellen gave out rather hawkish comments while speaking in Congress on Wednesday. What's more, strong data releases (PPI, manufacturing indices) served as a proof that the Fed has enough arguments to hike in 2015. As a result, the greenback rose to the July highs. On Thursday we'll listen to Yellen once again. You should also pay attention to the US jobless claims and Philly Fed manufacturing index tomorrow. We remain bullish for the USD.

It's a good time to sell the EUR/USD pair as it is currently testing the 1.0950 support. Break lower would open the way to 1.0820 in the coming sessions. Hawkish Fed and dovish expectations for the ECB meeting on Thursday will likely increase bearish pressure for the pair tomorrow.

GBP/USD failed to overcome 1.5670 as the UK labor market data disappointed the market: jobless claims and unemployent rate both increased. Bearish risk for the pair rose after the Yellen's speech. Bearish targets lie at 1.5340 and 1.5200.

Meanwhile, bullish prospects for USD/JPY increased. Break above 124.40 is needed to resume the broad bullish trend. BOJ's economic and inflation forecast cut is a new bullish factor for the market.

We remain bearish for all the commodity block currencies. Hawkish Fed and the new wave of the China's stock selloff will likely pressure the commodity markets in the near future. Get ready to sell AUD, NZD and CAD on corrective rallies.

More:
http://fxbazooka.com/en/analitycs/show/5783

 

[riki143]

Forex Analytics

Aussie updating lows
16 July 2015

by Tatiana Norkina, FBS analyst

Yesterday, the Australian updated local lows again, decreasing to the 0.7350 mark. The main trigger for sales was the bulls' failure to get deeper into the four-hour Ichimoku cloud: a powerful resistance of the Senkou Span A line in the 0.7480 area has again thrown the AUD/USD currency pair rate into the negative zone.

In the meantime, the Tenkan and Kijun lines have formed a new dead cross, and the cloud has continued expanding downwards, supporting the bearish sentiment in the market. Small consolidation at the current levels is obvious to be followed by further rate's decline.

Technical levels: support – 0.7350; resistance – 0.7400.

Trade recommendations:

More:
http://fxbazooka.com/en/analitycs/show/5785

 

[riki143]

Forex Analytics

USD/JPY growth stalled
16 July 2015

Tatiana Norkina, FBS analyst

As expected, the USD/JPY currency pair has rebounded from the four-hour Tenkan-sen line support and grown up to 123.90 during the previous day. However, these levels, in the 124th figure area, contain a poweful resistance that does not let the bulls futher upwards. The flow of new buyers is constrained by the market overboughtness as well.

At the same time, the Ichimoku indicator is quite positive: the cloud keeps expanding against the active golden cross.

If the bulls fail to break above 124.00 in the coming hours, the short-term bearish scenario development is quite likely, which would result in the pair's correction into the Tenkan-Kijun channel.

Technical levels: support – 123.40; resistance – 123.90.

Trade recommendations:

1. Buy — 123.40; SL — 123.20; TP1 — 123.90; TP2 — 124.20.

More:
http://fxbazooka.com/en/analitycs/show/5786

 

[riki143]

Forex Analytics

Danske Bank: trade signals for July 16

Open positions:

EUR/USD: Hold SHORT from 1.1000, TAKE PROFIT 1.0819, STOP LOSS 1.1089

EUR/GBP: Hold SHORT from 0.7136, TAKE PROFIT 0.6945, STOP LOSS 0.7146

EUR/CHF: Hold SHORT from 1.0430, TAKE PROFIT 1.0315, STOP LOSS 1.0470

EUR/CAD: Hold LONG from 1.3930, TAKE PROFIT 1.4490 (revised), STOP LOSS 1.3955 (revised)

GBP/JPY: Hold LONG from 190.80, TAKE PROFIT 195.26, STOP LOSS 191.43

AUD/USD: Hold SHORT from 0.7455, TAKE PROFIT 0.7268, STOP LOSS 0.7510

Trade ideas:

USD/JPY: BUY at 123.20, TAKE PROFIT 124.74, STOP LOSS 122.86

USD/CHF: BUY at 0.9485, TAKE PROFIT 0.9719, STOP LOSS 0.9399

NZD/USD: SELL at 0.6650, TAKE PROFIT 0.6403, STOP LOSS 0.6729

USD/CAD: BUY at 1.2888, TAKE PROFIT 1.3102, STOP LOSS 1.2815

EUR/JPY: Possibly SELL

GBP/USD: Possibly BUY

___________________________________________________________________

*Danske Bank applies trailing stop orders (moved together with the price)

More:
http://fxbazooka.com/en/analitycs/show/5788

 

[riki143]

Forex Analytics

Forex trading plan for July 17

Kira Iukhtenko

EUR/USD trading prospects have significantly worsened on Thursday. Despite the formal improvement of the Greek issue, the market feels the Greek drama is turning into a tragedy. Greek debt keeps on growing and time to pay will eventually come. EUR/USD dipped to a new 6-week low of 1.0850 on Thursday. The ECB head Mario Draghi tried to cheer the market up, but the 1.0900 remains a hard nut to crack. Sellers stand ready to step into the market at the higher levels. We see potential for a decline to 1.0720/1.0650. Tomorrow there are no releases to watch in the euro zone, so the market will be driven by the USD trend.

As for the US Dollar, the picture has turned bullish over the past week. The Fed’s chief Janet Yellen sounds moderately dovish, while the data releases confirm economic strength. Market expectations for a September hike have increased. On Friday we’ll be watching another news block in States: June CPI, building permits and consumer sentiment index. USD Index approached the 98 point resistance. We expect it to be broken in the coming sessions.

Commodity block currencies remain pretty vulnerable. We’ll be watching USD/CAD tomorrow. The pair is now testing the 2009 highs. Canada is scheduled to releases CPI tomorrow. Bullish targets are seen at 1.3000 and 1.3060.

More:
http://fxbazooka.com/en/analitycs/show/5795

 

[riki143]

Forex Analytics

US Dollar: forecast for July 20-26
17 July 2015

Kira Iukhtenko

US Dollar index rose to a 1,5-month high, approaching the 98 points resistance. The currency was pushed higher by the hawkish Fed’s governor Yellen’s comments. She has clearly confirmed the Fed’s intention to raise interest rates in the year 2015 despite the global economic concerns. These days, more than 80% of the economists, surveyed by the WSJ, expect the first rate hike to come in September.

We expect the US Dollar to resume the upside if the US data doesn’t disappoint. The next week’s economic calendar is rather light with the unemployment claims dominating the scene on Thursday. You should also watch the manufacturing PMI on June.

More:
http://fxbazooka.com/en/analitycs/show/5804

 

[riki143]

Forex Analytics

EUR/USD: forecast for July 20-26

Kira Iukhtenko

We’ve been watching the Greek drama closely for the past couple of weeks, but now it seems to be close to an end. It has become evident that no one wants Greece to exit the currency block. European ministers will continue to support the country with a third bailout program until the next crisis arises. Market focus is currently turning back to the monetary policy divergence between the Fed and the ECB. This factor will pressure the EUR/USD pair in the coming months.

EUR/USD fell by 2.5% over the past week, approaching the 7-week low. Next support lies at 1.0820. Break below would open the way for a decline to 1.0730/00 and 1.0650. Strong resistance– 1.0900/10 and 1.1050.

Euro zone’s economic calendar for the new week is rather light. Pay attention to the June PMI indices on Friday.

More:
http://fxbazooka.com/en/analitycs/show/5803

 

[riki143]

Forex Analytics

Danske Bank: trade signals for July 20

Open positions:*

EUR/USD: Hold SHORT at 1.1000, TAKE PROFIT 1.0785, STOP LOSS 1.1041

USD/JPY: Hold LONG at 123.95, TAKE PROFIT 125.38, STOP LOSS 123.25

AUD/USD: Hold SHORT at 0.7455, TAKE PROFIT 0.7268, STOP LOSS 0.7447 (revised)

EUR/CHF: Hold SHORT at 1.0430, TAKE PROFIT 1.0315, STOP LOSS 1.0470

EUR/CAD: Hold LONG at 1.3930, TAKE PROFIT 1.4490, STOP LOSS 1.3955

Trade ideas:

USD/CHF: BUY at 0.9557, TAKE PROFIT 0.9743, STOP LOSS 0.9470

USD/CAD: BUY at 1.2888, TAKE PROFIT 1.3102, STOP LOSS 1.2815

NZD/USD: SELL at 0.6620, TAKE PROFIT 0.6403, STOP LOSS 0.6695

EUR/GBP: Possibly SELL

GBP/JPY: Possibly BUY

EUR/JPY: Possibly SELL

________________________________________________________________

*Danske Bank applies trailing stop orders (moved together with the price)

More:
http://fxbazooka.com/en/analitycs/show/5823

 

[riki143]

Forex Analytics

Forex trading plan for July 21

EUR/USD paused in the 1.0818 area (May low) as Greece made debt repayments to the ECB and the IMF. Support is in the 1.0750/10 region ahead of 1.0660. Resistance is at 1.0915 and 1.0965. With empty economic calendars in the US and the euro area traders await more comments and news on Greek bailout.

GBP/USD slid to the 55-day MA in the 1.5540 zone after last week it met resistance in the 1.5675 area. The next important event for the British currency is the publication of the Bank of England’s meeting minutes on Wednesday. The minutes will give us more insight into the BoE’s mindset after Governor Carney’s hawkish comments last week. If other members of British central bank don’t share Carney’s optimism, pound will decline. If not, sterling will fight dollar’s strength. Ahead of the release we expect more sideways trading. Support for cable is at 1.5500 and 1.5450, while resistance lies at 1.5675 and 1.5700.

More hawkish comments from the Fed’s Chair Janet Yellen and relief in Greece made USD/JPY continue its V-shaped recovery and rise above 124.00. Resistance is at 124.50 and 125.00. Support is at 123.70, 123.30 and 122.90. There won’t be any important releases either in the US or in Japan on Tuesday, so watch the risk sentiment and the development of the Greek story.

AUD/USD dipped to 0.7327. Aussie was affected by the sharp decline in gold price. Gold fell by $50 on Monday as the stop orders were hit in the situation of low liquidity. The Reserve Bank of Australia will release the minutes of its July policy meeting on Tuesday. Watch this publication for hints whether the RBA will move from the position of more easing to the more neutral view. Technically, after AUD/USD made a break to the downside this month, it remains under negative pressure. Resistance at 0.7500/0.7586 will limit the pair on the upside. Sell on the recovery.

More:
http://fxbazooka.com/en/analitycs/show/5825

 

[riki143]

Forex Analytics

Danske Bank: trade signals for July 21

Open positions:*

EUR/USD: Hold SHORT at 1.1000, TAKE PROFIT 1.0742, STOP LOSS 1.0965

USD/JPY: Hold LONG at 123.95, TAKE PROFIT 125.38, STOP LOSS 123.89

GBP/USD: Hold LONG at 1.5625, TAKE PROFIT 1.5815, STOP LOSS 1.5535

USD/CHF: Hold LONG at 0.9610, TAKE PROFIT 0.9719, STOP LOSS 0.9555

AUD/USD: Hold SHORT at 0.7455, TAKE PROFIT 0.7268, STOP LOSS 0.7447

EUR/CHF: Hold SHORT at 1.0430, TAKE PROFIT 1.0315, STOP LOSS 1.0470

EUR/CAD: Hold LONG at 1.3930, TAKE PROFIT 1.4490, STOP LOSS 1.3955

GBP/JPY: Hold LONG at 193.75, TAKE PROFIT 195.88, STOP LOSS 192.65

Trade ideas:

USD/CAD: BUY at 1.2888, TAKE PROFIT 1.3102, STOP LOSS 1.2815

EUR/JPY: SELL at 135.20, TAKE PROFIT 133.10, STOP LOSS 135.60

EUR/GBP: SELL higher

NZD/USD: SELL higher

__________________________________________________________

*Danske Bank applies trailing stop orders (moved together with the price)

More:
http://fxbazooka.com/en/analitycs/show/5830

 

[riki143]

Forex Analytics

Forex trading plan for July 22

Kira Iukhtenko

Economic calendar on Tuesday was rather light, while the global sentiment improved due to a decline in Greek voes and China headlines. Shanghai Composite added 0.6% today. As a result, we’ve seen recovery in all classes of the risky assets.

US Dollar index declined from the yesterday’s peak of 98.30. Watch the existing home sales data and crude oil inventories tomorrow. We expect the greenback to resume the bullish move in the coming sessions.

EUR/USD has recovered from a 3-month low of 1.0808 towards 1.0890, but we see this move as a corrective one. We stay bearish below 1.1000 and recommend selling euro at the current levels.

GBP/USD consolidates around 1.5500. On Wednesday, we’ll watch the Bank of England meeting minutes closely. On Thursday, the retail sales figures will be in focus. Resistance lies at 1.5670, while a break below 1.5500 could open the way to 1.5200.

USD/JPY is hanging at the June highs of 124.50. The US dollar lacked a bullish impulse today, but we believe the market could break higher in the coming sessions. Major support lies at 122.00.

AUD/USD has also recovered some ground despite the dovish RBA comments. NZD/USD rose above 0.6600. Reserve Bank of New Zealand will announce its monetary decision on Thursday – a rate cut is very likely. This could hit all the commodity block currencies.

More:
http://fxbazooka.com/en/analitycs/show/5838

 

[riki143]

MARKET NEWS

Bank of Japan: no easing is needed
22 July 2015

US dollar is steady on Wednesday after it declined on Tuesday.

EUR/USD rose to resistance in the 1.0965 area. The euro gained as the bad mood caused by the Greek situation gradually dissolves.

USD/JPY slid to 123.55. The Bank of Japan Governor Haruhiko Kuroda said that he expected inflation to meet the central bank’s 2% target and dismissed the idea of more quantitative easing.

Gold price stabilized above $1090 supporting commodity currencies like Australian and New Zealand’s dollars. AUD/USD recovered to 0.7430 after a dip to 0.7370. Australia’s inflation figures released today allow the Reserve Bank of Australia to continue cutting interest rates if needed. At the same time, the RBA Governor Glenn Stevens said that too much easing could lead to longer-term dangers through risk-taking and excessive borrowing.

More:
http://fxbazooka.com/en/news/show/3157

 

[riki143]

Forex Analytics

Danske Bank: trade signals for July 22

Open positions:*

USD/CHF: Hold LONG at 0.9610, TAKE PROFIT 0.9719, STOP LOSS 0.9555

AUD/USD: Hold LONG at 0.7420, TAKE PROFIT 0.7599, STOP LOSS 0.7355

EUR/CAD: Hold LONG at 1.3930, TAKE PROFIT 1.4490, STOP LOSS 1.3955

GBP/JPY: Hold LONG at 192.35, TAKE PROFIT 195.88, STOP LOSS 191.68

Trade ideas:

USD/JPY: SELL at 123.95, TAKE PROFIT 122.92, STOP LOSS 124.55

EUR/JPY: SELL at 135.89, TAKE PROFIT 134.33, STOP LOSS 136.45

EUR/CHF: BUY at 1.0445, TAKE PROFIT 1.0574, STOP LOSS 1.0395

EUR/USD: Possibly BUY

GBP/USD: Possibly SELL

USD/CAD: Possibly SELL

EUR/GBP: Possibly SELL

NZD/USD: Possibly SELL

_____________________________________________________________________

*Danske Bank applies trailing-stop orders (moved together with the price)

More:
http://fxbazooka.com/en/analitycs/show/5844

 

[riki143]

Forex Analytics

Goldman Sachs: gold prices will fall below $1000
22 July 2015

According to Goldman Sachs' head of commodity research Jeffrey Currie, gold price will likely fall below $1000 for the first time since 2009. "With the more positive outlook on the dollar, and with debasement risk starting to fade, the demand to use gold as a diversifying asset against the U.S. dollar becomes less and less important", Currie believes.

The yellow metall and the other commodity assets entered a structural bearish trend, analyst forecasts. He recommends going short in a long-term prospect.

Gold hit a new 5-year low of $1090 on Wednesday. Fed's rate hike expectations and China's slowdown are the key bearish factors.

More:
http://fxbazooka.com/en/analitycs/show/5845

 

[riki143]

Forex Analytics

Forex trading plan for July 23

US dollar has given up some of its gains versus other currencies. The decline in American currency was provoked mainly by the profit taking. Still, the expectations of higher Federal Reserve’s interest rates are still in place as traders await the FOMC meeting due next week. Finally, there will be some figures out the US on Thursday – the unemployment claims figures at 12:30 GMT.

EUR/USD breached down its hourly consolidation range and slid to 1.0900 and lower. Buyers may come up in the 1.0888/1.0875 zone. Return above 1.0925 will make the bulls more active. Resistance is at 1.0965, 1.1000 (100-day MA, bottom of daily Ichimoku) and 1.1050. On Wednesday Greek parliament is set to vote on reforms required by the creditors. The bills is expected to pass, but may lead to further political tensions in Greece. On Thursday Bundesbank President will speak at 14:15 GMT.

GBP/USD rose to just below 1.5650. The Bank of England’s July meeting minutes showed that all members of the central bank votes to keep monetary policy unchanged, demonstrating though that the debate on the interest rate hike had intensified. All in all, the minutes were more hawkish than expected. Cable still faces resistance around last week’s highs at 1.5675 ahead of the psychological level of 1.5700. Support is at 1.5560, 1.5500 and 1.5450. Britain will release retail sales at 08:30 GMT (forecast is positive).

USD/JPY dipped to 123.55 before recovering to levels just below 124.00. The Bank of Japan’s Governor Kuroda has talked down the possibility of additional monetary easing. However, Japanese government has revised down its inflation forecast, so the markets will remain sure that the nation’s central bank will at least stick to its loose monetary policy for a long time.

AUD/USD failed to stay above 0.7400. Inflation figures released today didn’t rule out further interest rate cuts by the Reserve bank of Australia. However, the RBA’s Governor Stevens said that the regulator is ready to use such option, but underlined that such step will be connected with high risks.

NZD/USD is declining ahead of the Reserve Bank of New Zealand’s rate decision at 21:00 GMT on Wednesday. The RBNZ is expected to cut rates by 25-50 bps. Resistance is at 1.6650 and 1.6770. On the downside support is at 0.6500. AUD/NZD may rise towards 1.1300.

More:
http://fxbazooka.com/en/analitycs/show/5852

 

[riki143]

Forex Analytics

Danske Bank: trade signals for July 23

Open positions:*

USD/JPY: Hold SHORT at 123.95, TAKE PROFIT 122.92, STOP LOSS 124.55

USD/CHF: Hold LONG at 0.9610, TAKE PROFIT 0.9719, STOP LOSS 0.9555

AUD/USD: Hold LONG at 0.7420, TAKE PROFIT 0.7599, STOP LOSS 0.7355

EUR/CAD: Hold LONG at 1.3930, TAKE PROFIT 1.4490, STOP LOSS 1.3955

GBP/JPY: Hold LONG at 192.35, TAKE PROFIT 195.88, STOP LOSS 191.68

Trade ideas:

GBP/USD: BUY at 1.5575, TAKE PROFIT 1.5701, STOP LOSS 1.5523

USD/CAD: BUY at 1.2991, TAKE PROFIT 1.3166, STOP LOSS 1.2905

EUR/JPY: SELL at 136.20, TAKE PROFIT 134.33, STOP LOSS 136.45

EUR/CHF: BUY at 1.0455, TAKE PROFIT 1.0574, STOP LOSS 1.0395

EUR/USD: Possibly BUY

EUR/GBP: Possibly SELL

NZD/USD: Possibly SELL

__________________________________________________________________

*Danske Bank applies trailing stop orders (moved together with the price)

More:
http://fxbazooka.com/en/analitycs/show/5860

 

[riki143]

Forex Analytics

Forex trading plan for July 24

Kira Iukhtenko

Demand for the US dollar recovered on Thursday after the unexpectedly strong labor market figures. Jobless claims dipped to a 42-year low of 255K, increasing expectations of a Fed'a rate hike in September. However, the market sentiment still remains cautious as US corporate earnings were quite disappointing this week. On Friday we'll be watching the US PMI and new home sales.

EUR/USD recovered to 1.1020 after the Greek parliament approved the second reform package. However, we review the EUR/USD recovery as corrective and recommend selling euro on rallies. The 1.0820 support could be broken in the coming sessions. In euro zone we'll also be watching a bag of PMI releases.

GBP/USD has once again retraced from the 1.5670 resistance on weak UK retail sales. There is a high bearish potential for the pair in the coming days if the US data doesn't disappoint. Next support lies at 1.5450.

Commodity currencies were quite contoversial today. NZD pushed higher on a lower-than-expected RBNZ rate cut, while CAD strengthened on strong retail sales in Canada. meanwhile, Aussie was trading in a red zone. We see the current rebound in commodity block currencies as a corrective one and recommend selling all of them on rallies. Watch the China's manufacturing PMI on Friday - this is another risk factor for the market.

More:
http://fxbazooka.com/en/analitycs/show/5867