Comment On Forex - 7th Of July - Forex Forum

Hello,

In our economic calendar today:

8:30 GMT: The Industrial Production released by the National Statistics measures outputs of the UK factories and mines. Changes in industrial production are widely followed as a major indicator of strength in the manufacturing sector. A high reading is seen as positive (or bullish) for the GBP, whereas a low reading is seen as bearish.

10:00 GMT: The Industrial Production released by the Federal Ministry of Economics and Technology, measures outputs of the German factories and mines. Changes in industrial production are widely followed as a major indicator of strength in the manufacturing sector. A high reading is seen as positive (or bullish) for the EUR, whereas a low reading is seen as negative (or bearish).

14:00 GMT: The Business Outlook Survey released by the Bank of Canada shows the business outlook in Canada. The Business Confidence allows analysis of economic situation in the short term interviewing with 100 business executives. An optimistic view of those executives is considered as positive, or bullish for the CAD, whereas a pessimistic view is considered as negative, or bearish.

23:00 GMT: The GDP Estimate released by the National Institute of Economic and Social Research is an unofficial report of the UK GDP. This report that comes out a month before the official announce is highly reliable and can influence the UK monetary policy. A high reading is seen as positive (or bullish) for the GBP, whereas a low reading is seen as positive (or bearish).

Last week we had a short term reversal signal on EURUSD, GBPUSD and USDCHF. But I have still long term bullish pressure on EURUSD and bearish pressure on USDCHF. My trading system tells me to stay out of the market, the situation is not stable.

USDCHF: I have a long term resistance at 1.0350.


EURAUD: potential reverse


EURCHF: next target 1.6230?


EURJPY: Keep an eye on daily bollinger bands


GBPJPY: Keep an eye on the trend support



GBPUSD: Consolidation on 1.9600 and next target should be 1.9400