The GBPUSD pair continued its bullish move on Tuesday, breaking above the 1.7150 level. The action from the Tuesday session suggests that the market is in fact going to continue going higher, as we try to get to the 1.75 level.
Oil continues to find it hard work, building on the bullish breakout of mid June, having moved into a sustained phase of price congestion over the last few weeks, as it continues to slide lower ahead of today’s oil inventories report.
The EURUSD pair fell during the session on Tuesday, as the 1.37 level did in fact offer resistance.
More than 50 rules and restrictions governing foreign investment in Shanghai’s pilot free trade zone have been lifted in a bid to support its continued growth and development, a senior official said yesterday.
The rising channel on AUDUSD’s 1-hour forex chart is still holding and it appears the pair found resistance at the .9500 major psychological level, which lines up with the top of the channel.
Each week and calendar month, quantitative analysis is used to determine certain probable price movements which can be forecasted.
Growth in China’s (FXI, quote) manufacturing sector accelerated to a six-month high in June, registering a strong end to the second quarter and an encouraging sign that the economy is further stabilizing.
Like the GBP/USD, the Aussie dollar is another currency pair which is now starting to break out from a recent phase of price congestion, but for the AUD/USD, this period of sideways price action has been in place for considerably longer than Cable, with the pair having been range-bound between 0.9150 to the downside and 0.9370 to the upside for some time.
With fear continuing to drain away from the VIX, it’s complacency that rules at present as the ultimate index of fear and greed continues to push ever lower and on towards the elusive single figures below ten.
As another trading month comes to an end, gold traders will be watching wondering and waiting as the precious metal is once again poised delicately at a tipping point on the daily chart.
