European monetary system faced a lot of profit taking
Technically, the dollar index fell through the continuous, has an initial downward through the clouds, but cloud index has yet to ratify the index turned down. Around the same time ,83.00-83.50, or nearly three quarters of the upward trend where the dollar is expected to provide strong support. From the perspective of wave theory, the dollar index ABC is expected to end a three wave correction, once in the 83.00-83.50 area above the Qi Wen, investors will be a new upward trend in waves. Observation of investors to support the proposed zone break 83.00-83.50 case the flow, aggressive investors can buy dollar dips slightly.
July 9 evening dollar index rose to close at 83.95. Currency movements in New York last Friday marked differentiation. After early rally after the euro, pound as the representative of the European monetary system suffered a large number of profit-taking selling, investors have sold the euro, British pound bought U.S. dollars, resulting in the European Department of the currency down. I think that no significant improvement in economic fundamentals under the premise of the euro and other currencies to achieve substantial reversal was extremely difficult still. Commodity currencies will benefit from the recent better-than-expected economic data and rising domestic good economic fundamentals. Harvested in Australia better than expected employment data, the Friday night in Canada in June increased 9.32 million working population have substantially better than expected, the unemployment rate dropped again, the market firm increases the central bank on July 20 and 9 8, each dated 25 basis points rate hike expectations, commodity currency future to speak of.
GBP / USD: Low: 1.5049 High: 1.5204 close: 1.5062
Sterling was down sharply against the U.S. dollar to close at 1.5062. Friday's data showed the UK global trade deficit in May was 8.062 billion pounds, to create maximum value since January, and significantly weaker than expected, reflecting the British exports remained weak. Technical point of view, the recent trend is stronger than the euro sterling, cloud index nearly out reversal signals received in the next few days the situation will become more clear. Recommended investors: short stop 1.5230. The point position is the 38.2% Fibonacci resistance levels, profitability can choose a city long wait; short positions investors to observe the 1.5230-1.5300 area break situation, be patient.
EUR / USD: Low: 1.2605 High: 1.2722 close: 1.2634
The euro against the U.S. dollar fell against 1.2634. I have repeatedly mentioned before, the structural problems the euro zone economy has not been effective mitigation, on the contrary easy to deteriorate. This is reflected in currency movements, it will inevitably be a long, iterative process. Maintain the pre-view to see the weak against the euro. Technical point of view, while the euro against the dollar rebounded sharply from 1.19 800 points, but have not yet seen the formation of cloud index trend reversal signal, bullish medium-term trend not yet established. 1.2700 near a seven-month downward trend in the formation of the resistance, while 1.2800 is near the cloud edge. Recommended investors concerned about the 1.2700-1.2800 region break situation. Recommended investors: early short can continue to hold, stop 1.2800; long rallies open the city can wait and see; short positions investors should remain cautious, waiting for a breakthrough technology point and after chasing sell into corrections.
AUD / USD: Low: 0.8725 High: 0.8787 close: 0.8773
Australian dollar held steady against the dollar high, closing 0.8773. Australia's economic fundamentals are good, steady improvement in the employment market, in August the central bank is expected to resume raising interest rates in Australia, the Australian future to speak of. Technically, the Australian dollar against the U.S. dollar 38.2% Fibonacci support level of 0.8100 near the important support of a rebound by nearly 600 points, and initial prominent clouds. The Australian dollar is expected to shock the market outlook is expected to up, choose the recommended short out the city, some dips Jiancang long-, medium-hold, the first target 0.9000.
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