All eyes on the ECB rate decision and the US GDP numbers
InvestingOnline.com
24/07/2018, 04:14The market traded in a quiet tone on Monday as investors welcomed earnings reports in the United States, but also they remain cautious ahead of big news in Brussels and Washington with the interest rate decision in Europe and the GDP release in America.
The EUR/USD is in the middle of everything as the pair remains trading pegged to 20 and 50 moving averages. Mostly sideways, the cross is trading in a range between 1.1615 and 1.1750.
On the weekly chart, the EUR/USD is trading in an inverted flag formation following the drop from 1.2400 on mid-April to 1.1520 in late May.
The GBP/USD was unable to break above the 20-day moving average at 1.3170 as the pair stopped at the mentioned level its bounce from 1.2955 on July 19. Technical conditions are mixed with moving averages pointing to the south but the RSI signaling some strength.
The Cable is opening its third negative week in a row. The pair is trading in a clear downtrend.
USD/JPY bounced back from the dynamic support at 110.75 to test the 111.50 on Monday. The USD/JPY is currently trading at 111.40. Technical conditions are bearish now, but the chart suggests some upside potential.
USDJPY daily chart July 24
Check the events to watch this week:
Tuesday, July 24
Germany: PMI manufacturing
Germany: PMI services
Eurozone: PMI manufacturing
Eurozone: PMI services
United States: Housing price index
United States: PMI manufacturing
United States: PMI services
New Zealand: Trade Balance
Wednesday, July 25
Australia: Consumer price index
Australia: RBA trimmed mean CPI
Germany: IFO business climate
Switzerland: ZEW survey – expectations
United Kingdom: BBA mortgage approvals
United States: New home sales
Japan: Foreign investment in Japan
Thursday, July 26
Australia: Import and export prices
Germany: GFK consumer confidence
Eurozone: ECB interest rate decision
United States: Jobless claims
United States: Durable goods orders
Japan: Tokyo consumer price index
Friday, July 27
United States: Gross domestic product Q2
United States: Personal consumption
United States: Michigan consumer sentiment
