JUL 26 VarengoldbankFX Daily Report

8/9/2019 JUL 26 VarengoldbankFX Daily Report

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www.varengoldbankfx.com Intelligent Investments

Monday, July 26, 2010

Good morning from Hamburg and welcome to our first Daily FX Report in this week. We hope

that you had a relaxing weekend. Today, we will start to report about the strong CAD and the

interest rate decision in Canada. Furthermore we have the GBP, USD, AUD, NZD and EUR in

focus. However, we wish you a good start and a successful week.

Market Review Fundamental Perspective

With the beginning of the week, the CAD increased versus its U.S. counterpart, the USD, after

the nations central bank raised the interest rate for the second time in two months and stocks

and commodities prices rose. The CAD appreciated 2.2 percent and traded at 1.0358. Last

week, the CAD could gain against 14 of its 16 most traded counterparts. Additionally to that a

report this week may show, that Canadas economy expanded in May.

In the UK, the GBP rose and the nations gilts fell after a government report showed that the

economy grew at the fastest pace in four years in the second quarter. The GBP could cross the

1.5400 hurdle against the USD and traded at 1.5405. Also the EUR and the JPY lost against the

strong GBP as the Office for National Statistics said that the gross domestic product rose 1.1

percent in the past three month through June, compared with 0.3 percent growth in the previous

quarter. The EUR weakened 1.23 percent versus the GBP and dropped to 0.8344. The JPY fell

1.42 percent to 134.60.

The EUR dropped against the USD and ended its longest weekly rally in nine months versus the

USD on concern that the stress tests of European Union banks failed to identify the sources of

weakness. That would aggravate the regions financial debt crisis. The EUR weakened 0.2

percent versus the USD and reached 1.2909. Furthermore the NZD and the AUD could record

their greatest profit jump against the EUR in one week. The AUD won 3.1 percent to 1.4414 and

2.5 percent versus the NZD. This currency pair traded at 1.7750. Additionally, the South Pacific

nation currencies traded near their strongest levels since May as signs of stabilization in the

global economic outlook boosted the demand for higher yielding assets.


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Daily Technical Analysis (In this section we provide chart analysis)

Our Focus Currencies for Today

EUR/USD (4 Hour)

Since the beginning of July, the currency pair is trading inside a bullish pitchfork channel.

Recently, the prices increased as they reached its support level around 1.2752 simultaneously

with the lower line of the trend channel. Two weeks ago, we had the same scenario and the

currency pair rose in the upper channel. We might expect further gains. Next resistance could be

around 1.2990.

Intraday Support & Resistance (4 Hour)

Support Levels around Resistance Levels around

1.2752 1.2990

1.2571 N/A

1.2489 N/A


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EUR/NZD (4 Hour)

After reaching its highest level in July, the EUR dropped to its support level around 1.7683. Thesupport level was strong enough to stop the bearish trend. Currently, the currency pair is trading

inside a bearish trend channel. The RSI is showing an oversold market and we may expect an

increasing trend, but it remains to be seen if the EUR could cross the trend line and the following

resistance level around 1.7849.



1.7683 1.7849

1.7570 1.7960

N/A 1.8195


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EUR/AUD (1 Hour)

As you can see, the EUR/AUD rebounded as the prices touched the resistance level around

1.4920 simultaneously with the upper Bolls. The downtrend stopped as it reached the support

level around 1.4329. The last time the prices touched the upper Bolls and the support level, the

currency pair recovered. Probably we will see a recurrent trend as 2 weeks ago.



1.4329 1.4578

N/A 1.4920

N/A N/A


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USD/CAD (4 Hour)

With the beginning of July, the USD is trading in a bearish trend versus the CAD. If the prices

could not cross the upper Fibonacci Fan (61.8), we might expect further losses. Next support to

stop the current trend could be around 1.0307.



1.0307 1.0419

N/A 1.0490

N/A 1.0570


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NZD/JPY (1 Hour)

Since the middle of July, the NZD/JPY has been trading inside a long bullish trend channel. At

the moment, we see no further resistances. The Force indicator may support a continuing

upward trend and the Moving Average too. If the prices will break out of its current trend, the

next support could be around 62.76.



62.76 N/A

62.15 N/A

61.40 N/A


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Daily Calendar & Key FX Events

Date Time (GMT) Economic Indicator Last

26.07. 11:00 UK Hometrack Housing Survey YoY 2.1%

26.07. 11:50 JN Merchnds Trade Exports YoY 32.1%

26.07. 11:50 JN Merchnds Trade Imports YoY 33.4%

26.07. 12:30 AU Producer Price Index YoY -0.1%

26.07. 12:30 Chicago Fed Nat Activity Index 0.21

26.07. 14:00 US New Home Sales

If you have any questions, please contact us for further assistance. 24 hours a day:

German: +49. 40. 66 86 49 0

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+49. 40. 66 86 49 - 0

Arabic: +971.4.319.7480

Chinese: +49. 40. 66 86 49 896

Turkish: +49. 40. 66 86 49 0

24 h Trading Support: +49. 40. 66 86 49 33


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JUL 26 VarengoldbankFX Daily Report

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