Forex trading plan for July 15
US Dollar has lost some ground following the weak June retail sales data release. On Wednesday, we’ll be watching US PPI and manufacturing indices. Both on Wednesday and on Thursday the Fed’s chief Yellen will deliver a semi-annual speech in Congress. The market will be closely watching her comments to get new hints on the Fed’s rate hike timing.
EUR/USD jumped to 1.1100 following the retail sales release, but the bullish impulse was short-lived. There are no releases on the EZ agenda tomorrow, but we’ll be watching the Greek headlines. Greek parliament is expected to pass the reforms project tomorrow. Support for EUR/USD lies at 1.0910 and 1.0820.
GBP/USD jumped above 1.5600on hawkish BOE comments. Meanwhile, UK inflation remains low. We’ll be watching the UK labor market figures tomorrow – there is more bullish risk for the cable. Watch the 1.5800 resistance.
AUD/USD has recovered some ground from a 6-year low, but holds below the 0.7500 resistance. Watch China’s Q2 GDP and industrial production tomorrow. Australia is scheduled to release Westpac consumer sentiment index. We target 0.7000 in the coming weeks.
USD/JPY came under slight pressure following a 3-day rally, but still remains in a bullish trend. The Bank of Japan meeting will take place tomorrow. No changes in policy are expected, but the market awaits fresh economic forecasts.