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Currency Analyst since 2010

Forex trading plan for July 28

By Elizavbeth Belugina

Monday wasn’t a very successful day for the US dollar. Although durable goods orders for June came out better than expected (but figures for the previous months were revised to the downside), the greenback stayed at lows. Traders await other key events of the week: the Fed’s meeting on Wednesday and US GDP release on Thursday. Watch CB consumer confidence in America due at 14:00 GMT.

EUR/USD spiked to 1.1113. German Ifo Business Climate came out better than expected. The pair has reached 200-period MA at H4 and almost reached 55-day MA. There’s a short-term corrective uptrend: the overall decline will resume once it’s breached to the downside. Support is at 1.1000 and 1.0985. Resistance is at 1.1125 and 1.1200/15.

GBP/USD found support in the 1.5465/1.5500 area. UK will release preliminary Q2 GDP figures at 08:30 GMT. According to the forecasts, British economy growth has accelerated from 0.4% to 0.7%. Still, there are several resistance levels ahead, with the most important one at 1.5515/25 area (resistance line from June highs). This one will be hard to break ahead of the Fed and the US GDP. Further support is at 1.5410/00.

USD/JPY is quickly slipping down as demand for the yen as a safe haven went up due to another crash of Chinese stocks. Support is at 122.90, 112.50 and 122.00. The pair may slide towards 122.00 on the negative risk sentiment, but data from the US later this week should offer an opportunity to but it on the dips. Resistance is at 123.70 and 123.90/124.00.

AUD/USD remains near Friday lows. Resistance is at 0.7370 and 0.7400 (psychological level). Support is at 0.7260 and 0.7200. Aussie’s stabilization will be short-lived as the currency lacks bullish drivers in the risk-off environment. 

EUR
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