Currency Analyst since 2010

Forex trading plan for July 30

By Elizabeth Belugina

The Federal Reserve’s statement on Wednesday didn’t offer much information. Initially traders were a bit disappointed not to see a direct date of the first rate hike, but deep down no one actually expected the Fed to be so clear and unambiguous. Traders will be looking at future data releases for indication that they will allow the Fed to start raising rates in September. On Thursday there will be one such release. The market’s attention will be focused on the bunch of US statistics at 12:30 GMT: first release of American Q2 GDP (forecast: 2.6%), trade balance and unemployment claims (forecast: 268K). US dollar has upside potential versus other currencies.

EUR/USD breached support at 1.1020 forming a top and may slide to 1.0925/00. There may be some support at 1.0985 and 1.0950. Resistance is at 1.1065 and 1.1095/1.1100.

GBP/USD was once again rejected down from the levels just below 1.5700. A shooting star on the daily chart will pull the price down to 1.5500.

USD/JPY once again approached 124.00. Resistance is at 124.50 and 125.00. Support is at 123.30/00.

AUD/USD was rejected down ahead of resistance at 0.7370. Reserve Bank of Australia’s Governor Stevens will speak at 00:30 GMT. Australia will release building approvals at 01:30 GMT (forecast is negative). Bearishtargetislocatedat 0.7230/00. 

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