The key event of Thursday was the release of the US’ Q2 GDP report. The data came out a little worse than expected, but significantly better than the previous value. The GDP in the country had grown by 2.3% and Q1 growth was reassessed from -0.2% to 0.6%.
A new method of calculation was applied when coming to these values and, as a result, previous values were reassessed. It turned out that between 2011 and 2014, the US GDP growth was overstated by 0.3% and on average stood at 2%. The average for growth in 2014 was 1.5% against the earlier value of 1.9%.
The number of applications for unemployment benefit applications was 267,000 against an expected 270,000.
The EURUSD dropped to the D3 and the 157th degree from where it rebounded to the 45th degree.
Main news of the day:
The expectation that the Fed would announce a rate hike for September is still there and is still lending support to the dollar. There’s not much data out this Friday. However, the data that is out could shake up market volatility.
The hourly indicators which I’m using are set. The euro slid to 45 degrees. The MA line is heading downwards. All the conditions are in place for a continued fall to 1.0860. If the euro/dollar closes below 1.0945, the weekly will see the forming of a pinbar (a signal for the euro dropping further).
The euro/dollar has broken from the daily LB and is currently approaching the dotted line set at close price. So what is it doing here? A close below the line will open up a road to 1.0770 for the euro. A snap through it won’t be considered as a real break. A bear phase has been developing since June, so it’s easier for the sellers to control the buyers. Only a close above 1.1130 will change the market powers that be. Now to the Weekly.
The trend line still hasn’t been touched. The sellers have won back their losses and are in the positive with regards to the closing price of last Friday. If the euro/dollar closes below 1.0945 than a pinbar will form. I’ve marked this out on the graph. In this case it’s worth waiting for a fall to 1.0770 (see daily graph).
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Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.
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