Forex news for trading for August 19, 2016
- US stocks end the day in the red but off lows
- CFTC commitments of traders: "All in"...GBP shorts at record level
- WTI crude oil futures settle at $48.52
- GBPUSD moves higher in quiet afternoon trading
- FXCM issues statement on CFTC complaint
- Goldman Sachs: Two reasons not to get caught up in USD bearishness
- Baker Hughes oil rig counts 406 vs. 396 last week.
- China must avoid competitive FX devaluation: US Treas. Sec. Lew
- London traders going home quietly.....
- The Brexit scorecard so far (by the numbers)
- Europe stocks down for the day. Down for the week.
- NY Fed Q3 GDP Nowcast 3.0% vs 2.4% prior
- Forex technical analysis: EURUSD trades just above 100 week MA
- USD/JPY won't hold at 100 - Deutsche Bank
- Bonds helping USD/JPY rebound
- Paul Manafort resigns from Trump campaign
- Forex technical analysis: GBPUSD finds support area. Stalls.
- Cable falls on report that May wants to trigger Brexit by April
- Any juice left in the six-day oil squeeze?
- Belgian August business confidence -4 vs -4 prior
- Forex technical analysis: GBPUSD falls below key support
- Nine-day losing streak in USD/CAD likely broken after weak retail sales
- Canada retail sales for June -0.1% vs. +0.5% estimate
- Canadian July CPI +1.3% y/y vs +1.4% y/y expected
- The strongest and weakest currencies as NA traders enter for the day
Weaker data out of Canada led to a rise in the USDCAD today - pushing the price above the 100 hour MA for the first time since August 10th. That level comes in at 1.2850. Traders next week will be looking at this level for bias clues. Stay above more bullish and move below more bearish. For good order, retails sales for June were -0.1% vs +0.5% estimate. Ex Auto they were even weaker at -0.8%.
The GBPUSD lost ground in trading today - retracing all of the gains seen yesterday. The pair did find support against the 100 hour MA and 50% retracement at the 1.3029 and 1.3024 respectively. The bounce has taken the price close to resistance at 1.3094. It was the break of this level early in the NY, that led to further selling momentum.
The EURUSD is ending the week above the 100 week MA for the first time since August 2014. That level comes in 1.1308. The low in the NY session reached 1.1306. The problem is the NY range was 30 pips and it is closing at 1.1321. On Thursday, the break was looking more robust (the high extended to 1.1366) but with the price back near the break level, the bulls out there are not feeling as comfortable. We will see in the new trading week.
The USDJPY was another pair that slept walked through the NY session. This pair found support ahead of the 100.00 level but stalled against the 100 hour MA above (at 100.33 currently) The 33 pips between support and resistance pretty much guarantees a break early in the new week. DO we go below 100.00 - the CFTC commitment of traders continues to show traders net long JPY - or do the longs get squeezed.
AUDUSD was one of the weakest currency pairs for the day, but all of the heavy selling was done before NY traders arrived. The pair liquidated all the way down to support on the hourly chart (see chart below). The rest of the day was spent trading up and down much like a number of the other currency pairs.
Below is a snapshot of the % changes of the major currencies vs each other.
