Post on 29-May-2018
8/9/2019 JUL-23-Varengoldbank Daily FX Report
1/8
www.varengoldbankfx.com Intelligent Investments
Friday, July 23, 2010
Good morning from wonderful Hamburg and welcome to our last Daily FX Comment of this
week. Surprisingly the concerns of the market over stress-test results of banks in Europe faded
away and the debt crisis seem to ease.
Anyways, we wish you a successful trading day and a nice weekend.
Market Review Fundamental Perspective
Although Ben. S. Bernanke admitted, that the economic outlook continues to be unusually
uncertain, the USD strengthened versus the JPY to 87.12. This is largely owing to a report which
revealed, that sales of U.S. previously owned homes fell 5.1 percent in June. Economists had
predicted a drop of 9.9 percent. Furthermore speculations came up that Japan may weaken its
currency to aid economic growth. Japans Finance Minister officially said, that he wants to avoid
gains in yen which would have a negative effect on Japans export, the engine of the economy
recovery. Based on that, the yen decreased against all of its major counterparts.
In Europe a report illustrated, that manufacturing and services industry suddenly rose and the
debt crisis eased. In addition to that the market assumes that the results of stress test for 91
banks will not be such as negative as it has been forecasted. As a result of that European stocks
increased and the EUR won against the USD after it fell in the past three days. It gained 1.1
percent to 1.2891 and the EUR/JPY also rose from a two-week low to 112.06.
A policy report from the Bank of Canada revealed, that successive interest-rate increases will
still continue to take place in the future. This resulted in a rose of Canadas currency by 1.3
percent against the USD at 1.0356. The CAD already gained 1.9 percent this week and
strengthened the most versus the USD in the past two weeks. The AUD rallied near to a two-
month high and was the second-best performer against the USD yesterday. The AUD/USD
already gained 6.4 percent in July and traded at 0.8943. The AUD/JPY rose 0.3 percent to
77.93. Based on speculations that the Central Bank of New Zealand is going to raise the interest
rate next week, the currency pair climbed against the USD and traded at 72.57.
8/9/2019 JUL-23-Varengoldbank Daily FX Report
2/8
www.varengoldbankfx.com Intelligent Investments
Daily Technical Analysis (In this section we provide chart analysis)
Our Focus Currencies for Today
GBP/NZD (4 Hour)
After the GBP/NZD succeeded to enter the fan the bears took control of it and dragged it below
its resistance level around 2.1126. If the pair may reach the resistance level again and could
cross the lower line of the fan we might see further gains.
Intraday Support & Resistance (4 Hour)
Support Levels around Resistance Levels around
2.0739 2.1632
N/A 2.2026
N/A 2.1126
8/9/2019 JUL-23-Varengoldbank Daily FX Report
3/8
www.varengoldbankfx.com Intelligent Investments
EUR/GBP (4 Hour)
Since the end of June the currency pair has been trading in a bullish trend channel. We might
see further losses if the EUR/GBP fell out of the channel again and move down towards its
support level around 0.8373. The Stochastic indicator may support a bearish trend.
Intraday Support & Resistance (4 Hour)
Support Levels around Resistance Levels around
0.8373 0.8455
0.8204 0.8537
0.8063 N/A
8/9/2019 JUL-23-Varengoldbank Daily FX Report
4/8
www.varengoldbankfx.com Intelligent Investments
USD/CAD (4 Hour)
The USD/CAD failed to cross the resistance level around 1.0516 (61.8) for the past 2 weeks and
dropped towards its support level around 1.0363 (23.6).The DMI seems to keep staying on a
relative low level and may assume that there is no trend-reversal. It remains to be seen if the
pair could remain above the 1.0363 (23.6) or continue its downward trend.
Intraday Support & Resistance (4 Hour)
Support Levels around Resistance Levels around
1.0363 1.0469
N/A 1.0516
N/A 1.0588
8/9/2019 JUL-23-Varengoldbank Daily FX Report
5/8
www.varengoldbankfx.com Intelligent Investments
NZD/JPY (1 Hour)
Since the middle of July the EUR/GBP is trading in a bullish trend channel but failed to cross its
resistance level around 63.39. It dropped back and is trading near to its support level around
62.65. A break through this level and out of the channel could be a signal of a trend reversal.
Intraday Support & Resistance (1 Hour)
Support Levels around Resistance Levels around
62.65 63.39
62.09 63.95
61.32 N/A
8/9/2019 JUL-23-Varengoldbank Daily FX Report
6/8
www.varengoldbankfx.com Intelligent Investments
AUD/CHF (1 Hour)
The AUD/CHF tried to reach its monthly high again but rebounded at the resistance level around
0.9325. We might stay bullish if the pair clearly pass the middle line of the Fibonacci fan and
recross its resistance level.
Intraday Support & Resistance (1 Hour)
Support Levels around Resistance Levels around
0.9161 0.9325
0.9051 N/A
0.8947 N/A
8/9/2019 JUL-23-Varengoldbank Daily FX Report
7/8
8/9/2019 JUL-23-Varengoldbank Daily FX Report
8/8
www.varengoldbankfx.com Intelligent Investments
DISCLAIMER
IMPORTANT NOTIFICATION TO BE READ IN CONJUNCTION WITH THE CONTENTS OF THISPROMOTIONAL DOCUMENT
This document Daily FX Report is a promotional document and is created and published by Varengold Wertpapierhandelsbank AG.It is exclusively aimed at German business partners and customers who make their own investment decisions at their own risknotwithstanding the contents of this promotional document. Investment decisions should be made on the basis of a precedingconsultation with an independent financial advisor and prospectus, but not on the basis of this promotional document. Depending onthe individual investor's investment goals, investment horizon or financial situation, the contents of the present promotional documentmay not be suitable at all or only in part. This promotional document is not aimed at persons with residence and / or place ofbusiness and / or branches abroad, particularly in the United States of America, Canada, Japan or Great Britain. This promotionaldocument is for information only and especially does not constitute a public offer, an advice, recommendation or an invitation tosubmit an offer for purchase or selling of or subscription to securities or other financial instruments.
This promotional document does not constitute a financial analysis.Therefore it does not fulfill the legal requirements ensuring the impartiality of financial analyses. This promotional document is notsubject to the prohibition of trades before the publication of financial analyses. With this promotional document no individualinvestment advisory and / or information relationship with Varengold Wertpapierhandelsbank AG is established.All declarations, statements or assessments included in this promotional document are those of this document's author; they do not
imperatively correspond to third party statements. Varengold Wertpapierhandelsbank AG has taken the entire information on whichthe promotional document is based from sources considered serious and reliable, but without verifying the entire information. This iswhy Varengold Wertpapierhandelsbank AG does not give promises or guarantees regarding precision, completeness or accuracy ofthe information or opinions included. Varengold Wertpapierhandelsbank AG does not assume any liability for losses and direct orconsequential damage caused by the use of this promotional document and / or associated with the use of this promotionaldocument. The contents of the promotional document correspond to the state of information as of the date of its preparation. It maybe outdated on account of future developments without the promotional document having been modified. Any complete or partialreproduction or any other usage and /or distribution of this promotional document is subject to publisher's prior written consent.
For further information please read our full disclaimer at http://www.varengold.de/en/disclaimer.html
Trading the foreign exchange market carry a high level of risk and may experience substantial loss in part or all of an investment.