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Quiet Trading But Prepare For Upcoming Momentum

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Dear Traders,

The market was quiet- surprisingly quiet compared to other summer months in the past. However, we were able to profit even amidst this low volatile market and look back on a profitable performance this month. While the performance of the EUR/USD is still lagging behind, recording a small profit of currently 33 pips, traders of the GBP/USD can be happy about the exceptional level of profits. Here we already gained a nice profit of 301 pips in June.

There is nothing new to report, at least nothing that changes the technical outlook in the near-term. Both EUR/USD and GBP/USD traded within very tight ranges, ending yesterday’s trading day virtually unchanged. Consequently, none of our daily signal entries was triggered.

We may see some accelerated momentum today. While today’s economic data reports are only of secondary importance, there are at least two reports on the economic calendar which are worth mentioning. The Eurozone PMI reports are due for release at 7:30 and 8:00 UTC and could have a short-lived impact on the euro. From the U.S. we have the PMI reports scheduled for release at 13:45 UTC followed by New Home Sales (14:00 UTC).

We wish you good trades and a beautiful weekend.

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Listless Price Development On Growing Risk-Aversion

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Dear Traders,

The current market environment leaves much to be desired and given the listless price development it remains difficult for traders to take advantage of the muted market conditions. Even though the market should be repricing the prospects for higher interest rates in the USA, investors became far more risk-averse and showed reluctance to invest. So we will have to wait for an increase in risk appetite among investors in order to benefit from larger market movements and new trends.

Market participants await U.S. data on housing today for clues on the health of the economy. In the meantime, Fed policy makers continue to reinforce the likelihood of imminent rate increases with Fed President Bullard saying that he doesn’t see the U.K.’s vote on EU membership influencing the FOMC meeting that will be held the week before the referendum. Traders are currently pricing in a 30 percent chance of a rate hike in June and a 48 percent chance for a July hike. The focus could thus be on strong economic data, such as U.S. New Home Sales, scheduled for release at 14:00 UTC.If data fails to impress the dollar could weaken.

Before the U.S. data, U.K. Public Finances (8:30 UTC) and the German ZEW Survey (9:00 UTC) are scheduled for release.

Technically, the EUR/USD remains confined to a narrow trading range between 1.1250 and 1.1180. Let’s wait and see whether momentum accelerates after a break above or below this range.

The British pound ended the day unchanged against the U.S. dollar. We see a current resistance at 1.45 whereas a lower bound could currently be at 1.44.

Daily Forex signals:

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We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2016 Maimar-FX.

www.maimar.co