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Trading plan for 23/08/2017:
The weakest major currency today is the New Zealand Dollar, which is losing 0.55%. NZD / USD falls below 0.7250 and towards last week's minimum. EUR/USD is trading in a narrow, 20 pips range around the level of 1.1750. Wall Street's reflection is about 1.0%. Asia is also dominated by green, but the gains are more modest. The API report showed a drop in inventories of about 3.5 million barrels, which was accompanied by an increase in gasoline inventories. As a result, the WTI crude oil price has fallen to $ 47.50. The ounce of Gold is priced at $1285.
On Wednesday 23rd of August, the event calendar is busy with important news release during the London session. The set of Flash PMI Services and Manufacturing data from across the Eurozone is scheduled for release during the morning trading hours.Moreover, there is a speech from ECB President Mario Draghi in Lindau early in the morning as well. Later during the day, the US will post Flash PMI data and New Home Sales data as well.
EUR/USD analysis for 23/08/2017:
The Flash PMI Service, Manufacturing and Composite data from Eurozone are scheduled for release early in the morning. After the yesterday's much stronger than expected decline in the ZEW index, the global investors will be very interested in the PMI series. The general Flash PMI readings for the Eurozone are still expected to remain on the elevated levels (only PMI Manufacturing is expected to decline slightly), but the economic growth in the third and fourth quarter might be set to weaken somewhat and the peak of the business climate barometer is already behind us. Another scandal with German car makers spoiled sentiment in this sector. Therefore, PMI indices are expected to be slightly more stable. This does not change the fact that strong Euro and the rise of geopolitical risk imprints on business sentiment.
Let's now take a look at the EUR/USD technical picture at the H4 time frame. The breakout above the golden trend line around the level of 1.1785 turned out to be fake and currently, the market got back on the technical support at the level of 1.1775 again. The market is still trading in a narrow range and there are two levels to keep an eye on in a case of a breakout: technical support at the level of 1.1662 and technical resistance at the level of 1.1846. Any violation of this level will shot the future market direction.
Market Snapshot: Crude Oil still bounces from trend line
The price of the Crude Oil did not manage to break out above the technical resistance at the level of $48.72 and felt down again towards the golden trend line. The key level to the downside is still $46.44, but the bull camp is defending the current support levels. Trading conditions are neutral with a little downside bias.
Market Snapshot: GBP/USD is in the strong support zone
The price of GBP/USD has currently entered a strong support zone between the levels of 1.2793 - 1.2861. Any violation of the lower boundary of this zone will result in sell-off continuation towards the level of 1.2733 and below. Slight bullish divergence and somehow oversold market conditions are indicating a possible bounce, but it shouldn't last long when the down trend resumes.
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