Tuesday 10th July at 9.30am – UK (May) trade balance
Estimates indicate drop to £1.2 billion from £5.3 billion previously published. Also the (MoM-May) Gross Domestic Product is released by the Office for National Statistics at the same time. These data releases could impact volatility for GBP crosses and UK Equities.
GBPUSD Kel level to watch is at 1.3300 Confirmed breakout higher could target additional upside resistance initially at 1.3350 and 1.3400 followed by 1.3450-1.3480 levels. Alternatively initial downside support is located at 1.3220. Confirmed loss could target additional downside supports at 1.3140 followed by 1.3100 and 1.3070 levels.
Wednesday 11th July at 3pm – Bank of Canada rate decision
This is due for release which is also followed by Bank of Canada Statement and Monetary Policy Report. Interest rates expected to remain at 1.25%. Any changes to the current level of interest rates could impact volatility for CAD crosses and Canadian Equities.
USDCAD currently testing important support at 1.3100, Prica action appears Bullish above that level targeting upside resistances at 1.3200 -1.3225 followed by 1.3265-1.3300 levels. Alternatively confirmed loss of 1.3100 could target additional downside supports at 1.3065 followed by 1.3035 and 1.2970.
Thursday 12th July at 10am – Eurozone industrial production for May
This is forecasted to be 2.8% YoY from previous 1.7% and 0.8% MoM from previous -0.9%. Also at 11.30am European Central Bank Monetary Policy Meeting Accounts report will be published. This data release and the following report could impact volatility in EUR crosses and European Equities.
In the afternoon at 1.30pm- US Consumer Price Index for June and also the Initial Jobless Claims for week ending on 7th July will be published. Headline CPI is forecasted to show 2.9% YoY from 2.8% previously and 0.2% MoM from 0.2% previously. These data releases could impact volatility in USD crosses and US Equities.
EURUSD Important level of support to the downside is at 1.1700. Bull appear to be in control above targeting initial upside resistance at 1.1750. Confirmed breakout above 1.1750 would open up the way for the retest of additional upside resistances at 1.1800 followed by 1.1860 and ultimately at 1.1900. Alternatively a confirmed loss of 1.1700 support would change the outlook targeting downside supports at 1.1650 followed by 1.16