Free Forex Analysis for 08.24.2015

Free Forex Signals for 08.24.2015

Today’s Currency Movers

EURUSD, Daily

The risk-off theme continues in global financial markets as traders re-price the USD in view of the reduced chance that the Fed will begin tightening rates in September. The EURUSD is now trading near multi month highs around 1.15 after accelerating through my 1.1260’s target area; see my August 14 report, current price is starting to look overbought ahead of the 1.1530 resistance level. EURUSD traders should watch if price can hold above the 1.1436 support level before initiating new longs, otherwise a break below the 1.1430’s could open up the possibility for a set-back towards the 1.1216 – 1.1189 levels ahead of an advance on the 1.16’s.

German property prices continue to rise, with prices for apartments rising by around 1.4% m/m. The overall index rose 0.73% m/m and up 5.3% y/y. Low interest rates and a robust labour market are driving up property prices, but while the Bundesbank is keeping a close eye on developments it is not seeing signs of a serious property bubble at the moment, even if prices in key cities are already overvalued.

Asian and emerging market currencies are under pressure, along with commodity related currencies such as the AUD and the CAD as the FOMC minutes showed a Committee divided, the minutes gave no clear signals on the timing of a rate liftoff, however the mention of risks from China, the growth/inflation impacts of a stronger dollar, and a downgraded inflation outlook from the Fed Staff resulted in a downbeat market interpretation. China will remain a focal point as Chinese officials struggle with a slowing economy and falling equity market.

AUG 24 TB 2015-08-24 12:56:51

Currency Pairs, Grouped Performance (% change)

Current 5 day percentage change of currencies against other major currencies since the daily close 23:59:59 server time, 5 days ago.

The AUD is trading lower as the spill-over from the turmoil in China’s stock markets remain a risk factor for the AUD.  The JPY is trading higher as talk of further easing to stimulate growth continues to gain momentum.

The EUR over the last five trading days is stronger as the current sell off in the Chinese stock markets and weak commodity prices may have the market rethinking a US rate move in September.

Significant daily support and resistance levels for these pairs are:

AUG 24 CP 2015-08-24 13:23:42

Main Macro Events Today

USD FOMC Member Lockhart Speaks: Federal Reserve Bank of Atlanta President Dennis Lockhart is due to speak today.

AUG 24 EC 2015-08-24 12:43:15

Janne Muta

Chief Market Analyst

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About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.

Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.


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