Intraday Forex Friday, July 30 (EURUSD, USDJPY, etc.) The dollar dropped to multi-week lows against other currencies.


Hi everyone. This observation is made around 5:10 UTC today, with 30 minutes time frames. The Resistance and Support Line were constructed according to Fibonacci retrenchment. Any discussion is welcomed.

Asian shares slipped on Friday, with a gauge of regional equities set for its biggest monthly drop since last March, on weaker-than-expected U.S. growth data and rising inflation. The mood also fragile sparked by investor fears over the impact of regulatory actions in China against the education, property & tech sectors.
Oil fell but on track to post around 2% gains for the week. Gold were set for their biggest weekly gain in more than two months.

The dollar dropped to multi-week lows against other currencies, weighted by as dovish remarks by the Fed and an underwhelming economic data. Though agitation on Delta coronavirus variant put some safe-haven bid for the dollar.

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  • A sluggish dollar hoisted the euro up 0.30% of the last two days.​
  • The euro held at $1.18787 on Friday, eased slightly after touched its highest in more than 3 weeks earlier today. The major currency pair marked a 4-day uptrend the previous day when poking the monthly high marked on July 06.​
  • The dollar languished as the Fed appears nowhere near rates tapering as the economy slowly makes its way to achieving substantial progress in the labour market. Losses in the dollar also accelerated on weaker-than-expected U.S. economic data that was dovish for Fed policy.​
  • However, the risk-off mood put a safe-haven bid under the U.S. dollar and triggered rebound. The dollar still has safe-haven support from concern the worldwide spread of the Delta variant will crimp the global economic recovery.​
  • On other hand, any disappointment in the readings of German and Eurozone Q2 GDP later today should offer weakness to the EUR/USD. However, U.S. data and risk catalysts become more important to follow for fresh impulse.​
  • Focus remains on 1.190 resistance in EUR/USD. The pair might witness temporary bearish bias affected by stochastic negativity before attempting to breach and achieve more gains on the intraday and short-term basis. On the downside, break of 1.184 will put the pair back into the consolidation earlier in the week.​
Important Levels to Watch for:​
  • Resistance line of 1.19088 and 1.19299.​
  • Support line of 1.18403 and 1.18191.​

  • The greenback was a tad higher against the yen at 109.527, bounced after it hit a 1-week low in earlier trading today. The pair heads for almost 1% drop for the week.​
  • A weaker-than-expected U.S. economic data, the drop in the 10-year T-note yield and the rally of S&P 500 overnight are among catalysts that contributing to the broad dollar weakness.​
  • The Japanese yen meanwhile has found support throughout the week from nerves about the Delta coronavirus variant and jitters in China's equity market.​
  • On the data front, Japan has a busy Friday. The country will publish the June Unemployment Rate, May Retail Trade figures, the preliminary estimate of June Industrial Production and Housing Starts for the same month.​
  • The USD/JPY pair hovers around the daily low, bearish in the near-term, and expected to continue its downward correction to the 109.22 support level, with the next support at a month low. Technical indicators lack directional strength but hold within negative levels, skewing the risk to the downside.​
Important Levels to Watch for Today:​
  • Resistance line of 109.896 and 110.103.​
  • Support line of 109.226 and 109.019.​

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