By - Jamel Lahiani
Today our analysis will be concerned with:
The EURUSD is the most traded currency pair in the world. This pair represents the world two largest economies and has faced most volatility since the inception of the euro in 1999.
The USDCAD is a very popular currency pair and represent the exchange rate of the tow neighbor money, the U.S. and Canada.
FOREX Market Insights
Yesterday, the dollar loose against the EURO and the Canadian dollar. This, because of the worsen deficit of the US trade balance for the month of July with the stability of the Canadian monetary policy published yesterday.
Today, the focus is on a series of high impact economic events:
AT 12H15 GMT: The US Employment Change released by the Automatic Data Processing, Inc .
At 12H30 GMT: The US Initial Jobless Claims released by the US Department of Labor.
At 14H00 GMT: The US ISM Non-Manufacturing Index released by the Institute for Supply Management (ISM).
GRAPHIC 1: EURUSD HOURLY CHART (SEPTEMBER 5, 2019)
Yesterday the movement to the upside was confirmed. So, the Euro wins against the US dollar. This explained by a worsen US trade balance for the month of July. The uptrend finds some resistance at the level of 1.10939 and required a news update from the tow economies for further moves. If the candle closes downing the channel then the trend is finished and we have a new move to the downside. If the candle closes to the upside of the resistance level of 1.10939, the uptrend still validated.
GRAPHIC 2: USDCAD HOURLY CHART (SEPTEMBER 5, 2019)
We have a bearish volatile market inside the colored channel stopped by a support at the green level of 1.32054. The pair moves downing of MA14 in blue color. If after the publication of the data in focus for the US economy the pair close downing the green support line then the bearish movement will continue. If the candle closes up of the high limit of the channel a bullish movement is highly to be considered.
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