Easy-Forex Weekly Outlook

August 4, 2014

General Commentary

Last Week’s Currency Trading Review:

The EUR/USD weakened and fell below the 1.34 level for a short time but closed at 1.3425 after a lackluster release of jobs data in the US. But eurozone and individual country PMI data missed expectations weighing on the euro. The dollar dropped from a four-month high after U.S. employers added fewer jobs than forecast last month, reducing speculation the Federal Reserve will move up the pace of interest-rate increases forecast for next year. The dollar fell against the yen and euro as payrolls trailed estimates and the unemployment rate increased. Traders will closely monitor the ECB meeting this coming week.

The AUD/USDclosed the week at 0.9315 after steadily declining since the beginning of the week. The Aussie remains weak against the gaining US dollar. Strong Chinese manufacturing data did little to strengthen the currency. The Australian dollar shrugged off good news from a key Chinese manufacturing indicator and retreated below US93¢ on Friday, to fetch US92.94¢ in late trade, down more than US1¢ for the week.

The USD/JPYclimbed as the stronger US dollar pushed the currency pair to 102.69 at the end of the week. The Japanese yen (JPY) retains a weak tone against the USD, yet it has gained value versus the EUR. Japanese economic activity will continue to suffer the negative impact from an increase in the consumption tax.

Technical Commentary

AUD/USD- 0.9315

Pivot- 0.9270

Support: 0.9230 and 0.9205

Resistance : 0.9340, 0.9370 and 0.9390

EUR/USD- 1.3428

Pivot- 1.3395

Support: 1.3375 and 1.3360

Resistance: 1.3445, 1.3455 and 1.3475

USD/JPY- 102.48

Pivot: 103.15

Support: 102.30, 102.15 and 101.95

Resistance: 103.15, 103.4 and 103.7

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