Daily i forex report 06 august 2018 by epic research

1. 06-Aug-2018
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International Forex

2. International Forex
INTERNATIONAL CURRENCY BUZZ
Forex - Dollar Strengthens as Trade Tensions Pressure Chinese Yuan
Forex - GBP/USD sticks to modest gains, above 1.30 handle post-NFP
Forex - EUR/USD around 1.1600 post-Payrolls
GBP/USD
The GBP/USD pair held on to its modest daily gains, above the key 1.30 psychological mark, albeit struggled to gain
any follow-through traction post- US monthly jobs report. With investors looking past today's disappointing UK
services PMI, the pair enjoyed a brief rally and spiked to a session high level of 1.3043 on the back of a modest US
Dollar retracement, triggered by the headlines that PBoC raises reserve requirement on FX forwards trading to 20%.
The uptick remained supported after the headline NFP print fell short of consensus estimates and showed that the
US economy added 157K new jobs during the month of July, lower than 190K expected and worse than previous
month’s upwardly revised reading of 248K. Additional details showed that the unemployment rate ticked lower to
3.9%, on expected lines.
EUR/USD
After a brief test of levels above the 1.1600 handle on PBoC headlines, EUR/USD manages to keep the buying
interest around the 1.1600/10 area in the wake of US Non-farm Payrolls. Spot keeps the familiar range post-PBoC
spike after the US economy created 157K jobs during July, coming in below estimates at 193K and down from June’s
248K (revised from 213K). Further data showed the unemployment rate slipped to 3.9%, matching prior surveys. In
addition, Average Hourly Earnings – a proxy for wage inflation – expanded at a monthly 0.3% and 2.7% over the last
twelve months, in line with previous estimates Later in the session, the key ISM Non-manufacturing during July is
due along with Markit’s Services PMI for the same period. At the moment, the pair is up 0.06% at 1.1592 facing
immediate contention at 1.1562 (low Aug.3) followed by 1.1527 (low Jun.28) and then 1.1508 (2018 low May 29).
On the upside, a breakout of 1.1680 (21-day SMA) would aim for 1.1749 (high Jul.23) and finally 1.1792 (high Jul.9).

3. International Forex
DAILY ECONOMIC DATA

4. International Forex
EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart
INTRADAY OUTLOOK
Support: 1.2937
Resistance: 1.3171
RECOMMENDATION:
BUY GBPUSD ABOVE 1.3050 TGT 1.3070 1.3100 SL 1.3020
SELL GBPUSD BELOW 1.2990 TGT 1.2970 1.2940 SL 1.3020

5. International Forex
EPIC'S ANALYST SPEAKS
EUR/USD Daily Chart
INTRADAY OUTLOOK
Support: 1.1525
Resistance: 1.1699
RECOMMENDATION:
BUY EURUSD ABOVE 1.1620 TGT 1.1640 1.1670 SL 1.1590
SELL EURUSD BELOW 1.1580 TGT 1.1560 1.1530 SL 1.1610

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