Daily i forex report 03 august 2018 epic research

1. 03-Aug-2018
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International Forex

2. International Forex
INTERNATIONAL CURRENCY BUZZ
Forex - Dollar rallies on renewed trade war worries and upbeat Fed
Forex - GBP/USD under pressure near 1.3020 on Carney
Forex - EUR/USD finds support near the 1.1600 handle
GBP/USD
After moving above 1.3100 the figure in the wake of the BoE’s interest rate hike, GBP/USD has now come under
further selling pressure and probes lows around 1.3020. The Sterling has gathered extra downside pressure after
Governor M.Carney said the equilibrium interest rate is expected to raise gradually. Carney also noted that Brexit is
weighing on business investments, adding that risk premia on GBP assets have increased somewhat. Still on Brexit,
Carney said negotiations are entering a critical period, while limited and gradual tightening of monetary policy is
likely to be needed. Governor Carney also added that Q1 slowdown was primarily due to weather rather than
economic conditions. As of writing, the pair is losing 0.79% at 1.3023 and a break below 1.3000 (psychological level)
would open the door to 1.2957 (2018 low Jul.19) and finally 1.2771 (monthly low Aug.4 2018). On the flip side, the
next hurdle lines up at 1.3162 (21-day sma) followed by 1.3215 (high Jul.28) and then 1.3245 (55-day sma).
EUR/USD
The continuation of the bid tone around the greenback has forced EUR/USD to recede towards the 1.1600 handle,
where it seems to have found some support ffor the time being. Concerns over the US-China trade dispute have
been reignited after recent threats from President Trump to raise US tariffs to 25% from 10% on Chinese products
worth $200 billion. These jitters lent extra oxygen to the buck and collaborated with the pair’s decline to multi-day
lows near 1.1600 the figure, where it is now looking to stage a rebound. In addition, recent auspicious results from
US Consumer Confidence tracked by the Conference Board and published on Wednesday also added to the
greenback’s up move. Later in the session, weekly Initial Claims are due along with June’s Factory Orders. At the
moment, the pair is down 0.34% at 1.1620 facing immediate support at 1.1608 followed by 1.1575 and then 1.1527
(low Jun.28). On the upside, a breakout of 1.1749 (high Jul.23) would open the door to 1.1792 and finally 1.1853.

3. International Forex
DAILY ECONOMIC DATA

4. International Forex
EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart
INTRADAY OUTLOOK
Support: 1.3071
Resistance: 1.3173
RECOMMENDATION:
BUY GBPUSD ABOVE 1.3070 TGT 1.3090 1.3120 SL 1.3040
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: 1.1627
Resistance: 1.1717
RECOMMENDATION:
BUY EURUSD ABOVE 1.1640 TGT 1.1660 1.1690 SL 1.1610
SELL EURUSD BELOW 1.1590 TGT 1.1570 1.1540 SL 1.1620

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International Forex