Daily i forex report 30 august 2018 by epic research

1. 30-Aug-2018
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International Forex

2. International Forex
INTERNATIONAL CURRENCY BUZZ
Forex - Dollar Dips, Pound Rallies on Barnier Comment
Forex - EUR/USD depressed near 1.1650 post-US GDP
Forex - GBP/USD looks to keep the consolidative theme near term
GBP/USD
The dollar edged lower against a basket of the other major currencies on Wednesday, as the pound rallied after
comments on Brexit by European Union negotiator Michel Barnier. The U.S. dollar index, which measures the
greenback’s strength against a basket of six major currencies, edged down to 94.57 by 10:24 AM ET (14:24 GMT),
not far from Wednesday’s one-month low of 94.34. Market sentiment was supported by hopes that Canada will join
the new trade agreement between the U.S. and Mexico aimed at overhauling the North American Free Trade
Agreement. But the new trade deal did little to indicate how a trade spat between the U.S. and China may develop
after talks last week ended with little progress and both countries slapped fresh reciprocal tariffs on imports. The
dollar showed little reaction to data showing that U.S. economic growth was slightly stronger than expected in the
second quarter, coming in at 4.2% as markets remained focused on geopolitical developments.
EUR/USD
The pair remains on the defensive on Wednesday near 1.1650. The greenback flirts with daily highs in the 94.90
area. US Q2 GDP came in above estimates at 4.2%. The offered tone around the single currency remains well and
sound in the middle of the week, forcing EUR/USD to recede nearly a cent since yesterday’s tops beyond 1.1730.
The pair prolongs the knee jerk to the mid-1.1600s today amidst a renewed buying interest around the greenback
and auspicious results from the US docket. In fact, another revision of the US GDP showed the economy is expected
to expand at an annualized 4.2% during the April-June period, surpassing the previous estimate (4.1%) and initial
forecasts (4.0%). The data gave extra oxygen to the already upbeat mood around the buck, dragging spot lower.
Moving forward, the next risk event in Euroland will be the release of advanced inflation figures for the month of
August, due on Friday.

3. International Forex
DAILY ECONOMIC DATA

4. International Forex
EPIC'S ANALYST SPEAKS
GBP/USD Daily Chart
INTRADAY OUTLOOK
Support: 1.2818
Resistance: 1.2962
RECOMMENDATION:
BUY GBPUSD ABOVE 1.3050 TGT 1.3070 1.3100 SL 1.3020
SELL GBPUSD BELOW 1.2940 TGT 1.2920 1.2890 SL 1.2970

5. International Forex
EPIC'S ANALYST SPEAKS
EUR/USD Daily Chart
INTRADAY OUTLOOK
Support: 1.1624
Resistance: 1.1770
RECOMMENDATION:
BUY EURUSD ABOVE 1.1740 TGT 1.1760 1.1790 SL 1.1710
SELL EURUSD BELOW 1.1670 TGT 1.1670 1.1640 SL 1.1700

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