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New week – new opportunities!

Aug 5 2019, 09:16 PM (BDT) | OlympTrade.com

On Friday Nonfarm payrolls were released at 164K and unemployment rate was left at +3.7% - one of the lowest levels in American history. 

It is important to mention that the construction field number of employees dropped to +4000. Retail trade sector continues to get worse. 

Picture 1. Employment situation

The second ISM report was published on Monday. Non-manufacturing PMI was released at 53,7 – worse than the previous fact and the forecast. 
















 

Picture 2. ISM non-manufacturing PMI

This week the most important news is going to come from Australia and New Zealand. RBA and RBNZ are making their decisions about interest rates. Economists think that RBA will leave the rate at 1%, while New Zealand would prefer to cut it till 1.25%. 

The Japanese GDP is being published on Thursday at 11:50 p.m. GMT. The forecast is +0.1%. 

The British national GDP will be published on Friday at 08:30 GMT. According to preliminary estimations, the second quarter is expected to be +1.4% compared to +1.8% in the first one.

We would like to start the week with EUR/USD analysis. The Euro started rising against the American currency and we found several reasons to open longs on the European currency. 

Technical analysis  

The Euro broke its 23.6% Fibo correction level and started growing. Simultaneously the trend line was beaten too. Indicators reversed – the Parabolic SAR dot appeared below the candlesticks, the Williams %R left its oversold zone, and the MACD line started approaching the signal line. 

The main target for the price is 1.12195 (50% Fibo correction). 

 

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