AUD/USD tests resistance at 0.7980

The currency pair could test another rally up to 0.8050 at some point later on today.

An alternative scenario, AUD/USD could be seen to 0.7800-0.7850 area.

EUR/USD could find resistance at about 1.4150 today

EUR/USD is likely to find resistance at about 1.4150 later on today.

Daily analysis

The ZEW Economic Expectations data is expected today at 10:00am GMT and the forecast is positive for the CHF.

Later on today at 2:00pm GMT another data for the TIC Long-Term Purchases will be released which may be in favor for the american currency.

GBP is still in uptrend favor. 1.6500 looks like a possible level to reached at some point later on today.

EUR is still moving sideways today

Current level of EUR/USD is 1.3982 at 5:40am GMT and I expect that the pair could test a level of 1.3800 later on today.

The Capacity Utilization Rate data will be released today at 2:15pm GMT. It is a leading indicator of consumer inflation and the forecast looks positive for the american currency which could downtrend the EUR after the data is released.

Claimant Count Change could be positive for the GBP

Claimant Count Change data will be released today at 9:30am GMT and it is expected to have a positive reaction over the british currency. The release is highly significant as it is one of the economic data releases that are used to measure the health of the British economy.

Current level of GBP/USD is 1.6317 at 5:37am GMT and I suppose that after the data is released to test level of 1.6400.


Comment:
I have bought a position GBP/USD at 1.6317 level

Daily analysis for the GBP, July 14

The GBP/USD gained about 45 pips during and after the CPI was announced today at 9:30am GMT.

However, the GBP/USD took a downturn with about 50 pips after the Producer Price Index (PPI) was published and it had a positive impact over the USD.

Now at 7:20pm GMT the currency pair GBP/USD is in the range 1.6250 - 1.6266 with possible bearish movement in the next a few hours.

Consumer Price Index may be positive for GBP

Consumer Price Index report will be announced today at 9:30 am GMT. The forecast shows that the UK inflation is set to a fall which may have a bullish effect to the british currency.

German ZEW Economic Sentiment may uptrend the EUR

German ZEW Economic Sentiment is scheduled today at 10am GMT and the forecast is postive which may uptrend the EUR.

EUR/USD has formed a resistance around 1.3980.

However, with the German ZEW Economic Sentiment report, the level of 1.4000 may be reached.

RICS House Price Balance could be bearish for GBP

At 12am GMT on Tuesday, July 14, the RICS House Price Balance data will be published. The forecast is -39.6% which is a negative number and will most likely indicates more surveyors reported a fall in prices.

Bearish movement for the USD

The american currency experienced a downtrend after the Federal Budget Balance announcement was made today at 7pm GMT.

The negative numbers of -94.3B indicated a deficit of about $1 trillion. The american currency took a downtrend after the news.

GBP/USD current level 1.6115 at 5:35am GMT

With the possible negative bias of the Federal Budget Balance for the USD today, I suppose that the currency pair could reach the level of 1.6200 at some point later on today.
However, if the currency pair break down below 1.5900 it may signal deeper decline to test 1.5850.

Comment:
I have bought position at 1.6115 with a tendency to reach level 1.6200 later on today.

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Comment:
I have sold the position at 1.6180 with a profit of 65 pips at 5pm GMT

Federal Budget Balance on Monday, July 13 at 7:00pm GMT

The meeting will announce the difference in value between the federal government's income and spending during the previous month. A positive number indicates a budget surplus, a negative number indicates a deficit. The forecast as of today, it shows a negative number -65.5B which would be most likely negative for the USD.

ECB President Trichet Speaks on Monday, July 13 at 11:30am GMT

Volatility is often experienced during his speeches as traders attempt to decipher interest rate clues. He has more influence over the euro's value than any other person. The ECB controls short term interest rates.