The EUR/USD pair started this week with a negative tone on the back of recovery of the US dollar against its major rivals. The pair extends its retreat from 3-year highs, marked last week at 1.2537 spot, as US bulls are trying to regain control over the market. Recall last week the US dollar came under strong selling pressure following the comments of US Treasury Secretary S.Mnuchin, who said that weaker USD is good for trade purposes. However, the greenback managed to regain a bid tone, following comments of the US President D.Trump, who stated that he wants to see stronger dollar and recent comments of Mr. Mnuchin were misinterpreted, as were taken out of context. On the other hand, ECB’s optimistic assessment of the of the EU economic growth at the ECB meeting, which took place last Thursday, is still providing support to the common currency, thus limiting pair’s further retreat. On the data front, today both economic calendars will keep silence, so broad market sentiments will continue to navigate the pair during this trading session.
The GBP/USD pair follows broad market trend and extends retreat from its post-Brexit vote highs, marked last week at 1.4345, on the back of ongoing correction of the US dollar vs its major rivals. Today’s positive mood of the greenback remains the main navigator across the market, which forces the pair to retreat from its recent highs. However, pair’s downside trend may appear limited, as investors are still digesting disappointing US GDP and upbeat UK GDP reports, released on Friday. Moreover, confidence of the UK Brexit Minister D.Davis that sides will reach a compromise on trade deal provides additional support for the GBP. Today both economic calendars will not be able to surprise investors with something important, so broad market trend will remain the key determinant for the pair this Monday.
The USD/JPY pair extends correction from its 4-month lows, marked at 108.28 at the end of the last week. Recent weakness of the pair could be mainly explained by broad sell-off of the US dollar, which was seen during the last week, on the back of recent comments of the US Treasury Secretary S.Mnuchin, who said that weaker dollar is good for the US, as it relates to trade and opportunities. Adding to this, streak of negative US data releases, including weak Friday’s GDP report, also exerts some pressure on the US dollar lately. However, the pair managed to correct higher at the first trading day of this week in wake of attempts of US bulls to retake control over the market. On the other hand, slightly increased demand for safe-haven assets supports the yen, thus limiting pair’s further rebound. Today we are expecting pretty quiet trading session, as the US economic calendar won’t offer us anything relevant this Monday, so price dynamics of the greenback will remain the key driving factor for the pair.
The AUD/USD pair corrects lower from its highest levels since mid-2015, marked at 0.8136 spot last Friday. The latest retreat of the pair could be attributed to locking some profits table after notable bullish rally of the pair, seen last trading session. However, it seems that the pair met some support in the region of 0.8080 on the back of upbeat sentiments on the commodity market, especially around the copper, which are supporting commodity-linked Aussie at the start of this week, thus limiting downside correction of the pair. Looking ahead, today the AUD/USD pair will continue to trace greenback’s price dynamics, as the US data calendar lacks any fundamental drivers at the start of trading week.
Major events of the day:
Support and resistance levels for the major currency pairs:
EURUSD S. 1.2305 R. 1.2555
USDJPY S. 107.40 R. 110.36
GBPUSD S. 1.4003 R. 1.4357
USDCHF S. 0.9258 R. 0.9462
AUDUSD S. 0.7950 R. 0.8214
NZDUSD S. 0.7253 R. 0.7425
USDCAD S. 1.2231 R. 1.2431
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To install OCTL2P you should download setup file to your computer and run it to start the installation. Click Next in the installation dialog box. Before installing OCTL2P we suggest you close all running applications including MT4 terminals.
Read the license agreement, select the check box I accept the agreement and click Next to proceed.
Indicate directory where you previously installed MetaTrader 4. To start the installation click Install.
When the installation process is finished, the Next button will be activated.
Click Finish to close the installation dialog box. Activate Launch MT terminal option if you want MT4 launched after you click Finish.
Before you activate OCTL2P, please, check the settings: launch the MT4 trading platform, from main menu choose Tools → Options, in the opened window select the Expert Advisors tab and switch on the Allow automated trading and Allow DLL imports options and click OK.
To activate the Expert Advisor in the Navigator window, click Expert Advisors. Installed EA should be seen in the list. Double-click on OneClickTradingLevel2 or simply drag and drop it onto the chart. Click OK.
If the EA is activated successfully, a smiley will be seen in the top right corner of the chart.
Metatrader 4 is a modern and easy-to-use trading platform for online trading. It ensures round-the-clock access to financial markets and market information as well as quick order execution. With Metatrader 4 traders may take advantage of using Expert Advisors, Indicators and develop their own trading strategies.
To install Trading platform ForexEE MT4 you should download setup file to your computer and run it to start the installation. Click Next in the installation dialog box.
Read the license agreement, select the check box Yes, I agree with all terms of this license agreement and click Next to proceed.
Please indicate installation directory for MetaTrader4 and choose name for Start Menu folder Start → All Programs. We recommend using the default installation settings. Also select a relative check box if you want to Create a desktop shortcut, Оpen MQL5.community website or Launch program after successful installation. Click Next.
Now the program is downloading all necessary files from our server and installing them on your PC. Click Finish when installation is complete. Congratulations! MT4 has been successfully installed on your computer.