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08 05 10:05
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Daily economic digest from Forex.ee

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The EUR/USD pair remains directionless this Tuesday, trading within its intraday range of 1.1910-40, as US bulls seem to have taken a breather, allowing the pair to stall its retreat. However, the pair looks very fragile lately, having retested yesterday its 4-month lows below the level of 1.1900. Recent weakness of the pair is mainly explained by broad demand for the US dollar and increased divergence between the Fed and ECB, as Fed plans to perform 2 rate hikes this year, while the ECB sees only a slight improvement in the EZ economy, without any hints at further monetary policy tightening. As for economic events, today in early Europe the Fed Chair J. Powell will deliver his speech, while during the NA session the US will release JOLTs jobs report and the US President D. Trump will announce his decision on the Iranian nuclear program.

 

The GBP/USD pair found some support at the beginning of this week, extending its rebound from 4-month lows, marked on the level of 1.3486 last Friday. It seems that investors have already started preparations for extremely important Thursday’s session, allowing the pound to correct higher after its significant downside rally. On Thursday, the BoE will hold a meeting on monetary policy, where investors hope to see much-awaited rate hike, but the latest economic data of the UK economy say that the regulator will postpone this decision. Moreover, the US will release CPI figures, which can be treated as an indicator of how aggressive the policy will be used by the Fed, which in turn will lower or increase divergence between the regulators. But now, investors remain in anticipation of the JOLTs jobs report, which is the only important release for today, so broad market trend and increasing cautiousness will remain as key navigators for the pair during today’s trades.

 

The AUD/USD pair again became the weakest asset of the session, having stuck in the region of yearly lows, located at 0.7473 spot. This time, the catalyst for pair’s decline became disappointing Australian retail sales figures, which even more lowered the odds of any RBA monetary policy tightening in near-term projection. In addition, the widespread demand for the US dollar continues to dominate the market, which also contributes to decline of the pair. And even positive China’s trade figures failed to offer any support to Australian bulls, leaving the pair at the mercy of US dollar performances. Looking ahead, today the US will publish JOLTs jobs data, which will bring additional trading opportunities during the NA session, but until then the pair will continue to follow broad market trend.

 

The USD/JPY pair extends its downside correction for the fourth consecutive session, having tested this morning the support level of 109.00. It seems that US bulls remain exhausted after significant rally, witnessed earlier this month, allowing the pair to correct lower. Moreover, the absence of any fundamental drivers this week, except the release of US inflation figures schedule for Thursday, also lowers the activity of US bulls. However, notable divergence between monetary policies of the Fed and BoJ remains crucial driver for the pair, limiting downside moves of the pair. But for today, the US has prepared another portion of data from the labor market, which will help the pair to determine its near-term direction in NA session.

 

Major events of the day:

JOLTs Job Openings – 17.00 (GMT +3)

US President D. Trump’s Speech – 21.00 (GMT +3)

 

Support and resistance levels for the major currency pairs:

EURUSD               S. 1.1852 R. 1.2014

USDJPY                 S. 108.43 R. 109.71

GBPUSD               S. 1.3488 R. 1.3608

USDCHF               S. 0.9949 R. 1.0095

AUDUSD              S. 0.7467 R. 0.7567

NZDUSD               S. 0.6970 R. 0.7064

USDCAD               S. 1.2812 R. 1.2932

 

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OCTL2P Installation and Activation Print

One Click Trading Level2 Plugin

One Click Trading is a very important and useful tool developed on the basis of Level2 application. One Click Trading makes it very easy to monitor the markets and react to the market changes on time. One click is enough to catch the best price and make a beneficial trade.

Installation and activation

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.

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Read the license agreement, select the check box I accept the agreement and click Next to proceed.

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Indicate directory where you previously installed MetaTrader 4. To start the installation click Install.

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When the installation process is finished, the Next button will be activated.

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Click Finish to close the installation dialog box. Activate Launch MT terminal option if you want MT4 launched after you click Finish.

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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.

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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.

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If the EA is activated successfully, a smiley will be seen in the top right corner of the chart.

MT4 Installation Print

Trading platform MetaTrader 4

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.

System requirements: Microsoft® Windows® XP or later.

Installation

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.

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Read the license agreement, select the check box Yes, I agree with all terms of this license agreement and click Next to proceed.

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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.

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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.

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