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06 07 11:07
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Daily economic digest from Forex.ee

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The EUR/USD pair remains positive at the end of this week, keeping its positions above the level of 1.1700, on the back of ongoing sell-off of the US dollar. Yesterday markets negatively reacted on the FOMC minutes, as the Committee highlighted potential risks related to a protectionist trade policy of the US. However, investors still see an additional rate hike this year, so the impact of the protocols on the greenback was limited. Meanwhile, today investors’ eyes remain glued to the US-China trade war, which officially started today with the US tariffs on Chinese imports. On the other hand, as Chinese officials stated earlier this week, Beijing has already prepared retaliatory measures, which will be implemented in near future. Besides the US-China conflict, today investors will also pay attention to the release of the NFP report, which is another risky event of this Friday.

 

The GBP/USD pair gained bullish momentum in early Europe, having recovered some positions after yesterday’s drawdown. The main reason of pair’s positive tone can be called ongoing sell-off of the greenback, which dominates the market this week. However, today the underlying theme across the FX-space remains escalation of the US-China trade conflict, as the US imposed import fees on Chinese goods. And now investors are waiting for further developments, as both economies have already prepared a response in case of further aggression that in turn heats up demand for the safety. Moreover, today markets will likely to stay cautious, as we are heading towards another key risky event of this week – release of the US employment data, which will be able to bring additional impact on the market during the NA session.

 

The USD/JPY pair shows minor gains for the second session in a row, having entered the area of 110.70 in Asia. On Friday, the main navigator across the market remains the tension due to the trade war between two world’s largest economies, as today the US officially implemented new tariffs on Chinese imports. Now markets remain in anticipation of retaliatory measures from Chinese side. Initial reaction of investors to this event was limited, however, further aggravation of the situation will have significant consequences in long-term projection. Now the pair is trading in the north direction, however, further gains look limited, as we are awaiting the increase in demand for safety due to recent events and upcoming NFP report that will offer some support to the safe-haven yen.

 

The AUD/USD pair gained some pips this morning after quiet Asian session, having again spiked the level of 0.7400. Ongoing weakness of the US dollar still dominates the market so far this week that positively affects the pair. However, further gains of the major are unlikely, as now all market’s attention remains glued to the US-China trade conflict, which officially began with the US applied new tariffs on Chinese imports. According to the latest reports, China vows to respond with tariffs on top US agricultural goods, such as soybeans and cotton. So now, markets expect acceleration of risk aversion, which will put some pressure on the higher-yielding Aussie. As for the data, today investors will also pay attention to the important data from the US labor market, which will be able to bring fresh trading opportunities during the NA session.

 

Major events of the day:

US Nonfarm Payrolls – 15.30 (GMT +3)

US Unemployment Rate – 15.30 (GMT +3)

Canada Employment Change – 15.30 (GMT +3)

Canada Ivey PMI – 17.00 (GMT +3)

 

Support and resistance levels for the major currency pairs:

EURUSD               S. 1.1615 R. 1.1759

USDJPY                 S. 110.13 R. 110.99

GBPUSD               S. 1.3135 R. 1.3317

USDCHF               S. 0.9891 R. 0.9967

AUDUSD              S. 0.7337 R. 0.7433

NZDUSD               S. 0.6731 R. 0.6829

USDCAD               S. 1.3081 R. 1.3195

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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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