The EUR/USD pair trades on the positive territory at the end of this week, having refreshed its tops at 1.2092, last seen on December 2014. However, the pair corrected slightly lower this morning, as investors lock in some profits after yesterday’s enormous rally, triggered by press conference of ECB President Mario Draghi. On Thursday, Mr.Draghi didn’t focus on the issue of higher positions of the euro, but stressed that the European economy continues to demonstrate positive dynamics. Moreover, the head of the regulator left doors opened for another big announcement, saying that the bank will take its decision on the QE program probably in October. Another factor, which negatively influences the dollar today, remains uninformative speech of Fed member W.Dudley, who said that gradual increase of the interest rate is coming, however, giving no clues on when to expect next monetary policy tightening measures. On the data front, today the economic calendar lacks of any market moving releases, so the US dollar price dynamics will continue to determine pair’s further trajectory.
The USD/JPY pair continues to remain under strong bearish pressure on Friday, having refreshed its 10-month lows below the level of 108.00. The key driver for the pair remains sharp retreat of the greenback against its major competitors, which in turn was provoked yesterday by the positive response of the market to the press conference of ECB President M.Draghi, as the head of regulator hinted on a possible QE program tapering in October. Moreover, market’s expectations of another this year Fed rate hike continue to fade away, as yesterday’s speech of Fed Member W.Dudley failed to provide any details regarding further Fed monetary policy tightening measures. Adding to this, increasing nervousness amid investors on the back of expectations of another North Korean intercontinental ballistic missile launch, expected this Saturday, boosts demand for traditional safe-haven assets, such as the yen, that also adds some pressure on the pair at the end of this week. Today the economic calendar will remain broadly silent, as the US economy will publish only secondary tier data reports, so further US dollar price dynamics will continue to navigate the pair during this trading session.
The USD/CAD pair extends its strong bearish trend on Friday, posting losses for the fourth consecutive session. Currently the pair is trading within striking distance of its more than 2-year lows, located at 1.2062 level, as the US dollar continues to lose points across the market at the end of this week. Meanwhile, investors are still digesting Wednesday’s surprise from the BOC, which unexpectedly increased its interest rate by 0.25%, thereby strongly boosting demand for the Loonie. Adding to this, positive price dynamics of oil prices also underpins sentiments around commodity-linked Canadian currency at the last working day of this week. Looking ahead, today the US economy won’t release anything noteworthy, while the Canadian docket contains important data from labor market, which will bring fresh trading opportunities to investors during NA session.
The GBP/USD pair follows the rest of the market today, extending its trip into the positive territory for the fourth consecutive territory. Recent pair’s bullish rally is mainly driven by softer tone of the US dollar, additionally weighed yesterday by sharp retreat against its European competitor, after press conference of ECB President M.Draghi. Moreover, decreasing chances of Fed rate hike by the end of the year also negatively affect the dollar lately, which in turn appears positive factor for the GBP/USD pair. Now immediate focus shifts toward the slew of UK economic reports, featuring manufacturing productions and trade balance data, while the US data calendar will remain broadly silent, leaving the pair at the mercy of US dollar price actions during the New York trades.
The main events of the day:
UK Manufacturing Production – 11.30 (GMT +3)
Canadian Employment Change – 15.30 (GMT +3)
Support and resistance levels for the major currency pairs:
EURUSD S. 1.1851 R. 1.2143
USDJPY S. 107.37 R. 109.81
GBPUSD S. 1.2999 R. 1.3165
USDCHF S. 0.9430 R. 0.9630
AUDUSD S. 0.7948 R. 0.8096
NZDUSD S. 0.7146 R. 0.7284
USDCAD S. 1.2023 R. 1.2287
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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.
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.