The EUR/USD pair came under enormously high bearish pressure during last session, having declined to the level of 1.1624, which was last seen in late July, after ECB President M.Draghi announced dovish QE program taper. The ECB reduced QE size by half and simultaneously extended its duration, thus maintaining the same level of stimulus as before and also showing that the Bank intends to retain highly accommodative monetary policy in the near future. In reference to that, Mr. Draghi also added that QE would not stop suddenly, leaving doors opened for further extension of the QE program. This outcome of the ECB meeting highly disappointed the market, forcing the pair to lose nearly 2 cents since yesterday’s highs. Adding to this, the greenback received bullish impetus, increasing its positions across the market, after the House of Representatives passed a budget bill that cleared the way for long-awaited D.Trump tax cuts. Today both data calendars will remain broadly silent, widespread market trend will remain the key driving factor for the pair, as investors are still digesting recent events.
The AUD/USD pair remains the biggest loser of the Asian trading session, extending its downward trajectory into a sixth day today, on the back of increased demand for the US dollar and Australian political drama. Renewed bid tone of the greenback remains the key theme across the FX board, as US President D.Trump’s much-awaited tax reform became one step closer to the final implementation, after the House of Representatives passed the budget blueprint on Thursday. Adding to this, today it became known that the High Court of Australia ruled that Deputy PM Barnaby Joyce has no right to remain in parliament, since he is also a resident of New Zealand. And finally, red numbers of Australian PPI added some extra bearish pressure to the already weak AUD/USD, contributing to pair’s slide to its 3-month lows, marked at 0.7626 level. Looking ahead, today the US economic calendar won’t provide us with any important data releases, so the pair will continue to trace market trend to determine its further direction.
The USD/CAD pair extends its bullish run for the seventh consecutive session, refreshing its 3-month highs at 1.2884 spot, as Loonie is still suffering from the outcome of the BoC meeting. Recall, on Wednesday the Canadian regulator decided to maintain “wait and see” approach to monetary policy, thus having triggered spike of speculations about divergence between monetary policies of the Fed and BoC. Moreover, renewed optimism around the US dollar, triggered by progress over the US President Donald Trump’s tax cut plans, also collaborates with pair’s growth at the end of this working week. On the other side, positive dynamics of oil prices may provide some support to the commodity-linked Loonie, thus stalling pair’s northward rally. Today economic calendars from both neighbouring countries will remain silent, leaving the pair at the mercy of broad market trend and the US dollar price dynamics on Friday.
The GBP/USD pair extends its retreat, having broken through its resistance, located at 1.3100 level, amid renewed optimism around the US dollar. Seems that UK bulls have lost control over the pair, allowing it to lose all its weekly gains, as the US dollar recovered its positive tone across the market. The main reason of increased buying interest around the US dollar remains recent progress over the US President Donald Trump’s tax overhaul plans. Moreover, the pound continues to lose points across the market amid uncertainty over Brexit negotiations, since no progress has been made so far on key Brexit topics. Today both economic calendars lack any market-moving catalysts, so the US dollar price dynamics and widespread market sentiments will continue to navigate the pair during this trading session.
The main events of the day:
Prelim. US GDP – 15.30 (GMT +3)
Support and resistance levels for the major currency pairs:
EURUSD S. 1.1512 R. 1.1906
USDJPY S. 113.05 R. 114.53
GBPUSD S. 1.3061 R. 1.3329
USDCHF S. 0.9841 R. 1.0047
AUDUSD S. 0.7615 R. 0.7741
NZDUSD S. 0.6790 R. 0.6930
USDCAD S. 1.2744 R. 1.2908
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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.