The EUR/USD pair remains directionless today, consolidating yesterday’s gains in the region of its 4-day highs, marked at 1.2330 spot. Yesterday the pair managed to break through the level of 1.2300 on the back of broad weakness of the US dollar, as Friday’s NFP was still weighing the greenback. However, the pair stalled its upside rally, as broad risk appetite came to the fore today following recent comments of the Chinese President, where the head of government urged the US for a dialog, pledging to strengthen intellectual property rights that was one of Mr.Trump’s main complaints. Also Mr.Xi was talking about widening access to market and expanding imports, which significantly weakened market concerns of a US-China trade war, while lending some pressure on the common currency. In the data space, today the economic calendar will bring us only the US PPI report, so broad market trend will remain as the key determinant for the pair this Tuesday.
The AUD/USD pair performed notable bullish rally in Asia, having refreshed its 2-week highs on the level of 0.7738. On Tuesday, the market witnessed another wave of risk-on sentiment after much-awaited China’s President Xi Jinping’s speech, where he showed intension to use softer approach in resolving the US-China conflict to avoid a potential trade war. Taking into account recent developments around the US-China conflict, which have eased markets talks of a trade war, the pair mostly ignored weak data from the Australian economy and kept its bullish tone. In the day ahead, the US will release PPI report, while markets will continue to digest recent comments of China’s President, thus forming further market trend.
The USD/JPY pair trades with a bullish tone, keeping its positions above the level of 107.00. Today improved risk appetite remains the key driving theme across the market, as China’s President has finally delivered his comments on the US-China conflict. According to Mr.Xi’s statement, China is not a supporter of further aggravation of the trade conflict, therefore the Chinese government will strive to create a multilateral trading system, as well as free trade terms. These comments have reduced the odds of further escalation of a trade war and lifted appetite for risky assets, thus sending the yen lower against its major rivals. Looking ahead, nothing much is scheduled in the data calendar for this Tuesday, so market participants will continue to digest recent developments surrounding the US-China trade conflict.
The NZD/USD pair follows widespread trend this Tuesday, which was underpinned by increased risk appetite across the market. The pair continues to trade at a profit for the third day in a row, having refreshed its monthly highs on the level of 0.7340, following recent comments of China’s President Xi Jinping, who showed soft stance on the US-China trade angst. Earlier in Asia, President Xi Jinping showed his alternative vision of further trade relationship with the US, urging for a dialog rather than confrontation and trade restrictions. These comments from Chinese side have significantly eased fears of a potential trade war between the US and China, thus boosting the demand for higher-yielding assets, such as the Kiwi. Today only the US PPI report is due for release, so better demand for risky assets will continue to form pair’s further trajectory during this trading session.
Major events of the day:
US PPI – 15.30 (GMT +3)
Support and resistance levels for the major currency pairs:
EURUSD S. 1.2233 R. 1.2373
USDJPY S. 106.26 R. 107.44
GBPUSD S. 1.4038 R. 1.4210
USDCHF S. 0.9528 R. 0.9626
AUDUSD S. 0.7629 R. 0.7745
NZDUSD S. 0.7232 R. 0.7362
USDCAD S. 1.2601 R. 1.2865
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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.