Free Urdu Daily Forex News 16th November, 2016

EUR USD NEWS

Forex technical analysis and recent forex news shows that, EUR market decreased +0.65% against the USD yesterday. EUR USD market closed at 1.0724. Today market will range 1.0709 – 1.0840

Today the EUR / USD started at 1.0724 in Asia, up from yesterday close. The EUR/USD is trading now at 1.0751, which is 0.25% up from today’s opening price.

Yesterday EUR/USD spent all day in a 100 points range. And market was close below the opening price, which is very low. Due to gains and losses of different instruments and indexes consolidated yesterday markets were very quite. EUR/USD tried to break 1.0800 level during euro session but it’s failed.

today, there is no major news to be released from the Euro region for today while in the US, we will be getting the PPI data later during the beginning of the US session. Expect the battle to continue for today with a slight upper hand for the bulls.

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Daily Technical Support and Resistance

Daily Camarilla Forex Technical analysis shows that, the EUR/USD pair may find the immediate support at 1.0724. If, market breaks the first support then it will go for the following support to test. Following supports are 1.0710 and 1.0697.

On the other side the market has immediate resistance 1.0750. if, market breaks the primary resistance level then, market will go for the new resistance level 1.0750 and 1.0750.

Expected trading range for today is between 1.0709 supports and 1.0840 resistances.

GBP USD NEWS

GBP USD Forex News shows that, GBP decreased -0.10% against the USD and Yesterday market closed at 1. 2456. Day’s Range 1.2437 – 1.2481.

Today the GBP USD started at 1.2452, which is down from yesterday closes.

Today morning the GBP/USD pair recovered from yesterday fall and market is trending now above 1.2450. We can expect bullish trend today for GBP/USD pair as GBP/USD tries to recover some of its losses from last few days. BOE Governor is trying hard to recover the GBP market from the backdrop of falling data and falling political stances.

The Brexit process is at a crucial juncture with the time window for invoking Article 50 fast approaching but politically, the government seems to be behind on the timeline front as it grapples with the need to get Parliament approval for the invocation. This is bound to be a long and uncertain process and this uncertainty will not be welcomed by the markets.

Today, along with other upcoming economic data we will have Claimant Count Change data from the UK. Though it does not have much impact on GBP.

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Daily Technical Support and Resistance

Daily Camarilla Forex Technical analysis shows that GBP/USD pair may find the immediate support at 1.2442. If, market breaks the first support then it will go for the following support to test. Following supports are 1.2428 and 1.2414.

On the other side the market has immediate resistance at 1.2470. If, market breaks the primary resistance level then, market will go for the new resistance level 1.2484 and 1.2498.

Expected trading range for today is between 1.2437 supports and 1.2481 resistances.

Upcoming Important Economic Market News: (GMT +3)

GBP Average Earnings Index 3m/y 12:30pm
CHF ZEW Economic Expectations
GBP Claimant Count Change
GBP Unemployment Rate
GBP CB Leading Index m/m

USD JPY NEWS

As per Forex News USD increased +0.44% against the JPY yesterday during USA session and the pair was closed at 109.19.

There was another higher spike in US treasury yields. After releasing of bullish US retail sales data yields rose again. According to the US commerce Department, Retail sales are now 4.3% up from the last year, which is largest sales rise since early 2014.

Traders also responded to a rise in import prices from 0.2 percent to 0.5 percent. This is a sign that inflation is creeping higher.

In other news, the Empire State Manufacturing Index was reported at 1.5, better than the -1.5 estimate and a marked improvement from the previous -6.8. Business Inventories were up 0.1%, slightly below the 0.2% estimate.

We also heard from a couple of Fed members on Tuesday. Fed Governor Daniel Tarullo said the Federal Reserve will have to monitor interest rates and tightening financial markets in reaction to Trump’s fiscal spending plans as it decides how quickly to tighten monetary policy.

Federal Reserve Vice Chairman Stanley Fischer expressed caution over market liquidity, but said overall, liquidity is adequate.

Daily Technical Support and Resistance

Daily Camarilla Technical analysis shows USD/JPY pair may find the immediate support at 109.02. If, market breaks the first support then it will go for the following support to test. Following supports are 108.87 and 108.72.

On the other side the market has immediate resistance 109.32. If, market breaks the primary resistance level then, market will go for the new resistance level 109.47 and 109.62.

Expected trading range for today is between 108.80 support and 109.22 resistance.

Along with technical analysis following economic event are very important to analyze the financial market properly.