US Archives - Profit Forex Signals

August 27, 2018

United States and Mexico are close to make a “NAFTA deal”

United States and Mexico are close to a common stance on NAFTA. The negotiations are to restart today and we expect to see that they are only few hours away from two sides reaching a common position. On the other side, Canada is waiting for bilateral US-Mexican issues to be resolved. After that Canada should join discussion and the three sides could require further negotiations for a week. Depends on positive headlines and on the outcome of the issue, we should expect to see that the US Dollar get some support.

USD/MXN continued to trade in a sideways manner on testing the 18.92 resistance line. We could see the pair continuing to trade in a sideways manner today also. If the pair rises, it could break the 18.92 resistance line and aim for the 19.05 resistance hurdle. On the other side, we could see it breaking the 18.71 support line and aim for the 18.57 support barrier.

August 22, 2018

The decline continues for the US dollar

The US dollar continued to fall. You should pay attention to the fact that the insignificant political instability of the US with the former collaborators of President Trump who faced judicial problems did not help the American banker. FOMC meeting can be the next milestones in the dollar’s situation. If there was a positive signal from the negotiations on improving trade relations between the US and China, the USD could further weaken.

EUR/USD increased resistance level 1.1537. The pair has even increased rapidly the growth trend,. The couple may prove to be vulnerable to the release of the FOMC meeting. We could break the resistance level 1.1623 and target the 1.1675 barrier of resistance. And on the other side, we could see that they interrupt the level of support 1.1537 and target the obstacle to support 1.1482.

August 7, 2018

USD feeds on trade tensions

The USD strengthened against a number of currencies while remained stable against others yesterday. As per analysts, the USD is supported by trade tensions as the US economy seems to be in a better position to handle protectionism. However question-marks arise if US economy growth starts to slow down because of tariffs or due to a fading effect of past tax cuts. Media reports state that there is still a lot of uncertainty about tariffs and how bad it can get, however the issue may have started to lose steam. Should there be further headlines on tariffs we could see volatility rising.

EUR/USD remained relatively stable yesterday between the 1.1580 resistance line and the 1.1510 support line. Some bearish tendencies occurred as Germany’s industrial orders growth rate for June dropped more than expected but corrected later on and continued its sideways movement. Technically it should be noted that the pair has clearly broken the downward trend- line incepted since the peak of the 31st of July. Hence, we lift our bearish bias for a sideways movement. Should the pair’s direction be possessed by the bulls we could see the pair breaking the 1.1580 resistance line and aim for the 1.1640 resistance hurdle, while should the bears dictate the pairs’ direction we could see it breaking the 1.1510 support line and aim for the 1.1445 support barrier.