{"id":113760,"date":"2017-09-29T06:41:51","date_gmt":"2017-09-29T10:41:51","guid":{"rendered":"http:\/\/countingpips.com\/?p=113760"},"modified":"2017-09-29T08:05:34","modified_gmt":"2017-09-29T12:05:34","slug":"forex-market-review-29092017","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/09\/forex-market-review-29092017\/","title":{"rendered":"Forex market review: (29\/09\/2017)"},"content":{"rendered":"<div id=\"inves-3003881129\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">September 29, 2017<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By Veselin Petkov, Alpari<\/strong><\/p>\n<div class=\"reviews-item__content\">\n<p>The US economy grew at an annual rate of 3.1% in the second quarter of 2017, according to figures published yesterday at 15:30 (GMT+3). Although this is historical data and was already factored into the price of the US dollar, it does increase the likelihood of the US seeing 2.0% real GDP growth in 2017. We can take from this that the US dollar could further strengthen its position against the majors by the end of the year.<\/p>\n<p><strong>Day\u2019s news (GMT+3):<\/strong><\/p>\n<ul class=\"list list_type_disc\">\n<li>02:30 Japan: national CPI (Aug), overall household spending (Aug).<\/li>\n<li>02:50 Japan: BoJ summary of opinions, industrial production (Aug), retail trade (Aug).<\/li>\n<li>10:00 Switzerland: KOF leading indicator (Sep).<\/li>\n<li>11:30 UK: GDP (Q2).<\/li>\n<li>12:00 Eurozone: CPI (Sep).<\/li>\n<li>15:30 USA: personal spending (Aug), personal income (Aug).<\/li>\n<li>15:30 Canada: GDP (Jul).<\/li>\n<li>17:00 USA: Michigan consumer sentiment index (Sep).<\/li>\n<\/ul>\n<p>The last trading session of the week could turn out to be quite volatile. Inflation data could have a marked influence of the euro. Remember that the ECB bases its monetary policy on its inflation outlook. Macro-data from the US on consumer income and spending could give us an indication of the economic situation in the third quarter. All this data to be released sets the scene for a volatile trading session.<\/p>\n<p><strong>EUR\/USD<\/strong><\/p>\n<p>The EURUSD currency pair has yet to renew the \u201ckey base\u201d of the upwards trend on the H4 timeframe:<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/FX%20Market%2029.09.2017%20%D0%B3%D1%80%D0%B0%D1%84%D0%B8%D0%BA%201_59cdf037dfb6d_59ce0e933faed.png\" alt=\"\" \/><\/p>\n<p>As such, we can conclude that due to the breakout of the trend line, while the trend has yet to be completely broken, it calls the continuation of the upwards trend into serious question. In my opinion, there aren\u2019t any buy or sell signals on the H4 timeframe.<\/p><div id=\"inves-1686550508\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>On the 30-minute timeframe, the EURUSD pair is trading around the resistance line of the downwards trend:<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/FX%20Market%2029.09.2017%20%D0%B3%D1%80%D0%B0%D1%84%D0%B8%D0%BA%202_59cdf04b564aa_59ce0ea02518f.png\" alt=\"\" \/><\/p>\n<p>For now, I\u2019m going to refrain from trading on the M30 timeframe.<\/p>\n<p>At the time of writing, the EURUSD pair is trading at 1.1774.<\/p>\n<p><strong>GBP\/USD<\/strong><\/p>\n<p>On the hourly timeframe (H1), the GBPUSD pair tried to reenter the recently formed range:<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/FX%20Market%2029.09.2017%20%D0%B3%D1%80%D0%B0%D1%84%D0%B8%D0%BA%203_59cdf05fdb6f3_59ce0eb203392.png\" alt=\"\" \/><\/p>\n<p>Still, the pair didn\u2019t manage to stay in this range, and the downwards trend on the M30 timeframe remains intact:<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/FX%20Market%2029.09.2017%20%D0%B3%D1%80%D0%B0%D1%84%D0%B8%D0%BA%204_59cdf0731e72d_59ce0ec122bf1.png\" alt=\"\" \/><\/p>\n<p>We can see here that although the GBPUSD pair broke away from the trend line yesterday, the downwards trend still isn\u2019t broken since the latest top couldn\u2019t beat the previous one. Because of this, the downwards trend is still intact.<\/p>\n<p>We could see a weak sell signal appear in the near future on the M30 timeframe from 1.3412 levels, but I\u2019m going to hold off on opening a short position given that the previous two tops and previous two lows are very close together. This indicates that the downwards trend on M30 is fairly unstable and unreliable.<\/p>\n<p>At the time of writing, the GBPUSD pair is trading at 1.3412.<\/p>\n<p><strong>USD\/CHF<\/strong><\/p>\n<p>Yesterday, the USDCHF pair failed to break away from the trend line on D1:<\/p>\n<p><img decoding=\"async\" src=\"https:\/\/alpari.com\/data\/media\/trunk\/images\/FX%20Market%2029.09.2017%20%D0%B3%D1%80%D0%B0%D1%84%D0%B8%D0%BA%205_59cdf08428ace_59ce0ed04792c.png\" alt=\"\" \/><\/p>\n<p>In the first half of yesterday\u2019s trading session, the USDCHF pair rose above the trend line, but this effort was short-lived, and the pair quickly returned to the downwards channel on D1.<\/p>\n<p>It\u2019s important to note that there hasn\u2019t been any trend-setting macro-data from the US in the last few days, so I\u2019m keeping my long position open on the USDCHF pair with a Stop Loss at 0.9390 and Take Profit at 0.9940 \u2013 0.9960.<\/p>\n<p>At the time of writing, the USDCHF pair is trading at 0.9716.<\/p>\n<div class=\"s_invisible_yes\">Source: &#8220;<a href=\"https:\/\/alpari.com\/en\/hidden_copyright\/\" rel=\"nofollow\">Forex market review: (29\/09\/2017)<\/a>&#8220;<\/div>\n<\/div>\n<div><\/div>\n<div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Veselin Petkov, Alpari The US economy grew at an annual rate of 3.1% in the second quarter of 2017, according to figures published yesterday at 15:30 (GMT+3). Although this is historical data and was already factored into the price of the US dollar, it does increase the likelihood of the US seeing 2.0% real [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-113760","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/113760","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=113760"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/113760\/revisions"}],"predecessor-version":[{"id":113761,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/113760\/revisions\/113761"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=113760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=113760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=113760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}