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July 19, 2018

IronFX, Market mixes with Brexit progress and Australian labour market report

In the European session we get the UK Retail Sales and Core Retail Sales data for June today.

This article is originally referred from Market News.

Boris Johnson confronts Theresa May on hesitant negotiations

On Wednesday, Boris Johnson, the former foreign secretary, attacked Prime Minister Theresa May and used parliament to explain his resignation 10 days ago.

He initially praised Mays courage but then heavily criticized and questioned her Brexit strategy’s accusing her on indecisive Brexit negotiations.

He questioned the 40 billion Brexit Fee and the Northern Ireland border issue stating it was not as significant as we allowed it to become.

Other politicians accused Johnson of having a silent ambition running for PM as the rumour was created after Donald Trump’s comments last week.

Brexit negative developments along with weak UK financial data hurt the British Pound yesterday as Cable continued its bearish sentiment and broke two of our pre mentioned support levels at 1.3104 and 1.3074.

It is our opinion, that the UK Retail Sales data to be released today in the European morning could weaken further the GBP, should they meet their forecasts.

However, if for any reason the pound is bought and the bulls take over the market we could see the pair breaking the 1.3125 (R1) resistance line continuing higher aiming for the 1.3215 (R2) resistance level.

Should the bears dominate the pairs direction we could see it breaking the 1.3040 (S1) support line and aim for the 1.2960 (S2) support barrier.

Australian Dollar gains on solid jobs report

On Thursday’s Asian morning, the Australian labour market report came out impressively strong for June.

The report indicated that 50.9K jobs were created in June, the largest number since past November but also a figure 3 times larger than expected (17k).

However, unemployment remained constant at 5.4%.

Comments made by officials after the release indicated that with the labour supply still growing, less upward pressure was applied on wages and inflation so RBA is not expected to rate hike anytime soon.

AUDUSD advanced upon the release of the news and landed above our 0.7400 (S1) support level.

We support the opinion that the Aussie could continue to move in a sideways movement between the (R1) 0.7460 resistance level and the 0.7400 (S1) support level as this was mostly the case in July.

In any case, should the pair come under buying interest we could see the pair breaking the 0.7460 (R1) resistance line continuing higher aiming for the 0.7515 (R2) resistance level.

Should the bears dominate the pairs direction we could see it breaking the 0.7400 (S1) support line and aim for the 0.7355 (S2) support barrier.

In today’s other economic highlights:

In the European session we get the UK Retail Sales and Core Retail Sales data for June.

In the American session we get the Philadelphia Fed Manufacturing Index for July and the weekly Initial jobless claims.

As for speakers in the US session FOMC Member Quarles speaks.

Original Source: Market News

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