Forex reports are issued on a daily basis for the general public to understand what is going on with the forex market. These reports are very helpful, not only to forex traders (which include banks and retail traders), but to anyone at all that is involved in commerce; which is almost the whole of human race. It is not secluded to a particular place or country generally as many countries foster international relationships through importation and exportation of goods and services.
The most recent forex technical reports are as follows
JULY 6, 2017; CRUDE OIL PRICES LIKELY TO BOUNCE BACK AFTER BIGGEST DROP IN A MONTH
In just one day, it was recorded that crude oil posted the largest one-day loss in one month; a sad news for investors. From the forex reports, Russia was said to oppose a greater cutback in production. This cutback is literally beyond the verge recognized in the existing OPEC-led output cut scheme.
This report brings into focus the EIA (Energy Information Administration) inventory data. According to the forecast, there is a suggested drawdown of 1.8 million barrels the week before, but according to the most recent API report publication following this suggestion, it was projected that a far larger 5.8 million barrels out flow over the same period.
JULY 7, 2017; EUR GBP TECHNICAL ANALYSIS
Forex technical reports as recognized by the banks and the rest of forex traders worldwide have it that the EUR GBP currency pair is showing signs of major topping returns. The euro has got a range against the British pound, and just recently, it slipped into the lower half of this range. The candlestick pattern shows a bearish dark cloud cover, hinting a larger double top chart set up, may be brewing.
Despite all that, the EUR GBP remains one of the top trades for 2017 as could be seen in the forecasts made by professional forex traders.
JULY 6, 2017; AUD USD TECHNICAL ANALYSIS
It is on record that this pair had a constant uptrend for the past one month. Another report has been set to make it official that the one month uptrend of the AUD USD has been broken. From the look of things, the AUD may most likely loose against the USD as a result of its vulnerable stance at the moment. Before the trend turned lower, it put in a bearish evening star candlestick pattern below resistance, capping gains since April 2016.
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