MQL5: language of trade strategies built-in the MetaTrader 5 Trading Platform, allows writing your own trading robots, technical indicators, scripts and libraries of functions. Follow this blog to learn various trading strategies.
- EUR/USD. Recall that in the opinion of 80% of experts who were supported by graphical analysis on D 1, the pair was supposed to continue its descent to the horizon 1.1500. An alternative point of view was presented by only 20% of analysts who expected that it could once again test the level of 1.1790. However, adjustments to all these forecasts have been traditionally made by the summer and vacation season. As a result, the pair, as if tired of lying on the beach, could only lazily rise to the level of 1.1745, and then descend to the level of 1.1574. As for the end of the week, after Donald Trump criticized the Fed policy and the strong dollar, the euro won back the losses, and the pair returned to the upper half of the summer side channel, having stopped at 1.1720;
USDJPY: The pair remains biased to the downside on further corrective weakness. On the downside, support lies at the 112.00 level where a break if seen will aim at the 111.50 level. A cut through here will turn focus to the 111.00 level and possibly lower towards the 110.50 level. On the upside, resistance resides at the 113.00 level. Further out, we envisage a possible move towards the 113.50 level. Further out, resistance resides at the 114.00 level with a turn above here aiming at the 114.50 level. On the whole, USDJPY faces further downside pressure
Opening the door for further trade relationships, the EU – Japan trade deal signed on Tuesday is providing a great message against protectionism. Taking into effect in 2019 and with the purpose of eliminating 99% of total tariffs between both blocs, a sum estimated along EUR 1 billion, the EU just signed its largest trade deal, expected to increase EU exports into Japan by over one third (currently estimated at EUR 86 billion). Japan is the second biggest partner in Asia after China and sixth trading partner worldwide.
The Chinese yuan printed a fresh multi-month low on Friday amid heighten worries about the stability of the Chinese economy and the potential negative effects of the trade war with the US. The offshore rate fell as much as 0.65% with USD/CNH climbing as high as 6.8367. In the onshore market, the yuan were slight more moderate with USD/CNY climbing 0.60% to 6.8149. However, the sell-off was short-lived as both rates returned to the closing prices of the previous day. According to the latest rumours, the yuan’s turnaround could be explained by the sale of a large amount of USD by a Chinese bank.
On a trade-weighted basis, the yuan experienced its worst day since June 19 - when it lost 0.60%. So far, the yuan fell 0.52% after the PBoC set the USD/CNY at 6.7671, the lowest level since July 14, 2017. The persistent weakness in the yuan has spark fears about capital flight similar to what happened through 2015 and 2106 when the Chinese currency fell more than 13% against the greenback.