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Technical Analysis – EURUSD advances to almost 2-year peak near 1.1600

Posted on July 23, 2020 at 7:15 am GMT

EURUSD extended its bullish rally towards a fresh almost two-year high around the 1.1600 psychological mark on Wednesday before it lost some gains. From the technical viewpoint, the MACD oscillator is losing some momentum, but is still standing above its trigger line and well above its zero line in the short-term timeframe. The stochastic oscillator despite the drop from the overbought zone – which indicates downside retracement – is now creating a bullish crossover with its trigger and zero lines, [..]

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Technical Analysis – Silver rallies like there is no tomorrow; bias cautiously bullish

Posted on July 22, 2020 at 2:40 pm GMT

Silver accelerated like there is no tomorrow to a seven-year high of 23.00 in just two days, and after breaching a soft descending trendline and the 19.63 peak from September 2019. The staggering move drove the RSI and Stochastics to overbought territory, hence downside corrections should not be surprising in the short-term. Still, the industrial metal managed to secure significant ground and put itself back to a positive path,  and any pullback should be substantial in order to push the [..]

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UK retail sales and PMIs to put recovery on track but Brexit lurks in the background – Forex News Preview

Posted on July 22, 2020 at 2:25 pm GMT

Economic data out of the United Kingdom this week is expected to show the recovery gathered pace after the lifting of more lockdown restrictions in June and July. June retail sales figures are due on Friday at 06:00 GMT and will be followed by the flash PMI prints for July at 08:30 GMT. Upbeat numbers could bolster the pound’s advances, having bounced to the $1.27 region in the last few sessions. But Brexit woes risk spoiling cable’s mini rally amid [..]

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Technical Analysis – EURGBP ticks up in ascending channel

Posted on July 22, 2020 at 1:09 pm GMT

EURGBP has been in a slightly bullish channel over the last three months, rebounding on the 20-day simple moving average (SMA).  The RSI is heading higher above the neutral threshold of 50, while the MACD is strengthening its momentum near its trigger line, marginally above the zero line. The 20- and 40-day simple moving averages (SMAs) are moving marginally higher as well, along with the Ichimoku lines. Immediate resistance is coming from the 0.9180 barrier, taken from the latest high, before [..]

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Technical Analysis – USDJPY in neutral mode, but some bullish signals detected

Posted on July 22, 2020 at 12:22 pm GMT

USDJPY could not retain its strength above the 107.40 barrier which looks to be the neckline of a double bottom pattern in the four-hour chart, with the price reversing lower instead. While the RSI and the MACD remain muted near their neutral levels, providing little evidence that the pair could pick up momentum, the formation of a bullish hammer candlestick on Friday followed by a sizable green candle suggests that the bulls have not put the guns down yet. A close above the 107.40 neckline and the 200-period simple moving [..]

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Daily Market Comment – Soaring euro eyes EU fiscal boost; stocks mixed

Posted on July 22, 2020 at 12:22 pm GMT

Euro scales 4-month peak as EU leaders close in on virus rescue deal More restrictions as virus cases continue to surge globally Stocks get off to a mixed start as earnings season set to heat up Hopes rise for EU fiscal stimulus; euro flies No deal yet but the euro is soaring on positive signs that European Union leaders are close to reaching a compromise on how to allocate a €750 billion recovery fund to assist virus-stricken member states. In [..]

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Technical Analysis – GER 30 index bullish above trendline and near 12,960 resistance

Posted on July 22, 2020 at 12:22 pm GMT

The German 30 stock index (cash) has been stubbornly testing the 12,960 key resistance level over the past four days as the strong ascending trendline has been nicely supporting the market. In momentum indicators, the RSI managed to gain additional ground in the bullish area, while the MACD has slowly risen above its red signal line, both hinting that the short-term risk is still tilted to the upside. Whether the index can find new buyers now, may depend on the [..]

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Technical Analysis – EURJPY ticks up near 6-week high below 123.00

Posted on July 22, 2020 at 12:20 pm GMT

EURJPY is extending its upward six-week rally near the 123.00 handle. The price is standing above the 23.6% Fibonacci retracement level of the up leg from 114.40 to 124.42 at 122.06, remaining above the 20- and 40-day simple moving averages (SMA). Technically, the MACD oscillator is strengthening its momentum above its trigger and zero lines, while the RSI is approaching the overbought territory, suggesting more gains. If the pair continues to tick higher, the 13-month high of 124.42 could be [..]

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Technical Analysis – GBPUSD gets bullish vibes within range

Posted on July 22, 2020 at 12:20 pm GMT

GBPUSD has been consolidating between the 20- and 200-day simple moving averages (SMAs) for more than a week, but the pair is now looking ready for a bullish breakout above the latter. Although somewhat flattish, the market structure remains positive, with the price printing higher highs and higher lows following the rebound from the 35-year low of 1.1409. The momentum indicators are also in favor of the bulls as the RSI is rising comfortably above its 50 neutral mark and [..]

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Daily Market Comment – Euro flatlines but stocks lifted by vaccine and stimulus progress

Posted on July 22, 2020 at 12:20 pm GMT

EU strikes compromise deal on a virus recovery fund but euro pares gains Positive vaccine headlines drive Nasdaq to record close as key earnings loom Win-win situation for gold as it climbs to 9-year highs Focus turns to talks on US fiscal package and Brexit; dollar sags but pound upbeat Europe gets its fiscal bazooka; euro pauses for breath European Union leaders ended a marathon summit on Tuesday with a classic fudge as a compromise deal that significantly waters down [..]

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