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Canadian inflation and retail sales to drive loonie – Forex News Preview

Posted on July 22, 2020 at 12:19 pm GMT

Canada will publish its retail sales data for the month of May at 1230 GMT on Tuesday before releasing inflation figures for June at the same time on Wednesday. Given its sharp tumble in the preceding month, the retail sales report could be the most important market mover among data releases for the loonie this week, which has just managed to stabilize from last month’s sell-off. Why the Bank of Canada is avoiding a rate cut The Bank of Canada (BoC) kept its interest [..]

Technical Analysis – US 500 reaches five-month high; looks strongly bullish

Posted on July 22, 2020 at 12:19 pm GMT

The US 500 cash index reached another five-month high of 3,280.72 earlier today as the index extended its four-month bull run. Prices broke above the 3,230 level and are trading above their moving averages. The bullish picture in the medium-term is further supported by the MACD, which is rising above its trigger line, while the RSI is edging towards the overbought level. Should prices reverse lower, immediate support could come at 3,230 and the 3,110 barrier. Below that, the 23.6% [..]

Technical Analysis – WTI futures rises near 19-week high

Posted on July 22, 2020 at 12:18 pm GMT

WTI futures are advancing towards a fresh 19-week high of 42.27 today, experiencing a new bullish rally after the neutral mode of the previous sessions. The RSI is extending its upside move towards the overbought territory, while the MACD is strengthening its upside momentum above its trigger and zero line in the 4-hour chart. If prices continue to head higher, resistance should come from the 43.60 level, taken from the inside swing low on March 2 ahead of the 200-period [..]

EU recovery fund done; what’s next for euro rally? – Forex News Preview

Posted on July 22, 2020 at 12:18 pm GMT

EUR/USD is poised to re-activate the bullish cycle that was interrupted by Covid-19 in early March after the EU recovery fund finally took shape. Fundamentally and technically, the pair has several reasons to hope for better days, but the euro may need to win the data competition against the dollar during the summer break in order to reach fresh highs. Recovery fund deal accomplished It was an intense four-day summit in Brussels as EU leaders struggled to agree on a recovery fund that [..]

Technical Analysis – NZDUSD touches new 6-month high; bullish picture

Posted on July 22, 2020 at 12:18 pm GMT

NZDUSD is recording a stunning rally over the last couple of days towards the fresh six-month high of 0.6665, holding above the four-month ascending trend line. The RSI is currently increasing positive momentum towards its overbought threshold, while the MACD is slowing down in the positive territory, hinting that the next move in prices could be on the downside rather than on the upside. However, the 20- and 40-day simple moving averages (SMAs) and the Ichimoku lines are pointing upwards [..]

Technical Analysis – USDJPY lower in range, still lacking bullish potential

Posted on July 22, 2020 at 12:17 pm GMT

USDJPY held within the 106.69-108.00 narrow range thanks to the 50% Fibonacci of the downleg from 112.21 to 101.17 which managed to calm bearish forces once again on Tuesday. While the pair is currently trying to regain some lost ground, the RSI and the MACD continue to paint a discouraging picture for the short-term as the former keeps hovering below its 50 neutral mark and the latter seems to be gaining negative momentum beneath its red signal line. A close [..]

Daily Market Comment – US dollar clubbed as euro cruises higher, gold glitters

Posted on July 22, 2020 at 12:17 pm GMT

Euro ascends after landmark EU deal, mostly to the detriment of the dollar Sinking dollar lifts all other boats – pound, commodity currencies, gold But some discouraging signals from the US Senate upset stocks Euro takes to the skies Global markets remained in a risk-on mood after the marathon-like negotiations between EU leaders finally bore fruit yesterday, resulting in a deal that will see substantial sums being funneled into the economies most devastated by the crisis. Even though the deal [..]

Technical Analysis – Tesla stock erases some gains after sharp buying interest

Posted on July 22, 2020 at 12:13 pm GMT

Tesla’s stock price has been in a slightly recovery mode after the skyrocketing to a record high of 1785.43 on July 13. The price remains above the 23.6% Fibonacci retracement level of up leg from 350 to 1785.43 at 1446, however, the RSI looks overbought as it turns lower above the 70 level. Also, the MACD oscillator is weakening its momentum, though it holds above its trigger and zero lines. In case of steeper declines immediate support is coming from [..]

Technical Analysis – AUDUSD finds strong ceiling at 0.7000; holds in upward channel

Posted on July 22, 2020 at 11:59 am GMT

AUDUSD found strong ceiling near the 0.7000 psychological level in the ascending channel that has been holding since June 15. Technically, the MACD oscillator is still flattening above the zero level with weak momentum, while the RSI is sloping down near the 50 level. The 20- and 40-period simple moving averages are moving horizontally confirming the recent neutral move. If the pair successfully surpasses the 0.7000 handle, it could gain some ground towards the 0.7040 barrier ahead of the 14-month [..]

Technical Analysis – Gold moves horizontally slightly below 9-year high

Posted on July 20, 2020 at 7:23 am GMT

Gold prices are in a horizontal move after they reached a nine-year peak near 1,817 and remaining above the 20- and 40-day simple moving averages (SMAs). The MACD oscillator is moving sideways above the zero line but it fell beneath the trigger line, while the RSI indicator is flattening slightly below the overbought zone. If the yellow metal extends its four-month bullish structure above the multi-year high of 1,817, it could touch the 161.8% Fibonacci extension level of the down [..]

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