22 July 2020 Morning Session Analysis
EU revive plan, sparkling demand for Euro.
The Euro surged on yesterday following the European Union countries had reached a record massive stimulus plan in order to combat the economic damage which hobbled by the coronavirus during the year of 2020. According to Reuters, a compromise on concerns that states considered to be frugal such as Austria, Sweden and Netherlands had promised to help for their profligate neighbours, which dialling up the market optimism toward the economic progression for the European countries in future. An unprecedented 750 billion euros fund have been agreed to raise by the European Commission in order to revive the economic growth while boost up the liquidity and solvency ratio in the financial market. Besides that, positive results from the several Coronavirus vaccines trials on Monday had also spurred the risk-on sentiment in the FX market, which sparkling further demand for the Euro. Nonetheless, investors should be eyeing on global growth risk such as the development of the coronavirus as well as further economic stimulus from the global central banks in order to gauge the likelihood movement for the pair in the future. As of writing, EUR/USD surged 0.04% to 1.1529.
In the commodities market, the crude oil price appreciated by 0.20% to $41.55 per barrel as of writing. The oil market edged higher amid investors are still digesting the positive news with regards of the coronavirus vaccine trials, sparkling bullish momentum for this black-commodity. On the other hand, the gold price appreciated by 0.04% to $1842.30 per troy ounces as of writing amid weakening US Dollar amid spiking cases of the coronavirus infections from the U.S region, prompting investors to shift their portfolio from the United States into other countries.
Today’s Holiday Market Close
Time Market Event
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Today’s Highlight Events
Time Market Event
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Today’s Highlight Economic Data
| Time | Nation & Data | Previous | Forecast | Actual |
| 09:30 | AUD – Retail Sales (MoM) | 16.9% | – | – |
| 20:30 | CAD – Core CPI (MoM) (Jun) | -0.1% | – | – |
| 22:00 | USD – Existing Home Sales (Jun) | 3.91M | 4.86M | – |
| 22:30 | CrudeOIL – EIA Crude Oil Inventories | -7.493M | -2.098M | – |
Technical Analysis
DOLLAR_INDX, Weekly: Dollar index was traded lower following prior breakout below the previous support level at 95.95. MACD which illustrated increasing bearish momentum suggest the index to extend its losses toward support level at 94.10.
Resistance level: 95.95, 97.80
Support level: 94.10, 91.80
GBPUSD, H4: GBPUSD was traded higher while currently testing the resistance level at 1.2740. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 1.2740, 1.2795
Support level: 1.2660, 1.2575
EURUSD, Daily: EURUSD was traded higher following prior breakout above the previous resistance level at 1.1450. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 1.1710.
Resistance level: 1.1710, 1.2035
Support level: 1.1450, 1.1185
USDJPY, H4: USDJPY was traded lower while currently testing the support level at 106.75. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses after it successfully breakout below the support level.
Resistance level: 107.35, 107.95
Support level: 106.75, 106.40
AUDUSD, H1: AUDUSD was traded higher while currently testing the resistance level at 0.7145. However, MACD which illustrated diminishing bullish momentum suggest the pair to be traded lower in short-term as technical correction.
Resistance level: 0.7145, 0.7235
Support level: 0.7025, 0.6925
NZDUSD, H4: NZDUSD was traded higher following prior breakout above the previous resistance level at 0.6565. MACD which illustrated increasing bullish momentum suggest the pair to extend its gains toward resistance level at 0.6735.
Resistance level: 0.6735, 0.6855
Support level: 0.6565, 0.6465
USDCAD, H4: USDCAD was traded lower while currently testing the support level at 1.3420. However, MACD which illustrated diminishing bearish momentum suggest the pair to be traded higher in short-term as technical correction.
Resistance level: 1.3500, 1.3570
Support level: 1.3420, 1.3365
USDCHF, Daily: USDCHF was traded lower following prior breakout below the previous support level at 0.9335. MACD which illustrated increasing bearish momentum suggest the pair to extend its losses toward support level at 0.9255.
Resistance level: 0.9335, 0.9455
Support level: 0.9255, 0.9180
CrudeOIL, Daily: Crude oil price was traded higher while currently testing the resistance level at 43.05. MACD which illustrated diminishing bearish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 43.05, 47.75
Support level: 36.05, 29.10
GOLD_, H4: Gold price was traded higher while currently testing the resistance level at 1852.20. MACD which illustrated increasing bullish momentum suggest the commodity to extend its gains after it successfully breakout above the resistance level.
Resistance level: 1852.20, 1914.45
Support level: 1806.55, 1752.65