$50 Free Margin Account Campaign:
https://www.nooralmal.com/cc19...
EURUSD
The EUR/USD pair posted its third consecutive daily high this Wednesday at 1.1816, ending the day with gains in the 1.1790 price zone. The greenback gave up to high-yielding demand, as global equities edged higher this Wednesday. The market keeps ignoring the fact that US lawmakers are still unable to reach an agreement on the next coronavirus aid package, feeling comfortable with Trump’s executive orders on the matter.
The shared currency rallied despite EU data disappointed. According to the official release, June Industrial Production improved by less than anticipated, printing at -12.3% YoY vs the previous -20.4%. Monthly basis, production increased by 9.1%, below the previous 12.3% and the expected 10%. The US, on the other hand, published July inflation data. The monthly consumer price index was up 0.6% in the month, matching the previous month reading and beating expectations of 0.3%. Yearly basis, the CPI was up 1%, while the core yearly reading printed at 1.6%, both beating expectations. This Thursday, Germany will publish July inflation, foreseen at -0.5% YoY, while the US will unveil weekly unemployment figures.
The EUR/USD pair is trading just below the 1.1800 level, modestly bullish in the short-term. The 4-hour chart shows that it has managed to advance above a bearish 20 SMA, while the 100 SMA continues advancing below it. The Momentum indicator entered positive ground, maintaining a modest bullish slope, while the RSI hovers around 53. The risk is skewed to the upside, although further gains will seem more likely on a break above 1.1830, the immediate resistance level.
Support levels: 1.1740 1.1690 1.1650
Resistance levels: 1.1830 1.1870 1.1915
USDJPY
The USD/JPY pair peaked at 107.01, extending its advance after Tuesday’s bullish breakout. Equities advancing worldwide, and an extension of the latest US government yields’ rally provided support to the pair. The yield on the benchmark 10-year note kit an intraday high of 0.69%, its highest in over a month, ending the day unchanged at around 0.66%. In Wall Street, tech shares led the way higher, with the Nasdaq adding over 2.0%.
Japan’s macroeconomic calendar had little to offer this Wednesday, as the country published the July Money Supply M2+CD, which increased to 7.9% YoY from 7.2% in the previous month. The country will publish the July Producer Price Index early Thursday.
The USD/JPY pair has spent most of the day consolidating around 106.80, where it stands ahead of the Asian opening. The 4-hour chart shows that the pair has broken above its 200 SMA, while the 20 SMA advances above the 100 SMA, both below the current level. Technical indicators in the mentioned time-frame have stabilized near intraday highs, well into positive levels, which somehow indicates absent selling interest.
Support levels: 106.55 106.10 105.70
Resistance levels: 107.00 107.45 107.90
GBPUSD
The GBP/USD pair fell this Wednesday to 1.3005, a fresh weekly low, as the Pound got hit by the record economic contraction reported in Q2. The Gross Domestic Product for the three months to June came in at -21.7%, slightly better than anticipated yet signaling the extension of coronavirus’ harm to the economy. Total Business Investment in the same period contracted 31.4%, much worse than the -0.1% expected. Also, the June Goods Trade Balance posted a deficit of £ 5.12 B. On a positive note, Industrial Production was up 9.3% in June, and down 12.5% when compared to a year earlier, both numbers better than anticipated.
Risk appetite played against the greenback, helping the pair to settle around the 1.3030 level, marginally lower for the day. The UK won’t publish relevant macroeconomic data this Thursday.
From a technical point of view, the GBP/USD pair is poised to extend its decline. The 4-hour chart shows that a mildly bearish has contained intraday attempts to advance, although the 100 SMA maintains its bullish slope below the current level. Technical indicators, in the meantime, remain within negative levels, with modest downward slopes. The bearish momentum will likely accelerate on a break below 1.2980 still the most relevant support level.
Support levels: 1.2980 1.2940 1.2895
Resistance levels: 1.3065 1.3105 1.3150
AUDUSD
The AUD/USD pair has managed to post a modest intraday advance on Wednesday, after falling to a fresh weekly low of 0.7108. The early decline followed the release of Australian data, as the country published the Q2 Wage Price Index which was up by 0.2% in the quarter, and rose 1.8% when compared to the second quarter of 2019. That would be the slowest pace of growth on record, and the weakest reading since the records began in September 1997. The pair later recovered on the back of the positive momentum of equities, as most global indexes closed in the green.
During the upcoming Asian session, Australia will release its latest employment figures. The country is anticipated to have recovered just 40K job positions in July, way below the 210.8K added in June. The unemployment rate is expected to have ticked higher to 7.8% from 7.4% in the previous month, while the participation rate is seen rising from 64% to 64.4%. The market is anticipating a dismal reading, which means that the numbers need to diverge strongly from forecast to have a negative impact on the Aussie.
The AUD/USD pair is trading at around 0.7160, neutral-to-bullish in the short-term. The 4-hour chart shows that the price has advanced above the 20 and 100 SMA, both converging around 0.7150. Technical indicators, in the meantime, entered positive territory but lost directional strength, now flat within neutral levels.
Support levels: 0.7145 0.7110 0.7070
Resistance levels: 0.7185 0.7220 0.7260
GOLD
After the sharp decline seen on Tuesday, Gold had an extremely volatile trading session on Wednesday. The intraday range was almost 90.00$ and Gold managed to end the day virtually unchanged daily. Fresh hopes on coronavirus vaccine triggered a shift in risk sentiment and weighted on safe havens. Also, the Consumer Price Index for All Urban Consumers (CPI-U) in the US increased 0.6 per cent in July on a seasonally adjusted basis, the same increase as in June. The result is the biggest jump since January 1991 and supported the risk-on mood in the markets. While the equity markets rallied around the globe, the USD index DXY retreated but managed to hold over 93.00 level with the 10-year yields inching higher to %0.65.
As long as Gold stays over 1.950$, the targets upside can be followed at 1.980$ (previous all-time high), 2.000$ and 2.040$ levels. Below the 1.950$ the supports can be followed at 1.920$, 1.900$ and 1.825$ (2011 August close) levels.
Support Levels: 1.920$ 1.900$ 1.825$
Resistance Levels: 1.980$ 2.000$ 2.040$
SILVER
After the sharp decline seen on Tuesday, Silver managed to outperform Gold on Wednesday managing to stay over 25.00$ level. As the white metal is offering a big jump as the economies normalises, the latest retracement gave investors a significant opportunity to increase their Silver positions. Due to Silver’s indıstrial demand, as soon as the economic slowdown caused by the pandemic erases, silver demand will likely surge pushing the prices further up.
Over the 25.00$ level, Silver might test 26.19$ (July 2020 high), 27.00$ and 29.28$ (March 2013 resistance) levels. Below the 25.00$ level, the supports might be followed at 24.00$ and 23.38$ levels.
Support Levels: 25.00$ 24.00$ 23.38$
Resistance Levels: 26.19$ 27.00$ 29.28$
CRUDE WTI
Declining oil stocks and the stabilisation expectations for demand pushed oil prices up on Wednesday. The EIA announced that crude oil stocks in the US fell by 4.5 million barrels in the week ending August 7th, compared to analysts' estimate for a draw of 3.2 million barrels. On the other hand, OPEC said that it expects the global oil demand to decline by 9.06 million barrels per day (BPD) in 2020. These figures followed the expectation for a fall of 8.95 million BPD in the previous report. Despite the positive news and the incline, WTI still keeps its tight trading range between 40.00$ and 43.00$.
If WTI manages to hold over 42.00$, next targets upside can be followed at 44.00$ (February 2020 low), 48.64$ (March 2020 high) and 50.00$. Below the 42.00$ level, supports can be followed at 41.00$ and 40.00$ consolidation zone.
Support Levels: 42.00$ 41.00$ 40.00$
Resistance Levels: 44.00$ 48.64$ 50.00$
DOW JONES
As the indexes in Wall Street had a positive day supported by the risk-on mood, Dow Jones tested 28.000 level and ended the day a tick below the critical level. Inflation in the US, as measured by the Consumer Price Index (CPI), remained steady at 0.6% monthly in July, the report published by the US Bureau of Labor Statistics showed on Wednesday. Yearly, the CPI rose from 0.6% to 1%. Also, the core CPI, which strips the volatile food and energy prices, jumped from 1.2% to 1.6% and came in higher than analysts' estimate of 1.1% signalling the economic activity movement on the consumer side. While the USD index DXY managed to hold its stance around mid-93.00 level, the 10-year yield moved up to %0.65 level. On the other hand, as the deal is still not reached for the coronavirus bill yet, Treasury Secretary Steven Mnuchin told Fox Business on Wednesday that the US President Donald Trump would like to do a capital gains tax cut. He also added that Trump wants to move forward with a fair proposal on the coronavirus bill.
If Dow Jones keeps its stance over 27.000 level decisively, 27.583 (June 2020 high), 28.000 and 28.402 levels can be followed as resistances. Below the 27.000 level, the supports can be followed at 26.000, 25.210 (29.568-18.158 %61.80) and 24.690 (2020 April-May resistance) levels.
Support Levels: 26.000 25.210 24.690
Resistance Levels: 27.583 28.000 28.402
MACROECONOMIC EVENTS
* All the Moving Average support and resistance levels are dynamic by nature. Means when the price approaches the Moving averages, slight variation occurs in the forecasted Moving Average support and resistance levels. Previous few days’ intraday levels are also signicant while trading the current day as the price tend to hover around these levels for some time. Levels in red indicate strong, critical or vital.
Please remember that trading financial markets carry a high degree of risk to your capital. It is possible to lose more than your initial stake. Leveraged products may not be suitable for all investors, therefore please ensure you fully understand the risks involved and seek independent advice if necessary.
All Rights Reserved © Noor Al Mal
#美元走强，反弹还是反转##TikTok收购案##黄金闪崩失守1900大关##美国二季度GDP创最纪录萎缩##美联储按兵不动#
คำชี้แจง (Disclaimer) : เนื้อหาข้างต้นเป็นเพียงมุมมองของผู้เขียนแต่เพียงผู้เดียว และไม่ได้แสดงหรือสะท้อนถึงจุดยืนอย่างเป็นทางการของ Followme แต่อย่างใด Followme ไม่รับผิดชอบต่อความถูกต้อง ความครบถ้วน หรือความน่าเชื่อถือของข้อมูลที่ปรากฏ และจะไม่รับผิดชอบต่อการดำเนินการใด ๆ ที่เกิดขึ้นจากเนื้อหานั้น เว้นแต่จะมีการระบุไว้เป็นลายลักษณ์อักษรอย่างชัดเจน
เขียนข้อความของคุณตอนนี้