{"id":2083,"date":"2020-07-01T01:50:34","date_gmt":"2020-07-01T01:50:34","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=2083"},"modified":"2020-07-01T01:50:34","modified_gmt":"2020-07-01T01:50:34","slug":"jun-302020","status":"publish","type":"post","link":"https:\/\/www.vtmarketsglobal.com\/en\/analysis\/2083\/","title":{"rendered":"JUN 30,2020"},"content":{"rendered":"<p style=\"text-align: center\"><strong><u>Market Focus<\/u><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Total death toll worldwide has surpassed 500,000 and confirmed cases exceeded 10 million. WHO warned that the worst scenario has yet to come. European Union governments is considering extending a travel ban for US residents for at least two weeks. On the other hand, several US states decided to halt plans to reopen restaurants and bars.<\/p>\n<p>&nbsp;<\/p>\n<p>US Pending Home Sales for May rose to 44.3% from April -21.8%, far outpaced estimated 18.9%. The figure refreshed the highest record in history as mortgage rates fell. Mortgage rates have dropped to the lowest level, helping to stabilize demand in housing industry, which was severely dampened by COVID-19.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-2091\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2020\/07\/\u5716\u7247-1-1.png\" alt=\"\" width=\"902\" height=\"482\" \/><\/p>\n<p>Key takeaways from BoE Bailey speech:<\/p>\n<ul>\n<li>Current scale of central bank reserves mustn\u2019t become a permanent feature<\/li>\n<li>As economies recover, it\u2019s likely that some of the exceptional monetary stimulus will need to be withdrawn, including by reducing reserves.<\/li>\n<li>Now expecting 20% fall in GDP in Q1 and Q2 combined vs 27% fall in May scenario.<\/li>\n<li>BoE does not have specific triggers for further increases in QE.<\/li>\n<li>Slowing of the pace of QE reflects recent signs from the economy and calming of markets since March.<\/li>\n<\/ul>\n<p><em>Market Wrap<\/em><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-2090\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2020\/07\/\u5716\u72472-1.png\" alt=\"\" width=\"994\" height=\"474\" \/><\/p>\n<p><strong><u>Main Pairs Movement<\/u><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Cable initially rose 50 pips as Boris Johnson promised to double down on investment on infrastructure, education, and technology. Then, price took a U-turn since Euro session, the pair ended up losing 32 pips. Brexit negotiation is still full of uncertainties, but both sides seem to agree that the deadline to get a deal will not be extended. One official said Monday\u2019s face-to-face meeting have accomplished nothing except negotiate an agenda.<\/p>\n<p>&nbsp;<\/p>\n<p>Safe-haven Yen and Franc suffered the most against US dollar on Monday, both dropped 0.33%. USDJPY and USDCHF surged during US session where US indices rose simultaneously, suggesting an investing sentiment favored risky assets.<\/p>\n<p><strong><u>COVID-19 Data (EOD):<\/u><\/strong><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-2089\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2020\/07\/\u5716\u72473-1.png\" alt=\"\" width=\"852\" height=\"374\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-2088\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2020\/07\/\u5716\u72474-1.png\" alt=\"\" width=\"848\" height=\"442\" \/><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-2087\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2020\/07\/\u5716\u72475-1.png\" alt=\"\" width=\"854\" height=\"444\" \/><\/p>\n<p><strong><u>Technical Analysis:<\/u><\/strong><\/p>\n<p><strong>\u00a0<\/strong><\/p>\n<p><strong>EURUSD (H4)<\/strong><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-2086\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2020\/07\/\u5716\u7247-6.png\" alt=\"\" width=\"902\" height=\"482\" \/><\/p>\n<p>Euro-dollar failed to capitalize on its early gain and is kept beneath 1.1287. Price touched Bollinger\u2019s upper band for the first time in a week, and was lingering above the mid-line. The band on the four-hour chart is narrowing, which could be a set-up for upcoming surge or plummet. If it manages to stay above Bollinger mid-line within the white box highlighted above, it could move to take out 1.1287 resistance. Otherwise, bear will regain control.<\/p>\n<p>&nbsp;<\/p>\n<p>Resistance: 1.1287, 1.1348, 1.1394<\/p>\n<p>Support: 1.1177, 1.1096, 1.1023<\/p>\n<p><strong>USDJPY (H4)<\/strong><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-2085\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2020\/07\/\u5716\u72477-1.png\" alt=\"\" width=\"902\" height=\"482\" \/><\/p>\n<p>USDJPY successfully conquered SMA100, and it aims to regain 108 handle. It once reached 107.9, the highest price in two weeks. The pair is currently hovering above SMA200, turning the resistance into a support. The bullish breakout was freshly completed on Monday, and there is plenty on the upside. Thus, bull looks to have upper hand over bear.<\/p>\n<p>&nbsp;<\/p>\n<p>Resistance: 108, 108.55, 109.2<\/p>\n<p>Support: 107.1, 106.5, 106<\/p>\n<p><strong>USDCAD (H4)<\/strong><\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-2084\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2020\/07\/\u5716\u72478.png\" alt=\"\" width=\"902\" height=\"482\" \/><\/p>\n<p>USDCAD has been sitting comfortably within Bollinger Band\u2019s upper region, and frequently touch the upper line since last Thursday. The upward channel remains intact with 1.3739 acting as a near resistance, which should be challenged in the near term. If price reversed and touch Bollinger\u2019s lower line, then the pair could trade sideways, but a bearish reversal looks unpromising.<\/p>\n<p>&nbsp;<\/p>\n<p>Resistance: 1.3739, 1.3865, 1.4033<\/p>\n<p>Support: 1.352, 1.3377<\/p>\n<p><strong><u>Economic Data<\/u><\/strong><\/p>\n<table width=\"617\">\n<tbody>\n<tr>\n<td width=\"135\">\n<p style=\"text-align: center\">Currency<\/p>\n<\/td>\n<td style=\"text-align: center\" width=\"155\">Data<\/td>\n<td style=\"text-align: center\" width=\"116\">Time (TP)<\/td>\n<td style=\"text-align: center\" width=\"106\">Forecast<\/td>\n<td style=\"text-align: center\" width=\"106\">Exposure<\/p>\n<p>(Our side)<\/td>\n<\/tr>\n<tr>\n<td width=\"135\">\n<p style=\"text-align: center\">AUD<\/p>\n<\/td>\n<td style=\"text-align: center\" width=\"155\">Manufacturing PMI (June)<\/td>\n<td style=\"text-align: center\" width=\"116\">09:00<\/td>\n<td style=\"text-align: center\" width=\"106\">50.4<\/td>\n<td style=\"text-align: center\" width=\"106\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td width=\"135\">\n<p style=\"text-align: center\">GBP<\/p>\n<\/td>\n<td style=\"text-align: center\" width=\"155\">GDP (Q1)<\/td>\n<td style=\"text-align: center\" width=\"116\">14:00<\/td>\n<td width=\"106\">\n<p style=\"text-align: center\">-2%<\/p>\n<\/td>\n<td width=\"106\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td width=\"135\">\n<p style=\"text-align: center\">EUR<\/p>\n<\/td>\n<td style=\"text-align: center\" width=\"155\">CPI (June)<\/td>\n<td style=\"text-align: center\" width=\"116\">17:00<\/td>\n<td width=\"106\">\n<p style=\"text-align: center\">0.1%<\/p>\n<\/td>\n<td width=\"106\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center\" width=\"135\">CAD<\/td>\n<td style=\"text-align: center\" width=\"155\">GDP (April)<\/td>\n<td style=\"text-align: center\" width=\"116\">20:30<\/td>\n<td style=\"text-align: center\" width=\"106\">-13%<\/td>\n<td width=\"106\">\n<p style=\"text-align: center\">\n<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center\" width=\"135\">USD<\/td>\n<td style=\"text-align: center\" width=\"155\">CB Consumer Confidence (June)<\/td>\n<td style=\"text-align: center\" width=\"116\">22:00<\/td>\n<td style=\"text-align: center\" width=\"106\">\n<p style=\"text-align: center\">91.8<\/p>\n<\/td>\n<td width=\"106\">\n<p style=\"text-align: center\">\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>Risk Warning:<\/p>\n<p>Trading Forex and CFDs involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. Please read our legal documents and ensure that you fully understand the risks before you make any trading decisions.<\/p>\n<p>The information provided is of a general nature only and the advice has been prepared without taking account of your objectives, financial situation or needs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Market Focus &nbsp; Total death toll worldwide has surpassed 500,000 and confirmed cases exceeded 10 million. WHO warned that the worst scenario has yet to come. European Union governments is considering extending a travel ban for US residents for at least two weeks. On the other hand, several US states decided to halt plans to <a href=\"https:\/\/www.vtmarketsglobal.com\/en\/analysis\/2083\/\" class=\"read-more\">Continue Reading<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-2083","post","type-post","status-publish","format-standard","hentry","category-analysis"],"acf":[],"aioseo_notices":[],"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":"luna","author_link":"https:\/\/www.vtmarketsglobal.com\/en\/author\/luna\/"},"_links":{"self":[{"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/posts\/2083","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/comments?post=2083"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/posts\/2083\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/media?parent=2083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/categories?post=2083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/tags?post=2083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}