{"id":2145,"date":"2020-07-06T02:50:06","date_gmt":"2020-07-06T02:50:06","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=2145"},"modified":"2020-07-06T02:50:06","modified_gmt":"2020-07-06T02:50:06","slug":"jul-062020","status":"publish","type":"post","link":"https:\/\/www.vtmarketsglobal.com\/en\/analysis\/2145\/","title":{"rendered":"JUL 06,2020"},"content":{"rendered":"

Market Focus<\/u><\/strong><\/p>\n

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Investors continue to weigh signs that global economies are on the mend against relentless new outbreaks of the virus. US payrolls data Thursday fueled optimism of a V-shaped recovery in the world\u2019s biggest economy.<\/p>\n

Australia\u2019s Retail Sales for May printed 16.9%, slightly above estimate of 16.3%, a big leap from previous -17.7%. \u00a0While China\u2019s June month Caixin Services PMI grew past-49.9 expected and 55 prior to 58.4.<\/p>\n

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Market Wrap<\/em><\/p>\n

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Main Pairs Movement<\/u><\/strong><\/p>\n

Due to US Independence Day, liquidity was drained out in forex market, all major pairs were traded in tight range.<\/p>\n

COVID-19 Data (EOD):<\/u><\/strong><\/p>\n

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Technical Analysis:<\/u><\/strong><\/p>\n

\u00a0<\/strong>GBPUSD (H4)<\/strong><\/p>\n

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Cable has broken its downward trend line from mid-June and bounced to challenge 38.2% Fibonacci at 1.253, but failed to advance beyond this level. \u00a0The bullish reversal may move ahead of itself, if price can retrace towards1.24 without breaching lower, then the current bullish run could be sustainable.<\/p>\n

 <\/p>\n

Resistance: 1.253, 1.267, 1.2788<\/p>\n

Support: 1.24, 1.2268, 1.218<\/p>\n

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AUDUSD (H4)<\/strong><\/p>\n

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Aussie is kept within a tight range, depressed liquidity from US Independence Day has added noise to price momentum. The near-term trend favors the bull as price sits comfortably in Bollinger\u2019s upper region, but whether it could overcome resistance band of 0.6967 \u2013 0.702 within the next few trading days remains questionable.<\/p>\n

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Resistance: 0.6967, 0.702, 0.712<\/p>\n

Support: 0.6897, 0.6803, 0.6669<\/p>\n

XAUUSD (H4)<\/strong><\/p>\n

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Gold\u2019s bullish bias is still intact and RSI shows price is far from overbought, which provides plenty space for the precious metal to climb. Bulls are looking over $1786 hurdle, and $1800 target remains a distinct possibility. On the flip side, failure to defend $1760 could result in a bearish reversal, which would possibly prompt some aggressive selling.<\/p>\n

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Resistance: 1786, 1819, 1836<\/p>\n

Support: 1761, 1742, 1722<\/p>\n

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Economic Data<\/u><\/strong><\/p>\n\n\n\n\n
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Currency<\/p>\n<\/td>\n

Data<\/td>\nTime (TP)<\/td>\nForecast<\/td>\n\n

Exposure<\/p>\n

(Our side)<\/p>\n<\/td>\n<\/tr>\n

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EUR<\/p>\n<\/td>\n

ECB President Lagarde Speaks<\/td>\n18:40<\/td>\n\n

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 <\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

Risk Warning:<\/p>\n

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

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":"

Market Focus   Investors continue to weigh signs that global economies are on the mend against relentless new outbreaks of the virus. US payrolls data Thursday fueled optimism of a V-shaped recovery in the world\u2019s biggest economy. Australia\u2019s Retail Sales for May printed 16.9%, slightly above estimate of 16.3%, a big leap from previous -17.7%. 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-2145","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\/2145","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=2145"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/posts\/2145\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/media?parent=2145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/categories?post=2145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarketsglobal.com\/en\/wp-json\/wp\/v2\/tags?post=2145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}