Market updates on July 19

Market updates on July 19

Key events ahead:

Core retail sales – 15:30 MT (12:30 GMT) time

  • Yesterday, the speech by New York Fed President John Williams sent the US dollar lower. According to his words, the measures are needed to prevent disaster in the US economy. After that, his comments were confirmed by the FOMC member Richard Clarida. However, the comments by the NY Fed President Williams were clarified by the New York Fed, where the institution noted about the academic character of the Williams’ comments.

On H4, EUR/USD rose by 58 pips during the American trading session and tested the 200-period SMA at 1.1280. After the reassuring comments by the NY Fed, bears tried to pull the pair lower to the 50-period SMA. At the moment, EUR/USD is testing the support at 1.1253. The next support for bears will lie at 1.1237. From the upside, the first resistance lies at 1.1263. After the breakout, wait for the pair to reach the strong resistance zone at 1.1274-1.1280.

EURUSDH4.png

  • The USD/CAD pair is awaiting the release of core retail sales at 15:30 MT time. If the actual figures outperform the forecasts, the pair will slide below the 1.3019 level. The next support will lie at 1.3003, which is the lower border of the downward trading channel. Otherwise, the first resistance level will be placed at 1.3060 (50-period SMA). The next resistance will lie at 1.3077 (100-period SMA).

USDCADH4.png

  • Gold reacted to the dovish speeches by the Fed members and the news that US ship took defensive action against Iranian drone. The yellow metal rose to its highest level since 2013 and tested the levels above the resistance at $1,448 on H4. Now, the price for gold is correcting to the downside. If it continues to weaken, the first support will lie at $1,423. If this level is broken, the next support will lie at $1,412. If bulls take over the market once again, XAU/USD will retest the $1,448 level.

XAUUSDH4.png

Similar

Latest news

German exporters don’t care about stronger euro

German exporters demonstrate ascending optimism as for their business prospects because growing demand from other euro zone countries helps to compensate worries regarding the strengthening currency, as the Ifo economic institute told on Wednesday…

Japan's October machinery orders tack on

In October, Japanese machinery orders rebounded with a faster soar than anticipated, thus re-affirming the resilience of capital spending, which is a major driver in the Japanese economy's almost two-year expansion…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera