Crypto Market Changes The Trend
Happy Tuesday, dear traders! Here’s what we follow:
How to trade on July 13?
Information is not investment advice
Risk-on is back on the market. Riskier currencies and stocks are in favor. Gold is rising too as investors try to hedge their risk investments. Moreover, the earnings season has started this week. It will make the stock market really volatile as it gives really important data about how companies have been performing amid the coronavirus outbreak. Today Pepsico will release its quarter earnings per share report. The forecast is 1.25. If the data comes better than expected, Pepsico will increase its value, otherwise – decrease. Most analysts believe that earnings per share can beat all estimates as most countries have already reopened. That in turn will improve the overall market sentiment and drive riskier assets further to the upside.
However, new virus cases continue increasing in the USA. Florida recorded the highest daily rise on Sunday since the coronavirus pandemic started. Investors shrugged off that news as there are optimistic developments on the coronavirus vaccine. For instance, human trials have begun in Australia in Queensland.
Watch our daily forex trading plan!
So, let’s look at the charts. EUR/USD is rising up, but it will meet soon the resistance at the 1.1345. If it crosses it, it will surge higher to the high of July 9 at 1.1366. Anyway, look for support levels at 1.1300 and 1.2690. The current risk-on mood will drive the pair upward in the short term. Nevertheless, be cautious as the USA imposed new tariffs on French imports in response to the French digital services’ tax. If the European-American tensions deteriorate, it may weigh on the Euro.
Gold keeps rallying. It has just crossed the resistance at $1 807. Now it’s moving towards the next resistance at the high of July 9 at $1 815. Support levels are $1 800 and $1 794.
GBP/USD is moving upward. It will meet the strong resistance at the 200-day moving average at 1.268. If it breaks it through, it may jump further to the next one at the high of June 10 at 1.275. Support levels are at 1.2600 and 1.2415. Follow the report of the Bank of England today at 18:30 MT time. If its governor Andrew Bailey gives optimistic guidelines, it will push the British pound higher.
The S&P 500 has finally escaped the triangle. It has been trading inside of it for almost a month. If it crosses the resistance at 3 225, it will open doors to the all-time high at 3 390. Support levels are 3 110 and 3 025.
Upcoming events:
- Pepsico will release its querter earnings report.
- The Bank of England will report today at 18:30 MT time. Stay tuned!
Similar
The US Labor Market And Real Estate Market Are In Focus This Week
Labor Market and Real Estate Market data was published yesterday. Markets are slowing down, so the economy is in recession. Today the traders should pay attention to the Retail sales in Canada.
The US national GDP is in focus next week
What's going on with the US GDP? Economists think that the first quarter will be pessimistic. Let's check.
Popular
Will the CPI Crash the USD?
The most impactful releases of this week will fill the market with volatility and sharp movements.
Crypto Market Changes The Trend
Happy Tuesday, dear traders! Here’s what we follow:
The US Labor Market And Real Estate Market Are In Focus This Week
Labor Market and Real Estate Market data was published yesterday. Markets are slowing down, so the economy is in recession. Today the traders should pay attention to the Retail sales in Canada.
Choose your payment system
