Thursday ended with the EUR/USD being high above of local resistance of 1.10. What's the target now?
Market updates on July 30
Information is not investment advice
Key events ahead:
South African unemployment rate – 12:30 MT time.
American CB consumer confidence – 17:00 MT time
- GBP/USD continues to go down on the fears of a no-deal Brexit. At the start of today's Asian trading session, the pound tested the lows at 1.2118. After that, it managed to recover a little towards the resistance 1.2197. However, the downside pressure is still high, and ADX confirms that. If bears take over the market once again, the cable will retest the recent low at 1.2118. The next support will lie at 1.2017. If the British pound is supported, the retest of the 1.2197 level with the following breakout will help the pair to rise further to the 1.2225 and 1.2269 levels.
- US trade Representative Robert Lighthizer and his team of negotiators will meet with Chinese side today to discuss trade. If the outcome is positive, the Australian dollar may be supported. On H4, AUD/USD continues to move within the downtrend. The next support for the aussie will lie at 0.6881. If this level is broken, this will provoke a further fall to the 0.6866 level. In case of the movement to the upside, the first resistance will lie at 0.6911. After that, pay attention to the 0.6932 level.
The market sentiment deteriorated amid increasing virus cases in the USA and Australia. Investors prefer safe-haven assets like gold, the US dollar and the Japanese yen.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.