EUR/USD: Daily recommendations on major

AceTrader Team AceTrader

DAILY MARKET OUTLOOK on Major
Update Time: 13 Aug 2020 03:30GMT

EUR/USD - 1.1807
Despite the single currency's selloff from last Thursday's fresh 2-year peak at 1.1915 to 1.1712 yesterday, subsequent rally to 1.1816 the same day suggests the first leg of correction has ended and consolidation with upside bias remains for gain to 1.1840/50, however, resistance at 1.1880/90 should remain intact and yield retreat later.

On the downside, only below 1.1755/60 would indicate aforesaid recovery has ended instead and risk weakness to 1.1723 later.

Data to be released on Thursday :
New Zealand food price index, UK RICS housing survey, Japan corporate goods price, machine tool orders, Australia employment change, unemployment rate.

France ILO unemployment rate, Germany CPI, HICP, wholesale price index.

U.S. import prices, export prices, initial jobless claims, continued jobless claims.

Author

AceTrader Team

AceTrader

Led by world-renowned technical analyst Wilson Leung, we have a team of 7 analysts monitoring the market and updating our recommendations and commentaries 24 hours a day.

EUR/USD hovers around nine-day EMA above 1.1800

EUR/USD remains in the positive territory after registering modest gains in the previous session, trading around 1.1820 during the Asian hours on Monday. The 14-day Relative Strength Index momentum indicator at 54 is edging higher, signaling improving momentum. RSI near mid-50s keeps momentum balanced. A sustained push above 60 would firm bullish control.

GBP/USD holds medium-term bullish bias above 1.3600

The GBP/USD pair trades on a softer note around 1.3605 during the early European session on Monday. Growing expectation of the Bank of England’s interest-rate cut weighs on the Pound Sterling against the Greenback.

Gold sticks to gains above $5,000 as China's buying and Fed rate-cut bets drive demand

Gold surges past the $5,000 psychological mark during the Asian session on Monday in reaction to the weekend data, showing that the People's Bank of China extended its buying spree for a 15th month in January. Moreover, dovish US Federal Reserve expectations and concerns about the central bank's independence drag the US Dollar lower for the second straight day, providing an additional boost to the non-yielding yellow metal.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Weekly column: Saturn-Neptune and the end of the Dollar’s 15-year bull cycle

Tariffs are not only inflationary for a nation but also risk undermining the trust and credibility that go hand in hand with the responsibility of being the leading nation in the free world and controlling the world’s reserve currency.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.