Market Update (22/07/2020)

Today’s Market Update (22/07/2020)

Our Proprietary Strength Meter trend suggestion has made our subscribers the most happiest amongst all. Some daring ones were moving with the flow whereas the safe play community says they were helped by not making wrong decision of playing in the wrong direction.

Some key takeaways during last few hours

• ·         Gold, silver surging - silver limit up for Dec futures on the Shanghai Futures Exchange
• ·         ANZ on the moves in 'non-yielding' assets (gold and silver would fall into that category):The spectre of (government) … stimulus packages has pushed investors back into non-yielding assets like gold. The likelihood of interest rates remaining low for the foreseeable future and a weaker US dollar have really boosted investor appetite.
• ·         Australia preliminary retail sales for June +2.4% m/m (prior was +16.9%)
• ·         Japan Jibun Bank preliminary PMIs for July, Manufacturing 42.6 (prior 40.1) & Services 45.2 (prior 45.0)
• ·         Australia Westpac leading index for June: +0.44% (prior +0.19%)
• ·         Silver is on the move again - highest since 2013
• ·         Boeing’s 737 MAX isn’t likely to resume widespread passenger flights until early 2021
• ·         US coronavirus deaths +1,003, single-day highest since early June
• ·         US House leader Pelosi making positive comments on next stimulus package
• ·         Japan has approved a coronavirus drug - dexamethasone
• ·         RBNZ says domestic financial markets have stabilised, reduces its intervention
• ·         Mnuchin says hopes to get the new coronavirus economic rescue bill passed by end of July

Today’s Economic calendar

Forex Majors

EURUSD CMP: 1.1540

Composite Strength Meter suggests 92% Buy

Trend : Strong Buy

Entry Points: 1.1490, 1.1450, 1.1390

Profit Booking Points: 1.1548, 1.1580, 1.1620

Trend Changing Zone: 4H closing below 1.1350

 

AUDUSD CMP: 0.7137

Composite Strength Meter suggests 94% Buy

Trend : Strong Buy

Entry Points: 0.7090, 0.7040, 0.6970

Profit Booking Points: 0.7160, 0.7200, 0.7260

Trend Changing Zone: 4H closing below 0.6960

 

NZDUSD CMP: 0.6646

Composite Strength Meter suggests 89% Buy

Trend : Strong Buying

Entry Points: 0.6610, 06580, 0.6530

Profit Booking Points: 0.6660, 0.6680, 0.6730

Trend Changing Zone : 4H closing below 0.6500

 

 

USDJPY CMP: 106.82

Composite Strength Meter suggests 84% sell

Trend: Strong Sell

Entry Points: 107.00, 107.20, 107.50

Profit Booking Points 106.50, 106.30, 106

Trend Changing Zone: 4H closing above 108.20

 

USDCHF CMP:  0.9323

Composite Strength Meter suggests 91% Sell

Trend: Strong Sell

Entry Points: 0.9350, 0.9380, 0.9420

Profit Booking Points: 0.9300, 09280, 0.9230

Trend Changing Zone: 4H closing above 0.9480

 

GBPUSD CMP: 1.2724

Composite Strength Meter suggests 71% Buy

Trend Strong Buy

Entry Points: 1.2675, 1.2635, 1.2600

Profit Booking Points: 1.2780, 1.2820

Trend Changing Zone : 4H closing below 1.2450

 

XAUUSD CMP: 1857

Composite Strength Meter suggests 72% Buy

Trend Strong Buy

Entry Points: 1835, 1825, 1807

Profit Booking Points: 1860, 1877

Trend Changing Zone : 4H closing below 1780

 

 

EURGBP CMP: 0.9068

Composite Strength Meter suggests 78% Buy

Trend: Strong Buy

Entry Points: 0.9050, 0.9030, 0.9010

Profit Booking Points: 0.9110, 0.9170

Trend Changing Zone : 4H closing below 0.8950

 

EURJPY CMP: 123.28

Composite Strength Meter suggests 91% Buy

Trend Strong Buy

Entry Points: 122.80, 122.60, 122.25

Profit Booking Points: 123.70,124.10

Trend Changing Zone : 4H closing below 120.80

 

GBPJPY CMP:135.90

Composite Strength Meter suggests 63% Buy

Trend Neutral

Avoid Trading

 

US30 CMP: 26830

Composite Strength Meter suggests 51% Sell

Trend Neutral

Avoid Trading

 

Reference:

Trend changing point candle low should be kept as stop loss for buy trend

Trend changing point candle high should be kept as stop loss for sell trend