Market Update 23/07/2020

Some key takeaways of the last few hours:

• Chinese COVID-19 vaccine could be ready by end of 2020: SinoPharm
• Australia NAB Q2 business confidence: -15 (prior -11)
• Australia Fiscal & Economic Update - forecast unemployment rate of 8.75% in 2020/21
• Australian Treasurer Frydenberg will deliver a budget update today, 0100GMT
• Reports the Chinese consulate in San Francisco is harbouring a military researcher wanted by the FBI
• Musk says TSLA (Tesla) to build factory near Austin, Texas
• China earthquake, magnitude 6.2
• S&P affirm Canada rating, leaves outlook stable
• Biden has a 45%. Trump 44% in Texas poll

Today's Economic Calendar

Forex Majors today's review

EURUSD CMP : 1.1576

Composite Strength Meter Suggests : 91% Buy

Trend : Strong Buy

Entry Levels : 1.1522, 1.1468

Profit Booking Levels : 1.1617, 1.1656

Stop Loss: 4H candle closing below 1.1300

AUDUSD CMP : 0.7137

Composite Strength Meter Suggests : 93% Buy

Trend : Strong Buy

Entry Levels : 0.7110, 0.7075

Profit Booking Levels : 0.7180, 0.7217

Stop Loss: 4H candle closing below 0.6970

NZDUSD CMP : 0.6672

Composite Strength Meter Suggests : 89% Buy

Trend : Strong Buy

Entry Levels : 0.6634, 0.6602

Profit Booking Levels : 0.6694, 0.6722

Stop Loss: 4H candle closing below 0.6500

GBPUSD CMP : 1.2736

Composite Strength Meter Suggests : 61% Buy

Trend : Neutral

Entry Levels : Avoid Trading

Profit Booking Levels : Avoid Trading

Stop Loss: NA

USDJPY CMP : 107.12

Composite Strength Meter Suggests : 75% Sell

Trend : Strong Sell

Entry Levels : 107.37, 107.55

Profit Booking Levels : 106.85, 106.50

Stop Loss: 4H candle closing above 108

USDCHF CMP : 0.9285

Composite Strength Meter Suggests : 91% Sell

Trend : Strong Sell

Entry Levels : 0.9333, 0.9375

Profit Booking Levels : 0.9270, 0.9246

Stop Loss: 4H candle closing above 0.9467

USDCAD CMP : 1.3404

Composite Strength Meter Suggests : 71% Sell

Trend : Strong Sell

Entry Levels : 1.3458, 1.3513

Profit Booking Levels : 1.3375, 1.3345

Stop Loss: 1H candle closing above 1.3530

XAUUSD CMP : 1468

Composite Strength Meter Suggests : 67% Buy

Trend : Weak Buy 

Entry Levels : Avoid Trading

Profit Booking Levels : Avoid Trading

Stop Loss: NA

Forex cross pairs

EURGBP CMP : 0.9086

Composite Strength Meter Suggests : 89% Buy

Trend : Strong Buy

Entry Levels : 0.9069,0.9037

Profit Booking Levels : 0.9139, 0.9189

Stop Loss: 4H candle closing below 0.8948

EURJPY CMP : 124.03

Composite Strength Meter Suggests : 92% Buy

Trend : Strong Buy

Entry Levels : 123.65, 123.23

Profit Booking Levels : 124.60, 125.15

Stop Loss: 4H candle closing below 121.80

GBPJPY CMP : 136.45

Composite Strength Meter Suggests : 56% Buy

Trend : Neutral

Entry Levels : Avoid Trading

Profit Booking Levels : Avoid Trading

Stop Loss: NA

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