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Amega daily market overview & news alerts

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AUDUSD 19.07.2021

Medium-termtrend: Bearish

The bear market is continuing. The price has already reached the target zone №1 0.74155-0.74065 and it has a potential to reach the target zone №2 0.73255-0.73165. The best prices to try to have a short position are the control resistance zone 0.74605-0.74525. In case of the price is fixed upper the control resistance zone the medium-term trend will be changed to the bull market and all short positions should be closed.

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Trading recommendation:

It’s recommended to try to have a short position near the control resistance zone 0.74605-0.74525 (100 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.

The control resistance zone is constructed from the current minimum. If this minimum changes by n points the zone should also be shifted n points down. The risk/reward ratio for every order should be at least 1/3.

All zones are constructed on the basis of data from the CME futures market.

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USDCAD overview 19.07.2021

USDCAD surges on risk-off sentiment.

USDCAD under the immense bullish pressure today made out of the two separate forces – the strong USD inflows and the equally strong CAD outflows. Both of these powerful trade flows are due to the markets switching into the large-scale risk-off mode on the accelerating Delta variant cases worldwide – as WHO has announced the start of the strong new third wave across the globe. Daily infections have been surging from the United States and Europe to Asia and the global seven-day average of new cases each day is over half a million for the first time since May. Traders are holding their breath as England lifts most social restrictions – which should further accelerate the spread of the virus in UK. This is also hurting expectations of oil demand growth – triggering massive CAD selling (Canada being top oil exporter).

Expect buyers on downward corrections.

Next resistance to watch – 1.2870

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USDCHF 20.07.2021

Medium-termtrend: Bearish

The bear market is continuing. The price has already reached the target zone №1 0.91594-0.91485 and it has a potential to reach the target zone №2 0.90500-0.90393. The best prices to try to have a short position are the control resistance zone 0.92397-0.92286. In case of the price is fixed upper the control resistance zone the medium-term trend will be changed to the bull market and all short positions should be closed.

e73c6a539e43.jpg

Trading recommendation:

It’s recommended to try to have a short position near the control resistance zone 0.92397-0.92286 (125 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.

The control resistance zone is constructed from the current minimum. If this minimum changes by n points the zone should also be shifted n points down. The risk/reward ratio for every order should be at least 1/3.

All zones are constructed on the basis of data from the CME futures market.

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GBPUSD overview 20.07.2021

Sterling falls on surging virus cases.

Sterling under the bearish pressure today amid widespread sterling pessimism and safe-haven dollar inflows. The demand for safe-haven dollar exploded recently amid a global surge in coronavirus. The global rise in Covid-19 infections sparked concern among investors at the start of the week, forcing a sell-off in stock markets and a bid for bonds and the dollar, which spurred a sharp move lower in growth-correlated currencies such as the pound. The sterling is hammered down on fears that after England lifted all COVID-19 social restrictions on Monday, in what local media dubbed “Freedom Day”, this might further accelerate the surge in infections caused by the highly contagious Delta variant of the virus.

Expect sellers on upward corrections.

Next support to watch – 1.3560

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USDCAD 21.07.2021

Medium-termtrend: Bullish

The bull market is continuing. The price has already reached the target zone №1 1.27862-1.27682 and it is going to the target zone №2 1.29686-1.29501. Any price reduction is considered like corrective. The best prices to try to have a long position are the control resistance zone 1.26289-1.26114. In case of the price is fixed below the control resistance zone the medium-term trend will be changed to the bear market and all long positions should be closed.

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Trading recommendation:

It’s recommended to try to have a long position near the control resistance zone 1.26289-1.26114 (190 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.

The control resistance zone is constructed from the current maximum. If this maximum changes by n points the zone should also be shifted n points up. The risk/reward ratio for every order should be at least 1/3.

All zones are constructed on the basis of data from the CME futures market.

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BRENT overview 21.07.2021

Oil rises on improved risk appetite.

Oil under the bullish pressure today extending gains from the previous session as improved risk appetite provided support despite data showing an unexpected rise in U.S. oil inventories last week and a weaker demand outlook due to rising COVID-19 infections. This reversal comes after the strong falls registered during the last few sessions, which were triggered by worries over the impact the Delta variant and the agreement between OPEC+ countries to increase production. Global risk appetite improved after upbeat quarterly results from companies including Johnson & Johnson and Coca-Cola reignited optimism about the health of corporate America and about the oil demand outlook.

Expect buyers on downward corrections.

Next resistance to watch – 71.5

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EURUSD 22.07.2021

Medium-termtrend: Bearish

The bear market is continuing. The price has already reached the target zone №1 1.18263-1.18175 and it has a potential to reach the target zone №2 1.17383-1.17285. The best prices to try to have a short position are the control resistance zone 1.18485-1.18397. In case of the price is fixed upper the control resistance zone the medium-term trend will be changed to the bull market and all short positions should be closed.

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Trading recommendation:

It’s recommended to try to have a short position near the control resistance zone 1.18485-1.18397 (100 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.

The control resistance zone is constructed from the current minimum. If this minimum changes by n points the zone should also be shifted n points down. The risk/reward ratio for every order should be at least 1/3.

All zones are constructed on the basis of data from the CME futures market.

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AUDUSD overview 22.07.2021

AUDUSD rises on risk-on mood.

AUDUSD under the bullish pressure today under the effect of the safe-haven outflows from the US. dollar due to the recovery in risk appetite as strong earnings lifted Wall Street stocks. Strong earnings have swept away Delta concerns in the U.S – which added to the bearish pressure n the safe-haven currencies (dollar and the yen). The growing consensus among the fx traders is that the Delta strain does not pose an immediate risk to the recovery but is only delaying reopening at the most as countries accelerate vaccination programmes in response. The pair is also driven up by the risk-on buyers of the Australian dollar – even as coronavirus cases spiked in Australia – highlighting the markets’ dismissal of the Delta strain.

Expect buyers on downward corrections.

Next resistance to watch – 0.7400

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GOLD 23.07.2021

Medium-termtrend: Bullish

The bull market is continuing. The price has already reached the target zone №1 1800.10-1795.60 and it is going to the target zone №2 1845.10-1840.60. Any price reduction is considered like corrective. The best prices to try to have a long position are the control resistance zone 1784.14-1779.64. In case of the price is fixed below the control resistance zone the medium-term trend will be changed to the bear market and all long positions should be closed.

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Trading recommendation:

It’s recommended to try to have a long position near the control resistance zone 1784.14-1779.64 (495 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.

The control resistance zone is constructed from the current maximum. If this maximum changes by n points the zone should also be shifted n points up. The risk/reward ratio for every order should be at least 1/3.

All zones are constructed on the basis of data from the CME futures market.

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USDJPY overview 23.07.2021

USDJPY rises on stronger dollar.

USDJPY under the bullish pressure today as the U.S. dollar climbed to a three-month peak on Tuesday in a flight-to-safety bid, as investors remained worried about a fast-spreading Delta coronavirus variant that could damage global growth. U.S. infections have risen sharply, especially in areas where vaccinations have lagged. At the same time, an unwinding in speculative positions is forcing a short squeeze in currency markets – driving the dollar upward. The safe-haven strengthening in the dollar is reasonable to expect at this moment – considering that global progress has been slow as compared to Q1 so now all valuations and high expectations for growth are being rightly questioned.

Expect buyers on downward corrections.

Next resistance to watch – 110.65

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EURUSD 26.07.2021

Medium-termtrend: Bearish

The bear market is continuing. The price has already reached the target zone №1 1.18263-1.18175 and it has a potential to reach the target zone №2 1.17383-1.17285. The best prices to try to have a short position are the control resistance zone 1.18485-1.18397. In case of the price is fixed upper the control resistance zone the medium-term trend will be changed to the bull market and all short positions should be closed.

c336a78586aa.jpg

Trading recommendation:

It’s recommended to try to have a short position near the control resistance zone 1.18485-1.18397 (100 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.

The control resistance zone is constructed from the current minimum. If this minimum changes by n points the zone should also be shifted n points down. The risk/reward ratio for every order should be at least 1/3.

All zones are constructed on the basis of data from the CME futures market.

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USDCHF 27.07.2021

Medium-termtrend: Bearish

The bear market is continuing. The price has already reached the target zone №1 0.91594-0.91485 and it has a potential to reach the target zone №2 0.90500-0.90393. The best prices to try to have a short position are the control resistance zone 0.92397-0.92286. In case of the price is fixed upper the control resistance zone the medium-term trend will be changed to the bull market and all short positions should be closed.

966e5d783d55.jpg

Trading recommendation:

It’s recommended to try to have a short position near the control resistance zone 0.92397-0.92286 (125 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.

The control resistance zone is constructed from the current minimum. If this minimum changes by n points the zone should also be shifted n points down. The risk/reward ratio for every order should be at least 1/3.

All zones are constructed on the basis of data from the CME futures market.

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EURUSD overview 27.07.2021

EURUSD rises on dollar outflows.

EURUSD under the bullish pressure today driven up by the U.S. dollar outflows after US Durable Goods Orders missed estimates with +0.8% in June. The report showed that orders were up 0.8% in June, much worse than the 2.1% expected. The core reading, Nondefense Capital Goods Orders ex Aircraft, surged 0.5% in the same month, also missing the market’s expectations. This led to the knee-jerk outflows from the U.S. dollar. The USD continues to weaken against its rivals after this data and the pair is expected to continue to rise ahead of this week’s U.S. Federal Reserve meeting which should provide clues on when the central bank might rein in its easy monetary policies.

Expect buyers on downward corrections.

Next resistance to watch – 1.1830

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USDCAD 28.07.2021

Medium-termtrend: Bearish

The bear market is continuing. The price has already reached the target zone №1 1.26289-1.26114 and it has a potential to reach the target zone №2 1.24559-1.24388. The best prices to try to have a short position are the control resistance zone 1.27182-1.27004. In case of the price is fixed upper the control resistance zone the medium-term trend will be changed to the bull market and all short positions should be closed.

e1095f86299a.jpg

Trading recommendation:

It’s recommended to try to have a short position near the control resistance zone 1.27182-1.27004 (195 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.

The control resistance zone is constructed from the current minimum. If this minimum changes by n points the zone should also be shifted n points down. The risk/reward ratio for every order should be at least 1/3.

All zones are constructed on the basis of data from the CME futures market.

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USDJPY overview 28.07.2021

USDJPY rises on stronger dollar.

USDJPY under the bullish pressure today driven up by the U.S. dollar positive sentiment ahead of the outcome of a U.S. Federal Reserve meeting. The dollar has enjoyed a month-long rally after a hawkish shift from the Fed in June. Markets are waiting to see whether it will provide any clues on the timing of tapering later in the day amid surging U.S. inflation. The Fed will publish a statement at 1800 GMT today followed by a news conference from Chair Jerome Powell at 1830 GMT. Still, the chances are high that the Fed will not shift policy, given its view that the recent spike in inflation will likely be transitory and worries that growing COVID-19 cases could derail the global recovery.

Expect buyers on downward corrections.

Next resistance to watch – 110.60

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EURUSD 29.07.2021

Medium-termtrend: Bullish

The bull market is continuing. The price has already reached the target zone №1 1.18485-1.18397 and it is going to the target zone №2 1.19365-1.19277. Any price reduction is considered like corrective. The best prices to try to have a long position are the control resistance zone 1.17699-1.17611. In case of the price is fixed below the control resistance zone the medium-term trend will be changed to the bear market and all long positions should be closed.

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Trading recommendation:

It’s recommended to try to have a long position near the control resistance zone 1.17699-1.17611 (100 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.

The control resistance zone is constructed from the current maximum. If this maximum changes by n points the zone should also be shifted n points up. The risk/reward ratio for every order should be at least 1/3.

All zones are constructed on the basis of data from the CME futures market.

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GOLD overview 29.07.2021

Gold rises as rate hike ruled out.

Gold under the strong bullish pressure today after U.S. Federal Reserve Chairman Jerome Powell reassured investors that a rate hike is not on the cards anytime soon, sending the dollar to multi-week lows. Powell said the U.S. job market still had “some ground to cover” before it will be time to pull back support and the Fed was “ways away” from considering rate hikes. After Powell’s comments, the dollar slipped to a one-month low against its rivals, making gold less expensive for holders of other currencies. The gold is also rising as global demand for gold rose in the second quarter to its highest quarterly level in a year, as central banks and investors increased the purchases.

Expect buyers on downward corrections.

Next resistance to watch – 1834.00

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