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Market View

Market Uncertainty...

Friday, June 26, 2020 1:29 PM GMT

Obviously, the market participants have no clear bias, therefore EU and US major indices are consolidating in the last days. Yesterday FED announced the bank stress-tests results and apparently, investors considered them somehow negatively. Though FED said that most banks can withstand the COVID-19 impact. Additionally, NIKE reported a major revenue drop by 38% for the quarter, and therefore, US pre-market shows a lower opening for today.

On the other hand, DAX, CAC40, and FTSE100 are currently moving in positive territory. The ECB informed about a new liquidity facility that will support the euro to central banks outside the EURO-area. European Central Bank President Christine Lagarde said “We probably have passed the lowest point and I say that with some trepidation because of course there could be a second wave.”

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GER30 is ranging above 20EMA and 200SMA as well as RSI is moving sideways. Though 20EMA is close to cross above 200SMA which can be a bullish indication. SP500 has similar price action to DAX however 20EMA has already crossed above 200SMA.

DAX Daily chart

SP500 Daily chart

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Heading to the forex market, EURUSD is consolidating below most of MAs and there is no clear bias. GBPUSD is in a downtrend and RSI is heading to be oversold. USDJPY is moving below both 20EMA and 50SMA however the bullish cross is still valid.  

EURUSD 240m chart

GBPUSD 240m chart

USDJPY 240m chart 

In focus today (economic calendar):

UnitedStates - Michigan Consumer Expectations

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The views expressed do not constitute investment or any other advice /recommendation /suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of ZuluTrade Social Trading Platform and do not constitute an offer or invitation to anyone to invest or trade.

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