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Market View

Forex Daily Outlook - Greenback under pressure!

Wednesday, July 15, 2020 2:13 PM GMT

EURUSD is currently violating the major resistance zone ( 1.136 - 1.141) to the upside. It stalled below the pivot R1 but the pair is strongly bullish gaining +0.25% today. RSI (14) is recording soft negative divergences. Its obvious that greenback’s weakness is mainly boosting the pair upwards. There no such major events from the EU area that can drive the pair so aggressively. The agenda includes many US related economic numbers like Industrial Production, Export, and Import Prices. Therefore we are anticipating further volatility during the day.          

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Likewise, GBPUSD is reversing rapidly to the upside after reaching 1.2483 level and is gaining +0.49%. Its currently testing the 78.6% Fibonacci level. RSI (14) enters in the overbought zone. Earlier today the Core Inflation Rate disappointed as it was increased higher than expected (1.4% from 1.35).    

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On the other hand, as expected, USDJPY is having a “free” fall to the downside. It failed to break out the declining channel along with the 200SMA. RSI (14) is already oversold and the price has stalled near 109.9 area but the pair looks weak. BOJ kept interest rates stable at -0.1%.

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USDCHF has trimmed most of the Asian session’s losses. Its currently testing the upper side of the downward channel along with 50SMA. This is a critical area as it can determine the bias for the rest of the day. 

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Checking the ZuluTrade’s Traders Sentiment, the community is currently bullish on EURUSD, USDJPY, and USDCHF while bearish on GBPUSD.



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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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