<h1>Sliver (XAG/USD) Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The price of Silver is fluctuating near a 10-week high, experiencing a two-day winning streak, but showing limited upward momentum recently.·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The clear break of the yearly horizontal resistance and bullish MACD signals favor buyers of XAG/USD (Silver/US Dollar).·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, overbought RSI conditions present a challenge for further upside, potentially targeting the double tops recorded in April and May.&nbsp;<h2>Today's Scenario: - </h2>&nbsp;&nbsp;Silver price recorded slight gains despite the overall strength of the US Dollar (USD) against other major currencies. The decline in US Treasury bond yields contributed to the support for silver. Although the USD received a boost from soft US housing data and mixed Retail Sales figures, silver managed to trade at $25.14, showing an increase of 0.34% from its opening price. <h2>Diagram of XAG/USD (Silver): -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689842410161-ufdujqn24buytww-xagusd2023-07-2013-59-14-1.png"> <h2>Economic Events: -</h2> <img src="https://cdn.forexoverflow.io/images/1689842430837-6nrr23vcety1qoe-economic-event-1.png"> <h2>Buy Scenario: - </h2>&nbsp;On the upside, if the bullish momentum persists, the intraday buyers may target the $26.00 round figure before attempting to breach the "double top" formation level around $26.10-15.&nbsp;Should the XAG/USD disregard the overbought RSI and successfully break above $26.15, it opens the possibility of a strong rally towards the previous yearly high of around $27.00. Till we did not recommend buying Silver (XAG/USD).&nbsp;<h2>Sell Scenario: - </h2>&nbsp;Silver price (XAG/USD) is currently trading around $25.15, taking a breather after a two-day uptrend that led to a 2.5-month high during the sluggish Asian session on Thursday. The price action justifies the overbought RSI, but the bulls are still in control.&nbsp;The bullish MACD signals, along with the breakout above a horizontal area around $24.50-55 (comprising multiple tops since early January), have enabled the silver price to reach the multi-day top.&nbsp;As long as the XAG/USD remains above $24.50 on a daily closing basis, the bullish sentiment is likely to continue. However, a decline towards the 50-day moving average (DMA) level, approximately $23.60, could be expected.&nbsp;In case of a deeper correction, the convergence of the 200-DMA and an upward-sloping support line from March 10, near $22.90, will be crucial for the bears to overcome to regain control.&nbsp;Till we do not advise selling silver (XAG/USD).&nbsp;<h2>Support and Resistance Level: -</h2>﻿&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 24.98&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 25.28&nbsp;S2 24.81&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 25.41&nbsp;S3 24.68&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 25.57&nbsp;&nbsp;

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With an overbought RSI, XAG/USD sets sights on the $26.10-15 obstacle. Discover more from the Silver Price Analysis.

Silver Price Outlook: XAG/USD Rally

Silver Price Forecast: XAG/USD Spikes -20-07-2023

<h1>WTI Crude Oil (US Oil) Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The EIA Crude Oil Stocks Change data suggests a decrease in demand for crude oil.·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The renewed trade war tensions between China and the United States could put pressure on WTI (West Texas Intermediate crude oil).·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market participants are expecting a more dovish policy stance from the Federal Reserve (Fed). <h2>Today's Scenario: - </h2>&nbsp;As of Thursday, Western Texas Intermediate (WTI), the US crude oil benchmark, is trading around the $75.40 mark. The WTI price edged lower after the release of the Crude Oil Stocks Change data, indicating lower demand for crude oil. The Energy Information Administration (EIA) reported that the Crude Oil Stocks Change for the week ending July 14 fell by 708,000 barrels, which was below the expected drop of 2.44 million barrels and lower than the previous week's gain of 5.946 million barrels. WTI price might also face pressure due to renewed trade war tensions between the US and China. China's Ambassador Xie Feng criticized the US's consideration of foreign investment and AI chip restrictions and threatened retaliation if the US imposes further curbs on its chip sector. On the other hand, market participants anticipate that the Federal Reserve (Fed) is nearing the end of its policy tightening cycle and will likely maintain interest rates following the expected 25 basis points increase in the July meeting. A more dovish stance from the Fed could limit the downside for WTI. It is worth noting that higher interest rates can slow the economy and reduce oil demand. Additionally, Russia is planning to cut its oil exports by 2.1 million metric tonnes in the third quarter, in line with its planned voluntary export cuts of 500,000 barrels per day in August. In the coming days, oil traders will closely monitor the developments in the US-China relationship and key economic data such as Unemployment Claims and the Philadelphia Fed Manufacturing Index. Looking ahead, next week's focus will shift to the US Flash Manufacturing Purchasing Managers Index (PMI) and Flash Services PMI, which could significantly impact the USD-denominated WTI price.&nbsp;<h2>Diagram of WTI Crude Oil (US Oil): -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689841548699-3t1jn1khj01106i-usoil2023-07-2013-45-00-1.png">&nbsp;<h2>Economic Events: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689841566913-9a1fba5d0m6dx81-economic-event-1.png"> <h2>Buy Scenario: - </h2>&nbsp;if the price starts to climb, it may face resistance at 76.99, which is identified as an overlap resistance that could hinder further upward movement.&nbsp;If the price continues to rise, it might encounter the 2nd resistance level at 78.77, which is another overlap resistance level and could potentially act as a barrier to further upward movement.&nbsp;Till we do not advise to buy in WTI US oil.&nbsp;<h2>Selling Scenario: - </h2>&nbsp;The WTI US Oil chart currently indicates a weak bullish momentum with low confidence. There is a possibility that the price could decline towards the 1st support level in the short term before bouncing back and rising towards the 1st resistance level.&nbsp;The 1st support level at 73.76 is identified as an overlap support, and it could potentially serve as a rebound point for the price if it continues to decline.&nbsp;The 2nd support level at 72.50 is also an overlap support and coincides with the 50% Fibonacci retracement level, making it a significant level to watch for potential price barriers. Till we did not advise to sell WTI Crude oil.&nbsp;<h2>Support and Resistance Level: -</h2>﻿&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 74.64&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 76.47&nbsp;S2 73.91&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 77.57&nbsp;S3 72.80&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 78.30

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WTI holds above $75.40. Monitor Sino-US relations as they may influence the crude oil market.

WTI Price Resilient: Above $75.40

WTI Maintains Position: $75.40 and Beyond- 20-07-2023.

<h1>Gold (XAU/USD) Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp;<ul><li>The price of gold continues to show strength, reaching its highest levels in nine weeks, with traders successfully surpassing the support confluence at $1,970.</li><li>The weakness in the US Dollar and China's efforts to attract global investors provide support for the gold price.</li><li>Mixed concerns regarding the Federal Reserve's monetary policy and a light economic calendar contribute to the upward movement in the gold price.</li><li>The XAU/USD pair prepares for next week's Federal Open Market Committee (FOMC) meeting, even though a 0.25% rate hike in July is widely expected.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;Gold Price (XAU/USD) has reached a two-month high, showing strength despite a slight retreat from the daily peak. This is mainly due to the broad decline in the US Dollar, which has resulted in sluggish markets. Positive headlines from China and lower yields have also contributed to the uptrend in XAU/USD. The People's Bank of China's efforts to ease controls on international investments into the country and their willingness to ease geopolitical tensions with the US if certain conditions are met have boosted the Gold Price. Additionally, weaker-than-expected US housing and consumer spending data have led to expectations of a policy pivot by the Federal Reserve after the anticipated 25 basis points rate hike in July. Moreover, there are discussions about optimism at US banks and BRICS countries' readiness to use gold-backed currency, which further supports the bullish sentiment for XAU/USD. However, concerns about higher interest rates for an extended period by major central banks and a lack of optimism in the Asia-Pacific market may be tempering the Gold buyers' enthusiasm. The light economic calendar ahead of the next week's Federal Open Market Committee (FOMC) monetary policy meeting announcements is also influencing the current market sentiment.&nbsp;<h2>Diagram of XAU/USD (Gold): -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689840600893-w2yhuopq2kttf5e-xauusd2023-07-2013-29-39-1.png"> &nbsp;<h2>Economic Events: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689840622714-8ciy8cyqlrxf2z5-economic-event-1.png"> <h2>Buy Scenario: - </h2>&nbsp;On the upside, an immediate resistance level can be found at $1,990, where Fibonacci 161.8% on one-day intersects with the upper band of the Bollinger on the four-hour chart.&nbsp;If the Gold buyers manage to surpass this resistance, the next challenge awaits at the Pivot Point one-week R2 around $1,996, followed by the $2,010 hurdle, which corresponds to filling the upside gap. Till we did not advise to buy XAU/USD.&nbsp;<h2>Selling Scenario: - </h2>&nbsp;According to our Technical Confluence indicator, the Gold Price has moved higher, surpassing the $1,970 support confluence, which includes the Pivot Point one-day S1, one-month R1, and Fibonacci 23.6% on one-day.&nbsp;The next key support level is seen at $1,978, where the upper band of the Bollinger on the daily chart intersects with the Fibonacci 61.8% on one-day.&nbsp;In case the XAU/USD weakens below $1,970, there is an additional downside filter at around $1,965, comprising the Pivot Point one-day S2 and the 5-DMA, before encountering further bearish pressure. We do not advise to sell position in XAU/USD.&nbsp;<h2>Support and Resistance Level: -</h2> &nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 1970.72&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 1981.90&nbsp;S2 1964.68&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 1987.04&nbsp;S3 1959.54&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 1993.08&nbsp;

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XAU/USD forecast signals gap filling below $2,010! Rely on the Confluence Detector for insights into the gold price movement.

Gold Price Analysis: XAU/USD Gap Concerns

Gold Price Outlook: XAU/USD Gap Filling-  20-07-2023

<h1>US Doller Index Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp;<ul><li>The US Dollar Index is consolidating its first weekly gain in four sessions, trading near its intraday low.</li><li>The US Dollar receives support from cautious optimism surrounding global growth concerns, as well as risk-positive news from China and Russia.</li><li>Market participants are closely watching upcoming US inflation data, the US Bank Stress Test results, and central bankers' speeches from the ECB Forum for clearer directions in the market.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;The US Dollar Index (DXY) is facing selling pressure, leading to a pullback from its recent weekly gains around 102.70 during the early Monday morning in Asia. The consolidation in the US Dollar's value against six major currencies comes amid slightly positive market sentiment and preparations for upcoming top-tier US data and key central bankers' speeches. The uncertainty surrounding Russian President Vladimir Putin's power in Moscow and hopes of significant stimulus from China have contributed to cautious optimism and weighed on the US Dollar. There are concerns about Putin's grip on power after heavily armed Russian mercenaries withdrew from Rostov, which halted their advance on Moscow but raised questions about the situation. Ning Jizhe, a high-ranking Chinese official, flagged concerns about the need for additional stimulus to bolster the Chinese economy, leading to some optimism in the markets. However, some major investors have paused their optimism in China, and hawkish comments from Fed officials, along with relatively positive US data, have kept the DXY buyers hopeful. The mixed US S&amp;P Global PMIs for June have led to discussions about potential rate hikes, with some Fed officials suggesting two more this year. This has impacted sectors like services, which are sensitive to changes in borrowing costs. Despite the positive headlines from China and Russia, the US Dollar Index bulls remain hopeful, with potential risks arising from US inflation data and central bankers' speeches at the European Central Bank (ECB) Forum and US Bank Stress Test results. Overall, the DXY's performance will continue to be influenced by economic data, central bank actions, geopolitical developments, and market sentiment. <h2>Diagram of US Dollar Index (DXY): -</h2> <img src="https://cdn.forexoverflow.io/images/1689839687853-k2t4mxtca6ex8vp-dxy2023-07-2013-13-23-1.png">&nbsp; <h2>Economic Events : -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689839703408-0ojqr78kdhmfyx4-economic-event-1.png"> <h2>Buy Scenario: - </h2>&nbsp;On the upside, the first resistance level at 100.84 could act as a barrier to any upward movement, as it is considered a pullback resistance. Additionally, there is an intermediate resistance at 100.53, which is recognized as a swing high resistance.&nbsp;Investors should closely monitor price action around these support and resistance levels to gauge the DXY's future direction. Till we do not advise to buy US Dollar Index.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;The DXY chart shows a bearish momentum, indicating the potential for further downward movement towards the first support level at 99.42. This level is significant as it is an overlap support and may attract buying interest. Additionally, there is an intermediate support at 99.65, which is a multi-swing low support. Till we do not advise to sell in US Dollar Index&nbsp;<h2>Support and Resistance Level: -</h2>﻿&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 99.95&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 100.57&nbsp;S2 99.62&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 100.87&nbsp;S3 99.32&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 101.20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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The US Dollar Index reacts to recent events, causing it to dip towards 102.50, with a close watch on inflation and bank stress test outcomes.

US Dollar Index Responds to News, target to 102.50

DXY Reverses: US Dollar Retreats to 102.50 - 20-07-2023

<h1>USD/CHF Analysis</h1>&nbsp;<h2>Key Points: -</h2> <ul><li>The USD/CHF pair continues to face selling pressure, reaching its lowest levels since January 2015, as indicated on Tuesday.</li><li>Switzerland's trade surplus expands beyond expectations in June, with both exports and imports showing positive growth.</li><li>The US Dollar experiences a decline as the market reevaluates its expectations regarding the Federal Reserve's monetary policy, following mostly negative economic data.</li><li>Market participants are closely monitoring risk catalysts ahead of next week's crucial Federal Open Market Committee (FOMC) meeting.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;The USD/CHF pair continues to decline and is currently at its lowest levels since January 2015, down for the second consecutive day. The Swiss Franc (CHF) pair justifies the downtrend, driven by the weaker US dollar and stronger Swiss trade numbers, trading around 0.8560 during Thursday's European session. Swiss Trade Balance for June rose to 4,823M, exceeding expectations of 4,031M, despite being lower than the previous reading of 5,442M. Details indicate that exports grew to 24,917M from 23,879M, and imports also rose to 20,093M compared to 18,438M in May. The broad weakness in the US dollar is a contributing factor to the USD/CHF pair's decline. The US Dollar Index (DXY) drops 0.25% intraday, testing the 100.00 round figure, after rebounding for two days from its lowest level since April 2022. The greenback's performance is influenced by downbeat US housing data and mixed concerns about the Federal Reserve (Fed), while optimism at US banks is being overlooked. The Swiss Franc's safe-haven appeal and the market's cautious mood, driven by mixed headlines about China and global central banks, are also influencing the USD/CHF bears. Additionally, the Swiss National Bank's (SNB) hawkish bias contrasts with the market's uncertainty about the Fed's future actions beyond July, putting further pressure on USD/CHF prices. Amidst these factors, the S&amp;P 500 Futures are showing mild losses, and US Treasury bond yields are trading mixed at the weekly low. Traders of the USD/CHF pair should keep an eye on risk catalysts, including the US Initial Jobless Claims and Existing Home Sales data. However, the key event to watch for clear directions is the Federal Open Market Committee (FOMC) monetary policy meeting announcements scheduled for next week. &nbsp;<h2>Diagram of USD/CHF: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689838547874-5g4ezhiftki8x29-usdchf2023-07-2012-51-06-1.png"> <h2>Economic Events : -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689838597379-ot2f5efyu2zrktp-economic-event-1.png">&nbsp;<h2>Buy Scenario: - </h2>&nbsp;On the upside, the 1st resistance level at 0.8759 is identified as a pullback resistance, which may act as an obstacle to upward price movement. It is crucial to monitor how the price reacts around this level, as a failure to break above it could indicate a continuation of the bearish momentum. Till we do not advise to buy USD/CHF.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;The USD/CHF currency pair is currently showing a bearish trend, indicating the potential for further downward movement towards the 1st support level.&nbsp;The 1st support level at 0.8529 is particularly important as it aligns with the 100% Fibonacci Projection. This level could serve as a strong support zone, attracting buyers and potentially leading to a halt in the price decline. Furthermore, the 2nd support level at 0.8445 corresponds to the -61.8% Fibonacci Expansion, adding to its significance as a potential area of support. Till we do not advise to sell USD/CHF.&nbsp;<h2>Support and Resistance Level: -</h2> &nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 0.8564&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 0.8610&nbsp;S2 0.8542&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 0.8635&nbsp;S3 0.8517&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 0.8657&nbsp;

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USD/CHF faces fresh lows! Positive Swiss trade data and a weaker USD weigh on the pair.

USD/CHF Eyes Multi-Year Low amid Strong Swiss Trade

USD/CHF at Risk: New Multi-Year Low Expected- 20-07-2023.

The global economy is dominated by the US dollar, with over 60% of global foreign exchange reserves held in the currency. This has led to concerns about the potential risks and vulnerabilities associated with such a concentration of economic power in a single currency. In response, the BRICS countries (Brazil, Russia, India, China, and South Africa) have been exploring the possibility of creating their own reserve currency to reduce their dependence on the US dollar. But is this move likely to succeed in reducing the dollar's dominance in the global economy?

**The US Dollar's Dominance in the Global Economy**

Before delving into the BRICS countries' attempt to reduce the US dollar's dominance, it is important to understand the reasons behind the currency's current dominance in the global economy. The US dollar has been the world's reserve currency since the end of World War II. The Bretton Woods agreement of 1944 established the US dollar as the standard currency for international transactions, and countries agreed to peg their currencies to the US dollar, which was in turn backed by gold.

However, the Bretton Woods system collapsed in 1971, when the US abandoned the gold standard, leading to a transition to a floating exchange rate system. Despite this change, the US dollar remained the dominant currency in the global economy due to the size of the US economy and the stability of the US financial system. The US dollar has become the default currency for international trade, with many countries requiring US dollars to conduct business.

**The Risks of the Dollar's Dominance**

While the US dollar's dominance has provided many benefits to the US economy, it also poses several risks and vulnerabilities for the global economy. For example, fluctuations in the US dollar can have significant effects on global financial markets and commodity prices. In addition, the US Federal Reserve's monetary policy decisions can have far-reaching impacts on other countries' economies. This has led to concerns about the potential for the US to use its economic power as a tool for geopolitical influence.

Furthermore, the US dollar's dominance has created a reliance on the US financial system and a vulnerability to potential disruptions in that system. For example, the 2008 financial crisis highlighted the risks associated with the concentration of economic power in a single country and currency. Countries with large foreign exchange reserves held in US dollars were particularly vulnerable to the crisis, as the value of the US dollar decreased, and many countries experienced significant economic downturns.

**The BRICS' Attempt to Reduce the Dollar's Dominance**

Given the risks and vulnerabilities associated with the US dollar's dominance, the BRICS countries have been exploring the possibility of creating their own reserve currency to reduce their dependence on the US dollar. The idea of a BRICS' reserve currency was first proposed in 2010, and the BRICS countries have since taken several steps towards its implementation.

One of the key steps taken by the BRICS countries was the establishment of the New Development Bank (NDB) in 2014. The NDB was created to provide financing for infrastructure and sustainable development projects in emerging economies, with the aim of reducing their dependence on Western-led financial institutions such as the World Bank and the International Monetary Fund. The NDB's capital is denominated in US dollars, but the BRICS countries have expressed a desire to eventually denominate it in their own currencies.

Another step taken by the BRICS countries was the establishment of the Contingent Reserve Arrangement (CRA) in 2015. The CRA is a $100 billion fund that provides liquidity to member countries in the event of a balance of payments crisis. The CRA is denominated in US dollars, but the BRICS countries have expressed a desire to eventually denominate it in their own currencies. In addition, the BRICS countries have been exploring the possibility of creating a cryptocurrency to facilitate trade and investment between member countries.

Despite these efforts, the BRICS countries face several challenges in their attempt to reduce the US dollar's dominance in the global economy. One of the biggest challenges is the sheer size and influence of the US economy. The US dollar's dominance is not just a result of its status as the world's reserve currency, but also due to the size and depth of the US financial system. The US financial system is home to some of the world's largest banks, and the US bond market is the largest and most liquid in the world. This means that any attempt to create a new reserve currency would need to be able to match the size and depth of the US financial system.

In addition, the BRICS countries face challenges in terms of coordination and cooperation. While the BRICS countries share a common goal of reducing their dependence on the US dollar, they also have their own unique economic and political interests. This can make it difficult to agree on a unified approach to creating a new reserve currency.

Finally, the BRICS countries also face challenges in terms of international acceptance. Any new reserve currency would need to be widely accepted and trusted by other countries and international financial institutions. This can be a difficult task, as the US dollar's dominance is deeply entrenched in the global financial system, and many countries may be reluctant to switch to a new currency.

**Conclusion**

In conclusion, the BRICS countries' attempt to reduce the US dollar's dominance in the global economy is a challenging and complex task. While the risks and vulnerabilities associated with the US dollar's dominance are well-known, the US financial system's size and influence, as well as the challenges of coordination and international acceptance, make it difficult to create a viable alternative. Nevertheless, the BRICS countries have taken several steps towards this goal, including the establishment of the NDB and CRA, and the exploration of a new cryptocurrency. Whether these efforts will succeed in reducing the US dollar's dominance remains to be seen, but the discussion and debate surrounding the issue is an important one for the global economy.


The global economy is dominated by the US dollar, with over 60% of global foreign exchange reserves held in the currency. This has led to concerns about the potential risks and vulnerabilities associa...

BRICS' Reserve Currency: A Rival to the Dollar's Dominance?

 Why Putin Declared a Part Mobilization of the Military Reserve in Russia

1. To bolster military mobilization before the country faces recession due to global oil prices.

2. To prepare for a possible war with Ukraine, Belarus or other countries that have been subject to sanctions by Russia.

3. To set up military bases near Crimea, which Moscow considers part of its traditional sphere of influence and not just Russian territory since 2014 annexation from Ukraine.

4. In response to NATO's buildup on Russia's borders in the past decade and large-scale drills near its borders in May 2016 (Warrior Strike) and September 2016 (Breeze).

5. In preparation for an escalation with US/NATO forces who are constructing an anti-Russia missile defense system in Romania, Poland and other Eastern European nations that could be operational as early as 2018.



 Why Putin Declared a Part Mobilization of the Military Reserve in Russia

1. To bolster military mobilization before the country faces recession due to global oil prices.

2. To prepare for a possibl...

Russia begins Mobilization of its reserve force, is it immediate threat to Ukraine?

<h2>NZD/USD Analysis</h2>&nbsp;<h2>Key Points: -</h2> ·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The NZD/USD pair shows a recovery on Thursday, breaking a four-day losing streak that brought it to a one-week low.·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expectations of a less hawkish stance from the Federal Reserve put downward pressure on the US Dollar and provide some support to the pair.·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concerns over China's economic challenges, US-China tensions, and geopolitical risks could limit the upside potential for the risk-sensitive New Zealand Dollar (Kiwi).&nbsp;<h2>Today's Scenario: - </h2>&nbsp;The NZD/USD pair is continuing its bounce from a one-week low and showing strong positive momentum during the Asian session on Thursday. The spot prices have reached a fresh daily high, hovering around the 0.6300 mark, and appear to have halted a four-day corrective decline from the highest level since February.&nbsp;The US Dollar (USD) is facing renewed selling pressure as the markets are scaling back expectations of further rate hikes by the Federal Reserve (Fed) after the anticipated 25 bps lift-off in July. This serves as a supportive factor for the NZD/USD pair. Meanwhile, the New Zealand Dollar (NZD) is being supported by robust domestic consumer inflation figures released on Wednesday, indicating a 1.1% rise in the headline CPI during the second quarter, exceeding the 1% estimate.&nbsp;Additionally, the yearly rate's deceleration to 6% during the reported period was less than expected, leading investors to price in a more hawkish stance by the Reserve Bank of New Zealand (RBNZ). Furthermore, the overall bullish sentiment in global equity markets is benefiting the risk-sensitive NZD. However, concerns over China's economic growth slowdown and escalating US-China tensions could restrict further appreciation of antipodean currencies, including the Kiwi.&nbsp;It is essential to note that recent data showed a significant deceleration in China's economic growth during the second quarter, along with a sharp slowdown in retail sales in June. China's ambassador to Washington also expressed China's reluctance to engage in trade or tech wars but warned of possible responses if the US imposes more restrictions on chip-making equipment imports. Geopolitical risks may restrain optimism in the NZD/USD pair, at least for the time being.&nbsp;Furthermore, caution is warranted for aggressive bullish traders looking for a resumption of the NZD/USD pair's strong recovery from the year-to-date low, which was slightly below the psychological level of 0.6000, recorded in June. Recent developments in Russia's stance towards Ukraine also contribute to cautious sentiment.&nbsp;Market participants are now focusing on US macroeconomic data, including Weekly Initial Jobless Claims, the Philly Fed Manufacturing Index, and Existing Home Sales, which are due later during the early North American session. These data points, along with overall risk sentiment, will impact USD price dynamics and offer short-term trading opportunities around the NZD/USD pair.&nbsp;&nbsp;&nbsp;<h2>Diagram of NZD/USD: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689837412513-tiz8kcn8ylr6onb-nzdusd2023-07-2012-20-42-1.png">&nbsp;<h2>Economic Events: -</h2> <img src="https://cdn.forexoverflow.io/images/1689837426483-1rp7nmp1jtybq2q-economic-event-1.png">&nbsp;<h2>Buy Scenario: - </h2>&nbsp;if the bullish momentum persists, the price might encounter resistance at 0.6305, which is an overlap resistance level aligning with the 38.2% Fibonacci retracement. In the event that the price surpasses this level, the next challenge could come from the 2nd resistance level at 0.6403, identified as a swing high resistance. These resistance levels may potentially impede the price's upward movement. Till we do not advise to buy NZD/USD.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;The NZD/USD pair is currently trading with clear positivity, approaching the 0.6290 level and attempting to hold above it. This suggests a potential return to the main bullish trend. However, we recommend staying on the sidelines until the price confirms its situation by clearly breaking above the mentioned level and determining its next direction.&nbsp;If the price successfully breaches the 0.6290 level, it is likely to achieve further gains, targeting levels around 0.6400 and extending up to 0.6530.&nbsp;On the other hand, if the price consolidates below the 0.6290 level, it may resume its correctional bearish trend, with downside targets at 0.6205, followed by 0.6140 levels. Till we do not advise to sell NZD/USD.&nbsp;<h2>Support and Resistance Level: -</h2>﻿&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 0.6214&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 0.6324&nbsp;S2 0.6165&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 0.6384&nbsp;S3 0.6105&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 0.6433

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Updated on the intraday analysis of NZD/USD, highlighting its enduring gains around the 0.6300 mark, influenced by USD selling pressure.

NZD/USD Approaches Resistance: Analysis Update - 20th July 2023

NZD/USD Intraday Analysis: Gains Hold at 0.6300 on USD Selling  20-07- 2023

<h1>USD/CAD Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp;<ul><li>The USD/CAD pair is fluctuating within a narrow trading range around the 1.3170–1.3160 region.</li><li>Despite disappointing US housing data, the US Dollar manages to strengthen.</li><li>The EIA Crude Oil Stock Changes report indicates a decrease in demand for crude oil.</li></ul> ·&nbsp;&nbsp;Investors are closely watching for second-tier employment and housing data from both the US and Canada, as the pair approaches the yearly low and traders seek clear directions in the market.&nbsp;<h2>Today's Scenario: - </h2>&nbsp;USD/CAD bears are pleased with the US Dollar's pullback from the weekly high amid sluggish oil prices in early Thursday's European session. As a result, the Loonie pair has been declining for the fourth consecutive day, currently trading around 1.3145, after hitting a weekly low of 1.3133. This consolidation comes after an impressive rebound on Friday from the lowest levels seen since September 2022. The US Dollar Index (DXY) has dropped 0.25% intraday, testing the 100.00 round figure, and has halted its two-day recovery from the lowest level recorded since April 2022. The greenback's decline can be attributed to disappointing US housing data and mixed concerns about the Federal Reserve (Fed), despite optimism in the US banks. In June, US Building Permits contracted by 3.7%, contrasting with the previous increase of 5.6% (revised), while Housing Starts also slumped 8.0% during the same period, revised from a prior increase of 15.7%. Despite the slower growth in US Retail Sales for June, the promising details have supported the Fed's decision to maintain higher rates for an extended period and announce a 0.25% rate hike in July. This triggered a corrective bounce for the US Dollar from its 15-month low on Tuesday and aided in its recovery on Wednesday before the latest retreat. On the other hand, WTI crude oil remains indecisive near $75.40, struggling for clear direction after reversing from a one-week high the previous day. The recent inaction in oil prices can also be attributed to conflicting factors, such as the less-than-expected inventory draw and the impact of the softer US Dollar. Moreover, fresh fears of escalating US-China tensions, sparked by comments from a China diplomat and moves by the US House of Representatives concerning outbound investments and AI chips, have influenced the USD/CAD bears recently. It is important to note that the mixed concerns about the Fed's actions in 2023, despite the confirmed July rate hike, contrast with the Bank of Canada's (BoC) hawkish stance, giving hope to USD/CAD bears. Looking ahead, second-tier employment and housing data from both the US and Canada may impact intraday trading of the USD/CAD pair, along with Friday's Canadian Retail Sales data and the upcoming key Federal Reserve monetary policy meeting next week. Headlines concerning the Fed and China will also guide short-term movements of the Loonie pair and should be closely monitored. <h2>Diagram of USD/CAD: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689835531726-1gnldqrfb7l6bwb-usdcad2023-07-2012-02-51-1.png">&nbsp;&nbsp;<h2>Economic Events: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689835546665-m2j8il4xzxauj87-economic-event-1.png"> <h2>Buy Scenario: - </h2>&nbsp;if the trend were to reverse, the 1st resistance at 1.3232, acting as a multi-swing high resistance and the 50% Fibonacci retracement level, could challenge any upward movement in the price. A more substantial upward push could encounter the 2nd resistance level at 1.3278, which coincides with a pullback resistance and the 61.8% Fibonacci retracement, potentially hindering further price ascension. Till we do not advise to buy USD/CAD.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;The USD/CAD pair is currently experiencing a strong bearish trend, indicating a high level of confidence in the continuation of the downward momentum towards the 1st support level.&nbsp;The 1st support level is situated at 1.3099, serving as a swing low support that may potentially halt the bearish movement. In the event of further decline, the 2nd support level at 1.3057 becomes significant, as it aligns with a Fibonacci confluence at the 61.8% projection and 127.2% extension levels, making it a robust barrier against additional price drop. Till we do not advise to sell USD/CAD.&nbsp;<h2>Support and Resistance Level: -</h2> &nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 1.3148&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 1.3186&nbsp;S2 1.3133&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 1.3209&nbsp;S3 1.3111&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 1.3224

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The ongoing downtrend of USD/CAD, with the currency pair trading in the mid-1.3100s, influenced by the sluggish US Dollar and oil prices

USD/CAD's Losing Streak Persists in Mid-1.3100s

USD/CAD Trading Update: Four Days of Losses in Mid-1.3100s- 20-07-2023

<h1>AUD/USD Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp;<ul><li>The AUD/USD pair records its first daily gains in five sessions, supported by positive employment data from Australia and the People's Bank of China's (PBoC) decision to maintain certain lending rates while easing cross-border funding restrictions.</li><li>Australia's Employment Change increased by 32.6K, and the Unemployment Rate declined to 3.6% in June, signaling a strong labor market.</li><li>The PBoC chose to keep the one-year and five-year Loan Prime Rates (LPRs) unchanged, but it eased restrictions on cross-border funding, which may have contributed to the AUD/USD pair's gains.</li><li>The US Dollar is consolidating its weekly gains around a multi-month low as mixed concerns about the Federal Reserve's monetary policy and China's economic situation impact the market.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;The AUD/USD pair is showing upward movement, reaching a new intraday high around 0.6825 after a quick 25 pip jump, driven by the positive Australian jobs report for June. The US Dollar's failure to sustain its two-day recovery from a 15-month low, coupled with mixed signals about the US Federal Reserve (Fed) and China, is further supporting the Aussie pair's upward momentum. This marks the first daily gains in five days for the pair.&nbsp;Australia's headline Employment Change surpassed expectations, rising by 32.6K compared to the forecast of 15K, with the Unemployment Rate also showing improvement at 3.5% versus the expected 3.6%.&nbsp;The People's Bank of China (PBoC) kept its benchmark Loan Prime Rates unchanged during its Interest Rate Decision. However, the central bank eased restrictions on cross-border funding by increasing the adjustment parameter for firms.&nbsp;Despite front-line tech shares showing optimism due to higher rates leading to increased profits for top-tier and regional US banks, there are concerns about the prolonged period of higher rates and lack of major data/events to support bullish sentiment.&nbsp;The S&amp;P500 Futures are showing slight losses, and US Treasury bond yields are mixed at the weekly low. The US Dollar Index (DXY) is down 0.25%, retesting the 100.00 round figure, after a two-day rebound from its lowest level since April 2022. The concerns about the Fed's stance remain mixed, influenced by downbeat US housing and consumer spending data.&nbsp;In the short term, headlines about China and the Fed will be critical in determining AUD/USD movements. Additionally, the US Initial Jobless Claims and Existing Home Sales will be of interest on the economic calendar.&nbsp;<h2>Diagram of AUD/USD: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689834552052-m88cihmp9yj8eed-audusd2023-07-2011-48-38-1.png"> <h2>Economic Events: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689834568690-6qh5xpl0yvgk631-economic-event-1.png"> <h2>Buy Scenario: - </h2>&nbsp;AUD/USD pair bounced off the 200-Exponential Moving Average (EMA) with bullish MACD signals and a positive RSI (14) line, indicating potential further upside towards the resistance confluence at 0.6900. This level encompasses the tops marked in June-July and also includes the 61.8% Fibonacci retracement level of the pair's downside movement from February to May.&nbsp;It is worth noting that the RSI (14) is currently above 50.0 and may soon enter the overbought territory, which could potentially challenge the AUD/USD bulls as they attempt to surpass the 0.6900 round figure.&nbsp;However, the likelihood of the AUD/USD pair surpassing 0.6900 and moving higher seems less probable. If such an event occurs, the next target would be the psychological level of 0.7000, and if the bullish momentum continues, it might aim for the mid-February swing high of approximately 0.7030. Till we do not advise to buy AUD/USD.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;On the downside, a daily close below the 200-EMA level around 0.6750 does not necessarily imply an open invitation for the AUD/USD bears, as an ascending support line from May 31, located near 0.6695, will serve as an additional obstacle for further bearish movement. Till we do not advise to sell AUD/USD.&nbsp;<h2>Support and Resistance Level: -</h2>&nbsp;&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 0.6741&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 0.6811&nbsp;S2 0.6711&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 0.6851&nbsp;S3 0.6671&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 0.6881

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Latest price analysis of AUD/USD, focusing on its aim to reach 0.6850, thanks to a recovery driven by favorable Australia employment statistics.

UD/USD Eyes 0.6850 as Australia Employment Boosts Recovery: Price Analysis Update

AUD/USD Price Analysis: Rebound Continues to 0.6850 Amid Australia Employment Boost- 20-07-2023

<h2>GBP/JPY Analysis</h2>&nbsp;<h2>Key Points: -</h2> <ul><li>The GBP/JPY pair continues its downward trend for the fourth consecutive day, facing pressure from various factors.</li><li>The weaker UK Consumer Price Index (CPI) weighs on the British Pound (GBP), while the Japanese Yen (JPY) benefits from renewed safe-haven demand.</li><li>The policy divergence between the Bank of Japan (BoJ) and the Bank of England (BoE) suggests the need for caution when considering further positioning for losses in the pair.</li></ul>&nbsp;&nbsp;<h2>Today's Scenario: - </h2>&nbsp;The GBP/JPY currency pair is facing challenges in capitalizing on the rebound it experienced the previous day, where it rose around 75-80 pips from the 179.80 area, which marked the weekly low. During the Asian session on Thursday, fresh selling pressure emerged, causing spot prices to remain in negative territory for the fourth consecutive day. The pair is currently trading around the 180.30-180.35 region, showing a decline of less than 0.20% for the day. The British Pound (GBP) is underperforming relative to other currencies following the release of softer UK consumer inflation data on Wednesday. This has eased the pressure on the Bank of England (BoE) to adopt a more aggressive approach to interest rate hikes. On the other hand, concerns about China's slowing economic growth, deteriorating US-China relations, and geopolitical tensions are boosting the demand for the safe-haven Japanese Yen (JPY), thereby exerting downward pressure on the GBP/JPY cross. Recent data showed a substantial deceleration in China's economic growth during the second quarter, and retail sales slowed sharply in June. Additionally, China's ambassador to Washington stated that China does not desire a trade or tech war but will respond if the US imposes further restrictions on imports of equipment for advanced chips. Moreover, Russia's defense ministry declared that any ships heading to Ukraine's Black Sea ports would be considered potential carriers of military cargo and part of the conflict. This has dampened optimism in the markets and led to a flow of safe-haven investments towards the JPY. However, dovish remarks made by Bank of Japan (BoJ) Governor Kazuo Ueda might limit gains for the JPY and act as a tailwind for the GBP/JPY cross. During a news conference after the G20 meeting in India, Ueda pushed back against speculation about a possible shift in BoJ policy and signaled the intention to maintain an ultra-loose monetary policy for the time being. Ueda emphasized that there is still some distance to achieve the 2% inflation target sustainably, and as long as this assumption remains unchanged, the BoJ's overall narrative on monetary policy will stay the same. Furthermore, the annualized UK CPI remains well above the BoE's 2% target, supporting the possibility of further policy tightening. Therefore, it would be prudent to wait for strong follow-through selling in the GBP/JPY cross before considering a position for the resumption of the recent corrective pullback from the 184.00 level, which represents the highest level reached since December 2015, touched earlier this month.&nbsp;<h2>Diagram of GBP/JPY: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689833617838-93z5j05r5h539wo-gbpjpy2023-07-2011-29-39-1.png">&nbsp;<h2>Economic Events: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689833633008-x5ro8v6z1ib39c2-economic-event-1.png"> <h2>Buy Scenario: - </h2>&nbsp;On the upside, the first resistance level at 181.58 is a significant resistance point, having acted as a high point in multiple swings previously. It also aligns with the 61.80% Fibonacci Projection, adding to its significance as a potential barrier for upward movement. Furthermore, the second resistance level at 182.31 is recognized as a swing high resistance and coincides with the 61.80% Fibonacci Retracement, making it another key level to watch for potential resistance. Till we do not advise to buy GBP/JPY.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;The GBP/JPY chart currently shows a bearish overall momentum, indicating the potential for further downward movement towards the first support level.&nbsp;The first support level at 179.72 is crucial as it has acted as a support in multiple swings in the past, suggesting its significance in potentially stabilizing the price. Additionally, the second support level at 178.33 is notable for its Fibonacci confluence with the -27% Fibonacci Expansion and the 145.00% Fibonacci Extension, further reinforcing its importance as a potential support level. Till we do not advise to sell GBP/JPY.&nbsp;Support and Resistance Level: - Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;S1 179.78&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;R1 181.60S2 178.89&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;R2 182.54S3 177.96&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;R3 183.42&nbsp;&nbsp;

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The current positioning of GBP/JPY below the mid-180.00s level, with attention on the potential for limited downside.

GBP/JPY Holds Below Mid-180.00s: Limited Downside in Focus

GBP/JPY Shows Limited Downside Below Mid-180.00s: Market Update- 20-07-2023.

<h1>USD/JPY Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp;<ul><li>During the Asian session on Thursday, the USD/JPY pair is observed trading within a narrow range.</li><li>The Japanese Yen (JPY) gains from renewed safe-haven demand, limiting the pair's movement due to subdued US Dollar (USD) demand.</li><li>However, the less hawkish comments made by the Bank of Japan's (BoJ) Ueda are expected to counteract the strength of the JPY and restrict potential losses for the pair.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;The USD/JPY pair is currently lacking a clear direction and is trading within a narrow range around the mid-139.00s during the Asian session on Thursday. The Japanese Yen (JPY) is finding support as concerns over China's economic growth, worsening US-China relations, and geopolitical tensions boost safe-haven demand for the currency. On the other hand, the US Dollar (USD) is struggling to build on its recent recovery from a multi-month low due to expectations of a less hawkish Federal Reserve (Fed), which has led to a decline in US Treasury bond yields. The cautious sentiment surrounding the USD/JPY pair is also influenced by remarks made by the Bank of Japan (BoJ) Governor Kazuo Ueda, who emphasized that the central bank will maintain its ultra-loose monetary policy for the time being. His statements signaled that the BoJ is not considering a policy shift anytime soon. Traders are now focusing on the upcoming release of the Japanese National Core Consumer Price Index (CPI) on Friday to gauge the BoJ's future policy stance. In the meantime, the market will closely monitor US macroeconomic data scheduled to be released during the early North American session, including Weekly Initial Jobless Claims, Philly Fed Manufacturing Index, and Existing Home Sales data. Additionally, movements in US bond yields and the overall risk sentiment will impact the USD price dynamics and provide trading opportunities for the USD/JPY pair in the short term. &nbsp;<h2>Diagram of USD/JPY: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689832651619-565vjmomwf8vc3y-usdjpy2023-07-2011-14-12-1.png">&nbsp;<h2>Economic Events: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689832667417-u05dqn7lxpct9l8-economic-event-1.png"> <h2>Buy Scenario: - </h2>&nbsp;USD/JPY is moving within an ascending trend channel. The recent Bull Cross between the 50-hour and 100-hour Exponential Moving Averages (EMA) suggests that the pair may have a bias towards the upside.&nbsp;Immediate resistance can be found at 139.70, which was the daily high on July 20. A convincing break above this level could open the way for further gains towards 140.00, a psychological round number, and the weekly high of July 6. Another resistance level to watch is at 145.50, which was the high on July 3 and also coincides with the upper boundary of the ascending trend channel. Till we did not advise to buy in USD/JPY.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;On the downside, a crucial support level is at 139.00, a psychological round mark and also the high of July 18. A clear break below this level might lead to a decline towards 138.70, the lower limit of the ascending trend channel. Further support can be found at 138.15, the low on July 17, followed by 137.70, the low on July 18. The Relative Strength Index (RSI) is below 50, indicating the possibility of further downside moves for the USD/JPY pair. Till we did not advise to sell the position in USD/JPY.&nbsp;<h2>Support and Resistance Level: -</h2>﻿Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;S1 138.92&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;R1 140.15S2 138.23&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;R2 140.69S3 137.69&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;R3 141.38&nbsp;

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USD/JPY is currently consolidating around the mid-139.00s, displaying a range-bound behavior.

Breaking: USD/JPY Stuck in Consolidation Near Mid-139.00

USD/JPY Trading Update: Consolidation Continues in Mid-139.00s - 20-07-2023

<h1>GBP/USD Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp;<ul><li>The GBP/USD pair stays neutral, hovering around 1.2935, following a drop to a weekly low below the 1.2900 level.</li><li>The UK's June Consumer Price Index (CPI) indicated a moderation in inflationary pressures.</li><li>Despite disappointing US housing data, the US Dollar rebounds and reaches five-day highs.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;The GBP/USD pair is trading around 1.2935 in the early Asian session, recovering slightly from its weekly low near the 1.2870 region. The decline was triggered by the release of softer UK Consumer Price Index (CPI) data. According to the Office for National Statistics in the United Kingdom, the headline CPI increased by only 0.1% in June on a monthly basis, which was below the market expectation of 0.4% and lower than the 0.9% increase in May. On an annual basis, the headline CPI fell to 7.9%, falling short of the market consensus of 8.2% and the 8.7% increase in May. The core CPI, which excludes volatile food and oil prices, also showed a decrease to 6.9%, compared to the market expectation of 7.1%. This softer inflation data might lead the Bank of England (BoE) to consider a smaller rate hike of 25 basis points (bps) rather than 50 bps in the upcoming policy meeting on August 3. On the other hand, in the US, Housing Starts declined by 8% in June, following a 15.7% gain (revised from +21.7%) in May. Building permits also dropped by 3.7% in June, compared to the previous increase of 5.6% (revised). Despite the disappointing US housing data, the US Dollar rebounded to five-day highs, hovering around 100.25 on Thursday. Market participants believe that the Federal Reserve (Fed) is nearing the end of its policy tightening cycle and will likely maintain interest rates after the widely expected 25 basis points (bps) rate hike in the July meeting. Looking ahead, investors will closely monitor the US Existing Home Sales and the UK Retail Sales data for fresh market direction. Next week, the focus will shift to the Flash Manufacturing Purchasing Managers Index (PMI) and Flash Services PMI from the US and UK, which could have a significant impact on the GBP/USD pair and help determine its next direction.&nbsp;<h2>Diagram of GBP/USD: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689831690739-tkixzaxrdpjqzvn-gbpusd2023-07-2010-55-38-1.png">&nbsp;&nbsp;<h2>Economic Events: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689831707263-dtbjfda4av4ryki-economic-event-1.png"> <h2>Buy Scenario: - </h2>&nbsp;GBP/USD is trading on a positive note around the intraday high of approximately 1.2965 in early Thursday morning in London. The pair has broken its four-day downtrend and bounced back from the lowest levels seen in the past seven days. This price action is supported by multiple technical signals that favor a bullish bias for the Pound Sterling. One significant signal is Wednesday's bullish Doji candlestick pattern formed at the weekly low. This pattern coincides with the convergence of the 100-bar Exponential Moving Average (EMA) and a rising support line that has been in place for three weeks. Additionally, the Relative Strength Index (RSI) line has rebounded from the oversold region, providing further strength to the upside bias. Given these technical factors, GBP/USD appears to be well-positioned to reclaim the 1.3000 psychological level. However, there might be some resistance around the 1.3045-1.3050 area, which includes previous lows marked during mid-July. If the pair manages to stay above 1.3050, there is a possibility of further upward movement towards the monthly high of 1.3142. Till we do not advise to buy GBP/USD.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;On the other hand, a successful break below the support confluence around 1.2895-1.2890, which includes the rising support line and the 100-EMA, could attract intraday sellers. However, such a move may not immediately indicate a bearish trend, as another support area lies near 1.2850, which has been significant for the past five weeks. In case of further downward movement, the final defense for GBP/USD bulls can be found around the 200-EMA level at approximately 1.2780. Overall, the technical indicators are suggesting a bullish bias for GBP/USD, but traders should closely monitor the key support and resistance levels mentioned above to gauge the market's future direction accurately. Till then we do not advise selling GBP/USD.&nbsp;<h2>Support and Resistance Level: -</h2>&nbsp;&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 1.2857&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;R1 1.3034&nbsp;S2 1.2774&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;R2 1.3127&nbsp;S3 1.2680&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;R3 1.3210

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GBP/USD bulls as they target the 1.3000 level, benefiting from favorable technical details.

GBP/USD Bulls Gain Strength, Eyeing 1.3000 Level

GBP/USD Price Analysis: Cable Aims to Reclaim 1.3000 Amid Bullish Technicals - 20-07-2023

<h1>EUR/USD Analysis</h1> <h2>Key Points: -</h2>&nbsp;<ul><li>The EUR/USD pair is edging lower, trading near its weekly low after experiencing declines over the last two consecutive days.</li><li>The bearish bias is gaining acceptance, supported by a stronger US Dollar and reduced enthusiasm for a hawkish stance from the European Central Bank (ECB).</li><li>ECB's Stournaras emphasizes the easing Eurozone inflation and criticizes the adoption of a more restrictive policy approach.</li><li>Eurozone Consumer Confidence, US Initial Jobless Claims, and housing data will play a crucial role in providing fresh impetus to the market.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;The EUR/USD pair is trading lower around 1.1200, retracing from the previous day's bounce off the weekly low. This decline comes amid doubts about the European Central Bank's (ECB) hawkish moves due to inflation concerns. The US Dollar is also showing strength, contributing to the bearish sentiment in the Euro pair after a two-day downtrend from the 17-month high. While the final readings of the Eurozone Core inflation for June improved on a monthly basis, ECB Governing Council member Yannis Stournaras expressed uncertainty about further rate hikes after the expected 25 basis points increase next week. Stournaras also expressed concerns about falling inflation and the potential negative impact of further interest rate increases on the economy. Despite downbeat US housing data, the US Dollar Index (DXY) has risen in the last two days, reaching the weekly top around 100.55. The rise is driven by market sentiment that the Federal Reserve (Fed) may keep interest hikes high for a period following the rate hike in July. The US Retail Sales for June showed slower growth, but some promising details supported the Fed's stance of keeping rates higher for a longer duration, which also helped in confirming the expected 0.25% rate hike in July. This led to a corrective bounce for the US Dollar, defending its recovery from the 15-month low on Tuesday, despite the downbeat US housing data. The hopes of stronger earnings from US banks due to higher rates, along with mixed concerns about US-China relations, have led Wall Street to edge higher while weighing on US Treasury bond yields. Upcoming economic data includes the preliminary readings for Eurozone's Consumer Confidence for July and the US Initial Jobless Claims and Existing Home Sales. However, the focus should mainly be on risk factors for clearer market directions.&nbsp;<h2>Diagram of EUR/USD: -</h2> <img src="https://cdn.forexoverflow.io/images/1689830371175-g92y4itlz011vx6-eurusd2023-07-2010-22-51-1.png"> <h2>Economic Events: -</h2> <img src="https://cdn.forexoverflow.io/images/1689830388594-9f4wzwdzd5jrk39-economic-event-1.png"> <h2>Buy Scenario: - </h2>&nbsp;From a technical perspective, the recent breakdown through a three-week-old trading range and the 100-hour Simple Moving Average (SMA) suggest caution before considering new bullish positions in the EUR/USD pair. For a further intraday upward move, it would be important to see continued buying above the 1.1245-1.1250 region. If this occurs, spot prices could climb back to test the multi-month peak around 1.1275 and potentially aim for the 1.1300 mark. Further upside momentum could lead to the 1.1335 resistance, followed by the 1.1400 round figure, till we do not advise to buy EUR/USD currency pair.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;On the downside, if the pair weakens below the 1.1200 mark, initial support may be found near the overnight swing low around 1.1175-1.1170. The next significant support is situated near the 1.1145 zone. A break below this level could potentially extend the downward trajectory, pushing the EUR/USD pair towards the 1.1100 round figure. However, the 1.1100 level is expected to act as strong support, and a decisive break below it would negate the near-term positive outlook and open the way for a deeper corrective decline. Till then we do not advise selling EUR/USD.&nbsp;<h2>Support and Resistance Level: -</h2>﻿Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;S1 1.1170&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 1.1236S2 1.1139&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 1.1271S3 1.1104&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 1.1302

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Stay updated on EUR/USD pair movements as market attention shifts to mid-tier EU/US data while ECB hawks step back due to inflation concerns.

EUR/USD Bears Target 1.1200 amid ECB's Inflation Concerns"

EUR/USD pair movements as market attention shifts to mid-tier EU/US data- 20-07-2023

<h1>Sliver (XAG/USD) Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp;&nbsp;<ul><li>US retail sales in June, including core retail sales, fell below expectations, indicating weakness in the US economy. Additionally, industrial production experienced a significant decline, further highlighting the economic challenges.</li></ul>&nbsp;<ul><li>The dovish comments from ECB member Klaas Knot suggest a potential pause in the European Central Bank's tightening cycle. This provides a bullish backdrop for silver, as it implies a potentially supportive monetary policy environment.</li></ul>&nbsp;<ul><li>US Treasury bond yields remained relatively stable, with the 2-year Treasury note yielding 4.764% and the 10-year benchmark note at 3.789%.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;&nbsp;As the Asian session begins, the price of silver is advancing and has reclaimed the $25.00 level. This upward movement is supported by weak economic data from the United States (US) and lower inflation reports in Canada. Additionally, the "dovish" stance of European Central Bank (ECB) member Klas Knot has raised the possibility of the ECB halting its tightening cycle. The XAG/USD pair is currently trading at $25.06 per troy ounce, showing a gain of 0.01%.&nbsp;<h2>Diagram of XAG/USD (Silver): -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689753232585-m9tyx7cfezfn2on-xagusd2023-07-1913-15-17-1.png">&nbsp;<h2>Economic Events: -</h2> <img src="https://cdn.forexoverflow.io/images/1689753250419-eol3j5vh6tmbbkk-economic-event.png"> <h2>Buy Scenario: - </h2>&nbsp;Based on the daily chart, silver is showing an upward bias, but it may face resistance around the May 11 high of $25.47, which is likely to be tested in the near future. It's worth noting that the Relative Strength Index (RSI) is approaching overbought territory. Despite this, if the XAG/USD pair manages to break above the mentioned level, it could rally towards $26.00. Till we did not recommend buying Silver (XAG/USD).&nbsp;<h2>Sell Scenario: - </h2>&nbsp;On the other hand, if silver fails to surpass the $25.00 level, its immediate support would be at the June 9 high of $24.52. A further decline could lead to a test of the $24.00 level.&nbsp;Till we do not advise selling silver (XAG/USD).&nbsp;<h2>Support and Resistance Level: -</h2>﻿&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 24.83&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 25.23&nbsp;S2 24.60&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 25.40&nbsp;S3 24.43&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 25.64

silver price as XAG/USD experiences an upward movement, driven by the influence of weak US economic data and the dovish tilt of the European Central Bank (ECB), providing insights into potential market developments.

Silver Price Forecasting: XAG/USD Advances on US Economic Data, ECB Tone

Silver Price Analysis: XAG/USD Rises on Weak US Economic Data, ECB Stance -19-07-2023

<h1>WTI Crude Oil (US Oil) Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the early Asian session, WTI (West Texas Intermediate) crude oil consolidates its gains above $75.50.·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market participants anticipate that the Federal Reserve (Fed) is approaching the end of its policy tightening cycle.·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The release of China's GDP figure raises concerns, but hopes for a stimulus plan contribute to the positive sentiment surrounding the WTI price. <h2>Today's Scenario: - </h2>&nbsp;The price of West Texas Intermediate (WTI), the US crude oil benchmark, is currently trading around the $75.52 level on Wednesday. WTI is consolidating its gains and bouncing back from Monday's low near $73.80. This is attributed to two factors: the possibility of the Federal Reserve (Fed) ending its policy tightening cycle and hopes for stimulus plans in China. Market participants anticipate that the Fed is nearing the end of its policy tightening cycle, with 106 economists polled by Reuters between July 13 and July 18 expecting a 25 basis points rate hike to the 5.25%–5.50% range on July 26. Higher interest rates can raise borrowing costs, potentially slowing the economy and reducing oil demand. In terms of data, the American Petroleum Institute (API) reported on Tuesday that crude oil stockpiles in the United States declined by 797,000 barrels this week, following a previous week's increase of 3.026 million barrels. Turning to China, the Gross Domestic Product (GDP) for the country came in at an annual rate of 6.3%, which was worse than the expected 7.3% and the previous reading of 4.5%. This raised concerns about an economic slowdown in the world's second-largest oil consumer. However, China's Commerce Ministry announced measures aimed at boosting the consumption of household consumer goods and services, providing support for further upside in the WTI price. Later in the week, the market will pay attention to the release of US Housing Starts and Unemployment Claims data. Additionally, oil traders will closely monitor crude oil inventories data from the Energy Information Administration (EIA) and stay updated on headlines related to the US-China relationship. Any renewed tension between the world's largest economies would have a significant impact on the WTI price.&nbsp;<h2>Diagram of WTI Crude Oil (US Oil): -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689752575878-1vv6lmq14kayawc-usoil2023-07-1913-03-51-1.png"> <h2>Economic Events: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689752591307-knn40imgbj5yt51-economic-event.png"> <h2>Buy Scenario: - </h2>&nbsp;WTI experienced a breakout from a consolidation range of $67.20-$74.70 on a four-hour timeframe. The current oil price is testing the strength of the breakout and is poised to resume its upward movement. The 50-period Exponential Moving Average (EMA) at $74.40 is providing support for the bullish sentiment in the oil market.&nbsp;Meanwhile, the Relative Strength Index (RSI) (14) has entered the range of 40.00-60.00. This indicates that the bullish momentum has weakened, but the overall upward bias remains intact.&nbsp;Looking ahead, a decisive break above the July 17 high at $76.00 would open the door for further gains, with potential resistance levels at the April 26 high of $77.86, followed by the round-level resistance at $80.00. &nbsp;Till we do not advise to buy in WTI US oil.&nbsp;<h2>Selling Scenario: - </h2>&nbsp;On the downside, a breakdown below the July 17 low at $73.78 would lead the price towards the July 03 high at $71.83. A further decline below that level would expose the asset to the June 29 low around $69.00. Till we did not advise to sell WTI Crude oil.&nbsp;<h2>Support and Resistance Level: -</h2>﻿&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 74.39&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 76.45&nbsp;S2 73.07&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 77.20&nbsp;S3 72.32&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 78.52

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Explore the price analysis of WTI crude oil as it assesses the strength of its breakout, providing a comprehensive view of the market dynamics and preparing for the release of the upcoming oil inventory report.

WTI Price Analysis: Evaluating Breakout Strength Before Inventory

WTI Testing Breakout Strength: Analysis before Oil Inventory - 19-07-2023.

<h1>Gold (XAU/USD) Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp;<ul><li>The price of gold retreats from its two-month high as it fails to surpass a key resistance level.</li><li>Mixed market sentiment and positive US data contribute to the consolidation of the US Dollar, which has recently reached a multi-month low.</li><li>Developments in China and concerns regarding the Federal Reserve's actions impact Treasury bond yields and the price of gold (XAU/USD).</li><li>Market participants will closely monitor risk catalysts for clearer market directions, considering the light economic calendar.</li></ul>&nbsp;<h2>Today's Scenario: - </h2><h2>&nbsp;</h2>The price of gold (XAU/USD) is currently under pressure, trading near its intraday low as it retraces from its highest levels in eight weeks. This downward movement is primarily driven by the US Dollar's sustained recovery from a 15-month low. Additionally, negative risk headlines from China are also contributing to the downside pressure on the XAU/USD price. It is important to note that despite the decline in US Treasury bond yields, gold prices are not experiencing significant upside momentum, as market participants await further clues to determine the direction of market sentiment. The sentiment improved in the previous day as US banks anticipated higher profits from higher interest rates. However, concerns about the Federal Reserve's potential policy pivot after the expected 0.25% rate increase in July have created a favorable mood and supported the XAU/USD price. Nonetheless, the positive details of the US Retail Sales report and the expectation that the Fed will maintain higher interest rates for a longer period, if not announce multiple rate hikes, have recently exerted downward pressure on the price of gold. In addition, the China Industry Ministry recently expressed concerns about insufficient demand and declining revenues, which aligns with the downbeat Gross Domestic Product (GDP) data for the second quarter (Q2). This data has raised fears of a slowing economic recovery in the world's largest industrial player. Considering China's significant role as one of the largest consumers of oil, these economic concerns have weighed on commodity prices, including gold. Looking ahead, market participants in XAU/USD trading will closely monitor risk catalysts as the economic calendar remains light. The cautious mood prevails as market participants prepare for the Federal Open Market Committee (FOMC) monetary policy meeting scheduled for the following week. These events and developments will likely influence gold prices in the near term.&nbsp;<h2>Diagram of XAU/USD (Gold): -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689751858103-3takmw313hazr4t-xauusd2023-07-1912-53-15-1.png"><h2>Economic Events: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689751873689-udvhiuec49idd7e-economic-event.png"> <h2>Buy Scenario: - </h2>&nbsp;According to our Technical Confluence indicator, the price of gold has moved lower, breaking through the resistance confluence at $1,985, which includes the previous daily and monthly highs.&nbsp;The XAU/USD bulls face additional challenges, including the Pivot Point one-week R1 at around $1,998, followed closely by the psychological level of $2,000.&nbsp;If the gold price manages to remain above $2,000, there is a possibility of a further upward move towards April's peak at around $2,050. &nbsp;Till we did not advise to buy XAU/USD.&nbsp;<h2>Selling Scenario: - </h2>&nbsp;On the downside, immediate support for the bears to watch for confirmation is highlighted by the Pivot Point one-month R1 at $1,970.&nbsp;Further support levels include the 5-day SMA, Pivot Point one-month S1, and the middle band of the Bollinger on the four-hour chart, all around $1,961, which may attract gold sellers.&nbsp;It is important to note that the Fibonacci 23.6% on the one-week and one-day timeframes, located at approximately $1,950, represents the last line of defense for gold buyers. A break below this level would give control to the XAU/USD bears. We do not advise selling XAU/USD.&nbsp;<h2>Support and Resistance Level: -</h2> ﻿&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 1960.68&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 1990.64&nbsp;S2 1942.59&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 2002.51&nbsp;S3 1930.72&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 2020.60&nbsp;&nbsp;&nbsp;

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XAU/USD reverses its course from the $1,985 resistance level, while assessing the implications of downbeat yields with the assistance of the Confluence Detector.

Gold Price Forecasting: XAU/USD Reversal from $1,985 Level amid Yield Considerations

Gold Price Forecast: XAU/USD Pulls Back from $1,985 Resistance, Yield Impact Assessed-  19-07-2023

<h1>US Doller Index Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp;<ul><li>The US Dollar Index pulls back from its intraday high and reverses its corrective bounce after reaching the lowest level since April 2022.</li><li>The positive aspects of US Retail Sales growth provide support to the US Dollar Index at its multi-month low.</li><li>Speculation that the Federal Reserve's rate hike in July could be the last, combined with the prevailing risk-on sentiment, puts downward pressure on the greenback.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;The US Dollar Index (DXY) is facing challenges in maintaining its corrective bounce from a multi-month low, retreating from its intraday high to 99.93 during the early Asian session on Wednesday. The positive readings of the US Core Retail Sales for June supported the DXY's recovery from its lowest level since April 2022. However, with a risk-on sentiment prevailing and talks of a potential policy pivot by the US Federal Reserve (Fed), the US Dollar bulls are being encouraged in the absence of major data or events. According to a recent Reuters poll of around 109 economists, the widely anticipated 25 basis points rate hike by the Fed in July is expected to be the last increase in the current tightening cycle. It is worth noting that the improved risk appetite is driven by the positive performance of US banks and positive headlines related to China, which have allowed Wall Street benchmarks to reach new yearly highs. However, it should be mentioned that benchmark US 10-year Treasury bond yields remain under pressure around 3.78%, while the two-year yields have edged higher to approximately 4.76%. Regarding US data, Retail Sales growth for June came in at 0.2% month-on-month, falling short of the expected 0.5% and revised previous reading. However, the Retail Sales Control Group showed growth of 0.6%, surpassing market forecasts of -0.3% and the previous reading of 0.3%. US Industrial Production for June printed at -0.5%, missing analysts' estimations of 0.0%. Looking ahead, with a light economic calendar, the US Dollar Index's intraday moves may be limited, potentially triggering a pullback towards the multi-month low of 99.56 seen the previous day. Therefore, it is crucial to monitor risk catalysts for short-term market directions. <h2>Diagram of US Dollar Index (DXY): -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689751232575-kfod3dxrm0gkhkf-dxy2023-07-1912-35-48-1.png"> <h2>Economic Events : -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689751253149-8bdn7y1ko0l9koj-economic-event.png"> <h2>Buy Scenario: - </h2>&nbsp;The current chart analysis of the dollar index (DXY) suggests a bullish momentum, indicating the potential for a continuation of the upward movement towards the first resistance level.&nbsp;The intermediate support level at 99.66 is identified as a support level based on previous swings, potentially acting as a barrier to any short-term downtrend.&nbsp;The first support level at 99.42 is recognized as an overlap support, which could serve as a rebound point if the price experiences further downward movement.&nbsp;If the bullish momentum persists, the price might encounter resistance at 100.84, which is considered an overlap resistance. This level could present a challenge to the upward price movement.&nbsp;A sustained rise in price could lead to the second resistance level at 101.99. This level is characterized as an overlap resistance and also aligns with the 61.80% Fibonacci retracement level, adding to its significance as a potential turning point. Till we do not advise to buy US Dollar Index.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;The US Dollar Index (DXY) is currently in oversold territory, as indicated by the 14-period Relative Strength Index (RSI). This, along with the presence of multiple resistance levels formed in early 2022, is expected to provide support and restrict further downside for the DXY in the short term, specifically around the 99.40-99.35 region. However, it is worth noting that a significant corrective bounce is unlikely unless the index manages to surpass the previous low recorded in April, which is approximately around 100.80. &nbsp;Till we do not advise to sell in US Dollar Index&nbsp;<h2>Support and Resistance Level: -</h2>﻿&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 99.64&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 100.18&nbsp;S2 99.34&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 100.41&nbsp;S3 99.10&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 100.72

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US Dollar Index (DXY) as its recovery from a 15-month low near 100.00 diminishes, influenced by concerns over the Federal Reserve's actions and the presence of positive market sentiment.

US Dollar Index Analysis: Recovery Fades on Fed Concerns, Upbeat Sentiment

US Dollar Index Analysis: Recovery Stalls amid Fed Concerns- 19-07-2023

<h1>USD/CHF Analysis</h1>&nbsp;<h2>Key Points: -</h2> <ul><li>The USD/CHF pair is facing difficulties in making a substantial recovery from the multi-year low reached on Tuesday.</li><li>The current risk-on sentiment in the market weakens the safe-haven appeal of the Swiss Franc (CHF) and provides support for the pair.</li><li>The upside potential is limited due to the bearish outlook for the US Dollar (USD) and expectations of a shift in the Federal Reserve's policy stance.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;The USD/CHF pair is trading within a narrow range, approximately around the 0.8575-0.8580 region, during the Asian session on Wednesday. It is consolidating after reaching its lowest level since January 2015 in the previous session. The current risk-on environment is undermining demand for the safe-haven Swiss Franc (CHF), which is providing some support to the USD/CHF pair. Weaker economic data from China earlier this week has raised speculations about potential government stimulus measures. This has alleviated concerns over slowing economic growth in China and boosted investor confidence, resulting in a recent rally across global equity markets. However, the overall bearish sentiment surrounding the US Dollar (USD) is acting as a headwind and preventing meaningful buying in the USD/CHF pair. The USD Index (DXY), which tracks the performance of the USD against a basket of currencies, remains close to its lowest level since April 2022, as investors anticipate a more dovish stance from the Federal Reserve (Fed) following the expected 25 basis points rate hike in July. The US Consumer Price Index (CPI) report, which indicated a moderation in consumer prices, further supported expectations of the Fed reaching the end of its tightening cycle. Additionally, the release of US Retail Sales data for June, which showed a lower-than-expected increase, and the unexpected decline in Industrial Production for the same month added to the belief that the Fed may pause its current policy tightening cycle. This has led to a decline in US Treasury bond yields and continued to weigh on the USD. However, the resilience in core US Retail Sales, excluding certain categories, has raised doubts about whether the Fed will fully commit to a more dovish policy stance or stick to its forecast of a 50 basis points rate hike this year. This has restrained traders from placing further bearish bets on the USD. Furthermore, oversold technical indicators on the daily chart support the possibility of near-term consolidation or a modest corrective bounce for the USD/CHF pair. Market participants will be focusing on US housing market data, including Building Permits and Housing Starts, for further direction during the early North American session. Additionally, US bond yields and broader market risk sentiment will influence USD demand. These factors, combined with the overall fundamental backdrop, suggest that the path of least resistance for the USD/CHF pair is to the downside.&nbsp;<h2>Diagram of USD/CHF: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689750229679-hojxd40q1fpgude-usdchf2023-07-1912-18-59-1.png"> <h2>Economic Events : -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689750244194-1pu2qym725fu2b0-economic-event.png"> <h2>Buy Scenario: - </h2>&nbsp;The USD/CHF chart currently shows a bullish momentum, indicating the potential for a bullish rebound from the first support level and a subsequent move towards the first resistance level.&nbsp;The first support level at 0.8529 is noteworthy as it coincides with a 100% Fibonacci Projection. This convergence of factors adds to the significance of this support level.&nbsp;Furthermore, the second support level at 0.8445 is identified as a level that corresponds to a -61.8% Fibonacci Expansion, further strengthening its potential as a support level.&nbsp;On the upside, the first resistance level at 0.8759 is classified as a pullback resistance. This resistance level may act as a barrier to further upward price movement. Till we do not advise to buy USD/CHF.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;The USD/CHF pair has successfully broken below the support line of a bearish pennant pattern, which confirms the negative implications of this pattern. This reinforces expectations for a continued bearish trend in the intraday and short-term outlook, with the next main targets expected at 0.8520 followed by 0.8450 levels.&nbsp;The presence of the 50-day Exponential Moving Average (EMA50) continues to provide support for the anticipated bearish wave. It's worth noting that if the price manages to breach the level of 0.8670, it would halt the expected decline and potentially initiate a bullish correction in the intraday timeframe. Till we do not advise to sell USD/CHF.&nbsp;<h2>Support and Resistance Level: -</h2>﻿&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 0.8551&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 0.8604&nbsp;S2 0.8527&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 0.8632&nbsp;S3 0.8499&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 0.8656

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Uncover the price analysis of USD/CHF as the currency pair consolidates near a multi-year low, oscillating within a narrow range below the 0.8600 mark, assessing the factors influencing the ongoing consolidation phase.

USD/CHF Price Analysis: Lingering near Multi-Year Low

USD/CHF Price Analysis: Consolidation near Multi-Year Low- 19-07-2023.

<h1>NZD/USD Analysis</h1>&nbsp;<h2>Key Points: -</h2> <ul><li>The NZD/USD pair is currently in a consolidation phase following the gains made after New Zealand's inflation data release, as market sentiment remains mixed and the US Dollar experiences a corrective bounce.</li><li>The New Zealand second-quarter Consumer Price Index (CPI) came in better than forecast, but the softer outcome compared to market expectations supports the Reserve Bank of New Zealand's decision to maintain its current monetary policy stance.</li><li>The overall risk profile in the market remains sluggish, despite the optimism generated by positive news regarding US banks, which bolstered sentiment in the previous day's trading.</li><li>The US Dollar is finding support from the upbeat details of the Retail Sales report, although concerns about the Federal Reserve's future actions continue to influence buyers of the greenback.</li></ul>&nbsp;<h2>Today's Scenario: - </h2><h2>&nbsp;</h2> The NZD/USD pair is trimming its initial daily gains and currently trading around 0.6285 during Wednesday's mid-Asian session. Earlier in the day, the pair briefly reached a high of 0.6334.&nbsp;The recent weakness in the Kiwi pair could be attributed to the US Dollar's ability to hold its ground after a corrective bounce from multi-month lows, as well as sluggish market conditions. However, the New Zealand (NZ) inflation data, which came in better than expected, is providing support to the Kiwi pair.&nbsp;The NZ Consumer Price Index (CPI) for the second quarter (Q2) of 2023 showed a slight decline to 1.1% quarter-on-quarter and 6.0% year-on-year, compared to respective previous readings of 1.2% and 6.7%. This data validates the cautious sentiment in the market regarding the Reserve Bank of New Zealand's (RBNZ) pause in its rate hike trajectory announced last week.&nbsp;It's worth noting that the US Core Retail Sales data for June, which exceeded expectations, contributed to the US Dollar's recovery from its lowest level since April 2022. However, the overall risk-on sentiment and discussions about a potential policy pivot by the US Federal Reserve (Fed) are supporting the US Dollar bulls in the absence of major data or events, putting pressure on the NZD/USD price.&nbsp;Improved risk appetite, driven by positive performance in US banks and positive headlines regarding China, has also led to fresh yearly highs in Wall Street benchmarks. Additionally, a recent Reuters poll of around 109 economists suggests that the widely anticipated 25 basis points rate hike by the Fed in July will likely be the final increase of the current tightening cycle, which is supporting the NZD/USD price.&nbsp;Regarding US data, June's Retail Sales growth came in at 0.2% month-on-month, lower than the expected 0.5% and revised previous reading. However, the Retail Sales Control Group showed growth of 0.6%, surpassing market forecasts of -0.3% and the previous reading of 0.3%. US Industrial Production for June printed at -0.5%, falling short of analysts' expectations of 0.0%.&nbsp;In light of these market dynamics, the US Dollar Index (DXY) is slightly higher around the 100.00 level, having bounced back from 99.56 the previous day. The S&amp;P500 Futures and yields appear indecisive at the moment.&nbsp;Given the lack of major data or events and the defense of geopolitical bias toward the US by China's Foreign Minister, traders of the NZD/USD pair should closely monitor risk catalysts for clearer direction in the market.&nbsp;<h2>Diagram of NZD/USD: -</h2><img src="https://cdn.forexoverflow.io/images/1689749217241-qnmxzlyl0liu89g-nzdusd2023-07-1912-00-29-1.png">&nbsp;<h2>&nbsp;</h2><h2>Economic Events: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689749233559-ocp8cyu5wuqu2gr-economic-event.png"> <h2>Buy Scenario: - </h2>&nbsp;There is a possibility that the price may experience a bullish rebound from the first support level at 0.625, which is considered a support level after a pullback. This level also aligns with the 50% Fibonacci retracement level, adding to its significance. Furthermore, the second support level at 0.611 acts as an overlapping support, coinciding with the 78.60% Fibonacci retracement level, further reinforcing its importance.On the upside, the first resistance level at 0.630 is identified as an overlapping resistance. If the price successfully breaks above this level, the next obstacle to watch for is the second resistance level at 0.641, which is characterized as a resistance level based on previous swing highs. Till we do not advise to buy NZD/USD.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;The NZD/USD pair closed yesterday with clear negativity as it broke below the 0.6290 level and settled below it. Today, the pair has continued to decline, moving further away from this level. This confirms the end of the previously suggested bullish wave and indicates a shift towards a downward direction, targeting negative levels starting at 0.6205 and followed by 0.6140.&nbsp;As a result, the overall bias for today is bearish. If the pair manages to break below the 0.6260 level, it would provide further confirmation of the expected decline. On the other hand, a break above the 0.6290 level would be a positive factor, potentially leading to new recovery attempts. Till we do not advise to sell NZD/USD.&nbsp;<h2>Support and Resistance Level: -</h2>﻿&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 0.6240&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 0.6326&nbsp;S2 0.6206&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 0.6378&nbsp;S3 0.6154&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 0.6412&nbsp;

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 NZD/USD as intraday gains diminish near the 0.6270 support level, prompted by traders reevaluating the impact of New Zealand inflation, while the US Dollar demonstrates upward momentum.

NZD/USD Price Analysis: Intraday Gains Falter as Traders Reevaluate Inflation

NZD/USD Price Analysis: Intraday Support Tested amid NZ Inflation Reassessment- 19-07-2023.

<h1>USD/CAD Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp;<ul><li>The USD/CAD pair attempts to shake off its bearish sentiment after a two-day losing streak but encounters difficulty in gaining bullish momentum.</li><li>A disappointing Canada inflation figure and promising details of US Retail Sales provide support for the Canadian dollar pair's upward movement.</li><li>Following the largest daily surge in over a week, oil prices retreat due to a sluggish market environment and underwhelming news from China.</li></ul><h2>&nbsp;</h2><h2>Today's Scenario: - </h2>&nbsp;The USD/CAD pair remains uncertain around the 1.3170-80 level in early Wednesday morning in Europe. Despite pausing its two-day downtrend, market participants are awaiting further clues to support the buyers of the Canadian dollar pair in a sluggish Asian session. The contrasting data releases between Canada and the US contribute to the hesitancy. Canada's headline inflation figures disappointed, with the Consumer Price Index (CPI) for June easing to 2.8% YoY, lower than the expected 3.0%. Additionally, the Bank of Canada's CPI Core also softened to 3.2% YoY. On the other hand, US Retail Sales growth in June came in lower than expected at 0.2% MoM, although the Retail Sales Control Group showed better growth than forecasted. US Industrial Production for June also fell short of analysts' expectations. Furthermore, WTI crude oil prices dropped 0.35% to $75.40 as concerns about lower energy demand from China and expectations of higher supplies from Nigeria and Libya weigh on the commodity. China's Industry Ministry expressed fears of insufficient demand and declining revenues, adding to concerns about the country's economic recovery. Given China's status as a major oil consumer, these economic concerns put downward pressure on oil prices and contribute to the rebound in the USD/CAD pair. Meanwhile, the US Dollar Index (DXY) edges higher to around 100.05 after bouncing back from a 15-month low. The index struggles to justify dovish Federal Reserve (Fed) concerns. According to a recent Reuters poll of economists, the widely anticipated 25 basis points rate hike by the Fed in July is expected to be the last increase of the current tightening cycle. Although Fed-related discussions are keeping market sentiment positive, minimal progress in Sino-American ties prevents further deterioration in relations. Additionally, the share prices of top-tier US banks such as Bank of America, Morgan Stanley, and Bank of New York Mellon Corp rallied on Tuesday, supporting the risk-on mood amid news that higher interest rates had boosted profits in the second quarter, as reported by Reuters. <h2>Diagram of USD/CAD: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689748089726-uxhgi3ge8cxamt1-usdcad2023-07-1911-41-49-1.png">&nbsp;&nbsp;<h2>Economic Events: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689748111688-nl4nzop6ka4almc-economic-event.png"> <h2>Buy Scenario: - </h2>&nbsp;On the upside, if the price reverses its direction and starts climbing, it may encounter resistance at 1.3232. This level represents a multi-swing high resistance and coincides with the 50% Fibonacci retracement level. If the bullish momentum persists, the second resistance level at 1.3278 becomes significant. This level aligns with a pullback resistance and corresponds to the 61.8% Fibonacci projection.It's worth noting that there is an intermediate support level at 1.3147, which coincides with the 61.80% Fibonacci retracement and serves as a potential rebound point in a bearish scenario. Till we do not advise to buy USD/CAD.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;The USD/CAD pair is currently exhibiting a neutral momentum, indicating a range-bound movement with fluctuations between the first resistance and first support levels.&nbsp;The first support level is located at 1.3099, which is a significant swing low support that could potentially halt any further downward movement. If the price continues to decline, the second support level at 1.3056 becomes relevant. This level is marked by a Fibonacci confluence at the 61.80% projection and is expected to provide a strong barrier against further downside. Till we do not advise to sell USD/CAD.&nbsp;<h2>Support and Resistance Level: -</h2>﻿&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 1.3143&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 1.3219&nbsp;S2 1.3117&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 1.3269&nbsp;S3 1.3067&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 1.3295&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Explore the price analysis of USD/CAD as bullish sentiment faces a test below the 1.3200 level, influenced by the retreat of the oil price towards $75.00 and the recovery of the US Dollar Index (DXY) to 100.00.

USD/CAD Analysis: Bulls Tempted below 1.3200 amid Oil Price Retreat

USD/CAD Price Analysis: Bulls Challenged below 1.3200 amid Oil Retreat- 19-07-2023

<h1>AUD/USD Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp;<ul><li>On Wednesday, the AUD/USD pair maintains its position above the 0.6790 level.</li><li>Investors are anticipating that the Federal Reserve (Fed) is nearing the completion of its policy tightening cycle.</li><li>Market participants will closely monitor the progress in Sino-US relations.</li><li>The Australian Employment Change and Employment Change reports are scheduled for release later this week.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;The AUD/USD pair is experiencing a loss of momentum and is holding above the 0.6790 level as the European session begins on Wednesday. Currently trading around 0.6795, the pair has declined by 0.24% for the day. Investors are digesting the meeting minutes from the Reserve Bank of Australia (RBA) and closely monitoring the developments in Sino-US relations.&nbsp;Following softer US inflation data and a slowdown in the labor market, market participants anticipate that the Federal Reserve (Fed) is approaching the end of its tightening cycle and will maintain interest rates after the expected 25 basis points hike in the July meeting. According to the CME Group FedWatch Tool, the markets have already priced in a 25 basis points rate increase in July, and the probability of another hike in December is approximately 20%.&nbsp;Furthermore, data released on Tuesday revealed that US industrial production declined by 0.5% in June for the second consecutive month, falling short of market expectations of no change. Meanwhile, retail sales increased by 0.2% month-on-month in June, reaching $689.5 billion, but this figure was below the market consensus of a 0.5% gain.&nbsp;Regarding the Australian Dollar, the RBA minutes released in Asia suggested that there may be a need for further policy tightening, although policymakers will reassess the situation at the August policy meeting.&nbsp;In terms of US-China relations, China's defense minister, Li Shangfu, stated during a meeting with senior US diplomat Henry Kissinger in Beijing on Tuesday that the US should exercise sound strategic judgment when dealing with China. Market participants will closely monitor developments in Sino-US relations for potential market-moving events.&nbsp;Looking ahead, market participants will focus on Australia's upcoming release of employment change and unemployment rate data on Thursday. Additionally, cues from US housing starts and unemployment claims will also be significant for the AUD/USD pair, as they can help determine the pair's future direction.&nbsp;<h2>Diagram of AUD/USD: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689746770428-5haq6pwch5dowro-audusd2023-07-1911-24-32-1.png"> <h2>Economic Events: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689746786951-38rmlrw2awvzd3l-economic-event.png"> <h2>Buy Scenario: - </h2>&nbsp;On the upside, any recovery above 0.6805 would be considered unimpressive unless the pair manages to surpass the weekly high near 0.6840.&nbsp;Nevertheless, the presence of a double top bearish chart pattern around the psychological level of 0.6900 poses a significant challenge for the AUD/USD bulls, as overcoming this level would be necessary to restore market confidence in favor of further upside potential. Till we do not advise to buy AUD/USD.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;The AUD/USD pair has declined to 0.6780, hitting its lowest level of the week during the early morning hours in Europe. This marks the fourth consecutive day of losses for the pair. The decline can be attributed to the overall strength of the US Dollar, despite positive data from Australia's Westpac Leading Index for June.&nbsp;The pair has broken below a horizontal support zone that has been in place for a month, which now acts as immediate resistance in the 0.6800-0.6805 range. This break, combined with bearish signals from the Moving Average Convergence Divergence (MACD) indicator, is attracting sellers of the AUD/USD pair.&nbsp;As a result, the pair is likely to revisit a horizontal area that encompasses various levels established since early June, located around 0.6740.&nbsp;However, further downside movement for the AUD/USD pair may face significant obstacles at the 200-day Simple Moving Average (SMA) level near 0.6730 and a seven-week-old ascending support line around 0.6665. Till we do not advise to sell AUD/USD.&nbsp;<h2>Support and Resistance Level: -</h2>&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 0.6788&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 0.6836&nbsp;S2 0.6765&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 0.6861&nbsp;S3 0.6740&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 0.6884

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Explore the price forecast for AUD/USD as bearish sentiment strengthens, propelling the currency pair towards the 0.6740 mark, influenced by the grinding strength of the US Dollar.

AUD/USD Price Forecast: Bearish Pressure Approaches 0.6740 Level

AUD/USD Outlook: Bears Eyeing 0.6740 Resistance amid US Dollar Strength- 19-07-2023

<h1>GBP/JPY Analysis</h1>&nbsp;<h2>Key Points: -</h2> <ul><li>The decline in GBP/JPY comes to a halt, suggesting a potential upward bias as indicated by a bullish harami two-candlestick pattern.</li><li>The presence of pin-bar candles and two consecutive negative sessions exert downward pressure on GBP/JPY, resulting in a drop below the 181.00 level.</li><li>In order to continue the bearish momentum, GBP/JPY needs to surpass 180.36. Conversely, breaching the Tenkan-Sen at 181.52 may indicate a bullish trend resumption.</li></ul>&nbsp;&nbsp;<h2>Today's Scenario: - </h2>&nbsp;The GBP/JPY pair is showing marginal gains as the Asian session commences, with an increase of 0.04% compared to the previous session. Tuesday's trading saw weakness in the Pound Sterling (GBP) for the majority of the day. However, the Japanese Yen (JPY) faced pressure due to dovish remarks made by the Bank of Japan (BoJ) Governor Kazuo Ueda. As of the time of writing, the GBP/JPY pair is trading at 180.99.&nbsp;<h2>Diagram of GBP/JPY: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689745951113-xhe9yuor7igtnq1-gbpjpy2023-07-1911-11-23-1.png"> <h2>Economic Events: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689745964366-5wci4f9puz19ipd-economic-event.png"> <h2>Buy Scenario: - </h2>&nbsp;On the upside, the first resistance level at 182.16 is identified as an overlapping resistance level, coinciding with a 61.80% Fibonacci retracement level. This level could act as a barrier to any further upward movement in the price.&nbsp;Furthermore, the second resistance level at 183.01 is also seen as an overlapping resistance, aligning with a 78.60% Fibonacci retracement level and a -27% Fibonacci expansion level. This suggests a potential Fibonacci confluence, which may add to the strength of the resistance at this level. Till we do not advise to buy GBP/JPY.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;The GBP/JPY chart currently shows a bearish overall momentum, as indicated by the price being below the bearish Ichimoku cloud. This suggests the potential for a continuation of the bearish trend towards the first support level.&nbsp;The first support level at 180.16 is significant as it corresponds to a previous low point in the price, indicating a level where buyers may step in and provide support. Additionally, the second support level at 179.72 also represents a swing low support, further reinforcing its importance as a potential area of buying interest. Till we do not advise to sell GBP/JPY.&nbsp;<h2>Support and Resistance Level: -</h2> ﻿Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;S1 180.28&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;R1 181.77S2 179.58&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;R2 182.55S3 178.80&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;R3 183.25&nbsp;&nbsp;&nbsp;

Uncover the price forecasting of GBP/JPY as it navigates through mixed signals, resulting in minimal gains, assessing the implications and potential market movements.

GBP/JPY Price Forecasting: Navigating Mixed Signals for Minimal Gains

GBP/JPY Outlook: Minimal Gains Amidst Mixed Signals- 19-07-2023.

<h1>USD/JPY Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp;<ul><li>On Wednesday, the USD/JPY pair shows a slight upward movement, although the uptick lacks momentum.</li><li>Several factors contribute to the downward pressure on the JPY and provide some support to the pair.</li><li>The USD remains near a 15-month low, limiting the potential for further gains.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;During Wednesday's Asian session, the USD/JPY pair shows a slight upward movement but lacks strong bullish momentum. It is currently trading around the 139.00 level, which is the upper end of a familiar range that has been held over the past week.The overall bullish sentiment in global equity markets undermines the safe-haven appeal of the Japanese Yen (JPY), providing some support to the USD/JPY pair. Additionally, the less hawkish remarks made by Bank of Japan (BOJ) Governor Kazuo Ueda after the G20 meeting in India have further weighed on the JPY and contributed to the pair's modest intraday uptick. Ueda mentioned that there is still some distance to achieve the sustainable 2% inflation target and indicated that the narrative on monetary policy won't change unless there are significant shifts in the need to achieve the target.However, the upside potential for the USD/JPY pair remains limited due to the subdued price action of the US Dollar (USD). The USD has struggled to gain meaningful traction after touching its lowest level since April 2022 on Tuesday. Market participants have been scaling back expectations of further rate hikes by the Federal Reserve (Fed) following the anticipated 25 bps lift-off in July. The recent US CPI report, indicating a moderation in consumer inflation, has reinforced these expectations and is likely to allow the US central bank to adopt a less hawkish stance. As a result, US Treasury bond yields have declined, keeping USD bulls on the defensive and potentially capping the upside for the USD/JPY pair.Considering the fundamental backdrop, it is advisable to wait for strong follow-through buying before confirming that the recent significant pullback from the year-to-date peak above the psychological level of 145.00 has reached its conclusion. Traders will now focus on the US housing market data, specifically Building Permits and Housing Starts, for potential market impetus later in the North American session. &nbsp;<h2>Diagram of USD/JPY: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689745124259-br9w3henwfdpgoa-usdjpy2023-07-1910-55-31-1.png"> <h2>Economic Events: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689745142739-xp4rphezjb0bzqm-economic-event.png"> <h2>Buy Scenario: - </h2>&nbsp;From a technical standpoint, there has been a recent rebound in the USD/JPY pair from a confluence area formed by the significant 100-day and 200-day Simple Moving Averages (SMAs). This recovery has followed an upward-sloping channel pattern. However, considering the sharp pullback from levels just above 145.00, which was the year-to-date peak reached in June, the formation of a bearish flag pattern within this channel becomes apparent. Furthermore, the daily chart's oscillators are deeply negative, confirming the negative outlook for the USD/JPY pair.&nbsp;Therefore, any subsequent upward movement is likely to encounter strong resistance near the upper boundary of the mentioned trend channel, currently around the 139.70 region. This resistance is closely followed by the 200-hour SMA, located just ahead of the psychological level of 140.00. A decisive breakthrough above this resistance zone would invalidate the bearish setup and trigger aggressive short-covering, potentially propelling the USD/JPY pair towards the intermediate hurdle at 140.45-140.50, and further towards the round figure of 141.00 and the supply zone of 141.25-141.30. Till we did not advise to buy in USD/JPY.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;On the other hand, if the USD/JPY pair sustains weakness and falls below the 139.00 mark, it is likely to find support near the 138.40-138.35 region, followed by the key level of 138.00, which coincides with the support line of the trend channel. If selling pressure persists and extends below the weekly low, around the 137.70-137.65 region observed on Tuesday, it would confirm the breakdown of the bearish flag pattern and expose the confluence of the 100-day and 200-day SMAs near the 137.00 level. This scenario could potentially lead to a continuation of the recent downtrend witnessed over the past two weeks or so. Till we did not advise to sell the position in USD/JPY.&nbsp;<h2>Support and Resistance Level: -</h2>﻿Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;S1 137.97&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;R1 139.42S2 137.10&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;R2 140.00S3 136.52&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;R3 140.87

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Uncover the price analysis of USD/JPY as it exhibits stagnant movement, holding steady near the resistance level at 139.00, evaluating the factors influencing the currency pair.

USD/JPY Price Analysis: Stagnant Movement around 139.00 Resistance Level

USD/JPY Price Forecasting: Consolidation near 139.00 Resistance - 19-07-2023.

<h1>GBP/USD Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp;<ul><li>The GBP/USD pair continues its downward drift for the fourth consecutive day, facing pressure from a slight strengthening of the US Dollar.</li><li>Anticipated less hawkishness from the Federal Reserve and the prevailing risk-on sentiment are expected to constrain gains for the safe-haven US Dollar.</li><li>Increasing expectations of more aggressive interest rate hikes by the Bank of England (BoE) should help limit losses ahead of the release of UK Consumer Price Index (CPI) data.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;The GBP/USD pair continues to face selling pressure for the fourth consecutive day on Wednesday, moving further away from its peak reached in April 2022, around the 1.3140 level last week. During the Asian session, spot prices declined, reaching a four-day low. However, the bulls managed to defend the psychological level of 1.3000, at least for now.&nbsp;The US Dollar (USD) is gaining some positive momentum and aims to build on the rebound from a 15-month low witnessed overnight. This upward pressure on the USD is putting downward pressure on the GBP/USD pair. Data released on Tuesday revealed that core US Retail Sales, which exclude automobiles, gasoline, building materials, and food services, remained resilient in June. This raises doubts about whether the Federal Reserve (Fed) will adopt a more dovish policy stance. The prospect of a less accommodative Fed is seen as a supportive factor for the Greenback.&nbsp;Despite this, the markets have been pricing out the possibility of further interest rate hikes by the Fed after the anticipated 25 basis points increase at the upcoming policy meeting on July 25-26. This view is reinforced by the ongoing decline in US Treasury bond yields. Additionally, the prevailing bullish sentiment in equity markets is expected to limit the strength of the safe-haven US Dollar. On the other hand, the GBP/USD pair may receive support from rising expectations of a more aggressive tightening by the Bank of England (BoE).&nbsp;In fact, interest-rate swaps indicate that the BoE might raise interest rates from the current 5% to a peak of 6.5% in the current cycle, the highest level since 1998. The aim of such a move would be to reduce demand and bring down inflation. These expectations were fueled by stronger wage growth data in the UK, which according to BoE Governor Andrew Bailey and UK Finance Minister Jeremy Hunt, is hindering efforts to curb inflation. Bailey also mentioned last week that inflation is still significantly high, although he expects it to decrease sharply this year.&nbsp;Therefore, the focus of the market will remain on the latest UK Consumer Price Index (CPI) report, scheduled for release later on Wednesday. This report will play a crucial role in shaping the BoE's near-term policy outlook and provide fresh momentum for the British Pound. Additionally, during the early North American session, traders will be paying attention to US housing market data, specifically Building Permits and Housing Starts. Nevertheless, considering the aforementioned fundamental factors, there is a likelihood of dip-buying emerging around the GBP/USD pair.&nbsp;&nbsp;<h2>Diagram of GBP/USD: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689744149413-0obho3w6uc3l0lg-gbpusd2023-07-1910-35-39-1.png"> <h2>Economic Events: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689744165722-7olr98t32yi1eug-economic-event.png"> <h2>Buy Scenario: - </h2>&nbsp;On the upside, a recovery in GBP/USD, confirmation is required from the support-turned-resistance line near 1.3085 to persuade buyers of a potential upward move.&nbsp;However, the weekly resistance line around 1.3125, along with various levels established in late 2021 and early 2022 around 1.3175-80, are likely to impede any further upside momentum for the Pound Sterling. Till we do not advise to buy GBP/USD.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;During the early hours of Wednesday's Asian session, the GBP/USD pair exhibits a back-and-forth movement around 1.3030, reflecting the anxiety among traders ahead of the upcoming data release. The pair has been on a downward trend for the past three days after reaching a 15-month high last week, causing uncertainty among both bullish and bearish participants.&nbsp;The recent breakdown below a support line that had been in place for two weeks, now acting as immediate resistance at 1.3085, along with bearish signals from the Moving Average Convergence Divergence (MACD) indicator, is tempting GBP/USD sellers.&nbsp;Nevertheless, there is a formidable support zone in the range of 1.3000-2985, comprising a resistance-turned-support line that has been intact for ten weeks and the 50-day Simple Moving Average (SMA). This area poses a significant challenge for the bears attempting to push the Cable lower.&nbsp;If the GBP/USD bears manage to breach the 1.2985 support level, especially in the event of a downbeat UK Consumer Price Index (CPI) report for June, the possibility of a decline towards the previous monthly high around 1.2850 cannot be disregarded. Till then we do not advise selling GBP/USD.&nbsp;<h2>Support and Resistance Level: -</h2>&nbsp;&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 1.3001&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;R1 1.3099&nbsp;S2 1.2966&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;R2 1.3161&nbsp;S3 1.2903&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;R3 1.3196

Uncover the price analysis of GBP/USD as sellers target the significant resistance level at 1.3000, evaluating its influence and monitoring the upcoming UK inflation figures.

GBP/USD Analysis: Sellers Target Previous Resistance at 1.3000

GBP/USD Analysis: Cable Faces Resistance at 1.3000- 19-07-2023

<h1>EUR/USD Analysis</h1> <h2>Key Points: -</h2>&nbsp;<ul><li>The EUR/USD pair is under pressure after a sudden reversal from its peak in February 2022.</li><li>Optimistic growth in US Core Retail Sales, along with conflicting signals from the European Central Bank and a positive market sentiment, encourage Euro bulls as they reach a high not seen in several months.</li><li>Market participants are closely watching mid-tier data and various risk factors, as the US Dollar recovers from a 15-month low.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;EUR/USD stays depressed near 1.1230 during the early hours of Wednesday’s Asian session, after retreating from the highest level in 17 months the previous day. That said, the US Dollar’s corrective bounce from the multi-month low joins the mixed signals from the European Central Bank (ECB) to prod the Euro pair buyers of late. US Dollar Index (DXY) dropped to a fresh 15-month low on early Tuesday before bouncing off the 99.56 level, around 99.95 by the press time. In doing so, the greenback’s gauge versus six major currencies cheers mostly upbeat prints of the US Retail Sales, even if the headline figures eased. It should be observed, however, that the DXY has been sluggish of late, which in turn allows the EUR/USD pair to take a breather after reversing from a multi-month high. On Tuesday, US Retail Sales growth for June came in as 0.2% MoM versus 0.5% expected and prior (revised). However, the Retail Sales Control Group marked 0.6% growth versus market forecasts of -0.3% and 0.3% previous readings. It should be noted that the US Industrial Production reprinted -0.5% for June compared to analysts’ estimations of 0.0%. On the other hand, European Central Bank (ECB) Governing Council member Klaas Knot said on Tuesday, rate hikes beyond July are likely but not certain. Earlier in the week, European Union (EU) Commissioner for the Economy Paolo Gentiloni said that Eurozone inflation will be near the 2% target in 2024, rather than the ECB’s forecast for the said level for 2025. Elsewhere, the market’s risk-on mood also puts a floor under the EUR/USD price. That said, sentiment improves on the positive performance of the US banks, as well as the risk-positive headlines surrounding China, which in turn allowed the Wall Street benchmarks to refresh the yearly top. It’s worth noting, however, that the benchmark US 10-year Treasury bond yields remain pressured around 3.78% while the two-year counterpart edges higher near 4.76% at the latest. That said, the share prices of the top-tier US banks like Bank of America, Morgan Stanley and Bank of New York Mellon Corp rallied on Tuesday on news that higher interest rates had helped boost profits in the second quarter, shared via Reuters. “Signs of a revival in investment banking, which has been in the doldrums as higher rates and economic uncertainty put a damper on deals and trading, also drove share gains,” said the news. Against this backdrop, Wall Street benchmarks rallied but the US Treasury bond yields edged lower while the US Dollar Index (DXY) initially dropped to a fresh 15-month low before bouncing off 99.56 level, around 99.95 by the press time. Moving on, risk catalysts will be crucial to watch for clear directions amid a light calendar and mixed sentiment.&nbsp;<h2>Diagram of EUR/USD: -</h2> <img src="https://cdn.forexoverflow.io/images/1689741711281-rwlhxb3rd6z6hz0-eurusd2023-07-1909-55-00-1.png"> <h2>Economic Events: -</h2> <img src="https://cdn.forexoverflow.io/images/1689741726083-riltw5v4hrm9qyg-economic-event.png"> <h2>Buy Scenario: - </h2>&nbsp;On the upside, the region between 1.1245 and 1.1250, followed by the multi-month peak around the 1.1275 zone, now represent immediate resistance levels before reaching the 1.1300 round-figure mark. The next significant hurdle is situated near the 1.1335 area. If surpassed, the EUR/USD pair could aim to reclaim the 1.1400 mark and extend its climb towards the 1.1450 region, en route to the psychological level of 1.1500 or even the yearly peak of 2022, till we do not advise to buy EUR/USD currency pair.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;To the downside, the weekly low near the 1.1200 level is expected to act as immediate support. If sustained weakness occurs below this level, it could trigger a new wave of technical selling, potentially pushing the EUR/USD pair towards the 1.1145 support zone. In the event of further selling pressure, the 1.1100 round-figure mark is likely to provide strong support. However, a decisive break below this level would negate the positive short-term outlook. Till then we do not advise selling EUR/USD.&nbsp;<h2>Support and Resistance Level: -</h2> ﻿Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;S1 1.1209&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 1.1255S2 1.1184&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 1.1275S3 1.1164&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 1.1301

Explore the price analysis of EUR/USD as it exhibits a defensive outlook, remaining above the 1.1200 level following a retreat from a 17-month high on US Dollar recovery.

EUR/USD Defensive above 1.1200: US Dollar Recovery Impact

EUR/USD Price Analysis: Retracement from 17-Month High- 19-07-2023

<h1>Sliver (XAG/USD) Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp;&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver reached a new two-month high on Tuesday but did not see continued upward momentum.·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The current technical setup favors bullish traders and indicates potential for further gains in the price of silver.·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If there is a significant downward correction, it is more probable that buyers will step in and limit the extent of the decline.&nbsp;<h2>Today's Scenario: - </h2>&nbsp;Silver experienced renewed buying interest on Tuesday, leading to a climb that reached a peak surpassing the two-month mark. However, it continues to face challenges in gaining acceptance or building on the momentum above the psychologically significant level of $25.00. Nevertheless, based on the technical setup, the current indications suggest that the path of least resistance for silver is to the upside.&nbsp;The sustained breakout observed last week, breaking through the static barrier at the $24.50-$24.60 range, which also aligns with the 61.8% Fibonacci retracement level of the decline experienced between May and June, served as a fresh trigger for bullish traders. Additionally, the fact that oscillators on the daily chart remain in positive territory further validates this outlook, supporting the potential for further near-term appreciation in the XAG/USD pair.&nbsp;&nbsp;<h2>Diagram of XAG/USD (Silver): -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689676075202-qbtu96wcuj3t4p8-xagusd2023-07-1815-48-34-1.png"> <h2>Economic Events: -</h2> <img src="https://cdn.forexoverflow.io/images/1689676089537-7m17jpim70xikjy-economic-event-1.png"> <h2>Buy Scenario: - </h2>&nbsp;The upward movement in XAG/USD (silver against the US dollar) could potentially extend further towards the region of $25.50-$25.55. If the price surpasses this level, the pair might aim to reclaim the round figure of $26.00 and then challenge the year-to-date peak in the range of $26.10-$26.15, which was reached in May. Sustained buying activity would set the stage for an extension of the recent rebound from the vicinity of the $22.00 mark, which represents a three-month low reached in June. Till we did not recommend buying Silver (XAG/USD).&nbsp;<h2>Sell Scenario: - </h2>&nbsp;On the other hand, the immediate downside is protected by the resistance breakpoint at $24.50, corresponding to the 61.8% Fibonacci retracement level. If this level is breached, XAG/USD could slide towards testing the $24.00 mark. Further support levels are located near the $23.65-$23.60 area and the $23.20-$23.15 zone. A significant break below the round figure of $23.00 would invalidate the positive outlook and shift the bias in favor of bearish traders. &nbsp;Till we do not advise selling silver (XAG/USD).&nbsp;<h2>Support and Resistance Level: -</h2>﻿&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 24.65&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 24.99&nbsp;S2 24.46&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 25.14&nbsp;S3 24.31&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 25.34 &nbsp;

Dive into the price analysis of silver as XAG/USD bulls await a breakout above the significant level of $25.00, evaluating the potential for further price movement.

Silver Price Analysis: Bulls Consolidate, Eyeing $25.00 Breakout

Silver Price Analysis: XAG/USD Bulls Maintain Control 18-07-2023

<h1>WTI Crude Oil (US Oil) Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp;<ul><li>WTI crude oil is facing difficulty in gaining momentum around the $74.20 level during the Asian session on Tuesday.</li><li>The release of a weaker Chinese growth figure has sparked concerns regarding a potential economic slowdown in the country.</li><li>Crude oil prices have experienced a rise in recent weeks due to supply cuts by Saudi Arabia and a decrease in inflationary pressures in the United States.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;WTI (Western Texas Intermediate), the benchmark for US crude oil, is currently trading around the $74.20 level on Tuesday. The price of WTI has retreated from around $77 following the release of a weaker-than-expected Chinese growth figure. This has raised concerns about a potential economic slowdown in the second-largest oil consumer globally. According to the National Bureau of Statistics, the Chinese Gross Domestic Product (GDP) growth rate was reported at 6.3% annually, falling short of expectations at 7.3% and below the previous figure of 4.5%. Although the annual rate represents the fastest pace since the second quarter of 2021, it is significantly influenced by the COVID-19 lockdowns implemented in Shanghai and other major cities last year. In terms of US-China relations, John Kerry, the US climate envoy, met with China's climate diplomacy representative, Xie Zhenhua, on Tuesday, aiming to rebuild trust between the two largest economies. Oil traders will closely monitor these developments as they could provide fresh impetus to the WTI price. However, any renewed tensions between the US and China could potentially limit the upside potential for crude oil prices. On a positive note, Saudi Arabia's supply cuts and the easing inflationary pressures in the US have contributed to the recent boost in crude oil prices. Furthermore, Russian oil exports are expected to decrease by 100,000-200,000 barrels per day (bpd) next month, indicating that Moscow is fulfilling its commitment to reduce output in line with Saudi Arabia. Looking ahead, the release of July's US Retail Sales data will be of importance. Additionally, oil traders will analyze the weekly official oil inventory data published by the Energy Information Administration (EIA) on Wednesday to identify opportunities within the WTI crude oil market.&nbsp;&nbsp;<h2>Diagram of WTI Crude Oil (US Oil): -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689675374249-zjcx7g9yj917app-usoil2023-07-1815-36-32-1.png"> <h2>Economic Events: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689675389343-b4yn801bx3gjy76-economic-event-1.png"> <h2>Buy Scenario: - </h2>&nbsp;WTI crude oil is currently holding onto slight gains around $74.30, showing a 0.33% increase heading into the European session on Tuesday. This rebound comes after finding support at the 10-day moving average (DMA) and marks the first daily gain in three days.&nbsp;In addition to the support provided by the 10-DMA, the bullish signals from the Moving Average Convergence Divergence (MACD) indicator also support the positive bias surrounding the oil price.&nbsp;However, there is a notable resistance-turned-support trendline extending from late June, which currently stands around $74.40. This level acts as an immediate obstacle for further upside in the price of oil.&nbsp;If the price manages to break above the aforementioned resistance, the round figures of $75.00 and $76.00 are likely to attract buyers, followed by the 200-DMA hurdle at $76.85. Additionally, the monthly high near $77.20 also acts as a potential upside barrier.&nbsp;It is important to consider that the late April swing high around $79.20 and the psychological level of $80.00 will pose challenges for oil buyers before allowing them to take control. &nbsp;Till we do not advise to buy in WTI US oil.&nbsp;<h2>Selling Scenario: - </h2>&nbsp;On the downside, a daily close below the 10-DMA support level of approximately $74.10 would require confirmation from the psychological level of $74.00 and the 100-DMA, currently around $73.50.&nbsp;If WTI bears maintain control below $73.50, the focus will shift to June's high near $72.70 and the $70.00 level.&nbsp;In summary, WTI crude oil is expected to maintain a firmer stance, but the path to the upside presents more obstacles compared to the downside. Till we did not advise to sell WTI Crude oil.&nbsp;<h2>Support and Resistance Level: -</h2>﻿&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 73.23&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 75.44&nbsp;S2 72.40&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 76.83&nbsp;S3 71.01&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 77.66

Dive into the rebound of WTI oil from the 10-DMA, analyzing the price movement and the reversal of the previous two-day losing streak.

WTI Price Analysis: Oil Rebounds, Ending Two-Day Losing Streak

WTI Price Analysis: Oil Recovers, Snapping Two-Day Losing Streak - 18-07-2023

<h1>Gold (XAU/USD) Analysis</h1><h2>&nbsp;</h2><h2>Key Points: -</h2>&nbsp;<ul><li>The price of gold has shown upward movement, surpassing important resistance levels in the short term and ending a three-day downtrend.</li><li>Positive sentiment in the market is supported by news related to China, contributing to the rise in XAU/USD (gold price in relation to the US dollar).</li><li>The short-term movements of the gold price could be influenced by upcoming events such as US Retail Sales and Industrial Production data, which will provide guidance before the Federal Reserve (Fed) meeting in July.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;The price of gold (XAU/USD) is benefiting from the resurgence of a risk-on sentiment among traders who are reevaluating previous concerns surrounding China. Furthermore, the US Dollar's inability to sustain its recovery from late Friday, coupled with lackluster data, has added strength to the sentiment and supported the price of XAU/USD, pushing it towards reclaiming the $2,000 mark.In addition to the new factors indicating China's ability to defend its economic growth, headlines suggesting an improvement in US-China relations are also contributing to cautious optimism in the market. Furthermore, despite the positive consumer-centric figures observed on Friday, the US NY Empire State Manufacturing Index failed to inspire confidence among US Dollar bulls.Moreover, the expectation of further stimulus measures from China and challenges for restrictive monetary policies are also supporting the firmer stance of the gold price.Looking ahead, the US Retail Sales and Industrial Production data for June will play a crucial role in shaping the Federal Reserve's rate hike trajectory beyond July. These data releases will also provide insights into the potential movements of the gold price.&nbsp;<h2>Diagram of XAU/USD (Gold): -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689674502353-3xg6nockhwa4kh7-xauusd2023-07-1815-23-38-1.png">&nbsp;<h2>Economic Events: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689674526383-qhybvq2z6rl86nh-economic-event-1.png"> <h2>Buy Scenario: - </h2><h2>&nbsp;</h2>According to our Technical Confluence Indicator, the Gold Price has recently surpassed significant resistance levels, indicating a smoother path towards the upside compared to potential obstacles in other directions.&nbsp;Currently, there is a convergence of the previous weekly high and the upper band of the Bollinger on the four-hour chart, which signifies immediate resistance around the $1,965 mark.&nbsp;Subsequently, the Pivot Point one-month R1 level could act as a catalyst for XAU/USD bulls around $1,975 before guiding them towards the resistance confluence at $1,985, which includes the previous monthly high. &nbsp;Till we did not advise to buy XAU/USD.&nbsp;<h2>Selling Scenario: - </h2>&nbsp;On the downside, the Gold Price faces immediate support near the 50-day moving average (DMA) level, which is approximately $1,951.&nbsp;Close to that level, there is a convergence of the Fibonacci 61.8% on the one-month timeframe and the 23.6% on the one-day timeframe, located near $1,950.&nbsp;It's important to note that the XAU/USD bulls have their final line of defense around the Fibonacci 38.2% on the one-week chart, situated near $1,945. We do not advise selling XAU/USD.&nbsp;<h2>Support and Resistance Level: -</h2>﻿&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 1947.34&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 1961.41&nbsp;S2 1939.56&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 1967.70&nbsp;S3 1933.27&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 1975.48&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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Gain insights into the gold price forecast as XAU/USD shows increasing upside potential, with a focus on the anticipation of upcoming US data and its impact on the market.

Gold Price Forecast: XAU/USD Upside Potential Gains Momentum

Gold Price Forecast: XAU/USD Upside Potential Amid US Data Anticipation-  18-07-2023

<h1>US Doller Index Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp;<ul><li>The US Dollar Index experienced a slight decline after rebounding from its 15-month low on Friday, exhibiting sluggishness in recent times.</li><li>The cautious optimism surrounding Monday's US data has put pressure on the DXY (US Dollar Index) due to the pre-FOMC blackout period.</li><li>The news from China and the upcoming US Retail Sales report have the potential to arouse the interest of the bulls of the US Dollar Index, especially considering its multi-month low position.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;The US Dollar Index (DXY) continues to face downward pressure around 99.85, marking a fresh intraday low. Consequently, the greenback's gauge against six major currencies shows slight losses during the early hours of Tuesday, following an unsuccessful attempt to extend the corrective rebound observed on Friday from its lowest level since April 2022. The DXY's decline can be attributed to a combination of factors. Firstly, Monday's underwhelming US data, coupled with concerns over China's economic recovery and the anticipation of no significant hawkish moves from the Federal Reserve (Fed) following last week's disappointing US inflation figures, have contributed to the downward pressure on the DXY amid mixed concerns. In addition, Wall Street closed with marginal gains, and US Treasury bond yields experienced a slight decrease, further weighing on the US Dollar Index (DXY). Furthermore, the New York (NY) Empire State Manufacturing Index for July declined to 1.1 from the previous reading of 6.6, falling short of market expectations of 0.0. Initially, this data failed to inspire DXY sellers but eventually weighed on the index, challenging Friday's recovery supported by positive readings of the University of Michigan's (UoM) Consumer Sentiment Index and consumer inflation expectations for the same month. Elsewhere, China's Gross Domestic Product (GDP) for the second quarter of 2023 confirmed the market's concerns regarding the slowdown in the recovery of the world's largest industrial and second-largest economy. Mixed updates on the US-China relationship also contributed to supporting the DXY. On Monday, US Treasury Secretary Janet Yellen mentioned in a Bloomberg interview that the US is carefully examining outbound investment controls on China, with a specific focus on certain sectors. However, Yellen clarified that these controls would not have a broad impact on the investment climate in China. Over the weekend, Yellen spoke at a meeting of Group of 20 (G20) finance ministers and central bankers in India, expressing eagerness to build upon the progress made in Beijing and mobilize further action. Consequently, the US-China tension remains in the spotlight, although the level of pessimism appears to be slow and mixed. In summary, the DXY is burdened by market concerns about the dovish stance of the Fed, despite the positive consumer-centric figures observed on Friday. The upcoming US Retail Sales data for June, expected to increase by 0.5% compared to the previous 0.3%, will be crucial in providing clear indications for the DXY's direction. Additionally, the US Industrial Production data for June, anticipated to be -0.1% versus the previous -0.2%, along with US-China headlines and movements in the bond market as Japan returns from an extended weekend, will be important factors to monitor. <h2>Diagram of US Dollar Index (DXY): -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689673887513-rvmmvizhzdr971a-dxy2023-07-1815-08-23-1.png"> <h2>Economic Events : -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689673903299-pv84r16bbvzhqy3-economic-event-1.png">&nbsp;<h2>Buy Scenario: - </h2>&nbsp;On the upside if the price begins to rise, it could encounter resistance at 100.84, which is identified as pullback resistance. Additionally, the 2nd resistance level at 101.99, characterized as an overlap resistance, might present further obstacles to upward price movements. These resistance levels could elicit a selling response and impede the price from advancing further.&nbsp;It's important to note that the analysis provided is based on the current chart pattern and historical price levels. Market conditions and other factors can impact the actual price movement, so careful monitoring and analysis are necessary to make informed trading decisions. Till we do not advise to buy US Dollar Index.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;The current chart of the DXY (US Dollar Index) indicates a bearish momentum, suggesting a potential continuation of the price's downward movement towards the 1st support level.&nbsp;The 1st support level is situated at 99.42, which is considered as a significant support area. If the price breaches this level, it may continue its bearish trajectory towards the 2nd support level at 97.72, which is also recognized as a notable support region. These support levels represent crucial zones where buying interest could surpass selling pressure, potentially resulting in a price rebound. &nbsp;Till we do not advise to sell in US Dollar Index&nbsp;<h2>Support and Resistance Level: -</h2>﻿&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 99.71&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 100.14&nbsp;S2 99.52&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 100.37&nbsp;S3 99.28&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 100.57&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Explore the current state of the US Dollar Index (DXY) as bearish forces assert dominance, pushing the index below the 100.00 level, while anticipating US Retail Sales.

US Dollar Index Analysis: Bearish Momentum Below 100.00

US Dollar Index Bears Weigh In Below 100.00 Ahead of Retail Sales- 18-07-2023

<h1>USD/CHF Analysis</h1>&nbsp;<h2>Key Points: -</h2> ·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the early Asian session, the USD/CHF pair is consolidating around the 0.8600 level as market participants await key data releases from the United States.·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The US Dollar (USD) is facing limitations in terms of a significant rebound due to the Federal Reserve's (Fed) expected softening of its hawkish stance. This has resulted in a downward pressure on the USD.·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Later this week, the Swiss Franc (CHF) could be influenced by the release of June's Swiss Trade data, which could potentially act as a key driver for the currency. <h2>Today's Scenario: - </h2>&nbsp;The USD/CHF pair is retreating from its recent high at 0.8630 and is currently hovering around the 0.8600 level during Tuesday's Asian session. This pullback comes after the pair rebounded from a multi-year low following Monday's positive US Empire manufacturing survey. The Federal Reserve Bank of New York reported that the US Empire manufacturing survey of general business conditions index for July fell from -5.5 to 1.1, surpassing the market consensus of -3.5. This resulted in a modest gain for the US Dollar. However, any significant rebound of the USD from its lowest level since April 2022 is expected to be limited as market participants anticipate that the Federal Reserve (Fed) is approaching the end of its policy tightening cycle. Given the cautious sentiment in the market ahead of the release of US Retail Sales data, the safe-haven Swiss Franc may benefit. A weaker-than-expected figure from the US Retail Sales report could restrict the upside potential for the US Dollar and act as a headwind for the USD/CHF pair.&nbsp;<h2>Diagram of USD/CHF: -</h2><h2> </h2><h2><img src="https://cdn.forexoverflow.io/images/1689672949995-rk5wml1bl5pim0q-usdchf2023-07-1814-56-07-1.png">&nbsp;</h2> <h2>Economic Events : -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689672967049-g6goq1yzzyaaa4e-economic-event-1.png"> <h2>Buy Scenario: - </h2>&nbsp;From a daily chart perspective, the USD/CHF pair continues to show a downtrend, with sellers targeting a potential drop below the year-to-date (YTD) low, potentially leading to a new eight-year low below 0.8300. The Relative Strength Index (RSI) is in bearish territory but has flattened out after reaching an overbought extreme level at 21.42. The three-day Rate of Change (RoC) has also turned neutral, indicating a fading of selling pressure and the possibility of a correction.&nbsp;In the event of a correction, the USD/CHF pair would face its first resistance at the psychological level of 0.8700, followed by key Fibonacci (Fibo) resistance levels at 38.2% and 50%, located at 0.8730 and 0.8780, respectively. If those levels are surpassed, the next level to watch would be the 0.8800 mark.&nbsp;Till we do not advise to buy USD/CHF.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;On the downside, the first support for the USD/CHF pair is located at 0.8600, followed by the YTD low at 0.8566 and the psychological level of 0.8500. Till we do not advise to sell USD/CHF.&nbsp;<h2>Support and Resistance Level: -</h2>﻿&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 0.8579&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 0.8632&nbsp;S2 0.8553&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 0.8657&nbsp;S3 0.8527&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 0.8684&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Uncover the price analysis of USD/CHF as sellers face obstacles in printing eight-year lows near the 0.8300 level, delving into the factors influencing the pair.

USD/CHF Price Analysis: Sellers Face Resistance at Eight-Year Lows

USD/CHF Stagnates with Sellers Unable to Reach Eight-Year Lows- 18-07-2023

<h1>NZD/USD Analysis</h1>&nbsp;<h2>Key Points: -</h2> <ul><li>During the Asian session on Tuesday, the NZD/USD pair slightly increases in value, although it lacks strong follow-through.</li><li>The US Dollar (USD) is being undermined by speculations that the Federal Reserve (Fed) will soon conclude its cycle of interest rate hikes, which has provided support to the New Zealand Dollar (NZD).</li><li>Furthermore, the positive risk sentiment prevailing in the market contributes to the weakening of the safe-haven status of the US Dollar. </li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp; The NZD/USD pair successfully defends the 0.6300 level and experiences some buying pressure during the Asian session on Tuesday. It has halted its retracement from levels above the 0.6400 round figure, which was the highest since early February last week. The current spot prices are trading just below the mid-0.6200s, showing an increase of nearly 0.30% for the day. The pair is receiving support from a slight decline in the US Dollar (USD).&nbsp;The USD Index (DXY), which measures the Greenback against a basket of currencies, remains close to a 15-month low reached last Friday. It continues to be weakened by growing expectations of a less hawkish stance from the Federal Reserve (Fed). Investors now believe that the US central bank is nearing the end of its tightening cycle and have reduced the likelihood of any further interest rate hikes this year, following the anticipated 25 basis points increase in July. This has led to a recent decline in US Treasury bond yields and puts USD bulls on the defensive.&nbsp;Additionally, the overall positive risk sentiment in the market is weighing on the safe-haven status of the USD and providing some support to the risk-sensitive New Zealand Dollar (NZD). However, the weaker Chinese GDP figures released on Monday have raised concerns about a global economic slowdown, which may limit optimism in the markets. Furthermore, the expectation that the Fed may adhere to its forecast of a 50 basis points rate hike this year could prevent traders from taking aggressive bearish positions on the USD. Consequently, any significant upward movement for the NZD/USD pair may be limited.&nbsp;Market participants are now focusing on the US economic calendar, which includes the release of monthly Retail Sales and Industrial Production data during the early North American session. These releases, along with US bond yields and overall risk sentiment, may influence the USD and provide some momentum for the NZD/USD pair. Considering the current fundamental backdrop, it would be prudent to await further buying activity before confirming that the recent pullback from multi-month highs has concluded, and considering new bullish positions on the pair.&nbsp;&nbsp;<h2>Diagram of NZD/USD: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689672235807-6e9b414fniz02y8-nzdusd2023-07-1814-40-29-1.png">&nbsp;<h2>Economic Events: -</h2>&nbsp; <img src="https://cdn.forexoverflow.io/images/1689672260728-mxoznx3yd6hwomi-economic-event-1.png"> <h2>Buy Scenario: - </h2>&nbsp;On the upside, the 1st resistance level is positioned at 0.6410, characterized by swing high resistance. This level could act as an obstacle, resulting in selling pressure. If the price manages to surpass this resistance, it may target the 2nd resistance level at 0.6456, known as a pullback resistance. Till we do not advise to buy NZD/USD.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;The NZD/USD pair currently demonstrates a bullish trend. In this scenario, it has the potential to experience a bullish rebound from the 1st support level and proceed towards the 1st resistance level.&nbsp;The 1st support level is located at 0.6317, which is identified as an overlap support and coincides with the 38.20% Fibonacci retracement level. If the price retraces to this level, there is likely to be a significant amount of buying interest, which could propel the price higher. However, if the 1st support level is breached, the price may further decline towards the 2nd support level at 0.6240. This level is recognized as a pullback support and aligns with the 50% Fibonacci retracement level. Till we do not advise to sell NZD/USD.<h2>&nbsp;</h2><h2>Support and Resistance Level: -</h2>﻿&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 0.6298&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 0.6360&nbsp;S2 0.6272&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 0.6396&nbsp;S3 0.6236&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 0.6422

Explore the analysis of NZD/USD as bulls set their sights on breaking the significant trendline resistance, providing an overview of potential price developments.

NZD/USD Analysis: Bulls Target Breakout of Trendline Resistance

NZD/USD Price Analysis: Bulls Aim for Break of Trendline Resistance- 18-07-2023.

<h1>USD/CAD Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp;·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The USD/CAD pair is experiencing a loss of momentum near the 1.3180 level during the Asian session.·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The US Dollar (USD) is currently under pressure as a result of a less hawkish stance from the Federal Reserve (Fed). ·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crude oil prices have reversed their previous pullback on Monday, which has provided a boost to the commodity-linked Canadian Dollar (CAD), also known as the Loonie.&nbsp;<h2>Today's Scenario: - </h2>&nbsp;The USD/CAD pair is facing challenges in gaining momentum on Tuesday, as the US Dollar continues to be sold off. Currently, the pair is trading around 1.3185, representing a 0.09% decline for the day. The New York Federal Reserve Bank reported a drop in the NY Empire State Manufacturing Index from -5.5 to 1.1 on Monday, which was above expectations of -3.5. The US Dollar remains under pressure due to cautious optimism in the market, as investors anticipate a less hawkish stance from the Federal Reserve (Fed) regarding monetary policy tightening. Although an interest rate hike is expected in the July 26 meeting, the Fed's overall tone has contributed to a decline in US Treasury bond yields and a defensive stance among USD bulls. Conversely, crude oil has reversed its previous pullback on Monday, which has provided support for the commodity-linked Canadian Dollar (CAD). Additionally, broader market sentiment may also impact the demand for the US Dollar and potentially offer some momentum to the USD/CAD pair in upcoming sessions. Looking ahead, market participants will closely monitor the release of the Canadian Consumer Price Index (CPI) MoM data and the US Retail Sales figures later in the day. As the Fed has entered its blackout period ahead of the July 25-26 meeting, investors will analyze the data to determine a clear direction for the USD/CAD pair. <h2>&nbsp;Diagram of USD/CAD: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689669120064-nbathjxtrzuo1dh-usdcad2023-07-1813-45-27-1.png">&nbsp;<h2>Economic Events: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689669137134-q2ixuf0fzjgj9f1-economic-event-1.png"> <h2>Buy Scenario: - </h2>&nbsp;On the upside, a break above the 21-DMA resistance near 1.3225 could propel the USD/CAD pair towards a downward-sloping resistance line originating from May 31, which is close to 1.3285. Subsequently, the convergence of the 50-DMA and 50% Fibonacci retracement, around 1.3350, will be crucial to monitor as it could determine whether the USD/CAD bulls regain control.&nbsp;From a fundamental perspective, it will be important to closely watch Canada's headline Consumer Price Index (CPI), Bank of Canada CPI, and the US Retail Sales data for June as they may provide clear indications for the direction of the USD/CAD pair. Till we do not advise to buy USD/CAD.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;USD/CAD pair is displaying typical pre-data inaction as it hovers around the 1.3200 level. The pair is currently trading near the 61.8% Fibonacci retracement of its August-October upside and remains within a bearish trend channel that has been in place for the past four months. The failure to surpass the 21-day moving average (DMA) resistance, located around 1.3225 at the moment, coupled with the steady Relative Strength Index (RSI) (14), suggests that the USD/CAD prices may continue to grind lower. However, breaking below the bottom line of the descending channel, around 1.3100, may prove to be a challenging task for the bears. If the price does decline below 1.3100, the psychological level of 1.3000 and the 78.6% Fibonacci retracement near 1.2990 could attract further selling pressure. &nbsp;Till we do not advise to sell USD/CAD.&nbsp;<h2>Support and Resistance Level: -</h2> &nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 1.3163&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 1.3234&nbsp;S2 1.3126&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 1.3269&nbsp;S3 1.3091&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 1.3306

Explore the analysis of USD/CAD as it trades indecisively in the vicinity of 1.3200, taking into account the forthcoming Canada inflation and US Retail Sales data.

USD/CAD Indecisive Trading: Preparing for Key Economic Data

USD/CAD Indecisive Trading: Preparing for Key Economic Data 18-07-2023

<h1>AUD/USD Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp;<ul><li>The AUD/USD pair is trading in a sideways manner, consistently remaining above the 0.6800 level as investors eagerly anticipate the release of US Retail Sales data.</li><li>Despite the Reserve Bank of Australia (RBA) minutes stating the need for further interest rate hikes, the Australian Dollar (AUD) has struggled to gain momentum and find significant market activity.</li><li>S&amp;P500 futures have recorded minor losses in Asia, reflecting a sense of caution and hesitation among market participants.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;The AUD/USD pair remains in a sideways pattern above the key support level of 0.6800 during the Tokyo session. Despite the Reserve Bank of Australia (RBA) minutes stating the need for further interest rate hikes, the Australian Dollar (AUD) has struggled to gain momentum and attract significant market activity.&nbsp;During the RBA's monetary policy meeting in July, policymakers leaned towards a positive outlook for the Australian economy and decided to keep interest rates unchanged. However, weak consumer spending and a GDP growth rate of approximately 0.2% in the second quarter indicated the consequences of the aggressive policy tightening measures.&nbsp;It's important to note that there is a notable divergence between the interest rate hikes implemented by the RBA and those of other developed economies, providing room for potential future rate increases. Investors will closely watch Australia's Employment data, which is scheduled for release on Thursday at 01:30 GMT. The consensus forecast suggests a smaller addition of payrolls at 17,000, significantly lower than the previous release of 75,900. The Unemployment Rate is expected to remain stable at 3.6%. In the Asian market, S&amp;P500 futures have posted minor losses, reflecting caution among market participants. US equities experienced decent gains on Monday as investors hope that the Federal Reserve (Fed) has limited options for further interest rate hikes to control inflation.&nbsp;The US Dollar Index (DXY) has retraced near its crucial support level of 99.75 after failing to sustain its position above the psychological resistance level of 100.00. The upcoming United States Retail Sales data for June, scheduled to be published at 12:30 GMT, will likely trigger further movement in the US Dollar Index.&nbsp;&nbsp;<h2>Diagram of AUD/USD: -</h2>&nbsp; <img src="https://cdn.forexoverflow.io/images/1689667768638-4467d11qp60xc9r-audusd2023-07-1813-15-25-1.png"> <h2>Economic Events: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689667788013-jyzmqj4fwzm6r1p-economic-event-1.png"> <h2>Buy Scenario: - </h2>&nbsp;On the upside, the first resistance level is positioned at 0.6900, which is a significant resistance level based on previous price swings. This level may act as a barrier, causing the price to encounter selling pressure. If the price successfully breaks above this resistance, it could target the second resistance level at 0.6982. This level is also noteworthy as it aligns with the 61.80% Fibonacci projection. Till we do not advise to buy AUD/USD.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;The AUD/USD pair is currently exhibiting a bullish momentum. In this scenario, there is potential for the pair to experience a bullish bounce off the first support level and move towards the first resistance level. The first support level is located at 0.6794, which is considered an overlap support and coincides with the 38.20% Fibonacci retracement level. If the price retreats to this level, it is expected to encounter strong buying interest, leading to a potential upward movement. However, if the first support level is breached, the price may further decline towards the second support level at 0.6718. This level is identified as a pullback support and aligns with the 61.80% Fibonacci retracement level.&nbsp;Till we do not advise to sell AUD/USD.&nbsp;<h2>Support and Resistance Level: -</h2> &nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 0.6785&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 0.6851&nbsp;S2 0.6753&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 0.6885&nbsp;S3 0.6718&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 0.6917&nbsp;&nbsp;&nbsp;

Explore the price analysis of AUD/USD as it maintains a sideways consolidation pattern above the 0.6800 level, despite the RBA's preference for additional policy measures.

AUD/USD Analysis: Sideways Trading above 0.6800

AUD/USD Price Analysis: Consolidation Phase above 0.6800- 18-07-2023

GBP/JPY Analysis&nbsp;Key Points: - <ul><li>The GBP/JPY pair is experiencing slight losses, trading around the 181.40 level.</li><li>The limited upside potential for the Japanese Yen (JPY) can be attributed to soft data coming out of China, which has had an impact on market sentiment.</li><li>Traders are keeping a close eye on Japan's Trade Balance Data, scheduled to be released on Thursday, as well as England's Consumer Price Index (CPI) figures, which are due on Tuesday.</li></ul>&nbsp;&nbsp;Today's Scenario: - &nbsp;The GBP/JPY pair is currently trading around 181.40, having recorded gains over the past two days. The Japanese Yen (JPY) faces limited upside potential due to weak Gross Domestic Product (GDP) data from the second quarter and mixed Retail Sales figures from China, which may continue to weigh on the Japanese economy. Market participants are eagerly awaiting inflation data from the UK, scheduled for release on Tuesday. Recently, there have been speculations in the market regarding a potential change in the Bank of Japan's (BoJ) Yield Curve Control (YCC) policy, driven by increasing local wages. However, no official indications have been provided by BoJ officials yet. With soft economic data emerging from China, investors will shift their focus to Japan's Trade Balance data for June to further evaluate the possibility of a shift in the BoJ's ultra-dovish monetary policy stance. On the other hand, Tuesday's highlight will be the release of inflation data from the UK. The Consumer Price Index (CPI) for June is expected to show a decline to 8.2% YoY from the previous reading of 8.7%, while the Core CPI is predicted to remain unchanged at 7.1% YoY. Expectations for a tightening of monetary policy by the Bank of England (BoE) remain steady, with the World Interest Rate Probabilities (WIRP) tool indicating that a 50 basis points (bps) hike is already largely priced in for the August 3rd meeting, followed by additional 25 bps hikes in September, November, and early 2024. Considering these factors, the divergence in monetary policies between the BoE and the BoJ may continue to favor the British Pound (GBP) over the Japanese Yen (JPY)&nbsp;Diagram of GBP/JPY: -&nbsp;<img src="https://cdn.forexoverflow.io/images/1689664942304-fm27yn5k061er5v-gbpjpy2023-07-1812-39-06-1.png"> Economic Events: -&nbsp;<img src="https://cdn.forexoverflow.io/images/1689664957980-uhuoc7ujdgfapiz-economic-event-1.png">&nbsp;Buy Scenario: - &nbsp;On the upside, if the GBP/JPY pair manages to clear the resistance hurdle at 182.40, it could target the yearly high around the 184.00 resistance level. Further bullish momentum may encounter resistance near the July 2015 low around 185.00, potentially paving the way for a test of the 190.00 threshold. Till we do not advise to buy GBP/JPY.&nbsp;Sell Scenario: - &nbsp;The GBP/JPY pair is experiencing fluctuations around the 181.30-40 level as it struggles to recover from its losses at the beginning of the week and fade the rebound observed in the previous week. This reflects the market's uncertainty and indecision ahead of important high-impact data from the UK.&nbsp;Despite the recovery from an upward-sloping trend line originating from May 11, the GBP/JPY pair has been unable to surpass the key resistance zone around 182.15-40, which has been in place for about a month. This failure, coupled with an impending bearish crossover on the MACD indicator and the stable RSI (14) line, is attracting sellers to attempt another break of the multi-day support line located near 180.30.&nbsp;However, before sellers can gain control, they may face obstacles in the form of the psychological level of 180.00 and the 200-day Simple Moving Average (SMA) around 179.90. Additionally, the monthly low near 179.45 may act as a downside barrier.&nbsp;Till we do not advise to sell GBP/JPY.&nbsp;Support and Resistance Level: - Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;S1 180.57&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;R1 182.14S2 179.79&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;R2 182.93S3 178.99&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;R3 183.71&nbsp;

Uncover the price analysis of GBP/JPY as it enters a consolidation phase with a bullish sentiment prevailing above the 181.00 level, influencing market expectations.

GBP/JPY Price Analysis: Consolidation Phase with Bullish Sentiment

GBP/JPY Price Analysis: Consolidation Phase with Bullish Sentiment -  18-07-2023

<h1>USD/JPY Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp;<ul><li>The USD/JPY pair is hovering near its intraday low and continues to face pressure for the second consecutive day after rebounding from a two-month low.</li><li>Traders in Tokyo have been unable to generate significant momentum despite returning from a long weekend.</li><li>Market conditions are sluggish, and there are mixed concerns regarding the divergence between the Bank of Japan (BoJ) and the Federal Reserve (Fed), which contributes to uncertainty in the pricing of the Japanese Yen.</li><li>The cautious mood in the market, along with the retreat of the US Dollar, is attracting sellers as they await the release of US data.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;The USD/JPY pair remains near its intraday low, hovering around 138.50 during early Tuesday morning in Europe. This indicates a continuation of the pair's decline after a corrective bounce from a two-month low on the previous Friday. Market conditions are sluggish, and the return of Japanese traders from a holiday has failed to inject volatility into the market. Traders are now awaiting the release of US Retail Sales and Industrial Production data for June, resulting in mixed sentiments. The recent weakness in the risk-sensitive USD/JPY pair reflects the market's cautious optimism as concerns over US-China tensions recede following Washington's efforts to rebuild relations with Beijing through frequent visits. Additionally, mixed concerns surrounding the next moves of global central bankers, particularly with the anticipated Fed rate hike in July, are influencing traders of the USD/JPY pair. It is noteworthy that policymakers at the Bank of Japan (BoJ) continue to advocate for maintaining the easy-money policy, despite market expectations of an exit from ultra-low interest rates and moderation of the Yield Curve Control (YCC) policy. On another note, concerns raised by the hawkish tone of the Fed on Friday were short-lived as the US data from the previous day failed to support the optimism surrounding the world's largest economy, despite positive consumer-centric figures. The New York Empire State Manufacturing Index for July decreased to 1.1 from the previous reading of 6.6, falling short of market expectations of 0.0. Initially, this data did not inspire sellers of the US Dollar Index (DXY), but it eventually reversed Friday's recovery. However, the positive prints of the University of Michigan's Consumer Sentiment Index and consumer inflation expectations for July provided some support. The market sentiment is currently sluggish, which is limiting immediate movements in the USD/JPY pair. Reflecting this sentiment, S&amp;P500 Futures are trading near their highest level since April 2022, down 0.10% intraday around 4,565. The US 10-year and two-year Treasury bond yields are experiencing mild losses, hovering around 3.80% and 4.73% respectively. The US Dollar Index (DXY) remains under pressure due to cautious optimism and the impact of Monday's disappointing data, while commodities and currencies like the Antipodeans show modest gains. Moving forward, the release of US Retail Sales data for June, expected to show a rise of 0.5% compared to the previous reading of 0.3%, will be crucial in determining the direction of the USD/JPY pair. Additionally, the US Industrial Production data for June, expected to decline by 0.1% compared to the previous reading of -0.2%, along with US-China headlines and bond market movements, will be important factors to watch as Japan returns from a long weekend. <h2>&nbsp;Diagram of USD/JPY: -&nbsp;</h2> <img src="https://cdn.forexoverflow.io/images/1689663523509-yqq27p9i7t27z07-usdjpy2023-07-1812-03-13-1.png"> <h2>Economic Events: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689663538203-cn8qxdq6p3w2hgi-economic-event-1.png"> <h2>Buy Scenario: - </h2>&nbsp;if the price starts to rise, it may encounter resistance at 138.72, which is identified as an overlap resistance level. Additionally, the second resistance level is located at 140.92, representing another area of overlap resistance. These resistance levels could act as barriers where the price may face selling pressure, causing it to stall or reverse its upward movement.It's important to note that these support and resistance levels are crucial reference points for traders as they assess potential buying and selling opportunities in the USD/JPY pair. Till we did not advise to buy in USD/JPY.<h2>&nbsp;</h2><h2>Sell Scenario: - </h2>&nbsp;The USD/JPY currency pair is currently showing a bearish momentum after breaking below an ascending support line. This breakdown suggests that the price is likely to continue moving downwards, potentially targeting the first support level.&nbsp;The first support level is located at 137.94 and is considered significant as it represents an area of overlap support and aligns with the 50% Fibonacci projection. This zone is important as it could provide a potential bounce for the price. If the support holds, the price may reverse its downward movement. &nbsp;However, if the support level is breached, the price could further decline towards the second support level at 135.11. This level is also an overlap support but corresponds to the 61.80% Fibonacci retracement. It is another critical area where buying pressure may outweigh selling pressure, potentially leading to a reversal in the price. Till we did not advise to sell the position in USD/JPY.&nbsp;<h2>Support and Resistance Level: -</h2>﻿Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;S1 138.00&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;R1 139.42S2 137.29&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;R2 140.12S3 136.59&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;R3 140.83&nbsp;&nbsp;

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Explore the movement of USD/JPY as it reflects sluggish yields and clings to mild losses below 139.00, analyzing the implications for the currency market.

USD/JPY Analysis: Mild Losses below 139.00, Sluggish Yields

USD/JPY Traces Sluggish Yields: Mild Losses below 139.00 as on 18-07-2023.

<h1>GBP/USD Analysis</h1>&nbsp;<h2>Key Points</h2>&nbsp;<ul><li>Prior to the release of US Retail Sales data, GBP/USD is hovering around the 1.3070 level.</li><li>Market participants are expecting the Bank of England (BoE) to raise its interest rates by 50 basis points (bps) in August.</li><li>The US Dollar shows slight gains, influenced by weaker Chinese economic growth figures and a positive US Empire manufacturing survey.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;During the early Asian session on Tuesday, the GBP/USD pair remains within a narrow range as market sentiment turns cautious ahead of the upcoming releases of US Retail Sales and the UK Consumer Price Index (CPI). Currently, the pair is trading around 1.3072, showing a slight decline of 0.01% for the day. On Wednesday, the UK will release the Consumer Price Index (CPI) for June. It is expected that the YoY CPI will be 8.2%, lower than the 8.7% recorded in May, while the core CPI is anticipated to remain unchanged at 7.1% compared to May. Market participants have high expectations that the Bank of England (BoE) will raise interest rates by 50 basis points (bps) in August. However, concerns arise about the potential negative impact of the BoE's aggressive tightening policy on Britain's economic outlook as it aims to control inflation and meet its target. Conversely, the US Dollar Index, which measures the Greenback against a basket of six major currencies, has seen modest gains. This can be attributed to weaker Chinese Gross Domestic Product (GDP) data for the second quarter and the positive US Empire State Manufacturing Index for July. The Federal Reserve Bank of New York reported on Monday that the NY Empire State Manufacturing Index declined to 1.1 from -5.5, surpassing expectations of -3.5.Looking ahead, market participants will closely monitor the US Retail Sales data, which is expected to show a 0.5% increase compared to the previous reading of 0.3%. However, the primary focus will be on Wednesday's release of the UK Consumer Price Index (CPI). This figure will significantly impact the GBP/USD pair and help determine its future direction.&nbsp;&nbsp;<h2>Diagram of GBP/USD: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689661481517-yb7936w0qaiqy9n-gbpusd2023-07-1811-09-02-1.png">&nbsp;<h2>Economic Events: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689661496429-05foklfbx3apuh0-economic-event-1.png"> <h2>Buy Scenario: - </h2>&nbsp;On the upside, bullish traders may wait for sustained strength above the 1.3100 mark before considering significant intraday upward moves. If momentum builds, the GBP/USD pair could advance towards the 1.3140 region, which represents the multi-month peak. Further buying pressure may lead to a move towards reclaiming the 1.3200 level. If the upward momentum persists, the pair could target the intermediate hurdle between 1.3250 and 1.3260, and potentially extend gains towards the 1.3300 level. Till we do not advise to buy GBP/USD.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;the downside for the GBP/USD pair is supported by expectations that the Bank of England (BoE) will pursue a more aggressive approach in tightening its monetary policy to address persistent inflationary pressures. Therefore, market focus remains on the upcoming release of the UK consumer inflation figures, scheduled for Wednesday, as they are expected to impact the British Pound (GBP) and provide further direction for the pair. In the short term, traders will also closely monitor the US monthly Retail Sales data for potential trading opportunities on Tuesday.&nbsp;From a technical standpoint, the breakout above a resistance level formed by the upper boundary of a nearly one-month ascending channel last week has been considered a bullish trigger. However, the Relative Strength Index (RSI) on the daily chart indicates slightly overbought conditions, which may limit further gains for the GBP/USD pair. Nevertheless, the fundamental backdrop appears to favor bullish traders, suggesting that any significant pullback could be seen as a buying opportunity.&nbsp;Immediate support for the pair is found around the 1.3050 area, followed by the psychological level of 1.3000. A decisive break below 1.3000 could trigger technical selling, potentially leading to a decline toward the next relevant support near the 1.2930 horizontal zone. However, any subsequent decline is likely to attract buyers near the 1.2900 level, limiting further losses. The 1.2850 horizontal resistance breakpoint is expected to act as a strong support level and a key pivot point for short-term traders. Till then we do not advise selling GBP/USD.&nbsp;<h2>Support and Resistance Level: -</h2>&nbsp;&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 1.3046&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;R1 1.3105&nbsp;S2 1.3020&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;R2 1.3136&nbsp;S3 1.2988&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;R3 1.3163&nbsp;

Uncover the price analysis of GBP/USD as it registers modest intraday gains below 1.3100, highlighting the persistent bullish bias in the market.

GBP/USD Trades with Modest Intraday Gains: Bullish Bias Remains

GBP/USD Price Analysis: Bullish Bias Holds amid Intraday Gains as on 18-07-2023

<h1>EUR/USD Analysis</h1> <h2>Key Points: -</h2>&nbsp;<ul><li>The EUR/USD pair experiences a slight upward movement due to hawkish signals from the European Central Bank (ECB) and the retreat of the US Dollar.</li><li>In September, the ECB's Nagel highlights the persistence of inflation, favoring a potential interest rate hike. Additionally, the ECB's Vasle emphasizes the strength and resilience of core inflation.</li><li>The US Dollar bulls face mixed sentiment and unimpressive US data ahead of the release of US Retail Sales figures.</li><li>While struggling to surpass a significant resistance level, the bulls closely monitor the ECB's discussions and also keep an eye on second-tier US data for clearer market directions.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;EUR/USD buyers continue to test the resistance level at 1.1250 for the third consecutive day during Tuesday's early Asian session. This keeps the currency pair near its highest levels since February 2022. The strength of the Euro can be attributed to the tightening stance of the European Central Bank (ECB) and the fall of the US Dollar. However, there is a cautious sentiment in the market ahead of today's important US Retail Sales data for June, contributing to a mixed mood among buyers of the major currency pair. Yesterday, ECB policymaker Boštjan Vasle expressed the view that policy tightening should be continued in the next meeting. He emphasized the resilience and high core inflation, favoring a more hawkish approach. ECB policymaker and Bundesbank Chief Joachim Nagel echoed a similar sentiment, stating that he expects the ECB to raise interest rates by 25 basis points later this month. He also highlighted the persistent nature of core inflation in the Eurozone. However, he mentioned that the decision for the September meeting will depend on the incoming data. It is important to note that concerns about Germany's recession and the recent slowdown in China's economic recovery are impacting Euro buyers. Despite unimpressive domestic data, the US Dollar is finding some support. Yesterday, the New York Empire State Manufacturing Index for July declined to 1.1 from a previous reading of 6.6, below the market forecast of 0.0. Initially, this data did not have a significant impact on the US Dollar Index (DXY) sellers, but it later weighed on the DXY, which had seen a recovery based on positive readings from the University of Michigan's Consumer Sentiment Index and consumer inflation expectations for the same month. Furthermore, the resurfacing tensions between the US and China and the market's consolidation ahead of the Federal Open Market Committee (FOMC) Monetary Policy Meeting in late July are also supporting the EUR/USD bulls. In this scenario, Wall Street closed with minor gains, while US Treasury bond yields remained under pressure. Looking to break the key resistance level, focus will shift to US retail sales data for June, which is expected to rise by 0.5% compared to the previous reading of 0.3%. Additionally, the outcome of the ECB talks and the US Industrial Production data for June, expected to show a decline of 0.1% compared to the previous reading of -0.2%, will be significant factors to monitor.&nbsp;<h2>Diagram of EUR/USD: -</h2> <img src="https://cdn.forexoverflow.io/images/1689658506398-4nkd9f86p3cuzg9-eurusd2023-07-1810-34-17-1.png"> <h2>Economic Events: -</h2>&nbsp; <img src="https://cdn.forexoverflow.io/images/1689658521629-c2xam2kvjixdugg-economic-event-1.png"> <h2>Buy Scenario: - </h2>&nbsp;EUR/USD maintains its bullish momentum within a trading range of 50 pips above 1.1200, with the upper boundary around 1.1250 being tested. The Euro's strength is a result of broad weakness in the US Dollar and is supported by hawkish comments from officials at the European Central Bank (ECB). The session is relatively slow as market participants await the release of key US Retail Sales data for June.&nbsp;Notably, the currency pair's successful trading above the 50-day and 100-day Simple Moving Averages (SMAs) and the rising support line established a week ago, along with the positive Relative Strength Index (RSI), which is not in overbought territory, provide optimism for EUR/USD buyers to overcome the 1.1250 resistance level.&nbsp;However, the Euro bulls face several levels that acted as barriers in late 2021 and early 2022, particularly near 1.1280, before redirecting them to the previous yearly high around 1.1500, till we do not advise to buy EUR/USD currency pair.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;On the downside, intraday bearish pressure for EUR/USD is challenged by the 50-day SMA and the lower boundary of the aforementioned trading range, located near 1.1230 and 1.1200, respectively. If the EUR/USD sellers take control, breaking the convergence of the 100-day SMA and the upward-sloping support line from July 6, around 1.1175, would be a key support level to watch. Till then we do not advise selling EUR/USD.&nbsp;<h2>Support and Resistance Level: -</h2>﻿Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;S1 1.1209&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 1.1255S2 1.1184&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 1.1275S3 1.1164&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 1.1301

Explanation of EUR/USD price analysis as euro bulls focus on achieving 1.1280, against the backdrop of discussions on potential rate hikes.

EUR/USD Analysis: Euro Bulls Eye 1.1280 Amid Rate Hike Talks

Euro Bulls Target 1.1280: EUR/USD Analysis and Outlook as on 18-07-2023

<h1>Sliver (XAG/USD) Analysis</h1>&nbsp;<h2>Key Points: -</h2><h2>&nbsp;</h2>&nbsp;<ul><li>The XAG/USD, or silver against the US Dollar, concludes the week with marginal gains around the $25.00 region, extending its winning streak to six consecutive days.</li><li>Silver is poised to end the week with an impressive 8% increase, marking a substantial gain.</li><li>The decline in the US Dollar's value halted as positive University of Michigan (UoM) data and a slight recovery in US yields provided some support.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;The Silver Price (XAG/USD) rebounded from its intraday low, trimming its first daily loss in three days to hover around $24.90 during Monday's Asian session. Despite a corrective bounce in the US Dollar, the precious metal remains near a two-month high, primarily driven by optimistic signals from the options market.&nbsp;Notably, the one-month risk reversal (RR) for the Silver price, which measures the spread between call and put options, witnessed its largest weekly gain in two months, reaching 0.540 in the latest reading. Furthermore, the daily RR has also experienced a two-day winning streak, ending Friday's North American session at approximately 0.1000, indicating traders' optimism in XAG/USD.In addition to the options market signals, the Silver Price's upward movement is supported by a combination of mixed sentiment and concerns surrounding the Federal Reserve's potential policy pivot, as indicated by last week's US inflation data.&nbsp;However, the market is currently consolidating amid the two-week blackout period for US central bank policymakers ahead of the late July monetary policy meeting. This relatively sluggish start to the week presents a challenge for XAG/USD bulls.&nbsp;<h2>Diagram of XAG/USD (Silver): -</h2>&nbsp; <img src="https://cdn.forexoverflow.io/images/1689585935302-6p0um6y6ae54ry2-xagusd2023-07-1714-45-54-1.png"> <h2>Economic Events: -</h2> <img src="https://cdn.forexoverflow.io/images/1689585954054-pr8t9vyj9tzwz71-economic-event-1.png"><h2>Buy Scenario: - </h2>&nbsp;The EMA50 supports the continuation of the expected bullish wave on the intraday and short-term basis, noting that breaking 24.60 and holding below it will stop the positive scenario and put the price under the correctional bearish pressure again.&nbsp;The expected trading range for today is between 24.40 support and 25.15 resistance. Till we did not recommend buying Silver (XAG/USD).&nbsp;<h2>Sell Scenario: - </h2>&nbsp;Silver price shows some bearish bias to approach testing the key support 24.60, affected by stochastic negativity, and the price needs to consolidate above this level to keep the bullish trend scenario active, which its next targets located at 25.50 followed by 26.07. &nbsp;Till we do not advise selling silver (XAG/USD).&nbsp;<h2>Support and Resistance Level: -</h2>﻿&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 23.43&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 24.15&nbsp;S2 22.97&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 24.40&nbsp;S3 22.72&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 24.86

Gain a comprehensive understanding of silver analysis, exploring its anticipation of positive momentum and potential market opportunities. Stay ahead of the market trends.

Silver Analysis: Awaiting Positive Momentum

Positive Momentum Ahead: Silver Price Analysis - 17-07-2023

<h1>WTI Crude Oil (US Oil) Analysis</h1>&nbsp;Key Points: -&nbsp;<ul><li>In the early morning of the European session, WTI crude oil remains steady, hovering around the $74.40 level.</li><li>The price of oil is being lifted by supply disruptions in Libya and Nigeria, along with production cuts implemented by Saudi Arabia and Russia.</li><li>Concerns about a potential economic slowdown in China could negatively impact the oil price.</li><li>Market participants will closely monitor unexpected supply disruptions as well as upcoming US data for guidance in the oil market.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;WTI crude oil, the benchmark for US oil, is currently trading around $74.40 on Monday. Investors will closely monitor any unexpected disruptions in Libya and Nigeria, as well as updates on OPEC's ongoing production cuts. The slight correction observed in WTI prices today appears to be a result of profit-taking by oil traders following three consecutive weeks of gains. Last week, the increase in oil prices was supported by subdued US inflation, which led market participants to anticipate a less aggressive monetary policy tightening by the Federal Reserve after an expected interest rate hike in the upcoming meeting on July 26. Furthermore, the International Energy Agency (IEA) has projected that oil demand will reach a new high this year, despite broader economic challenges. However, supply disruptions in key oil-producing countries like Libya and Nigeria are contributing to price increases, in addition to the sustained output cuts implemented by major exporters such as Saudi Arabia and Russia. Conversely, concerns about an economic slowdown in China could have a negative impact on oil prices, considering that China is the world's second-largest consumer of oil. Notably, China's second-quarter GDP fell short of expectations, with a growth rate of 6.3%. Later this week, market participants will closely watch the release of the Empire State Manufacturing Index and Retail Sales MoM data for June. These indicators will play a crucial role in shaping the near-term dynamics of the US Dollar and provide insights into the future direction of WTI prices.&nbsp;&nbsp;<h2>Diagram of WTI Crude Oil (US Oil): -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689585110727-qtlg0k93kqrnlmb-usoil2023-07-1714-30-55-1.png"> <h2>Economic Events: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689585129136-m1vg238z8prpqlq-economic-event-1.png"> <h2>Buy Scenario: - </h2>&nbsp;if the price begins to rise, it may encounter resistance at 82.86, which is identified as an overlap resistance level. Additionally, there is an intermediate resistance level at 77.18, marked as a swing high resistance and corresponding to the 61.80% Fibonacci retracement level. These resistance levels could act as substantial barriers for upward price movement, potentially prompting selling activity in response. Till we do not advise to buy in WTI US oil.&nbsp;<h2>Selling Scenario: - </h2>&nbsp;The WTI chart indicates a bearish momentum, suggesting that the price may continue its downward trend towards the first support level.The first support level is positioned at 73.60, characterized as a pullback support and coinciding with the 38.20% Fibonacci retracement level. Should the price fail to hold above this level, it could extend its decline towards the second support level at 67.15, which represents a significant support zone based on previous swing lows. These support levels are crucial areas where buying interest could potentially outweigh selling pressure, possibly leading to a price reversal. Till we did not advise to sell WTI Crude oil.&nbsp;<h2>Support and Resistance Level: -</h2>&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 74.44&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 76.49&nbsp;S2 73.73&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 77.83&nbsp;S3 72.38 &nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 78.55&nbsp;

Discover the latest analysis on crude oil prices as they endure negative pressure, indicating potential market shifts. Stay informed with our expert insights.

Crude Oil Analysis: Dealing with Negative Pressure

Negative Pressure Ahead: Crude Oil Price Analysis - 17-07-2023

<h1>Gold (XAU/USD) Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp;<ul><li>Gold prices trim their most substantial weekly increase since April amidst a combination of mixed sentiment and the Federal Reserve blackout.</li><li>The pullback in XAU/USD is supported by China-related news and data, as well as the addition of Friday's US statistics, all contributing to the subdued atmosphere ahead of the Federal Open Market Committee (FOMC) meeting.</li><li>Market participants are closely watching for risk catalysts and clues from the US-China relationship, as the Gold price remains above a crucial support confluence.</li></ul><h2>&nbsp;</h2><h2>Today's Scenario: - </h2>&nbsp;The Gold Price (XAU/USD) continues to face downward pressure for the second consecutive day, extending its retreat from a one-month high. This decline is primarily attributed to the consolidation of the US Dollar, which is recovering from recent losses during a slow start to the week.&nbsp;Regarding the factors influencing the rebound of the US Dollar Index (DXY), last week's positive US inflation data and concerns surrounding China have garnered significant attention. These factors, along with market expectations of a 0.25% increase in benchmark interest rates at July's Federal Open Market Committee (FOMC) meeting, have exerted downward pressure on the Gold Price. Additionally, the two-week silence period before the FOMC meeting has allowed the US Dollar to recover and weigh on the price of Gold. Despite the lackluster session and the US Dollar's inability to gain strength, comments from the International Monetary Fund (IMF) suggesting inflation concerns continue to impact the XAU/USD price.&nbsp;Looking ahead, the light economic calendar poses a challenge for XAU/USD traders, particularly due to the pre-Fed silence from policymakers. However, the NY Empire State Manufacturing Index for June, released on Monday, and the US Retail Sales report for June, scheduled for Wednesday, will be important indicators to monitor for clearer market directions. Above all, risk catalysts will play a crucial role in determining the near-term trajectory of the Gold Price.&nbsp;<h2>Diagram of XAU/USD (Gold): -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689584295034-6kng4wlfciwyei5-xauusd2023-07-1714-19-52-1.png"> <h2>Economic Events: -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689584311308-tj6gde7ge7n3c01-economic-event-1.png"><h2>Buy Scenario: - </h2>&nbsp;On the upside, the 50-day SMA and the Fibonacci 38.2% level on a one-day timeframe suggest a nearby resistance around $1,960 for the Gold Price.Following that, around $1,972, the upper band of the Bollinger on the four-hour chart, the Pivot Point one-month R1, and the Fibonacci 161.8% level on a one-day timeframe could pose obstacles to any upward movement in XAU/USD.&nbsp;In the event that Gold buyers maintain control above $1,972, a convergence of the Pivot Point one-week R1 and the Pivot Point one-day R3 near $1,978 could be the last line of defense for sellers before potentially pushing the price towards the psychological magnet of $2,000. &nbsp;Till we did not advise to buy XAU/USD.&nbsp;<h2>Selling Scenario: - </h2>&nbsp;According to our Technical Confluence Indicator, the Gold Price remains comfortably above a significant support zone, which includes the 10-day Simple Moving Average (SMA) and the Fibonacci 61.8% level on a one-week timeframe. This support area is currently around $1,935.However, if there is further downside, Gold sellers should pay attention to the immediate support level around $1,945, which is defined by the Pivot Point one-day S2 and the Fibonacci 38.2% level on a one-week timeframe.&nbsp;It is worth noting that if XAU/USD weakens below $1,935, it becomes susceptible to declining towards the psychological round figure of $1,900. Subsequently, the monthly low near $1,893 could present an additional challenge for Gold bears. We do not advise selling XAU/USD.&nbsp;<h2>Support and Resistance Level: -</h2>﻿&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 1949.51&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 1962.38&nbsp;S2 1943.80&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 1969.54&nbsp;S3 1936.64&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 1975.25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

gold-is-money-2496347_640 (1).jpg

Stay ahead of the curve with our detailed gold price analysis, showcasing the challenges faced by XAU/USD in breaking through the $1,935 level for a retreat.

Gold Price Forecast: Resistance at $1,935 for XAU/USD Retreat

Gold Price Forecast: Elusive Retreat Beyond $1,935 for XAU/USD-  17-07-2023

<h1>US Doller Index Analysis</h1>&nbsp;<h2>Key Points: -</h2>&nbsp; <ul><li>The US Dollar Index remains cautious as it rebounds from its lowest point in 15 months.</li><li>Concerns regarding the policy shift of the US central bank are fueled by Friday's US data and previous discussions, supporting the stability of the DXY price.</li><li>Sentiment is influenced by China-related news and the pre-Fed blackout, resulting in the US Dollar recovering from recent losses.</li><li>Market participants are keeping an eye on the NY Empire State Manufacturing Index and US Retail Sales for further guidance, while the key factors driving risk remain significant.</li></ul>&nbsp;<h2>Today's Scenario: - </h2>&nbsp;The US Dollar Index (DXY) remains range-bound around 99.90-95 as it struggles to defend its recent rebound from the lowest levels seen since April 2022 during the sluggish Asian session on Monday. Consequently, the gauge of the US Dollar against six major currencies takes a breather following its largest weekly decline since November 2022. Last week, disappointing US inflation data weighed heavily on the DXY, but the release of positive US economic data the previous day provided some support to the greenback. Additionally, concerns about China and the International Monetary Fund's statements on inflation contributed to the corrective bounce. On Friday, the preliminary reading of the University of Michigan's Consumer Confidence Index for July came in at 72.6, up from June's 64.4 and surpassing market expectations of 65.5. Furthermore, the survey indicated higher one-year and five-year consumer inflation expectations at 3.4% and 3.1%, respectively, compared to the previous readings of 3.3% and 3%. Prior to that, the US Consumer Price Index (CPI) and Producer Price Index (PPI) for June showed a decline on a yearly basis, with figures of 3.0% and 0.1%, respectively, compared to the previous readings of 4.0% and 0.9% YoY. These releases contributed to the weakening of the US Dollar and propelled the EUR/USD pair to its highest level since February 2022. Meanwhile, the International Monetary Fund (IMF) mentioned concerns about short-term inflationary pressures, which supported the rebound of the US Dollar Index from multi-month lows. Additionally, fears regarding the US-China tension, highlighted by comments from New Zealand Prime Minister Chris Hipkins and US Treasury Secretary Janet Yellen, further bolstered the DXY's corrective bounce. It is worth noting that concerns about China's economic recovery, based on initial forecasts of key China data, also weighed on sentiment and provided support to the DXY.In the current market environment, S&amp;P500 Futures show mild losses, while US Treasury bond yields remain steady due to Japan's holiday. Looking ahead, China's second-quarter GDP data for 2023 will be crucial in determining short-term movements of the DXY, along with the upcoming US Retail Sales report for June, scheduled for release on Wednesday. Additionally, the US NY Empire State Manufacturing Index for June will also have an impact on intraday fluctuations of the US Dollar Index, alongside China data and other risk catalysts.<h2> </h2><h2>Diagram of US Dollar Index (DXY): -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689583517290-178xgwqojv8utta-dxy2023-07-1714-05-55-1.png">&nbsp;<h2>Economic Events : -</h2>&nbsp;<img src="https://cdn.forexoverflow.io/images/1689583535055-8c5i1t1u9nc2omn-economic-event-1.png"> <h2>Buy Scenario: - </h2>&nbsp;On the upside, the first resistance level lies at 100.84. It is considered a pullback resistance, implying that the price might face selling pressure and potentially reverse its upward direction upon reaching this level.Additionally, the second resistance level is positioned at 101.94. This is an overlap resistance level, signifying a price point where the market has previously encountered significant selling pressure. If the price ascends to this level, it could attract sellers who might exert downward pressure on prices. Till we do not advise to buy US Dollar Index.&nbsp;<h2>Sell Scenario: - </h2>&nbsp;The current chart of the US Dollar Index (DXY) indicates a bearish momentum. However, there is a possibility of a bullish rebound from the first support level, leading the market towards the first resistance level.&nbsp;The first support level is located at 99.42. It serves as both an overlap support and a 100% Fibonacci Projection level. This suggests that the market has previously shown buying interest at this price, potentially causing an upward bounce.&nbsp;Furthermore, the second support level sits at 97.72. Like the first support, this is also an overlap support, indicating a historically strong buying interest in this price range. If the price continues to decline, it may find support from buyers at this level.&nbsp;Till we do not advise to sell in US Dollar Index&nbsp;<h2>Support and Resistance Level: -</h2>﻿&nbsp;Support&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resistance&nbsp;&nbsp;&nbsp;S1 99.68&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R1 100.11&nbsp;S2 99.41&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R2 100.28&nbsp;S3 99.24&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R3 100.55

Dive into our analysis of the US Dollar Index (DXY) as it holds its ground near the 100.00 level amidst the Fed blackout period and a blend of market sentiment. Stay informed with our daily updates.

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