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Market Update (15/7/2020): EUR/USD, GBP/USD, USD/JPY, AUD/USD

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EUR/USD

Things are looking good for the Euro, today it opened with 1.1405 and peaked to 1.1423 (the highest since March) and retraced to 1.1405 (after a worse than expected German Economic Sentiment data). Today’s Support is at 1.370 and Resistance at 1.425.

This bullish trend on EUR is due to market expecting European Union leaders to agree on stimulus plans to help EU members to defend against the coronavirus impact. Germany, France and Italy were in massive lockdown and much successful in containing the virus than US, their economy recovery would be in motion very soon. Furthermore, progress on the coronavirus vaccine in US is lending strength to risk-on sentiment and send the dollars going down.

Today’s event:
German Economic Sentiment


GBP/USD


GBP/USD opened with 1.2544 and shot to 1.2587 before returning to 1.2578. Today’s Support is at 1.2520 and Resistance at 1.2585

After yesterday’s dramatic drop from 1.2612 to 1.2480, the pound had climbed back to 1.25X area, Investors have been encouraged by the improving coronavirus situation as well as economic recovery after the lockdown; although there aren’t any headlines on EU-UK trade deals yet, leaving a lot of space for assumptions on the future GBP trend.

Today’s event:
GDP
Manufacturing Production
Monthly GDP Change


USD/JPY


The pair opened with 107.20, recovered to 107.30 then dropped slightly back to 107.27. Today’s Support is at 106.95 and Resistance at 107.40

Japanese Minister Yasutoshi Nishimura stated yesterday that the coronavirus had not developed into another major wave and could be contained, lending strength to JPY and causing USD/JPY’s slide yesterday, this morning the lower-than-expected Japan Industrial Production helped to boost a rally for the pair. Further movements are expected with BoJ scheduled to give a financial outlook report today.

Today’s event:
Industrial Production
BoJ Outlook Report

 

AUD/USD


AUD/USD opened with 0.6969 and continued on the rise to session high of 0.7018, before retracing back to 0.6996. Today’s Support is at 0.688 and Resistance at 0.6947

The pair has been on a bullish trend this week and today’s peak is caused by Moderna Inc.’s coronavirus vaccine progress. As a result, futures jumped and risk-on sentiment covered the weak data within Australia to push the Australia Dollar up.

Today’s event:
New Home Sales
Westpac Consumer Sentiment


Data from trading view, fxstreet , dailyfx
Date &time according to tradingview UTC+8

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