Amega daily market overview & news alerts

[AmegaFX]

USDCHF 02.07.2021

Medium-term trend: Bullish

The bull market is continuing. The price has already reached the target zone №1 0.92642-0.92531 and it is going to the target zone №2 0.93789-0.93675. Any price reduction is considered like corrective. The best prices to try to have a long position are the control resistance zone 0.91594-0.91485. In case of the price is fixed below the control resistance zone the medium-term trend will be changed to the bear market and all long positions should be closed.

Trading recommendation:

It’s recommended to try to have a long position near the control resistance zone 0.91594-0.91485 (120 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.

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

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

 

[AmegaFX]

USDCHF 02.07.2021

Swiss franc firms on safe-haven demand.

Swiss franc under the bearish pressure today under the effect of the risk-off sentiment – as worries over the spread of the Delta coronavirus variant are emerging in various corners of global financial markets and are adding to the safe-haven inflows into the Swiss franc and the gold. The highly contagious Delta variant is surging through Asia this week, with record numbers of infections in Australia and South Korea, prompting some countries to tighten curbs and others to hasten vaccination. World Health Organisation warned recently that Delta variant could soon become the dominant form of the virus. It is also driving a spike in cases in Japan, casting a pall over this month’s Olympic Games. On Friday, Australia reported the biggest daily rise in new cases so far this year – adding to the risk–off sentiment and to the inflows to the Swiss franc.

Expect sellers on upward corrections.

Next support to watch – 0.9207

 

[AmegaFX]

EURUSD 05.07.2021

Medium-termtrend: Bearish

The bear market is continuing. The price has already reached the target zone №1 1.18263-1.18175 and it has a potential to reach the target zone №2 1.17383-1.17285. The best prices to try to have a short position are the control resistance zone 1.19036-1.18948. In case of the price is fixed upper the control resistance zone the medium-term trend will be changed to the bull market and all short positions should be closed.

Trading recommendation:

It’s recommended to try to have a short position near the control resistance zone 1.19036-1.18948 (100 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.

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

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

 

[AmegaFX]

USDCAD overview 05.07.2021

USDCAD rises on CAD weakness.

USDCAD under the bullish pressure today as the result of the strong bearish Canadian dollar sentiment seen across the fx markets today – as trader attention turned to the release of the summer issue of the Bank of Canada’s Business Outlook Survey. The Business Outlook Survey is due for release at 1430 GMT later today. It could offer clues on the Bank of Canada’s policy outlook, with some analysts expecting the bank to cut bond purchases again at next week’s policy announcement – which would be bearish for CAD. The pair is also driven up by safe-haven inflows into the U.S. dollar on worries about spread of the Delta variant of COVID-19 across the globe.

Expect buyers on downward corrections.

Next resistance to watch – 1.245

 

[AmegaFX]

NZDUSD 06.07.2021

Medium-term trend: Bullish

The bull market is continuing. The price has already reached the target zone №1 0.70510-0.70415 and it is going to the target zone №2 0.71460-0.71365. Any price reduction is considered like corrective. The best prices to try to have a long position are the control resistance zone 0.69985-0.69890. In case of the price is fixed below the control resistance zone the medium-term trend will be changed to the bear market and all long positions should be closed.

Trading recommendation:

It’s recommended to try to have a long position near the control resistance zone 0.69985-0.69890 (105 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.

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

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

 

[AmegaFX]

NZDUSD overview 06.07.2021

NZDUSD rises on rate hike expectations.

NZDUSD under the strongly bullish pressure today on widespread bullish new Zealand dollar sentiment after an unusually strong survey of business conditions prompted investors to bet a rate hike could come as early as November. The pair is also driven up by dollar’s weakness as investors waited for clues about when the U.S. Federal Reserve could start tapering stimulus after pressure for rate hikes eased due to mixed labour market data released recently. The minutes from the Federal Reserve’s meeting in June, when it surprised markets with a hawkish shift, are due to be published on Wednesday.

Expect buyers on downward corrections.

Next resistance to watch – 0.7120

 

[AmegaFX]

GOLD 07.07.2021

Medium-termtrend: Bearish

The bear market is continuing. The price has already reached the target zone №1 1777.75-1773.25 and it has a potential to reach the target zone №2 1732.75-1728.25. The best prices to try to have a short position are the control resistance zone 1800.10-1795.60. In case of the price is fixed upper the control resistance zone the medium-term trend will be changed to the bull market and all short positions should be closed.

Trading recommendation:

It’s recommended to try to have a short position near the control resistance zone 1800.10-1795.60 (500 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.

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

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

 

[AmegaFX]

GOLD overview 07.07.2021

Gold rises on falling bond yields.

Gold continues to rise for the 6th day, driven up by the drop in U.S. Treasury yields ahead of minutes from the Federal Reserve’s earlier meeting that could provide more clues on the policy stance. With the key driver for gold being the decline in U.S. Treasury yields the precious metal is behaving as expected, rising in response to benchmark 10-year Treasury yields hitting their lowest in more than four months. Focus now is on minutes from the Fed’s latest meeting, due at 1800 GMT today, which could have a major say on whether spot gold can stay above the $1,800 level. Fresh hawkish cues could be very bearish signal for gold.

Expect buyers on downward corrections.

Next resistance to watch – 1815.00

 

[AmegaFX]

EURUSD 08.07.2021

Medium-termtrend: Bearish

The bear market is continuing. The price has already reached the target zone №1 1.18263-1.18175 and it has a potential to reach the target zone №2 1.17383-1.17285. The best prices to try to have a short position are the control resistance zone 1.18782-1.18694. In case of the price is fixed upper the control resistance zone the medium-term trend will be changed to the bull market and all short positions should be closed.

Trading recommendation:

It’s recommended to try to have a short position near the control resistance zone 1.18782-1.18694 (100 points from current minimum) with using the pattern «Head&Shoulders» at least on timeframe M15.

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

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

 

[AmegaFX]

Watch out for the upcoming Canadian Unemployment Rate announcement and how could it affect USDCAD & other CAD pairs.