Mon, July 22, 2024

Daily Market Charts and Analysis July 02, 2020


Here are the latest market charts and analysis for today. Check them out and know what’s happening in the market today.


As of writing, the Brazilian real appears that it lost its recovery momentum since early June, not just against the euro, but also against other currencies. The EURBRL’s prices have been flirting with a critical resistance, and yesterday, prices bounced off aggressively from that level. However, the pair is widely projected to climb higher and break it, ultimately reaching its higher resistance level in the first half of the month. That should continue to buoy the 50-day moving average against the 200-day moving average, suggesting that the market is still bullish. The Brazilian real is in danger against the euro as bullish investors want to continue their strong performance. In fact, the euro seeks to extend its best run in more than two months against most currencies as it rides on the wave of coronavirus and economic hopes. Bearish investors will have a tough time as more biopharmaceuticals get more positive news from their coronavirus vaccine which helps the euro.



Bears finally regained their momentum once again, and this time, it comes in a crucial time as the pound gets weighed on by Brexit concerns. This should lead the pair lower towards its support levels soon, forcing the 50-day moving average to slide and get closer to the 200-day moving average. Moreover, huge companies and corporations in the United Kingdom are warning that a hard Brexit could make the economic slump even deeper and cause the unemployment rate to jump unprecedentedly. The British government has reached a point of no return and companies are saying that it’s a huge gamble. BPM Johnson and his team only have less than six months to clinch a trade deal with the European Union, and this concerns a lot of investors, causing the sterling to falter in sessions. If a no-deal Brexit would be the case, companies would struggle to hold on to their workers, adding pressure to them as their still recovering from the pandemic.



The US dollar loses its footing against the Brazilian real, giving bears an opportunity to gain in the trading sessions. See, the safe-haven appeal of the US dollar is currently fading thanks to the news about the coronavirus vaccine and medicine. The risk appetite in the market is back on and the demand for safety currencies like the buck is faltering. Once bearish investors step on their gas pedals and floor the prices towards support, the 50-day moving average would be forced to take a wide U-turn and plunge towards the 200-day moving average. This would then signal that the bullish market is weakening. Looking at it, once a coronavirus vaccine or medicine finally arrives, it could very much help Brazil, which has been greatly struggling to contain the outbreak there. The initial trials of US drug-maker Pfizer have shown promising which ultimately gave hope to the market, straining the all-powerful US dollar along with it.



The Romanian leu manages to secure gains against the US dollar along with other currencies from emerging European countries. The main factor that’s helping the Romanian leu is the news that the economic contraction in the region is finally slowing down. Perhaps the decision of most European countries to ease their lockdowns or reopen their economy is fueling the optimism for the region’s currencies. Add to that is the fact that the demand for safe-haven currencies is once again faltering due to the news about the COVID-19 vaccine or medicine. Just yesterday, Pfizer announced the initial results of its early trials for the vaccine that it’s currently developing. The US dollar is in trouble as the pair’s prices are projected to touch down to its support level soon, pushing the 50-day moving average lower against the 200-day moving average. That shift in momentum could ultimately allow the two MAs to cross ending the reign of bullish investors.



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