Daily Market Charts and Analysis June 18, 2020

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

USDILS

The US dollar to Israeli shekel is seen struggling to pick up momentum in both directions. But the news about the Israeli central bank is expected to strengthen the shekel and pull the pair lower towards its support level. It’s now expected that the pair will go down to its support level by the end of the month or by the first few days of June. The drop should help seal the deal for bearish investors and force the 50-day moving average below the 200-day moving average. Just recently, Bank of Israel governor Amir Yaron said that the monetary policymakers of the bank are already content with the current interest rates. This erases any speculations as to whether the bank will further ease their rates to negative levels in order to support the economy. Earlier this year, the Bank of Israel slashed its official rates from 0.25% to just 0.10% to help save the country’s economy from the crippling damages brought by the coronavirus pandemic.

USDSEK

The Swedish krona is being pushed to the defensive by the US dollar. And now, the exchange rate is seen flirting a critical resistance level and if it could break past it, prices would have a huge potential to rally. The rising number of new confirmed infections should bolster the US dollar in the coming sessions. Bullish investors are betting that the pair will reach its resistance level by the end of the month or if not, by the first few days of July. The jump in Sweden’s unemployment rate has slowed down the Swedish krona, draining the confidence of bearish investors. It was recently reported that Sweden’s unemployment rate hiked from 8.2% to 9.0% in May, recording its highest level since 2014. Bearish investors were greatly disappointed with the results as its evident that the labor force and the Swedish economy felt the damaging impact of the coronavirus pandemic despite Sweden itself not imposing strict lockdown regulations.

USDNOK

The Norwegian krone suffered a harsh reversal in the previous sessions, luckily for it, the US dollar wasn’t able to break the pair’s resistance level. The US dollar to Norwegian krone trading pair was first expected to remain bullish in the previous sessions because of the connection of the Norwegian krone to the crude market. Now, the pair is on track to gradually go down to its support level in the coming trading sessions, successfully dragging the 50-day moving average towards the 200-day moving average. The safe-haven appeal of the US dollar isn’t working that effectively against the Norwegian krone. Bearish investors are carried by unweaving confidence for the crude market. Looking at it, the current prices of crude in the commodity market are in red territories, but it appears it isn’t stopping bearish investors from pushing the pair steadily lower. Although the rising number of new cases is also pressuring the Norwegian krone.

USDPLN

The positive results recorded by the Polish economy failed to do much for the Polish zloty in trading session. It’s evident that the zloty is lacking the power it needed to prevent the US dollar from climbing up. The US dollar is on track to force the Polish zloty higher and higher in the sessions, reaching its resistance level by the end of the month. If prices reach the pair’s resistance, it could prevent bears from reeling in the 50-day moving average towards the 200-day moving average and regaining the momentum. Just recently, it was reported that the Polish central bank signaled its concern over the strength of the Polish zloty. According to reports, the monetary policymakers in Poland’s central bank aren’t expected to move unless the zloty weakens significantly. This suggests that if the zloty continues to depreciate against the greenback, the central bank could ultimately interfere, but that isn’t expected anytime soon.