ALB Limited 23.07.2020
Chart of The Day Dollar Index Near Major Support
Euro’s further move up for today will depend on the whether DXY breaks its weekly support at 94.50. As the last time it tested was Oct’19 & we saw a sharp bounce in prices. Although Euro’s bullish sentiment still remains, but if the Dollar Index fails to break below the weekly support we might expect some pull back on EURUSD pair after four days of strong run upwards.
USDCAD is also placed at a critical level testing its weekly support at 1.3353.
Data wise we only have Initial Jobless claim from the US, which might have some effect on the intra-day price action for above mentioned pairs.
XAUUSD still looks bullish with prices at the high of the day at 1888.73 at the time of press. Investors have flocked to the metals on surging demand for havens amid a resurgence in virus cases, slowing growth, negative real interest rates in the U.S., flaring political tensions and a weaker dollar. The vast amounts of stimulus unleashed by governments and central banks have also aided prices and, after the success of a European rescue package this week, the focus turns to negotiations on legislation to prop up the American economy.
