The U.S. Department of Commerce announced the latest Economic Indicator yesterday (16th), highlighting that the U.S. Retail Sales (MoM) rose sharply to 7.5%, higher than the 5% of market consensus. It made a record-setting rising since 1992 at the same time. On the same day, the Department of Labor published the number of Claimant Count Change has reduced one million claimants, indicating that the numbers have been declining ever since the outbreak of the coronavirus back in March, 2020. Regardless, the numbers of claimants are still high. It is twice the number seen from the 2008 Financial Crisis. If the coronavirus (COVID-19) relentlessly spreads, there might be a chance that the unemployment rate will continue to rise even more.  

On the other hand, the U.S. dollar rebounded sharply from deep yesterday (16th) due to the Economic Indicator profited. After the trend stand firmly on 96.0 points, it continued to rise; therefore, other non-U.S. currencies have appeared to bump and trend down. However, after the gold price broke through the short-term support level 1800.0 USD/Ounces owing to the loss of the Economic Indicator, it continues to go down. Investors could be aware of a potential rebound from the bottom today.    

Technical Analysis (XAUUSD)

The price of gold (17th of July) lies around 1796.6 early today. Under 1-hour of technical analysis, after the trend failed to challenge going high, it dropped and broke through the short-term support level. The trendline currently lies in the lower part of the Bollinger middle Band, so there might be a chance to continue going down.

Currently, the short-swing upper resistance level lies between 1805.0~1807.0. The current support level lies between 1788.0~1790.0. Investors who wish to sell short could consider selling between 1796.5~1798.5 in the short-term and set stop loss above 1801.0.

Technical Analysis (EURUSD):

The price of EUR/USD (17th of July) lies around 1.13800 early today. Under 1-hour of technical analysis, the trend plunged with the trendline lying between the middle and lower Bollinger Band, with the band facing up looking bearish. There might be a chance to go down again after a rebound in the resistance level.

Currently, the short-swing upper resistance level lies between 1.14000~1.14100. The current support level lies between 1.13300~1.13400. Investors who wish to sell short could consider selling between 1.13800~1.13850 in the short-term and set stop loss above 1.13950.

Technical Analysis (GBPUSD):

The price of GBP/USD (17thof July) lies around 1.25514 today. Under 1-hour of technical analysis, the trendline went down as predicted yesterday (16th). The trendline is currently rebounded to the upper part of the Bollinger middle Band. There might be a chance for a slight rebound.

Currently, the short-swing upper resistance level lies between 1.26000~1.26100. The current support level lies between 1.25100~1.25200. Investors who wish to go long could consider buying between 1.25600~1.25680 in the short-term and set stop loss below 1.25500.

Technical Analysis (AUDUSD):

The price of AUD/USD (17th of July) lies around 0.69678 early this morning. Under 1-hour of technical trending analysis, the uptrend reversed as predicted yesterday (16th). The trendline is currently displayed as a downturn channel, lying on the lower part of the Bollinger middle Band looking bearish. There might be a chance to go down again after a rebound in the resistance level.

Currently, the short-swing upper resistance level lies between 0.70000~0.70050. The current support level lies between 0.69450~0.69500.

Investors who wish to sell short could consider selling carefully between 0.69850~0.69900 in the short-term and set stop loss above 0.69970.

Technical Analysis (USOUSD):

The price of USO/USD (17th of July) lies around 40.57 early this morning. Under 1-hour of technical analysis, the trend continues to bump at high as predicted yesterday (16th). The trendline currently lies between the middle and lower Bollinger Band, with the band facing down looking bearish. There might be a chance to go down.

Currently, the short-swing upper resistance level lies between 40.85~40.95. The current support level lies between 40.00~40.10. Investors who wish to sell short could consider selling between 40.65~41.75 in the short-term and set stop loss above 40.90.

Technical Analysis (Nas100):

The NASDAQ (17th of July) lies around 10551.1 early this morning. Under 1-hour of technical trending analysis, the trend went down sharply as predicted yesterday (16th). The trendline is currently lying on the upper Bollinger middle band after the rebound. The band is triggering a squeeze, so there might be a chance to go down again after a small rebound.

Currently, the short-swing upper resistance level lies between 10700.0~10720.0. The current support level lies between 10380.0~10400.0. Investors who wish to sell short could consider selling between 10640.0~10660.0 in the short-term and set stop loss above 10690.0.

Economy Calendar (17th of July)

(Source: uk.investing.com)

 TimeDataImportance
1.10:00CPI (YoY) (Jun)★★★
2.10:00CPI (MoM) (Jun)★★★
3.13:30Wholesale Sales (MoM) (May)★★★
4.13:30Housing Starts (Jun)★★★
5.13:30Building Permits (Jun)★★★
6.15:00Michigan Consumer Sentiment (Jul)★★★

(Importance: maximum five stars ★★★★★)

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