Analytics

News & Analytics 10.07.2020

China prepares a response to Australia

Today, the focus is on declining US jobless claims, a forecast for Microsoft, as well as China’s threats against Australia.

 

News

The number of applications for unemployment benefits in the United States fell to a four-month low. Affects USD


In Hong Kong and Tokyo, there has been a surge in COVID-19 cases. Affects Gold


Analyst Wedbush raised its forecast for Microsoft shares to $260. Affects Microsoft


China is preparing its response to Australia’s withdrawal from the extradition treaty with Hong Kong, and providing its residents with visas. Affects AUD


The Presidents of the United States and Mexico signed a declaration of friendship and cooperation. Affects MXN

 

Calendar

12:30 GMT

The US producer price index will be published. Growth is projected at 0.4%. If the real value is lower, the USD will receive a negative impulse.

 

Technical Analysis

AUD/USD

The deterioration of relations between Australia and China often led to pressure on the Australian currency, since China is one of Australia’s key economic partners. Hong Kong’s National Security Act has been condemned from Western countries. The Australian Prime Minister promised Hong Kong citizens a five-year visa, and China promised to respond to these statements.

Meanwhile, the currency pair could not overcome the resistance level of 0.70000. Perhaps the bears will activate and quotes will continue to fall.

CAD/CHF

The support level of 0.69160 has several times been defending from a downtrend. However, this reference point may be broken due to its “fatigue”.

CHF/JPY

An interesting situation arose on this asset. After a long trend, quotes again reversed from 114.600. Due to the fact that traders did not show their desire to break this benchmark, the price of the asset is more likely to fall.

 

CHF/JPY on this day in history

  • Since 2000, July 10th has been a trading day 14 times.
  • On 35% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 2.12%.
  • The downward trend was limited to 1.22%.
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