Analytics

News, Trends, & Analytics 23.07.2020

Cold War?

Today, the focus is on Russia’s shrinking GDP, growing crude oil reserves, and signs of the Cold War between China and the United States.

 

Calendar

12:30 UTC

A report on the number of initial applications for unemployment benefits in the United States will be published. The value is expected to rise by 1.3 million. If the final figure is lower, the USD will receive a growth driver.

Assets for trading: USD/CAD, USD/JPY or other USD pairs.

 

News

The U.S. demanded the Chinese consulate in Houston close — China promises retribution. Affects Gold


The Russian economy contracted by 4.2% in the first half of 2020. Affects RUB


In the United States, crude oil reserves are on the rise again. Affects Brent


Italy opens antitrust investigation against Apple. Impacts Apple


The number of applications for mortgages in the United States increased by 4.1% against 5.1% a month earlier. Affects USD

 

Technical Analysis

Gold

The United States demanded that the Chinese authorities close the Consulate General in Houston within 72 hours. This decision is explained by the intention to protect the intellectual property and personal data of U.S. citizens. Yesterday U.S. Secretary of State Mike Pompeo accused Beijing of attempting to steal American intellectual property at the hands of state-owned Chinese companies.

Now relations between the countries are facing a new round of tension, the effect of which will be very difficult to calculate. And the media are talking about the beginning of the Cold War.

Meanwhile, gold continues to rally as traders sense increasing geopolitical risk. Despite this, the main oscillators (RSI, Stochastic) are in the overbought zone. Perhaps the trend will be stopped in the 1900–1910 region, where the 2011 high is.

AUD/USD

The currency pair is demonstrating a strong pin bar reversal pattern on the daily timeframe. The downtrend may be activated.

GBP/CHF

Another pin bar was found on GBP/CHF. In addition, the situation that has arisen may be a signal of the beginning of a long-term downtrend.

GBP/CHF on this day in history

  • Since 2000, July 23rd has been a trading day 13 times.
  • On 46% of those days, the asset finished trading with growth.
  • The maximum strengthening range was 0.99%.
  • The downward trend was limited to 0.86%.

 

Changes in the trading schedule

The Nikkei 225 will not be available on July 23rd and 24th due to Japanese public holidays. We recommend paying attention to other stock indices — for example, DAX, FTSE 100, S&P 500.

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