USD continues to slide

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Daily Outlook – 24 June 2020

By: Stuart Cowell

USD continues to slide with FX pairs remain in tight ranges. Equities rise again. Gold at 8-year high – Nasdaq at an all-time high. USOil holds $40.00. Better PMI’s across the globe helped sentiment, Dovish RBNZ overnight reined in NZD – “New Virus Surge” & it has “brought the US to its knees” warning for the US, TRUMP in Arizona attacks China again, Minuchin once again talks “decoupling”. Obama joins Biden & raises $11million. 20 weeks to US Election.

USD Index – slipped to June 11 96.30 low – PP today at 96.70, S1 96.20 & R1 97.10
EUR – holds 1.1300 again. PP now 1.1296, R1 1.1360
JPY – tested 106.00 (S1) again yesterday – now at PP 106.60, R1 107.15.
GBP – breached 1.2500 yesterday and pivots there now. PP 1.2490, s1 1.2455, R1.2535
AUD – Holds over 0.6900, PP 0.6920, R1 0.6985, s1 0.6865
NZD – Under 0.6500., dipped to 0.6450 post-RBNZ, now 0.6460 – PP 0.6488, s1 0.6444
CAD – declined to 1.3485 yesterday, rallied to 200ma at 1.3550 and holds there now – PP at 1.3535,
CHF – declined again to 0.9420 and remains subdued at 0.9440. PP 0.9452, S1 0.9414
BTC – – trades at 9614. PP 9645, R1 9735, S1 9500

GOLD – rallied to 1773. (August 2012) highs. Now, 1767 PP, 1763

USOil – rallied to $41.60 Holds over $40.00 now. PP 40.40, S1 39.40, R1 41.15

USA500 – closed at 3131 +13 -. FUTS also holds cash close – 3131.

Today – German IFO, SNB Quarterly Bulletin, DoEs, ECB’s Lane, Fed’s Evans, Bullard

Biggest (FX) Mover @ (06:30 GMT) AUDNZD (+0.52%) – RBNZ Dovishness Broke range 1.0685 – and 1.0700. Fast MAs aligned higher, Stochs OB & RSI (74) OB zone. MACD Histogram and Signal line both moving higher and significantly over 0. H1 ATR 0.0015, Daily ATR 0.0065.


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