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14.07.2020

SX5E: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the red line is directed upwards, while the blue one remains horizontal. Confirmative line Chikou Span is below the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Kijun-sen line (3307.5). One of the previous maximums of Chikou Span line is expected to be a resistance level (3809.7).

EUR/JPY: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Kijun-sen line (121.68). One of the previous maximums of Chikou Span line is expected to be a resistance level (124.17).

AUD/CAD: Ichimoku clouds

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, both lines are directed upwards. Confirmative line Chikou Span is above the price chart, current cloud is ascending. The instrument is trading above Tenkan-sen and Kijun-sen lines; the Bullish trend is still strong. The closest support level is Kijun-sen line (0.9450). The closest resistance level is Tenkan-sen line (0.9655).

Consumer Price Index. USA, 14:30 (GMT+2)

At 14:30 (GMT+2), the US data on the Consumer Price Index for June will be released. It is the main indicator of inflation in the country and determines the change in the level of retail prices for a particular basket of goods and services: food, transportation, utilities, healthcare, etc. It has a significant impact on monetary policy decisions. The index is expected to increase on a monthly basis from –0.1% to 0.5%, and on an annual basis it may grow from 0.1% to 0.6%. If the forecast proves to be true, this may render support to USD.

Industrial Production. EU, 11:00 (GMT+2)

EU Industrial Production data for May is due at 11:00 (GMT+2). Industrial Production gauges the change in the total inflation-adjusted value of output manufacturers, quarries, and utilities produced. The indicator takes into account the manufacturing and mining industries, as well as the power industry. On a monthly basis, production is expected to grow by 14.5%, while on an annualized basis, it will decline by 20.5% after a decrease of 28.0% in April. If the forecast proves correct, it can support EUR.

NZD/USD: technical analysis

On the H4 chart, a downtrend is forming. The instrument is testing the lower border of the Bollinger Bands for a breakdown, and the indicator cloud is expanding. MACD histogram is near the zero level, and its volume is minimal. The signal line is directed downwards, the buy signal is losing its relevance. Stochastic is crossing the oversold zone from above, keeping a signal to open short positions.

Morning Market Review

EUR shows flat trading dynamics against USD during today's Asian session, consolidating near 1.1340 after active growth the day before. The growth of EUR at the beginning of the week was of a technical nature, while there are still not many fundamental factors for the uptrend in the instrument. European investors today are focused on the statistics on consumer inflation in Germany in June. In annual terms, inflation retained the same rate of growth (0.9% YoY). In addition, ZEW Institute will report on the dynamics of business sentiment in Germany for July. In the eurozone, the data on industrial production for May, as well as a Bank Lending Survey will be released.