Saturday, July 4, 2020 marketupdate@ICMCapital.co.uk
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Calendar
10:00 EC MAY Euro-Zone: Retail Trade (MoM) exp: NA prev: -11.7%
14:45 US JUN F Markit Composite PMI exp: NA prev: 46.8
14:45 US JUN F Markit Services PMI exp: NA prev: 46.7
15:00 US JUN ISM - Non Manufacturing exp: 49 prev: 45.4
Forex Last %1D %YTD
EUR/USD 1.1246 0.06 0.30
USD/JPY 107.49 -0.01 -1.10
GBP/USD 1.2479 0.09 -5.90
Commodities Last %1D %YTD
Gold 1,777.2000 0.10 17.10
Silver 18.0153 0.33 0.90
Crude Oil 40.3200 -0.81 -30.90
EUR/USD Intraday: key resistance at 1.1250. Next
Pivot: 1.1250

Our preference: short positions below 1.1250 with targets at 1.1220 & 1.1205 in extension.

Alternative scenario: above 1.1250 look for further upside with 1.1270 & 1.1285 as targets.

Comment: as long as the resistance at 1.1250 is not surpassed, the risk of the break below 1.1220 remains high.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
EUR/JPY intraday: the upside prevails as long as 120.48 is support Previous  | Next
Our pivot point stands at 120.48.

Our preference: the upside prevails as long as 120.48 is support.

Alternative scenario: the downside breakout of 120.48 would call for 120.02 and 119.75.

Comment: the RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the pair is trading above both its 20 and 50 MAs (respectively at 120.83 and 120.81).

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
GBP/USD Intraday: consolidation. Previous  | Next
Pivot: 1.2490

Our preference: short positions below 1.2490 with targets at 1.2435 & 1.2420 in extension.

Alternative scenario: above 1.2490 look for further upside with 1.2505 & 1.2525 as targets.

Comment: as long as 1.2490 is resistance, look for choppy price action with a bearish bias.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
GBP/JPY intraday: the upside prevails as long as 133.68 is support Previous  | Next
Our pivot point stands at 133.68.

Our preference: the upside prevails as long as 133.68 is support.

Alternative scenario: the downside breakout of 133.68 would call for 133.06 and 132.70.

Comment: the RSI is above 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 134.04 and 134.00).

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
USD/JPY Intraday: consolidation. Previous  | Next
Pivot: 107.65

Our preference: short positions below 107.65 with targets at 107.40 & 107.30 in extension.

Alternative scenario: above 107.65 look for further upside with 107.80 & 107.90 as targets.

Comment: as long as the resistance at 107.65 is not surpassed, the risk of the break below 107.40 remains high.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
USD/CAD Intraday: key resistance at 1.3575. Previous  | Next
Pivot: 1.3575

Our preference: short positions below 1.3575 with targets at 1.3540 & 1.3515 in extension.

Alternative scenario: above 1.3575 look for further upside with 1.3600 & 1.3615 as targets.

Comment: as long as 1.3575 is resistance, look for choppy price action with a bearish bias.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Crude Oil (WTI) (Q0) Intraday: supported by a rising trend line. Previous  | Next
Pivot: 39.85

Our preference: long positions above 39.85 with targets at 40.50 & 40.75 in extension.

Alternative scenario: below 39.85 look for further downside with 39.45 & 39.05 as targets.

Comment: the RSI is bullish and calls for further upside.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Brent (ICE) (U0) Intraday: intraday support around 42.30. Previous  | Next
Pivot: 42.30

Our preference: long positions above 42.30 with targets at 42.95 & 43.25 in extension.

Alternative scenario: below 42.30 look for further downside with 42.05 & 41.75 as targets.

Comment: a support base at 42.30 has formed and has allowed for a temporary stabilisation.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Dow Jones (CME) (U0) Intraday: break of a ST rising trendline support. Previous  | Next
Pivot: 25900.00

Our preference: short positions below 25900.00 with targets at 25300.00 & 25170.00 in extension.

Alternative scenario: above 25900.00 look for further upside with 26090.00 & 26275.00 as targets.

Comment: the RSI lacks upward momentum.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Gold spot Intraday: key resistance at 1780.00. Previous 
Pivot: 1780.00

Our preference: short positions below 1780.00 with targets at 1765.00 & 1758.00 in extension.

Alternative scenario: above 1780.00 look for further upside with 1784.00 & 1789.00 as targets.

Comment: as long as 1780.00 is resistance, look for choppy price action with a bearish bias.

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

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