Daily Market Analysis 20-06-2024

Finance and economics explained simply
Daily Market Analysis    20-06-2024

Introduction:

It is not how many years you have being in the forex industry that guarantee success in trading but the extent of your practice and diligent research. To be a good trader, you must allocate time to play around your chart, then and only then will you gain perfection in trading.

Analysis of EURUSD:

Wednesday’s holiday volatility trap is broken by EUR/USD, which is now waiting for important data. On a calm Wednesday, EUR/USD mainly moved sideways, preparing for a calm Thursday. Fiber traders will be watching the US jobless applications on Thursday. With PMI activity data on both sides of the Pacific, Friday looks daunting.

EURUSD News Schedule (GMT+1):

EURUSD Chart Analysis

Analysis of GBPUSD:

Ahead of the forthcoming rate call by the BoE, the GBP/USD pair gains momentum. The GBP/USD pair rose beyond 1.2700 during Wednesday’s dull trading. The US midweek holiday hampered flows and constrained market volumes. Expected rate hikes from the BoE, investors should watch for changes in voting patterns.

GBPUSD News Schedule (GMT+1)

GBPUSD Chart Analysis

Analysis of GBPJPY:

GBP/JPY keeps slowly regaining its peak over the past ten years. As the Yen collapses, GBP/JPY is hitting highest bids since August 2008. Declining UK data reduces gains for the pound, but the GBP is still rising. Thursday’s BoE rate announcement is anticipated to keep rates unchanged.

GBPJPY News Schedule (GMT+1)

GBPJPY Chart Analysis

Analysis of XAUUSD:

As cautious Fed rhetoric and US data boost prospects for a rate drop, the price of gold rises. Due to little volume, gold stays essentially steady during the North American session. Expectations for rate cuts are raised by data on US retail sales and industrial production that suggests a slowdown in the economy. Fed Watch Tool indicates a 67% probability of a September rate cut, with 36 basis points of easing implied by December 2024 futures.

XAUUSD News Schedule (GMT+1)

XAUUSD Chart Analysis

Analysis of WTI:

On a calm Wednesday, crude oil tests higher ground, with WTI reaching $81.00. On Wednesday, barrel bids went into new highs, although they are still low. Because of the holiday on Wednesday, US markets are closed, and volatility and market flows are still low. A prolonged increase in US crude oil supplies could make people less optimistic.

WTI News Schedule (GMT+1)

WTI Chart Analysis

Conclusion:

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