NZD/JPY up, USD/JPY and GBP/USD challenged by Key Resistances

NZD/JPY up, USD/JPY and GBP/USD challenged by Key Resistances - Forex Trading tutorials for beginners in the Philippines
On Friday, U.S. markets were closed in observance of Independence Day. Spot gold price was little changed at $1,775 an ounce.

For as early as 7:13 this morning, Dow Jones Newswires released a report regarding AUD/USD could come under pressure this week because of concerns about a worsening of the diplomatic relationship between China and Australia, says NAB. Weekend media reports suggested that the Australian government expects further retaliatory tariff increases from China after Prime Minister Scott Morrison's offer of a safe haven to Hong Kong citizens.

👉 The focus for Australian financial markets this week is the RBA's policy meeting for July on Tuesday.

👉 EUR/USD will likely remain entrenched within a 1.1150-1.1400 range at least until the July 17-18 EU summit. EU leaders will try to push forward the proposed 750 billion euro EU-wide recovery fund. So far there is no sign that those opposed are ready to soften their stance against a recovery fund financed in large part by grants rather than by loans, says CBA. Dutch Prime Minister Mark Rutte told an Italian newspaper last week his government will not accept the EU handing out grants to economies recovering from coronavirus.

👉 USD remains caught in the cross currents of an improving global economy and the accelerating coronavirus outbreak in the United States. There is little economic data this week to distract from the virus, and there is no material evidence yet to suggest the virus outbreak is slowing the economic recovery.

Here are the High Impact Economic events expected today:
Economic Calendar (7.6.20) - Forex Trading tutorials for beginners in the Philippines

As we have observed earlier in the Currency Monitoring Chart, we discovered that NZD/JPY lines are separated with the farthest distance.
Currency Monitoring NZDJPY (7.6.20) - Forex Trading tutorials for beginners in the Philippines

As I do my usual Live-stream schedule, we checked EUR/CAD and saw the spread between EUR and CAD currencies using the Currency Monitoring Chart.
EUR/CAD Currency Monitoring Technical Analysis - Forex Trading tutorials for beginners in the Philippines

The following is EUR/CAD looking at 4 hour chart:
EUR/CAD Technical Analysis - Forex Trading tutorials for beginners in the Philippines



INTRADAY MARKET INSIGHTS


USD/JPY Intraday: 
The pair is trading at levels close to the key resistance at 108.20 and therefore caution is advised. In fact, the pair stays at levels above the 20-day moving average, while the relative strength index is above 50 showing a lack of downward momentum for the pair. In case the level of 108.20 holds firmly as the key resistance, the pair stands higher chances returning to 106.00 on the downside. However, a clear break above 108.20 would bring about a bullish reversal and open a path toward 109.65 on the upside (around the high of June).

1st support - 106.00 (major)
1st resistance - 108.20 (major)
2nd support - 104.50 (moderate)
2nd resistance - 109.65 (moderate)

NZD/JPY up, USD/JPY and GBP/USD challenged by Key Resistances - Forex Trading tutorials for beginners in the Philippines

EUR/USD Intraday:
Although the pair posted a pullback, it is still supported by a rising 50-day moving average. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited by the support level at 1.1100. Hence, as long as this key level is not broken, expect another advance with targets at 1.1375 and 1.1495 in extension. Alternatively, crossing below 1.1100 would bring a return with 1.1000 & 1.0870 as targets.

1st support - 1.1100 (major)
1st resistance - 1.1375 (moderate)
2nd support - 1.1000 (moderate)
2nd resistance - 1.1495 (major)

AUD/USD Intraday:
The pair is trading above the key support level at 0.6780, helping to maintain the bullish bias. Besides, the rising 50-day moving average is acting as support now. The relative strength index has landed on its neutrality level at 50 and is turning upward. To conclude, unless the support level at 0.6780 is violated, the pair should reach 0.7040 and 0.7180 on the upside. Alternatively, crossing below 0.6780 would bring a drop with 0.6650 and 0.6500 as targets.

1st support - 0.6780 (major)
1st resistance - 0.7040 (moderate)
2nd support - 0.6650 (minor)
2nd resistance - 0.7180 (major)

NZD/USD intraday: 
The pair is holding on the upside and is trading above both 20-day and 50-day moving averages. The relative strength index is locating at 60s, suggesting the upside momentum for the prices. To conclude, as long as 0.6370 is not broken, expect a rise with targets at 0.6585 and 0.6730 in extension. On the other hand, breaking below 0.6370 would bring a corrective wave with 0.6185 and 0.6080 as targets.

1st support - 0.6370 (major)
1st resistance - 0.6585 (moderate)
2nd support - 0.6185 (major)
2nd resistance - 0.6730 (moderate)

GBP/USD Intraday: 
The pair maintains a bearish bias below the key resistance at 1.2540. Despite a modest rebound, it remains trading at levels below a declining trend line drawn from December last year. As long as the key resistance at 1.2540 holds, the pair should return to 1.2245 and 1.2060 on the downside. Alternatively, a break above 1.2540 would open a path to 1.2815 on the upside.

1st support - 1.2245 (major)
1st resistance - 1.2540 (major)
2nd support - 1.2060 (major)
2nd resistance - 1.2815 (major)

NZD/JPY up, USD/JPY and GBP/USD challenged by Key Resistances - Forex Trading tutorials for beginners in the Philippines

USD/CHF Intraday: 
The pair is trading within a bearish descending triangle. Currently, it is capped by the declining 20-day moving average, while the relative strength index remains subdued in the 30s, suggesting a bearish bias. Unless the key resistance at 0.9550 is surpassed, the pair should proceed to 0.9375 and 0.9255 on the downside. Alternatively, above 0.9550, expect a rebound to 0.9650.

1st support - 0.9375 (major)
1st resistance - 0.9550 (major)
2nd support - 0.9255 (major)
2nd resistance - 0.9650 (major)

USD/CAD Intraday: 
The pair is capped by a bearish trend line drawn from March. In fact, it is trading at levels below both the 20-day and 50-day moving averages, while the relative strength index stays below the neutrality level of 50, signaling bearish bias. Below the key resistance at 1.3720, expect a decline to 1.3490 and 1.3300. Alternatively, a break above 1.3720 would trigger an advance to 1.3870.

1st support - 1.3490 (major)
1st resistance - 1.3720 (major)
2nd support - 1.3300 (major)
2nd resistance - 1.3870 (major)

EUR/JPY Intraday: 
Bullish bias remains. The pair is supported by a rising trend line drawn from June 26. Currently, it is trading above both the 20-period and 50-period moving averages, while the relative strength index stays above the neutrality level of 50, signaling a bullish bias. Unless the key support at 120.52 is violated, the pair should climb to 121.54 and 121.81. Alternatively, below 120.52, expect a decline to 120.06.

EUR/GBP Intraday: 
Target 0.9064. The pair keeps trading within a consolidation range. Nevertheless, the 20-period and 50-period moving averages are skewing upward and the relative strength index shows a lack of downward momentum. As long as the key support at 0.8992 holds, the pair should target 0.9048 and 0.9064. Alternatively, a break below 0.8992 would trigger a drop to 0.8965.