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Daily Technical Insights 19th July 2023


Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.

EUR/USD (4 Hours)

EUR/USD Remains Steady Within Limited Range Despite Positive Wall Street Earnings

The EUR/USD pair maintained a narrow trading range on Tuesday, reaching a yearly high of 1.1275. Initially, the US Dollar benefited from a negative market sentiment in the first half of the day, but the mood shifted with the release of positive Wall Street earnings reports. While the Eurozone did not publish significant figures, the United States unveiled mixed data, including modest Retail Sales and declining Industrial Production. On Wednesday, the market focus turns to the final estimates of the June Harmonized Index of Consumer Prices (HICP) in the EU, while the United States prepares to release June Housing Starts and Building Permits.

Chart EURUSD by TradingView

According to technical analysis, the EUR/USD pair is currently experiencing a period of consolidation, with limited movement and a narrower gap between the upper and lower bands of the Bollinger Bands. The Relative Strength Index (RSI) is currently at 58, suggesting that the EUR/USD pair has returned to a neutral stance.

Resistance: 1.1291, 1.1382

Support: 1.1173, 1.1086

XAU/USD (4 Hours)

XAU/USD Prices Driven by Worsened Market Mood as US Dollar Temporarily Strengthens

The XAU/USD pair experienced an upward trajectory on Tuesday, reaching $1,972.17 per troy ounce in the European session due to deteriorating market sentiment. Although the US Dollar saw some short-term demand prior to Wall Street’s opening and after the release of mixed US data, it quickly resumed its climb, surpassing the mentioned high and reaching a fresh 2023 high of around $1,984.35. The US Census Bureau reported that Retail Sales in the US increased by 0.2% MoM in June, falling short of market expectations. However, the Retail Sales Control Group exceeded predictions with a growth of 0.6%. Despite these figures, US equities surged, placing additional downward pressure on the American currency, particularly propelled by better-than-expected earnings reports from major banks, driving the Dow Jones Industrial Average to new yearly highs around 35,000.

Chart XAUUSD by TradingView

According to technical analysis, the XAU/USD pair moved higher on Tuesday and managed to reach the upper band of the Bollinger Bands. Currently, the price is slightly below the upper band, indicating a potential move toward the middle band. Additionally, the Relative Strength Index (RSI) is at 68, suggesting that the XAU/USD pair has returned to bullish sentiment.

Resistance: $1,984, $2,001

Support: $1,962, $1,939

Make informed decisions with the most up-to-date and reliable financial data, exclusively provided by vtmarkets.com.