Archives of “July 21, 2020” day

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EURUSD trades to the highest level since January 2019

  
Analysis, Forex

Takes out 2020 high 1.14918

The EURUSD has trade above the March 2020 high price at 1.14918. The high price just traded to 1.1493. The new high for the year takes the price to the highest level since the end of January 2019. The high price on January 31 reach 1.15137. That is the next target for the pair.

Takes out 2020 high 1.14918_

In addition to extending to a new high going back to February 2019, the price last week moved above its 38.2% retracement at 1.13694, and stayed above that level. That is now a risk level for longs.
The 50% midpoint of the move down from the 2018 high comes in at 1.15958. That is now a target on the topside. An interim target from the daily chart, comes in at 1.1569. That level is the high from January 10, 2018. Buyers remain in control.

European shares end the session higher but off the highest levels.

  
Analysis, Global Indices
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The German Dax risse by 0.95%

The major European shares are ending the session higher. However, they are also closing near the lows for the day (and well of the highs for the day).

  • German DAX, +0.96%. The high reached +2.05%
  • France’s CAC, +0.18%. The high reached +1.57%
  • UK FTSE 100, +0.06%. The high reached +0.86%
  • Spain’s Ibex, +0.18%. The high reached +2.36%
  • Italy’s FTSE MIB, +0.42%. The high reached +2.48%
Meanwhile in the US, the major indices are mixed with the NASDAQ currently trading down -0.39% and near session lows. The S&P index is trading midrange at +0.56%. The Dow industrial average is trading near its highs at +1.14%.

China president Xi Jinping: Chinese economic recovery leads the world

  
Analysis, Economy
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Comments by China president Xi Jinping

Xi Jinping
  • Will strive to make up economic losses caused by coronavirus pandemic
  • Will strive to achieve good results for economic growth this year
  • Will make fiscal policy more proactive, prudent monetary policy more flexible
  • Will continue to cut taxes and fees
There isn’t much of anything new here from Xi, but this just reaffirms that China will continue to maintain the current set of policies and keep bolstering the economy for many more months as they deal with the fallout from the virus outbreak earlier in the year.

Silver on the move in break to fresh highs since 2016

  
Analysis, Gold / Silver

The market may be largely focusing on gold, but silver is also a star performer in the commodities space

Silver

Price triggered some stops in a quick move above $20 earlier, racing to a high of $20.43 before backing off slightly to $20.24 now. That sees silver trade to its highest levels since August 2016, as the commodity continues to soar after bottoming out in late March.
If buyers can maintain the current showing, it would mark 11 weeks of gains in the past 12 weeks for silver – its strongest winning momentum since the parabolic move in 2011.
Much like how gold is aiming to break its 2011 highs, silver is also currently aiming to break its 2016 highs and the overall outlook is still considerably optimistic – similar to gold.
Another thing to note about silver is that plenty of investors are starting to give it more attention and focus as the gold trade becomes more and more crowded, and upside momentum in gold prices may stall as a result.
There’s a saying in the market that ‘silver always lags gold’ but if gold prices are looking poised to take a run further and investors are also starting to keep silver as an alternative, the conditions look ripe for silver to keep going as well in the long-term.
For now, just be mindful of the highs at around $20.50 to $20.78 as well as the 2016 high of $21.14 as those will be key resistance regions to watch on any further upside move.

NASDAQ index rises over 2.50% on the day. New record close

  
Analysis, US Market
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eBay #Sponsored Wallstreet Stock Market Bull and Bear Head Bookends Bronze ElectroplatedThe buyers return to Amazon, Microsoft, Tesla ahead of their earnings over the next 2 weeks

The NASDAQ index rose over 2.5% on the day, outpacing small gains in the S&P index and Dow industrial average (which barely closed above unchanged).
The final numbers are showing:
  • S&P index up 27.11 points or 0.84% to 3251.83. The high price reached 3258.61. The low extended to 3215.16
  • NASDAQ index closed up 263.90 points or 2.51% at 10767.09. That is a record high close for the NASDAQ index
  • Dow industrial average closed up 8.92 points or 0.03% at 26680.83. The high price reached 26765.02. The low extended to 26504.20
Leading the way were some of the years biggest gainers including:
  • Tesla, +9.47% to $1643
  • Amazon, +7.93%
  • Microsoft, +4.3%
Tesla Microsoft will announce their earnings on Wednesday, July 22. Amazon will announce earnings on Thursday, July 30.
After the close IBM has announced higher earnings on the top and bottom line
  • EPS comes in at $2.18 vs. $2.17 estimate
  • revenues came in at $18.12 billion vs. $17.72 billion estimate
IBM shares are up in after hours trading and trades at $130.25 up 3.88% on the day
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