{"id":173070,"date":"2020-07-02T09:30:12","date_gmt":"2020-07-02T13:30:12","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=173070"},"modified":"2020-07-02T08:02:17","modified_gmt":"2020-07-02T12:02:17","slug":"investor-risk-sentiment-rises-on-better-economic-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2020\/07\/investor-risk-sentiment-rises-on-better-economic-data\/","title":{"rendered":"Investor risk sentiment rises on better economic data"},"content":{"rendered":"
July 2, 2020<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

EURUSD Trades Flat As It Fails To Clear 1.1261<\/span><\/h3>\n

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The euro currency is holding on to a sideways pattern. Price action once again attempted to breakout above 1.1261 level of resistance.<\/p>\n

But failing to breakout higher is keeping the currency pair subdued. A smaller range is forming with the lower end at 1.1205.<\/p>\n

Following this consolidation, we expect the euro currency to potentially breakout. The bias is mixed for the moment, given the consistent lower highs that are forming.<\/p>\n

As a result, this opens the downside in EURUSD towards the 1.1132 level of support.<\/p>\n

GBPUSD Breaks The Trend Line And Turns Bullish<\/span><\/h3>\n

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The pound sterling is posting strong gains for the second consecutive day, with prices rising to a one week high.<\/p>

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The gains come following a successful breakout of the falling trend line. This opens up the upside toward the 1.2516 level where resistance could keep a lid on the gains.<\/p>\n

We also suspect a pullback to the breakout level of the trend line. This will potentially cement the upside in GBPUSD for now.<\/p>\n

However, further gains might be in store if the cable manages to clear the 1.2516 level of resistance.<\/p>\n

Oil Prices Once Again Retreat From The Resistance Level<\/span><\/h3>\n

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WTI Crude oil prices made an attempt to test the technical resistance level around the 40.18 \u2013 40.42 region.<\/p>\n

However, prices were pushed lower immediately. For the moment, the consolidation is showing a squeeze in the price between the trend line and the horizontal resistance level.<\/p>\n

Therefore, we could expect a breakout in the near term. The bias is mixed for the moment.<\/p>\n

If oil prices break the trend line, we expect a move lower to the 34.41 level of support.<\/p>\n

Alternately, an upside breakout might see prices finally clearing the way for a move toward the 50.00 level.<\/p>\n

Gold Slips Off The Rising Wedge Pattern<\/span><\/h3>\n

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The precious metal failed to make any major gains after prices rose to highs near 1788.<\/p>\n

The rising wedge pattern signaled earlier results in prices making a short term correction.<\/p>\n

However, gold is still trading within the larger bullish price channel. As a result, the upside bias is still intact.<\/p>\n

But this could change if gold breaks out from the rising price channel. It will potentially set the stage for gold to correct lower to the 1732 level.<\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex EURUSD Trades Flat As It Fails To Clear 1.1261 The euro currency is holding on to a sideways pattern. Price action once again attempted to breakout above 1.1261 level of resistance. But failing to breakout higher is keeping the currency pair subdued. A smaller range is forming with the lower end at 1.1205. […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-173070","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/173070","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=173070"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/173070\/revisions"}],"predecessor-version":[{"id":173091,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/173070\/revisions\/173091"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=173070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=173070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=173070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}