{"id":174021,"date":"2020-07-23T12:40:33","date_gmt":"2020-07-23T16:40:33","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=174021"},"modified":"2020-07-23T12:31:14","modified_gmt":"2020-07-23T16:31:14","slug":"usd-stays-soft-amid-mixed-risk-sentiment","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2020\/07\/usd-stays-soft-amid-mixed-risk-sentiment\/","title":{"rendered":"USD stays soft amid mixed risk sentiment"},"content":{"rendered":"
July 23, 2020<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

EURUSD Rises To A Two-Year High<\/span><\/h3>\n

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The euro currency hit a two-year high on Wednesday, boosted by a weaker greenback and the EU Covid-19 relief package.<\/p>\n

Price action is now into its fifth consecutive weekly gains. The common currency quickly breached past the 1.1550 handle.<\/p>\n

Given the current momentum, EURUSD is now looking quite close to hitting the 1.1600 handle.<\/p>\n

The sharp pace of gains, however, put the common currency at risk of a pullback.<\/p>\n

A breakdown of the minor rising trend line\u00a0could confirm this. The initial support is at 1.1500. It is yet to be tested.<\/p>

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GBPUSD Established Support At 1.2643<\/span><\/h3>\n

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The cable is trading flat for the day, following a pullback after Tuesday\u2019s gains.<\/p>\n

GBPUSD pared gains to fall back to the price level of 1.2643. As a result, support is now established at this level, evident from the rebound off this level.<\/p>\n

For the moment, GBPUSD will need to break past the recent highs of 1.2768 to confirm further upside.<\/p>\n

Gains might stall near the upper resistance level of 1.2813. However, if the bullish momentum prevails, we might expect to see GBPUSD breaking past this level as well.<\/p>\n

For the moment, the downside risks continue to fade.<\/p>\n

WTI Crude Oil Fails To Breakout Above 42<\/span><\/h3>\n

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Oil prices surged ahead with the gains on Tuesday as price briefly traded above the 42.00 handle.<\/p>\n

However, failure to build upon the momentum saw prices being rejected, pushing crude oil to close below 42.00.<\/p>\n

At the time of writing, price action is once again testing this level. A breakout above 42.00 will potentially clear the way for crude oil to continue pushing higher.<\/p>\n

The next key target in the medium term will be the 50.00 level. This will see oil prices recovering nearly 70% of the declines from earlier this year.<\/p>\n

Can Gold Prices Reach A 10-Year High?<\/span><\/h3>\n

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The precious metal is quite bullish resuming its strong uptrend. Following days of consolidation, the precious metal surged ahead, logging four consecutive sessions of gains.<\/p>\n

While price has broken past the 1850 level, it is still shy of the all-time highs of 1920.80.<\/p>\n

In the near term, support could likely form at the 1850 handle in case of a pullback.<\/p>\n

A strong breakout from the rising price channel will potentially suggest the bullish continuation.<\/p>\n

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

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

By Orbex EURUSD Rises To A Two-Year High The euro currency hit a two-year high on Wednesday, boosted by a weaker greenback and the EU Covid-19 relief package. Price action is now into its fifth consecutive weekly gains. The common currency quickly breached past the 1.1550 handle. Given the current momentum, EURUSD is now looking […]<\/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-174021","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/174021","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=174021"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/174021\/revisions"}],"predecessor-version":[{"id":174033,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/174021\/revisions\/174033"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=174021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=174021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=174021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}