Market Review 19 June 2020

by Constantinos Loizou

  • In the Economic calendar of today we can expect some volatility in EUR, GBP, CAD, and USD
  • At 09:00 (GMT) the Federal Statistical Office of Germany announced their Producer Price Index
  • The above measures the average changes in prices in the German primary markets
  • The result has increased to -0.4% considering the last month that was at -0.7%
  • At 09:00 (GMT) the National Statistics office of UK announced their Retail Sales
  • The result has increased to 12% considering the last month that was at -22.6%
  • At 12:30 (GMT) the Statistics office of Canada will announce their Retail Sales
  • The above shows all goods sold by retailers based on a sampling of retail stores of different types and sizes
  • The result is forecasted to decrease to -15.1% considering the last month that was at -10%
  • At 17:00 (GMT) the Chairman of Federal Reserve of USA, Jerome H. Powell, will give a speech
  • His words may affect the trend of USD in the short term


On the charts


  • As we can observe on the GBP/USD 4-hour chart, the price has formed a failure swing reversal formation
  • The price has broken below the blue upward trendline
  • The previous resistance has been broken and is now retested
  • The price is now at 1.24489, below the 10 (green) and 20 (purple) periods moving averages
  • The 10 periods crossed to the downside the 20
  • MACD and its signa line are both below zero, while MACD has crossed the signal line to the downside
  • Considering the above we may see the price moving lower to 1.23100, the 161.8% Fibonacci Extension Level (From 1.24534 to 1.26892) and a previous support level
Trading is risky. You may lose your capital. Read more

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 86% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.