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Market News and Charts for July 24, 2020

Hey traders! Below are the latest forex chart updates for Friday’s sessions. Learn from the provided analysis and apply the recommended positions to your next move. Good day and Good Luck!


The pair will bounce back from a major uptrend support line, sending the pair higher towards an all-time high price. Japan is lagging compared to other advanced economies in terms of recovery based on several reports. On Monday, July 20, Tokyo led the release of Manufacturing and Services Purchasing Managers Index (PMI) reports. Figures for these reports came in at 42.6 and 45.2, respectively. Despite an increase from June’s figures, it was below the 50-basis point. This means although the Japanese government lifted the national emergency back at the last week of May, it was not able to cope up from the pandemic. Meanwhile, the reports by the EU’s economic powerhouses, Germany and France, suggests that the bloc is on the right path towards economic recovery. Figures for both countries were 50.0 and 52.0 points for Manufacturing PMI and 56.7 57.8 for Services PMI. On other hand, the EU’s figures for these reports were 51.1 and 55.1. Market News, Market News and Charts for July 24, 2020


The pair will break down from a major support line, sending the pair lower towards the nearest support line. Canada’s report for this week is a major improvement from the prior records. The country’s Consumer Price Index (CPI) MoM report grew by 0.8%, the highest since February 24, 2017. It was also an improvement of 166.67% from the 0.3% growth in May. Aside from this report, Canada’s retail sales is also a surprise for investors. For the month of May, it grew by 18.7%, the highest recorded growth in its history. Meanwhile, March and April’s report hit the worst decline after posting -10.0% and -26.4%, respectively. The US reports, on the other hand, were near reaching the economic expansion level. Its figures for Manufacturing and Services Purchasing Managers Index (PMI) reports were 49.8 and 47.9 points, respectively. For the report to be considered as good, it must surpass the 50 points benchmark.

Market News, Market News and Charts for July 24, 2020NZD/USD

The pair will continue to move higher in the following days towards its previous high. New Zealand’s exports dropped by $330 million, from $5.40 billion to $5.07 billion. Meanwhile, its imports were surging from 4.11 billion in May to $4.64 billion in June. While the drop in import will hurt the performance of its currency, it will help the economy in the long run. Through exports, a country will be able to receive foreign currency, normally in US dollar denomination. This, in turn, makes the country liquid with its financial commitments abroad. However, too much of this could hurt the economy. A more balanced figure for imports and exports is proven to be beneficial to the local economy in the long run. Another report that could affect not only the local economy but also the global economy was the initial jobless claims report. On Thursday, the US published the weekly report. Figure came in at 1,416K, higher than the previous record of 1,300K.Market News, Market News and Charts for July 24, 2020


The pair failed to break out from a major resistance line, sending the pair lower towards a key support line. Australia had impressive reported figures from Manufacturing and Services PMI. The figures came in at 53.4 and 58.5, respectively, both of which are above 50 points level. However, the optimism by bullish investors will not last long. A quarterly confidence report from one of New Zealand’s largest banks, the National Australian Bank (NAB), posted a huge decline. Figure went down from -11 in April 01’s report to -15 on Wednesday, July 22. The opposite is true for Japan’s Purchasing Managers Index (PMI) reports for Manufacturing and Services. Figures were only recorded at 42.6 and 45.2, respectively. Despite this, analysts are expecting the $1 trillion stimulus by the Japanese government during the national emergency to reflect in the third-largest economy in the world in the coming months.

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