Trade ideas thread - European session 10 July 2020

Author: Justin Low | Category: News

Daily thread to exchange ideas and to share your thoughts

The market is in a more defensive mood going into European trading, with the yen leading gains and the dollar also keeping slightly firmer across the board.

WCRS 10-07
US coronavirus figures continued to offer more concerns to investors with the regressing situation in Tokyo, Hong Kong and Melbourne also not really helping too much. For today, the fall in Chinese equities is also tempering with the risk mood.

Asian equities are trading at the lows with US futures also seen down by around 0.4% to 0.5% as we start to look towards the session ahead. Will this be the day where the S&P 500 sees back-to-back losses for the first time in a month?

As for major currencies, we are sort of falling back in line to familiar territory over the past few weeks. EUR/USD is trading back to its key hourly moving averages, the same for AUD/USD as both pairs are testing their respective 200-hour moving average now.

USD/CAD also bounced back from a test of its 200-day moving average to move above its key hourly moving averages yesterday; now closing in on the swing region resistance at 1.3613-22 ahead of the Canadian jobs report later today.

Gold also saw some selling amid dollar strength, prompting some profit-taking activity as we see price fall back to center around the $1,800 handle currently.

What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.

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