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Market Review 22 June 2020

Jun 22, 2020 (06:51)

by Constantinos Loizou

In the Economic calendar of today we can expect some volatility in USD, EUR, and CAD
At 14:00 (GMT) the National Association of Realtors of US, will announce their Existing Home Sales
The above is an estimated value of housing market conditions
The result is forecasted to decrease to 4.2M considering the last month that was at 4.33M
At 14:15 (GMT) the Vice-president of the European Central Bank, Luis De Guindos, will have a speech
His words may affect the EUR in the short term
At 15:00 (GMT) the Governor of the Bank of Canada, Tiff Macklem, will have a speech
His words may affect the CAD in the short term

On the Charts

On the Crude Oil Daily Chart, we can observe that the price has broken below the upward trendline, 10 days before
The price returned and retest the previous resistance – top, at 40.70 and reacted
The price is now at 39.660
In the Awesome Oscillator (AO), we can observe that its bar failed to follow the price in the previous top, and that can be considered as negative divergence
Negative divergence can be also observed on the RSI
If the price fails to break above the 40.70, there is a possibility to see the price moving lower to 34.70 or the 31.40, the previous support levels

The original content of this Market Update is done in the English language. Any other language translation is provided for the sake of convenience. In case of any inconsistencies between the original English version and any other language, the original English version shall prevail.

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