Market Review 22 June 2020

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