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DAILY MARKET INSIGHT
24th ,
JULY 2023
DAILY MARKET
INSIGHT
24th
, JULY 2023
DAILY MARKET INSIGHT
24th ,
JULY 2023
Economic Calendar
Time Currency News Impact Expectation
02:45 AM NZD Balance of Trade Medium NZ$0.009B
03:00 AM AUD Judo Bank manufacturing
PMI Flash
Medium 47.6
04:30 PM JPY Jibun Bank Manufacturing
PMI Flash
Medium 50
12:00 PM EUR HCOB Manufacturing PMI
Flash
Medium 43.5
04:30 PM USD Chicago Fed National
Activity Index
Medium 0.2
05:45 AM USD S&P Global Manufacturing
PMI Flash
Medium 46
DAILY MARKET INSIGHT
24th ,
JULY 2023
AUD/USD TREND: NEUTRAL
The AUD/USD pair has found temporary support around 0.6720. The Aussie asset is consistently
declining from the past week as the US Dollar Index (DXY) makes a solid comeback amid hopes of
one more interest rate hike from the Federal Reserve (Fed).
Indicators
Daily chart Status
RSI 49 Bearish
STOCHASTIC 44 Bearish
MACD Above midline Bullish
200 EMA 0.6748 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 0.6750 0.6720 0.6680 0.6780
DAILY MARKET INSIGHT
24th ,
JULY 2023
NZD/USD TREND: NEUTRAL
NZD/USD gains some traction as the fresh trading week begins on Monday. The pair found support
around 0.6150 in the previous session. A subdued USD led the gains in the pair.
Indicators Daily chart Status
RSI 46 Bearish
STOCHASTIC 17 Bearish
MACD Above midline Bullish
200 EMA 0.6228 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 0.6180 0.6210 0.6240 0.6150
DAILY MARKET INSIGHT
24th ,
JULY 2023
EUR/USD TREND: BULLISH
The EUR/USD pair kicks off the new week on subdued note and oscillates in a narrow trading band
around the 1.1125-1.1130 area through the Asian session. A limited price action is expected.
Indicators Daily chart Status
RSI 60 Bullish
STOCHASTIC 66 Bullish
MACD Above midline Bullish
200 EMA 1.0774 Bullish
Outlook BULLISH
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 1.1130 1.1160 1.1190 1.1100
.
DAILY MARKET INSIGHT
24th ,
JULY 2023
GBP/USD TREND: NEUTRAL
The GBP/USD pair attracts some follow-through buying and bounces off the 1.2815 mark on
Monday. The pair trades around 1.2860 in the early European session. Market players prefer to wait
to be sidelined ahead of the key Federal Open Market Committee (FOMC) meeting on Wednesday.
Indicators Daily chart Status
RSI 53 Bullish
STOCHASTIC 41 Bearish
MACD Above midline Bullish
200 EMA 1.2414 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Buy 1.2880 1.2910 1.2940 1.2850
DAILY MARKET INSIGHT
24th ,
JULY 2023
USD/JPY TREND: NEUTRAL
The USD/JPY edges lower on the first day of a new week and erodes a part of Friday's strong gains to
142.0, or a nearly two-week high. A modest pickup in demand for the JPY weighs on the pair amid
subdued USD demand.
Indicators Daily chart Status
RSI 53 Bullish
STOCHASTIC 58 Bullish
MACD Below midline Bearish
200 EMA 136.70 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 141.50 141.20 140.90 141.80
DAILY MARKET INSIGHT
24th ,
JULY 2023
USD/CAD TREND: BEARISH
USD/CAD stays defensive around 1.3220 as it struggles to defend the weekly gains on Monday. The
Loonie pair also hesitates in cheering a pullback in the US Dollar amid sluggish Oil prices.
Indicators Daily chart Status
RSI 47 Bearish
STOCHASTIC 43 Bearish
MACD Below midline Bearish
200 EMA 1.3363 Bearish
Outlook BEARISH
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 1.3220 1.3190 1.3150 1.3250
DAILY MARKET INSIGHT
24th ,
JULY 2023
USD/CHF TREND: BEARISH
The USD/CHF pair attracts some dip-buying near the 0.8640-0.8635 region on Monday, but struggles
to capitalize on the modest intraday uptick. A range bound session is expected for the day.
Indicators Daily chart Status
RSI 36 Bearish
STOCHASTIC 24 Bearish
MACD Below midline Bearish
200 EMA 0.9136 Bearish
Outlook BEARISH
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell 0.8660 0.8630 0.8600 0.8690
DAILY MARKET INSIGHT
24th ,
JULY 2023
GOLD TREND: NEUTRAL
Gold price struggles to gain traction on Monday. The XAU/USD currently trades just below the
$1,960 level. Market players await the Federal Open Market Committee (FOMC) meeting and Fed
Chairman Jerome Powell's press conference.
Indicators Daily chart Status
RSI 55 Bullish
STOCHASTIC 68 Bullish
MACD Below midline Bearish
200 EMA $1,901.67 Bullish
Outlook NEUTRAL
Strategy
Action Entry Target 1 Target 2 Stop Loss
Sell $1,970 $1,960 $1,950 $1,980

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Daily Market Insight-July 24.pdf

  • 1. DAILY MARKET INSIGHT 24th , JULY 2023 DAILY MARKET INSIGHT 24th , JULY 2023
  • 2. DAILY MARKET INSIGHT 24th , JULY 2023 Economic Calendar Time Currency News Impact Expectation 02:45 AM NZD Balance of Trade Medium NZ$0.009B 03:00 AM AUD Judo Bank manufacturing PMI Flash Medium 47.6 04:30 PM JPY Jibun Bank Manufacturing PMI Flash Medium 50 12:00 PM EUR HCOB Manufacturing PMI Flash Medium 43.5 04:30 PM USD Chicago Fed National Activity Index Medium 0.2 05:45 AM USD S&P Global Manufacturing PMI Flash Medium 46
  • 3. DAILY MARKET INSIGHT 24th , JULY 2023 AUD/USD TREND: NEUTRAL The AUD/USD pair has found temporary support around 0.6720. The Aussie asset is consistently declining from the past week as the US Dollar Index (DXY) makes a solid comeback amid hopes of one more interest rate hike from the Federal Reserve (Fed). Indicators Daily chart Status RSI 49 Bearish STOCHASTIC 44 Bearish MACD Above midline Bullish 200 EMA 0.6748 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell 0.6750 0.6720 0.6680 0.6780
  • 4. DAILY MARKET INSIGHT 24th , JULY 2023 NZD/USD TREND: NEUTRAL NZD/USD gains some traction as the fresh trading week begins on Monday. The pair found support around 0.6150 in the previous session. A subdued USD led the gains in the pair. Indicators Daily chart Status RSI 46 Bearish STOCHASTIC 17 Bearish MACD Above midline Bullish 200 EMA 0.6228 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Buy 0.6180 0.6210 0.6240 0.6150
  • 5. DAILY MARKET INSIGHT 24th , JULY 2023 EUR/USD TREND: BULLISH The EUR/USD pair kicks off the new week on subdued note and oscillates in a narrow trading band around the 1.1125-1.1130 area through the Asian session. A limited price action is expected. Indicators Daily chart Status RSI 60 Bullish STOCHASTIC 66 Bullish MACD Above midline Bullish 200 EMA 1.0774 Bullish Outlook BULLISH Strategy Action Entry Target 1 Target 2 Stop Loss Buy 1.1130 1.1160 1.1190 1.1100 .
  • 6. DAILY MARKET INSIGHT 24th , JULY 2023 GBP/USD TREND: NEUTRAL The GBP/USD pair attracts some follow-through buying and bounces off the 1.2815 mark on Monday. The pair trades around 1.2860 in the early European session. Market players prefer to wait to be sidelined ahead of the key Federal Open Market Committee (FOMC) meeting on Wednesday. Indicators Daily chart Status RSI 53 Bullish STOCHASTIC 41 Bearish MACD Above midline Bullish 200 EMA 1.2414 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Buy 1.2880 1.2910 1.2940 1.2850
  • 7. DAILY MARKET INSIGHT 24th , JULY 2023 USD/JPY TREND: NEUTRAL The USD/JPY edges lower on the first day of a new week and erodes a part of Friday's strong gains to 142.0, or a nearly two-week high. A modest pickup in demand for the JPY weighs on the pair amid subdued USD demand. Indicators Daily chart Status RSI 53 Bullish STOCHASTIC 58 Bullish MACD Below midline Bearish 200 EMA 136.70 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell 141.50 141.20 140.90 141.80
  • 8. DAILY MARKET INSIGHT 24th , JULY 2023 USD/CAD TREND: BEARISH USD/CAD stays defensive around 1.3220 as it struggles to defend the weekly gains on Monday. The Loonie pair also hesitates in cheering a pullback in the US Dollar amid sluggish Oil prices. Indicators Daily chart Status RSI 47 Bearish STOCHASTIC 43 Bearish MACD Below midline Bearish 200 EMA 1.3363 Bearish Outlook BEARISH Strategy Action Entry Target 1 Target 2 Stop Loss Sell 1.3220 1.3190 1.3150 1.3250
  • 9. DAILY MARKET INSIGHT 24th , JULY 2023 USD/CHF TREND: BEARISH The USD/CHF pair attracts some dip-buying near the 0.8640-0.8635 region on Monday, but struggles to capitalize on the modest intraday uptick. A range bound session is expected for the day. Indicators Daily chart Status RSI 36 Bearish STOCHASTIC 24 Bearish MACD Below midline Bearish 200 EMA 0.9136 Bearish Outlook BEARISH Strategy Action Entry Target 1 Target 2 Stop Loss Sell 0.8660 0.8630 0.8600 0.8690
  • 10. DAILY MARKET INSIGHT 24th , JULY 2023 GOLD TREND: NEUTRAL Gold price struggles to gain traction on Monday. The XAU/USD currently trades just below the $1,960 level. Market players await the Federal Open Market Committee (FOMC) meeting and Fed Chairman Jerome Powell's press conference. Indicators Daily chart Status RSI 55 Bullish STOCHASTIC 68 Bullish MACD Below midline Bearish 200 EMA $1,901.67 Bullish Outlook NEUTRAL Strategy Action Entry Target 1 Target 2 Stop Loss Sell $1,970 $1,960 $1,950 $1,980