USDCAD: The uptrend expected to continue in case the market rises above resistance level 0.78015
This/next week forecast (July 25 – 29, 2022)
The uptrend may be expected to continue in case the market rises above resistance level 0,78015, which will be followed by reaching resistance level 0,7940 – 0,7983.
An downtrend will start as soon, as the market drops below support level 0,7730, which will be followed by moving down to support level 0,7645 and if it keeps on moving down below that level, we may expect the market to reach support level 0,7560.
Monthly forecast, August 2022
An uptrend will start as soon, as the market rises above resistance level 0,7800, which will be followed by moving up to resistance level 0,7940 – 0,7983.
An downtrend will start as soon, as the market drops below support level 0,7645, which will be followed by moving down to support level 0,7517 – 0,7469.
WTI oil outlook: Oil remains under pressure by growing demand concerns
(Slobodan Drvenica – Windsor Brokers)
WTI oil remains at the back foot and extends weakness to one-week low ($92.88) on Monday.
Oil prices are weighed by growing demand concerns as the US central bank is expected to make another big rate hike this week that threatens of further slowing of the global economy, with weaker China’s economic recovery (the latest data showed that China narrowly escaped a contraction in the second quarter) adding to worries that demand for oil would weaken.
Signals that Libya is boing to increase oil output to 1.2 million barrels per day would add to supply side and ease market tightness, marking an additional pressure on oil prices.
Also, the European Union said it would ease sanctions to Russian state-owned companies to sell oil to third countries that would further weigh on prices.
Fresh weakness broke through important support at $94.50 (Fibo 61.8% retracement of $90.54 / $100.96 / 200DMA) with sustained break here to generate fresh bearish signal and bring in focus key supports at $90.54/00 (July 14 low / psychological).
Daily technical studies remain in bearish setup and support the action, with additional negative signal developing on monthly chart as oil is on track for the second consecutive strong monthly fall, last seen in Mar/Apr 2020.
Res: 95.75; 96.52; 96.98; 97.92.
Sup: 93.00; 91.62; 90.54; 90.00.
Could EUR/USD move towards the 1.0230 level?
Looking at EURUSD’s chart, we can see that in the past week, it is traded between the range of 1.0270 and 1.0130 whereas currently it is at the rate of around 1.02. If it will hold its rate above the support level of around 1.0190, then we could see it rising towards its resistance level of around 1.0230 otherwise it should fall towards its support level of around 1.0160.