Market Commentary – Hantec Markets 18/08/2020

by birtanpublished on August 25, 2020

Hello everyone and welcome to my daily report market analysis videos with me richard perrymock and it's at han tech on tuesday the 18th of august well we have the dollar which is under pressure today it's coming into

Certainly a bout of selling pressure um what we've seen is treasury yields falling away quite sharply and uh the dollar you see these rectangle ranges that get broken to the downside consolidation

Downside consolidation are we going to get another downside break well 92.50 is that level of support of this range the breakdown would certainly be the next leg lower now why is this happening

Well we've seen treasures falling off over in the last sort of well two or three sessions really a little bit up on the actually up on the uh from the lows of the session today on the ten year but still they seem to be

On this sort of falling track now not necessarily the two yeah and actually the the net result of that actually means that we see yield curve

Flattening so use yield spreads tightening yield curve flattening which is dollar negative and that can be seen through these major plays today euro up sterling up

Dolly n down we've also got the australian dollar performing well and canadian dollar so a pretty much mixed bag um in terms of um risk on this golf but broadly speaking the dollar is under

Pressure um now with regards to why this has happened well we saw a very um worrying deterioration actually in the um new york fed manufacturing data

Yesterday that leads to you to sort of contemplate the fact that maybe the august data is not going to be all that good for the us so subsequently yields are falling on the back of that now in terms of today's

Data not a great deal we've got the business building permits and housing starts for the us um nothing really in terms of market moving data um in terms of uh

The uh movement well they're both set to improve but uh yeah they're not going to be sort of shooting the lights out in terms of data and impact on markets there now with

Regards to my chart of the day again a dollar pair um and it is dollar swiss and again and what we've got is the australian dollar threatening to break higher against the

U.s you've got the euro threatening to break high against the us and we have the dollar swiss which is looking to break down now this dollar swissy

Um has been ranging really um he's sort of got the 92 resistance there actually dates back to the old breakdown of march so that all support has become new resistance breaking down and now we're

Threatening to make the next downside break as well down below 90 50. let me just get that 1950. um it's sort of threatened this morning but not quite decisively done the closing move but you

Can see all these momentum indicators rolling over with downside potential as well and if you do see a closing breach of 90 50 that would imply around about 150 pips worth of

Downside projection from that range and then you can certainly see that 89 becomes uh 89 big figure comes into play but the market is certainly um looking as though it's on

The brink of another break down so we look to sell into strength and any technical rally i think is going to struggle on this uh dollar swissy you can see here on the alley 55 hour moving average a basis of

Resistance you've got the unwind towards 45.50 on the hourly rsi seemingly a point at which the rallies fall over macd lines and stochastics also looking pretty negative so this is the this looks to be the little pickup

From the lowest this morning 1935. looks to be a selling opportunity doesn't it so it looks as though that the market is ready and primed for the next move lower so um with that in mind i

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