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14.07.2020

Consumer Price Index. USA, 14:30 (GMT+2)

At 14:30 (GMT+2), the US data on the Consumer Price Index for June will be released. It is the main indicator of inflation in the country and determines the change in the level of retail prices for a particular basket of goods and services: food, transportation, utilities, healthcare, etc. It has a significant impact on monetary policy decisions. The index is expected to increase on a monthly basis from –0.1% to 0.5%, and on an annual basis it may grow from 0.1% to 0.6%. If the forecast proves to be true, this may render support to USD.

Industrial Production. EU, 11:00 (GMT+2)

EU Industrial Production data for May is due at 11:00 (GMT+2). Industrial Production gauges the change in the total inflation-adjusted value of output manufacturers, quarries, and utilities produced. The indicator takes into account the manufacturing and mining industries, as well as the power industry. On a monthly basis, production is expected to grow by 14.5%, while on an annualized basis, it will decline by 20.5% after a decrease of 28.0% in April. If the forecast proves correct, it can support EUR.

NZD/USD: technical analysis

On the H4 chart, a downtrend is forming. The instrument is testing the lower border of the Bollinger Bands for a breakdown, and the indicator cloud is expanding. MACD histogram is near the zero level, and its volume is minimal. The signal line is directed downwards, the buy signal is losing its relevance. Stochastic is crossing the oversold zone from above, keeping a signal to open short positions.

USD/CAD: wave analysis

The pair may grow.

On the 4-hour chart, a downward correction of the higher level developed as the fourth wave (4), and the formation of the wave (5) starts. Now, the first wave of the lower level 1 of (5) is developing, within which a local correction has formed as the wave ii of 1, and the development of the wave iii of 1 is starting. If the assumption is correct, the pair will grow to the levels of 1.3828–1.4052. In this scenario, critical stop loss level is 1.3488.

USD/JPY: wave analysis

The pair may fall.

On the 4-hour chart, a downward correction of the higher level develops as the wave 2, within which the wave y of 2 forms. Now, the wave (c) of y of 2 is developing, within which the wave of the lower level iii of (c) has formed, and the local correction iv of (c) is ending. If the assumption is correct, the pair will fall to the levels of 106.00–105.21. In this scenario, critical stop loss level is 107.81.

Consumer Price Index. Germany, 08:00 (GMT+2)

At 08:00 (GMT+2), German data on the Consumer Price Index for June will be released. It is the main indicator of inflation in the country and determines the change in the level of retail prices for a particular basket of goods and services: food, transportation, utilities, healthcare, etc. It has a significant impact on monetary policy decisions. According to forecasts, the indicator will remain at the same level. On a monthly basis, it will be 0.6%, and on an annualized basis it will amount to 0.9%.