Market Sentiment Improves

23/07/2021

Continuing improvement in market sentiments is helping bulls across the market gain better control.

Positive vaccine updates, hopes of getting more stimulus, and easing COVID restrictions are the major catalysts of this improved market sentiment.

Gold consolidated itself at $1808, recovering from the downfall suffered during Friday’s Asian session. With no high-tier data releases due in the first half of next week and with European Central Banks (ECB) already having unveiled its revised strategies, the XAUUSD price is not expected to change much in the coming week.

The GBPCHF is also in a phase of consolidation. Bears are finding it difficult to maintain their control despite putting up a strong resistance. The overall trend also looks very bullish, and the bulls may eye the 1.2680 mark for the closing session of the week.

Mild optimism that is seen in the market helped the AUDUSD pair too. The pair gained 0.15% intraday, taking the bid to around 0.7390. This is an improvement for the AUDUSD for the third consecutive day, having gone down from 0.7402. Victoria conducted 43,543 corona tests which yielded only 14 positive results. That’s half the amount of the positives from the previous day. 
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