Trade ideas thread – European session 20 July 2023

<p>It looks like the dollar demise may have to be put off until the Fed next week. USD/JPY ran up close to 140.00 on the recovery bounce yesterday before falling back while GBP/USD has declined strongly after the softer UK CPI data yesterday. The latter threatened a drop below 1.2900 before bouncing off its 200-week moving average at 1.2885 to keep around 1.2940 today.</p><p>A China curveball is making things a little trickier as well, as the PBOC fixed the yuan currency extremely strong today. And that is indirectly boosting the aussie and kiwi as well, which have both struggled somewhat since Friday last week.</p><p>It seems like traders will need to pause and reassess things but there are some other opportunities to look at.</p><p>Gold is one as it continues its march towards the $2,000 mark as buyers build on the bounce off $1,900 at the end of last month. Then, we also have EUR/GBP which is looking to hold the break above its June high of 0.8658 in chasing its 100-day moving average at 0.8702 next. The high yesterday hit 0.8700 before price retreated a little and is now seen at 0.8670 on the day.</p><p>Besides that, equities continue to impress although today's mood may be affected by Tesla and Netflix earnings – so tech shares may see a pause in the recent rally at least.</p><p>What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.</p>

This article was written by Justin Low at www.forexlive.com.