2022-04-08 • Updated
Last week, EURUSD broke below a significant support level, the gas price retested its October high, and the oil prices managed to correct lower on the bearish signs of more oil supplies coming into the market. Let's look at the events that are coming this week!
As inflation is a big and triggering topic in the world right now, traders are constantly tracking any changes in the market. For major pairs, the most significant release is US CPI on Tuesday. EURUSD found its bottom at 1.0850 last week. This week, we expect a reversal back to 1.0940. As for USDJPY, it may try to retest its recent high at 125.10. Other important events include monetary policy statements by the European Central Bank and the Bank of Canada. The updates on the economic outlook will bring volatility to the euro and the Canadian dollar. USDCAD may strengthen to 1.2700.
Oil prices slid lower last week on the news that the members of the International Energy Agency were planning to unleash around 120 million barrels, the most significant release in the organization's history. XTIUSD fell below $95, while XBRUSD marked the level below $100 for the first time since March. If you consider shorting Brent, watch the $95 level as a potential target. The next target for sellers of WTI is placed at $88.
Gold keeps trading within a symmetrical triangle between the resistance at $1935 and the support at $1920. A breakout below $1920 will lead to a further fall to $1900. Vice versa, the target for XAUUSD after breaking the $1935 level lies at $1945.
The American stock indices slid lower last week, with S&P500 reaching 4500 and NASDAQ hovering around 14 500. The most notable dynamics of a price happened on the charts of Twitter and HP after bullish news related to big bosses Elon Musk and Warren Buffett. HP jumped to its all-time high at $40, while Twitter rose to the resistance at $52. The earnings season is going to bring volatility to stocks this week. As usual, it begins with reports by major banks. Follow the release of JPMorgan Chase & Co on Wednesday. On Thursday, expect the quarterly results from Wells Fargo & Co, Goldman Sachs, Morgan Stanley, and Citigroup.
The upcoming August inflation data may send mixed signals. The 12-month headline inflation rate is expected to rise to 3.6%, causing concerns for the Biden administration. However, core inflation, which excludes food and energy prices, is projected to decrease to 4.3%, aligning with the Federal Reserve's goals. Past price trends influence both figures, so looking at recent data for a more accurate picture is crucial.
The odds of a final interest rate hike by the US Federal Reserve (Fed) this year have dropped after US job openings hit their lowest levels since early 2021. This has led to a correction in the US Dollar as traders reduced their bets on further rate hikes.
Here we go again, my friends. It’s time to look critically into the future of what trading opportunities September might have in store for us. As always, it is essential to note that the views expressed here are mine and should not be considered financial advice without proper examination.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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