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Let’s start with the most traded pair in the Forex market: EUR/USD. The RSI indicator has bounced off the 30.0 level, giving a bullish signal. The pair has managed to come back to the area inside the channel. It has briefly jumped above the psychological mark of 1.1900. If it jumps above 1.1950, it will rally up to the next round number of 1.2000. In the opposite scenario, the move below yesterday’s low of 1.1840 will press the pair down to the 1.1750 support.
Gold has reversed up from the 61.8% Fibonacci retracement level of $1770. It gets closer to the next key resistance level at the 50% Fibo level of $1800 and the 100-day MA. It won’t cross it on the first try, but if it does, the way up to the 38.2% Fibo levels of $1825 will be clear.
Brent oil (XBR/USD) has broken above $74.00 and rallies up towards the next round number of $75.00. According to banks such as Citi, Bank of America, and Goldman Sachs, the oil will rally above $80.00 this year. Support levels are $72.00 and $71.00 – the recent lows.
The Fed held a much-awaited meeting yesterday. The bank hasn’t made any policy changes. As a result, the USD weakened and EUR/USD rocketed. Jump in to know all the latest news!
What will happen? The US Q2 Gross Domestic Product will be announced at 15:30 MT time (GMT+3) on Thursday, July 29…
Today the Fed will make a policy statement at 21:00 GMT+3. This event will affect all the currency pairs with the USD and thus almost the all Forex market!
The Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.
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