Fed Chair Speech and Earnings Season’s End on Tuesday

Fed Chair Speech and Earnings Season’s End on Tuesday

Latest news

  • US Census Bureau will publish monthly retail sales data. Analytics expect core retail sales to increase month-to-month, which is still a modest increase compared to July.
  • At 08:30 GMT+3, Federal Reserve Chair Jerome Powell will make a speech. The markets wait for information about tapering plans. Investors are pretty sure that the US Federal Reserve System will reduce its QE program sooner than expected due to strong numbers.
  • British pound is slowly plunging against strong USD after the UK’s second-quarter GDP report showing uncertainty in an interest rate rise until 2022.
  • Following a flash crash early last week, gold has managed to recover well, with demand coming back amid some anxiety in the marketplace.
  • Walmart and Home Depot will publish earnings reports today at 14:00 and 13:00 GMT+3 respectively, almost ending with earnings season.
  • Asian stocks fell Tuesday as concerns about the impact of the delta coronavirus variant on global growth eclipsed a record-breaking run in the S&P 500. The dollar and Treasuries rose.

Technical outlook

GBP/USD H4 chart

British Pound is in a range and has a chance to break through local minimums. If it plunges, the final support line will be 1.359

Support lines: 1.379, 1.3775 and 1.359

Resistance lines: 1.3880

GBPUSDH4.png

XAU/USD 1H chart

There is a big chance for gold to plunge from the important 1800 line, so you can look for a short entry point here.

Support area: between 1770 and 1765.

Resistance area: between 1795 and 1800.

XAUUSDH1.png

EUR/CHF Daily chart

Following last week’s plunge of the Swiss franc, the euro has started this week by falling sharply against it due to Delta’s impact on global economic growth.

Support lines: 1.072 and 1.067.

Resistance line: 1.0839.

EURCHFDaily.png

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