What to Trade on August 22–26?
How Energy Crisis Affects German PMI August 23, 2022, 10:30 GMT+3 Germany will publish Flash Manufacturing PMI data on Tuesday, August 23, at 10:30 MT time (GMT+3)…
JPMorgan finances Super League, Apple unveils new devices
Latest news
- The market sentiment is risk-on. EUR/USD, AUD/USD, GBP/USD surged! Treasury yields are at 1.61%, which is well below recent highs, and the US dollar is trading at the local levels.
- Tesla slumped after its electric car crashed, which appeared to have no driver. Elon Musk defended his company by saying that Tesla cars with Autopilot have 10 times fewer accidents than the average car.
- JPMorgan agreed to sponsor a group of the world’s richest soccer clubs to create a Super League. Among them are well-known Barcelona, Real Madrid, Liverpool, Manchester City, Juventus, etc. The investment will reach $4.8 billion. The new league was created to challenge the prestigious UEFA Champions League.
- Today, Apple will unveil its first new products this year, while Netflix will report earnings after the market closes at 1:00 MT.
Tech analysis
EUR/USD has broken through the upper trend line of 1.2000 and even reach the 100-day moving average of 1.2050, but has failed to close above it yet! If bulls keep momentum, the pair may rally up to the early March highs of 1.2100. Support levels are at 1.2000 and the 50-day moving average of 1.1960.
AUD/USD has approached the 0.7800 resistance, which it has failed to cross several times this year. Besides, the price crossed the upper line of Bollinger Bands, signaling the asset is overbought. Therefore, it’s likely to reverse down rather than breaking out. Support levels are at the recent lows of 0.7730 and 0.7650.
Gold is falling to Friday’s low of $1760, which it shouldn’t cross as there is the trend line. If it manages to cross it, the next support will be at $1750 near the 50-day moving average. If gold stays inside the channel and keeps rising, it may hit yesterday’s high of $1790.
USD/JPY has reversed from local dips. If it breaks the 108.50 resistance, the way up to the key psychological mark of 109.00 will be open. Support levels are 108.00 and 107.85.
Similar
Geopolitical News Influence Markets
Russian-Ukrainian conflict is influencing every economic aspect…
Market Outlook For February 21-25
Last week was full of surprises! The US dollar plunged despite a better-than-expected retail sales report…
Latest news
Assets Won’t Survive This Week
As Europe moves into recession, next week may provide us with some amazing trading opportunities. Here they are!
Post-Fed Releases for USD & CAD Traders
Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
FED and BOE Make Another Attempt to Beat Inflation
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.
